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Fiscal Year 2006MONROE COUNTY, FLORIDA BOARD OF COUNTY COMMISSIONERS Financial Statements For The Year Ended September 30, 2006 THIS PAGE INTENTIONALLY LEFT BLANK MONROE COUNTY, FLORIDA BOARD OF COUNTY COMMISSIONERS Financial Statements For The Fiscal Year Ended September 30, 2006 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 - Govemmental 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-33 Combinina 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 - F8 Combining Statement of Revenues, Expenditures and Changes in Fund Balances - NonMajor Governmental Funds F-9 - F-16 (Continued) A-1 MONROE COUNTY, FLORIDA BOARD OF COUNTY COMMISSIONERS Financial Statements For The Fiscal Year Ended September 30, 2006 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 F-17 Law Library F-18 Tourist Development, All Districts, Two Cent F-19 Tourist Development, Administrative and Promotional, Two Cent F-20 Tourist Development, District #One, Three Cent F-21 Tourist Development, District #Two, Three Cent F-22 Tourist Development, District #Three, Three Cent F-23 Tourist Development, District #Four, Three Cent F-24 Tourist Development, District #Five, Three Cent F-25 Impact Fees - Roadways F-26 Impact Fees - Parks and Recreation F-27 Impact Fees - Libraries F-28 Impact Fees - Solid Waste F-29 Impact Fees - Police Facilities F-30 Impact Fees - Fire and EMS F-31 Impact Fees - Employee Fair Share Housing F-32 Fire and Ambulance, District #1 - Lower and Middle Keys F-33 Upper Keys Health Care Special Taxing District F-34 Fire and Ambulance, District #6 - Key Largo F-35 Unincorporated Area Service District - Parks and Recreation F-36 Local Housing Assistance F-37 Municipal Policing F-38 911 Enhancement Fees F-39 Duck Key Security District F-40 Boating Improvement F-41 Miscellaneous Special Revenue F-42 - F-43 Environmental Restoration F-44 Law Enforcement Trust F-45 Court Facility Fees F-46 Drug Abuse Trust F-47 Marathon Municipal Service Taxing Unit F-48 (Continued) A-2 MONROE COUNTY, FLORIDA BOARD OF COUNTY COMMISSIONERS Financial Statements For The Fiscal Year Ended September 30, 2006 TABLE OF CONTENTS - Continued Combining -and Individual Fund Statements and Schedules Continued Conch Key Municipal Service Taxing Unit Bay Point Municipal Service Taxing Unit Big Coppitt Municipal Service Taxing Unit Key Largo Municipal Service Taxing Unit PAGE F-49 F-50 F-51 F-52 Schedules of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual Debt Service Funds: Infrastructure Sales Surtax Revenue Bonds, Series 2003 F-53 Capital Projects Funds: Clerk's Revenue Note F-54 Combining Statement of Net Assets - Internal Service Funds G-1 - G-2 Combining Statement of Revenues, Expenses and Changes in Fund Net Assets - Internal Service Funds G-3 - G-4 Combining Statement of Cash Flows - Internal Service Funds G-5 - G-8 OTHER REPORTS Independent Auditor's 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 H-1 - H-2 Independent Auditor's Management Letter H-3 - H-6 A-3 THIS PAGE INTENTIONALLY LEFT BLANK 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, 2006, 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 present fairly, in all material respects, the financial position of the major funds and the aggregate remaining fund information of the Board as of September 30, 2006, and the respective changes in its financial position and cash flows, where applicable, thereof and the respective budgetary comparison for the General Fund, Fine & Forfeiture Fund, Road & 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. N-5 In accordance with Government Auditing Standards, we have also issued our report dated February 2, 2007 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. This report is intended solely for the information and use of management, the Clerk Ex Officio, the County Mayor, and the Board of County Commissioners of Monroe County, Florida, and applicable state and federal 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 February 2, 2007 B-2 MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS BALANCE SHEET GOVERNMENTAL FUNDS SEPTEMBER 30, 2006 Assets Cash and Cash Equivalents Investments 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 Inventory Total Assets Liabilities and Fund Balances Liabilities: Accounts Payable Retainage Payable Accrued Wages and Benefits Payable Due to Other Funds Due to Other Governmental Units 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 for 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 General Fine & Forfeiture Road & Bridge Governmental Grants $ 343,509 $10,247,942 $ 6,742,268 $ 3,470,093 7,922,410 - - - 44,611 1,953 - 78 5,553,789 215 1,391 1,626,112 239,871 502,147 513,978 1,592,094 5,191,985 794,588 - - - - - 49,940 - - - (49,940) 50,589 - - - 3,902 - - - $ 19,350,666 $11,546,845 $ 7,257,637 $ 6,688,377 $ 1,223,797 $ 85,270 $ 85,786 $ 8,626,475 9,101 - 221,906 1,713,457 474,867 20,512 69,162 53,452 44,027 17,217 833,735 4,073,369 51,593 - 130,004 75,263 326,487 83,917 - - 4,758 - - - 18,329 - - - - - - 4,963 2,152,959 206,916 1,340,593 14,546,979 66,462 4,800 163,459 278,264 17,131,245 11,335,129 5,753,585 (8,136,866) 17,197,707 11,339,929 5,917,044 �7,858,602) $ 19,350,666 $11,546,845 $ 7,257,637 $ 6,688,377 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 $ 7,194,116 $ 9,683,180 $ 20,501,061 $ 9,673.488 $ 49,550,696 $ 117,406,353 - - 12,926,037 3,515,345 - 24,363,792 1,034 - - - 424,193 471,869 3,258 - 4,033,628 - 2,596 11,220,989 408,338 264,036 1,127,109 - 69,182 4,716,755 4,076 - - - 1,471,479 7,462,128 - 6,754,563 914,285 - 4,099,839 11,818,627 - - (914,285) - (4,099,839) (5,064,064) - - 210,923 65,399 51,555 378,466 - - - - - 3,902 $ 7,610,822 $ 16,701,779 $ 38,798,758 $ 13,254,232 $ 51,569,701 $ 172,778,817 $ 700,259 $ 4,191 $ 160,028 $ 1,216,211 $ 3,839,684 $ 15,941,701 - - 732,309 553,199 81,109 3,311,081 181,879 6,282 13,595 15,545 202,441 1,037,735 1,736,650 - 1,141,149 - 2,233,343 10,079,490 67 - - - 98,734 355,661 4 - - - 25,411 435,819 - - - - - 4,758 - - - - 402 18,731 4,900 - - - 30,271 40,134 2,623,759 10,473 2,047,081 1,784,955 6,511,395 31,225,110 106,450 - 44,666 1,027,376 21,507 1,712,984 - 2,791,423 - - - 2,791,423 6,754,563 - - - 6,754,563 - - - - 441,853 441,853 4,880,613 7,145,320 36,707,011 10,441,901 - 85,257,938 43,530,787 43,530,787 - - 975,156 975,156 - - - - 89,003 89,003 49987,063 16,691,306 36,751,677 11,469,277 45,058,306 141,553,707 $ 7,610,822 $ 16,701,779 $ 38,798,758 1 13,254,232 $ 51,569,701 $ 172,778,817 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, 2006 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 Fine & Road & Governmental General Forfeiture Bridge Grants $ 19,209,205 $ 41,442,400 $ 1,682,487 $ - 353,804 - - - 5,769,359 63,874 3,805,348 16,189,785 5,446,618 2,367,634 115,408 205,983 2,985 376,369 - - 639,615 769,610 402,689 132,573 744,706 546,786 66,022 632,759 32,166,292 45,566,673 5,971,954 17,161,100 Excess/Deficiency of Revenues Over/(Under) Expenditures Other Financing Sources/(Uses): 25,291,424 507,711 - - 2,299,075 47,620,951 - 25,562,414 659,895 - - 1,410,636 46,284 - 7,773,240 1,576,432 1,068,937 - - - 6,810,877 - - 1,783,216 3,075,295 - - 107,885 3,246,724 48,538 - 33,270 216,845 - - - 42,715,356 48,177,200 7,773,240 30,473,853 (10,549,064) (2,610,527) (1,801,286) (13,312,753) Transfers from Other Funds 5,584,833 4,078,000 - 4,665,577 Transfers to Other Funds (3,535,603) (16,666) (832,289) - Proceeds from Sale of Capital Assets - - - - Total Other Financing Sources/(Uses) 2,049,230 4,061,334 (832,289) 4,665,577 Net Change in Fund Balances (8,499,834) 1,450,807 (2,633,575) (8,647,176) Fund Balances -October 1 25,697,541 9,889,122 8,550,619 788,574 Fund Balances -September 30 $ 17.197.707 $ 11.339.929 $ 5.917.044 .... $ (7,858,602) The notes to the financial statements are an integral part of these statements. C-3 Unincorp. Comprehensive One Cent Infrastructure Nonma)or Dist., Planning, Plan Land Infrastructure Revenue Bonds Governmental Governmental Bldg. & Zoning Authority Surtax Series 2003 Funds Funds $ 713,287 $ - $ 15,201,005 $ - $ 29,597,221 $ 107,745,605 2,551,133 - - - 20,741 2,925,678 4,746,112 2,716,861 - - 2,814,777 36,106,116 640,999 - 284,101 - 5,894,457 14,955,200 99,731 - - - 555,339 1,034,424 316,360 398,246 1,491,068 676,808 2,503,881 7,330,850 40,153 - - - 719,337 2,749,763 9,107,775 3,115,107 16,976,174 676,808 42,105,753 172,847,636 4,271,029 2,521,753 - - 665,349 33,257,266 3,399,155 - - - 14,529,882 93,411,477 682,365 - - - 2,217,769 4,970,665 - - - - 767,857 10,163,813 - - - - 16,732,898 17,801,835 - - - - 462,407 9,056,500 - - - - 1,518,284 4,701,464 - - - - 91,035 3,419,567 - - 11,553,537 8,518,487 2,700 20,074,724 - - - - 2,573,141 2,789,986 8,352,549 2,521,753 11,553,537 8,518,487 39,561,322 199,647,297 755,226 593,354 5,422,637 (7,841,679) 2,544,431 (26,799,661) 500,000 - - 153,189 2,367,408 17,349,007 (1,741,326) - (8,248,557) - (2,766,698) (17,141,139) 1,135,742 - - - 1,135,742 (1,241,326) 1,135,742 (8,248,557) 153,189 (399,290) 1,343,610 (486,100) 1,729,096 (2,825,920) (7,688,490) 2,145,141 (25,456,051) 5,473,163 14,962,210 39,577,597 19,157,767 42,913,165 167,009,758 $ 4.987.063 _$ 16,691,306 __$ 36.751,677 __$ 11.469.277 $ 45,058,306 141553707 Cf?►.1 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, 2006 REVENUES: Taxes Licenses and Permits intergovernmental Charges for Services Fines and Forfeitures Investment Income Miscellaneous Total Revenues EXPENDITURES: Current: General Government: Board of County Commissoners County Administrator Strategy & Policy Public Works Management Community Services Management County Attorney Office of Management & Budget Technical Services Technology Replacement File Management Services Grants Administration Personnel Vehicle Replacement 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 Cleric of Ct Comm & Fees-Noncourt Clerk of Ct Comm & Fees-TDC Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) $ 19,369,558 $ 19,369,558 $19,209,205 $ (160,353) 300,000 300,000 353,804 53,804 4,100,000 4,100, 000 5,769,359 1,669,359 2,560,500 2,590,500 5,446,618 2,856,118 - - 2,985 2,985 500,000 500,000 639,615 139,615 280,000 442,164 744,706 302,542 27,110,058 27,302,222 32,166,292 4,864,070 1,557,670 1,557,670 1,485,855 71,815 566,588 644,434 635,890 8,544 - 51,974 32,347 19,627 166,838 166,838 161,569 5,269 218,464 279,976 282,093 (2,117) 1,355,242 1,555,242 1,372,438 182,804 581,805 585,074 570,306 14,768 1,599,691 1,574,685 1,559,266 15,419 400,000 400,000 371,018 28,982 - 181,204 29,412 151,792 232,623 220,209 181,525 38,684 426,016 435,161 433,884 1,277 382,456 53,012 - 53,012 5,763,705 6,240,771 5,909,705 331,066 155,000 55,000 13,283 41,717 25,000 25,000 20,530 4,470 123,155 123,155 120,972 2,183 5,000 5,000 4,980 20 200,000 212,837 212,837 - 46,000 62,600 60,949 1,651 5,000 5,000 480 4,520 109,783 109,783 109,783 - 2,038,846 2,038,846 2,038,846 - 187,851 187,851 170,285 17,566 (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, 2006 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 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: Original Final Budget Budget Actual Variance with Final Budget Positive (Negative) 4,184,880 4,483,280 4,399,430 83,850 3,429,071 3,426,336 3,380,109 46,227 1,223,814 1,260,096 1,223,814 36,282 126,343 129,078 129,078 - 35,000 35,000 26,700 8,300 235,500 356,500 354,040 2,460 25,381,341 26,461,612 25,291,424 1,170,188 10,000 757,047 748,397 8,650 478,862 478,862 376,049 102,813 294,015 334,695 330,946 3,749 50,509 50,509 49,924 585 564,642 564,642 555,497 9,145 30,000 30,000 30,000 - 272,422 255,221 208,262 46,959 1,700,450 2,470,976 2,299,075 171,901 275,356 292,326 271,038 21,288 20,000 20,000 20,000 - 14,000 14,000 13,889 111 14,000 14,000 13,822 178 84,376 84,376 63,996 20,380 244,562 279,078 277,150 1,928 652,294 703,780 659,895 43,885 118,280 118,280 46,284 71,996 Literacy Volunteers of America 12,000 12,000 12,000 - Affordable Housing Initiatives - 607,543 434,704 172,839 Land Acquisition Appraisals - 30,000 10,000 20,000 (Continued) The notes to the financial statements are an integral part of these statements. C-6 MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS GENERALFUND STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL - CONTINUED FOR THE YEAR ENDED SEPTEMBER 30, 2006 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 Caring Friends for Seniors Big Brothers\ Big Sisters Florida Keys Children's Shelter Wesley House Pace MCEF/ Monroe Youth Challenge Helpline Domestic Abuse Shelter Florida Keys Outreach Coalition Healthy Kids Program Habitat for Humanity Samuel's House Youth Summer Rec DePoo Baker Act Womankind Rural Health Network Rural Health Network STD Original Final Budget Budget Variance with Final Budget Positive Actual (Negative) 486,800 486,800 477,050 9,750 154,048 154,048 135,183 18,865 652,848 1,290,391 1,068,937 221.454 90,000 - - 50,000 50,000 50,000 - 885,997 886,670 8W,389 281 636,481 642,481 614,561 27,920 385,961 385,961 385,961 - 46,179 46,179 46,179 - 86,287 86,287 86,287 - 328,627 328,627 300,103 28,524 345,000 345,000 310,313 34,687 194,868 194,868 194,868 - 60,000 60,000 60,000 - 2,500 2,500 361 2,139 824,052 832,920 754,409 78,511 522,500 762,500 611,627 150,873 5,000 5,000 4,793 207 30,000 30,000 30,000 - 220,000 220,000 220,000 - 172,100 172,100 172,100 - 30,000 30,000 30,000 - 25,000 25,000 25,000 - 20,000 20,000 20,000 - 40,000 40,000 40,000 - 68,856 68,856 68,856 - 46,440 49,753 49,751 2 21,246 21,246 6,992 14,254 90,000 90,0.00 90,000 - 40,000 40,000 31,423 8,577 200,000 200,000 - 200,000 55,000 55,000 55,000 - 300,000 300,000 299,991 9 100,000 100,000 99,300 700 (Continued) The notes to the.flnancial 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, 2006 Social Service Transportation Catholic Charities Just for Kids Aids Help Center for independent Living Fountains of Living Good Health Clinic Grace Jones Community Ctr FI Keys Area Hlth Educ Ct 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 Fine Arts Council Historic Keys Foundation Upper Keys Community Pool Art Behind Bars 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) 1,171, 800 1,187, 025 1,077,764 109,261 10,000 10,000 9,941 59 25,000 25,000 25,000 - 36,000 36,000 34,631 1,369 5,000 5,000 5,000 - 5,000 5,000 5,000 - 17,995 17,995 17,277 718 80,000 80,000 80,000 - 12,000 12,000 12,000 - 7,284,889 7,468,968 6,810,877 658,091 40,000 40,000 40,000 - 45,000 45,000 45,000 - 50,000 50,000 50,000 - 15,000 15,000 15,000 - 37,100 37,980 37,949 31 5,000 5,000 3,930 1,070 5,000 5,000 4,057 943 5,000 5,000 4,475 525 120,000 120,000 119,789 211 30,000 30,000 30,000 - 225,000 225,000 225,000 - 2,500 2,500 2,500 - 515,185 514,526 506,442 8,084 763,060 763,060 712,890 50,170 - 115,753 69,746 56,007 350,781 .350,781 320,733 30,048 - 26,125 20,892 5,233 301,458 301,458 264,800 36,658 - 1,062 16 1,046 384,627 384,627 358,955 25,672 - 6,071 - 6,071 250,526 250,526 245,394 5,132 - 13,154 7,727 5,427 3,145,237 3,307,623 3,075,295 232,328 (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, 2006 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 Litem 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 Original Final Budget Budget Actual Variance with Final Budget Positive (Negative) 39,045 39,045 39,045 - 23,316 23,316 23,316 - 19,984 19,984 19,984 - 156,039 156,039 156,039 - 79,581 79,581 79,581 - 23,672 23,672 23,672 - 29,920 29,920 29,920 - 11,202 11,202 11,202 - 142,981 142,981 142,981 - 60,318 60,318 60,318 - 139,169 139,169 139,169 - 76,975 77,636 77,636 - 180,448 180,448 142,676 37,772 261,643 261,643 220,903 40,740 532,279 532,279 506,637 25,642 13,734 13,734 13,124 610 169,966 169,966 154,691 15,275 5,802 5,802 3,416 2,386 18,375 18,375 12,495 5,880 4,574 4,574 4,234 340 500,211 500,211 482,014 18,197 528,727 528,727 484,280 44,447 913 913 913 - 137, 085 137,085 123,387 13,698 77,939 77,939 69,358 8,581 253,838 253,836 225,733 28,103 3,487,736 3,488,395 3,246,724 241,671 151,039 189,854 188,460 1,394 26,780 30,172 28,385 1,787 177,819 220,026 216,845 3,181 Total Expenditures 42,600,894 45,530,051 42,715,356 2,814,695 (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, 2006 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) Excess/Deficiency of Revenues Over/(Under) Expenditures (15,490,836) (18,227,829) (10,549,064) 7,678,765 Other Financing Sources/(Uses): Reserve for Contingencies (3,608,009) (311,299) - 311,299 Transfers from Other Funds 4,750,000 4,805,150 5,584,833 779,683 Transfers to Other Funds - (3,568,000) (3,535,603) 32,397 Total Other Financing Sources/(Uses) 1,141,991 925,851 2,049,230 1,123,379 Net Change in Fund Balances (14,348,845) (17,301,978) (8,499,834) 8,802,144 Fund Balances, October 1 25,697,541 25,697,541 25,697,541 - Fund Balances, September 30 $ 11,348,696 $ 8,395,563 $ 17,197,707 $ 8,802,144 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, 2006 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 s Budget Sheriffs Group Insurance Bond Refunds LEER Funds Jail Operations Public Works Correction Facilities Teen Court MCSO Grants Juvenile Detention Cost Share Total Public Safety Court Related: Sheriff Extradition Total Expenditures Excess/Deficiency of Revenues Original Final Budget Budget Variance with Final Budget Positive Actual (Negative) $ 43,275,895 $ 43,275,895 $ 41,442,400 $ (1,833,495) 20,000 20,000 63,874 43,874 1,875,000 1,875,000 2,367,634 492,634 - - 376,369 376,369 200,000 200,000 769,610 569,610 15,000 911,276 546,786 (364,490) 45,385,895 46,282,171 45,566,673 (715,498) 400,000 507,711 507,711 - 39,661 39,661 - 39,661 439,661 547,372 507,711 39,661 36,419,438 40,527,965 40,159,439 368,526 5,061,820 5,061,820 4,498.293 563,527 50,000 50,000 4,689 45,311 75,000 75,000 75,000 - 138,967 138,967 137,915 1,052 1,743,943 1,743,943 1,462,009 281,934 50,000 90,000 35,609 54,391 - 865,750 865,750 - 300,000 385,600 382,247 3,363 43,839,168 48,939,045 47,620,951 1,318,094 76,000 76,000 48,538 27,462 44,354,829 49,562,417 48,177,200 1,385,217 Over/(Under) Expenditures 1,031,066 (3,280,246) (2,610,527) 669,719 (Continued) The notes to the financial statements are an integral part of these statements. 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, 2006 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) Other Financing Sources/(Uses): Reserve for Contingencies (788,679) (578,701) - 578,701 Transfers from Other Funds - 4,118,000 4,078,000 (40,000) Transfers to Other Funds - - (16,666) (16,666) - Total Other Financing Sourcesl(Uses) (788,679) 3,522,633 4,061,334 538,701 Net Change in Fund Balances 242,387 242,387 1,450,807 1,208,420 Fund Balances, October 1 9,889,122 9,889,122 9,889,122 Fund Balances, September 30 $ 10,131,509 $10,131,509 $ 11,339,929 $ 1,208,420 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, 2006 Revenues: Taxes Intergovernmental Charges for Services Investment Income Miscellaneous Total Revenues Expenditures: Current: General Government: Vehicle Replacement Total General Government Transportation: Road Department County Engineer Road and Bridge Street Lighting Local Option Gas Tax Projects 80% Gas Tax In -House Projects Marathon Roads Islamorada Roads Total Transportation Total Expenditures Excess/Deficiency of Revenues Over/(Under) Expenditures Other Financing Sources/(Uses): Reserve for Contingencies Transfers to Other Funds Variance with Final Budget Original Budget Final Budget Actual Positive (Negative) $ 1,325,000 $ 1,325,000 $ 1,582,487 $ 257,487 3,350,000 3,350,000 3,805,348 455,348 18,000 18,000 115,408 97,408 175,000 175,000 402,689 227,689 20,000 20,000 66,022 46,022 4,888,000 4,888,000 5,971,954 1,083,964 459,592 192,459 - 192,459 459,592 192,459 - 192,459 3,289,091 3,738,014 3,288,383 449,631 914,714 747,421 648,006 99,415 192,396 192,396 163,268 29,128 400,000 400,000 150,488 249,512 3,376,542 3,968,533 3,364,401 604,132 365,000 365,000 158,694 206,306 897,529 64,775 - 64,775 318,000 318,000 - 318,000 9,753,272 9,794,139 7,773,240 2,020,899 10,212,864 9,986,598 7,773,240 2,213,358 (5,324,864) (5,098,598) 1,801,286 3,297,312 (225,827) (25,827) - 25,827 606,023 (1,032,289) (832,289) 200,000_ Total Other Financing Sourcest(Uses) (831,850) (1,058,116) (832,289) 225,827 Net Change in Fund Balances (6,156,714) (6,156,714) (2,633,575) 3,523,139 Fund Balances, October 1 8,550,619 8,550,619 8,550,619 - Fund Balances, September 30 $ 2,393,905 $ 2,393,905 $ 5,917,044 $ 3,523,139 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, 2006 Revenues: Intergovernmental Charges for Services Investment Income Miscellaneous Total Revenues Expenditures: Current: General Government: Grant Match Public Safety: FEMA-Tropical Storm Mitch Emergency Management Base Grant Radiological Emerg Preparedness EMS Award Grant EOC Enhancements EOC Security Improvement Sheriffs Livescan Grant Homeland Security Grant FEMA-Hurricane Dennis FEMA-Hurricane Katrina FEMA-Hurricane Rita FEMA-Hurricane Wilma Total Public Safety Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) $ - $ 38,626,802 $ 16,189,785 $ (22,437,017) - 162,337 205,983 43,646 - 4,106 132,573 128,467 - 78,994 632,759 553,765 - 38,872,239 17,161,100 (21,711,139) 600,000 294,850 - 294,850 - 24,794 - 24,794 - 132,780 132,780 - - 156,822 124,833 31,989 - 125,680 59,846 65,834 - 25,352 1,440 23,912 - 115,743 31,016 84,727 - 115,296 115,293 3 - 36,322 - 36,322 - 1,886,177 965,461 920,716 - 1,977,098 1,179,631 797,467 - 1,568,781 944,078 624,703 - 30,000,000 22,008,036 7,991,964 - 36,164,845 25,562,414 10,602,431 Physical Environment: Stormwater Improvement - 57,080 25,400 31,680 Stormwater Master Plan - 20,304 9,899 10,405 Sanitary Wastewater Master Plan - 24,800 - 24,800 Homeowners Wastewater Assistance - 940,241 831,132 109,109 Community Development Block Grnt - 760,629 364,508 396,121 Exotic Plant Control Svc - 426,896 72,564 354,332 Public Water Access - 66,000 66,000 - Ciean Vessel Act LE 507 - 288,280 28,539 259,741 Boat Ramp Repairs - 1,360,000 - 1,360,000 Boat Ramp -Public Launch Fac Plan - 46,660 12,594 34,066 Total Physical Environment - 3,990,890 1,410,836 2,580,254 (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, 2006 Transportation: S Fl Water Mgmt Dist Grant Stormwater Transportation Study Plan Update Safety Improvement Heritage Trail Florida Keys Scenic Hwy Planning Bicycle/Pedestrian Plan 2 Overseas Heritage Trail Scenic Highway interpretive Total Transportation Economic Environment: Affordable Housing Coordinator Human Services: Residential Substance Abuse Treatment Title III-B Homemaker 2005 Title III-B Homemaker 2006 Title 111-C 1 2005 Title III-Cl 2006 Title III-C2 2005 Title III-C2 2006 Title II I-E 2005 Title 111-E 2006 Alzheimer's Disease Initiative 05/06 Atzheimer's Disease Initiative 06/07 Community Care for Disabled Adults 05106 Community Care for Disabled Adults 06107 Community Care for the Elderly 06/07 Community Care for the Elderly 05/06 Horne Care for the Elderly 06/07 Home Care for the Elderly 05/06 Boys and Girls Club US Fellowship of Florida MC Education Foundation Low Income Home Energy Program 2005 Low Income Home Energy Program 2006 Care Center Mental Health Total Human Services Original Final Budget Budget Actual Variance with Final Budget Positive (Negative) - 400,000 - 400,000 - 559,919 180,349 379,570 - 928,171 894,922 33,249 - 28,865 - 28,865 - 99,287 26,767 72,520 - 723,659 360,944 362,715 - 113,450 113,450 - - 2,853.351 1,576,432 1,276,919 45,081 - 46,081 - 163,675 66,667 97,008 - 67,759 67,135 624 - 79,600 68,524 11,076. - 130,661 102,244 28,417 - 130,950 104,379 26,571 - 155,279 120,251 35,028 - 144,192 133,880 10,312 - 22,307 17,058 5,249 - 46,301 27,228 19,073 - 65,435 58,139 7,296 - 66,488 23,572 42,916 - 77,668 61,745 15,923 - 81,733 25,216 56,517 - 487, 837 173,740 314,097 - 488,287 422,779 65,508 - 51,544 1,267 50,277 - 4,714 82 4,632 - 28,690 16,975 11,715 - 66,504 66,504 - - 39,620 39,620 - - 59,931 53,498 6,433 - 172,872 84,395 88,477 - 56,764 48,318 8,446 - 2,688,811 11783,2.16 905,595 (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, 2006 Culture and Recreation: State Aid to Libraries 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 Original Final Budget Budget Actual 107,885 107,885 Variance with Final Budget Positive (Negative) - 21,020 5,450 15,570 - 28,942 27,820 1,122 - 49,962 33,270 16,692 600,000 46,195,675 30,473,863 15,721,822 600,000 (7,323,436) (13,312,75a 5,989 317 (175,000) (166,718) - 166,718 10,723,436 4,665,577 (6,057,859) (4,008,282) - 4,008,282 Total Other Financing Sources/(Uses) (175,000) 6,648,436 4,665,577 (1,882,859) Net Change in Fund Balances (775,000) (775,000) (8,647,176) (7,872,176) Fund Balances, October 1 788,574 788,574 788,574 Fund Balances, September 30 $ 13,574 $ 13,574 $ (7,858,602) $ (7,872,176) 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, 2006 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 S Rescue Coordinator Fire Marshall Total Public Safety Physical Environment: Pump -Out Vessel Environmental Resources Marine Resources Total Physical Environment Original Final Budget Budget Actual Variance with Final Budget Positive (Negative) $ 624,553 $ 624,553 $ 713,287 $ 88,734 2,370,000 2,636,145 2,551,133 (85, 012) 3,404,000 3,404, D00 4,746,112 1,342,112 602,000 603,545 640,999 37,454 83,000 83,000 99,731 16,731 200,000 200,000 316,360 116,360 10,000 10,000 40,153 30,153 7,293,553 7,561,243 9,107,775 1,546,532 60,000 48,160 30,580 17,580 35,200 35,200 22,371 12,829 119,796 128,102 128,102 - 1,338,253 1,269,137 1,200,075 69,062 355,000 544,042 183,216 360,826 721,168 500,646 .455,462 45,184 107,835 88,235 86,405 1,830 921,349 1,903, 589 2,137,447 (233, 858) 8,000 28,000 27,371 629 261,692 - - - 3,928,293 4,545,111 4,271,029 274,082 1,598,021 1,700,960 1,694,301 6,659 1,121, 337 1,086,307 999,955 86,352 450,987 450,987 443,986 7,001 248,846 262,653 260,913 1,740 3,419,191 3,500,907 3,399,155 101,752 69,362 70,907 56,183 14,724 400,119 422,340 410,453 11,887 175,885 220,619 215,729 4,890 645,366 713,866 682,365 31,501 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, 2006 Total Expenditures Excess0eficiency of Revenues Over/(Under) Expenditures Other Financing Sources/(Uses): Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) 7,992,850 8,759,884 8,3523549 407,335 (699, 297) (1,198, 641) 755,226 1,953,867 Reserve for Contingencies (806,442) (84,135) - 84,135 Transfers from Other Funds - 500,000 500,000 - Transfers to Other Funds (1,062,104) (1,785,067) 1,741,326 43,741 Total Other Financing Sources/(Uses) ^ (1,868,5461 ^ 1,369,202) (1,241,326) 127,876 Net Change in Fund Balances Fund Balances, October 'I Fund Balances, September 30 (2,567,843) (2,567,843) (486,100) 2,081,743 5,473,163 5,473,163 5,473,163 $ 2,905,320 $ 2,905,320 $ 4,987,063 $ 2,081,743 The notes to the financial statements are an integral part of these statements. C-18 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, 2006 REVENUES: Intergovernmental Investment Income Total Revenues EXPENDITURES: Current: General Government: Administrative Capital Outlay Total Expenditures Excess/Deficiency of Revenues Over/(Under) Expenditures Other Financing Sources/(Uses). Proceeds from Sale of Capital Asset Net Change in Fund Balances Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) $ 2,500,000 $ 2,500,000 $ 2,716,861 $ 216,861 100,000 100,000 398,246 298,246 2,600,000 2,600,000 3,115,107 515,107 339,200 339,200 236,723 102,477 9,487,444 9,487,444 2,278,748 7,208,696 9,826,644 9,826,644 2,515,471 7,311,173 �7,226,644) (7,226,6") 599,636 7,826,280 1,260,000 1,260,000 1,135,742 (124,2681 (5,966,644) (5,966,644) 1,735,378 7,702,022 Fund Balances, October 1 8,207,647 8,207,647 8,207,647 Fund Balances, September 30 (Budgetary Basis) $ 2,241,003 $ 2,241,003 9,943,025 $ 7,702,022 Reconciliation of Budgetary To Full Accrual Basis Reconciling Items Mortgage Receivable 6,754,563 Compensation Accrual (6,282) Fund Balances, September 30 (GAAP Basis) $ 16,691,306 The notes to the financial statements are an integral part of these statements. C-19 THIS PAGE INTENTIONALLY LEFT BLANK MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS STATEMENT OF NET ASSETS PROPRIETARY FUNDS SEPTEMBER 30, 2006 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 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 $ 9,598,479 $ 10,055,325 $ 1,457,102 420,140 45 497,125 68,227 - - 10,625 371 3,444,680 7,842 - 579 919 - - 10,106,232 10,055,741 5,399,486 1,790,740 - 35,116,553 17,465 - 693,278 3,629,620 50,000 7,635,075 172,650 5,263,077 16,411,951 5,610,475 5,313,077 59,856,857 15,716,707 15,368,818 65,256,343 1,132, 500 23,201 672,227 - - 622,441 28,111 18,696 55,413 129,631 - - 377,121 132,382 209,815 682 - 10,226 - 1,453 745,848 50,459 - - 12,631 14,949 5,544 50,000 - - 160,5338 - 12,267 18,922 - - 1, 960,595 190, 881 2,333,781 The notes to the financial statements are an integral part of these statements. C-20 Major Funds Marathon Airport Governmental Activities Internal Service Total Funds $ 676,694 $ 21,787,600 $ 29,578,688 45,924 963,234 43,088 - 68,227 - 589,493 4,045,169 294,593 8,841 17,262 282,988 - 919 1,225 1,320,952 26,882,411 30,200,582 36,907,293 - 710,743 - 845,598 12,160,293 54,000 11,577,516 33,425,194 1,290,878 12,423,114 83,203,523 1,344,878 13,744,066 110,085,934 31,545,460 374,244 2,202,172 595,356 - 622,441 - 6,539 108,759 48,723 - 129,631 6,455,955 134,576 853,894 355,832 2,735 13,643 29,493 - 747,301 - - 50,459 - 12,189 45,313 33,969 - 50,000 - - - 1,095 6,921 179.726 - 293 19,215 - 537,497 5,022,554 7,520,423 (Continued) C-21 MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS STATEMENT OF NET ASSETS - CONTINUED PROPRIETARY FUNDS SEPTEMBER 30, 2006 Business -type Activities Enterprise Funds Major Funds Municipal Card Key Svc District Sound West Waste Bridge Airport Current Liabilities Payable from Restricted Assets: Accrued Interest Payable _ _ 89,746 Notes Payable 431,867 - - Total Current Liabilities Payable from Restricted Assets 431,867 - 89,746 Noncurrent Liabilities: Payable from restricted assets -Landfill closure/post closure costs 379,288 - _ Accrued Comp. Absences Payable 120,244 42,541 125,749 Capital Leases Payable 817,270 - - Notes Payable 2,422,744 _ - Revenue Bonds Payable, Noncurrent - - 30,455,000 Total Noncurrent Liabilities 3,739,546 42,541 30,580,749 Total Liabilities 6,132,008 233,222 33,004,276 NET ASSETS Invested in Capital Assets, Net of Related Debt 80,389 5,313,077 24,047,026 Restricted 1,790,740 - 3,922,332 Unrestricted 7,713,570 9,822,519 4,282,709 Total Net Assets $ 9,584,699 $ 15,135,596 $ 32,252,067 The notes to the financial statements are an integral part of these statements. C-22 Governmental Major Funds Activities Internal Marathon Service Airport Total Funds 89,746 - 431,867 - 521,613 - - 379,288 - 13,030 301,564 92,356 - 817,270 - 2,422,744 - - 30,455,000 - 13,030 34,375,866 92,356 550,527 39,920,033 7,612,779 12,423,114 41,863,606 1,344,878 - 5,713,072 - 770,425 22,589,223 22,587,803 $ 13,193,539 $ 70,165,901 $ 23,932,681 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, 2006 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 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 $ 248,832 $ - $ - 15,485,962 1,166,093 3,765,121 - - 5,537 4,139 - 10,536 15,738,933 1,166,093 3,781,194 875,782 685,255 1,417,474 14,488,303 427,712 8,521,071 44,810 321,332 788,492 15,408,895 1,334,299 10,727,037 330,038 168,206 (6,945,843) 191,403 - 6,221,444 50,000 - - - - 1,013,697 638,746 466,406 591,209 (2,857) - (855) (121,975) - (257;125) 755,317 466,406 7,568,370 1,085,355 298,200 622,527 (375,730) 709,625 8,875,074 1,000,000 (132,062) (221,280) 4,823 2,175,845 170,961 3,577,092 14,964,635 28,674,975 $ 9,584,699 $ 15,135,596 $ 32,252,067 The notes to the financial statements are an integral part of these statements. C-24 Major Funds Marathon Airport Total Governmental Activities Internal Service Funds $ 732,401 $ 21,149,027 $ 5,237,292 - - 15,503,040 (777,066) (25,892,693) (16,766,927) (142,990) (2,148,660) (982,232) (86,119) (858,185) (360,685) 14,216 28,891 3,603,700 „(259,558) 7,721,620) 6,234,188 131,139 6,671,991 - 11,466 1,011,466 - (100,826) (983,955) (355,686) 1,013,697 - 41,779 7,713,199 (356,686) 555,578 2,496,453 - (274,725) (2,403,529) (86,161) (416,935) - - (990,098) - 2,012 74,350 - - - 157 30,455,000 - 282,865 29,215,241 (86,004) 41,392 1,736,834 1,233, 569 41,392 1,736,834 1,233,569 106,478 30,943,654 7,026,067 570,216 27,751,239 22,552,621 $ 676,694 $ 58,694,893 $ 29178,688 C-27 (Continued) MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS STATEMENT OF CASH FLOWS -CONTINUED PROPRIETARY FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 2006 Business -type Activities Enterprise Funds Major Funds Municipal Card Key Svc District Sound West Waste Bridge Airport Reconciliation of operating income!{loss) to net cash provided by/(used in) operating activities: Operating income/(loss) $ 330,038 $ (168,206) _$ (6,945,843) Adjustments to reconcile operating income/(loss) to net cash provided by/(used in) operating activities: Depreciation and Amortization 44,810 321,332 788,492 Change in Assets and Liabilities: (increaseyDecrease in Accounts receivable (22,048) (45) (205,314) (increase)/Decrease in Due from other funds (64,175) - - (IncreaseyDecrease in Due from other gov't units 30,285 (371) - (Increase)1Decrease in Due fm constitutional ofcr: (3,321) - 1,306 Increase/(Decrease) in Accounts payable (707,982) 17,869 (395,752) Increase/(Decrease) in Accrued wages/benefits 9,036 7,632 26,356 Increase/(Decrease) in Claimsrudgments payable (1) - - Increase/(Decrease) in Due to other funds - - - Increase/(Decrease) in Due to other gov't units (28,487) (1,494) (15,767) Increase/(Decrease) in Due to constitutional ofers - (124) (528,406) Increase/(Decrease) in Comp.absences payable 12,631 14,948 5,544 Increase/(Decrease) in Other current liabiliities (4,817) - - Increase/(Decrease) in Deposits in escrow (10,158) - - Increase/(Decrease) in Landfill Closure Costs 11,048 - - Increase /(Decrease) in Deferred revenue 18,922 - - Totai adjustments (714,257) 359,747 J323,5411 Net Cash Provided byl(Used in) Operating Activities _$_ {384,219) $ 191,541 $ (7,269,384) Noncash Investing, capital, and financing activities: Contribution of capital assets from gov't $ - $ 4,823 $ - Loss on disposition of assets $ (2,857) $ - $ (855) Forgiveness of capital lease amount 0,000 - - Cash Reconciliation: Unrestricted $ 9,598,479 $ 10,055,325 $ 1,457,102 Restricted 1,790,740 - 35,116,553 Total $ 11,389,219 $ 10,055,325 $ 36,573,655 The notes to the financial statements are an integral part of these statements. C-28 Governmental Major Funds Activities Internal Marathon Service Airport Total Funds $ (1,002,466) $ (7,786,477) $ 5,998,657 519,763 1,674,397 79,305 (6,963) (234,370) (24,367) - (64,175) 1,473 (8,841) 21,073 (49,741) - (2,015) (108,058) 225,631 (860,234) 282,180 750 43,774 16,632 - (1) 126,305 - - (95,753) 380 (45,368) (6,227) - (528,530) - 12,188 45,311 19,822 - (4,817) (6,040) - (10,158) - - 11,048 - - 18,922 - 742,908 64,857 235,531 $ (259,558) $ (7,721,620) $ 6,234,188 $ - $ 4,823 $ 30,210 $ (303} $ i4,015) $ (62,119) 50,000 - $ 676,694 $ 21,787,600 $ 29,578,688 - 36,907,293 $ 676,694 $ 58,694,893 $ 29,578,688 C-29 MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS STATEMENT OF FIDUCIARY NET ASSETS FIDUCIARY FUNDS SEPTEMBER 30, 2006 Fire and EMS Pension Trust Fund ASSETS Cash and Cash Equivalents $ 721,597 LIABILITIES Accounts Payable 4,270 NET ASSETS Held in Trust for Pension Benefits and Other Purposes 717,327 Total Net Assets $ 717,327 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, 2006 Fire and EMS Pension Trust Fund Additions: Employer Contributions $ 61,050 Investment Income 33,802 Total Additions 94,852 Deductions: Administration (4,270) Pension Benefits (9,270) Total Deductions (13,540) Change in Net Assets 81,312 Total Net Assets. October 1 636,015 Total Net Assets- September 30 $ 717,327 The notes to the financial statements are an integral part of these statements. C-31 NOTES TO FINANCIAL STATEMENTS MONROE COUNTY, FLORIDA BOARD OF COUNTY COMMISSIONERS Notes To Financial Statements For the Year Ended September 30, 2006 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 (the "Board°) is presented to assist the reader in interpreting these financial statements and should be viewed as an integral part of this report. Reportin_, Entity - Monroe County, Florida (the "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 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 the 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 Circuit Court and the Tax Collector. Under the direction of the Clerk of 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, Cleric 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. D-1 MONROE COUNTY, FLORIDA BOARD OF COUNTY COMMISSIONERS Notes To Financial Statements For the Year Ended September 30, 2006 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 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: Monroe County, Florida Comprehensive Plan Land Authority (MCLA) - The MCLA was created by Monroe County, Florida Ordinance 031-1986 pursuant to Florida Statute 380 and is considered a legally separate entity from the 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 (the "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. D-2 MONROE COUNTY, FLORIDA BOARD OF COUNTY COMMISSIONERS Notes To Financial Statements For the Year Ended September 30, 2006 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 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 as nonmajor funds. Propdetary fund operating revenues, such as charges for services, result from exchange transactions associated with the principal activity of the fund. Exchange transactions are those in which each party receives and gives up essentially equal values. Nonoperating revenues, such as subsidies and investment earnings, result from non -exchange transactions or ancillary activities. The following are reported as major governmental funds: General FunJ - 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 S2gdal 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 — Planning, 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 account for the MCLA. One Cent Infrastructure Surtax Capital Proiect Fund - The One Cent Infrastructure Surtax Fund is used to account for capital improvements funded by the One Cent Infrastructure Surtax. D-3 MONROE COUNTY, FLORIDA BOARD OF COUNTY COMMISSIONERS Notes To Financial Statements For the Year Ended September 30, 2006 NOTE I - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 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 Airoort - 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. The Board also reports the following fund types: Internal Service Funds - Internal service funds are used to account for the financing of workers 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 pension trust fund is used to account for assets held by the Board in a trustee capacity for a volunteer fire fighters and emergency services length of service award plan. 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. D-4 MONROE COUNTY, FLORIDA BOARD OF COUNTY COMMISSIONERS Notes To Financial Statements For the Year Ended September 30, 2006 NOTE I - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Revenues of the Board, which are susceptible to accrual under the modified accrual basis of accounting, include 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 property taxes, grants, entitlements, and donations. On an accrual basis, revenue from grants, entitlements, and donations is recognized in the fiscal year in which all eligibility requirements have been satisfied. Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating revenues and expenses generally result from providing services and producing and delivering goods in connection with a proprietary fund's principal ongoing operations. The principal operating revenues of the 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 nonoperating revenues and expenses. 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. 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 Budgetary Data - The following are the statutory procedures followed by the Board of County Commissioners in establishing the budget for the 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. D-5 MONROE COUNTY, FLORIDA BOARD OF COUNTY COMMISSIONERS Notes To Financial Statements For the Year Ended September 30, 2006 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 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 Stock Island Wastewater Special Revenue 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, with the primary exception of mortgage loans made by the Comprehensive Plan Land Authority Special Revenue Fund, for which outlays in connection with financing of mortgages receivable are treated as expenditures for budgetary purposes. Such mortgages amounted to $6,754,563 in fiscal 2006. 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, 2006, represented by purchase orders and other executory contracts, were approximately $1,712,984. It is the Board's intention to substantially honor these encumbrances under authority provided in the subsequent year's budget. M MONROE COUNTY, FLORIDA BOARD OF COUNTY COMMISSIONERS Notes To Financial Statements For the Year Ended September 30, 2006 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 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 investments as outlined in the Board's Investment Policy (Policy): a) The Florida Local Govemment Surplus Funds Trust Fund Investment Pool (SBA). b) United States Govemment Securities -- Negotiable direct obligations, or obligations the principal and interest of which are unconditionally guaranteed by the United States Govemment. c) United States Govemment Agencies — Bonds, debentures, notes, callables and fixed rate mortgage -backed securities issued or guaranteed by United States Govemment Agencies, provided such obligations are backed by the full faith and credit of the United States. d) Federal Instrumentalities (United States Govemment-sponsored agencies) — senior obligations, which include bonds, debentures, notes, callables and fixed rate mortgage - backed securities issued or guaranteed by United States govemment-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) 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. f) 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. g) Intergovernmental Investment Pool — Intergovernmental Investment Pools that are authorized pursuant to the Florida Intedocal Cooperation Act, as provided in Section 163.01, Florida Statutes. D-7 MONROE COUNTY, FLORIDA BOARD OF COUNTY COMMISSIONERS Notes To Financial Statements For the Year Ended September 30, 2006 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 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 2a74ike 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 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 and 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. Invento — Inventory in the General Fund consists of certain supplies, which are stated at cost using the moving average cost method. The inventory is determined by an annual physical count. 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 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 govemment-wide financial statements of the County, rather than on the financial statements of the Board. In accordance with GASB Statement No. 34, the infrastructure assets of the County acquired prior to October 1, 2001 are reported in the capital assets of the County on the government -wide financial statements during the current year, rather than on the financial statements of the Board. Only the transportation infrastructure met the definition of a major infrastructure asset. These assets are recorded at historical cost at the time of acquisition. FOW MONROE COUNTY, FLORIDA BOARD OF COUNTY COMMISSIONERS Notes To Financial Statements For the Year Ended September 30, 2006 NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) The capitalization rate is $1,000 for additions to equipment. Buildings are capitalized when the value is $15,000 or greater. Public domain and system 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. Where the Comprehensive Plan Land Authority acquires land by donation, the asset is recorded at 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: Lief —_Years Buildings 10-50 Equipment 5-10 System infrastructure 10-50 Public domain infrastructure 20-50 Capacity rights 99 Restricted Assets - The use of certain assets of enterprise funds are 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. Unamortized Issue Expense — Unamortized issue 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. 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 2006 is included in the accompanying financial statements, since such taxes are collected to finance expenditures of the subsequent period. 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 incurred 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. MONROE COUNTY, FLORIDA BOARD OF COUNTY COMMISSIONERS Notes To Financial Statements For the Year Ended September 30, 2006 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 postclosure 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 Debt — 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 are 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. 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. Reclassifications — Certain amounts presented in the prior year's data have been reclassified to be consistent with the current year's presentation. 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. 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. The 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 the Comprehensive Plan Land Authority fund balance restricted for land acquisition. Reserved for Mortgage Loans — portion of fund balance offsetting mortgages receivable for the Comprehensive Plan Land Authority Special Revenue Fund because they are not available spendable resources. D-10 MONROE COUNTY, FLORIDA BOARD OF COUNTY COMMISSIONERS Notes To Financial Statements For the Year Ended September 30, 2006 NOTE 1 - 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 year-end. 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, 2006, the carrying value of the Board's deposits and investments, other than that of the Pension Trust Fund, with their respective credit ratings, are as follows: Investment Type Credit Rating Demand and time Deposits NIA Local Government Surplus Funds Trust Fund Unrated U.S. Government Treasuries TSY Federal instrumentalities - Discount notes A-1+ Federal instrumentalities - Notes and Bonds AAA Total fair value Less than 6 months Fair Value 6 months _ to year $ 14.653,872 $ 14,653,872 $ - 191,026,062 191,026,062 - 1,978,998 1,978,998 - 5,362,577 5,362,577 - 17,022,217 8,086,803 8,935,414 $ 230,043,726 $ 221,108,312 $ 8,935,414 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 2a74ike pool), direct obligations of the United States or its agencies and instrumentalities, money market mutual funds, and Intergovernmental Investment Pools authorized by the Florida Statutes. The Policy requires that investments in federal instrumentality debt be guaranteed by the full faith and credit of the U.S. Government sponsored agency, and that investments in money market mutual funds have a rating of AAAm or AAAm-G or better by Standard & Poor's (S&P) or other nationally recognized rating agency. All credit ratings indicated in the previous table are S&P ratings. 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: Investment TvN Local Government Surplus Funds Trust Fund United States Govemment Securities United States Govemment Agencies Portfolio majimurn MaxLmum in any one issuer 100% n/a 100% n/a 50% 10% D-11 MONROE COUNTY, FLORIDA BOARD OF COUNTY COMMISSIONERS Notes To Financial Statements For the Year Ended September 30, 2006 NOTE 2 - CASH, CASH EQUIVALENTS AND INVESTMENTS (Continued) Investment Type PortfolioMaximum Maximum in any one issuer Federal Instrumentalities 80% 30%, with a maximum of 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, 2006, the portion of the Board's portfolio invested in Federal instrumentalities is detailed as follows: Percent of Issue Investment Portfolio US Treasury 1% Federal Home Loan Bank (of which 1% is callable) 2% Federal Home Loan Mortgage Corporation 1% Federal National Mortgage Association (of which 4% 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, 2006, all of the County'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 County's name. As of September 30, 2006, all of the County's investments are held in a bank's trust department in the County's name. Interest Rate Risk — The Policy limits the investment of three months of operating expenditures to twelve months. The Policy limits the investment of non current operating funds to five years. Restricted Cash and Cash Equivalents — The Board has the following unrestricted and restricted cash and cash equivalents at September 30, 2006: Total Unrestricted Cash and Cash Equivalents: Governmental Activities Govemmental Funds $ 112,424,950 $ 4,981,403 $ 117,406,353 Internal Service Funds 26,741,764 2,836,924 29,578,688 Business -type Activities 20,999,523 _ 7881077 21,787,600 Total Unrestricted Cash and Cash Equivalents Restricted Cash and Cash Equivalents: Business -type Activities Total Cash and Cash Equivalents Local Government Demand Surplus Trust Fund Deposits 160,166,237 8,606,404 168,772,641 30,859,825 6,047,468 36,907,293 $ 191,026,062 $ 14,653,872 $ 205,679,934 D-12 MONROE COUNTY, FLORIDA BOARD OF COUNTY COMMISSIONERS Notes To Financial Statements For the Year Ended September 30, 2006 NOTE 2 - CASH, CASH EQUIVALENTS AND INVESTMENTS (Continued) At September 30, 2006, the fiduciary fund had pooled cash balances totaling $721,597 with the SBA and demand deposits comprising $694,566 and $27,031 respectively. NOTE 3 -- ACCOUNTS RECEIVABLE Accounts receivable, in the accompanying fund financial statements, are shown net of the allowance for doubtful accounts. The allowance is as follows: $836,783 for nonmajor governmental funds, $580,926 for the Municipal Service District -Waste Fund, and $26,252 for the Key West Airport Fund. NOTE 4 - MORTGAGES RECEIVABLE Mortgages/Notes receivable at September 30, 2006 consist of the following: Major Governmental Funds: Governmental Grants Fund: 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. 49,940 Comprehensive Plan Land Authority Fund: First mortgages due from not -for -profit agency, collateralized by land, payable in full August 2007, interest free. 13,984 First mortgage due from governmental 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 D-13 MONROE COUNTY, FLORIDA BOARD OF COUNTY COMMISSIONERS Notes To Financial Statements For the Year Ended September 30, 2006 NOTE 4 - MORTGAGES RECEIVABLE (Continued) 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 66,7§4 563 One Cent Infrastructure Surtax Fund Agreement with the Key Largo Wastewater Treatment District, whereby the County granted an interest free loan to the District in the amount of $914,285, of which $731,428 was provided by the County and $182,857 was provided by the Florida Keys Aqueduct Authority. 914,285 Nonmaior Governmental Funds: Affordable Housing Programs 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. 248,152 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. 14,591 262.743 Local Housing Assistance Fund: 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. 129,056 D-14 MONROE COUNTY, FLORIDA BOARD OF COUNTY COMMISSIONERS Notes To Financial Statements For the Year Ended September 30, 2006 NOTE 4 - MORTGAGES RECEIVABLE (Continued) 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. $ 2,716,222 Second Mortgages Receivable from individuals, collateralized by personal residences. The entire balance of the mortgage will be forgiven over a ten year period at the rate of ten percent per year upon the anniversary of the mortgage, provided that the mortgagor complies with the mortgage covenants. The mortgages are interest free. 991,818 _ 3,037,096 Total Mortgages/Notes Receivable The mortgages receivable associated with the Governmental Grants, One Cent Infrastructure Surtax, and Affordable Housing Program funds are offset by an allowance for uncollectible accounts of $49,940, $914,285, and $262,743, respectively. As the mortgages receivable associated with the Local Housing Assistance fund are intended to ultimately be forgiven, an allowance for uncollectible accounts of $3,837,096 has been established. A reserve of fund balance of $6,754,563 represents the mortgages receivable related to the Comprehensive Plan Land Authority Special Revenue Fund that is 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 reports the difference in fund balance for the Comprehensive Plan Land Authority Special Revenue Fund on a GAAP basis versus the budgetary basis. NOTE 6 — DEFERRED REVENUE The balance in deferred or unearned revenue in the fund financial statements at year end was composed of the following elements: Deferred Unearned Revenue Revenue Grant Funds Not Received (Governmental Grants) $ 4,963 $ - Accounts Receivable Not Received (Unincorporated Area Service) 4,900 - Accounts Receivable Not Received (Non Major Governmental) 30,271 - Unearned Revenue (Municipal Service District) - 18,922 Unearned Revenue (Marathon Airport) _ 293 $ 40,134 $ 19,215 D-15 MONROE COUNTY, FLORIDA BOARD OF COUNTY COMMISSIONERS Notes To Financial Statements For the Year Ended September 30, 2006 NOTE 6 — RESTRICTED ASSETS Restricted assets include those provided for the landfill escrow account and airport passenger facility charges. Total restricted assets as of September 30, 2006 are as follows: Enterprise Fund - Municipal Service District Waste Landfill Closure Escrow Enterprise Fund - Key West Airr)ort Passenger Facility Charge Funds Unspent Bond Proceeds Cash and Cash Equivalents $ 1,790,740 3,922,332 31,194,221 $ 36,907,293 The remainder of this page was intentionally left blank. D716 MONROE COUNTY, FLORIDA BOARD OF COUNTY COMMISSIONERS Notes To Financial Statements For the Year Ended September 30, 2006 NOTE 7 — CAPITAL ASSETS Capital asset activity for the year ended September 30, 2006 is as follows: Governmental activities: Governmental Funds Capital assets not being depreciated: Land Construction in progress Total capital assets not being depreciated Capital assets being depreciated: Buildings Equipment lr*astructure Capacity rights Total capital assets being depreciated Less accumulated depreciation for, Buildings Equipment Irdrastructure Capacity rights Total accumulated depreciation Total capital assets being depreciated, net Governmental funds, capital assets, net Internal Service Funds Capital assets not being depreciated: Land Total capital assets not being depreciated Capital assets being depreciated: Buildings Equipment Total capital assets being depreciated Less accumulated depreciation for: Beginning Ending Balances Additions Adjustments Reductions Balances $ 54,130,492 $ 4,915,927 $ 18,227,219 $ 5,463,199 $ 71,810,439 9,542,193 14,797,563 - - 24,339,756 63,672,685 19,713,490 18,227219 5,463,199 96,150,195 100,531,230 164,621 - - 100,695,651 25,916,898 3,995,564 - 2,244,947 27,667,515 3,934,974 - 35,564,097 - 39,499,071 3,150,000 - - - 3,150,000 133,533,102 4,160,165 35.564.097 2,244,947 171,012,437 30,404,657 2,717,516 - - 33,122,173 17,790,207 2,455,157 - 1,975,042 18,270,322 367,713 190,539 20,896,955 - 21,455,207 31,818 31,818 - - 63.636 48,594,395 5,395,030 20,896,955 1,975,042 72,911,338 84,938,707 98,101,099 148,611,392 194,251,294 54,000 - 54,000 - 1,685,757 26,167 409,518 109,907 2,095,275 136,074 54,000 54,000 - 1,711,924 _ 104,076 415,349 104,076 2,127,273 Buildings 48203 46,901 - - 529,564 Equipment 294,018 32,404 - 19,591 306,831 Total accumulated depreciation 776,681 $ 79,305 $ - $ 19,591 836,395 Total capital assets being depreciated, net 1,318,594 1,290,878 Internal Service Funds, capital assets, net 1,372,594 1,344,878 Total Governmental Activities, capital assets, net $ 149,983.986 $ 195.596,172 The adjustments column represents the addition of retroactive infrastructure in compliance with the requirements of GASB Statement No. 34. D-17 MONROE COUNTY, FLORIDA BOARD OF COUNTY COMMISSIONERS Notes To Financial Statements For the Year Ended September 30, 2006 NOTE 7 -- CAPITAL ASSETS (Continued) Busirft—'type activimes: Capital assets not being depredated: Land Corsbuction in progress Total capital assets not being depreciated Capital assets being depreciated: Land WIdings Equipment System Imastructi re Taal capital assets being depreciated Less acarrxilated depredation for. Land Buildings E*iImf System tnfrastn#ure Total accumulated depredation Total capital assets being delxeciated, net l3usiness-type atwties, capital assets, net Begirrang ErKiing Baianoes Additions Adjus ments Reductions Balances $ 4,802,020 $ - $ - $ - $ 4,802.020 6,617,412 2,338,079 - 1,597,218 7,358273 11,419,432 2,338,079 - 1,597,218 12,160,293 21ZS25 - - - 21Z925 17,504,935 356,152 - - 17,861,087 3,419,188 233,497 - 20,126 3,632,559 27,510,422 1,241,057 - - 28,751,489 48,647,470 1,830,716 - 20,126 50,458,060 212,925 - - - 21Z S25 3,821,669 432,537 - - 4,254,206 2,896,864 147,149 - 3,479 3,040,534 8,430,490 1,094,711 - - 9,625,201 15,361,948 $ 1,674,397 $ - $ 3,479 17,032,865 33,285,522 33,425,194 $ 44,704,954 $ 45,585,497 Depreciation was charged to functions/programs on the Statement of Activities of the County as follows: Govemmental Activities: General Government $ 1,377,320 Public Safety 2,287,654 Physical Environment 106,020 Transportation 445,948 Economic Environment 12,086 Human Services 337,903 Culture and Recreation 348,340 Court Related 479,759 Total Govemmental Activities 5,395,030 Internal Service Funds - General Government 79,305 Total Governmental Activities $ 5,474,335 D-18 MONROE COUNTY, FLORIDA BOARD OF COUNTY COMMISSIONERS Notes To Financial Statements For the Year Ended September 30, 2006 NOTE 7 — CAPITAL ASSETS (Continued) Business -type Activities: Municipal Service District -Waste $ 44,810 Card Sound Bridge 321,332 Key West Airport 788,492 Marathon Airport 519,763 Total Business -type Activities $ 1,674,397 Amounts associated with the Board's governmental activities' capital assets, related accumulated depreciation, and depreciation expense are reported on the govemment-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. 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. An additional $51,522,750 will be required by the Board to complete the construction projects under present contractual agreements as of September 30, 2006. In addition the Comprehensive Plan Land Authority has approximately $1,723,375 of commitments to acquire various properties as of September 30, 2006. NOTE 8 - LONG-TERM DEBT The following is a summary of changes in long-term debt for the year ended September 30, 2006: Current Portion of Beginning Ending Long-term Balances Additions Payments Balances Liabilities Governmental Activities: Governmental Funds Revenue bonds payable $ 19,205,000 $ - $ 1,170,000 $ 18,035,000 $ 1,205,000 Revenue notes payable 2,397,740 - 571,254 1,826,486 589,806 Accrued compensated absences 2,139.656 2,098,698 1,935,430 2,302,924 435,332 Capitalized lease obligations 1,022,289 - 326,624 695,665 297,251 Total Governmental Funds 24,764,685 2,098,698 41003,308 - 22,860,075 2,527,389 Internal Serviqe Funds Accrued compensated absences 106,503 _ 121,316 101,494 126,325 33,969 Total Governmental Activities $ 24,871,188 $ 2,220,014 $ 4,104,802 $ 22,986,400 $ 2,561,358 D-19 MONROE COUNTY, FLORIDA BOARD OF COUNTY COMMISSIONERS Notes To Financial Statements For the Year Ended September 30, 2006 NOTE 8 - LONG-TERM DEBT (Continued) Current Portion of Beginning Ending Long-term Balances Additions Payrnerts Balances Liabilities Business -type Activities: 2006 Revenue Bond $ - $ 30,455,000 $ - $ 30,455,000 $ - Revenue note payable 3,271,546 - 416,935 2,854,611 431,867 Accrued o mVensated absences 301,566 362,206 316,895 346,877 45,313 Capitalized lease obligations 917,270 - 50,000 867,270 50,000 Total BusirmsAype Activities $ 4,490,382 $ 30,817206 $ 783,830 $ 34,523,758 $ 527,180 Total Long -Term Debt $ 29,361,570 $ 33,037,220 $ 4,888,632 $ 57,510,158 $ 3,088,538 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 long-term debt information is included in the governmental activities on the government -wide financial statements, because the internal service funds predominantly serve those activities. Summary of Indebtedness The following is a summary of indebtedness of the Board as of September 30, 2006: Governmental Activities Revenue Bonds: Infrastructure Sales Surtax Revenue Bonds, Series 2003 $ 18,035,000 Revenue Note: Guaranteed Entitlement Refunding Revenue Note, Series 2002 1,826,486 Total Governmental Activities $ 19,861,486 Business -Type Activities Revenue Bonds: Key West International Airport Revenue Bonds, Series 2006 $ 30,455,000 Revenue Note: Solid Waste Disposal System Refunding Revenue Note, Series 2002 2,959,481 Less Unamortized Discount - _(104,870)_ 2,854,611 Total Business -Type Activities $ 33,309,611 D-20 MONROE COUNTY, FLORIDA BOARD OF COUNTY COMMISSIONERS Notes To Financial Statements For the Year Ended September 30, 2006 NOTE 8 - LONG-TERM DEBT (Continued) Debt Service Funding_ Requirements - The total annual debt service requirements for all debts outstanding at September 30, 2006 are as follows: Governmental Activities Principal Interest Total 2007 $ 1,794,806 $ 659,994 $ 2,454,800 2008 1,850,003 618,410 2,468,413 2009 1,911,677 570,620 2,482,297 2010 1,335,000 516,733 1.851,733 2011 1,385,000 476,683 1,861,683 2012-2016 7,890,000 1,629,540 9,519,540 2017-2021 3,695,000 223,400 3,918,400 2022-2026 2027-2031 Business -type Activities Principal Interest Total $ 452,841 $ 1,768,167 $ 2,221, 008 1,203,283 1,752.462 2,955,745 959,252 1,695,796 2,655,048 960,765 1,652,877 2,613,642 967,841 1,610,209 2,578,050 2,780,499 7,562,280 10,342,779 2,940,000 6,874,450 9,814,450 4,125,000 5,950,450 10,075,450 7,570,000 4,488,825 12,058,825 2032-2035 - - - 11,455,000 1,846,351 13,301,351 TOTAL $ 19,861,486 $ 4,695,380 $ 24,556,866 33,414,481 35,201,867 68,616,348 Less: Unamortized Costs (104,870) - (104,870) $ 33,309,611 $ 35,201,867 $ 68,611,478 At September 30, 2006, the current portion of the unamortized discount totals $20,974. Long -Term Debt at September 30, 2006 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: $18,035,000 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 4120/13 and no call premium may exceed 2% of the par amount redeemed. D-21 MONROE COUNTY, FLORIDA BOARD OF COUNTY COMMISSIONERS Notes To Financial Statements For the Year Ended September 30, 2006 NOTE 8 - LONG-TERM DEBT (Continued) 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: $1,826,486 Reserve requirement: None. 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. $30,455 OQO 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 15 days notice of mandatory tender of Series 2006 Bonds for purchase; at least 30 days notice of redemption. D-22 MONROE COUNTY, FLORIDA BOARD OF COUNTY COMMISSIONERS Notes To Financial Statements For the Year Ended September 30, 2006 NOTE 8 - LONG-TERM DEBT (Continued) $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: $2,854,611 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. Call provisions: No prepayment penalty. Bank requires 10 days notice. 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 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 the outstanding principal on refunded bonds, by issue, as of September 30, 2006: $2,155,000 Refunding Improvement Revenue Bonds, Series 1983; defeased on January 1, 1993 using proceeds from the Refunding Improvement Revenue Bonds, Series 1993/83 $ 815,000 $5,000,000 Improvement Revenue Bonds, Series 1988; defeased on May 1, 1993 using proceeds from the Refunding Revenue Bonds, Series 1993/88 1,815,000 Total Governmental Activities $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, $ 5,370,000 Series 1985 $9,211,774 Municipal Service District Refunding Improvement Bonds, Series 1985; 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 895,000 Total Business —type Activities $10220.000 D-23 MONROE COUNTY, FLORIDA BOARD OF COUNTY COMMISSIONERS Notes To Financial Statements For the Year Ended September 30, 2006 NOTE 9 -- INTEREST RATE CAP Contracts - The County has an interest rate cap agreement in effect at September 30, 2006 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 County 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 County'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, 2006 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. Counterparty Associated Notional Effective Fixed Variable Rate Termination Credit Rating Bond Issue Amount Date Rate (1) Fair Value Date (2) Series July 18, 2006 $ 30,455,000 2006 5.50% Weekly Rate $5,885 July 18, 2009 Aa2/AA+IAA+ (1) Determined weekly by Remarketing Agent (2) Counterparty's guarantor Credit risk - As of September 29, 2006 the positive fair value of the agreement represents the County's exposure to credit risk. Should the counterparty to the cap fail to perform according to the terms of the cap agreement, the County faces variable credit risk to the same extent as if the County 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 County to basis risk. Termination risk - The County 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 specified categories by Moody's and S&P, and any'other Rating Agency. The swap may be terminated by the County with 30 days notice and the counterparty can terminate the swap if the County falls below Baal 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 County is exposed to rollover risk on the interest cap agreement that terminates prior to the associated debt. When this agreement terminates, the County will not realize the synthetic rate offered by the agreement on the underlying debt issue. D-24 MONROE COUNTY, FLORIDA BOARD OF COUNTY COMMISSIONERS Notes To Financial Statements For the Year Ended September 30, 2006 NOTE 10 - 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, 2006: Fiscal year ending September 30: 2007 2008 2009 2010 2011 2012-2016 2017-2021 2022-2024 Total minimum payments Amounts representing interest Present value of net minimum lease payments Governmental Business -Type Activities Activities $ 323,220 $ 50,000 213.057 50,OOo 164,739 50,000 22,758 60,000 16,934 50,000 - 250,000 - 250,000 - 117,270 740,708 867,270 (45,043) - $ 695,665 $ 867,270 Leased property which has been capitalized as of September 30, 2006 is as follows: Equipment Less: Accumulated Depreciation Governmental Activities $ 1,327,076 314,559 1,012,517 Business -type Activities $ 2,335,830 (2,335,830) Rental expense under cancelable operating leases for the current year amounted to $840,377. The City of Key West leases two properties with a cost of $441,073 from the Comprehensive Plan Land Authority. These properties, which are included in capital assets, are used to provide panting and city recreational facilities. The terms of the leases provide for rental of $1 per year for 30 years, expiring in the year 2022. D-25 MONROE COUNTY, FLORIDA BOARD OF COUNTY COMMISSIONERS Notes To Financial Statements For the Year Ended September 30, 2006 NOTE 11 - INTERFUND BALANCES Interfund balances at September 30, 2006 are as follows: _ Payable Fund _ .._ - -- • ._ .._ .(cor#jnyec� Fine & Road & Govemmental Urvncap Svc One Cent Nonrnajor Receivable Fund General Fo WtHe gLd22- Grants Dist InfraOxt re Gommmerr#al General $ - $ 550 $ 832.289 $ 14,273 $ 1,704,061 $ 253,477 $ 1,541271 Fine & Forfeiture 215 - - - - - - Road & Bridge - - - - - Ga+ rw*ntai Grants 41,522 16,667 - - 32,589 887,672 647,662 Unincorp Svc Dist - - - - - - 3,258 One Cent Ike - - - 4,000,000 - - 33,628 N=n4or Gwerrurertal - - - - - - 2,595 MSD 2,290 - 1,446 59,096 - - 4,928 Total $ 44,027 $ 17,217 $ 833,735 $ 4,073,369 $ 1,736,650 $ 1,141,149 $ 2,233,343 Payable Fund Card Key West Marathon Internal Receivable Fund MSD Sound Airport Airport Service Total General $ 375,730 $ 132,061 $ 209,815 $ 134,576 $ 355,686 $ 5,553,789 Fine & Forfeiture - - - - - 215 Road & Bridge 1,391 - - - - 1,391 Governmental Grants - - - - - 1,626,112 Unincorp Svc Dist - - - - - 3,258 One Cent Infrastruture - - - - - 4,033,628 Nonmajor Governmental - - - - - 2,596 MSD - 321 - - 146 68,227 Total $ 377,121 $ 132,382 $ 209,815 $ 134,576 $ 355,832 $ 11,289,216 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. D-26 MONROE COUNTY, FLORIDA BOARD OF COUNTY COMMISSIONERS Notes To Financial Statements For the Year Ended September 30, 2006 NOTE 12 - INTERFUND TRANSFERS Interftmd transfers at September 30, 2006 were as follows: To: General Fine & Forfeiture Road & Bridge Unincorp Svc Dist One Cent Infrastructure Nonmajor Governmental MSD Card Sound Bridge Key West Airport Marathon Airport Internal Service Fund Total To: General Fine & Forfeiture Road & Bridge Unincorp Svc Dist One Cent Infrastructure Nonmajor Governmental MSD Card Sound Bridge Key West Airport Marathon Airport Internal Service Fund Total From: _ Lcontinuedl_ _ Fine & Governmental Unincorp Revenue Bond General Forfeiture Grants Svc Dist Series 2003 $ - $ - $ 3,035,603 $ 500,000 $ - - - 16,666 - - 832,289 - - - - 1,704,061 - 37,265 - - 253,477 3,740,000 887,672 - - 1,587,138 338,000 688,371 - 153,189 375,730 - - - - 132,062 - - - - 209,814 - - - - 134,576 - - - - 355,686 $ 6,584,833 $ 4,078,000 $ 4,665,577 $ 500,000 $ 153,189 From: Nonmajor Key West Marathon Governmental Airport Airport Total $ - $ - $ - $ 3,535,603 - - - 16,666 - - - 832,289 - - - 1,741,326 2,367,408 1,000,000 - 8,248,557 - - - 2,766,698 - - - 375,730 - - - 132,062 - - 11,466 221,280 - - - 134,576 - 355,686 $ 2,367,408 $1,000,000 $ 11,466 $ 18,360,473 Transfers between the major funds, other nonmajor governmental and enterprise funds, and internal service funds were primarily to support the capital projects and operations of the funds. D-27 MONROE COUNTY, FLORIDA BOARD OF COUNTY COMMISSIONERS Notes To Financial Statements For the Year Ended September 30, 2006 NOTE 13 - 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 Worker's 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, 2006 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 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 2006 and 2005 were: Worker's Group Risk Compensation_ Insurance Management Total Balance at September 30, 2004 $ 1,000,000 $ 3,307,897 $ 1,501,607 $ 5,809,504 Current year claims and changes in estimates 1,699,116 10,319,303 85,264 12,103,683 Claim payments _ L966,8641 , _L0,531,409) 85264 (11,583,537L Balance at September 30, 2005 1,732,252 3.095,791 1,501,607 6,329,650 Current year claims and changes in estimates 2.033,326 10,308,270 294,353 12,635,949 Claim payments 1,903,711 110,311,580) (294.353) (12,509,q" Balance at September 30, 2006 $ 1,8611867 $ 3,092,481 $ 1,501,607 $ 6,455,955 D-28 MONROE COUNTY, FLORIDA BOARD OF COUNTY COMMISSIONERS Notes To Financial Statements For the Year Ended September 30, 2006 NOTE 14 - RETIREMENT PLAN Florida Retirement System: Plan Description — Substantially all full-time Board employees are participants in the Florida Retirement System, (FRS), a multiple -employer, cost -sharing public employees retirement system administered by the Florida Department of Administration. As a general rule, membership in the FRS is compulsory for all employees working in a regularly established position for a state agency, county government, district school board, state university, community college or participating city or special district within the State of Florida. The FRS provides retirement and disability benefits, annual cost -of living adjustments, and death benefits to plan members and beneficiaries. 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. 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 10.2% of covered payroll during the fiscal year ended September 30, 2006. The Board's contributions made during the years ended September 30, 2006, 2005, and 2004 were $ 2,749,899 $2,199,510, and $1,869,186, respectively, equal to the required contribution requirements for each year. Therefore, the Board does not have a pension asset or liability as determined in accordance with GASB Statement No. 27. NOTE 15 — 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 147 participants for the plan year ended December 31, 2005. Separate, stand-alone financial statements for LOSAP are not provided. D-29 MONROE COUNTY, FLORIDA BOARD OF COUNTY COMMISSIONERS Notes To Financial Statements For the Year Ended September 30, 2006 NOTE 15 — PENSION PLAN FOR VOLUNTEER FIREFIGHTERS AND EMERGENCY MEDICAL SERVICES (Continued) Funding Polic — 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 $415 per volunteer year of service. Contributions to the plan, as well as benefits and refunds paid to participants, are recorded when due and payable in accordance with the terms of LOSAP. Annual Pension Cost and Net Pension Obligation Annual Required Contribution $ 61,050 Interest Adjustment - 61,050 Contributions Made (61,0501 Increase in Net Pension Obligation Net Pension Obligation, beginning of year - Net Pension Obligation, end of year The annual required contribution for the past year was determined as part of the December 31, 2005 actuarial valuation using a variation of the aggregate actuarial cost method. This method does not identify or separately amortize unfunded actuarial liabilities. The actuarial assumptions included (a) 4.0% 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, 2005. Three Year Trend Information Annual Pension Cost Percentage of APC Net Pension _ Fiscal Year Ending _ _ (APC). _ _ _ _ Contributed. _ _ _ Obligation._ _ 12/31 /03 $ 73,840 12/31 /04 58,904 12131 /05 61,050 D-30 100°% $ 100°% - 100°% - MONROE COUNTY, FLORIDA BOARD OF COUNTY COMMISSIONERS Notes To Financial Statements For the Year Ended September 30, 2006 NOTE 16 - POST RETIREMENT BENEFITS OTHER THAN PENSION In addition to the retirement plan described in the previous note, 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 278 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, 2006 expenditures of $1,766,149 were recognized for post retirement health care. NOTE 17 — 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 periodically obtains updated and revised estimates of total future closure and postclosure costs from its consulting engineers. All amounts recognized are based upon what it would cost to perform closure and postclosure 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, 2006, the estimated future cost for postclosure maintenance, which is reported as a long -tern liability in the Municipal Service District -Waste enterprise fund, totaled $ 379,288. For the public landfill, accounted for in the Municipal Service District -Waste enterprise fund, expenses associated with the final closure and postclosure 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 extent it relates to current and past operations. The Florida Department of Environmental Protection approved a post closure operating plan, which permits the Board to fund closure, and post closure costs as an operating expense using annual appropriations_ 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 $1,790,740 held for these purposes at September 30, 2006. 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. D-31 MONROE COUNTY, FLORIDA BOARD OF COUNTY COMMISSIONERS Notes To Financial Statements For the Year Ended September 30, 2006 NOTE 18 - LITIGATION 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. NOTE 19 - COMMITMENTS AND CONTINGENCIES Grant Programs - The Board participates in a number of federal and state 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. The Board has estimated that there will be no significant liability for arbitrage rebate. 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 noncommencement of construction. Letter of Credit — The County 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 County has requested the bank to issue an 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. Deficit Fund Balance — The County is reporting a deficit fund balance of $7,858,602 in the Governmental Grants Special Revenue Fund. The County anticipates filing and receiving a grant reimbursement for these expenditures during the next fiscal year. Excess of Expenditures Over Appropriations — For the year ended September 30, 2006, expenditures exceeded 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 Boating Improvement cost center of the Boating Improvement Special Revenue Fund by $30,912. These expenditures were funded by greater than anticipated revenues. Designated for Subsequent Year's Expenditures - During the fiscal year 2007 budget hearings held in September 2006, the Board changed their fund balance policy to enable the County to appropriate 77.5% of the General Fund's fund balance. Based on this policy the Board adopted its fiscal year 2007 operating budget in the General Fund anticipating that fund balance would be $18,301,883. Actual fund balance for the General Fund ended up being $17,197,707 as of September 30, 2006. This resulted in an appropriation of fund balance in the fiscal year 2007 budget in excess of actual fund balance in the General Fund by $1,104,176. In addition, another $3,869,484, or 22.5% according to fund balance policy, should not have been appropriated. Appropriated revenues for the fiscal year 2007 budget are in excess of $4,973,660. A plan of action, increasing other revenue sources and decreasing expenditures, has been implemented in fiscal year 2007 to correct this deficiency. D-32 MONROE COUNTY, FLORIDA BOARD OF COUNTY COMMISSIONERS Notes To Financial Statements For the Year Ended September 30, 2006 NOTE 20 — CONDUIT DEBT IDA Health Care Facilities Revenue Bonds, Series 2003 - The Monroe County Industrial Development Authority approved the issuance of IDA Health Care Facilities Revenue Bonds, Series 2003, not to exceed $2,500,000 and for a loan by the Authority to the Guidance Clinic of the Middle Keys, Inc. to provide for the refinancing of certain outstanding indebtedness of the corporation and for financing certain capital improvements to the 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 KevenUe Bonds North Ke Lar o Utili Co S ste Series 2 05 - The Monroe County Industrial Development Authority issued Industrial Development Revenue Bonds (North Key Largo Utility Corp. 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. On December 15, 2004, the County entered into an agreement with the Key Largo Wastewater Treatment District (District), whereby the County granted an interest free loan to the District in the amount of $914,285. The District will make annual payments of $91,429 to the County beginning on July 1, 2008 and each July 1 sc thereafter through July 1, 2018. D-33 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, 2006 REVENUES: Taxes Charges for Services Investment Income Total Revenues EXPENDITURES: Current: Capital Outlay: Vehicle Replacement Strategy & Policy General Government Projects Total General Government Public Safety Physical Environment Transportation: Const. Mgmt Economic Environment: Hsg Dev Human Services 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) $11,500,000 $11,500,000 $15,201,005 $ 3,701,005 - - 284,101 284,101 650,000 650,000 1,491,068 841,068 12,150, 000 12,150, 000 16, 976,174 4,826,174 16,445 16,445 - 16,445 51,974 - - - 15,808,000 6,258,074 226,707 6,031,367 15,876,419 6,274,519 226,707 6,047,812 999,949 5,890,100 478,472 5,411, 628 6,100,000 8,621,583 8,530,359 91,224 579,272 570,558 325,612 244,946 182,543 1,709,714 1,709, 712 2 400,000 199,000 3,751 195,249 8,748,000 5,748,000 278,924 5,469,076 32,886,183 29,013,474 11,553,537 17,459,937 32, 886,183 29, 013,474 11, 553, 537 17,459, 937 (20,736,183) _C16,863,474) 5,422,637 22,286,111 (1,844,820) (8,428) - 8,428 {6,587,443) (12,296,544) (8,248,557) 4,047,987 Total Other Financing Sources/(Uses) _ (8,432,263) (12,304,972} {8;248,557} 4,056,415 Net Change in Fund Balances (29,168,446) (29,168,446) (2,825,920) 26,342,526 Fund Balances, October 1 39,577,597 39,577,597 39,577,597 - Fund Balances, September 30 $10,409,151 $10,409,151 $ 36,751,677 $ 26,342,526 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, 2006 REVENUES: Investment Income EXPENDITURES: Current: Capital Outlay: General Government Projects I General Government Projects II Total General Government Public Safety: Public Safety Projects I Public Safety Projects II Total Public Safety Human Services: Human Service Projects I Human Service Projects II Total Human Services 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'I Fund Balances, September 30 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) $ 300,000 $ 300,000 $ 676,808 $ 376,808 1,220,330 8,153,189 625,818 7,527,371 6,500,000 6,500,000 6,263,785 236,215 7,720,330 14,653,1.89 6,889,603 7,763,586 5,050,000 1,600,000 1,341,940 258,060 1,000,000 - - - 6,050,000 1,600,000 1,341,940 258,060 3,000,000 1,670,330 286,944 1,383,386 1,000,000 - - - 4,000,000 1,670,330 286,944 1,383,386 17,770,330 17,923,519 8,518,487 9,405,032 __�7,470,330) 17,623,519 (7,841,679) 9,781,840 - 153,189 153,189 - (17,470,330) (17,470,330) (7,688,490) 9,781,840 19,157, 767 19,157,767 19,157,767 - $ 1,687,437 $ 1,687,437 $ 11,469,277 $ 9,781,840 E-2 THIS PAGE INTENTIONALLY LEFT BLANK MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS COMBINING BALANCE SHEET NONMAJOR GOVERNMENTAL FUNDS SEPTEMBER 30, 2006 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 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 for Special Rev. Fund Unreserved, Undesignated Total Fund Balances Total Liabilities and Fund Balances SPECIAL Tourist Tourist Affordable Development Development Housing Law All Districts Admin $ Promo Programs Library Two Cent Two Cent $ 346,978 $ - $ 2,994,321 $ 3,219,004 - - - 755 - - 188,303 390,200 262,743 - - - (262,743) - - - $ 346,978 $ - $ 3,182,624 $ 3,609,959 $ 483,445 $ 473,969 93,654 177,030 - - 4,037 4,049 - 581,136 655,048 346,978 - 2,601,488 2,954,911 346,978 - 2,601,488 2,954,911 $ 346,978 $ - $ 3,182,624 $ 3,609,959 F-1 REVENUE FUNDS Tourist Tourist Tourist Tourist Tourist Development Development Development Development Development District #One District #Two District #Three District #Four District #Five Impact Fees, Three Cent Three Cent Three Cent Three Cent Three Cent Roadways $ 4,368,729 $ 412,936 $ 1,038,989 $ 1,516,054 $ 1,059,369 $ 6,866,305 - - - - - 633 133,600 16,716 50,398 58,470 30,068 - $ 4,502,329 $ 429,652 $ 1,089,387 $ 1,574,524 $ 1,089,437 $ 6,866,938 $ 1,184,187 $ 25,814 $ 171,873 $ 389,582 $ 22,322 $ 182,620 - - - - - 44,843 2,836 850 - - 2,274 1,720 67,028 9,438 17,649 15,917 18,978 627,933 26,000 - 17,748 - - - 2,180 241 525 525 566 - 1,282,231 36,343 207,795 406,024 44,140 857,116 441,853 - - - - - 2,778,245 393,309 881,592 1,168,500 1,045,297 6,009,822 3,220,098 393,309 881,592 1,168,500 1,045,297 6,009,822 $ 4,502,329 $ 429,652 $ 1,089,387. $ 1,574,524 $ 1,089,437 $ 6,866,938 (Continued) F-2 MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS COMBINING BALANCE SHEET- CONTINUED NONMAJOR GOVERNMENTAL FUNDS SEPTEMBER 30, 2006 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 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 for Special Rev. Fund Unreserved, Undesignated Total Fund Balances Total Liabilities and Fund Balances SPECIAL Impact Fees, Parks and Impact Fees, Impact Fees, Impact Fees, Recreation Libraries Solid Waste Police Facilities $ 943,865 $ 612,041 $ 39,585 $ 282,096 484 128 30 $ 943,865 $ 612,525 '$ 39,713 $ 282,126 400 - - - - - - 33,628 400 - - 33,628 943,465 612,525 39,713 248,498 943,465 612,525 39,713 248,498 $ 943,865 $ 612,525 $ 39,713 $ 282,126 F-3 REVENUE FUNDS Fire & Amb Upper Keys Unincorp. Impact Fees, District #1, Health Care Fire & Amb Area Service Impact Fees, Fair Share Lower and Special District #6, District, Fire & EMS Housing Middle Keys Taxing District Key Largo Parks & Rec. $ 285,980 $ 150,547 $ 3,148,750 $ 2,149,528 $ 877,316 $ 1,760,486 - - 365,594 - - 545 - - - - 2,596 - 210 - - - 48,071 - - 127,032 - 21,251 14,064 $ 286,190 $ 150,547 $ . 3,641,376 $ 2,149, 528 $ 901,163 $ 1,823,166 $ 6,784 $ - $ 218,939 $ 169 $ 137,346 $ 90,368 - - 155,735 4,855 1,744 27,948 - - 836,018 31,998 34,316 192,050 - - 452 - - 1,198 - - 18 - 11 - - - - - - 402 6,784 - 1,210,162 37,022 173,417 311,966 20,747 - 760 - 279,406 150,547 2,410,467 2,112,506 726,986 1,511,200 279,406 150,547 2,431,214 2,112,506 727,746 1,511,200 $ 286,190 $ 150,547 $ 3,641,376 $ 2,149,528 $ 901,163 $ 1,823,166 (Continued) F-4 MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS COMBINING BALANCE SHEET- CONTINUED NONMAJOR GOVERNMENTAL FUNDS SEPTEMBER 30, 2006 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 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 for Special Rev. Fund Unreserved, Undesignated Total Fund Balances Total Liabilities and Fund Balances SPECIAL Local 911 Duck Key Housing Municipal Enhancement Security Assistance Policing Fees District $ 3,198,176 $ 1,422,412 $ 638,491 $ 209,749 - - 22,882 - - 19,626 - - 196,260 - 1,059 3,837,096 - - - (3,837,096) - - - 51,555 - - - $ 3,249,731 $ 1,618,672 $ 680,999 $ 210,808 $ 44,188 $ - $ 7,503 $ 4,302 3,240 - - 2,946 - - 52,966 - - - - 15 - - 97,154 2,961 10,743 4,302 3,152,577 1,615,711 670,256 206,506 3,152,577 1,615,711 670,256 206,506 $ 3,249,731 $ 1,618,672 $ 680,999 $ 210,808 F-5 REVENUE FUNDS Miscellaneous Law Court Drug Boating Special Environmental Enforcement Facility Abuse Improvement Revenue Restoration Trust Fees Trust $ 1,402,655 $ 3,305,325 $ 244,267 $ 733,847 $ 1,454,776 $ 80,338 36,550 80,603 - 56,814 33,918 1,743 $ 1,439,205 $ 3,385,928 $ 244,267 $ 790,661 $ 1,488,694 $ 82,081 $ 366,757 $ 29,516 $ - $- 36,266 - - - - - - - - - - 839 24,398 50,273 89 - - - - 370 - - - - - 13,234 - - - - - 30,271 - - - - 427,421 123,664 89 - - 839 1,011,784 3,262,264 244,178 790,661 1,488,694 81,242 1,011,784 3,262,264 244,178 790,661 1,488,694 81,242 $ 1,439,205 $ 3,385,928 $ 244,267 $ 790,661 $ 1,488,694 $ 82,081 (Continued) F-6 MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS COMBINING BALANCE SHEET- CONTINUED NONMAJOR GOVERNMENTAL FUNDS SEPTEMBER 30, 2006 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 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 for Special Rev. Fund Unreserved, Undesignated Total Fund Balances Total Liabilities and Fund Balances SPECIAL Marathon Conch Key Bay Point Big Coppitt Municipal Wastewater Wastewater Wastewater Service MSTU MSTU MSTU $ 1,978,422 $ 14,852 $ 123,604 $ 176,508 17,191 - 947 483 $ 1,995,613 $ 14,852 $ 124,551 $ 176,991 1,000 2 - - - 2 - - 1,000 11995,611 14,852 124,551 175,991 1,995,611 14,852 124,551 175,991 $ 1,995,613 $ 14,862 $ 124,551 $ 176,991 F-7 DEBT CAPITAL SERVICE PROJECT REVENUE FUNDS FUND FUND Infrastructure Total Key Largo Total Nonmajor Sales Surtax Clerk's Nonmajor Wastewater Stock Island Special Revenue Revenue Bonds, Revenue Govemmental MSTU Wastewater Funds Series 2003 Note Funds $ 1,315,425 $ 114,811 $ 48,486,537 $ 975,156 $ 89,003 $ 49,550,696 - 34,417 424,193 - - 424,193 - - 2,596 - - 2,596 - - 69,182 - - 69,182 15,320 489 1,471,479 - - 1,471,479 - - 4,099,839 - - 4,099,839 - - (4,099,839) - - (4,099,839) - - 51,555 - - 51,555 $ 1,330,745 $ 149,717 $ 50,505,542 $ 975,156 $ 89,003 $ 51,569,701 3,839,684 $ - $ - $ 3,839,684 81,109 - - 81,109 202,441 - - 202,441 2,233,343 - - 2,233,343 98,734 - - 98,734 8 - 25,411 - - 25,411 - - 402 - - 402 - - 30,271 - - 30,271 8 - 6,511,395 - - 6,511,395 - - 21,507 - - 21,507 - - - 975,156 - 975,156 - - 441,853 - - 441,853 1,330,737 149,717 43,530,787 - 89,003 43,619,790 1,330,737 149,717 43,994,147 975,156 89,003 45,058,306 $ 1,330,745 $ 149,717 $ 50,505,542 $ 975,156 $ 89,003 $ 51,569,701 F-8 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, 2006 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 Haman Services Culture and Recreation Court Related Capital Projects Debt Service Total Expenditures Excess/Deficiency of Revenues Over/(Under) Expenditures SPECIAL Tourist Tourist Affordable Development Development Housing Law All Districts Admin & Promo Programs Library Two Cent Two Cent $ 2,963,861 $ 6,141,702 18,147 37,603 15,462 1,558 149,710 161,783 38,510 - - - 53,972 1,558 3,131,718 6,341,088 3,425,464 6,739,726 3,425,464 6,739,726 53,972 1,558 (293,746) �398,638) Other Financing Sources/(Uses): Transfers from Other Funds - - - - Transfers to Other Funds - ' (46,867) (93,654) - (177,030� Total Other Financing Sources/(Uses) - (46,867) (93,654) � 177,030) Net Change in Fund Balances 53,972 (45,309) (387,400) (575,668) Fund Balances -October 1 293,006 45,309 2,988,888 3,530,579 Fund Balances -September 30 $ 346,978 $ - $ 2,601,488 $ 2,954,911 F-9 REVENUE FUNDS Tourist Tourist Tourist Tourist --rounst Development Development Development Development Development District #One District #Two District #Three District #Four District #Five Impact Fees, Three Cent Three Cent Three Cent Three Cent Three Cent Roadways $ 2,390,399 $ 269,128 $ 643,205 $ 625,339 $ 624,710 $ - 12,451 1,627 5,355 4,775 3,668 - 209,677 24,909 61,987 70,450 53,539 344,440 - - - - - 161,386 2;612,527 295,664 710,547 700,564 681,917 505,826 - - - - - 767,857 2,884,128 378,485 880,971 759,774 587,945 - 2,884,128 378,485 880,971 759,774 587,945 767,857 (271,601) (82,821) (170,424) (59,210) 93,972 (262,031) - �67,028) (91438) (17,649) 15,917) (18,978) (627,933) (67,028) (9,438) (17,649) (15,917) (18,978) (627,933) (338,629) (92,259) (188,073) (75,127) 74,994 (889,964) 3,558,727 485,568 1,069,665 1,243,627 970,303 6,899,786 $ 3,220,098 $ 393,309 $ 881,592 $ 1,168,500 $ 1,045,297 $ 6,009,822 (Continued) F-10 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, 2006 SPECIAL Revenues: Taxes Licenses and Permits Intergovernmental Charges for Services Fines and Forfeitures Investment Income Miscellaneous Total Revenues Expenditures: Current: General Government Public Safety Physical Environment Transportation Economic Environment Human Services Culture and Recreation Court Related Capital Projects Debt Service Total Expenditures Excess/Deficiency of Revenues Over/(Under) Expenditures Other Financing Sources/(Uses): Transfers from Other Funds Transfers to Other Funds Total Other Financing Sources/(Uses) Net Change In Fund Balances Fund Balances -October 7 Fund Balances -September 30 Impact Fees, Parks and Impact Fees, Impact Fees, Impact Fees, Recreation Libraries Solid Waste Police Facilities 48,078 27,356 3,257 12,541 46,921 58,858 9,884 21,234 94,999 86,214 13,141 33,775 43,345 - 278,790 - - - 278,790 - 43,345 - 183,791) 86,214 (30,204) 33,775 (183,791) 86,214 (30,204) 33,775 1,127,256 526,311 69,917 214,723 $ 943,465 $ 612,525 $ 39,713 $ 248,498 F-11 REVENUE FUNDS Fire & Amb Upper Keys Unincorp. Impact Fees, District #1, Health Care Fire & Amb Area Service Impact Fees, Fair Share Lower and Special District #6, District, Fire & EMS Housing Middle Keys Taxing District Key Largo Parks & Rec. $ 7,359,823 $ - $ 1,224,243 $ 974,714 66,341 - - 701,671 517,758 - 17,511 62,524 12,854 6,998 232,608 108,067 52,937 89,652 16,145 34,810 7,781 - 179 28,156 28,999 41,808 8,184,311 108,067 1,294,870 1,856,717 348,841 - 54,461 - 6,785 - 6,285,075 - 917,089 - - 299,901 - - - - - - - 1,232,742 - - 91,989 - 55,343 - 6,785 - 6,725,905 299,901 1,026,893 1,232,742 22,214 41,808 1,468,406 (191,834) 267,977 623,975 (832,422) - w (31,9981 (31,058) (191,880) (832,422) (31,998) (31,058) (191,880) 22,214 41,808 625,984 (223,832) 236,919 432,095 257,192 108,739 1,805,230 2,336,338 490,827 1,079,105 $ 279,406 $ 150,547 $ 2,431,214 $ 2,112,506 $ 727,746 $ 1,511,200 (Continued) F42 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, 2006 Revenues: Taxes Licenses and Permits Intergovernmental Charges for Services Fines and Forfeitures Investment Income Miscellaneous Total Revenues Expenditures: Current: General Goverment 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 Local Housing Municipal Assistance Policing SPECIAL 911 ' Duck Key Enhancement Security Fees District $ - $ 4,035,318 $ - $ - 1,348,255 - - - - 3,202,180 460,834 1,052 143,169 92,189 26,686 10,259 133,246 - - 73,248 1,624,670 7,329,687 487,520 84,559 191,744 - 2,177 6,619,066 357,292 45,415 1,076,237 - - - 1,076,237 6,810,810 357,292 47,592 548,433 518,877 130,228 36,967 Other Financing Sources/(Uses): Transfers from Other Funds - - - - Transfers to Other Funds - (2,945) - - Total Other Financing Sources/(Uses) - (2,945) - - Net Change in Fund Balances 548,433 515,932 130,228 36,967 Fund Balances-October1 2,604,144 1,099,779 540,028 169,539 Fund Balances -September 30 $ 3,152,577 $ 1,615,711 $ 670,256 $ 206,506 F-13 REVENUE FUNDS Miscellaneous Law Court Drug Boating Special Environmental Enforcement Facility Abuse Improvement Revenue Restoration Trust Fees Trust 20,741 - - - - 523,241 638,950 - - 336,201 16,720 - 283,539 176,788 95,012 - - 59,756 154,512 8,978 36,002 65,183 3,942 599 - - - - - 583,596 1,067,742 185,766 131,014 401,384 20,662 - 202,683 - 96,477 - - 576,779 - 23,400 - - - 168 - - - - - 138,865 - - - 23,641 - 6,752 - - - - - 90,766 - - 269 - 576,779 439,234 23,400 96,477 269 23,641 6,817 658,508 162,366 34,537 401,115 (2,979) (60,439) (388,273) - - (153,189) - (60,439) (388,273) - - (153,189) - (53,622) 270,235 162,366 34,537 247,926 (2,979) 1,065,406 2,992,029 81,812 756,124 1,240,768 84,221 $ 1,011,784 $ 3,262,264 $ 244,178 $ 790,661 $ 1,488,694 $ 81,242 (Continued) F-14 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, 2006 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 SPECIAL Marathon Conch Key Bay Point Big Coppitt Municipal Wastewater Wastewater Wastewater Service MSTU MSTU MSTU $ 1,208,989 $ - $ 67,352 $ 106 17,006 - 935 483 107,619 700 5,180 8,196 1,333,614 700 73,467 8,785 35,220 - 1,937 - 1,045,912 - - 1,000 1,081,132 - 1,937 1,000 252,482 700 71,530 7,785 Other Financing Sources/(Uses): Transfers from Other Funds - - - - Transfers to Other Funds - - - - Total Other Financing Sourcest(Uses) - - - - Net Change in Fund Balances 252,482 700 71,530 7,785 Fund Balances -October 1 1,743,129 14,152 53,021 168,206 Fund Balances -September 30 $ 1,995,611 $ 14,852 $ 124,551 $ 175,991 F-15 DEBT CAPITAL REVENUE FUNDS FUND FUND Infrastructure Total Key Largo Total Nonmajor Sales Surtax Clerk's Nonmajor Wastewater Stock Island Special Revenue Revenue Bonds, Revenue Governmental MSTU Wastewater Funds Series 2003 Note Funds $ 1,068,332 $ - $ 29,597,221 $ - $ - $ 29,597,221 - - 20,741 - - 20,741 - - 2,116,267 698,510 - 2,814,777 14,953 483 5,894,457 - - 5,894,457 - - 555,339 - - 555,339 69,149 4,844 2,484,227 15,496 4,158 2,503,881 - 88,380 719,337 - - 719,337 1,152,434 93,707 41,387,589 714,006 4,158 42,105,753 30,969 - 665,349 - - 665,349 - - 14,529,882 - - 14,529,882 527,333 - 2,217,769 - - 2,217,769 - - 767,857 - - 767,857 - - 16,732,898 - - 16,732,898 - - 462,407 - - 462,407 - - 1,518,284 - - 1,518,284 - - 91,035 - - 91,035 - - - - 2,700 2,700 - - 147,332 2,425,809 - 2,573,141 658,302 - 37,132,813 2,425,809 2,700 39,561,322 594,132 93,707 4,254,776 1,711,803) 1,458 2,544,431 2,367,408 - 2,367,408 (2,766,698) - - (2,766,698) (2,766,698) 2,367,408 - (399,290) 594,132 93,707 1,488,078 655,605 1,458 2,145,141 736,605 56,010 42,506,069 319,551 87,545 42,913,165 $ 1,330,737 $ 149,717 $ 43,994,147 $ 975,156 $ 89,003 $ 45,058,306 F-16 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, 2006 REVENUES: Investment Income Miscellaneous Total Revenues 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 $ 15,462 $ 8,917 - - 38,510 38,510 6,545 6,545 53,972 47,427 284,965 284,965 - 284,965 278,420 (278,420) 53,972 332,392 (5,000) _ (5,000) - 5,000 (283,420) (283,420) 53,972 337,392 293,006 293,006 293,006 - $ 9,586 $ 9,586 $ 346,978 $ 337,392 F-17 MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL LAW LIBRARY SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2006 REVENUES: Investment Income Other Financing Sources/(Uses)- Transfers to Other Funds Net Change in Fund Balances Fund Balances, October 9 Fund Balances, September 30 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) 1,558 $ 1,558 (46,867) _ t46,867) - (46,867) (45,309) 1,558 45,309 45,309 - (1,558) $ - $ 1,558 F-1'8 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, 2006 REVENUES: Taxes Charges for Services Investment Income Total Revenues EXPENDITURES: Current: Economic Environment: Cultural Umbrella Fishing Umbrella Dive Umbrella Operations - Events Catastrophic Emergency Special Projects Total Expenditures Excess/Deficiency of Revenues Over/(Under) Expenditures 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) $ 3,027,869 $ 3,027,869 $ 2,963,861 $ (64,008) - - 18,147 18,147 - - 149,710 149,710 3,027,869 3,027,869 3,131,718 103,849 702,300 702,300 563,690 138,610 722,800 722,800 567,428 155,372 400,000 400,000 384,668 15,332 1,489,278 1,452,655 1,198,852 263,803 807,833 807,833 - 807,833 925,234 925,234 710,826 214,408 5,047,445 5,010,822 3,425,464 1,585,358 (2,019,576) y (1,982,953) 293,746 1,689,207 57,031 (93,654) (93,654) - (2,076,607) (2,076,607) (387,400) 1,689,207 2,988,888 2,988,888 2,988,888 - $ 912,281 $ 912,281 $ 2,601,488 $ 1,689,207 F-19 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, 2006 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Taxes $ 6,012,268 $ 6,012,268 $ 6,141,702 $ 129,434 Charges for Services - - 37,603 37,603 Investment Income - - 161,783 161,783 Total Revenues 6,012,268 6,012,268 6,341,088 328,820 EXPENDITURES: Current: Economic Environment: Advertising and Promotion 4,645,569 4,795,569 4,223,899 571,670 Administrative Services 795,668 795,668 614,281 181,387 Catastrophic Emergency 1,254,046 1,104,046 - 1,104,046 Special Projects 1,904,160 1,904,160 1,901,546 2,614 Total Expenditures 8,599,443 8,599,443 6,739,726 1,859,717 Excess/Deficiency of Revenues Over/(Under) Expenditures (2,587,175) _ (2,587,175) (398,638) 2,188,537 Other Financing Sources/(Uses): Transfers to Other Funds (210,212) (210,212) (177,030) 33,182 Net Change in Fund Balances (2,797,387) (2,797,387) (575,668) 2,221,719 Fund Balances, October 1 3,530,579 3,530,579 3,530,579 - Fund Balances, September 30 $ 733,192 $ 733,192 $ 2,954,911 $ 2,221,719 F-20 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, 2006 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 Beaches Total Expenditures Excess/Deficiency of Revenues Oved(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) $ 2,555,000 $ 2,555,000 $ 2,390,399 $ (164,601) - - 12,451 12,451 - - 209,677 209,677 2,555,000 2,555,000 2,612,527 57,527 1,073,746 1,271,446 1,146,024 125,422 102,082 97,490 87,012 10,478 424,448 226,748 - 226,748 180,568 180,568 120,416 60,152 3,236,835 3,236,835 1,530,676 1,706,159 404,900 404,900 - 404,900 5,422,579 5,417,987 2,884,128 2,533,859 (2,867,579) 2,862,987) (271,601) 2,591,386 (62,436) (67,028) - (67,028) - (2,930,015) (2,930,015) (338,629) 2.591,386 3,558,727 3,558,727 3,558,727 - $ 628,712 $ 628,712 $ 3,220,098 $ 2,591,386 F-21 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, 2006 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 Tourist 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) $ 251,455 $ 251,455 $ 269,128 $ 17,673 - - 1,627 1,627 - - 24,909 24,909 251,455 251,455 295,664 44,209 304,990 338,383 303,917 34,466 11,793 11,793 9,663 2,130 33,393 - - - 48,624 48,624 29,895 18,729 289,354 289,354 30,537 258,817 4,473 4,473 4,473 - 692,627 692,627 378,485 314,142 (441,172) (441,17 (82,821) 358,351 �(23,651) (23.651 } (9,438) 14,213 (464,823) (464,823) (92,259) 372,564 485,568 `485,568 485,568 - $ 20,745 $ 20,745 1 393,309 $ 372,564 F 22 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, 2006 REVENUES: Taxes Charges for Services Investment Income Total Revenges EXPENDITURES: Current: Economic Environment: Advertising and Promotion Administrative 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 1 Fund Balances, September 30 Original Final Budget Budget Variance with Final Budget Positive Actual (Negative) $ 510,000 $ 510,000 $ 643,205 $ 133,205 - - 5,355 5,355 - - 61,987 61,987 510,000 510,000 710,547 200,647 225,593 235,593 214,801 20,792 24,621 24,621 20,946 3,675 73,955 63,955 - 63,955 169,628 169,628 107,533 62,095 975,205 975,205 537,691 437,514 1,469,002 1,469,002 880,971 588,031 959,002 _ (959,002) (170,424) 788.578 (34,OU6 _ T (_34,056)_ (17,649) 16,407 (993,058) (993,058) (188,073) 804,985 1,069,665 1,069,665 1,069,665 - $ 76,607 $ 76,607 $ 881,592 $ 804,985 F-23 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, 2006 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Taxes $ 506,054 $ 506,054 $ 625,339 $ 119,285 Charges for Services - - 4,775 4,775 Investment Income - - 70,450 70,450 Total Revenues 506,054 506,054 700,564 194�510 EXPENDITURES: Current: Economic Environment: Advertising and Promotion 291,339 349,339 301,345 47,994 Administrative Services 22,275 22,275 20,104 2,171 Catastrophic Emergency 138,782 80,782 - 80,782 Special Events 197,852 197,852 103,138 94,714 Bricks and Mortar 900,649 900,649 335,187 565,462 Total Expenditures 1,550,897 1,550,897 759,774 791,123 Excess/Deficiency of Revenues Over/(Under) Expenditures _ (1,044,843) (1,044,843) (59,210) 985,633 Other Financing Sources/(Uses): Transfers to Other Funds (41,097) (41,097) (15,917) 25,180 Net Change in Fund Balances (1,085,940) (1,085,940) (75,127) 1,010,813 Fund Balances, October 1 1,243,627 1,243,627 1,243,627 Fund Balances, September 30 $ 157,687 $ 167,687 $ 1,168,500 $ 1,010,813 F-24 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, 2006 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 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 9 Fund Balances, September 30 Original Final Budget Budget Variance with Final Budget Positive Actual (Negative) $ 600,000 $ 600,000 $ 624,710 $ 24,710 3,668 3,668 53,539 53,539 600,000 600,000 681,917 81,917 353,278 411,978 403,174 8,804 24,885 24,885 22,563 2,322 117,545 58,845 - 58,845 260,226 260,226 34,861 225,365 646,153 646,153 127,347 518,806 1,402,087 1,402,087 587,945 814,142 (802,087) 802,087 93,972 896,059 (43,516) (43,516) (18,978) 24,538 (845,603) (845,603) 74,994 970,303 970,303 970,303 $ 124,700 $ 124,700 $ 1,045,297 $ 920,597 920,597 F-25 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, 2006 Variance with Final Budget Original Final Positive _ - Budget Budget Actual (Negative) REVENUES: Investment Income $ 97,400 $ 97,400 $ 344,440 $ 247,040 Miscellaneous 139,000 .139,000 161,386 22,386 Total Revenues 236,400 236,400 505,826 269,426 EXPENDITURES: Current: Transportation: Fair Share Improvement County Wide 1,167,912 539,979 - 539,979 Fair Share Improvement Dist 1 249,628 249,628 - 249,628 Fair Share Improvement Dist 2 2,123,951 523,951 133,951 390,000 Fair Share Improvement Dist 3 3,239,020 3,239,020 - 3,239,020 Fair Share improve Key Colony Beach 178,613 178,613 171,099 7,514 Duck Key Drive - 1,600,000 462,807 1,137,193 Total Expenditures 6,959,124 6,331,191 767,857 5,563,334 Excess/Deficiency of Revenues Over/(Under) Expenditures 6,722,724 _ (6,094,791) (262,031) 5,832,760 Other Financing Sources/(Uses): Transfers to Other Funds - (627,933) (627,933) - Net Change in Fund Balances (6,722,724) (6,722,724) (889,964) 5,832,760 Fund Balances, October 1 6,899,786 6,899,786 6,899,786 - Fund Balances, September 30 $ 177,062 $ 177,062 $ 6,009,822 $ 5,832,760 F-26 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, 2006 REVENUES: Investment Income Miscellaneous Total Revenues EXPENDITURES: Current: Culture and Recreation: District 1 Projects District 2 Projects Key Largo Skate Park Total Expenditures Excess/Deficiency of Revenues Over/(Under) Expenditures Net Change in Fund Balances Fund Balances, October 1 Fund Balances, September 30 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) $ 15,300 $ 15,300 $ 48,078 $ 32,778 75,026 75,026 46,921 (28,105) 90,326 90,326 94,999 4,673 324,544 324,544 - 324,544 221,032 221,032 - 221,032 591,424 591,424 278,790 312,634 1,137,000 1,137,000 278,790 858,210 (1,046,674) (1,046,674) (183,791) 862,883 (1,046,674) (1,046,674) (183,791) 862,883 1,127,256 1,127,256 1,127,256 - $ 80,582 $ 80,582 $ 943,465 $ 862,883 F-27 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, 2006 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 1 Fund Balances, September 30 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) $ 7,000 $ • 7,000 $ 27,356 $ 20,356 45,000 45,000 58,858 13,858 52,000 52,000 86,214 34,214 537,258 537,258 - 537,258 - - (485,2581 - (485,258) 86,214 571,472 (485,258) (485,258) 86,214 571,472 526,311 526,311 526,311 - $ 41,053 $ 41,053 $ 612,525 $ 571,472 F-28 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, 2006 REVENUES: Investment Income Miscellaneous Total Revenues EXPENDITURES: Current: Physical Environment: County Wide Solid Waste Projects Weigh Bridge Scale Total Expenditures Excess/Deficiency of Revenues Over/(Under) Expenditures Net Change in Fund Balances Fund Balances, October 1 Fund Balances, September 30 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) $ 4,500 $ 4,500 $ 3,257 $ (1,243) 12,000 12,000 9,884 (2,116) 16,500 16,500 13,141 �3,3591 75,237 31,892 - 31,892 - 43,345 43,345 - 75,237 75,237 43,345 31,892 (58,737) _ (58_737) 30,204) 28,533 (58,737) (58,737) (30,204) 28,533 69,917 69,917 69,917 - $ 11,180 $ 11,180 $ 39,713 $ 28,533 F-29 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, 2006 REVENUES: Investment Income Miscellaneous Total Revenues EXPENDITURES: Current: Public Safety: County Wide Police Facility Excess/Deficiency of Revenues Over/(Under) Expenditures Net Change in Fund Balances Fund Balances, October 1 Fund Balances, September 30 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) $ 5,000 $ 5,000 $ 12,541 $ 7,541 25,000 25,000 21,234 L,766) 30,000 30,000 33,775 3,775 210,553 210,553 - 210,553 (180,553)(180,553) 33,775 214,328 (180,553) (180,553) 33,775 214,328 214,723 214,723 214,723 $ 34,170 $ 34,170 $ 248,498 $ 214,328 F-30 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, 2006 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 Over/(Under) Expenditures Net Change in Fund Balances Fund Balances, October 1 Fund Balances, September 30 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) $ 3,626 $ 3,626 $ 12,854 $ 9,228 14,010 14,010 16,145 2,135 17,636 17,636 28,999 11,363 82,871 82,871 - 82,871 14,554 14,554 - 14,554 108,828 108,828 6,785 102,043 17,870 17,870 - 17,870 224,123 224,123 6,785 2173338 (206,487) (206,487) 22,214 228,701 (206,487) (206,487) 22,214 228,701 257,192 257,192 257,192 - $ 50,705 $ 50,705 $ 279,406 $ 228,701 F-31 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, 2006 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Investment Income $ 160 $ 160 $ 6,998 $ 6,838 Miscellaneous 26,419 26,419 34,810 8,391 Total Revenues 26,579 26,579 41,808 15,229 Other Financing Sources/(Uses): Reserve for Contingencies (26,579) (26,579) - 26,579 Net Change In Fund Balances 53,158 53,158 41,808 (11,350) Fund Balances, October 1 108,739 108,739 108,739 - Fund Balances, September 30 $ 161,897 $ 161,897 $ 150,547 $ (11,350) F-32 MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL FIRE AND AMBULANCE DISTRICT #1 - LOUVER AND MIDDLE KEYS SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2006 REVENUES: Taxes Intergovernmental Charges for Services Investment Income Miscellaneous Total Revenues EXPENDITURES: Current: General Government: Tax Collector Property Appraiser Total General Government Variance with Final Budget Original Final Positive Budget Budget Actual (Ne ative) $ 7,685,821 $ 7,685,821 $ 7,359,823 $ (325,998) 25,000 25,000 66,341 41,341 300,000 300,000 517,758 217,758 50,000 50,000 232,608 182,608 - - 7,781 7,781 8,060,821 8,060,821 8,184,311 123,490 225,000 225,000 214,774 10,226 94,925 134,067 134,067 - 319,925 359,067 348,841 10,226 Public Safety: Fire Rescue - Central 2,648,364 2,273,953 2,017,999 255,954 Lower 8 Middle Keys Ambulance Dist 4,107,308 4,417,308 4,267,076 150,232 Total Public Safety 6,755,672 6,691,261 6,285,076 406,186 Debt Service: Principal Interest Total Debt Service Total Expenditures Excess/Deficiency of Revenues Over/(Under) Expenditures Other Financing Sourcest(Uses): Reserve for Contingencies Transfers to Other Funds - 85,690 85,690 - - 6,299 6,299 - - 91,989 91,989 - 7,075,597 7,142,317 6,725,905 416,412 985,224 918,504 1,458,406 539,902 (381,046) (31,903) - 31,903 (550,000) - (832,422) (832,422) - Total Other Financing Sources/(Uses) (931,045) (864,325) (832,422) 31,903 Net Change in Fund Balances 54,179 54,179 625,984 571,805 Fund Balances, October 1 1,805,230 1,805,230 1,805,230 - Fund Balances, September 30 $ 1,859,409 $ 1,859,409 $ 2,431,214 $ 571,805 F-33 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, 2006 REVENUES: Investment Income EXPENDITURES: Current: General Government: Vehicle Replacement Tax Collector Total General Government Human Services: Trauma District Administration Trauma Transportation and Treatment Trauma Pretransportation Trauma Facility Upgrade Total Human Services Total Expenditures 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) $ 62,000 $ 62,000 $ 108,067 $ 46,067 19,360 100 472 100 - 472 - 100 19,460 572 - 572 173,927 188,817 183,843 4,974 887,975 887,975 114,846 773,129 147,879 147,879 1,212 146,667 400,000 400,000 - 400,000 1,609,781 1,624,671 299,901 1,324,770 1,629,241 1,625,243 299,901 1,325,342 1,567,241 (1,563,243) (191,834) 1,371,409 (61,569) (61,569) - 61,569 _ - (28,000) (31,998) (31,998) - Total Other Financing Sources/(Uses) (89,509) (93,567) L31,998Y 61,569 Net Change in Fund Balances (1,656,810) (1,656,810) (223,832) 1,432,978 Fund Balances, October 1 2,336,338 2,336,338 2,336,338 - Fund Balances, September30 $ 679,528 $ 679,528 $ 2,112,506 $ 1,432,978 F-34 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, 2006 REVENUES: Taxes Charges for Services Investment Income Miscellaneous Total Revenues EXPENDITURES: Current: General Government: Tax Collector Fees Property Appraiser Fees Total General Government Public Safety: Key Largo Ambulance Key Largo Fire & Rescue Total Public Safety Debt Service: Principal Interest Total Debt Service Total Expenditures 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) $ 1,276,972 $ 1,276,972 $ 1,224,243 $ (52,729) - - 17,511 17,511 14,094 14,094 52,937 38,843 - - 179 179 1,291,066 1,291,066 1,294,870 3,804 40,000 39,300 35,451 3,849 18,875 19,010 19 010 - 58,875 58,310 54,461 3,849 339,767 340,467 339,339 1,128 775,751 720,408 577,750 142,658 1,115,518 1,060,875 917,089 143,786 - 52,484 - 2,859 52,484 - 2,859 - - 55,343 55,343 - 1,174,393 1,174,528 1,026,893 147,635 116,673 116,538 267,977 151,439 (75,120) (74,985) - 74,985 157,000 157,000) _ (3L,0581 125,942 Total Other Financing Sources/(Uses) 232,120231,985 ��- (31,058) 200,927 Net Change in Fund Balances (115,447) (115,447) 236,919 352,366 Fund Balances, October 1 490,827 490,827 490,827 - Fund Balances, September 30 $ 375,380 $ 375,380 $ 727,746 $ 352,366 F-35 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, 2006 REVENUES: Taxes Intergovernmental Charges for Services Investment Income Miscellaneous Total Revenues EXPENDITURES: Current: Culture and Recreation: Parks & Beaches Unincorporated School Board Interlocal Islamorada Parks & Beaches Vechicle Replacement Total Expenditures Excess/Deficiency of Revenues Over/(Under) Expenditures Other Financing Sources/(Uses): Original Final Budget Budget Actual Variance with Final Budget Positive (Negative) $ 1,015,834 $ 1,015,834 $ 974,714 $ (41,120) 500,000 500,000 701,671 201,671 35,000 35,000 62,524 27,524 20,000 20,000 89,652 69,652 25,000 25,000 28,156 3,156 1,595,834 1,5951834 1,856,717 260,883 1,238,715 1,394,100 1,217,366 176,734 111,508 111,508 15,376 96,132 80,000 80,000 - 80,000 141,831 71,910 - 71,910 1,572,054 1,657,518 1,232,742 424,776 23,780 61,684 623,975 685,659 Reserve for Contingencies (229,676) (144,212) - 144,212 Transfers from Other Funds - - - Transfers to Other Funds _ (220,000) 220.000 (191,8801 28,120 Total Other Financing Sources/(Uses) (449,676) (364,212) 191,880) 172,332 Net Change in Fund Balances (425,896) (425,896) 432,096 857,991 Fund Balances, October 1 1,079,105 1,079,105 1,079,105 Fund Balances, September 30 $ 653,209 $ 653,209 $ 1,511,200 $ 857,991 F-36 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, 2006 REVENUES: Intergovernmental Investment Income Miscellaneous Total Revenues EXPENDITURES: Current: Economic Environment: Down Pymt,Wastewater,Rehab 03 Down Pymt,Wastewater,Rehab 04 Down Pymt,Wastewater,Rehab 05 Down Pymt,Wastewater,Rehab 06 Rental Rehab 04 Rental Rehab 05 SHIP Fair Housing 05 SHIP Fair Housing 06 Administration 05 Administration 06 Total Expenditures Excess/Deficiency of Revenues Overl(Under) Expenditures Other Financing Sources/(Uses): Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) $ 650,000 $ 650,000 $ 1,348,255 $ 698,255 - - 143,169 143,169 - 75,856 133,246 57,390 650,000 725,856 1,624,670 898,814 - 75,856 69,056 6,800 1,550,000 977,888 608,315 369,573 869,780 869,780 182,786 686,994 - 270,000 - 270,000 270,000 409,113 147,860 261,253 - 163,000 - 163,000 24,000 24,000 - 24,000 24,000 24,000 - 24,000 60,240 68,220 68,220 - 70,050 62,069 - 62,069 2,868,070 2,943,926 1,076,237 1,867,689 (2_218,070) 2,218,070 548,433 2,766,503 Reserve for Contingencies 04 (5,000) (5,000) - 5,000 Reserve for Contingencies 05 (5,000) (5,000) - 5,000 Reserve for Contingencies 06 _ (104,149) Q04,149) - 104,149 Total Other Financing Sources/(Uses) (114,149) 114,149 - 114,149 Net Change in Fund Balances (2,332,219) (2,332,219) 548,433 2,880,652 Fund Balances, October 1 2,604,144 2,604,144 2,604,144 - Fund Balances, September 30 $ 271,925 $ 271,925 $ 3,152,577 $ 2,880,652 F-37 SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL MUNICIPAL POLICING SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2006 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 Total Expenditures Excess/Deficiency of Revenues Over/(Under) Expenditures Other Financing Sourcest(Uses): Reserve for Contingencies Transfers to Other Funds Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) $ 4,213,075 $ 4,213,075 $ 4,035,318 $ (177,757) 2,770,437 2,770,437 3,202,180 431,743 25,000 25,000 92,189 67,189 7,008,512 7,008,512 7,329,687 321,175 75,119 75,119 73,685 1,434 110,000 130,000 118 0059 11,941 185,119 205,119 191,744 13,375 437,000 437,000 436,495 505 179,604 179,604 178,863 741 164,300 164,300 149,154 15,146 3,022,214 3,022,214 3,022,214 - 1,421,135 1,421,135 1,420,017 1,118 1,157,973 1,157,973 1,157,973 - 254, 350 254,350 254,350 - 6,636,576 6,636,576 6,619,066 17,510 6,821,695 6,841,696 6,810,810 30,885 186,817 166,817 518,877 352,060 (171,190) (151,190) - 151,190 (78,384) (78,384) (2,945) 75,439 Total Other Financing Sources/(Uses) (249,574) (229,574) (2,945) 226,629 Net Change in Fund Balances (62,757) (62,757) 515,932 578,689 Fund Balances, October 1 1,099,779 1,099,779 1,099,779 - Fund Balances, September 30 $ 1,037,022 $ 1,037,022 $ 1,615,711 $ 578,689 F-38 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, 2006 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Charges for Services $ 407,144 $ 407,144 $ 460,834 $ 53,690 Investment Income 10,000 10,000 26,686 16,686 Total Revenues 417,144 417,144 487,520 70,376 EXPENDITURES: Current: Public Safety: 911 Enhancement Fund 335,132 335,132 256,092 79,040 911 Wireless 110,000 110,000 101,200 8,800 Mapping Software 250,043 250,043 - 260,043 Total Expenditures 695,175 695,176 357,292 337,883 Net Change in Fund Balances (278,031) (278,031) 130,228 408,259 Fund Balances, October 1 540,028 540,028 540,028 - Fund Balances, September 30 $ 261,997 $ 261,997 $ 670,256 $ 408,259 F-39 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, 2006 REVENUES: Charges for Services 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) $ - $ - $ 1,052 $ 1,052 4,000 4,000 10,259 6,259 75,000 75,000 73,248 (1,75 79,000 79,000 84,559 5,559 6,000 6,000 2,177 3,823 150,000 150,000 45,415 104,585 156,000 156,000 47,592 108,408 (77,000) (77,000) 36,967 113,967 (14,225) (14,225) - 14,225 (91,225) (91,225) 36,967 128,192 169,539 16 9, 539 169,539 $ 78,314 $ 78,314 $ 206,506 $ 128,192 F-40 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, 2006 REVENUES: Charges for Services Investment Income Miscellaneous Total Revenues EXPENDITURES: Current: Physical Environment: Boating Improvement Excess/Deficiency of Revenues Over/(Under) Expenditures Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) - $ 500,000 $ 500,000 $ 523,241 $ 23,241 15,000 15,000 59,756 44,756 - - 599 599 515,000 515,000 583,596 68,596 600,000 545,867 576,779 (30,912) (851000) (30,867) 6,817 37,684 Other Financing Sources/(Uses): Reserve for Contingencies (42,337) (1,627) - 1,627 Transfers to Other Funds - (94,843) 60,439 34,404 Total Other Financing Souroes/(Uses) (42,337) (96,470) (60,439) 36,031 Net Change in Fund Balances (127,337) (127,337) (53,622) 73,715 Fund Balances, October 1 1,065,406 1,065,406 1,065,406 - Fund Balances, September 30 $ 938,069 $ 938,069 $ 1,011,784 $ 73,715 F-41 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, 2006 REVENUES: Licenses and Permits Charges for Services Fines and Forfeitures Investment income Total Revenues EXPENDITURES: Current: Public Safety: Interagency Communications Education -Building Department Teen Court Total Public Safety Economic Environment: SFETC Travel Human Services: FL Keys Council for the Handicapped Traffic Educ, Ord 021-2002 Legal Aid Total Human Services Culture and Recreation: Settler's Park Landscaping Key Largo Community Park 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) PI) Ct Tech FS28.24(12)(E) J Ct Tech FS28.24(12)(E) Total Court Related Total Expenditures Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) $ - $ - $ 20,741 $ 20,741 196,000 1,243,718 638,950 (604,768) 80,500 104,786 283,539 178,753 40,000 40,000 154,512 114,512 316,500 1,388,504 1,097,742 (290,762) 708,787 370,788 139,395 231,393 15,000 15,000 13,015 1,985 40,000 50,273 50,273 - 763,787 436,061 202,683 233,378 9,000 9,000 168 8,832 24,878 24,878 8,542 16,336 80,500 80,500 80,050 450 - 50,273 50,273 - 105, 378 155,651 138,865 16,786. 10,315 10,315 - 10,315 - 24,786 6,752 18,034 10,315 35,101 6,752 28,349 25,304 25,304 5,874 19,430 11,904 11,904 1,551 10,353 - 101,409 11,540 89,869 - 238,647 - 238,647 - 159,097 71,801 87,296 - 397,745 - 397,745 37,208 934,106 90,766 843,340 925,688 1,569,919 439,234 1,130,685 F-42 (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, 2006 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) Excess/Deficiency of Revenues Over/(Under) Expenditures $ 609,188 $ ' (181,415) $ 658,508 $ 839,923 Other Financing Sources/(Uses): Transfers to Other Funds - (428,273) - (388,273) 40,000 Net Change in Fund Balances (609,188) (609,688) 270,235 879,923 Fund Balances, October 1 2,992,029 2,992,029 2,992,029 - Fund Balances, September 30 $ 2,382,841 $ 2,382,341 $ 3,262,264 $ 879,923 F-43 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, 2006 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Fines and Forfeitures $ 330,000 $ 330,000 $ 176,788 $ (153,212) Investment Income - _ 8,97$ 8,978 Total Revenues 330,000 330,000 185,766 (144,234) EXPENDITURES: Current: Physical Environment: Environmental Restoration 320,980 320,980 23,400 297,580 KLWT Plant Site Mitg Pro - 294,708 - 294,708 Total Environmental Restoration 320,980 615,688 23,400 592,288 Culture and Recreation: Settler's Park 9,083 9,083 - 9,083 Total Expenditures 330,063 624,771 23,400 601,371 Excess/Deficiency of Revenues Over/(Under) Expenditures (63) (294,771) 162,366 457,137 Other Financing Sources/(Uses): Reserve for Contingencies (50,138) (50,138) - 50,138 Transfers from Other Funds - 294,708 - (294,708) Total Other Financing Sources/(Uses) (50,138) 244,570 - (244,570) Net Change in Fund Balances (50,201) (50,201) 162,366 212,567 Fund Balances, October 1 81,812 81,812 81,812 - Fund Balances, September 30 $ 31,611 $ 31,611 $ 244,178 $ 212,567 F-44 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, 2006 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Fines and Forfeitures $ - $ 774,075 $ 95,012 $ (679,063) Investment Income 2,000 2,000 36,002 34,002 Total Revenues 2,000 776,075 131,014 (645,061) EXPENDITURES: Current: Public Safety: Law Enforcement 1,900 775,975 96,477 679,498 Net Change in Fund Balances 100 100 34,537 34,437 Fund Balances, October 1 756,124 756,124 756,124 - Fund Balances, September 30 $ 756,224 $ 756,224 $ 790,661 $ 34,437 F-45 MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL COURT FACILITY FEES SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2006 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Charges for Services $ 250,000 $ 250,000 $ 336,201 $ 86,201 Investment Income - - 65,183 65,183 Total Revenues 250,000 250,000 401,384 151,384 EXPENDITURES: Current: Court Related: Court Facility 1,000,000 846,811 269 846,542 Excess/Deficiency of Revenues Over/(Under) Expenditures (750,00A (596,811) 401,115 997,926 Other Financing Sources/(Uses): Reserve for Contingencies (5,000) (5,000) - 5,000 Transfers to Other Funds - (153,189) (153,189) Total Other Financing Sources/(Uses) (5,00a (158,189) (153,189 5,000 Net Change In Fund Balances Fund Balances, October 1 Fund Balances, September 30 (755,000) (755,000) 247,926 1,002,926 1,240,768 1,240,768 1,240,768 - $ 485,768 $ 485,768 $ 1,488,694 $ 1,002,926 F-46 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, 2006 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Charges for Services $ 9,775 $ 9,775 $ 16,720 $ 6,945 Investment income - - 3,942 3,942 Total Revenues 9,775 9,775 20,662 10,887 EXPENDITURES: Current, Human Services: Care Center Women's Program 35,465 35,465 - 35,465 Juvenile Drug Court 28,430 28,430 23,641 4,789 Total Human Services 63,895 63,895 23,641 40,254 Net Change in Fund Balances (54,120) (54,120) (2,979) 51,141 Fund Balances, October 1 84,221 84,221 84,221 - Fund Balances, September 30 $ 30,101 $ 30,101 $ 81,242 $ 51,141 F-47 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, 2006 REVENUES: Taxes Charges for Services Investment Income Total Revenues EXPENDITURES: Current: General Government: Tax Collector Fees Physical Environment: Marathon Wastewater Total Expenditures ExceWDeficiency of Revenues Over/(Under) Expenditures Other Financing Sourcesl(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) $ 1,258,344 $ 1,258,344 $ 1,208,989 $ (49,355) - - 17,006 17,006 - - 107,619 107,619 1,258,344 1,258,344 1,333,614 75,270 50,000 50,000 35,220 14,780 1,980,427 1,980,427 1,045,912 934,515 2,030,427 2,030,427 1,081,132 949,295 (772,083) — C772,0831 252,482 1,024,565 (180,000) (180,000) - 180,000 (952,083) (952,083) 252,482 1,204,565 1,743,129 1,743,129 1,743,129 - $ 791,046 $ 791,046 $ 1,995,611 $ 1,204,565 F-48 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, 2006 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Investment Income $ - $ 600 $ 700 $ 100 Other Financing Sources/(Uses): Reserve for Contingencies - (600) - 600 Net Change in Fund Balances - - 700 700 Fund Balances, October 1 - 14,152 14,152 - Fund Balances, September 30 $ - $ 14,152 $ 14,852 $ 700 F-49 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, 2006 REVENUES: Taxes Charges for Services Investment income Total Revenges EXPENDITURES: Current: General Government: Tax Collector Fees Physical Environment: Bay Point 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) $ 69,723 $ 69,723 $ 67,352 $ (2,371) - 935 935 - - 5,180 5,180 69,723 69,723 73,467 3,744 560 3,560 1,937 1,623 72,172 72,172 - 72,172 72,732 75,732 1,937 73,796 (3,009) (6,009) 71,530 77,539 (3,046) - 46 (6,055) (6,055) 71,530 77,585 53,021 63,021 53,021 - $ 46,966 $ 46,966 $ 124,551 $ 77,585 F-50 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, 2006 REVENUES: Taxes Charges for Services Investment Income Total Revenues EXPENDITURES: Current: Physical Environment: Big Coppitt Wastewater Big Coppitt Municipal Svc District 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) 106 $ 106 483 483 8,196 8,196 8,785 8,785 104,991 104,991 - 104,991 6,000 6,000 1,000 5,000 110,991 110,991 1,000 109,991 (110,991) (110,991) 7,785 118,776 . (8,334) (8,334) (119,325) (119,325) 168,206 168,206 $ 48,881 $ 48,881 $ - 8,334 7,785 127,110 168,206 175,991 $ 127,110 F-51 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, 2006 REVENUES: Taxes Charges for Services Investment Income Total Revenues EXPENDITURES: Current: General Government: Tax Collector Fees Physical Environment: Key Largo Wastewater Total Expenditures Exeess/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 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) $ 1,114,243 $ 1,114,243 $ 1,068,332 $ (45,911) - - 14,953 14,953 - - 69,149 69,149 1,114,243 1,114,243 1,162,434 38,191 30,000 40,000 30,969 9,031 1,620,000 1,620,000 527,333 1,092,667 1,650,000 1,660,000 558,302 1,101,698 (535,757) (545,757) 594,132 1,139,889 40,062 (30,062) - 30,062 (575,819) (575,819) 594,132 1,169,951 736,605 736,605 736,605 - $ 160,786 $ 160,786 $ 1,330,737 $ 1,169,951 F-52 MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL INFRASTRUCTURE SALES SURTAX REVENUE BONDS, SERIES 2003 DEBT SERVICE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2006 REVENUES: Intergovernmental Investment Income Total Revenues EXPENDITURES: Current: Debt Service: 2003 Revenue Bonds: Principal Interest Other Debt Service Costs Total 2003 Revenue Bonds Guaranteed Entitlement Loan: Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) $ 698,510 $ 698,510 $ 698,510 $ - - - 15,496 15,496 698,510 698,510 714,006 15,496 1,170,000 1,170,000 1,170,000 - 629,330 629,330 617,630 11,700 10,000 10,000 4,500 5,500 1,809,330 1,809,330 1,792,130 17,200 Principal 571,254 571,254 571,254 - Interest 63,000 63,000 62,425 575 Other Debt Service Costs 20,000 20,000 - 20,000 Total Guaranteed Entitlement Ln 654,254 654,254 633,679 20,575 Total Expenditures Excess/Deficiency of Revenues Over/(Under) Expenditures Other Financing Sources/(Uses): Reserve for Contingencies Transfer from Other Funds 2,463,584 2,463,584 2,425,809 37,775 (1,765,074) (1,765,074) (1,711,803) 53,271 (289,038) (289,038) - 289,038 2,367,408 2,367,408 2,367,408 - Total Other Financing Sources/(Uses) 2,078,370 2,078,370 2,367,408 289,038 Net Change in Fund Balances Fund Balances, October 1 Fund Balances, September 30 313,296 . 313,296 319,551 319,551 655,605 342,309 319,551 - $ 632,847 $ 632,847 $ 975,158 $ 342,309 F-53 MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISIONERS SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL CLERK'S REVENUE NOTE CAPITAL PROJECTS FUND FOR THE YEAR ENDED SEPTEMBER 30, 2006 REVENUES: Investment Income EXPENDITURES: Current: Capital Outlay: Court Services Network System 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) $ - $ - $ 4,158 $ 4,158 90,000 2,700 87,300 (90,000) 1,458 91,458 (90,000) 1,458 91,458 87,545 87,545 $ - $ (2,455) $ 89,003 $ 91,458 F-54 MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS COMBINING STATEMENT OF NET ASSETS INTERNAL SERVICE FUNDS SEPTEMBER 30, 2006 ASSETS Current Assets: Cash and Cash Equivalents Accounts Receivable, Net Due from Other Governmental Units Due from Constitutional Officers Interest Receivable Total current assets Worker's Group Risk Compensation Insurance Management Fund Fund Fund $ 7,301,461 $ 15,075,641 $ 5,873,144 36,045 5,323 1,382 - 79,512 - 19,169 221,990 - 1,225 - 7, 356,675 15, 383,691 5,874,526 Noncurrent Assets: Land and Other Nondepreciable Assets - - - Capital Assets, Net of Aecum. Depreciation 4,735 1,006 3,041 Total Noncurrent Assets 4,735 1,006 3,041 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 7,361,410 15,384,697 5,877,567 80,140 257,302 175,445 5,317 5,838 5,427 1,861,867 3,092,481 1,501,607 29,493 - - 11,054 - 11,867 599 496 - 1,988,470 3,356,117 1,694,346 9,485 16,711 9,288 1,997,955 3,372,828 1,703,634 Invested in Capital Assets, Net of Related Debt 4,735 1,006 3,041 Unrestricted 5,358,720 12,010,863 4,170,892 Total Net Assets $ 5,363,455 $ 12,011,869 $ 4,173,933 G-1 Fleet Management Fund Total $ 1,328,442 $ 29,578,688 338 43,088 215,081 294,593 41,829 282,988 - 1,225 1,585,690 30,200,582 54,000 54,000 1,282,096 1,290,878 1,336,096 1,344,878 2,921,786 31,545,460 ✓ 82,469 595356✓ g'�-x 32,141 48:723 - 6,455,955 ✓ 355,832 355,832 ✓ - 29,493 11,048 33,969 - 1,095 481,490 7,520,423 56,872 92,356 / 538,362 7,612,779 1,336,096 1,344,878 1,047,328 22,587,803 $ 2,383,424 $ 23,932,681 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, 2006 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 Work0\ 6�v `7 er's Group Risk Compensation Insurance Management Fund Fund Fund $ 1,640,018 $ 14,346,845 $ 1,568,888 245,626 189,005 3,192,153 1,885,644 14,535,850 4,761,041 137,728 171,122 148,504 404,346 588,233 1,575,969 1,296 911 709 2,033,326 10,308,270 294,353 2,576,696 11,068,536 2,019,535 _ (6910521 3,467,314 2,741,506 Non -Operating Revenues/(Expenses): Investment Income 342,638 570,096 237,467 Gain (Loss) on Disposition of Assets - (349) (61,770) Total Non -Operating Revenues/(Expenses) 342,638 569,747 175,697 Income/Loss Before Contributions and Transfers Transfers to Other Funds Capital Grants and Contributions Change in Net Assets Total Net Assets -October 1 (348,414) . 4,037,061 2,917,203 (348,414) 5,711,869 4,037,061 7,974,808 2,917,203 1,256,730 Total Net Assets -September 30 $ 5,363,455 $ 12,011,869 $ 4,173,933 G-3 60� Fleet Management Fund Total $ 3,341,245 $ 20,896,996 945 3,627,729 3,342,190,1 24, 524,726 940,162 1,397,516 1,844,750 4,413,298 76,389 79,305 - 12,635,949 2,861,301 18,526,068 480,889 5,998,657 84,592 1,234,793f (2,505) 64,624)� 82,087 1,170,169 562,976 7,168,826 (355,686) (355,686) 207,290 6,813,140 2,176,134 17,119, 541 $ 2,383,424 $ 23,932,681 G-4 MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS COMBINING STATEMENT OF CASH FLOWS INTERNAL SERVICE FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 2006 Operating Activities: Cash received for services Cash rec'vd from other funds for goods and svcs Cash payments to suppliers for goods and svcs Cash payments to employees for services Cash payments to other funds 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 Proceeds from sale of capital assets Net Cash Provided/(Used) by Capital and Related. Financing Activities investing Activities: Investment income Net Increasei(Decrease) in Cash and Cash Equivalents Cash and Cash Equivalents: October 1 September 30 Worker's Group Risk Compensation Insurance Management Fund Fund Fund $ 69,344 $ 3,709,807 $ 29,775 1,575,442 10,585,767 1,539,113 (2,280,663) (10,784,649) (1,722,129) (96,753) (124,953) (100,189) (22,383) (27,793) (28,293) 209,581 199,432 3,193,742 (545,4321 3,557,611 2,912,019 - - (63,535) (63,5351 342,638 668,872 237,467 (202,794) 4,126,483 3,085,951 7,504,255 10,949,158 2,787,193 $ 7,301,461 $ 15,075,641 $ 5,873,144 G-5 Fleet Management Fund Total $ 1,428,366 $ 5,237,292 1,802,718 15,503,040 (1,979,486) (16,766,927) (660,337) (982,232) (282,216) (360,685) 945 3,603,700 309,990 6,234,188 (355,686) (355,686) (22,626) (86,161) 157 157 (22,469)(86,004) 84,592 1,233,569 16,427 7,026,067 1,312,015 22,552,621 $ 1,328,442 $ 29,678,688 REA (Continued) MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS COMBINING STATEMENT OF CASH FLOWS - CONTINUED INTERNAL SERVICE FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 2006 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 Change in assets and liabilities: (Increase)/Decrease in Accounts receivable (increaseyDecrease in Due from other funds (lncreaseyDecrease in Due from other gov't units (Increase)/Decrease in Due fm constitutional ofcrs Increase/(Decrease) in Accounts payable Increase/(Decrease) in Accrued wages/benefits Increase/(Decrease) in Claimsrudgments payable lncreasel(Decrease) in Due to other funds Increase/(Decrease) in Due to other gov't units Increase/(Decrease) in Comp.absences payable Increase/(Decrease) in Other current iiabiliities Total adjustments Net cash provided byl(used in) operating activities Worker's Group Risk Compensation insurance Management Fund Fund Fund $ (691,052) $ 3,467,314 $ 2,741,506 1,296 911 709 (36,045) 10,427 1,589 - 68,948 - 4,768 (120,219) - 50, 368 135,987 160,893 1,633 1,495 1,378 129,615 (3,310) - (142) - (5,923) (6,191) - - 3,969 (1,553) 11,867 (3,651) 2,389 - 145,620 90,297 170,513 Noncash investing, capital, and financing activities: Contribution of capital assets from gov't Loss on disposition of assets Cash Reconciliation: Unrestricted $ (545,432) $ 3,557,611 $ 2,912,019 $ - $ (349) $ (61,770) $ 7,301,461 $ 15,075,641 $ 5,873,144 G-7 Fleet Management Fund Total $ 480,889 $ 5,998,657 76,389 79,305 (338) (24,367) 1,473 1,473 (118,689) (49,741) 7,393 (108,068) (65,068) 282,180 12,126 16,632 - 126,305 (89,688) (95,753) (36) (6,227) 5,539 19,822 - .� (6,040)- (170,899) 235,531 $ 309,990 $ 6,234,188 $ 30,210 $ 30,210 $ (62,119) $ 1,328,442 $ 29,578,688 G-8 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 aggregate remaining fund information of the Monroe County, Florida Board of County Commissioners (the "Board") as of and for the year ended September 30, 2006 which collectively comprise the Board's basic financial statements, and have issued our report thereon dated February 2, 2007. 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 in order to determine our auditing procedures for the purpose of expressing our opinion on the financial statements and not to provide an opinion on the internal control over financial reporting. Our consideration of the internal control over financial reporting would not necessarily disclose all matters in the internal control over financial reporting that might be material weaknesses. A material weakness is a reportable condition in which the design or operation of one or more of the internal control components does not reduce to a relatively low level the risk that misstatements caused by error or fraud in amounts that would be material in relation to the financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. We noted no matters involving the internal control over financial reporting and its operation that we consider to be material weaknesses. H-1 Compliance and Other Matters As part of obtaining reasonable assurance about whether the Board's financial statements are free of material misstatements, 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 Govemment Auditing Standards. However, we noted other matters involving internal control over financial reporting that we have reported to management in a separate management letter dated February 2, 2007. This report is intended solely for the information and use of management, the Clerk Ex Officio, the County Mayor and Board of County Commissioners of Monroe County, Florida, and applicable state and federal 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. C 6000� 11 gk�j Orlando, Florida February 2, 2007 -H-2 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 aggregate remaining fund information of the Monroe County, Florida Board of County Commissioners (the "Board") as of and for the year ended September 30, 2006, and have issued our report thereon dated February 2, 2007. These financial statements are the responsibility of the Board. Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. In accordance with those standards, we have also 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 Govemment Auditing Standards, dated February 2, 2007 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)(h)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 significant findings and recommendations made in the preceding annual financial audit report have been addressed. There were no such matters reported in the preceding annual financial audit. The Rules of the Auditor General (Section 10.554(1)(h)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. H-3 The Rules of the Auditor General (Section 10.554(1)(h)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)(h)4) require disclosure in the management letter of the following matters if not already addressed in the auditors' reports on compliance and internal controls: (1) violations of laws, rules, regulations, and contractual provisions that have occurred, or are likely to have occurred; (2) improper or illegal expenditures; (3) improper or inadequate accounting procedures (e.g., the omission of required disclosures from the financial statements); (4) failures to properly record financial transactions; and (5) other inaccuracies, shortages, defalcations, and instances of fraud discovered by, or that come to the attention of, the auditor. There were no such matters noted. The Rules of the Auditor General (Section 10.554(1)(g)5.) 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 and Board of County Commissioners of Monroe County, Florida, and applicable state and federal 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 February 2, 2007 H-4 Management Letter Comments - Appendix A 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. 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 foliowed, 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. 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. H-�5 Purchasing Cards (continued) 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. THIS PAGE INTENTIONALLY LEFT BLANK C UNTY A�MONROE KEY WEST FLORIDA 33040 (305) 2g444-4641 Monroe County Board of County Commissioners Office of the County Administrator The Historic Gato Cigar Factory 1100 Simonton Street, Suite 205 Key West, Florida 33040 (305) 292-4441—Phone (305)292-4544—Fax 04/27/2007 MEMORANDUM To: Danny L. Kolhage, Clerk of the Circuit Court Sandra Carlile, Finance Director Fr 1_.alvatore R. Zappulla, Division Director, Budget and Finance _r Thru: Thomas J. Willi, County Administrato / Subject: Response to Management Letter Comments Appendix A BOARD OF COUNTY COMMISSIONERS Mayor Mario Di Gennaro, District 4 Mayor Pro Tern Dbde M. Spehar, District 1 George Neugent, District 2 Charles "Sonny" McCoy, District 3 Sylvia ]. Murphy, District 5 In response to the management letter prepared by the County's external Auditor, Cherry, Bekaert, & Holland, we have reviewed the comments in detail, and have essentially identified the oversights noted in the first comment, "Vendor Payments" On several occasions, invoices were held by the departments, resulting in expenditures that exceeded the appropriated or "budgeted amount" at the end of the fiscal year. While the departments are reminded 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 practicable after receiving the invoice, the consequences of not acting on that reminder are not commonly known or understood. Additionally, when invoices are being held specifically for incomplete backup, as in the case of the $Smm of DRC debris removal invoices, there would be no way for the finance department to be made aware of this unless notified. Again, we believe the consequences of not communicating this information in a timely manner is not commonly known or understood by the departments. The Monroe County Board of County Commissioners Purchasing Policy Chapter 2 — Authorities & Duties, letter "D. Requesting Department" gpecifically states that 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. We intend 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. Some time after September 30, 2006 The Office of Management and Budget met with Eddie T. Burke, Partner, of Cherry Bekaert & Holland. We specifically discussed the new "Purchasing Card" program and agree that in order to have a more -effective policy; the County should focus its attention on three critical areas. Specifically, training, responsibility and monitoring are essential aspects of a successful purchasing policy.