Fiscal Year 2014 r
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MONROE COUNTY, FLORIDA
TAX COLLECTOR
FINANCIAL STATEMENTS
As of and for the Year Ended September 30, 2014
And Reports of Independent Auditor
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MONROE COUNTY, FLORIDA
TAX COLLECTOR
TABLE OF CONTENTS
REPORT OF INDEPENDENT AUDITOR 2-3
...........................................................................................
FINANCIAL STATEMENTS
Balance Sheet- General Fund 4
Statement of Revenues, Expenditures and Changes in
Fund Balance -General Fund 5
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Statement of Fiduciary Assets and Liabilities-
AgencyFunds.-------------------------------------------------------------------------------------------------------------------------------------6
Notes to Financial Statements 7-11
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REQUIRED SUPPLEMENTARY INFORMATION
Schedule of Revenues and Expenditures- Budget and Actual -
General Fund 12
OTHER SUPPLEMENTARY INFORMATION
Agency Fund Descriptions--------------------------------------------------------------------------------------------------------------------- 13
Combining Statement of Changes in Assets and
Liabilities -All Agency Funds -------------------------------------------------------------------------------------------------------------. 14
SUPPLEMENTARY REPORTS OF INDEPENDENT AUDITOR
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........................................................15-16
Independent Auditor's Management Letter ___ _____________________________ ________ ________ ________ ________ ___________17-18
Report of Independent Accountant on Compliance with Local Government
Investment Policies 19
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1111U
u� III" Bekaer ,,
Report of Independent Auditor
To the Honorable Danise D. Henriquez,
Tax Collector of Monroe County, Florida
Report on the Financial Statements
We have audited the accompanying financial statements of the major fund and the aggregate remaining fund
information of the Monroe County, Florida Tax Collector (the "Tax Collector") as of and for the year ended
September 30, 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 opinions on these financial statements based on our audit. We conducted our
audit in accordance with auditing standards generally accepted in the United States of America and the
standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free 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 Tax Collector's preparation and fair
presentation of the financial statements in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Tax Collector's
internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of significant accounting estimates made by management,
as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinions.
Opinions
In our opinion, the financial statements referred to above present fairly, in all material respects, the respective
financial position of each major fund and the aggregate remaining fund information of the Tax Collector as of
September 30, 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.
2
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 each fund of Monroe County, Florida that is attributable to the Tax Collector.
They do not purport to, and do not, present fairly the financial position of Monroe County, Florida as of
September 30, 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 12 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.
Supplementary and Other Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise the Tax Collector's basic financial statements. The accompanying other supplementary information,
as listed in the table of contents, is presented for purposes of additional analysis and is not a required part of the
basic financial statements.
The accompanying other supplementary information is the responsibility of management and was derived from
and relates directly to the underlying accounting and other records used to prepare the financial statements.
Such information has been subjected to the auditing procedures applied in the audit of the basic financial
statements and certain additional procedures, including comparing and reconciling such information directly to
the underlying accounting and other records used to prepare the basic financial statements or to the basic
financial statements themselves, and other additional procedures in accordance with accounting standards
generally accepted in the United States of America. In our opinion, the other supplementary information is fairly
stated, in all material respects, in relation to the financial statements as a whole.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated March 20, 2015 on
our consideration of the Tax Collector's internal control over financial reporting and on our tests of its
compliance with certain provisions of laws, regulations, contracts, grant agreements and other matters. The
purpose of that report is to describe the scope of our testing of internal control over financial reporting and
compliance and the results of that testing and not to provide an opinion on the internal control over financial
reporting or on compliance. That report is an integral part of an audit performed in accordance with Government
Auditing Standards in considering the Tax Collector's internal control over financial reporting and compliance.
Orlando, Florida
March 20, 2015
3
FINANCIAL STATEMENTS
MONROE COUNTY, FLORIDA
TAX COLLECTOR
BALANCE SHEET
GENERAL FUND
SEPTEMBER 30, 2014
ASSETS
Cash and cash equivalents $ 3,173,479
Due from Board of County Commissioners 4,098
Due from other governments 5,371
Total Assets $ 3,182,948
LIABILITIES AND FUND BALANCE
Liabilities
Accounts payable $ 10,465
Accrued wages and benefits payable 73,945
Due to Board of County Commissioners 2,830,466
Due to other governmental units 268,072
Total Liabilities 3,182,948
Fund Balance -
Total Liabilities and Fund Balance $ 3,182,948
The accompanying notes to the financial statements are an integral part of this statement. 4
MONROE COUNTY, FLORIDA
TAX COLLECTOR
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCE
GENERAL FUND
YEAR ENDED SEPTEMBER 30, 2014
Revenues
Charges for services $ 2,308,770
Intergovernmental - Board of County Commissioners 4,314,240
Interest earnings 9,742
Total revenue 6,632,752
Expenditures
General government
Personnel services 2,809,115
Operating expenditures 705,279
Capital outlay 19,820
Total expenditures 3,534,214
Excess of revenues over expenditures 3,098,538
Other financing sources (uses)
Transfers to Board of County Commissioners (2,830,466)
Transfers to other governmental units (268,072)
Total other financing sources (uses) (3,098,538)
Excess of revenues over expenditures and other -
financing uses
Fund balance at beginning of year -
Fund balance at end of year $ -
The accompanying notes to the financial statements are an integral part of this statement. 5
MONROE COUNTY, FLORIDA
TAX COLLECTOR
STATEMENT OF FIDUCIARY ASSETS AND LIABILITIES
AGENCY FUNDS
SEPTEMBER 30, 2014
ASSETS
Cash and cash equivalents $ 6,337,059
Due from individuals 1,723
Total assets $ 6,338,782
LIABILITIES
Undistributed collections $ 6,318,654
Due to individuals 20,128
Total liabilities $ 6,338,782
The accompanying notes to the financial statements are an integral part of this statement. 6
MONROE COUNTY, FLORIDA
TAX COLLECTOR
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2014
Note 1—Summary of significant accounting policies
Reporting Entity—The Monroe County, Florida Tax Collector(the "Tax Collector") is a separately elected county
official established pursuant to the Constitution of the State of Florida. The Tax Collector's financial statements
do not purport to reflect the financial position or the results of operations of Monroe County, Florida (the
"County")taken as a whole.
Entity status for financial reporting purposes is governed by Statement No. 14, as amended. Although the Tax
Collector'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 Tax Collector is reported as
a part of the primary government of the County.
Description of Funds — The accounting records are organized for reporting purposes on the basis of a
governmental fund and fiduciary funds.
General Fund— The General Fund is used to account for all revenues and expenditures applicable to
the general operations of the Tax Collector that are not required legally or by accounting principles
generally accepted in the United States of America to be accounted for in another fund.
Fiduciary Funds— Fiduciary funds of the Tax Collector are Agency Funds, which are used to account for
assets held by the Tax Collector as an agent.
Measurement Focus, Basis of Accounting, and Financial Statement Presentation - The Tax Collector's financial
statements are prepared for the purpose of complying with Section 218.39(2), Florida Statutes, and Chapter
10.550, Rules of the Auditor General for Local Governmental Entity Audits (the "Rules"), which requires the Tax
Collector 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 Tax Collector. This fund is presented as a major governmental fund and uses the current financial resources
measurement focus and the modified accrual basis of accounting. Revenues are recognized when measurable
and available. Revenues are considered to be available when they are collectible within the current period or
soon enough thereafter to pay liabilities of the current period. For this purpose, the Tax Collector considers
revenues to be available if they are collected within 60 days of the end of the current fiscal period. Expenditures
generally are recorded when a liability is incurred, as under accrual accounting. However, expenditures related
to compensated absences and claims and judgments are recorded only when payment is due.
The extent to which General Fund revenues exceed General Fund expenditures is reflected as transfers out
and as liabilities to the Monroe County Board of County Commissioners (the "Board") and other governmental
agencies in the same proportion as fees paid by each governmental unit to total fees earned by the Tax
Collector.
The Tax Collector reports the General Fund as a major governmental fund and agency funds as a fiduciary fund
type. Agency funds are custodial in nature and do not involve measurement of results of operations.
Budgetary Requirements — General Fund expenditures are controlled by budget appropriations in accordance
with the budget requirements set forth in the Florida Statutes. The budget is prepared on a basis consistent with
accounting principles generally accepted in the United States of America.
7
MONROE COUNTY, FLORIDA
TAX COLLECTOR
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2014
Note 1—Summary of significant accounting policies (continued)
Cash and Cash Equivalents — The Tax Collector's cash and cash equivalents consist of demand deposits and
highly liquid investments with maturities of 90 days or less when purchased. All investments are reported at fair
value.
Capital Assets — Tangible personal property used in the Tax Collector's operations are recorded as
expenditures in the General Fund at the time assets are received and a liability is incurred. Purchased assets
are capitalized at historical cost in the government-wide financial statements of the County. In addition, the
Board provides administrative office space used by the Tax Collector at no charge.
Compensated Absences — The Tax Collector permits employees to accumulate earned but unused vacation
and sick pay benefits. A summary of activity for the Tax Collector's compensated absences obligation is as
follows:
Balance, October 1, 2013 $ 136,071
Additions 233,306
Deletions (209,537)
Balance, September 30, 2014 $ 159,840
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
As of September 30, 2014, the Tax Collector has demand deposits with a carrying amount of $9,500,613, a
bank balance of$9,576,168, and petty cash funds of$9,925.
The Tax Collector 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 Tax Collector 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 institution pool with the
ability to assess its members for collateral if a member institution fails.
Florida Statutes and the Tax Collector's investment policy authorize investments in certificates of deposit,
savings accounts, repurchase agreements, 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 — Substantially all full-time Tax Collector 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 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.
8
MONROE COUNTY, FLORIDA
TAX COLLECTOR
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 Tax Collector contributed to the FRS an amount equal to
9.49% of covered payroll. The Tax Collector's contributions to the FRS for the fiscal years ended September 30,
2014, 2013, and 2012 were $228,174, $154,581 and $127,978, respectively, equal to the required contributions
for each year. The Tax Collector 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.
9
MONROE COUNTY, FLORIDA
TAX COLLECTOR
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2014
Note 4—Other postemployment benefits (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 Tax Collector has no responsibility to the Plan other
than to make the periodic payments determined by the BOCC. Further information about the Plan is available in
the County's Comprehensive Annual Financial Report which is published on the Clerk's website at www.clerk-
of-the-court.com.
Note 5—Risk management
The Tax Collector is exposed to various risks of loss related to tort; theft of, damage to, and destruction of
assets; errors and omissions; injuries to employees; and natural disasters. The Tax Collector participates in the
coverage provided by the Board for Workers' Compensation, Group Insurance, and Risk Management internal
service funds. Under these programs, the Workers' Compensation provides $500,000 coverage per claim for
regular employees. Workers' Compensation claims in excess of the self-insured coverage of $500,000 are
covered by an excess insurance policy. Risk Management has a $5,000,000 excess insurance policy for
general liability claims with a $200,000 self-insured retention, and building property damage is covered for the
actual cost of the buildings with a deductible of$50,000. Deductibles for windstorm and flood vary by location.
Monroe County purchases commercial insurance for claims in excess of coverage provided by the funds and for
all other risks of loss. Settled claims have not exceeded this commercial coverage in any of the past three
years. The Tax Collector participates in the Workers' Compensation, Group Insurance and Risk Management
Funds based on estimates of the amounts needed to pay prior and current year claims.
10
MONROE COUNTY, FLORIDA
TAX COLLECTOR
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2014
Note 6—Commitments
Operating Leases — The Tax Collector leases office space and equipment under operating lease agreements.
Total lease payments made in 2014 were $91,325.
The following is a schedule by years of future minimum rentals under noncancelable operating leases as of
September 30, 2014:
Year Ending Lease
September 30 Payments
2015 $ 89,193
2016 42,465
2017 7,672
2018 1,660
2019 1,336
Total $ 142,326
Note 7—Litigation
The Tax Collector is a party from time to time in various lawsuits and other claims incidental to the ordinary
course of its operation, some of which are covered by the Board's self-insurance program. While the results of
litigation cannot be predicted with certainty, management believes the final outcome of such litigation will not
have a material adverse effect on the Tax Collector's financial position.
11
REQUIRED SUPPLEMENTARY INFORMATION
MONROE COUNTY, FLORIDA
TAX COLLECTOR
SCHEDULE OF REVENUES AND EXPENDITURES
BUDGET AND ACTUAL-GENERAL FUND
YEAR ENDED SEPTEMBER 30, 2014
General Fund
Variance
Original Final Positive
Budget Budget Actual (Negative)
Revenues
Charges for services $ 2,065,706 $ 2,065,706 $ 2,308,770 $ 243,064
Intergovernmental-Board of County Commissioners 3,681,994 3,681,994 4,314,240 632,246
Interest earnings - - 9,742 9,742
Total revenue 5,747,700 5,747,700 6,632,752 885,052
Expenditures
General government
Personnel services 2,905,741 2,855,708 2,809,115 46,593
Operating expenditures 688,804 741,958 705,279 36,679
Capital outlay - 19,820 19,820 -
Total expenditures 3,594,545 3,617,486 3,534,214 83,272
Excess of revenues over expenditures 2,153,155 2,130,214 3,098,538 968,324
Other financing sources(uses)
Transfer to Board of County Commissioners (2,153,155) (2,130,214) (2,830,466) (700,252)
Transfer to other governmental units - - (268,072) (268,072)
Total other financing sources(uses) (2,153,155) (2,130,214) (3,098,538) (968,324)
Excess of revenues over expenditures and other
financing sources(uses) $ - $ - $ - $ -
12
OTHER SUPPLEMENTARY INFORMATION
MONROE COUNTY, FLORIDA
TAX COLLECTOR
AGENCY FUND DESCRIPTIONS
The Combining Statement of Changes in Assets and Liabilities—All Agency Funds is presented on the following
page. The purpose of each fund shown on this statement is described below.
Property Tax Agency Fund—To account for the collection and distribution of local property tax funds.
Licenses Agency Fund— To account for the collection and distribution of funds generated from the sale of
miscellaneous state licenses.
13
MONROE COUNTY, FLORIDA
TAX COLLECTOR
COMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
ALL AGENCY FUNDS
YEAR ENDED SEPTEMBER 30,2014
Balance Balance
September 30, September 30,
2013 Additions Deletions 2014
Property Tax Agency Fund
Assets
Cash and cash equivalents $ 5,795,218 $ 278,467,107 $ 278,239,674 $ 6,022,651
Due from individuals 5,695 - 5,655 40
$ 5,800,913 $ 278,467,107 $ 278,245,329 $ 6,022,691
Liabilities
Undistributed collections $ 5,786,192 $ 269,041,429 $ 268,822,875 $ 6,004,746
Due to individuals 14,721 9,425,678 9,422,454 17,945
$ 5,800,913 $ 278,467,107 $ 278,245,329 $ 6,022,691
Licenses Agency Fund
Assets
Cash and cash equivalents $ 268,299 $ 14,871,613 $ 14,825,504 $ 314,408
Due from individuals 589 1,094 - 1,683
$ 268,888 $ 14,872,707 $ 14,825,504 $ 316,091
Liabilities
Undistributed collections $ 267,091 $ 14,839,360 $ 14,792,543 $ 313,908
Due to individuals 1,797 33,347 32,961 2,183
$ 268,888 $ 14,872,707 $ 14,825,504 $ 316,091
Total -All Agency Funds
Assets
Cash and cash equivalents $ 6,063,517 $ 293,338,720 $ 293,065,178 $ 6,337,059
Due from individuals 6,284 1,094 5,655 1,723
$ 6,069,801 $ 293,339,814 $ 293,070,833 $ 6,338,782
Liabilities
Undistributed collections $ 6,053,283 $ 283,880,789 $ 283,615,418 $ 6,318,654
Due to individuals 16,518 9,459,025 9,455,415 20,128
$ 6,069,801 $ 293,339,814 $ 293,070,833 $ 6,338,782
14
SUPPLEMENTARY INDEPENDENT
AUDITOR'S REPORTS
1111U
u� III" Bekaer ,,
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 Danise D. Henriquez,
Tax Collector of Monroe County, Florida:
We have audited, in accordance with auditing standards generally accepted in the United States of America and
the standards applicable to financial audits contained in Government Auditing Standards issued by the
Comptroller General of the United States, the financial statements of the major fund and the aggregate
remaining fund information of the Monroe County, Florida Tax Collector (the "Tax Collector') as of and for the
year ended September 30, 2014, and the related notes to the financial statements, and have issued our report
thereon dated March 20, 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 Tax Collector's internal
control over financial reporting (internal control) to determine the audit procedures that are appropriate in the
circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of
expressing an opinion on the effectiveness of the Tax Collector's internal control. Accordingly, we do not
express an opinion on the effectiveness of the Tax Collector's internal control.
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 Tax Collector's
financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is
a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness,
yet important enough to merit attention by those charged with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of this section
and was not designed to identify all deficiencies in internal control that might be material weaknesses or,
significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal
control that we consider to be material weaknesses. However, material weaknesses may exist that have not
been identified.
Compliance and Other Matters
As part of obtaining reasonable assurance about whether the Tax Collector's financial statements are free of
material misstatement, we performed tests of its compliance with certain provisions of laws, regulations,
contracts and grant agreements, noncompliance with which could have a direct and material effect on the
determination of financial statement amounts. However, providing an opinion on compliance with those
provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of
our tests disclosed no instances of noncompliance or other matters that are required to be reported under
Government Auditing Standards.
15
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 Tax Collector's internal
control or on compliance. This report is an integral part of an audit performed in accordance with Government
Auditing Standards in considering the Tax Collector's internal control and compliance. Accordingly, this
communication is not suitable for any other purpose.
Orlando, Florida
March 20, 2015
16
1111U
ILI
Cherry B,ekaert
Independent Auditor's Management Letter
To the Honorable Danise D. Henriquez,
Tax Collector of Monroe County, Florida:
Report on the Financial Statements
We have audited the financial statements of the Monroe County, Florida Tax Collector (the "Tax Collector"), as
of and for the year ended September 30, 2014, and have issued our report thereon dated March 20, 2015.
Auditor's Responsibility
We conducted our audit in accordance with auditing standards generally accepted in the United States of
America and the standards applicable to financial audits contained in Government Auditing Standards, issued
by the Comptroller General of the United States; and Chapter 10.550, Rules of the Auditor General.
Other Reports
We have issued our Report of Independent Auditor on Internal Control over Financial Reporting and on
Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with
Government Auditing Standards and Report of Independent Accountant on Compliance with Local Government
Investment Policies regarding compliance requirements in accordance with Chapter 10.550, Rules of the Auditor
General. Disclosures in these reports, which are dated March 20, 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
report. No recommendations were made in the preceding annual financial 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 Tax Collector is a separately elected county
official established pursuant to the Constitution of the State of Florida. There are no component units related to
the Tax Collector.
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.
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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
March 20, 2015
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Report of Independent Accountant on Compliance
With Local Government Investment Policies
To the Honorable Danise D. Henriquez,
Tax Collector of Monroe County, Florida:
Report on Compliance
We have examined the Monroe County, Florida Tax Collector (the "Tax Collector") compliance with the local
government investment policy requirements of Section 218.415, Florida Statutes, during the year ended
September 30, 2014. Management is responsible for the Tax Collector's compliance with those requirements.
Our responsibility is to express an opinion on the Tax Collector'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 Tax
Collector'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 Tax Collector's compliance with specified
requirements.
Opinion
In our opinion, the Tax Collector complied, in all material respects, with the aforementioned requirements for the
year ended September 30, 2014.
Orlando, Florida
March 20, 2015
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