Fiscal Year 2014 r
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MONROE COUNTY, FLORIDA
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/ PROPERTY APPRAISER
FINANCIAL STATEMENTS
j As of and for the Year Ended September 30, 2014
And Reports of Independent Auditor
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MONROE COUNTY, FLORIDA
PROPERTY APPRAISER
TABLE OF CONTENTS
REPORT OF INDEPENDENT AUDITOR 1-2
FINANCIAL STATEMENTS
Balance Sheet—General Fund 3
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Statement of Revenues, Expenditures and Changes in
Fund Balances- General Fund 4
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Notes to Financial Statements 5-9
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REQUIRED SUPPLEMENTARY INFORMATION
Schedule of Revenues and Expenditures - Budget and Actual -
General Fund 10
SUPPLEMENTARY REPORTS
Report of Independent Auditor on Internal Control over
Financial Reporting and on Compliance and Other Matters
Based on an Audit of Financial Statements Performed
in Accordance with Government Auditing Standards________________________________________________________________________ 11-12
Independent Auditor's Management Letter,_________________ ________ ________ ________ ________ ________ ________ _________ 13-14
Report of Independent Accountant on Compliance with Local Government Investment Policies............ 15
�1111U
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Report of Independent Auditor
To the Honorable Scott Russell,
Property Appraiser of Monroe County, Florida:
Report on Financial Statements
We have audited the accompanying financial statements of the major fund of the Monroe County, Florida
Property Appraiser(the "Property Appraiser'), as of and for the year ended September 30, 2014, and the related
notes to the financial statements as listed in the table of contents.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance
with accounting principles generally accepted in the United States of America; this includes the design,
implementation, and maintenance of internal control relevant to the preparation and fair presentation of the
financial statements that are free from material misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our
audit in accordance with auditing standards generally accepted in the United States of America and the
standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller
General of the United States. Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the auditor's judgment, including the assessment of
the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the Property Appraiser's preparation and fair
presentation of the financial statements in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Property Appraiser's
internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of significant accounting estimates made by management,
as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion.
Opinion
In our opinion, the financial statements referred to above present fairly, in all material respects, the respective
financial position of the major fund of the Property Appraiser as of September 30, 2014, and the respective
changes in financial position thereof for the year then ended, in conformity with accounting principles generally
accepted in the United States of America.
Emphasis of Matter
As discussed in Note 1 to the financial statements, the financial statements referred to above were prepared
solely for the purpose of complying with the Rules of the Auditor General of the State of Florida. In conformity
with the Rules, the accompanying financial statements are intended to present the financial position and
changes in financial position of the general fund of Monroe County, Florida that is attributable to the Property
Appraiser. They do not purport to, and do not, present fairly the financial position of Monroe County, Florida as
of September 30, 2014, and the changes in its financial position for the fiscal year then ended in conformity with
accounting principles generally accepted in the United States of America. Our opinion is not modified with
respect to this matter.
Other Matters
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the budgetary comparison
schedule on page 10 be presented to supplement the financial statements. Such information, although not a
part of the financial statements, is required by the Governmental Accounting Standards Board, who considers it
to be an essential part of financial reporting for placing the financial statements in an appropriate operational,
economic, or historical context. We have applied certain limited procedures to the required supplementary
information in accordance with auditing standards generally accepted in the United States of America, which
consisted of inquiries of management about the methods of preparing the information and comparing the
information for consistency with management's responses to our inquiries, the financial statements, and other
knowledge we obtained during our audit of the financial statements. We do not express an opinion or provide
any assurance on the information because the limited procedures do not provide us with sufficient evidence to
express an opinion or provide any assurance.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated February 2, 2015 on
our consideration of the Property Appraiser's internal control over financial reporting and our tests of its
compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The
purpose of that report is to describe the scope of our testing of internal control over financial reporting and
compliance and the results of that testing, and not to provide an opinion on the internal control over financial
reporting or on compliance. That report is an integral part of an audit performed in accordance with Government
Auditing Standards in considering the Property Appraiser's internal control over financial reporting and
compliance.
Orlando, Florida
February 2, 2015
2
FINANCIAL STATEMENTS
MONROE COUNTY, FLORIDA
PROPERTY APPRAISER
BALANCE SHEET
GENERAL FUND
SEPTEMBER 30, 2014
ASSETS
Cash and cash equivalents $ 1,154,179
Total assets $ 1,154,179
LIABILITIES AND FUND BALANCE
Liabilities:
Accounts payable $ 77,861
Accrued wages and benefits payable 109,581
Due to Board of County Commissioners 871,482
Due to other governmental units 95,255
Total liabilities 1,154,179
Fund balance -
Total liabilities and fund balance $ 1,154,179
See notes to financial statements. 3
MONROE COUNTY, FLORIDA
PROPERTY APPRAISER
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCES - GENERAL FUND
YEAR ENDED SEPTEMBER 30, 2014
Revenues:
Intergovernmental
Board of County Commissioners $ 3,639,581
Charges for services
Other taxing districts 397,814
Investment income 2,806
Miscellaneous 936
Total revenues 4,041,137
Expenditures:
Current:
Personnel services 2,420,610
Operating expenditures 612,397
Capital outlay 41,393
Total expenditures 3,074,400
Excess of revenues over expenditures 966,737
Other financing sources (uses):
Transfers to Board of County Commissioners (871,482)
Transfers to other governmental units (95,255)
Total other financing sources (uses) (966,737)
Net change in fund balance -
Fund balance, beginning of year -
Fund balance, end of year $ -
See notes to financial statements. 4
MONROE COUNTY, FLORIDA
PROPERTY APPRAISER
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2014
Note 1—Summary of significant accounting policies
Reporting Entity — The Monroe County, Florida Property Appraiser (the "Property Appraiser") is a separately
elected county official established pursuant to the Constitution of the State of Florida. These financial
statements present only the Property Appraiser's Office and do not purport to reflect the financial position or the
results of operations of Monroe County, Florida (the "County")taken as a whole.
Entity status for financial reporting purposes is governed by Statements No. 14. Although the Property
Appraiser's Office is operationally autonomous, it does not hold sufficient corporate powers of its own to be
considered a legally separate entity for financial reporting purposes. Therefore, the Property Appraiser is
reported as a part of the primary government of Monroe County, Florida.
Measurement focus, basis of accounting, and financial statement presentation - The Property Appraiser's
financial statements are prepared for the purpose of complying with Section 218.39(2), Florida Statutes, and
Chapter 10.550, Rules of the Auditor General(the "Rules"), which require the Property Appraiser to only present
fund financial statements.
The General Fund is used to account for all revenues and expenditures applicable to the general operations of
the Property Appraiser that are not legally required or by accounting principles generally accepted in the United
States of America to be accounted for in another fund. The General Fund is presented as a major governmental
fund and uses the current financial resources measurement focus and the modified accrual basis of accounting.
Revenues are recognized when measurable and available. Revenues are considered to be available when they
are collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this
purpose, the Property Appraiser considers revenues to be available if they are collected within 60 days of the
end of the current fiscal period. Expenditures generally are recorded when a liability is incurred, as under
accrual accounting. However, expenditures related to compensated absences and claims and judgments are
recorded only when payment is due.
The extent to which General Fund revenues exceed expenditures is reflected as transfers out and as liabilities
to the Monroe County Board of County Commissioners (the "Board") and other governmental agencies in the
same proportion as fees paid by each governmental unit to total fees earned by the Property Appraiser.
Budgetary Requirements — General Fund expenditures are controlled by budget appropriations in accordance
with the requirements set forth in the Florida Statutes. The budget is prepared on a basis consistent with
accounting principles generally accepted in the United States of America.
Cash and Cash Equivalents—The Property Appraiser's cash and cash equivalents consist of cash on hand and
demand deposits.
Capital Assets — Tangible personal property used in the Property Appraiser's operations are recorded as
expenditures in the General Fund at the time assets are received and a liability is incurred. Purchased assets
are capitalized at historical cost in the government-wide financial statements of the County. In addition, the
Board provides office space used by the Property Appraiser at no charge.
5
MONROE COUNTY, FLORIDA
PROPERTY APPRAISER
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2014
Note 1—Summary of significant accounting policies (continued)
Compensated Absences — The Property Appraiser permits employees to accumulate earned but unused
vacation and sick pay benefits. The Property Appraiser is not legally required to and does not accumulate
expendable available financial resources to liquidate this obligation. The obligation for compensated absences is
accrued in the government-wide financial statements of the County. A summary of activity for the Property
Appraiser's compensated absences obligation is as follows:
Balance, October 1, 2013 $136,541
Additions 230,891
Deletions 22( 7,768)
Balance, September 30, 2014 $139,664
Use of Estimates—The preparation of financial statements requires management to make use of estimates that
affect reported amounts. Actual results could differ from estimates.
Note 2—Deposits and investments
At September 30, 2014, cash and cash equivalents included demand deposits with a carrying amount of
$1,154,179 and a bank balance of$1,201,182.
The Property Appraiser places its cash and cash equivalents on deposit with financial institutions in the United
States. The Federal Deposit Insurance Corporation (FDIC) covers $250,000 for substantially all depository
accounts. The Property Appraiser from time to time may have amounts on deposit in excess of the insured limits
and the remaining balances are insured 100% by the State of Florida collateral pool, a multiple financial
institution pool with the ability to assess its members for collateral shortfalls if a member institution fails.
Florida Statutes and the Property Appraiser's investment policy authorize investments in certificates of deposit,
savings accounts, repurchase agreements, the Local Government Surplus Funds Trust Fund administered by
the Florida State Board of Administration, money market funds, direct obligations of the U.S. Treasury and
federal agencies and instrumentalities.
Note 3—Retirement system
Plan Description — The Property Appraiser's employees participate in the Florida Retirement System ("FRS"),
administered by the Florida Department of Management Services. Employees elect to participate in either the
defined benefit plan ("Pension Plan"), a cost sharing, multiple-employer, defined benefit retirement plan, or the
defined contribution plan ("Investment Plan") under the FRS. 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 a participating city or special district within the State
of Florida. FRS provides retirement and disability benefits, annual cost-of-living adjustments, and death benefits
to Pension Plan members and beneficiaries. Benefits are established by Chapter 121, Florida Statutes, and
Chapter 60S, Florida Administrative Code. Amendments to the law can be made only by an act of the Florida
Legislature.
6
MONROE COUNTY, FLORIDA
PROPERTY APPRAISER
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2014
Note 3—Retirement system (continued)
Benefits under the Pension Plan are computed on the basis of age, average final compensation, and service
credit. For Pension Plan members enrolled before July 1, 2011, Regular class members who retire at or after
age 62 with at least six years of credited service or 30 years of service regardless of age are entitled to a
retirement benefit payable monthly for life, equal to 1.6% of their final average compensation based on the five
highest years of salary for each year of credited service. Vested members with less than 30 years of service
may retire before age 62 and receive reduced retirement benefits. Senior Management Service class members
who retire at or after age 62 with at least six years of credited service or 30 years of service regardless of age
are entitled to a retirement benefit payable monthly for life, equal to 2.0% of their final average compensation
based on the five highest years of salary for each year of credited service. Elected Officers' class members who
retire at or after age 62 with at least six years of credited service or 30 years of service regardless of age are
entitled to a retirement benefit payable monthly for life, equal to 3.0% of their final average compensation based
on the five highest years of salary for each year of credited service. Substantial changes were made to the
Pension Plan during fiscal year 2011 affecting members enrolled on or after July 1, 2011 by extending the
vesting requirement to eight years of credited service and increasing normal retirement to age 65 with at least
eight years of credited service or 33 years of service regardless of age. Also, the final average compensation of
these members will be based on the eight highest years of salary. A post-employment health insurance subsidy
is also provided to eligible retired members through the FRS in accordance with Florida Statutes.
In addition to the above benefits, the FRS administers the Deferred Retirement Option Program ("DROP"). This
program allows eligible employees to defer receipt of monthly retirement benefit payments while continuing
employment with a FRS employer for a period not to exceed 60 months after electing to participate. Deferred
monthly benefits are held in the FRS Trust Fund and accrue interest.
For employees electing to participate in the Investment Plan rather than the Pension Plan, vesting occurs at one
year of service. These participants receive a contribution of self-direction in an investment product with a third
party administrator selected by the State Board of Administration.
The State of Florida annually issues a publicly available financial report that includes financial statements and
required supplementary information for the FRS. The latest available report may be obtained by writing to the
State of Florida Division of Retirement, Department of Management Services, PO Box 9000, Tallahassee, FL
32315-9000, or from the website www.dms.myflorida.com/retirement.
Funding Policy — Effective July 1, 2011, all enrolled members of the FRS other than DROP participants are
required to contribute 3% of their salary to the FRS. In addition to member contributions, governmental
employers are required to make contributions to the FRS based on state-wide contribution rates. The employer
contribution rates by job class for the periods from October 1, 2013 through June 30, 2014 and July 1, 2014
through September 30, 2014, respectively, were as follows: regular, 6.95% and 7.37%; county elected officers,
33.03% and 43.24%; senior management, 18.31% and 21.14%; and DROP participants, 12.84% and 12.28%.
During the fiscal year ended September 30, 2014, the Property Appraiser contributed to the FRS an amount
equal to 8.35% of covered payroll. Property Appraiser contributions to the FRS for the fiscal years ended
September 30, 2012 through 2014 were $120,101, $132,241, and $174,674, respectively, which were equal to
the required contributions for each fiscal year. The Property Appraiser has historically contributed amounts
equal to required contributions and, therefore, does not have a pension asset or liability as determined in
accordance with GASB Statement No. 27.
7
MONROE COUNTY, FLORIDA
PROPERTY APPRAISER
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2014
Note 4—Other postemployment benefit (OPEB) plan
The Monroe County Board of County Commissioners (BOCC) administers a single-employer defined benefit
healthcare plan (the "Plan"). Florida Statute 112.0801 requires the County to provide retirees and their eligible
dependents with the option to participate in the Plan if the County provides health insurance to its active
employees and their eligible dependents. The Plan provides medical coverage, prescription drug benefits and
life insurance to both active and eligible retired employees. The Plan does not issue a publicly available financial
report.
The BOCC may amend the plan design, with changes to the benefits, premiums and/or levels of participant
contribution at any time. In an open session, on at least an annual basis and prior to the annual enrollment
process, the BOCC approves the rates for the coming calendar year for the retiree and County contributions.
Eligibility for post employment participation in the Plan is limited to full time employees of the County, and the
Constitutional Officers. Employees who retire as an active participant in the Plan and were hired on or after
October 1, 2001 may continue to participate in the Plan by paying the monthly premium established annually by
the BOCC. Employees who retire as an active participant in the plan, were hired before October 1, 2001, have
at least ten years of full time service with the County, and meet the retirement criteria of the Florida Retirement
System (FRS) may maintain their group health insurance benefits with Monroe County following their retirement
provided they contribute a premium of$5 per month for each year of creditable service with the FRS at the time
of retirement with Monroe County and will pay at a minimum $50 per month up to the maximum of $150 per
month. Retirees who have met the requirements for early retirement, have not achieved age 60 and whose age
and years of service do not equal 70 (rule of 70) must pay the standard monthly premium until the age criteria or
the rule of 70 is met. At that time, the retiree's cost of participation will be a premium of$5 per month for each
year of creditable service with the FRS at the time of retirement with Monroe County and will pay at a minimum
$50 per month up to the maximum of $150 per month. Surviving spouses and dependents of participating
retirees may continue in the plan if eligibility criteria specific to those classes are met.
The BOCC engages an actuarial firm on a biannual basis to determine the County's actuarially determined
annual required contribution and unfunded obligation. The Property Appraiser has no responsibility to the Plan
other than to make the periodic payments determined by the BOCC. Further information about the Plan is
available in the County's Comprehensive Annual Financial Report which is published on the Clerk's website at
www.clerk-of-the-court.com.
Note 5—Risk management
The Property Appraiser is exposed to various risks of loss related to tort; theft of, damage to, and destruction of
assets; errors and omissions; injuries to employees; and natural disasters. The Property Appraiser participates
in the coverage provided by the Board for Workers' Compensation, Group Insurance, and Risk Management
internal service funds. Under these programs, Workers' Compensation provides $500,000 coverage per claim
for regular employees. Workers' Compensation claims in excess of the self-insured coverage are covered by an
excess insurance policy. Risk Management has a $5,000,000 excess insurance policy for general liability claims
with a $200,000 self insured retention, and building property damage is covered for the actual value of the
buildings with a deductible of $50,000. Deductibles for windstorm and flood vary by location. Monroe County
purchases commercial insurance for claims in excess of coverage provided by the funds and for all other risks of
loss. Settled claims have not exceeded this commercial coverage in any of the past three years. The Property
Appraiser makes payments to the Workers' Compensation, Group Insurance and Risk Management Funds
based on estimates of the amounts needed to pay prior and current year claims.
8
MONROE COUNTY, FLORIDA
PROPERTY APPRAISER
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2014
Note 6—Commitments
Operating Leases—The Property Appraiser leases office equipment under various operating lease agreements.
Total lease expenditures amounted to $43,269 during the year ended September 30, 2014.
The following is a schedule by years of minimum future obligations under noncancelable operating leases as of
September 30, 2014:
Year Ending
September 30, Amount
2015 $ 36,159
2016 26,879
2017 2,850
Total $ 65,888
Note 7—Litigation
The Property Appraiser is a party from time to time in various lawsuits and other claims incidental to the ordinary
course of its operation, some of which are covered by the Board's self-insurance program. While the results of
litigation cannot be predicted with certainty, management believes the final outcome of such litigation will not
have a material adverse effect on the Property Appraiser's financial position.
9
REQUIRED SUPPLEMENTARY INFORMATION
MONROE COUNTY, FLORIDA
PROPERTY APPRAISER
SCHEDULE OF REVENUES AND EXPENDITURES
BUDGET AND ACTUAL-GENERAL FUND
YEAR ENDED SEPTEMBER 30, 2014
General Fund
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
Revenues:
Intergovernmental
Board of County Commissioners $ 3,388,988 $ 3,639,581 $ 3,639,581 $ -
Other taxing districts 342,790 397,814 397,814 -
Investment income - - 2,806 2,806
Miscellaneous - - 936 936
Total revenues 3,731,778 4,037,395 4,041,137 3,742
Expenditures:
Current:
Personnel services 2,836,412 2,921,472 2,420,610 500,862
Operating expenditures 765,923 765,923 612,397 153,526
Capital outlay 129,443 350,000 41,393 308,607
Total expenditures 3,731,778 4,037,395 3,074,400 962,995
Excess of revenues over expenditures - - 966,737 (966,737)
Other financing sources(uses):
Transfers to Board of County Commissioners - - (871,482) (871,482)
Transfers to other governmental units - - (95,255) (95,255)
Total other financing sources(uses) - - (966,737) (966,737)
Excess of revenues over expenditures
and other financing uses - - - -
Fund balance, beginning of year - - - -
Fund balance,end of year $ - $ - $
10
SUPPLEMENTARY REPORTS
Cherry��e ii Bekaert I
Report of Independent Auditor on Internal Control Over
Financial Reporting and on Compliance and Other Matters
Based on an Audit of Financial Statements Performed
in Accordance with Government Auditing Standards
To the Honorable Scott Russell,
Property Appraiser of Monroe County, Florida:
We have audited, in accordance with auditing standards generally accepted in the United States of America and
the standards applicable to financial audits contained in Government Auditing Standards issued by the
Comptroller General of the United States, the financial statements of the major fund of the Monroe County,
Florida Property Appraiser(the "Property Appraiser') as of and for the year ended September 30, 2014, and the
related notes to the financial statements, and have issued our report thereon dated February 2, 2015 for the
purpose of compliance with Section 218.39(2), Florida Statutes, and Chapter 10.550, Rules of the Auditor
General-Local Governmental Entity Audits.
Internal Control over Financial Reporting
In planning and performing our audit of the financial statements, we considered the Property Appraiser's internal
control over financial reporting (internal control) to determine the audit procedures that are appropriate in the
circumstances for the purpose of expressing our opinion on the financial statements, but not for the purpose of
expressing an opinion on the effectiveness of the Property Appraiser's internal control. Accordingly, we do not
express an opinion on the effectiveness of the Property Appraiser's internal control.
A deficiency in internal control exists when the design or operation of a control does not allow management or
employees, in the normal course of performing their assigned functions, to prevent, or detect and correct,
misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in
internal control, such that there is a reasonable possibility that a material misstatement of the entity's financial
statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a
deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet
important enough to merit attention by those charged with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of this section
and was not designed to identify all deficiencies in internal control that might be material weaknesses or,
significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal
control that we consider to be material weaknesses. However, material weaknesses may exist that have not
been identified.
Compliance and Other Matters
As part of obtaining reasonable assurance about whether the Property Appraiser's financial statements are free
from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations,
contracts, and grant agreements, noncompliance with which could have a direct and material effect on the
determination of financial statement amounts. However, providing an opinion on compliance with those
provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of
our tests disclosed no instances of noncompliance or other matters that are required to be reported under
Government Auditing Standards.
11
Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control and compliance and
the results of that testing, and not to provide an opinion on the effectiveness of the entity's internal control or on
compliance. This report is an integral part of an audit performed in accordance with Government Auditing
Standards in considering the entity's internal control and compliance. Accordingly, this communication is not
suitable for any other purpose.
Orlando, Florida
February 2, 2015
12
1111U
u� III" Bekaer ,,
Independent Auditor's Management Letter
To the Honorable Scott Russell,
Property Appraiser of Monroe County, Florida:
Report on the Financial Statements
We have audited the financial statements of the Monroe County, Florida Property Appraiser (the "Property
Appraiser"), as of and for the year ended September 30, 2014, and have issued our report thereon dated
February 2, 2015.
Auditor's Responsibility
We conducted our audit in accordance with auditing standards generally accepted in the United States of
America; the standards applicable to financial audits contained in Government Auditing Standards, issued by
the Comptroller General of the United States; and Chapter 10.550, Rules of the Auditor General.
Other Reports
We have issued our Report of Independent Auditor on Internal Control over Financial Reporting and Compliance
and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government
Auditing Standards, and Report of Independent Accountant on Compliance with Local Government Investment
Policies regarding compliance requirements in accordance with Chapter 10.550, Rules of the Auditor General.
Disclosures in those reports, which are dated February 2, 2015, should be considered in conjunction with this
management letter.
Prior Audit Findings
Section 10.554(1)(i)l., Rules of the Auditor General, requires that we determine whether or not corrective
actions have been taken to address findings and recommendations made in the preceding annual financial audit
report. There were no recommendations made in the preceding audit report.
Official Title and Legal Authority
Section 10.554(1)(i)4., Rules of the Auditor General, requires that the name or official title and legal authority for
the primary government and each component unit of the reporting entity be disclosed in this management letter,
unless disclosed in the notes to the financial statements. The Property Appraiser is a separately elected county
official established pursuant to the Constitution of the State of Florida. There are no component units related to
the Property Appraiser.
Other Matters
Section 10.554(1)(i)2., Rules of the Auditor General, requires that we address in the management letter any
recommendations to improve financial management. In connection with our audit, we did not have any such
recommendations.
Section 10.554(1)(i)3., Rules of the Auditor General, requires that we address noncompliance with provisions of
contracts or grant agreements, or abuse, that have occurred, or are likely to have occurred, that have an effect
on the financial statements that is less than material but which warrants the attention of those charged with
governance. In connection with our audit, we did not have any such findings.
13
Purpose of This Letter
The purpose of this management letter is to communicate certain matters prescribed by Chapter 10.550, Rules
of the Auditor General. Accordingly, this management letter is not suitable for any other purpose.
Orlando, Florida
February 2, 2015
14
III" B e �e ,,
Report of Independent Accountant on Compliance
with Local Government Investment Policies
To the Honorable Scott Russell,
Property Appraiser of Monroe County, Florida:
Report on Compliance
We have examined the Monroe County, Florida Property Appraiser's (the "Property Appraiser") compliance with
the local government investment policy requirements of Section 218.415, Florida Statutes, during the year
ended September 30, 2014. Management is responsible for the Property Appraiser's compliance with those
requirements. Our responsibility is to express an opinion on the Property Appraiser's compliance based on our
examination.
Scope
Our examination was conducted in accordance with attestation standards established by the American Institute
of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about the
Property Appraiser's compliance with those requirements and performing such other procedures as we
considered necessary in the circumstances. We believe that our examination provides a reasonable basis for
our opinion. Our examination does not provide a legal determination on the Property Appraiser's compliance
with specified requirements.
Opinion
In our opinion, the Property Appraiser complied, in all material respects, with the aforementioned requirements
for the year ended September 30, 2014.
Orlando, Florida
February 2, 2015
15