Fiscal Year 2019
MONROECOUNTY,FLORIDA
TAXCOLLECTOR
FINANCIALSTATEMENTS
As of and for the Year Ended September 30, 2019
And Reports of Independent Auditor
MONROECOUNTY,FLORIDA
TAXCOLLECTOR
TABLEOFCONTENTS
REPORTOFINDEPENDENTAUDITOR .................................................................................................. 2-3
FINANCIALSTATEMENTS
Balance Sheet - General Fund ......................................................................................................................... 4
Statement of Revenues, Expenditures, and Changes in Fund Balance -
General Fund ................................................................................................................................................. 5
Statement of Fiduciary Assets and Liabilities -
Agency Funds ................................................................................................................................................ 6
Notes to Financial Statements ..................................................................................................................... 7-13
REQUIREDSUPPLEMENTARYINFORMATION
Schedule of Revenues and Expenditures - Budget and Actual -
General Fund ............................................................................................................................................... 14
OTHERSUPPLEMENTARYINFORMATION
Agency Fund Descriptions .............................................................................................................................. 15
Combining Statement of Changes in Assets and Liabilities -
All Agency Funds ......................................................................................................................................... 16
SUPPLEMENTARYREPORTS
Report of Independent Auditor on Internal Control over Financial Reporting and on
Compliance and Other Matters Based on an Audit of Financial Statements
Performed in Accordance with Government Auditing Standards ........................................................... 17-18
Independent AuditorÓs Management Letter ............................................................................................... 19-20
Report of Independent Accountant on Compliance with Local Government
Investment Policies ...................................................................................................................................... 21
ReportofIndependentAuditor
To the Honorable Danise D. Henriquez,
Tax Collector of Monroe County, Florida
ReportontheFinancialStatements
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 ÐTax CollectorÑ) as of and for the year ended
September 30, 2019, and the related notes to financial statements as listed in the table of contents.
ağƓğŭĻƒĻƓƷƭResponsibilityfortheFinancialStatements
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 financial
statements that are free from material misstatement, whether due to fraud or error.
!ǒķźƷƚƩƭResponsibility
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 from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the auditorÓs 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 CollectorÓs 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 CollectorÓs
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 the major fund and the aggregate remaining fund information of the Tax Collector as of
September 30, 2019, and the respective changes in financial position thereof for the year then ended, in
accordance with accounting principles generally accepted in the United States of America.
EmphasisofMatter
As discussed in Note 1 to the financial statements, the financial statements referred to above were prepared solely
for the purpose of complying with the Rules of the Auditor General of the State of Florida. In conformity with the
Rules, the accompanying financial statements are intended to present the financial position and changes in
financial position of 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, 2019,
and the changes in its financial position for the fiscal year then ended in accordance with accounting principles
generally accepted in the United States of America. Our opinions are not modified with respect to this matter.
OtherMatters
RequiredSupplementaryInformation
Accounting principles generally accepted in the United States of America require that the required
supplementary information as listed in the table of contents be presented to supplement the financial statements.
Such information, although not a part of the financial statements, is required by the Governmental Accounting
Standards Board, who considers it to be an essential part of financial reporting for placing the financial
statements in an appropriate operational, economic, or historical context. We have applied certain limited
procedures to the required supplementary information in accordance with auditing standards generally accepted
in the United States of America, which consisted of inquiries of management about the methods of preparing the
information and comparing the information for consistency with managementÓs 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.
SupplementaryandOtherInformation
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise the Tax CollectorÓs 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 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.
OtherReportingRequiredby GovernmentAuditingStandards
In accordance with Government Auditing Standards, we have also issued our report dated February 18, 2020 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 CollectorÓs internal control over financial reporting and compliance.
Orlando, Florida
February 18, 2020
3
FINANCIALSTATEMENTS
MONROECOUNTY,FLORIDA
TAXCOLLECTOR
BALANCESHEET
GENERALFUND
SEPTEMBER30,2019
ASSETS
Cash and cash equivalents$ 4,575,699
Due from Board of County Commissioners 1,259
Due from other governments 5,455
Total Assets$ 4,582,413
LIABILITIESANDFUNDBALANCE
Liabilities:
Accounts payable$ 415,344
Accrued wages and benefits payable145,841
Due to Board of County Commissioners3,706,838
Due to other governmental units314,390
Total Liabilities 4,582,413
Fund Balance -
Total Liabilities and Fund Balance$ 4,582,413
The accompanying notes to the financial statements are an integral part of this statement.
MONROECOUNTY,FLORIDA
TAXCOLLECTOR
STATEMENTOFREVENUES,EXPENDITURES,ANDCHANGESINFUNDBALANCE
GENERALFUND
YEARENDEDSEPTEMBER30,2019
Revenues:
Charges for services$ 2,655,200
Intergovernmental - Board of County Commissioners6,418,223
Total Revenue 9,073,423
Expenditures:
General government:
Personnel services 3,346,399
Operating and capital outlay expenditures 1,705,796
Total Expenditures 5,052,195
Excess of Revenues over Expenditures 4,021,228
Other Financing Uses:
Transfers to Board of County Commissioners (3,706,838)
Transfers to other governmental units (314,390)
Total Other Financing Uses (4,021,228)
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
MONROECOUNTY,FLORIDA
TAXCOLLECTOR
STATEMENTOFFIDUCIARYASSETSANDLIABILITIES
AGENCYFUNDS
SEPTEMBER30,2019
ASSETS
Cash and cash equivalents$ 7,208,052
Due from individuals 13,397
Total Assets$ 7,221,449
LIABILITIES
Undistributed collections$ 7,161,554
Due to individuals 59,895
Total Liabilities$ 7,221,449
The accompanying notes to the financial statements are an integral part of this statement.
MONROECOUNTY,FLORIDA
TAXCOLLECTOR
NOTESTOFINANCIALSTATEMENTS
SEPTEMBER30,2019
NoteЊΓbğƷǒƩĻofoperationsandsummaryofsignificantaccountingpolicies
Reporting Entity Î The Monroe County, Florida Tax Collector (the ÐTax CollectorÑ) is a separately elected county
official established pursuant to the Constitution of the state of Florida. The Tax CollectorÓs financial statements
do not purport to reflect the financial position or the results of operations of Monroe County, Florida
(the ÐCountyÑ) taken as a whole. The financial statements of the Tax Collector have been prepared in
accordance with accounting principles and reporting guidelines established by the Governmental Accounting
Standards Board (ÐGASBÑ).
Entity status for financial reporting purposes is governed by Statement No. 14, as amended. Although the Tax
CollectorÓs Office is operationally autonomous from the County, it does not hold sufficient corporate powers of
its own to be considered a legally separate entity for financial reporting purposes. Therefore, under GASB
guidelines, the Tax Collector is reported as a part of the primary government of Monroe County, Florida.
Description of Funds Î The accounting records are organized for reporting purposes on the basis of a
governmental fund and fiduciary funds.
General Fund Î 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 Î 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 Î The Tax CollectorÓs financial
statements are prepared for the purpose of complying with Florida Statute Section 218.39(2), and Chapter
10.550, Rules of the Auditor General (the ÐRulesÑ), which requires the Tax Collector to only present fund
financial statements.
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 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 ÐBoardÑ) 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 Î 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
MONROECOUNTY,FLORIDA
TAXCOLLECTOR
NOTESTOFINANCIALSTATEMENTS
SEPTEMBER30,2019
NoteЊΓbğƷǒƩĻofoperationsandsummaryofsignificantaccountingpolicies(continued)
Cash and Cash Equivalents Î The Tax CollectorÓs 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 Î 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 Î The Tax Collector permits employees to accumulate earned but unused vacation
and sick pay benefits. The Tax Collector is not legally required to and does not accumulate expendable
available financial resources to liquidate this obligation. The obligation is accrued in the government-wide
financial statements of the County. A summary of activity for the Tax CollectorÓs compensated absences
obligation is as follows:
Balance, October 1, 2018 $ 168,312
Additions139,152
Deletions(140,721)
Balance, September 30, 2019 $ 166,743
Use of Estimates Î The preparation of financial statements requires management to make use of estimates
that affect reported amounts. Actual results could differ from estimates.
Distribution of Excess Revenues Î Florida Statutes provide that the excess of Tax CollectorÓs fee revenues
over expenditures is to be distributed to each governmental agency in the same proportion as the fees paid
by the government agency bear to total fee income received by the Tax Collector. The amount of undistributed
excess fees at the end of the fiscal year is reported as amounts due to the Board of County Commissioners
and other governmental agencies; the transfer of total excess fees are reported as other financing uses.
Subsequent Events Î The Tax Collector has evaluated subsequent events through February , 2020, in
connection with the preparation of those financial statements, which is the date the financial statements
were available to be issued.
NoteЋΓ5ĻƦƚƭźƷƭandinvestments
The Tax Collector follows Florida Statutes for its investment policy, which authorizes investments in
certificates of deposit, savings accounts, repurchase agreements, the Local Government Surplus Funds
Trust Fund administered by the Florida State Board of Administration, and obligations of the U.S.
Government and government agencies unconditionally guaranteed by the U.S. Government.
Cash and cash equivalents consist of demand deposits insured by the Federal Deposit Insurance
Corporation (FDIC) or covered by the state of Florida collateral pool, a multiple financial institution pool with
the ability to assess its members for collateral shortfalls if a member institution fails.
As of September 30, 2019, the Tax Collector has demand deposits with a carrying amount of $11,772,451,
a bank balance of $11,495,508, and petty cash funds of $11,300.
8
MONROECOUNTY,FLORIDA
TAXCOLLECTOR
NOTESTOFINANCIALSTATEMENTS
SEPTEMBER30,2019
NoteЌΓwĻƷźƩĻƒĻƓƷsystem
Plan Description:
The Tax CollectorÓs employees participate in the Florida Retirement System (ÐFRSÑ). As provided by Chapters
121 and 112, Florida Statutes, the FRS provides two cost sharing, multiple employer defined benefit plans
administered by the Florida Department of Management Services, Division of Retirement, including the FRS
Pension Plan (ÐPension PlanÑ), and the Retiree Health Insurance Subsidy (ÐHIS PlanÑ). Under Section
121.4501, Florida Statutes, the FRS also provides a defined contribution plan (ÐInvestment PlanÑ) alternative to
the FRS Pension Plan, which is administered by the State Board 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 a
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 60S, Florida Administrative Code. Amendments to
the law can be made only by an act of the Florida Legislature.
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 OfficersÓ 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% (3.33% for judges and justices) of their
final average compensation based on the five highest years of salary for each year of credited service.
Substantial changes were made to the Pension Plan during fiscal year 2011, affecting new 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 or 33 years of service regardless of age. Also, the final average compensation for
these members is based on the eight highest years of salary.
The HIS Plan provides a monthly benefit to assist retirees in paying their health insurance costs and is
administered by the Florida Department of Management Services, Division of Retirement. Eligible retirees and
beneficiaries receive a monthly health insurance subsidy payment of $5 for each year of creditable service, with
a minimum payment of $30 and a maximum payment of $150 per month. The HIS Plan is funded by required
contributions from FRS participating employees as set forth by the Florida Legislature, based on a percentage
of gross compensation for all active FRS members.
In addition to the above benefits, the FRS administers a Deferred Retirement Option Program (ÐDROPÑ). This
program allows eligible members 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. There are no required contributions by
DROP participants.
9
MONROECOUNTY,FLORIDA
TAXCOLLECTOR
NOTESTOFINANCIALSTATEMENTS
SEPTEMBER30,2019
NoteЌΓwĻƷźƩĻƒĻƓƷsystem(continued)
For those members who elect participation in the Investment Plan, rather than the Pension Plan, vesting occurs
at one year of service. These participants receive a contribution for self-direction in an investment product with a
third party administrator selected by the State Board of Administration. Employer and employee contributions,
including amounts contributed to individual memberÓs accounts, are defined by law, but the ultimate benefit
depends in part on the performance of investment funds. Benefit terms, including contribution requirements, for
the Investment Plan are established and may be amended by the Florida Legislature. The Investment Plan is
funded with the same employer and employee contribution rates that are based on salary and membership
class (Regular Class, Elected County Officers, etc.), as the FRS defined benefit plan. Contributions are directed
to individual member accounts, and the individual members allocate contributions and account balances among
various approved investment choices. Costs of administering the plan, including the FRS Financial Guidance
Program, are funded through an employer contribution of 0.04 percent of payroll and by forfeited benefits of plan
members.
The Tax Collector recognizes pension expenditures in an amount equal to amounts paid to the Pension Plan,
the defined contribution plan, and the HIS Plan, amounting to $154,244, $64,235, and $47,048, respectively, for
the fiscal year ended September 30, 2019. The Tax CollectorÓs payments for the Pension Plan and the HIS Plan
after June 30, 2019, the measurement date used to determine the net pension liability associated with the
Pension Plan and HIS Plan, amounted to $41,852 and $11,137, respectively. The Tax Collector is not legally
required to and does not accumulate expendable available resources to liquidate the retirement obligation
related to its employees. Accordingly, the net pension liability and associated deferred outflows and deferred
inflows are presented on the government-wide financial statements of the County, following requirements of
GASB Statement No. 68, Accounting and Financial Reporting for Pensions Î an amendment of GASB
Statement No. 27, and GASB Statement No. 71, Pension Transition for Contributions Made Subsequent to the
Measurement Date Î an amendment of GASB Statement No. 68.
Funding Policy:
All enrolled members of the FRS Pension Plan are required to contribute 3.0% 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,
2018 through June 30, 2019 and July 1, 2019 through September 30, 2019, respectively, were as follows:
regular Î 8.26% and 8.47%; county elected officers Î 48.70% and 48.82%; senior management Î 24.06% and
25.41%; and DROP participants Î 14.03% and 14.60%. During the fiscal year ended September 30, 2019, the
Tax Collector contributed to the plan an amount equal to 9.37% of covered payroll.
The state of Florida annually issues a publicly available financial report that includes financial statements and
required supplementary information for the FRS. The latest available report may be obtained by writing to the
state of Florida Division of Retirement, Department of Management Services, P.O. Box 9000, Tallahassee,
Florida 32315-9000. That report may be viewed on the Florida Department of Management Services website
located at www.dms.myflorida.com/workforce_operations/retirement/publications.
10
MONROECOUNTY,FLORIDA
TAXCOLLECTOR
NOTESTOFINANCIALSTATEMENTS
SEPTEMBER30,2019
NoteЍΓhƷŷĻƩpostemploymentbenefitsplan(theͻht9.tƌğƓͼΜ
In addition to the pension benefits described in Note 3, the Tax Collector offers to its employees a single-
employer defined benefit healthcare plan, which is administered by the Board. Florida Statute 112.0801 requires
the County to provide retirees and their eligible dependents with the option to participate in the OPEB Plan if the
County provides health insurance to its active employees and their eligible dependents. The OPEB Plan
provides medical coverage, prescription drug benefits, and life insurance to both active and eligible retired
employees. The OPEB Plan does not issue a publicly available financial report. No assets are accumulated in a
trust that meets the criteria as set forth in GASB Statement 75, Accounting and Financial Reporting for
Postemployment Benefits Other Than Pensions.
The Board may amend the OPEB Plan design, with changes to the benefits, premiums and/or levels of
participant contribution at any time. On at least an annual basis, in an open session, and prior to the annual
enrollment process, the Board approves the rates for the coming calendar year for the retiree and County
contributions
Eligibility for postemployment participation in the OPEB Plan is limited to full-time employees of the County, and
the Constitutional Officers. An employee who retires as an active participant in the OPEB Plan and was hired on
or after October 1, 2001 may continue to participate in the OPEB Plan by paying the monthly premium
established annually by the Board. An employee who retires as an active participant in the plan, was hired prior
to October 1, 2001, has at least ten years of full-time service with the County, and meets the retirement criteria
of the FRS but is not eligible for Medicare, may maintain group health insurance benefits with Monroe County
following retirement, provided the retiring employee contributes the amounts shown in the table below.
Contribution as Percentage of Annual Actuarial Rate
Plan Years of Service with Monroe County
Year
25+ 20-24 10-19
(1)
2018 HIS 17% 18%
2019 HIS 18% 26%
2020 HIS 20% 34%
2021 HIS 22% 42%
2022 & Thereafter HIS 25% 50%
(1)
The new retiree contributions began a five-year phased-in approach beginning
January 1, 2018.
(2)
Participation in the Plan at a cost equal to the FRS Health Insurance Subsidy (HIS)
for ten years of service (currently $5 per month for each year of service credit at
retirement with a minimum HIS payment of $30 and a maximum HIS payment 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 retireeÓs cost of participation will be based on the preceding table. Surviving
spouses and dependents of participating retirees may continue in the plan if eligibility criteria specific to those
classes are met.
11
MONROECOUNTY,FLORIDA
TAXCOLLECTOR
NOTESTOFINANCIALSTATEMENTS
SEPTEMBER30,2019
NoteЍΓhƷŷĻƩpostemploymentbenefitsplan(theͻht9.tƌğƓͼΜ(continued)
An employee who retires as an active participant in the plan, was hired prior to October 1, 2001, has at least ten
years of full-time service with the County, and meets the retirement criteria of the FRS and is eligible for
Medicare at the time of retirement or becomes eligible for Medicare following retirement, may maintain group
health insurance benefits with Monroe County following retirement, provided the retiring employee contributes
the Actuarial Rate for Medicare retirees as determined by the actuarial firm engaged by the County, less a $250
per month County subsidy. Alternatively, retirees meeting these criteria may elect to leave the County health
plan and receive a $250 per month payment from the County, payable for the lifetime of the retiree.
The Board engages an actuarial firm on a biannual basis to determine the CountyÓs accrued net OPEB liability.
The Tax Collector has no responsibility to the OPEB Plan other than to make the periodic payments determined
by the Board, which are presented as expenditures when made and amounted to $190,152 for the year ended
September 30, 2019. Further information about the OPEB Plan is available in the CountyÓs CAFR which is
published on the ClerkÒs website at www.clerk-of-the-court.com.
NoteЎΓwźƭƉmanagement
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 WorkersÓ Compensation, Group Insurance, and Risk Management internal
service funds. Under these programs, the Workers' Compensation provides $500,000 coverage per claim for
regular employees. WorkersÓ 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 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 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.
NoteЏΓ/ƚƒƒźƷƒĻƓƷƭ
Operating Leases Î The Tax Collector leases office space and equipment under operating lease agreements.
Total lease payments made in 2019 were $103,774.
The following is a schedule by years of future minimum rentals under noncancelable operating leases as of
September 30, 2019:
YearEndingLease
September30Payments
2020$ 59,319
2021 54,656
2022 12,490
2023 9,530
Total$ 135,995
12
MONROECOUNTY,FLORIDA
TAXCOLLECTOR
NOTESTOFINANCIALSTATEMENTS
SEPTEMBER30,2019
NoteАΓ\[źƷźŭğƷźƚƓ
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 BoardÓs 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 CollectorÓs financial position.
13
REQUIREDSUPPLEMENTARYINFORMATION
MONROECOUNTY,FLORIDA
TAXCOLLECTOR
SCHEDULEOFREVENUESANDEXPENDITURES
BUDGETANDACTUALGENERALFUND
YEARENDEDSEPTEMBER30,2019
GeneralFund
Variance
OriginalFinalPositive
BudgetBudgetActual(Negative)
Revenues:
Charges for services2,398,200$ 2,398,200$ 2,655,200$ 257,000$
Intergovernmental - Board of County Commissioners4,816,300 4,816,300 6,418,223 1,601,923
Total Revenue7,214,500 7,214,500 9,073,423 1,858,923
Expenditures:
General government:
Personnel services3,574,434 3,441,822 3,346,399 95,423
Operating and capital outlay expenditures805,522 1,726,653 1,705,796 20,857
Total Expenditures4,379,956 5,168,475 5,052,195 116,280
Excess of Revenues over Expenditures2,834,544 2,046,025 4,021,228 1,975,203
Other Financing Uses:
Transfer to Board of County Commissioners(2,834,544) (2,046,025) (3,706,838) (1,660,813)
Transfer to other governmental units- - (314,390) (314,390)
Total Other Financing Uses(2,834,544) (2,046,025) (4,021,228) (1,975,203)
Excess of Revenues over Expenditures and
Other Financing Uses-$ -$ -$ -$
14
OTHERSUPPLEMENTARYINFORMATION
MONROECOUNTY,FLORIDA
TAXCOLLECTOR
AGENCYFUNDDESCRIPTIONS
The Combining Statement of Changes in Assets and Liabilities Î 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 Î To account for the collection and distribution of local property tax funds.
Licenses Agency Fund Î To account for the collection and distribution of funds generated from the sale of
miscellaneous state licenses.
MONROECOUNTY,FLORIDA
TAXCOLLECTOR
COMBININGSTATEMENTOFCHANGESINASSETSANDLIABILITIES
ALLAGENCYFUNDS
YEARENDEDSEPTEMBER30,2019
BalanceBalance
September30,September30,
2018AdditionsDeletions2019
Property Tax Agency Fund
Assets
Cash and cash equivalents6,739,607$ 335,163,128$ 334,908,616$ 6,994,119$
Due from individuals 1,813 -1,813 -
$ 6,741,420$ 335,163,128$ 334,910,429$ 6,994,119
Liabilities
Undistributed collections$ 6,641,893$ 326,900,168$ 326,605,626$ 6,936,435
Due to individuals 99,527 8,262,960 8,304,803 57,684
$ 6,741,420$ 335,163,128$ 334,910,429$ 6,994,119
Licenses Agency Fund
Assets
Cash and cash equivalents$ 250,599$ 15,744,613$ 15,781,279$ 213,933
Due from individuals 10,138 3,259 -13,397
$ 260,737$ 15,747,872$ 15,781,279$ 227,330
Liabilities
Undistributed collections$ 258,345$ 15,664,202$ 15,697,428$ 225,119
Due to individuals 2,392 83,670 83,851 2,211
$ 260,737$ 15,747,872$ 15,781,279$ 227,330
Total - All Agency Funds
Assets
Cash and cash equivalents$ 6,990,206$ 350,907,741$ 350,689,895$ 7,208,052
Due from individuals 11,951 3,259 1,813 13,397
$ 7,002,157$ 350,911,000$ 350,691,708$ 7,221,449
Liabilities
Undistributed collections$ 6,900,238$ 342,564,370$ 342,303,054$ 7,161,554
Due to individuals 101,919 8,346,630 8,388,654 59,895
$ 7,002,157$ 350,911,000$ 350,691,708$ 7,221,449
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SUPPLEMENTARYREPORTS
ReportofIndependentAuditoronInternalControloverFinancialReportingandon
ComplianceandOtherMattersBasedonanAuditofFinancialStatements
PerformedinAccordancewith GovernmentAuditingStandards
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 ÐTax CollectorÑ) as of and for the
year ended September 30, 2019, and the related notes to financial statements, and have issued our report
thereon dated February 18, 2020 for the purpose of compliance with Section 218.39(2), Florida Statutes, and
Chapter 10.550, Rules of the Auditor General-Local Governmental Entity Audits.
InternalControloverFinancialReporting
In planning and performing our audit of the financial statements, we considered the Tax CollectorÓs 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 CollectorÓs internal control. Accordingly, we do not
express an opinion on the effectiveness of the Tax CollectorÓs 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 CollectorÓs
financial statements will not be prevented, or detected and corrected, on a timely basis. A significant deficiency
is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness,
yet important enough to merit attention by those charged with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of this section
and was not designed to identify all deficiencies in internal control that might be material weaknesses or
significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal
control that we consider to be material weaknesses. However, material weaknesses may exist that have not
been identified.
ComplianceandOtherMatters
As part of obtaining reasonable assurance about whether the Tax CollectorÓs 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.
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PurposeofthisReport
The purpose of this report is solely to describe the scope of our testing of internal control and compliance and
the results of that testing, and not to provide an opinion on the effectiveness of the Tax CollectorÓs 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 CollectorÓs internal control and compliance. Accordingly, this
communication is not suitable for any other purpose.
Orlando, Florida
February 18, 2020
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Independent!ǒķźƷƚƩƭManagementLetter
To the Honorable Danise D. Henriquez,
Tax Collector of Monroe County, Florida
ReportontheFinancialStatements
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, 2019, and have issued our report thereon dated February 18, 2020.
!ǒķźƷƚƩƭResponsibility
We conducted our audit in accordance with auditing standards generally accepted in the United States of
America and the standards applicable to financial audits contained in Government Auditing Standards, issued
by the Comptroller General of the United States; and Chapter 10.550, Rules of the Auditor General.
OtherReports
We have issued our Report of Independent Auditor on Internal Control over Financial Reporting and on
Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with
Government Auditing Standard s 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 February 18, 2020, should be considered in conjunction
with this management letter.
PriorAuditFindings
Section 10.554(1)(i)1., Rules of the Auditor General, requires that we determine whether or not corrective
actions have been taken to address findings and recommendations made in the preceding annual financial
report. No recommendations were made in the preceding annual financial audit report.
OfficialTitleandLegalAuthority
Section 10.554(1)(i)4., Rules of the Auditor General, requires that the name or official title and legal authority for
the primary government and each component unit of the reporting entity be disclosed in this management letter,
unless disclosed in the notes to 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.
FinancialManagement
Section 10.554(1)(i)2., Rules of the Auditor General, requires that we communicate any recommendations to
improve financial management. In connection with our audit, we did not have any such recommendations.
AdditionalMatters
Section 10.554(1)(i)3., Rules of the Auditor General, requires that we communicate noncompliance with
provisions of contracts or grant agreements or abuse, that have occurred, or are likely to have occurred, that
have an effect on the financial statements that is less than material but which warrants the attention of those
charged with governance. In connection with our audit, we did not have any such findings.
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PurposeofthisLetter
The purpose of this management letter is to communicate certain matters prescribed by Chapter 10.550, Rules
of the Auditor General. Accordingly, this management letter is not suitable for any other purpose.
Orlando, Florida
February 18, 2020
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ReportofIndependentAccountantonCompliance
withLocalGovernmentInvestmentPolicies
To the Honorable Danise D. Henriquez,
Tax Collector of Monroe County, Florida
We have examined the Monroe County, Florida Tax Collector (the ÐTax CollectorÑ) compliance with the local
government investment policy requirements of Section 218.415, Florida Statutes, during the year ended
September 30, 2019. Management of the Tax Collector is responsible for the Tax CollectorÓs compliance with
the specified requirements. Our responsibility is to express an opinion on the Tax Collector's compliance with
the specified requirements based on our examination.
Our examination was conducted in accordance with attestation standards established by the American Institute
of Certified Public Accountants. Those standards require that we plan and perform the examination to obtain
reasonable assurance about whether the Tax Collector complied, in all material respects, with the specified
requirements referenced above. An examination involves performing procedures to obtain evidence about
whether the Tax Collector complied with the specified requirements. The nature, timing and extent of the
procedures selected depend on our judgement, including an assessment of the risks of material noncompliance,
whether due to fraud or error. We believe that the evidence obtained is sufficient and appropriate to provide a
reasonable basis for our opinion.
Our examination does not provide a legal determination on the Tax CollectorÓs compliance with the specific
requirements.
In our opinion, the Tax Collector complied, in all material respects, with the local investment policy requirements
of Section 218.415, Florida Statutes, during the year ended September 30, 2019.
The purpose of this report is to comply with the audit requirements of Section 218.415, Florida Statutes, and
Rules of the Auditor General.
Orlando, Florida
February 18, 2020
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