Fiscal Year 2019 1
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
FINANCIAL STATEMENTS
As of and for the Year Ended September 30, 2019
And Report of Independent Auditor
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MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Financial Statements
For The Fiscal Year Ended September 30, 2019
TABLE OF CONTENTS
PAGE
Table of Contents A-1
Basic Financial Statements
Report of Independent Auditor B-1
Fund Financial Statements:
Balance Sheet-Governmental Funds C-1
Statement of Revenues, Expenditures, and Changes in Fund Balances-
Governmental Funds C-3
Statement of Revenues, Expenditures, and Changes in Fund Balances-Budget and Actual
Major Governmental Funds:
General Fund C-5
Fine and Forfeiture Fund C-10
Governmental Grants Fund C-12
Statement of Net Position-Proprietary Funds C-15
Statement of Revenues, Expenses and Changes in Net Position-Proprietary Funds C-19
Statement of Cash Flows-Proprietary Funds C-21
Notes to Financial Statements D-1
Required Supplementary Information:
Florida Retirement System
Schedule of the Board's Proportionate Share of Net Pension Liability-
Florida Retirement System E-1
Schedule of the Board's Contributions-Florida Retirement System E-3
Schedule of the Board's Proportionate Share of Net Pension Liability-
Health Insurance Subsidy Program E-5
Schedule of the Board's Contributions
Health Insurance Subsidy Program E-7
Pension Plan for Volunteer Firefighters and Emergency Medical Services
Schedule of Changes in the Board's Net Pension Liability and Related Ratios E-9
Schedule of Employer Contributions E-11
Post Employment Benefits Other Than Pension
Schedule of Changes in the Board's Total OPEB Liability and Related Ratios E-13
Combining and Individual Fund Statements and Schedules:
Schedules of Revenues, Expenditures, and Changes in Fund Balances-Budget and Actual
One Cent Infrastructure Surtax Capital Project Fund F-1
Infrastructure Revenue Bonds Series 2014 Capital Projects Fund F-2
Cudjoe Regional Wastewater Capital Project Fund F-3
All Debt Service Funds F-4
(Continued)
A-1
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Financial Statements
For The Fiscal Year Ended September 30, 2019
TABLE OF CONTENTS (continued)
Combining and Individual Fund Statements and Schedules(continued): PAGE
Combining Balance Sheet-Nonmajor Governmental Funds G-1
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances-
Nonmajor Governmental Funds G-11
Schedules of Revenues, Expenditures, and Changes in Fund Balances-Budget and Actual
Special Revenue Funds:
Affordable Housing Programs G-21
Tourist Development,All Districts, Two Cent G-22
Tourist Development,Administration and Promotional, Two Cent G-23
Tourist Development, District One G-24
Tourist Development, District Two G-25
Tourist Development, District Three G-26
Tourist Development, District Four G-27
Tourist Development, District Five G-28
Impact Fees-Roadways G-29
Impact Fees-Parks and Recreation G-30
Impact Fees-Libraries G-31
Impact Fees-Solid Waste G-32
Impact Fees-Police Facilities G-33
Impact Fees-Fire and EMS G-34
Impact Fees-Employee Fair Share Housing G-35
Fire and Ambulance, District#1 -Lower and Middle Keys G-36
Unincorporated Area Service District-Parks and Recreation G-37
Unincorporated Area Service District-Planning, Building&Zoning G-38
Municipal Policing G-40
911 Enhancement Fees G-41
Duck Key Security District G-42
Local Housing Assistance G-43
Boating Improvement G-44
Miscellaneous Special Revenue G-45
Environmental Restoration G-47
Law Enforcement Trust G-48
Court Facility Fees G-49
(Continued)
A-2
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Financial Statements
For The Fiscal Year Ended September 30, 2019
TABLE OF CONTENTS (continued)
Combining and Individual Fund Statements and Schedules(continued): PAGE
Drug Abuse Trust G-50
Marathon Municipal Service Taxing Unit G-51
Bay Point Municipal Service Taxing Unit G-52
Big Coppitt Municipal Service Taxing Unit G-53
Key Largo Municipal Service Taxing Unit G-54
Stock Island Wastewater G-55
Conch Key Municipal Service Taxing Unit G-56
Long Key-Layton Municipal Service Taxing Unit G-57
Duck Key Municipal Service Taxing Unit G-58
Building Fund G-59
Road and Bridge Fund G-60
Clerk's Revenue Note Capital Projects Fund G-61
Infrastructure Revenue Bonds Series 2007 Capital Projects Fund G-62
Big Coppitt Wastewater Capital Project Fund G-63
Duck Key Wastewater Project Capital Projects Fund G-64
Long Key Wastewater Project Capital Projects Fund G-65
Land Acquisition Fund Capital Projects Fund G-66
Combining Statement of Net Position-Internal Service Funds H-1
Combining Statement of Revenues, Expenses, and Changes in Net Position-
Internal Service Funds H-3
Combining Statement of Cash Flows-Internal Service Funds H-5
COMPONENT UNIT
Comprehensive Plan Land Authority-Statement of Net Position 1-1
Comprehensive Plan Land Authority-Statement of Activities 1-2
OTHER 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 J-1
Independent Auditor's Management Letter J-3
Report of Independent Accountant on Compliance with Local Government Investment J-5
Policies
A-3
kt P
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Report of Independent Auditor
To the Clerk Ex Officio, Mayor and
Board of County Commissioners of
Monroe County, Florida:
Report on the Financial Statements
We have audited the accompanying financial statements of each major fund and the aggregate remaining fund
information of the Monroe County, Florida Board of County Commissioners (the "Board") as of and for the year
ended September 30, 2019, and the related notes to the financial statements, which collectively comprise the
Board's basic 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 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 Board'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 Board'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 Board as of
September 30, 2019, and the respective changes in financial position and, where applicable, cash flows thereof,
and the respective budgetary comparison for the General Fund, Fine and Forfeiture Fund and Governmental
Grants Fund for the year then ended in accordance with accounting principles generally accepted in the United
States of America.
B-1
Other Information
As described in Note 1, the financial statements referred to are not intended to be a complete presentation of the
financial position, changes in financial position and cash flows, where applicable, of the Board. Additionally, the
financial statements present only the Board and are not intended to present the financial position and the changes
in financial position and budgetary comparison and cash flows, where applicable, of Monroe County, Florida,
taken as a whole.
Other Matters
Required Supplementary Information
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 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 of the Board taken as a
whole. The combining and individual fund statements and schedules as well as the information presented for the
Board's component unit, as listed in the table of contents, are presented for purposes of additional analysis and
are not a required part of the financial statements.
The accompanying information is the responsibility of management and was derived from and relate 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 financial statements and certain additional
procedures, including comparing and reconciling such information directly to the underlying accounting and other
records used to prepare the financial statements or to the financial statements themselves, and other additional
procedures in accordance with accounting standards generally accepted in the United States of America. In our
opinion, this 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, 2020 on our
consideration of the Board's internal control over financial reporting and our tests of its compliance with certain
provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is
solely 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 effectiveness of the Board's 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 Board's internal control over financial reporting and
compliance.
Orlando, Florida
March 20, 2020
B-2
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
BALANCE SHEET
GOVERNMENTAL FUNDS
SEPTEMBER 30,2019
Fine& Governmental
General Forfeiture Grants
Assets
Cash and Cash Equivalents $ 2,845,389 $ 7,699,368 $ 419,078
Investments 25,623,509 9,403,143 -
Accounts Receivable, Net 12,616 2,319,518 176
Assessments Receivable - - -
Due from Other Funds 4,000,000 2,034,310 7,568,985
Due from Other Governmental Units 784,568 191,833 24,772,329
Due from Constitutional Officers 6,421,378 2,448,407 -
Mortgages/Notes Receivable - - 449,079
Allowance for Mortgages/Notes Receivable - - (449,079)
Advances to Other Governments - - -
Interest Receivable 58,300 37,203 -
Inventory 2,651 - -
Total Assets $ 39,748,411 $ 24,133,782 $ 32,760,568
Liabilities, Deferred Inflows of
Resources and Fund Balances
Liabilities:
Accounts Payable $ 1,335,817 $ 49,547 $ 7,811,062
Retainage Payable - - 388,759
Accrued Wages and Benefits Payable 1,583,340 - 50,999
Due to Other Funds - - 6,034,310
Due to Other Governmental Units 855,459 40,132 2,702,245
Due to Constitutional Officers 58,595 15,364 -
Unearned Revenues - - 81,502
Deposits in Escrow 12,591 - -
Total Liabilities 3,845,802 105,043 17,068,877
Deferred Inflows of Resources:
Unavailable Revenues - - 19,001,519
Total Deferred Inflows of Resources - - 19,001,519
Fund Balances:
Nonspendable 2,651 - -
Restricted - 24,028,739 -
Committed 10,000,000 - -
Assigned 9,722,793 - -
Unassigned 16,177,165 - (3,309,828)
Total Fund Balances 35,902,609 24,028,739 (3,309,828)
Total Liabilities, Deferred Inflows of
Resources, and Fund Balances $ 39,748,411 $ 24,133,782 $ 32,760,568
The notes to the financial statements are an integral part of these statements.
C-1
One Cent Infrastructure Cudjoe Regional Debt Nonmajor Total
Infrastructure Revenue Bonds Wastewater Service Governmental Governmental
Surtax Series 2014 Project Fund Funds Funds
$ 3,397,609 $ 2,811,638 $ 1,492,795 $ 730,824 $ 9,031,127 $ 28,427,828
26,026,173 18,903,268 10,840,179 192,696 88,645,501 179,634,469
- - - - 144,161 2,476,471
- - 25,202,314 - 4,312,048 29,514,362
- - - - - 13,603,295
1,913,209 - - - 1,177,035 28,838,974
- - 2,788 - 4,543,032 13,415,605
- - - - 8,957,671 9,406,750
- - - - (8,957,671) (9,406,750)
- - 3,027,019 - - 3,027,019
54,823 44,782 25,813 525 210,495 431,941
- - - - - 2,651
$ 31,391,814 $ 21,759,688 $ 40,590,908 $ 924,045 $ 108,063,399 $ 299,372,615
$ 795,796 $ 572,844 $ 455,149 $ 11,500 $ 4,404,914 $ 15,436,629
152,617 399,961 - - 23,828 965,165
- - - - - 1,634,339
- - - - - 6,034,310
50 - - - 1,284,709 4,882,595
- - - - 150,402 224,361
- - - - - 81,502
- - - - 213,084 225,675
948,463 972,805 455,149 11,500 6,076,937 29,484,576
- - 24,788,785 - 4,230,874 48,021,178
- - 24,788,785 - 4,230,874 48,021,178
- - - - - 2,651
30,443,351 20,786,883 15,346,974 912,545 88,606,793 180,125,285
- - - - 4,401,955 14,401,955
- - - - 4,746,840 14,469,633
- - - - - 12,867,337
30,443,351 20,786,883 15,346,974 912,545 97,755,588 221,866,861
$ 31,391,814 $ 21,759,688 $ 40,590,908 $ 924,045 $ 108,063,399 $ 299,372,615
C-2
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES
GOVERNMENTALFUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2019
Fine& Governmental
General Forfeiture Grants
Revenues:
Taxes $ 24,738,760 $ 48,836,640 $ -
Licenses and Permits - - -
Intergovernmental 15,737,026 83,277 26,547,353
Charges for Services 548,417 11,981,438 143,434
Fines and Forfeitures 19,450 84,018 -
Investment Income 953,089 507,325 25,281
Miscellaneous 513,986 99,147 65,746
Total Revenues 42,510,728 61,591,845 26,781,814
Expenditures:
Current:
General Government 32,821,595 713,123 -
Public Safety 1,770,811 56,837,125 5,841,513
Physical Environment 516,070 - 26,326,951
Transportation 112,981 - 5,665,879
Economic Environment 733,196 - 199,954
Human Services 8,392,222 - 1,613,985
Culture and Recreation 3,503,185 - 270,797
Court-Related 3,855,012 2,183,047 -
Capital Projects - - -
Debt Service:
Principal - - -
Interest - - -
Other Debt Service Costs - - -
Total Expenditures 51,705,072 59,733,295 39,919,079
Excess/Deficiency of Revenues
Over(Under) Expenditures (9,194,344) 1,858,550 (13,137,265)
Other Financing Sources (Uses):
Payment of Principal - - (13,000,000)
Transfers from Other Funds 6,180,679 - 8,917,801
Transfers to Other Funds (551,063) (4,909) (5,302,095)
Issuance of Debt - - 15,560,000
Transfers from Constitutional Officers 5,164,104 920,088 -
Total Other Financing Sources(Uses) 10,793,720 915,179 6,175,706
Net Change in Fund Balances 1,599,376 2,773,729 (6,961,559)
Fund Balances-October 1 34,303,233 21,255,010 3,651,731
Fund Balances-September 30 $ 35,902,609 $ 24,028,739 $ (3,309,828)
The notes to the financial statements are an integral part of these statements.
C-3
One Cent Infrastructure Cudjoe Regional Debt Nonmajor Total
Infrastructure Revenue Bonds Wastewater Service Governmental Governmental
Surtax Series 2014 Project Fund Funds Funds
$ 23,583,643 $ - $ - $ - $ 61,737,971 $ 158,897,014
- - 1,906,403 - 6,256,712 8,163,115
- - - - 5,806,623 48,174,279
- - - - 10,364,722 23,038,011
- - - - 3,619,362 3,722,830
623,784 512,837 1,088,167 115,495 3,191,890 7,017,868
60,000 - 131,971 - 536,852 1,407,702
24,267,427 512,837 3,126,541 115,495 91,514,132 250,420,819
- - - - 3,722,290 37,257,008
- - - - 29,546,593 93,996,042
- - - - 1,965,722 28,808,743
- - - - 8,004,805 13,783,665
- - - - 33,432,738 34,365,888
- - - - 162,674 10,168,881
- - - - 2,329,589 6,103,571
- - - - 618,505 6,656,564
7,443,095 6,588,443 5,697,345 - 2,887,633 22,616,516
- - - 14,843,076 - 14,843,076
- - - 3,778,852 - 3,778,852
- - - 49,230 - 49,230
7,443,095 6,588,443 5,697,345 18,671,158 82,670,549 272,428,036
16,824,332 (6,075,606) (2,570,804) (18,555,663) 8,843,583 (22,007,217)
- - - - - (13,000,000)
- - - 17,178,630 310,547 32,587,657
(7,413,066) - (4,666,579) - (5,291,158) (23,228,870)
- - 5,380,370 - - 20,940,370
- - 2,659 - 493,191 6,580,042
(7,413,066) - 716,450 17,178,630 (4,487,420) 23,879,199
9,411,266 (6,075,606) (1,854,354) (1,377,033) 4,356,163 1,871,982
21,032,085 26,862,489 17,201,328 2,289,578 93,399,425 219,994,879
$ 30,443,351 $ 20,786,883 $ 15,346,974 $ 912,545 $ 97,755,588 $ 221,866,861
C-4
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
GENERALFUND
FOR THE YEAR ENDED SEPTEMBER 30,2019
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ 25,056,287 $ 25,056,287 $ 24,738,760 $ (317,527)
Intergovernmental 14,893,998 14,893,998 15,737,026 843,028
Charges for Services 633,000 633,000 548,417 (84,583)
Fines and Forfeitures 8,000 8,000 19,450 11,450
Investment Income 110,000 110,000 953,089 843,089
Miscellaneous 637,000 710,760 513,986 (196,774)
Total Revenues 41,338,285 41,412,045 42,510,728 1,098,683
EXPENDITURES:
Current:
General Government:
Board of County Commissioners Admin 1,964,291 1,964,291 1,833,208 131,083
Clerk to BOCC-Financial Package 5,000 5,000 - 5,000
Gov't Enterprise Management System 75,000 75,000 29,355 45,645
Clerk Comm &Fees-TDC 470,756 470,756 470,756 -
Clerk Comm &Fees-Noncourt 3,124,130 3,124,130 3,124,130 -
Insurances-Supervisor of Elections 175,273 175,273 135,553 39,720
Promotional Advertising 5,000 5,000 1,291 3,709
Value Adjustment Board 35,000 35,000 29,990 5,010
Tax Increment Payment 300,000 300,000 295,040 4,960
Employee Suggestion Plan 10,000 10,000 - 10,000
FIRM Study 50,000 50,000 50,000 -
Lobbyist 151,432 151,432 124,765 26,667
County Administrator 995,429 1,322,428 1,265,605 56,823
Technical Services 2,554,080 2,580,906 2,443,487 137,419
Technology Replacement 448,857 569,714 554,220 15,494
Grants Administration 224,157 209,158 197,546 11,612
Office of Management& Budget 699,728 599,728 584,838 14,890
Purchasing 91,058 191,059 172,196 18,863
Personnel 614,279 681,599 659,237 22,362
Public Works Management 9,751 9,751 9,531 220
Public Works Facilities Maintenance 8,030,433 8,328,589 8,211,542 117,047
ADA Compliance 50,000 50,000 34,748 15,252
County Attorney 1,461,927 1,476,927 1,387,416 89,511
Tax Collector 5,685,442 5,685,442 5,435,102 250,340
Property Appraiser 4,178,733 4,178,733 4,001,819 176,914
Supervisor of Elections 1,594,339 1,594,339 1,594,339 -
Quasi External Services 220,000 220,000 175,881 44,119
Hurricane 100,000 100,000 - 100,000
Total General Government 33,324,095 34,164,255 32,821,595 1,342,660
(Continued)
The notes to the financial statements are an integral part of these statements.
C-5
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL (CONTINUED)
GENERALFUND
FOR THE YEAR ENDED SEPTEMBER 30,2019
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
Public Safety:
Emergency Management 493,170 493,170 480,389 12,781
Marathon Emergency Operations Center 79,321 79,321 64,032 15,289
Medical Examiner 704,435 704,435 593,445 110,990
Fire Academy 705,846 705,846 594,611 111,235
Fire &EMS Length of Svcs Award Prog 48,000 48,000 38,334 9,666
Total Public Safety 2,030,772 2,030,772 1,770,811 259,961
Physical Environment:
Extension Service 236,969 236,969 188,614 48,355
Sustainability 692,853 692,853 327,456 365,397
Total Physical Environment 929,822 929,822 516,070 413,752
Transportation:
County Engineer 259,586 259,586 112,981 146,605
Total Transportation 259,586 259,586 112,981 146,605
Economic Environment:
Literacy Volunteers of America 50,000 50,000 50,000 -
Veterans Affairs 618,426 638,425 592,603 45,822
Veterans Affairs Transportation 146,819 146,819 90,593 56,226
Total Economic Environment 815,245 835,244 733,196 102,048
Human Services:
Middle Keys Guidance Clinic 46,942 46,942 46,942 -
Older Americans Volunteer Program 500 500 - 500
Domestic Abuse Shelter 81,500 90,831 90,830 1
Hospice of the Florida Keys - 9,045 (615) 9,660
Florida Keys Outreach Coalition 120,000 130,000 130,000 -
Samuel's House 110,000 122,594 122,594 -
Womankind 155,000 172,746 172,746 -
Grace Jones 60,000 65,000 65,000 -
AIDS Help 80,000 89,159 89,159 -
Good Health Clinic 110,000 122,594 122,594 -
Monroe Co.Assoc. for ReMARCable Citizens 200,000 205,000 205,000 -
Florida Keys Children's Shelter 195,000 199,000 199,000 -
Wesley House 165,000 183,890 183,890 -
Florida Keys Area Health Education 61,500 68,541 68,541 -
(Continued)
The notes to the financial statements are an integral part of these statements.
C-6
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES- BUDGET AND ACTUAL(CONTINUED)
GENERALFUND
FOR THE YEAR ENDED SEPTEMBER 30,2019
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
Heron/Peacock 50,000 55,724 55,724 -
Kids Come First- Florida Keys 40,000 44,579 44,570 9
Boys and Girls Club 120,000 130,000 130,000 -
Florida Keys Healthy Start Coalition 60,000 66,869 66,869 -
Keys Area Interdenominational Resources 30,000 30,000 30,000 -
Star of the Sea Foundation 110,000 122,594 122,594 -
Independence Cay 30,000 30,000 30,000 -
Anchors Aweigh 20,000 20,000 20,000 -
Southernmost Homeless Assist League 10,000 11,145 11,145 -
Baker Act LKMC FS 394.463 83,334 88,658 88,658 -
Guidance Care Clinic Baker Act Transp 165,000 165,000 165,000 -
Guidance Care Clinic/Samuel House-FS 394.76 859,195 859,195 859,195 -
Guidance Care Clinic Jail In-house Prog 237,227 237,227 193,414 43,813
Historic Florida Keys Foundation 32,450 32,450 32,450 -
Animal Shelters 1,552,268 1,552,268 1,394,594 157,674
Welfare Administration 730,397 730,397 710,998 19,399
Welfare Services 1,004,662 929,502 851,748 77,754
Health Care Respite Act 41,905 41,905 3,087 38,818
Bayshore Manor 996,596 996,596 920,720 75,876
Social Service Transportation 1,047,897 1,123,057 1,059,793 63,264
Burton Memorial United Methodist Church 12,000 12,000 12,000 -
Keys to Be Change 30,000 33,435 33,410 25
Autism Society of the Keys 40,000 40,000 40,000 -
Voices for the Florida Keys Children 15,000 15,000 15,000 -
South Florida National Parks 5,000 5,572 5,572 -
Total Human Services 8,708,373 8,879,015 8,392,222 486,793
Culture and Recreation:
Fine Arts Council 72,765 72,765 72,765 -
Lower Keys AARP 4,500 4,500 4,500 -
Middle Keys AARP 4,500 4,500 3,769 731
Big Pine Key AARP 4,500 4,500 1,393 3,107
Upper Keys AARP 4,500 4,500 945 3,555
Heart of the Keys Recreation 40,000 40,000 40,000 -
Higgs Beach Maintenance 99,722 99,722 99,209 513
Library Admin Support 907,163 907,163 876,282 30,881
Library Key West 882,529 882,529 747,042 135,487
Library Key West Donations 5,500 157,348 53,785 103,563
Library Marathon 458,148 458,148 397,803 60,345
Library Marathon Donations 3,000 12,853 856 11,997
Library Islamorada 348,642 348,642 321,968 26,674
(Continued)
The notes to the financial statements are an integral part of these statements.
C-7
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES- BUDGET AND ACTUAL(CONTINUED)
GENERALFUND
FOR THE YEAR ENDED SEPTEMBER 30,2019
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
Culture and Recreation (continued):
Library Islamorada Donations 500 4,602 2,451 2,151
Library Key Largo 517,239 517,239 495,206 22,033
Library Key Largo Donations 500 10,113 2,615 7,498
Library Big Pine Key 427,593 427,593 382,494 45,099
Library Big Pine Key Donations 3,000 11,129 102 11,027
Total Culture and Recreation 3,784,301 3,967,846 3,503,185 464,661
Court-Related:
Law Library 78,280 78,280 73,438 4,842
Guardian Ad Litem 210,396 210,396 130,287 80,109
Clerk of the Court-General Mgt 55,928 55,928 55,928 -
Clerk of the Court-Jury Management 39,687 39,687 39,687 -
Clerk Records Management 35,477 35,477 35,477 -
Clerk of the Circuit Court-Criminal 147,655 147,655 147,655 -
Clerk of the Circuit Court-Civil 211,147 211,147 211,147 -
Clerk of the Circuit Court-Family 45,338 45,338 45,338 -
Clerk of the Circuit Court-Juvenile 142,725 142,725 142,725 -
Clerk of the Circuit Court-Probate 52,784 52,784 52,784 -
Clerk County Court-Criminal 238,053 238,053 238,053 -
Clerk County Court-Civil 191,082 191,082 191,082 -
Clerk County Court-Traffic 127,014 127,014 127,014 -
State Attorney 341,902 341,902 200,555 141,347
Public Defender 751,070 751,070 576,519 174,551
Court Administration 2,527 2,527 2,128 399
Court Admin-Judicial Support 166,372 166,372 153,733 12,639
Court Case Management 174,572 174,572 151,469 23,103
Court Admin-Circuit Ct Reporter Svcs 1,675 1,675 1,625 50
Court Admin-Circuit Drug Court 404,364 404,364 347,143 57,221
Court Admin-Pretrial Release 551,799 551,799 513,080 38,719
Ct.Admin-Pretrial Svcs Drug Diversion 213,823 213,823 175,158 38,665
Court Admin-Information Systems 255,724 255,724 242,987 12,737
Total Court Related 4,439,394 4,439,394 3,855,012 584,382
Total Expenditures 54,291,588 55,505,934 51,705,072 3,800,862
Excess/Deficiency of Revenues
Over(Under) Expenditures (12,953,303) (14,093,889) (9,194,344) (2,702,179)
(Continued)
The notes to the financial statements are an integral part of these statements.
C-8
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES- BUDGET AND ACTUAL(CONTINUED)
GENERALFUND
FOR THE YEAR ENDED SEPTEMBER 30,2019
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
Other Financing Sources (Uses):
Reserve for Contingencies (806,496) (25,959) - 25,959
Reserve for Cash Balance (5,000,877) (5,000,877) - 5,000,877
Transfers from Other Funds 5,458,771 6,884,318 6,180,679 (703,639)
Transfers to Other Funds (1,660,000) (2,725,498) (551,063) 2,174,435
Transfers from Constitutional Officers 4,500,000 4,500,000 5,164,104 664,104
Total Other Financing Sources (Uses) 2,491,398 3,631,984 10,793,720 7,161,736
Net Change in Fund Balances (10,461,905) (10,461,905) 1,599,376 4,459,557
Fund Balances-October 1 10,461,905 10,461,905 34,303,233 23,841,328
Fund Balances-September 30 $ - $ - $ 35,902,609 $ 28,300,885
The notes to the financial statements are an integral part of these statements.
C-9
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MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
FINE AND FORFEITURE SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2019
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ 50,529,196 $ 50,529,196 $ 48,836,640 $ (1,692,556)
Intergovernmental - - 83,277 83,277
Charges for Services 9,923,000 9,923,000 11,981,438 2,058,438
Fines and Forfeitures 72,500 72,500 84,018 11,518
Investment Income 110,000 110,000 507,325 397,325
Miscellaneous 1,000 83,324 99,147 15,823
Total Revenues 60,635,696 60,718,020 61,591,845 873,825
EXPENDITURES:
Current:
General Government:
Tax Increment Payment 725,000 725,000 713,123 11,877
Total General Government 725,000 725,000 713,123 11,877
Public Safety:
Sheriff Law Enforcement 23,738,141 26,461,941 23,059,591 3,402,350
Sheriff Corrections 23,839,923 23,839,923 23,263,983 575,940
Bond Refunds 25,000 25,000 - 25,000
Law Enforcement Education Assistance 75,000 75,000 75,000 -
Correction Facilities 2,577,405 2,577,405 2,495,398 82,007
Medical Air Transport 7,428,801 7,428,801 7,196,635 232,166
Interagency Communications 679,488 679,488 671,213 8,275
Juvenile Detention Cost Share 251,000 251,000 75,305 175,695
Total Public Safety 58,614,758 61,338,558 56,837,125 4,501,433
Court-Related:
Sheriff Extradition 60,000 80,000 74,499 5,501
Sheriff Court Security 2,178,058 2,178,058 2,108,548 69,510
Total Court Related 2,238,058 2,258,058 2,183,047 75,011
Total Expenditures 61,577,816 64,321,616 59,733,295 4,588,321
Excess/Deficiency of Revenues
Over(Under) Expenditures (942,120) (3,603,596) 1,858,550 (3,714,496)
(Continued)
The notes to the financial statements are an integral part of these statements.
C-10
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL(CONTINUED)
FINE AND FORFEITURE SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2019
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
Other Financing Sources (Uses):
Reserve for Contingencies (2,622,724) (90,904) - 90,904
Reserve for Cash Balance (2,953,144) (2,953,144) - 2,953,144
Transfers from Other Funds - 129,656 - (129,656)
Transfers to Other Funds (16,667) (16,667) (4,909) 11,758
Transfers from Constitutional Officers 1,400,000 1,400,000 920,088 (479,912)
Total Other Financing Sources (Uses) (4,192,535) (1,531,059) 915,179 2,446,238
Net Change in Fund Balances (5,134,655) (5,134,655) 2,773,729 (1,268,258)
Fund Balances-October 1 5,134,655 5,134,655 21,255,010 16,120,355
Fund Balances-September 30 $ - $ - $ 24,028,739 $ 14,852,097
The notes to the financial statements are an integral part of these statements.
C-11
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
GOVERNMENTAL GRANTS SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2019
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
Revenues:
Intergovernmental $ - $ 72,312,895 $ 26,547,353 $ (45,765,542)
Charges for Services - 143,434 143,434 -
Investment Income - 1,159 25,281 24,122
Miscellaneous - - 65,746 65,746
Total Revenues - 72,457,488 26,781,814 (45,675,674)
Expenditures:
Current:
Public Safety:
Hurricane Irma Recovery - 14,123,575 5,372,186 8,751,389
Emergency Management Base Grant - 299,726 163,559 136,167
Radiological Emerg. Preparedness - 143,434 138,903 4,531
Emergency Medical Services Award Grant - 49,759 32,163 17,596
Urban Area Security Initiative Grants - 226,723 134,702 92,021
Total Public Safety - 14,843,217 5,841,513 9,001,704
Physical Environment:
Hurricane Irma Canal Debris Removal - 44,892,708 24,865,206 20,027,502
Canal Restoration Projects - 1,054,821 264,378 790,443
Exotic Plant Removal - 220,400 180,035 40,365
Park Vulnerability Anlaysis - 30,000 30,000 -
Florida Keys Res Assur Plan - 360,718 140,962 219,756
EPA Florida Keys Improve Water Quality - 30,023 2,050 27,973
FWC MC Removal Vessels - 656,820 656,820 -
DEP Mobile Vessels - 750,000 187,500 562,500
Monroe County Libraries - 78,000 - 78,000
Total Physical Environment - 48,073,490 26,326,951 21,746,539
Transportation:
Scenic Highway Overlooks - 658,078 487,309 170,769
Roadway Projects - 5,726,639 3,127,327 2,599,312
Transportation Planning Prog 2012 - 688,662 166,786 521,876
Pigeon Key Ferry Service - 270,939 235,399 35,540
Pigeon Key Ferry Ramp Repair - 2,284,910 1,649,058 635,852
Total Transportation - 9,629,228 5,665,879 3,963,349
(Continued)
The notes to the financial statements are an integral part of these statements.
C-12
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL(CONTINUED)
GOVERNMENTAL GRANTS SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2019
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
Economic Environment:
Small Cities CDBG - 120,032 - 120,032
Disaster Recovery CDBG - 175,822 - 175,822
Disaster Recovery - 290,715 199,954 90,761
Total Economic Environment - 586,569 199,954 386,615
Human Services:
Nutritional Services In Progress - 217,295 39,694 177,601
GCC Male Jail In-house Program - 43,380 38,505 4,875
Title III-B Supportive Services - 178,411 164,367 14,044
Title III-C1 Congregate Meals - 231,426 216,966 14,460
Title III-C2 Home Delivered Meals - 394,383 218,397 175,986
Title III-E Caregiver Support Services - 269,930 150,543 119,387
Low Income Home Energy Program - 624,060 156,806 467,254
Alzheimer's Disease Initiative - 727,686 241,550 486,136
Community Care Disabled Adults - 130,074 57,501 72,573
State Housing Initiative Partnership to WAP - - 2,308 (2,308)
Heron Assisted Living - 28,587 28,587 -
Drug Court Medical Director Initiative - 28,623 8,800 19,823
Social Services Transportation - 367,996 289,961 78,035
Total Human Services - 3,241,851 1,613,985 1,627,866
Culture and Recreation:
State Aid to Libraries - 142,183 88,959 53,224
Historic Florida Keys Foundation - 48,000 48,000 -
Harry Harris Park Boat Ramp - 44,600 33,756 10,844
GV Boat Ramp Repair - 100,000 100,000 -
Lower Keys Scenic VW Area - 900,000 82 899,918
Total Culture and Recreation - 1,234,783 270,797 963,986
Total Expenditures - 77,609,138 39,919,079 37,690,059
(Continued)
The notes to the financial statements are an integral part of these statements.
C-13
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL(CONTINUED)
GOVERNMENTAL GRANTS SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2019
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
Excess/Deficiency of Revenues
Over(Under) Expenditures - (5,151,650) (13,137,265) (7,985,615)
Other Financing Sources (Uses):
Payment of Principal - - (13,000,000) (13,000,000)
Transfers from Other Funds - 5,798,552 8,917,801 3,119,249
Transfers to Other Funds - (2,786,105) (5,302,095) (2,515,990)
Issuance of Debt - - 15,560,000 15,560,000
Total Other Financing Sources (Uses) - 3,012,447 6,175,706 3,163,259
Net Change in Fund Balances - (2,139,203) (6,961,559) (4,822,356)
Fund Balances-October 1 - 2,139,203 3,651,731 1,512,528
Fund Balances-September 30 $ - $ - $ (3,309,828) $ (3,309,828)
The notes to the financial statements are an integral part of these statements.
C-14
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MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF NET POSITION
PROPRIETARY FUNDS
SEPTEMBER 30, 2019
Business-Type Activities Enterprise Funds
Major Funds
Municipal Card Key
Service District Sound West
Waste Bridge Airport
ASSETS
Current Assets:
Cash and Cash Equivalents $ 566,988 $ 655,848 $ 566,478
Investments 13,232,780 1,713,868 2,271,130
Accounts Receivable, Net 96,650 38,005 666,207
Due from Other Funds 6,763 - -
Due from Other Governmental Units 2,115,065 876 658,380
Due from Constitutional Officers 3,874 - 229,492
Interest Receivable 25,085 4,081 5,408
Total Current Assets 16,047,205 2,412,678 4,397,095
Noncurrent Assets:
Restricted Cash and Cash Equivalents - - 8,031,612
Restricted Accounts Receivable - - 323,995
Land and Other Nondepreciable Assets 3,629,622 50,000 3,315,081
Capital Assets, Net of Accum. Depreciation 1,834,663 9,461,549 77,999,300
Total Noncurrent Assets 5,464,285 9,511,549 89,669,988
Total Assets 21,511,490 11,924,227 94,067,083
DEFERRED OUTFLOWS OF RESOURCES
Related to Pensions 315,360 84,429 1,273,523
Related to OPEB 33,600 12,945 61,418
Total Deferred Outflows of Resources 348,960 97,374 1,334,941
LIABILITIES
Current Liabilities:
Accounts Payable 1,354,358 2,900 844,039
Retainage Payable 31,716 - 42,380
Accrued Wages and Benefits Payable 46,773 9,981 102,777
Claims and Judgments Payable - - -
Due to Other Funds - - -
Due to Other Governmental Units 648 33 17,373
Accrued Comp.Absences Payable 19,115 10,728 63,711
Deposits in Escrow 53,315 - 8,000
Total Current Liabilities 1,505,925 23,642 1,078,280
The notes to the financial statements are an integral part of these statements.
C-15
Governmental
Major Funds Activities
Internal
Marathon Service
Airport Total Funds
$ 4,043 $ 1,793,357 $ 11,797,287
1,069,324 18,287,102 20,611,275
36,765 837,627 23,266
1,147,024 1,153,787 -
236,421 3,010,742 157,443
- 233,366 86,232
2,546 37,120 67,325
2,496,123 25,353,101 32,742,828
166,252 8,197,864 -
- 323,995 -
1,010,879 8,005,582 54,000
12,568,984 101,864,496 722,170
13,746,115 118,391,937 776,170
16,242,238 143,745,038 33,518,998
87,106 1,760,418 693,747
32,685 140,648 65,280
119,791 1,901,066 759,027
300,986 2,502,283 1,091,033
9,314 83,410 -
10,654 170,185 73,889
- - 3,101,445
- - 8,722,772
3,836 21,890 18,990
3,469 97,023 55,415
6,306 67,621 -
334,565 2,942,412 13,063,544
(Continued)
C-16
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF NET POSITION (CONTINUED)
PROPRIETARY FUNDS
SEPTEMBER 30, 2019
Business-Type Activities Enterprise Funds
Major Funds
Municipal Card Key
Service District Sound West
Waste Bridge Airport
Noncurrent Liabilities:
Accrued Comp.Absences Payable 76,459 42,910 254,842
Claims &Judgments Payable 129,632 - -
OPEB Liability 368,000 148,000 550,000
Net Pension Liability 1,050,564 595,408 3,679,576
Total Noncurrent Liabilities 1,624,655 786,318 4,484,418
Total Liabilities 3,130,580 809,960 5,562,698
DEFERRED INFLOWS OF RESOURCES
Related to Pensions 81,123 21,209 302,167
Related to OPEB 22,821 9,120 33,148
Total Deferred Inflows of Resources 103,944 30,329 335,315
NET POSITION
Investment in Capital Assets 5,464,285 9,511,549 81,314,381
Restricted for:
Passenger Facility Charges - - 8,355,607
Customs Service Operations - - -
Unrestricted 13,161,641 1,669,763 (165,977)
Total Net Position $ 18,625,926 $ 11,181,312 $ 89,504,011
The notes to the financial statements are an integral part of these statements.
C-17
Governmental
Major Funds Activities
Internal
Marathon Service
Airport Total Funds
13,876 388,087 172,417
- 129,632 -
223,000 1,289,000 616,000
366,315 5,691,863 1,708,528
603,191 7,498,582 2,496,945
937,756 10,440,994 15,560,489
22,090 426,589 174,736
13,778 78,867 38,360
35,868 505,456 213,096
13,579,863 109,870,078 776,170
- 8,355,607 -
166,252 166,252 -
1,642,290 16,307,717 17,728,270
$ 15,388,405 $ 134,699,654 $ 18,504,440
C-18
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF REVENUES, EXPENSES,AND CHANGES IN NET POSITION
PROPRIETARY FUNDS
FOR THE YEAR ENDED SEPTEMBER 30,2019
Business-Type Activities Enterprise Funds
Major Funds
Municipal Card Key
Service District Sound West
Waste Bridge Airport
Operating Revenues:
Franchise Fees $ 581,819 $ - $ -
Charges for Services 19,726,806 1,599,076 9,092,112
Miscellaneous 37,615 241,666 11,744
Total Operating Revenues 20,346,240 1,840,742 9,103,856
Operating Expenses:
Personnel Services 1,335,548 325,632 3,394,307
Operations 18,522,110 289,431 10,106,260
Depreciation and Amortization 135,903 391,033 2,428,693
Asserted and Paid Claims - - -
Total Operating Expenses 19,993,561 1,006,096 15,929,260
Operating Income (Loss) 352,679 834,646 (6,825,404)
Nonoperating Revenues (Expenses):
Operating Grants 18,411,693 - 536,625
Investment Income 417,773 54,685 286,889
Insurance Recoveries - - -
Loss on Disposition of Assets - - (36,042)
Total Non-Operating Revenues(Expenses) 18,829,466 54,685 787,472
Income (Loss)Before Transfers 19,182,145 889,331 (6,037,932)
Capital Contributions - - 8,595,736
Transfers from Other Funds 6,763 - -
Transfers to Other Funds (235,202) (79,776) (483,366)
Transfers from Constitutional Officers 3,546 - -
Total Capital Contributions and Transfers (224,893) (79,776) 8,112,370
Change in Net Position 18,957,252 809,555 2,074,438
Net Position-October 1 (331,326) 10,371,757 87,429,573
Net Position-September 30 $ 18,625,926 $ 11,181,312 $ 89,504,011
The notes to the financial statements are an integral part of these statements.
C-19
Governmental
Major Funds Activities
Internal
Marathon Service
Airport Total Funds
$ - $ 581,819 $ -
995,039 31,413,033 27,174,359
154,045 445,070 3,131,845
1,149,084 32,439,922 30,306,204
327,922 5,383,409 2,514,520
1,731,222 30,649,023 7,016,260
754,515 3,710,144 63,416
- - 17,659,133
2,813,659 39,742,576 27,253,329
(1,664,575) (7,302,654) 3,052,875
481,209 19,429,527 -
38,927 798,274 936,288
- - 4,167,381
- (36,042) -
520,136 20,191,759 5,103,669
(1,144,439) 12,889,105 8,156,544
366,021 8,961,757 -
1,343,110 1,349,873 -
(137,385) (935,729) (9,772,931)
- 3,546 -
1,571,746 9,379,447 (9,772,931)
427,307 22,268,552 (1,616,387)
14,961,098 112,431,102 20,120,827
$ 15,388,405 $ 134,699,654 $ 18,504,440
C-20
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
FOR THE YEAR ENDED SEPTEMBER 30,2019
Business-Type Activities Enterprise Funds
Major Funds
Municipal Card Key
Service District Sound West
Waste Bridge Airport
Operating Activities:
Cash Received for Services $ 20,408,874 $ 1,561,071 $ 8,422,698
Cash Received from Insurance Recoveries - - -
Cash Payments to Suppliers for Goods and Services (44,245,966) (1,353,783) (10,473,352)
Cash Payments for Employee Services (1,264,796) (300,718) (2,882,449)
Cash Payments for Claims - - -
Cash Received from(Paid to)Other Sources 5,027,282 (843) 1,475,262
Other Operating Revenue 37,698 249,266 8,130
Net Cash Provided by(Used in)
Operating Activities (20,036,908) 154,993 (3,449,711)
Noncapital Financing Activities:
Operating Grants Received 18,411,693 - 536,625
Transfers from Other Funds 6,763 - -
Transfers to Other Funds (235,202) (79,776) (483,366)
Transfers from Constitutional Officers 3,546 - -
Net Cash Provided by(Used in)Noncapital
Financing Activities 18,186,800 (79,776) 53,259
Capital and Related Financing Activities:
Proceeds from Capital Grants - - 8,595,736
Acquisition of Capital Assets (482,474) 48,237 (3,226,322)
Net Cash Provided by(Used in)Capital and
Related Financing Activities (482,474) 48,237 5,369,414
Investing Activities:
Investment Income 417,773 54,685 286,889
Proceeds from Sales and Maturities of Investments 12,259,193 4,136,154 2,888,551
Purchase of Investment Securities (19,157,108) (3,741,851) (3,676,017)
Net Cash Provided by(Used in) Investing Activities (6,480,142) 448,988 (500,577)
Net Increase(Decrease) in Cash and
Cash Equivalents (8,812,724) 572,442 1,472,385
Cash and Cash Equivalents:
October 1 9,379,712 83,406 7,125,705
September 30 $ 566,988 $ 655,848 $ 8,598,090
The notes to the financial statements are an integral part of these statements.
C-21
Governmental
Major Funds Activities
Internal
Marathon Service
Airport Total Funds
$ 972,249 $ 31,364,892 $ 27,202,105
- - 4,167,381
(1,488,373) (57,561,474) (8,486,094)
(326,289) (4,774,252) (2,310,248)
- - (20,763,609)
(1,314,958) 5,186,743 8,806,143
154,627 449,721 3,123,110
(2,002,744) (25,334,370) 11,738,788
481,209 19,429,527 -
1,343,110 1,349,873 -
(137,385) (935,729) (9,772,931)
- 3,546 -
1,686,934 19,847,217 (9,772,931)
366,021 8,961,757 -
(274,323) (3,934,882) (5,574)
91,698 5,026,875 (5,574)
38,927 798,274 936,288
2,112,991 21,396,889 47,328,764
(2,103,283) (28,678,259) (43,806,273)
48,635 (6,483,096) 4,458,779
(175,477) (6,943,374) 6,419,062
345,772 16,934,595 5,378,225
$ 170,295 $ 9,991,221 $ 11,797,287
(Continued)
C-22
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF CASH FLOWS (CONTINUED)
PROPRIETARY FUNDS
FOR THE YEAR ENDED SEPTEMBER 30,2019
Business-Type Activities Enterprise Funds
Major Funds
Municipal Card Key
Service District Sound West
Waste Bridge Airport
Reconciliation of Operating Income(Loss)
to Net Cash Provided by (Used in)Operating
Activities:
Operating Income (Loss) $ 352,679 $ 834,646 $ (6,825,404)
Adjustments to Reconcile Operating Income (Loss)
to Net Cash Provided by(Used in)Operating
Activities:
Depreciation and Amortization 135,903 391,033 2,428,693
Nonoperating Income-Insurance Recoveries - - -
Change in Assets, Liabilities, and Deferrals:
(Increase) Decrease in Accounts Receivable 100,249 (38,005) (20,488)
(Increase) Decrease in Due from Other Funds 2,493,237 - -
(Increase) Decrease in Due from Other Gov't Units 2,579,890 (876) 1,563,202
(Increase) Decrease in Due from Constitutional Ofcrs 201 - (85,281)
(Increase) Decrease in Interest Receivable 83 7,600 (3,614)
Increase (Decrease)in Accounts Payable (1,612,382) (885,699) 267,268
Increase (Decrease)in Retainage Payable (51,633) (178,653) (634,360)
Increase (Decrease)in Accrued Wages/Benefits 6,553 1,207 1,438
Increase (Decrease)in Claims/Judgments Payable - - -
Increase (Decrease)in Due to Other Funds - - -
Increase (Decrease)in Due to Other Gov't Units (37,626) 33 (2,659)
Increase (Decrease)in Due to Constitutional Ofcrs (8,420) - -
Increase (Decrease)in Comp.Absences Payable (10,185) 1,473 48,482
Increase (Decrease)in Deposits in Escrow 900 - -
Increase (Decrease)in Revenue Notes Payable (24,060,741) - -
Increase (Decrease)in Unearned Revenue - - (648,926)
Increase (Decrease)in OPEB Liability 45,000 19,000 81,000
Increase (Decrease)in Pension Liability 54,271 14,734 229,358
Increase (Decrease)in Deferred Outflows 1,049 (10) 189,566
Increase (Decrease)in Deferred Inflows (25,936) (11,490) (37,986)
Total Adjustments (20,389,587) (679,653) 3,375,693
Net Cash Provided by(Used in)
Operating Activities $ (20,036,908) $ 154,993 $ (3,449,711)
Noncash Investing, Capital,and Financing Activities:
Loss on Disposition of Assets $ - $ - $ (36,042)
Cash Reconciliation:
Unrestricted $ 566,988 $ 655,848 $ 566,478
Restricted - - 8,031,612
Total $ 566,988 $ 655,848 $ 8,598,090
The notes to the financial statements are an integral part of these statements.
C-23
Governmental
Major Funds Activities
Internal
Marathon Service
Airport Total Funds
$ (1,664,575) $ (7,302,654) $ 3,052,875
754,515 3,710,144 63,416
- - 4,167,381
(2,315) 39,441 27,746
(1,147,024) 1,346,213 -
(168,039) 3,974,177 35,998
- (85,080) 30,637
582 4,651 (8,735)
233,535 (1,997,278) (1,469,834)
9,314 (855,332) -
(2,549) 6,649 (29,895)
- - (3,104,476)
- - 8,722,772
105 (40,147) 16,736
- (8,420) -
(16,049) 23,721 27,481
- 900 -
- (24,060,741) -
(20,475) (669,401) -
28,000 173,000 73,000
15,118 313,481 120,880
185 190,790 62,249
(23,072) (98,484) (49,443)
(338,169) (18,031,716) 8,685,913
$ (2,002,744) $ (25,334,370) $ 11,738,788
$ - $ (36,042) $ -
$ 4,043 $ 1,793,357 $ 11,797,287
166,252 8,197,864 -
$ 170,295 $ 9,991,221 $ 11,797,287
C-24
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2019
NOTE 1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The following summary of the more significant accounting policies of the Monroe County, Florida
Board of County Commissioners (the "Board") is presented to assist the reader in interpreting these
financial statements and should be viewed as an integral part of this report.
Reporting Entity:
Monroe County, Florida(the "County") is a Non-Charter County established as provided by Article VIII
Section 1 of the Florida Constitution and Chapter 125, Florida Statutes. The primary government of the
County is comprised of the Board of County Commissioners and five "constitutional officers": Clerk of
the Circuit Court & Comptroller (the "Clerk"), Property Appraiser, Sheriff, Supervisor of Elections, and
Tax Collector.
Entity status for financial reporting purposes is governed by Statement No. 14, as amended, of the
Governmental Accounting Standards Board ("GASB") and Rules of the Auditor General, State of
Florida. The GASB is the standard-setting body for the establishment of accounting principles generally
accepted in the United States of America ("GAAP") for governmental entities. The financial statements
of the Board, when combined with all of its blended component units and the constitutional officers,
constitute the "primary government" of Monroe County according to GAAP. The primary government
constitutes the complete GAAP basis financial reporting entity of the County, presented in the Monroe
County, Florida Comprehensive Annual Financial Report.
Since this report excludes the constitutional officers, these Board financial statements do not purport to
reflect the financial position or the results of operations of Monroe County, Florida taken as a whole.
Rather, they have been prepared to provide information at this level of detail greater than what is
available in the County's financial statements.
The Board, composed of five members, is the legislative body for Monroe County and, as such, budgets
and provides the funding used by the separate Constitutional Offices with the exception of fees collected
by the Clerk and the Tax Collector. Under the direction of the Clerk, the Monroe County Finance
Department maintains the accounting system for the Board's operations, excluding those of the Clerk,
Property Appraiser, Sheriff, Supervisor of Elections, and Tax Collector, each of which maintains its own
respective accounting system.
Services provided by the Board and accounted for within these financial statements include police
services for unincorporated areas of the County; health and social services; emergency medical services;
cultural and recreational programs; solid waste services and other governmental services.
These financial statements include all funds of the Board and its blended component units, if material.
"Component units" are legally separate entities for which operational or financial responsibility rests
with the Board or for which the nature and significance of their relationship to the Board is such that
exclusion would cause the financial statements to be misleading or incomplete.
D-1
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2019
NOTE 1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Blended component units are legally separate entities that are, in substance, part of the Board's
operation, as they either have governing bodies that are substantively the same as the Board or they
provide their services exclusively, or almost exclusively, to the Board. The financial transactions of the
component unit are merged with similar transactions of the Board as part of the primary government.
The blended component unit of the Board is as follows:
Monroe County Industrial Development Authority ("MCIDA") — The MCIDA was created by
Monroe County, Florida Resolution, pursuant to Chapter 159, Florida Statutes. The MCIDA
serves to assist in financing and refinancing capital projects, which will foster economic
development in the County. The Board serves as the governing board and MCIDA provides
services exclusively to the County. Therefore, the MCIDA, for financial reporting purposes, is
considered a blended component unit of Monroe County, Florida. The MCIDA is not legally
required to adopt a budget; however, the Board must authorize the issuance of bonded debt.
Neither the MCIDA nor the Board has any legal obligation for repayment of the revenue bonds
of the MCIDA. As an issuer of"conduit" debt obligations, the MCIDA has no assets, liabilities,
or transactions during the current year.
Discretely presented component units are legally separate entities which do not meet the criteria for
blending. They are reported in separately issued financial statements to emphasize their legal separation
from the Board. The following is a discretely presented component unit of the Board:
Monroe County, Florida Comprehensive Plan Land Authority ("MCLA") — The MCLA was
created by Monroe County, Florida Ordinance 031-1986 pursuant to Chapter 380, Florida
Statutes and is considered a legally separate entity from Monroe County. The objectives of the
entity are to operate a land acquisition program in Monroe County, implement the Monroe
County Comprehensive Plan and address issues created by it. The Board serves as the governing
board; however, there is no financial benefit or burden relationship. Therefore, the MCLA, for
financial reporting purposes, is considered a discretely presented component unit of Monroe
County, Florida and is presented in a separate section of the County's financial statements.
Complete financial statements for MCLA can be obtained from MCLA's administrative office at
1200 Truman Avenue, Suite 207, Key West, Florida 33040.
Basis of Presentation:
The Board's financial statements are prepared in accordance with Chapter 10.550, Rules of the Auditor
General Local Governmental Entity Audits (the "Rules"), which do not require separate financial
statements for the Board but specify certain requirements if such financial statements are presented.
Requirements include presentation of fund-level and component unit financial statements. Government-
wide financial statements, related disclosures and management's discussion and analysis are not
required by the Rules and are not presented. As such, these statements present information about the
Board's funds, but do not present a complete presentation of the Board's financial position and changes
in financial position. Separate columns are presented for each major governmental fund and for each
major enterprise fund.
D-2
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2019
NOTE 1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
The following are reported as major governmental funds:
General Fund — The General Fund is the general operating fund of the Board. All general tax
revenues and other receipts not required either legally or by accounting principles generally
accepted in the United States of America to be accounted for in other funds, are accounted for in
the General Fund.
Fine and Forfeiture Special Revenue Fund— The Fine and Forfeiture Fund is used to account for
revenues received from fines and forfeitures imposed from the commission of statutory offenses,
ad valorem taxes transferred to the Sheriff and to account for operations of the County's court
system.
Governmental Grants Special Revenue Fund—The Governmental Grant Fund is used to account
for operating revenues and expenditures for governmental activity of federal and state grants.
One Cent Infrastructure Surtax Capital Project Fund — The One Cent Infrastructure Surtax Fund
is used to account for capital improvements funded by the One Cent Infrastructure Surtax.
Infrastructure Revenue Bonds Series 2014 —The Infrastructure Revenue Bonds Series 2014 Fund
is used to account for capital projects funded by the Infrastructure Revenue Bonds Series 2014.
Cudjoe Regional Wastewater Capital Project Fund — The Cudjoe Regional Wastewater Capital
Project Fund is used to account for the revenues and expenditures for the wastewater
infrastructure for the Cudjoe Regional area of Monroe County.
Debt Service Fund — The Debt Service Fund is used to account for accumulation of resources
for, and payment of, interest and principal on the long-term debt incurred in the issuance of
various revenue bonds and notes.
The following are reported as major enterprise funds:
Municipal Service District Waste — The Municipal Service District Waste Fund is used to
account for the operations of solid waste collection, disposal, and recycling activities.
Card Sound Bridge — The Card Sound Bridge Fund is used to account for the operations of
Monroe County's Card Sound Toll Bridge.
Key West Airport—The Key West Airport Fund is used to account for the operations of Monroe
County's Key West International Airport.
Marathon Airport—The Marathon Airport Fund is used to account for the operations of Monroe
County's Florida Keys Marathon International Airport.
D-3
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2019
NOTE 1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
The Board also reports the following fund types:
Internal Service Funds — Internal service funds are used to account for the financing of
workers' compensation insurance, health insurance, general liability insurance, and fleet
maintenance services provided by one department to other departments of the Board or to other
governmental units on a cost reimbursement basis.
Measurement Focus and Basis of Accounting:
Governmental fund financial statements are reported using the current financial resources measurement
focus and the modified accrual basis of accounting. Revenues are recognized when they become
susceptible to accrual; that is, when they become both "measurable" and "available" to finance
expenditures of the current period. The Board considers amounts collected within 60 days after year end
to be available and thus recognizes them as revenues of the current year, except for property taxes since
such taxes are collected to finance expenditures of the subsequent period.
Expenditures are recognized in the accounting period in which the related fund liability is incurred, if
measurable. Principal and interest on general long-term debt are recorded as fund liabilities when due or
when amounts have been accumulated in the debt service fund for payments to be made early in the
following year. In addition, expenditures related to compensated absences are recorded only when leave
has been taken.
Revenues of the Board, which are susceptible to accrual under the modified accrual basis of accounting,
include property taxes, gas taxes, sales taxes, interest revenue, and charges for services. In applying the
susceptibility-to-accrual concept to intergovernmental revenues, the legal and contractual requirements
of the numerous individual programs are used as guidance. There are, however, essentially two types of
these revenues. In one type, monies must be expended for the specific purpose or project before any
amounts will be paid to the Board; therefore, revenues are recognized based upon the expenditures
recorded. In the other type, monies are virtually unrestricted as to purpose of expenditure and
substantially irrevocable; i.e., revocable only for failure to comply with prescribed compliance
requirements, such as with equal employment opportunity. These resources are reflected as revenues at
the time of receipt or earlier if they meet the availability criterion. If revenues are expected to be
received later than 60 days following the end of the fiscal year, then a receivable is recorded, along with
deferred inflows of resources. Once the funds are received, revenue and cash are recorded and the
receivable and deferred inflows of resources are eliminated.
The proprietary fund statements use a flow of economic resources measurement focus and the accrual
basis of accounting. Revenues are recognized when earned and expenses are recognized when incurred,
regardless of when the related cash flows take place.
Non-exchange transactions, in which the Board gives (or receives) value without directly receiving (or
giving) equal value in exchange, include grants. On an accrual basis, revenue from grants is recognized
in the fiscal year in which all eligibility requirements have been satisfied.
D-4
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2019
NOTE 1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
The Board has chosen to fund the Volunteer Firefighter and Emergency Medical Services Length of
Service Award Pension Plan ("LOSAP") on a pay-as-you-go basis. Pension expenditures are made from
the General Fund, which is maintained on a modified accrual basis of accounting. Benefits and refunds
are recognized when due and payable in accordance with the terms of the LOSAP Plan.
The LOSAP has no assets accumulated in a trust that meets the following criteria, outlined in GASB
Statement Nos. 67 and 68:
• Contributions to the pension plan and earnings on those contributions are irrevocable.
• Pension plan assets are dedicated to providing benefits to plan members.
• Pension plan assets are legally protected from the creditors or employers.
Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating
revenues and expenses generally result from providing services and producing and delivering goods in
connection with a proprietary fund's principal ongoing operations. The principal operating revenues of
the Board's enterprise funds are charges to customers for sales and services. Operating expenses for
enterprise funds include the cost of sales and services, administrative expenses, and depreciation on
capital assets. All revenues and expenses not meeting this definition are reported as nonoperating
revenues and expenses.
Budgets and Budgetary Data:
Listed below are the statutory procedures followed by the Board of County Commissioners in
establishing the budget for Monroe County:
1) On or before June 1 of each year, the Sheriff, the Clerk, the Property Appraiser, the Tax
Collector, and the Supervisor of Elections shall each submit to the Board a tentative budget for
their respective offices for the ensuing fiscal year.
2) Within fifteen days after certification of the ad valorem tax roll by the Property Appraiser, the
County Administrator submits to the Board a proposed budget for the fiscal year commencing
the following October 1. The budget includes proposed expenditures and the means of financing
said expenditures.
3) By Board resolution, a tentative budget is submitted to the public. Public hearings are held to
obtain taxpayer comments.
4) Fifteen days after adoption of the tentative budget, a final budget is submitted for review and
adoption at a final public hearing.
5) Prior to, or on September 30, the Board's budget is legally enacted through passage of a
resolution. Accordingly, all fund types have an adopted budget, as required by Section 129.03,
Florida Statutes. All funds have legally adopted budgets.
D-5
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2019
NOTE 1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
6) Throughout the fiscal year, the County Administrator acts on intradepartmental budget changes
that do not alter the total revenue or expenditures budgeted to a cost center. A cost center
represents a particular area of Board operations or a department. All other budget changes
(whether they are transfers between cost centers or alterations of total revenues and expenditure
in a fund) are approved by the Board. Supplemental appropriations were necessary and the
budgetary data presented herein was amended by the Board during the year.
7) Chapter 129, Section VII, Florida Statutes as amended in 1978, provides that only expenditures
in excess of total fund budgets are unlawful. However, because the Board acts on all budget
changes between cost centers, this becomes the level of control.
8) Budgeted to actual expenditure reports are employed as a management control device during the
year for all fund types.
9) Budgets for all funds are adopted on a basis consistent with GAAP for that fund type.
10) All appropriations lapse at year-end.
Use of Estimates:
The presentation of financial statements in conformity with accounting principles generally accepted in
the United States of America, as applicable to governmental units, requires management to make use of
estimates that affect the reported amounts in the financial statements. Actual results could differ from
estimates.
Encumbrances:
Encumbrance accounting, under which purchase orders, contracts and other commitments for the
expenditure of moneys are recorded in the restricted, committed or assigned fund balance classifications,
and is employed as an extension of the statutorily required budgetary process. Under Florida Statutes,
appropriations, even if encumbered, lapse at fiscal year-end. The Board's intention is to substantially
honor these encumbrances under authority provided in the subsequent year's budget.
Cash and Cash Equivalents:
Cash balances from the majority of funds are pooled for investment purposes. Earnings from such
investments are allocated to the respective funds based on applicable cash participation by each fund.
The investment pools are managed such that all participating funds have the ability to deposit and
withdraw cash as if they were demand deposit accounts. Therefore, all balances representing
participants' equity in the investment pools are classified as cash equivalents for purposes of these
statements. For investments, held separately from the pools, and are highly liquid (including restricted
assets)with an original or remaining maturity of 90 days or less, are considered cash equivalents.
D-6
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2019
NOTE 1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Investments:
Section 218.415, Florida Statutes, authorizes local governments to invest its funds pursuant to a written
investment plan. Monroe County's written plan allows investment of surplus funds in the following:
1) U.S. Treasury & Government Guaranteed — U.S. Treasury obligations, and obligations the
principal and interest of which are backed or guaranteed by the full faith and credit of the U.S.
Government.
2) Federal Agency/Government Sponsored Enterprise ("GSE") —Debt obligations, participations or
other instruments issued or fully guaranteed by any U.S. Federal agency, instrumentality or GSE.
3) Supranationals — U.S. dollar denominated debt obligations of a multilateral organization of
governments where the U.S. is a shareholder and voting member.
4) Corporates —U.S. dollar denominated corporate notes, bonds, or other debt obligations issued or
guaranteed by a domestic corporation, financial institution, non-profit, or other entity.
5) Municipals — Obligations, including both taxable and tax-exempt, issued or guaranteed by any
State, territory, or possession of the U.S., political subdivision, public corporation, authority,
agency board, instrumentality or other unit of local government of any state or territory.
6) Agency Mortgage Backed Securities ("MBS") —MBS are backed by residential, multi-family or
commercial mortgages, that are issued or fully guaranteed as to principal and interest by a U.S.
Federal agency or government sponsored enterprise, including but not limited to pass-throughs,
collateralized mortgage obligations ("CMOs") and real estate mortgage investment conduits.
7) Asset-Backed Securities —Asset-backed securities ("ABS") whose underlying collateral consists
of loans, leases, or receivables, including but not limited to auto loans/leases, credit card
receivables, student loans, equipment loans/leases, or home-equity loans.
8) Non-Negotiable Certificate of Deposit and Savings Accounts —Non-negotiable interest bearing
time certificates of deposit, or savings accounts in banks organized under the laws of the State of
Florida or in national banks organized under the laws of the United States and doing business in
Florida, provided that any such deposits are secured by the Florida Security for Public Deposits
Act, Chapter 280, Florida Statutes.
9) Commercial Paper — U.S. dollar denominated commercial paper issued or guaranteed by a
domestic corporation, company, financial institution, trust or other entity, only unsecured debt
permitted.
10) Bankers' Acceptances —Bankers' acceptances issued, drawn on, or guaranteed by a U.S. bank or
U.S. branch of a foreign bank.
D-7
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2019
NOTE 1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
11) Repurchase Agreements — Repurchase agreements that meet specific requirements listed in
Monroe County Resolution 032-2019.
12) Money Market Funds — Shares in open-end and no-load money market mutual funds, provided
such funds are registered under the Investment Company Act of 1940 and operate in accordance
with Rule 2a-7.
13) Intergovernmental Investment Pools — Intergovernmental Investment Pools that are authorized
pursuant to the Florida Interlocal Cooperation Act, as provided in Section 163.01, Florida
Statutes.
All investments are stated at fair value or at amortized cost, which approximates fair value.
Accounts Receivable:
Amounts due from private individuals, organizations, or other governments, which pertain to charges for
services rendered by Board departments, are reported as accounts receivable. Receivables are reviewed
periodically to establish or update the provisions for uncollectible amounts. These provisions are
estimated based on an analysis of the age of the various accounts.
Interfund Balances and Activity:
During the course of normal operations, the Board has numerous transactions between funds. Examples
of these transactions include providing services, constructing assets, matching grants or servicing debt.
These transactions are generally recorded as interfund transfers, except for internal service fund charges,
which are reflected as revenues to internal service funds and expenses/expenditures to the funds
receiving the services. Additionally, short-term interfund loans are recorded as cash flow needs arise. As
of fiscal year-end, any unpaid amounts related to these transactions are reported as "due from other
funds" or "due to other funds" on the fund financial statements. Interfund balances and transfers are
consolidated for government-wide financial reporting, and residual balances between governmental
activities and business-type activities, if any, are reported on the government-wide statements of the
County.
Inventory:
Inventory in the General Fund consists of certain supplies, which are stated at cost using the moving
average cost method. The inventory is determined by an annual physical count. Inventory is reported as
a non-spendable classification of fund balance, as these amounts are not in spendable form and are not
expected to be converted to cash.
D-8
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2019
NOTE 1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Capital Assets:
Capital assets of the Board include property, buildings, equipment, and infrastructure assets (e.g. roads,
bridges, curbs and gutters, streets and sidewalks, drainage systems and lighting systems). Constructed or
purchased assets are recorded at historical or estimated historical cost at the time of purchase. Donated
assets are recorded at estimated acquisition cost at the date of donation.
Capital assets associated with business-type activities and the internal service funds are presented in the
Board's basic financial statements. Capital assets associated with the Board's governmental activities
are presented on the government-wide financial statements of the County, rather than on the financial
statements of the Board.
The Board maintains a $1,000 threshold for additions to equipment with an estimated useful life in
excess of two years. Buildings are capitalized when the value is $15,000 or greater. Public domain and
infrastructure assets represent major expenditures for such items as roads, water and sewer treatment
plants and lines, landfill improvements, parks, and drainage systems. Additions and improvements for
roads, water, sewer, landfill, and drainage infrastructure are capitalized when the cost amounts to
$250,000, while park additions and improvements are capitalized at$25,000.
Depreciation has been provided using the straight-line method. The estimated useful lives of the various
classes of depreciable capital assets are as follows:
Life-Years
Buildings 10-50
Equipment 5-10
Intangible Assets 10-15
Infrastructure 10-50
Public Domain Infrastructure 20-50
Capacity Rights 99
Capacity rights represent an intangible asset that arose from a contract with a private wastewater
operator that includes wastewater processing capacity for 1,500 equivalent dwelling units for a period of
99 years.
Compensated Absences:
Board policy permits employees to accumulate a limited amount of annual and sick leave, which will be
paid to employees upon termination of employment. Accumulated annual and sick leave is accrued
when earned in the proprietary fund financial statements. For the proprietary funds, an expense and a
liability are recorded as the leave is earned. Compensated absences associated with the Board's
governmental activities are presented on the government-wide financial statements of the County, rather
than on the financial statements of the Board.
D-9
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2019
NOTE 1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Restricted Assets:
The use of certain assets of enterprise funds is restricted by specific provisions of resolutions and
agreements with various parties. Assets so designated are identified as restricted assets on the balance
sheet. When both restricted and unrestricted resources are available for use, the hierarchy of enterprise
fund spending is to use restricted resources first, followed by unrestricted resources, as they are needed.
Restricted assets are classified as noncurrent if they are for acquisition or construction of capital assets,
for liquidation of long-term debt, or are for other than current operations.
Deferred Inflows of Resources:
Deferred inflows of resources represent an acquisition of net position that applies to a future period and
therefore will not be recognized as an inflow of resources until that time. The Board has four items that
qualify for reporting in this category: (1) Unavailable revenues; (2) Advances from Other Governments;
(3) Pension-related items; and (4) Other Post-Employment Benefits. The advances from other
governments are grants received in advance of meeting the timing requirements for revenue recognition
in governmental funds. The governmental funds report unavailable revenues where receipts are not
within the 60-day time frame for revenue recognition. The enterprise and internal service funds report
deferred inflows for pension-related and other post-employment benefit items as actuarially determined.
Deferred Outflows of Resources:
Deferred outflows of resources represent an acquisition of net position that applies to a future period and
therefore will not be recognized as an outflow of resources (expense) until that future time. The
enterprise and internal service funds report deferred outflows for pension-related and other post-
employment benefit items as actuarially determined.
Lone-Term Obligations:
Long-term obligations are reported as a liability in the proprietary fund statement of net position. Long-
term debt associated with the Board's governmental activities is presented on the government-wide
financial statements of the County, rather than on the financial statements of the Board. In the Board's
governmental fund financial statements, the face amount of debt issued is reported as another financing
source, while principal payments are reported as expenditures.
Property Taxes:
Property taxes, based on assessed values at January 1, are levied and become due and payable on
November 1st of each year. A 4% discount is allowed if the taxes are paid in November, with the
discount declining by 1% each month thereafter. Taxes become delinquent on April 1st of each year, and
tax certificates for the full amount of any unpaid taxes and assessments must be sold not later than June
1 st of each year. No accrual for the property tax levy becoming due in November of 2019 is included in
the accompanying financial statements, since such taxes are collected to finance expenditures of the
subsequent period.
D-10
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2019
NOTE 1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Fund Balance Policies:
The focus of fund balance reporting is to clearly communicate the constraints imposed upon resources in
governmental funds. The fund balance classifications indicate the level of constraints placed upon how
resources can be spent and identify the sources of those constraints. The following five classifications:
non-spendable, restricted, committed, assigned, and unassigned, serve to inform readers of the financial
statements of the extent to which the Board is bound to honor constraints on the specific purposes for
which resources in a fund can be spent.
Fund balances of governmental type funds are classified as follows:
Non-spendable — Include amounts that cannot be spent because they are either not in spendable
form, or for legal or contractual reasons, must be kept intact. This classification includes inventory.
Restricted—Include amounts that can be spent only for specific purposes because of constitutional
provisions or enabling legislation, or because of constraints externally imposed by creditors,
grantors, contributors or the laws or regulations of other governments.
Committed — Include amounts that can be used only for the specific purposes determined by a
formal action in the form of a resolution of the Board, the County's highest level of decision-
making authority. Commitments may be changed or lifted only by the Board taking the same
formal action that imposed the constraint originally.
Assigned—Include amounts intended by the Board to be used for specific purposes determined by
a formal action in the form of a resolution but are neither restricted nor committed. The Board's
policy authorizes the County Administrator to assign fund balance based on intentions for use of
fund balance communicated by the Board.
Unassigned — The residual classification of the General Fund. Only the General Fund reports a
positive unassigned fund balance. Other governmental funds might report a negative balance in
this classification, as the result of overspending for specific purposes for which amounts had been
restricted, committed, or assigned. Unassigned fund balance does not necessarily represent the
amount of fund balance that can be appropriated.
The Board has the responsibility of responding to emergency disaster and has committed $10 million in
the General Fund's disaster reserve funds to ensure adequate cash flow is available in post-disaster
situations.
The Board has defined unrestricted General Fund balance as the amount of fund balance that the Board
has placed constraints on its use (committed or assigned fund balance) plus the fund balance that does
not have any specific purpose identified for the use of those net resources (unassigned fund balance).
D-11
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2019
NOTE 1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
The Board's policy on unrestricted general fund balance is to achieve and maintain an unrestricted
General Fund balance equal to four months of budgeted expenditures. The Board considers a balance of
less than four months to be a cause for concern, barring unusual or deliberate circumstances, and a
balance of more than six months as excessive. Since this is a plan for accumulating resources rather than
a limitation on how existing resources can be spent, the fund balance policy does not affect the
classification of fund balance and is included in the unrestricted fund balance.
The Board spends restricted amounts first, when both restricted and unrestricted fund balance is
available, unless prohibited by legal documents, grant agreements or contracts. Additionally, the Board
uses committed fund balance, followed by assigned fund balance and then unassigned fund balance
when expenditures are incurred for purposes for which amounts in any of the unrestricted fund balance
classifications could be used.
Fund Deficits:
The Board reported one fund with a deficit at September 30, 2019: ($3,309,828) in the Governmental
Grants Fund. On September 10, 2017, Monroe County experienced a damaging hurricane. The
hurricane's recovery efforts resulted in the reported fund deficit because the Board did not receive
reimbursement for the County's clean-up of the canals from the National Resources Conservation
Service of the United States Department of Agriculture.
Net Position:
Net position in the proprietary fund financial statements is classified as net investment in capital assets,
restricted, and unrestricted. Restricted net position of$8,521,859 indicates constraints on resources that
are either externally imposed by creditors, grantors, contributors, or laws or regulations of other
governments or imposed by law through state statute.
New Accounting Pronouncement:
Effective October 1, 2018, the Board adopted the provisions of GASB Statement No. 88, Certain
Disclosures Related to Debt, including Direct Borrowings and Direct Placements. The primary
objective of this statement is to improve the information that is disclosed in the notes relating to debt,
including direct borrowings and direct placements. This statement requires additional essential
information related to debt be disclosed to the notes of the financial statements, including unused lines
of credit; assets pledged as collateral for the debt; and terms specified in debt agreements related to
significant events of default with finance-related consequences and significant subjective acceleration
clauses.
D-12
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2019
NOTE 2 —CASH, CASH EQUIVALENTS,AND INVESTMENTS
The Board maintains a cash and investment pool available for use by all funds except those whose cash
and investments must be segregated due to bond covenants or other legal restrictions.
As of September 30, 2019, the carrying value of the Board's deposits and investments, with their
respective credit ratings, are as follows:
Valuation 6 Months
Credit Measurement Fair Less fl— to 1 to 5 Over{
lntiestntentType Rating 'Method value 6Months 1 Year fears Ye-,Ws
Deruand and Time Deposits `v A NA S St1.216,ry36 S 5 J,216,336 S S -
FL CLASS lnve5 nne 5 AAAzn Amertued Cost 30,4-16,640
FL PALM&FL PALM Tenn fooled AAA Amortized Cost 32,35 i 122 32 357,1-1
Asset�Backed Security(ABS) AAA-N'R Fair Value-Level 2 15,262,923 15,601,5533 2,661,370
Corporate Note A to 13S13- Fair value Level 2 ' 0109,555 7,009,555 _
Federal Agency AA- Fair value-Level 2 16,961 539 4,=497,291 12,464,548 - -
Federal Agency CollateTAzed"Mortgage obligation(CMG) A - Fair value.Level 2 6,594„199 a,633,748 L260 451
Federal Agency Mortgage Slacked Security(l~BS) AA- Fair Ve,ue Level 2 l 919 225 - - 12 919,225
U.S.Treasury AA- Fait value�Level 93,701,340 55,298,,052 12,007,736 23,395,552
TotalFairValue S GS749„152 5175,795„441 S 24,-4 y,244 551,6�4D,�14'8 SI6,841,049
The Board categorizes its fair value measurements within the fair value hierarchy established by GAAP.
The hierarchy is based on the valuation inputs used to measure the fair value of the asset. Level 1
securities are valued using direct observable unadjusted quoted prices in active markets for identical
assets. Level 2 securities are valued using observable inputs other than quoted market prices in active
markets.
There are no restrictions or limitations on withdrawals; however, FLCLASS may, on the occurrence of
an event that has a material impact on liquidity or operations, impose restrictions on withdrawals for up
to 48 hours.
Credit Risk and Concentration of Credit Risk — The Board approved and adopted a new Investment
Policy ("Policy") in January 2019. The Policy outlines permitted investments, and establishes
limitations on portfolio composition, by both investment type and by issuer, in order to control
concentration of credit risk. The following table identifies the investment requirements and allocation
limits on security types, issuers, and maturities as established by the County.
Under the Policy, the Clerk has the option to further restrict investment percentages from time to time
based on market conditions, risk, and diversification strategies. The percentage allocation requirements
for investment types and issuers are calculated based on the original cost at the time of purchase of each
investment.
D-13
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2019
NOTE 2 —CASH, CASH EQUIVALENTS,AND INVESTMENTS (continued)
Portfolio Per Issuer
Investment Maximum Maximum Minimum Ratings Maximum
Type (%) (%) Requirement' Maturity
U.S.Treasury 100% 5.50 Years
GNMA 100% 40% N/A (5.50 Years
Other U.S. Government avg. life'
Guaranteed(e.g.AID,GTC 10% for GNMA)
Federal Agency/GSE:
FNMA,FHLMC, 40o3
FHLB,FFCBs 75% N/A 5.50 Years
Federal Agency/GSE o
other than those above 10/o
Supranationals Highest ST or Highest LT Rating
where U.S.is a shareholder 25% 10% Categories 5.50 Years
and voting member (A-1/P-1,AAA/Aaa,or equivalent)
Highest ST or Three Highest
Corporates 50%2 5% LT Rating Categories 5.50 Years
(A-1/P-1,A-/A3 or equivalent)
Highest ST or Three Highest
Municipals 25% 5% LT Rating Categories 5.50 Years
SP-1/MIG 1,A-/A3,orequivalent)
Agency Mortgage-Backed 25% 40%' N/A 5.50 Years
Securities(MBS) Avg.Life'
Asset-Backed Securities 25% 5% Highest ST or LT Rating 5.50 Years
(ABS) (A-1+/P-1,AAA/Aaa,or equivalent) Avg.Life'
Non-Negotiable o None,if fully
Collateralized Bank Deposits 50/o collateralized None,if fully collateralized. 2 Years
or Savings Accounts
Commercial Paper(CP) 50%1 5% Highest ST Rating Category 270 Days
(A-1/P-1,or equivalent)
Bankers' Acceptances(BAs) 10%, 5% Highest ST Rating Category 180 Days
(A-1/P-1,or equivalent)
Counterparty(or if the counterparty is
not rated by an NRSRO,then the
Repurchase Agreements o o counterparty's parent)must be rated in
(Repo or RP) 40/0 20/o the Highest ST Rating Category 1 Year
(A-1/P-1,or equivalent)
If the counterparty is a Federal
Reserve Bank,no rating is required
D-14
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2019
NOTE 2 —CASH, CASH EQUIVALENTS,AND INVESTMENTS (continued)
Portfolio Per Issuer
Investment Maximum Maximum Minimum Ratings Maximum
Type (%) (%) Requirement' Maturity
Money Market Funds o o Highest Fund Rating by all NRSROs
(MMFs) 50% 25/o who rate the fund N/A
(AAAm/Aaa-mf,or equivalent)
Highest Fund Quality and Volatility
Intergovernmental Pools 50% 25% Rating Categories by all NRSROs N/A
(LGIPs) who rate the LGIP,
(AAAm/AAAf, S1,or equivalent)
Florida Local Government Highest Fund Rating by all NRSROs
Surplus Funds Trust Funds 25% N/A who rate the fund N/A
("Florida Prime") (AAAm/Aaa-mf,or equivalent)
Notes:
i Rating by at least one SEC-registered Nationally Recognized Statistical Rating Organization(`NRSRO"),unless otherwise noted.
ST=Short-term;LT=Long-term.
Maximum allocation to all corporate and bank credit instruments is 50%combined.
3 Maximum exposure to any one Federal agency,including the combined holdings of Agency debt and Agency MBS,is 40%.
4 The maturity limit for MBS and ABS is based on the expected average life at time of settlement,measured using Bloomberg or other
industry standard methods.
5 Federal National Mortgage Association(FNMA);Federal Home Loan Mortgage Corporation(FHLMC);Federal Home Loan Bank or
its District banks(FHLB);Federal Farm Credit Bank(FFCB).
At September 30, 2019, the portion of the Board's investment portfolio invested in Federal
instrumentalities is detailed as follows:
Percent of
Investment
Issue Portfolio
Federal National Mortgage Association (FNMA) 5.48%
Federal Home Loan Mortgage Corporation (FHLMC) 2.28%
Federal Agency Mortgage-Backed Security (MBS) 5.91%
Federal Agency Collateralized Mortgage Obligations (CMO) 3.15%
Custodial Credit Risk — The Policy requires bank deposits to be secured as provided by Chapter 280,
Florida Statutes. This law requires local governments to deposit funds only in financial institutions
designated as qualified public depositories by the Chief Financial Officer of the State of Florida.
Demand and time deposits are fully insured by the Federal Deposit Insurance Corporation for the first
$250,000 at each institution 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 shortfalls if
a member institution fails.
D-15
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2019
NOTE 2 —CASH, CASH EQUIVALENTS,AND INVESTMENTS (continued)
The Policy requires execution of a third-parry custodial safekeeping agreement for all purchased
securities and requires that securities be held in the Board's name. As of September 30, 2019, all of the
Board's investments are held in a bank's trust department in the Board's name.
Interest Rate Risk — The Policy limits the investment of three months of operating expenditures to 24
months. The Policy limits the investment of noncurrent operating funds to 5.50 years.
Restricted Cash and Cash Equivalents — The Board has the following unrestricted and restricted cash
and cash equivalents at September 30, 2019:
Demand
Cash and Cash Equivalents Deposits
Governmental Activities
Governmental Funds $28,427,828
Internal Service Funds 11,797,287
Business-Type Activities 1,793,357
Total Unrestricted Cash and Cash Equivalents 42,018,472
Restricted Cash and Cash Equivalents
Business-Type Activities 8,197,864
Total Cash and Cash Equivalents $50,216,336
NOTE 3 —RESTRICTED ASSETS
Restricted assets in the Enterprise Funds include those assets created by resolutions adopted by the
Board for the airport passenger facility charges and customs service operations. Total restricted assets as
of September 30, 2019 are as follows:
Cash and Cash Accounts
Equivalents Receivable Total
Key West Airport Passenger Facility Charges $8,031,612 $ 323,995 $8,355,607
Marathon Airport Customs Service Operations 166,252 - 166,252
$8,197,864 $ 323,995 $8,521,859
D-16
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2019
NOTE 4 —ACCOUNTS RECEIVABLE
Accounts receivable, in the accompanying fund financial statements, are shown net of the allowance for
doubtful accounts. The accounts receivable and the allowance balances are as follows:
Allowance for
Accounts Uncollectible Accounts
Service Provided Receivable Accounts Receivable,Net
Governmental Activities:
General Fund Misc $ 16,992 $ 4,376 $ 12,616
Fine &Forfeiture Fund Air Amb Svc 24,702,870 22,383,352 2,319,518
Governmental Grants Misc 843 667 176
Nonmajor Funds:
Fire &Amb Dist 1 Fund Ground Amb Svc 2,111,445 1,968,933 142,512
Other Nonmajor Funds Misc 1,649 - 1,649
Internal Service Funds Misc 23,266 - 23,266
Total Governmental Activities 26,857,065 24,357,328 2,499,737
Business-Type Activities:
MSD-Waste Fund: Tipping Fees 107,590 11,280 96,310
Waste Assessments - - -
Solid Waste 340 - 340
Card Sound Bridge Misc 38,005 - 38,005
Key West Airport Rent, Misc 669,964 3,757 666,207
Marathon Airport Rent, Misc 36,765 - 36,765
Total Business-Type Activities 852,664 15,037 837,627
Total Accounts Receivable $ 27,709,729 $ 24,372,365 $ 3,337,364
The Board passed Resolutions 405-2018 and 407-2018 approving air and ground ambulance billing
write offs, respectively, of$952,129 and $408,806 for fiscal year 2019.
NOTE 5 —ASSESSMENTS RECEIVABLE
The County has been improving water quality by replacing cesspits and septic systems with a series of
central wastewater collection and treatment systems. The Board has funded these projects with state
grants and loans, local infrastructure sales surtax, and special assessments levied on the property owners.
The property owners have the option of paying their special assessments up front or on an installment
basis added to their real estate tax bills. Revenue is recognized on the modified accrual basis.
Any remaining assessment owed is recorded as a receivable with an offset to deferred inflows of
resources for those amounts that are not available.
D-17
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2019
NOTE 6—MORTGAGES RECEIVABLE
Mortgages receivable at September 30, 2019 consist of the following:
Major Governmental Funds —Governmental Grants Fund:
Second Mortgages Receivable from individuals, collateralized by personal
residences. Payment of principal deferred for 10 years from date of note.
Principal is amortized in equal monthly amounts starting in year 6 until 10 at
which time the loan is fully forgiven. In event of sale/transfer of property or
occupancy, the prorated principal balance is due in full within 30 days of
sale/transfer or cessation of primary residence. $ 449,079
Nonmajor Governmental Funds—Local Housing Assistance:
Second Mortgages Receivable from individuals, collateralized by personal
residences. Commencing in year 16 of the mortgage, principal and accrued
interest at 3% will be forgiven at the rate of 6.66% annually. The entire
principal balance and accrued interest will be forgiven at the end of year thirty.
If the residence is sold before the initiation of the forgiveness period, the full
amount of the mortgage and accrued interest is due at closing. 16,565
Second Mortgages Receivable from individuals, collateralized by personal
residences. Principal payments shall be deferred for the term of the first
mortgage loan, or until the date the last payment is due on the first mortgage.
Interest is not charged on the mortgages unless the mortgagor is in default, in
which case the interest rate is 12% per annum from the date when payment of
the second is due. The entire balance of the loan is intended to be forgiven.
However, in the event the home is sold, transferred, rented, refinanced or the
first mortgage loan is satisfied,the entire mortgage balance is due. 7,800,591
Second Mortgages Receivable from individuals, collateralized by personal
residences. The entire balance of the mortgages will be forgiven upon maturity,
provided that the mortgagor complies with the mortgage covenants. The
mortgages are interest free. 487,848
Second Mortgages Receivable from individuals, collateralized by personal
residences. The entire balance of the mortgages will be forgiven over ten,
fifteen or twenty years,provided that the mortgagor complies with the mortgage
covenants. The mortgages are interest free. 846
Florida Homebuyer Opportunity Tax Credit, Second Mortgages Receivable
from individuals, collateralized by personal residences. Interest is 6% per
annum, except if paid in full within first 18 months of repayment period then
interest rate shall be 0% from the date when the first payment is due. 16,000
D-18
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2019
NOTE 6—MORTGAGES RECEIVABLE (continued)
Second Mortgages Receivable from individuals, collateralized by personal
residences. The entire balance of the mortgages will be forgiven upon maturity,
provided that the mortgagor complies with the mortgage covenants. The
mortgages are interest free. 425,500
Disaster Mitigation Loans that will be deferred for a period of ten years with a
0% interest rate. The entire balance of the mortgages will be forgiven at a rate
of 20% per year upon maturity, provided that the mortgagor complies with the
mortgage covenants. The mortgages are interest free. 210,321
Total Nonmajor Governmental Funds-Local Housing Assistance 8,957,671
Total Mortgages Receivable $9,406,750
The mortgages receivable associated with the governmental grants are offset by an allowance for
uncollectible accounts of $449,079. As the mortgages receivable associated with the Local Housing
Assistance fund are intended to ultimately be forgiven, an allowance for uncollectible accounts of
$8,957,671 has been established.
NOTE 7—CAPITAL ASSETS
Amounts associated with the Board's governmental activities' capital assets, related accumulated
depreciation and depreciation expense are reported on the government-wide financial statements of the
County, rather than on the financial statements of the Board. Amounts associated with the Board's
business-type activities' and internal service funds' capital assets, related accumulated depreciation and
depreciation expense are reported on the proprietary fund financial statements of the Board.
Internal service fund capital asset information is included in the governmental activities on the
government-wide financial statements because the internal service funds predominately serve those
activities.
On September 10, 2017, Monroe County sustained catastrophic damage county-wide due to a direct hit
from Hurricane Irma. As a result, a number of the Board's assets sustained storm-related damage.
Throughout FY 2018, repairs and replacements were being made to damaged assets in accordance with
guidelines established by the Federal Emergency Management Agency ("FEMA"). Most repairs and
replacements will be financed with reimbursements from FEMA or insurance recoveries.
D-19
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2019
NOTE 7—CAPITAL ASSETS (continued)
Capital asset activity for the year ended September 30, 2019 is shown in the following table:
Beginning Ending
Balance Additions Reductions Balance
Governmental Activities:
Capital assets not depreciated:
Land $ 77,298,661 $ 4,450,155 $ - $ 81,748,816
Construction in progress 34,145,711 46,611,522 (26,673,350) 54,083,883
Total capital assets not depreciated 111,444,372 51,061,677 (26,673,350) 135,832,699
Capital assets depreciated:
Buildings 164,707,880 3,094,520 - 167,802,400
Equipment 35,044,480 3,481,871 (3,301,924) 35,224,427
Infrastructure 330,229,013 22,704,024 - 352,933,037
Capacity rights 3,150,000 - - 3,150,000
Total assets depreciated 533,131,373 29,280,415 (3,301,924) 559,109,864
Less accumulated depreciation for:
Buildings (68,150,390) (3,400,290) - (71,550,680)
Equipment (25,074,995) (2,626,018) 3,241,064 (24,460,285)
Infrastructure (48,715,973) (7,482,882) - (56,198,855)
Capacity rights (445,452) (31,818) - (477,270)
Total accumulated depreciation (142,386,810) $ (13,541,344) $ 3,241,064 (152,687,090)
Total capital assets depreciated,net 390,744,563 406,422,774
Governmental funds,capital assets,net $502,188,935 $ 542,255,473
Business-Type Activities:
Capital assets not depreciated:
Land $ 5,647,606 $ - $ - $ 5,647,606
Construction in progress 14,807,859 5,232,972 (17,682,855) 2,357,976
Total capital assets not depreciated 20,455,465 5,232,972 (17,682,855) 8,005,582
Capital assets depreciated:
Land improvements 212,925 - - 212,925
Buildings 62,299,393 3,307,631 - 65,607,024
Equipment 5,923,808 487,582 (441,882) 5,969,508
Infrastructure 69,989,119 12,894,672 (305,216) 82,578,575
Total assets depreciated 138,425,245 16,689,885 (747,098) 154,368,032
Less accumulated depreciation for:
Land Improvements (212,925) - - (212,925)
Buildings (18,317,782) (1,614,903) - (19,932,685)
Equipment (3,773,166) (467,391) 405,936 (3,834,620)
Infrastructure (26,895,455) (1,627,850) - (28,523,305)
Total accumulated depreciation (49,199,328) $ (3,710,144) $ 405,936 (52,503,536)
Total capital assets depreciated,net 89,225,917 101,864,496
Business-type activities,capital assets,net $ 109,681,382 $ 109,870,078
D-20
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2019
NOTE 7—CAPITAL ASSETS (continued)
Depreciation was charged to functions/programs on the government-wide statement of activities of the
County as follows:
Governmental Activities: Business-Type Activities:
General Government $ 2,148,587 Municipal Service District-Waste $ 135,902
Public Safety 2,396,658 Card Sound Bridge 391,033
Physical Environment 5,186,165 Key West Airport 2,428,693
Transportation 1,930,535 Marathon Airport 754,516
Economic Environment 26,442
Human Services 259,228 Total Business-Type Activities $3,710,144
Culture and Recreation 937,069
Court-Related 656,660
Total Governmental Activities $13,541,344
NOTE 8 —POST EMPLOYMENT BENEFITS OTHER THAN PENSION
General Information about the Other Post-Employment Benefits:
Plan Description — The Board administers a single-employer defined benefits healthcare plan (the
"Plan"). Section 112.0801, Florida Statutes, 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. No assets are accumulated in a trust that meets the criteria as set forth
in GASB Statement No. 75.
The Board 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 Board approves the rates for the coming calendar year for the retiree and
County contributions.
The Plan includes participants from the Board and each Constitutional Officer. The Board is responsible
for funding all obligations not funded on a pay-as-you-go basis by Constitutional Officers. However, the
following disclosures are based on the Board's enterprise and internal service funds' share of the net
Other Post-Employment Benefits ("OPEB") obligation.
D-21
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2019
NOTE 8 —POST EMPLOYMENT BENEFITS OTHER THAN PENSION (continued)
Benefits Provided — Employees who retire as active participants 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 Board. Employees who retire as active participants 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") but are not eligible for Medicare, may maintain group
insurance benefits with the County following retirement, provided that the retiring employee contributes
the amounts as shown in the following table.
Contribution as Percentage of Annual Actuarial Rate(')
Plan Years of Service with Monroe Count
Year 25+ 20-24 10-19
2018 HIS(2) 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 is 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 retiree's 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.
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 the 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.
D-22
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2019
NOTE 8 —POST EMPLOYMENT BENEFITS OTHER THAN PENSION (continued)
Employees Covered by Benefit Terms — Eligibility for post-employment participation in the Plan is
limited to full-time employees of the County and the Constitutional Officers. At September 30, 2019,
there were no terminated employees entitled to deferred benefits. The membership of the Board's
medical plan consisted of:
Active Employees 533
Retirees and Beneficiaries Currently Receiving Benefits 422
Total Membership 955
Contributions —The Board establishes, and may amend, the contribution requirements of Plan members.
The required contribution is based on pay-as-you-go financing requirements, net of member
contributions.
Total OPEB Liability:
The Board's enterprise and internal service funds total OPEB liabilities of $1,905,000 was measured as
of September 30, 2019, and was determined by an actuarial evaluation as of December 19, 2019.
Actuarial Methods and Assumptions — The valuation dated December 19, 2019, was prepared using
generally accepted actuarial principles and practices, and relied on unaudited census data and medical
claims data reported by the Board.
The total OPEB liability for the Board's enterprise and internal service funds in the September 30, 2019
actuarial valuation was determined using the following actuarial assumptions and other inputs, applied
to all periods included in the measurement, unless otherwise specified:
Actuarial Cost Method Entry Age Normal based on level of percentage of
projected salary.
Inflation Rate 3.0%per annum
Salary Increase Rate 3.5%per annum
Discount Rate 4.18%per annum (Beginning of Year)
2.66%per annum (End of Year)
Source: Bond Buyer 20-Bond GO index
Medical Consumer Price Index Trend 3.0%per annum
Marriage Rate The assumed number of eligible dependents was
based on the current proportions of single and
family contracts in the census provided by the
Board.
D-23
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2019
NOTE 8 —POST EMPLOYMENT BENEFITS OTHER THAN PENSION (continued)
Spouse Age Spouse dates of birth were provided by the
County. Where this information was missing, male
spouses were assumed to be three years older than
female spouses.
Medicare Eligibility All current and future retirees were assumed to be
eligible for Medicare at a¢e 65.
Amortization Method Experience/Assumptions gains and losses were
amortized over a closed period of 11.0 years
starting on October 1, 2018, equal to the average
remaining service of active and inactive plan
members (who have no future service).
The actuarial assumptions include an annual health care cost trend rate of 6.5% initially, reduced by
decrements of 0.5% to an ultimate rate of 4.5%. The assumptions included a discount rate tied to the
return expected on the funds used to pay the benefits, and assumes for an unfunded plan, that the
benefits continue to be funded on a pay-as-you-go basis.
Mortality rates were based on the RP-2014 generational table projected back to 2006 and projected
forward using the scale MP-17 and applied on a gender-specific basis.
Changes in the Total OPEB Liability For the Board's Enterprise and Internal Service Funds:
Total OPEB
Liability
Balance at the beginning of the year $ 1,659,000
Changes for the year:
Service cost 57,866
Interest cost 69,520
Changes of benefit terms on January 1, 2019 -
Changes in assumptions or other inputs 252,450
Benefit payments (133,836)
Net change in total OPEB liability 246,000
Balance at the end of the year $ 1,905,000
Effective January 1, 2018, the Board implemented cost-saving benefit changes for the Plan. The changes
included using premium rates that were calculated based on expected retiree costs for Medicare retirees
and lower premium subsidies for eligible retirees. The impact of these changes is reflected in the total
OPEB expense.
D-24
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2019
NOTE 8 —POST EMPLOYMENT BENEFITS OTHER THAN PENSION (continued)
Changes of assumptions included updating the mortality to be a generational table with updated
projection scales released by the Society of Actuaries, an interest rate using 20-year bond rates and a
change in Actuarial Cost methodology to the Entry Age Normal. The assumptions of changes, other
than the change in the discount rate, are not reflected in the above schedule of changes in the total
OPEB liability because they were reflected as a liability in the prior year.
Sensitivity of the Total OPEB Liability to Changes in the Discount Rate — The following presents
the total OPEB liability of the Board's enterprise and internal service funds, as well as what the total
OPEB liability for the Board's enterprise and internal service funds would be if it were calculated
using a discount rate that is 1-percentage-point lower (1.66%) or 1-percentage-point higher (3.66%)
than the current discount rate:
Current Discount
1% Decrease Rate 1% Increase
(1.66%) (2,.66%) (3.66%)
Total OPEB Liability $1,740,893 $1,905,000 $2,097,354
Sensitivity of the Total OPEB Liability to Changes in the Healthcare Cost Trend Rates — The following
presents the total OPEB liability of the Board's enterprise and internal service funds, as well as what the
total OPEB liability would be for the Board's enterprise and internal service funds if it were calculated
using a healthcare cost trend rates that are 1-percentage-point lower (5.5% decreasing to 3.5%) or 1-
percentage-point higher(7.5% decreasing to 5.5%)than the current healthcare cost trend rates:
Healthcare Cost Trend Rates
1% Decrease Current Trend 1% Increase
(5.5%decreasing to (6.5%decreasing to (7.5%decreasing to
3.5%) 4.5%) 5.5%)
Total OPEB Liability $1,843,432 $1,905,000 $1,977,381
OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to
OPEB
For the year ended September 30, 2019, the Board's enterprise and internal service funds recognized a
negative OPEB expense of$124,242. At September 30, 2019,the Board's enterprise and internal service
funds reported deferred outflows of resources and deferred inflows of resources related to the OPEB
from the following sources:
D-25
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2019
NOTE 8 —POST EMPLOYMENT BENEFITS OTHER THAN PENSION (continued)
Deferred Deferred
Outflows of Inflows of
Resources Resources
Changes of Assumptions or Other Inputs $ 205,928 $ (117,227)
The amounts the Board's enterprise and internal service funds reported as deferred outflows of resources
and deferred inflows of resources related to OPEB will be recognized in OPEB expense as follows:
OPEB
For Fiscal Year: Amount
2020 $ 1,041
2021 1,041
2022 1,041
2023 1,041
2024 1,041
Thereafter 83,496
Total $ 88,701
NOTE 9 —FLORIDA RETIREMENT SYSTEM RETIREMENT PLANS
General Information:
The Board's employees participate in FRS. 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
("Pension Plan") and the Retiree Health Insurance Subsidy ("HIS Plan"). Under Section 121.4501,
Florida Statutes, the FRS also provides a defined contribution plan ("Investment Plan") alternative to the
FRS Pension Plan, which is administered by the State Board of Administration ("SBA"). 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 State
Legislature.
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, or from the Web site:
wwwAms. blications.
D-26
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2019
NOTE 9 —FLORIDA RETIREMENT SYSTEM RETIREMENT PLANS (continued)
Pension Plan:
Plan Description — The Pension Plan is a cost-sharing multiple-employer defined benefit pension plan,
with a Deferred Retirement Option Program ("DROP") for eligible employees.
Benefits Provided — 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.
Special Risk Administrative Support class members who retire at or after age 55 with at least six years
of credited service or 25 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. Special Risk class members (sworn law enforcement officers,
firefighters, and correctional officers) who retire at or after age 55 with at least six years of credited
service, or with 25 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.
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% (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.
For Plan members enrolled on or after July 1, 2011, the vesting requirement is extended to eight years of
credited service for all these members and increasing normal retirement to age 65 or 33 years of service
regardless of age for Regular, Senior Management Service, and Elected Officers' class members, and to
age 60 or 30 years of service regardless of age for Special Risk and Special Risk Administrative Support
class members. Also, the final average compensation for all these members will be based on the eight
highest years of salary.
D-27
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2019
NOTE 9 —FLORIDA RETIREMENT SYSTEM RETIREMENT PLANS (continued)
As provided in Section 121.101, Florida Statutes, if the member is initially enrolled in the Pension
Plan before July 1, 2011, and all service credit was accrued before July 1, 2011, the annual cost-
of-living adjustment is 3% per year. If the member is initially enrolled before July 1, 2011, and has
service credit on or after July 1, 2011, there is an individually calculated cost-of-living adjustment.
The annual cost-of-living adjustment is a proportion of 3% determined by dividing the sum of the
pre-July 2011 service credit by the total service credit at retirement multiplied by 3%. Plan members
initially enrolled on or after July 1, 2011, will not have a cost-of-living adjustment after retirement.
In addition to the above benefits, the DROP 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.
Contributions —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 established by the Florida Legislature. These rates are updated as of July 1 of each year. The
employer contribution rates by job class for the periods from October 1, 2018 through June 30, 2019 and
from July 1, 2019 through September 30, 2019, respectively, were as follows: Regular8.26% and
8.47%; Special Risk Administrative Support 34.87% and 38.59%; Special Risk24.50% and 25.48%;
Senior Management Service24.06% and 25.41%; Elected Officers' 48.70% and 48.82%; and DROP
participants14.03% and 14.60%. These employer contribution rates include 1.66% and 1.66% HIS
Plan subsidy for the periods October 1, 2018 through June 30, 2019 and from July 1, 2019 through
September 30, 2019, respectively.
The Board's contributions, including employee contributions, to the Pension Plan for its business-type
activities totaled $324,464 for the fiscal year ended September 30, 2019.
Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of
Resources Related to Pensions — The Board's governmental funds, which use the current resources
measurement basis of accounting, generally recognize pension expense as amounts are paid. Pension
liabilities are recognized at the fund level only to the extent expected to be liquidated with expendable
available financial resources. Amounts associated with long-term pension liabilities and related deferred
outflows of resources and deferred inflows of resources are reported on the government-wide financial
statements of the County, rather than the financial statements of the Board.
D-28
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2019
NOTE 9 —FLORIDA RETIREMENT SYSTEM RETIREMENT PLANS (continued)
The Board's enterprise and internal service funds recognize pension liabilities, pension expense and
deferred outflows of resources and deferred inflows of resources related to pensions on the accrual basis
of accounting. At September 30, 2019, the Board's enterprise and internal service funds reported a
liability of $5,528,265 for their proportionate share of the Pension Plan's net pension liability. The net
pension liability was measured as of June 30, 2019, and the total pension liability used to calculate the
net pension liability was determined by an actuarial valuation as of July 1, 2019. The Board's
proportionate share of the net pension liability was based on the Board's FY 2019 contributions relative
to the FY 2019 contributions of all participating members. At June 30, 2019, the Board's proportionate
share for all funds was 0.1224%, which was a decrease of 0.0066% from its proportionate share
measured as of June 30, 2018. Approximately 13.12% of the Board's proportionate share of the net
pension liability was allocated to the enterprise and internal service funds of the Board based on their
proportionate share of the Board's Pension Plan contributions.
For the fiscal year ended September 30, 2019, the Board's enterprise and internal service funds
recognized pension expense of $1,282,160. In addition, these activities reported deferred outflows of
resources and deferred inflows of resources related to pensions from the following sources:
FRS Pension
Deferred Deferred
Outflows of Inflows of
Resources Resources
Differences Between Expected and Actual Experience $ 296,348 $ 3,102
Changes of Assumptions 1,283,286 -
Net Difference Between Projected and Actual
Earnings on Pension Plan Investments - 276,426
Changes in Proportion and Differences Between
Pension Plan Contributions and Proportionate Share
of Contributions 326,017 144,366
Pension Plan Contributions Subsequent to
the Measurement Date 127,597 -
Total $ 2,033,248 $ 423,894
The Pension Plan's deferred outflows of resources related to the Board's enterprise and internal service
funds contributions to the Pension Plan subsequent to the measurement date, totaling $127,597, will be
recognized as a reduction of the net pension liability in the fiscal year ended September 30, 2020. Other
amounts reported as deferred outflows of resources and deferred inflows of resources related to the
Pension Plan will be recognized in pension expense of the enterprise and internal service funds as
follows:
D-29
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2019
NOTE 9 —FLORIDA RETIREMENT SYSTEM RETIREMENT PLANS (continued)
FRS
For Fiscal Year: Amount
2020 $ 537,373
2021 162,109
2022 391,671
2023 295,462
2024 76,198
Thereafter 18,944
Total $ 1,481,757
Actuarial Assumptions — The total pension liability in the June 30, 2019 actuarial valuation was
determined using the following actuarial assumptions, applied to all periods included in the
measurement:
Inflation 2.60%
Salary increases 3.25%, average, including inflation
Investment rate of return 7.20%, net of pension plan investment
expense, including inflation
Mortality rates were based on the PUB2010 base table varies by member category and sex, projected
generationally with Scale MP-2018 details in the valuation report.
The actuarial assumptions used in the July 1, 2018, valuation were based on the results of an actuarial
experience study for the period July 1, 2013 through June 30, 2018.
The long-term expected rate of return decreased from 7.00% to 6.90%, and the active member mortality
assumption was updated.
The long-term expected rate of return on Pension Plan investments was not based on historical returns,
but instead is based on a forward-looking capital market economic model. The allocation policy's
description of each asset class was used to map the target allocation to the asset classes shown below.
Each asset class assumption is based on a consistent set of underlying assumptions and includes an
adjustment for the inflation assumption. The target allocation and best estimates of arithmetic and
geometric real rates of return for each major asset class are summarized in the following table:
D-30
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2019
NOTE 9 —FLORIDA RETIREMENT SYSTEM RETIREMENT PLANS (continued)
Compound
Annual Annual
Target Arithmetic (Geometric) Standard
Asset Class Allocation Return Return Deviation
Cash 1.0% 3.3% 3.3% 1.2%
Fixed Income 18.0% 4.1% 4.1% 3.5%
Global Equity 53.0% 8.0% 6.8% 16.5%
Real Estate (Property) 10.0% 6.7% 6.1% 11.7%
Private Equity 6.0% 11.2% 8.4% 25.8%
Strategic Investments 12.0% 5.9% 5.7% 6.7%
Total 100.0%
Discount Rate — The discount rate used to measure the total pension liability was 6.90%. The Pension
Plan's fiduciary net position was projected to be available to make all projected future benefit payments
of current active and inactive employees. Therefore, the discount rate for calculation of the total pension
liability is equal to the long-term expected rate of return.
Sensitivity of the Board's Proportionate Share of the Net Position Liability to Changes in the Discount
Rate —The following represents the Board's enterprise and internal service funds proportionate share of
the net pension liability calculated using the discount rate of 6.90%, as well as what the proportionate
share of the net pension liability would be if it were calculated using a discount rate that is one
percentage point lower(5.90%) or one percentage point higher(7.90%)than the current rate:
FRS Net Pension Liability
Current Discount
1% Decrease Rate 1% Increase
(5.90%) (6.90%) (7.90%)
Enterprise and Internal Service
Funds Proportionate Share
of the Net Pension Plan Liability $ 9,556,529 $ 5,528,265 $ 2,163,983
Pension Plan Fiduciary Net Position — Detailed information regarding the Pension Plan's fiduciary net
position is available in the separately issued FRS Pension Plan and Other State-Administered Systems
Comprehensive Annual Financial Report.
D-31
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2019
NOTE 9 —FLORIDA RETIREMENT SYSTEM RETIREMENT PLANS (continued)
HIS Plan:
Plan Description — The HIS Plan is a cost-sharing multiple-employer defined benefit pension plan
established under Section 112.363, Florida Statutes, and may be amended by the Florida legislature at
any time. The benefit is a monthly payment to assist retirees of state-administered retirement systems in
paying their health insurance costs and is administered by the Florida Department of Management
Services, Division of Retirement.
Benefits Provided — For the fiscal year ended September 30, 2019, eligible retirees and beneficiaries
received a monthly HIS payment of $5 for each year of creditable service completed at the time of
retirement, with a minimum HIS payment of$30 and a maximum HIS payment of $150 per month. To
be eligible to receive these benefits, a retiree under a state-administered retirement system must provide
proof of health insurance coverage, which may include Medicare.
Contributions — The HIS Plan is funded by required contributions from FRS participating employers as
set by the Florida Legislature. Employer contributions are a percentage of gross compensation for all
active FRS members. For the fiscal year ended September 30, 2019, the HIS contribution for the period
October 1, 2018 through June 30, 2019 and from July 1, 2019 through September 30, 2019 was 1.66%
and 1.66%, respectively. The Board contributed 100% of its statutorily required contributions for the
current and preceding three years. HIS Plan contributions are deposited in a separate trust fund from
which payments are authorized. HIS Plan benefits are not guaranteed and are subject to annual
legislative appropriation. In the event legislative appropriation or available funds fail to provide full
subsidy benefits to all participants, benefits may be reduced or cancelled.
The Board's contributions to the HIS Plan for its business-type activities totaled $56,076 for the fiscal
year ended September 30, 2019.
Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of
Resources Related to Pensions —The basis of accounting and financial reporting of the Board's HIS Plan
is identical to that of the Board's Pension Plan. At September 30, 2019, the Board's enterprise and
internal service funds reported a liability of$1,872,126 for their proportionate share of the Board's HIS
Plan's net pension liability. The net pension liability was measured as of June 30, 2019, and the total
pension liability used to calculate the net pension liability was determined by an actuarial valuation as of
July 1, 2019. The Board's proportionate share of the net pension liability was based on the Board's FY
2019 contributions relative to the FY 2019 contributions of all participating members. At June 30, 2019,
the Board's proportionate share of all funds was 0.11014%, which was a decrease of 0.0032% from its
proportionate share measured as of June 30, 2018. Approximately 15.19% of the Board's proportionate
share of the net pension liability was allocated to the enterprise and internal service funds of the Board
based on their proportionate share of the Board's HIS Plan contributions.
For the fiscal year ended September 30, 2019, the Board's enterprise and internal service funds
recognized pension expense of $171,459. In addition, these activities reported deferred outflows of
resources and deferred inflows of resources related to pensions from the following sources:
D-32
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2019
NOTE 9 —FLORIDA RETIREMENT SYSTEM RETIREMENT PLANS (continued)
HIS Pension
Deferred Deferred
Outflows of Inflows of
Resources Resources
Differences Between Expected and Actual Experience $ 20,322 $ 2,046
Changes of Assumptions 193,745 136,758
Net Difference Between Projected and Actual
Earnings on HIS Plan Investments 1,078 -
Changes in Proportion and Differences Between
HIS Plan Contributions and Proportionate Share
of Contributions 182,847 38,627
HIS Plan Contributions Subsequent to
the Measurement Date 22,925 -
Total $ 420,917 $ 177,431
The deferred outflows of resources related to the HIS Plan resulting from the Board's enterprise and
internal service funds contributions to the HIS Plan subsequent to the measurement date, totaling
$22,925, will be recognized as a reduction of the net pension liability in the fiscal year ended September
30, 2020. Other amounts reported as deferred outflows of resources and deferred inflows of resources
related to the HIS Plan will be recognized as pension expense in the enterprise and internal service funds
as follows:
HIS
For Fiscal Year: Amount
2020 $ 93,995
2021 75,226
2022 41,179
2023 (29,903)
2024 5,432
Thereafter 34,632
Total $ 220,561
Actuarial Assumptions — The total pension liability in the July 1, 2019, actuarial valuation was
determined using the following actuarial assumptions, applied to all periods included in the
measurement:
Inflation 2.60%
Salary increases 3.25%, average, including inflation
Municipal bond rate 3.50%
Mortality rates were based on the Generational RP-2000 with Projection Scale BB tables.
D-33
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2019
NOTE 9 —FLORIDA RETIREMENT SYSTEM RETIREMENT PLANS (continued)
The actuarial assumptions used in the July 1, 2019, valuation were based on the results of an actuarial
experience study for the period July 1, 2013 through June 30, 2018.
The municipal rate used to determine total pension liability decreased from 3.87%to 3.50%.
Discount Rate — The discount rate used to measure the total pension liability was 3.50%. In general, the
discount rate for calculating the total pension liability is equal to the single rate equivalent to discounting
at the long-term expected rate of return for benefit payments prior to the projected depletion date.
Because the HIS benefit is essentially funded on a pay-as-you-go basis, the depletion date is considered
to be immediate, and the single equivalent discount rate is equal to the municipal bond rate selected by
the HIS Plan sponsor. The Bond Buyer General Obligation 20-Bond Municipal Bond Index was adopted
as the applicable municipal bond index.
Sensitivity of the Board's Proportionate Share of the Net Position Liability to Changes in the Discount
Rate —The following represents the Board's enterprise and internal service funds proportionate share of
the net pension liability calculated using the discount rate of 3.50%, as well as what the proportionate
share of the net pension liability would be if it were calculated using a discount rate that is 1-percentage
point lower(2.50%) or 1-percentage point higher(4.50%)than the current rate:
HIS Net Pension Liability
Current Discount
1% Decrease Rate 1% Increase
(2.50%) (3.50%) (4.50%)
Enterprise and Internal Service
Funds Proportionate Share
of the Net HIS Plan Liability $ 2,137,130 $ 1,872,126 $ 1,651,411
Pension Plan Fiduciary Net Position — Detailed information regarding the HIS Plan's fiduciary net
position is available in the separately issued FRS Pension Plan and Other State-Administered Systems
Comprehensive Annual Financial Report.
Investment Plan:
The SBA administers the defined contribution plan officially titled the FRS Investment Plan. The
Investment Plan is reported in the SBA's annual financial statements and in the State of Florida
Comprehensive Annual Financial Report.
D-34
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2019
NOTE 9 —FLORIDA RETIREMENT SYSTEM RETIREMENT PLANS (continued)
As provided in Section 121.4501, Florida Statutes, eligible FRS members may elect to participate in the
Investment Plan in lieu of the FRS defined benefit plan. County employees participating in DROP
are not eligible to participate in the Investment Plan.Employer and employee contributions, including
amounts contributed to individual member's 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
Pension 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 Investment Plan, including the FRS Financial Guidance Program, are funded through
an employer contribution of 0.04% and 0.06% of payroll and by forfeited benefits of plan members
for the periods October 1, 2018 through June 30, 2019 and from July 1, 2019 through September 30,
2019, respectively. Allocations to the investment member's accounts during the F Y 2019, as
established by Section 121.72, Florida Statutes, are based on a percentage of gross compensation, by
class, as follows: Regular class 6.30%, Special Risk Administrative Support class 7.95%, Special Risk
class 14.00%, Senior Management Service class 7.67%, and County Elected Officers class 11.34%.
For all membership classes, employees are immediately vested in their own contributions and are
vested after one year of service for employer contributions and investment earnings. If an
accumulated benefit obligation for service credit originally earned under the Pension Plan is
transferred to the Investment Plan, the member must have the years of service required for Pension
Plan vesting (including the service credit represented by the transferred funds) to be vested for these
funds and the earnings on the funds. Non-vested employer contributions are placed in a suspense
account for tip to five years. If the employee returns to FRS-covered employment within the five-year
period, the employee will regain control over their account. If the employee does not return within the
five-year period, the employee will forfeit the accumulated account balance. For the fiscal year
ended September 30, 2019, the information for the amount of forfeitures was unavailable from the
SBA; however, management believes that these amounts, if any, would be immaterial to the Board.
After termination and applying to receive benefits, the member may rollover vested funds to
another qualified plan, structure a periodic payment under the Investment Plan, receive a limp sum
distribution, leave the funds invested for future distribution, or any combination of these options.
Disability coverage is provided; the member may either transfer the account balance to the Pension Plan
when approved for disability retirement to receive guaranteed lifetime monthly benefits under the
Pension Plan or remain in the Investment Plan and rely upon that account balance for retirement
income.
The Board's Investment Plan pension expense for its business-type activities totaled $65,997 for
the fiscal year ended September 30, 2019.
D-35
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2019
NOTE 10 — PENSION PLAN FOR VOLUNTEER FIREFIGHTERS AND EMERGENCY
MEDICAL SERVICES
General Information about the Pension Plan:
Plan Description —The Monroe County, Florida Volunteer Firefighter and Emergency Medical Services
Length of Service Award Plan ("LOSAP") is a single-employer public employee retirement system
defined benefit pension plan created in 1999 and administered by the Board. LOSAP provides
retirement and death benefits to plan members and beneficiaries. Monroe County Ordinance 026-1999
defines the authority under which contribution and benefit provisions may be amended. This authority is
presently held by the Board. LOSAP shall be administered in accordance with the requirements of
Chapter 112, Part VII, Florida Statutes. Amounts associated with the Board's LOSAP program are
reported on the government-wide financial statements of the County, rather than on the financial
statements of the Board.
Benefits Provided — Only Volunteer Firefighters and EMS Volunteers ("Volunteers") are eligible at the
sole discretion of the Plan Administrator. Any Volunteer who was age 60 or older on January 1, 1999
shall not be eligible to participate. In addition, any Volunteers who are age 60 or older at the time they
commence volunteer service, or who commence service at a time that will not permit them to earn ten
years of service by their Normal Retirement Age, shall not be eligible to participate in this Plan.
Volunteer Firefighters must attain the rank of Structural Firefighter, Non-Structural Firefighter, and or
Emergency Vehicle Driver-Operator prior to being credited with ten years of service. EMS Volunteers
must meet all requirements as defined by the State of Florida necessary to drive an emergency medical
care and transportation vehicle (ambulance) and/or attain certification as an Emergency Medical
Technician or Paramedic prior to being credited with ten years of service. Eligibility for vesting is
completion of ten years of service. LOSAP shall be administered in accordance with the requirements of
Chapter 112, Part VII, Florida Statutes.
For each year of Volunteer service, a participant will accrue a year of benefit accrual if the participant
was enrolled as a member of the nonprofit corporation or municipal service taxing unit(MSTU) and was
eligible for and received reimbursement of expenses for nine or more months of the year. Volunteers are
vested after completion of ten years of service prior to attainment of normal retirement age. Eligible
Volunteers can receive an annual benefit of$1,800 for ten years of service up to $4,500 for 25 years of
service.
Employees Covered by Benefit Terms — LOSAP had 31 participants, of which 5 are active, 13 are
inactive, and 13 are retired members for the plan year ended December 31, 2019 and the County's fiscal
year ending September 30, 2019. Separate, stand-alone financial statements for LOSAP are not
provided.
Contributions — Contributions and benefits are calculated based on years of service. As the participants
are unpaid volunteers, there is no related covered payroll and no UALL as a percentage of covered
payroll.
D-36
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2019
NOTE 10 — PENSION PLAN FOR VOLUNTEER FIREFIGHTERS AND EMERGENCY
MEDICAL SERVICES (continued)
For each LOSAP Plan Year, the Board shall appropriate funds from the budgets of the various
fire/rescue MSTU's. These funds will be applied as a contribution to the LOSAP trust account in an
amount as determined by the Plan Administrator as is necessary to fund the accrued or prospective
benefits for Participants on an actuarially sound basis and in accordance with Part VII of Chapter 112,
Florida Statutes. There are no participant contribution requirements. The authority under which those
obligations are established is the Monroe County Ordinance No. 026-1999.
Net Pension Liability:
The Board's net pension liability was measured as of January 1, 2019 and the total pension liability used
to calculate the net pension liability was determined by an actuarial valuation as of that date.
Actuarial Assumptions — The significant actuarial assumptions used to compute the pension benefit
obligation in the January 1, 2019 valuation for the period of January 1, 2018 through December 31, 2018
were:
1. Investment Yield: 1.0% for both present and future
2. Mortality Pattern: Not applicable
3. Salary Increases: Not applicable; Benefits not based on salary
4. Termination: Godwin's Table 1, V Select& Ultimate Table, with 50% termination probability for
YOS<1
5. Inflation: No increase as benefits are based on a flat amount per year of service
The projection of cash flows used to determine the discount rate assumed that plan member
contributions will be made at the applicable current contribution rates and that Board contribution will
be made at rates equal to the difference between actuarially determined contributions and member
contributions. Based on those assumptions, the fiduciary net position for the LOSAP pension plans was
projected to be available to make all projected future benefit payments of current plan members.
Therefore, the long-term expected rate of return on LOSAP's investments was applied to all periods of
projected benefit payments to determine the total pension liability for each plan.
Summary of Significant Accounting Policies — The financial statements of LOSAP are prepared using
the modified accrual basis of accounting. The contributions are recognized when they become
susceptible to accrual; when they become both measurable and available. Benefits are recognized in the
accounting period in which the related fund liability is incurred in accordance with the terms of LOSAP.
Administrative costs are paid by the Board. Actuarial valuation costs are paid by LOSAP. All plan
investments are reported at fair value.
The resources in the LOSAP fund have been set aside to pay future obligations of the LOSAP but are
not held in a trust that meets the criteria outlined in GASB Statement No. 67, paragraph 3 and GASB
Statement No. 68,paragraph 4.
D-37
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2019
NOTE 10 — PENSION PLAN FOR VOLUNTEER FIREFIGHTERS AND EMERGENCY
MEDICAL SERVICES (continued)
Investments — Investments are pooled with all Board investments and are held in accordance to the
investment policy included in Note 1. All plan investments consist of U.S. Government and U.S.
Government-guaranteed obligations which represent more than 5.0% of the net position available for
benefits. There are no investments in, loans to or leases with any public employee retirement system
official, government employer official, party related to a public employee retirement system official or
government employer official, nonemployee contributor, or organization included in the reporting entity.
Discount Rate — The discount rate used to measure the total pension liability was 1.00% (no change
from the prior measurement period). The projection of cash flows used to determine the discount rate
assumed that employee contributions will be made at the current contribution rate and that the Board's
contributions will be made at rates equal to the difference between actuarially determined contribution
rates and the employee rate. Based on those assumptions, the pension plan's net position was projected
to be available to make all projected future benefit payments of current active and inactive employees.
Therefore, the long-term expected rate of return on pension plan investments was applied to all periods
of projected benefit payments to determine the total pension liability.
Changes in Total LOSAP Pension Liability:
Total LOSAP
Pension Liability
Balance at January 1, 2018 $ 867,971
Changes for the year:
Service cost (6,170)
Interest cost 8,724
Differences Between Expected and Actual Experience (35,295)
Benefit payments (31,680)
Net change in total LOSAP pension liability (64,421)
Balance at December 31, 2018 $ 803,550
Sensitivity of the Net Pension Liability to Changes in the Discount Rate — The following table presents
the net pension liability of LOSAP, using the current discount rate, as well as what the Board's net
pension liability would be if it were calculated using a discount rate that is 1-percentage point lower or
1-percentage point higher than the current rate.
Current
1% Decrease Discount Rate 1% Increase
(0.00%) (1.00%) (2.00%)
Net LOSAP Pension Liability $ 819,400 $ 803,550 $ 689,695
D-38
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2019
NOTE 10 — PENSION PLAN FOR VOLUNTEER FIREFIGHTERS AND EMERGENCY
MEDICAL SERVICES (continued)
Pension Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related
to Pensions:
For the year ended September 30, 2019, the Board recognized pension expense of $31,680. At
September 30, 2019, the Board reported deferred outflows of resources and deferred inflows of
resources related to pensions from the following sources, which will be amortized in future periods on
substantially a straight-line basis:
Deferred Deferred
Outflows of Inflows of
Resources Resources
Net Difference Between Projected and Actual Earnings on
LOSAP Pension Plan Investments $ 591 $ -
NOTE 11 —CAPITAL AND OTHER SIGNIFICANT COMMITMENTS
Construction projects and significant commitments, excluding encumbrances reported below, under
present contractual agreements as of September 30, 2019 are as follows:
Plantation Key Courthouse & Detention Center $ 31,892,536
Marathon Library 6,319,663
Cudjoe Regional Wastewater 2,000,000
Cudjoe Fire Station 1,771,128
Pigeon Key Ramp 1,141,515
Stock Island Road and Drainage Projects 1,358,515
West Martello 660,414
Quarry Road Project 527,624
Key Largo Road and Drainage Projects 242,685
Other Projects (less than $100,000) 357,007
Total $ 46,271,087
The entire construction costs of the Cudjoe Regional Wastewater project are estimated at$208.5 million.
There is an interlocal agreement between the County and the Florida Keys Aqueduct Authority
("FKAA") for this project. The County obtained partial funding through grants, the issuance of revenue
notes backed by the pledge of the infrastructure sales surtax, State of Florida clean water revolving loan
and wastewater special assessments to provide funding to FKAA for the administration, planning, and
construction of wastewater projects.
D-39
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2019
NOTE 11 —CAPITAL AND OTHER SIGNIFICANT COMMITMENTS (continued)
Significant encumbrance commitments at September 30, 2019 are as follows:
Encumbrances
Governmental Activities:
General Fund $ 190,568
Fine & Forfeiture Fund 4,850
Road& Bridge Fund 1,473,869
Governmental Grants Fund 8,413,584
One Cent Infrastructure Surtax 448,131
Nonmajor Governmental Funds 206,895
Total Governmental Activities 10,737,897
Business-Type Activities:
Card Sound Bridge 128,474
Key West Airport 1,505,819
Marathon Airport 898,888
Total Business-Type Activities 2,533,181
Total Encumbrances $ 13,271,078
NOTE 12 —LEASE OBLIGATIONS
Rental expense under cancelable operating leases for the current year amounted to $1,413,961.
D-40
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2019
NOTE 13 —LONG-TERM DEBT
Long-term debt activity for the year ended September 30, 2019 is as follows:
Current Portion
Beginning Ending of Long-teen
Balances Additions Payments Balances Liabilities
Governmental Activities:
Revenue Bonds From Direct Borrowings $ 39,560,000 $ - $ 4,575,000 $ 34,985,000 $ 4,675,000
Revenue Notes From Direct Borrowings* 153,497,215 21,659,464 21,143,076 154,013,603 4,157,351
Mayfield Agreement(KLWTD) 15,250,000 - 2,125,000 13,125,000 2,125,000
Accrued Comp.Absences 3,980,621 2,903,774 2,724,374 4,160,021 832,005
OPEB Liability 21,470,638 8,024,766 4,886,404 24,609,000 -
Pension Liability-FRS 45,475,771 8,232,011 4,929,311 48,778,471
Pension Liability-LOSAP 867,971 8,724 73,145 803,550 -
Total Governmental Activities 280,102,216 40,828,739 40,456,310 280,474,645 11,789,356
Business-Type Activities:
Accrued Comp.Absences 461,389 296,395 272,674 485,110 97,023
Revenue Notes From Direct Borrowings 24,060,741 - 24,060,741 - -
OPEB Liability 1,116,000 338,148 165,148 1,289,000
Pension Liability 5,378,382 781,906 468,425 5,691,863
Total Business-Type Activities 31,016,512 1,416,449 24,966,988 7,465,973 97,023
Total Long-Term Debt $ 311,118,728 $ 42,245,188 $ 65,423,298 $ 287,940,618 $ 11,886,379
*Addniom niclixies capitalized hit—st
The Board has outstanding revenue bonds and revenue notes from direct borrowings related to
governmental activities totaling $188,998,603 at fiscal year-end. The Board has pledged non-ad valorem
tax revenue to repay these borrowings. The Board cannot be compelled to use its ad valorem taxing
power to repay the principal or interest of the revenue bonds or revenue notes and these obligations do
not create any liens on Board property.
Two of the Board's three Revenue Notes are direct borrowings from the State of Florida's Clean Water
State Revolving Fund Construction Loan Program for the Board's wastewater projects. In the event of a
default of either of these two notes, the Board has agreed to an accelerated repayment schedule or an
increased financing rate on the unpaid principal as determined by the State.
Amounts associated with the Board's governmental activities long-term liabilities are reported on the
government-wide financial statements of the County rather than on the financial statements of the
Board. Amounts associated with the Board's business-type activities and internal service funds long-
term liabilities are reported on the proprietary fund financial statements of the Board. Internal service
fund long-term debt information is included in the governmental activities on the government-wide
financial statements, because the internal service funds predominately serve those activities.
D-41
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2019
NOTE 13 —LONG-TERM DEBT (continued)
Governmental activities' compensated absences are liquidated by the funds to which the related
employee services relate.
The Group Insurance Internal Service Fund assesses a monthly premium per employee in each fund. The
monthly premiums paid by the various funds provide the resources necessary to liquidate the other
postemployment benefit obligations paid in the current year by the Group Insurance Internal Service
Fund.
The following summary reflects the Board's bonds and notes as of September 30, 2019:
Governmental Activities
Revenue Bonds From Direct Borrowings:
Infrastructure Sales Surtax Revenue Bonds, Series 2014 $ 19,970,000
Infrastructure Sales Surtax Refunding Bond, Series 2016 15,015,000
Total Revenue Bonds From Direct Borrowings 34,985,000
Revenue Notes From Direct Borrowings:
Clean Water State Revolving Fund Construction Loan Agreement 2010 6,195,533
Clean Water State Revolving Fund Construction Loan Agreement 2014 134,093,589
Tax Exempt Master Revenue Note, Series 2019 (Hurricane Irma Recovery) 13,724,481
Total Revenue Notes From Direct Borrowings 154,013,603
Mayfield Agreement—Key Largo Wastewater Treatment District 13,125,000
Total Government Debt $ 202,123,603
Debt Service Funding Requirements — The total annual debt service requirements for bonds and notes
outstanding at September 30, 2019 are as follows:
Governmental Activities
Principal Interest Total
2020 $ 10,957,351 $7,272,097 $ 18,229,448
2021 13,479,704 4,588,199 18,067,903
2022 13,766,863 4,306,963 18,073,826
2023 14,048,363 4,018,527 18,066,890
2024 14,344,324 3,722,949 18,067,273
2025-2029 60,115,205 13,885,001 74,000,206
2030-2034 37,601,611 7,763,867 45,365,478
2035-2039 37,810,182 2,552,308 40,362,490
Total Required Debt
Service $202,123,603 $48,109,911 $250,233,514
D-42
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2019
NOTE 13 —LONG-TERM DEBT (continued)
Long-term debt at September 30, 2019 is composed of the following issues:
$31,885,000 Florida Infrastructure Sales Surtax Improvement and Refunding Revenue Bonds, Series
2014
• Type: General Government Revenue Bonds
• Dated: October 2014
• Final maturity: Year 2024
• Principal payment date: April 1
• Interest payment dates: April 1 and October 1
• Interest rate: 2.36%
• Amount outstanding at September 30th: $19,970,000
• Reserve requirement: None; MBIA insured.
• Revenue pledged: All of the One Cent Local Government Infrastructure Sales Surtax accruing to
Monroe County. The total principal and interest remaining to be paid is $21,405,942. For the
fiscal year, principal and interest paid was $4,284,202 and total pledged revenue was
$24,267,427.
• Purpose: To construct and acquire equipment and capital improvements.
• Call provisions: None
$19,500,540 Clean Water State Revolving Fund Construction Loan Agreement
• Type: General Government Revenue Notes
• Dated: April 2010
• Final maturity: Year 2030
• Principal payment date: March 15 and September 15
• Interest payment dates: March 15 and September 15
• Interest rate: 2.71%
• Amount outstanding at September 30th: $6,195,533
• Reserve requirement: None
• Revenue pledged: Non-Ad Valorem Revenues in the General Fund, the Fine and Forfeiture Fund
and the Unincorporated Area Service District Funds. The total principal and interest remaining to
be paid is $7,160,351. For the fiscal year, principal and interest paid was $681,938 and total
pledged revenue was $25,476,313.
• Purpose: Refund temporary financing for wastewater capital improvements.
• Call provisions: None
D-43
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2019
NOTE 13 —LONG-TERM DEBT (continued)
Clean Water State Revolving Fund Construction Loan Agreement
• The State awarded a total of $127,200,000 (original award plus seven amendment awards) for
collection, transmission and treatment facilities under the State Revolving Fund loan program.
During the year ended September 30, 2019, loan draws of $5,434,652 were received and
accumulated interest of$719,094 capitalized. Principal of$2,864,521 and interest of$1,802,058
was paid.
• Interest rate: various interest rates (2.35% - 3.07%) as of September 30, 2019
• Final maturity: Year 2038
• Principal payment dates: June 15 and December 15
• Interest payment dates: June 15 and December 15
• Amount outstanding as of September 30th: $134,093,589
• Reserve requirement: None
• Revenue pledged: One Cent Local Government Infrastructure Sales Surtax and Cudjoe Regional
Wastewater special assessments. For the fiscal year, there were no principal and interest
payments made as the loan was still in the draw process and total pledged revenue was
$26,161,609.
• Purpose: Financing for wastewater capital improvements.
• Call provisions: None
$16,065,000 Infrastructure Sales Surtax Refunding Revenue Bond, Series 2016
• Type: General Government Refunding Revenue Bond
• Dated: September 2016
• Final maturity: Year 2026
• Principal payment date: April 1
• Interest payment dates: April 1 and October 1
• Interest rate: 1.69%
• Amount outstanding at September 30th: $15,015,000
• Reserve requirement: None; MBIA insured.
• Revenue pledged: All of the One Cent Local Government Infrastructure Sales Surtax accruing to
Monroe County. The total principal and interest remaining to be paid is $16,402,659. For the
fiscal year, principal and interest paid was $1,118,104 and total pledged revenue was
$24,267,427.
• Purpose: To construct and acquire equipment and capital improvements.
• Call provisions: None
D-44
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2019
NOTE 13 —LONG-TERM DEBT (continued)
$17,000,000 Mayfield Interlocal Agreement
• Type: Interlocal Agreement
• Dated: May 2015
• Final maturity: Year 2026
• Principal payment date: April 1
• Interest payment dates: April 1
• Interest rate: N/A
• Amount outstanding at September 30th: $13,125,000
• Reserve requirement: None
• Revenue pledged: One Cent Local Government Infrastructure Sales Surtax. The total principal
remaining to be paid is $13,125,000. For the fiscal year, principal paid was $2,125,000 total
pledged revenue was $24,267,427.
• Purpose: Capital improvements with respect to Cudjoe Regional Wastewater Project
• Call provisions: None
• See Note 14 for additional information related to this agreement.
Series 2019 Special Obligation Refunding Revenue Note
• Final maturity: Year 2027
• Principal payment date: April 1
• Interest payment dates: April 1 and October 1
• Interest rate: 80% of 1-Month LIBOR+ 0.86% (2.266% reported as of July 24, 2019)
• Amount outstanding at September 30th: $13,724,481
• Reserve requirement: None
• Revenue pledged: Non-Ad Valorem Revenues in the General Fund, the Fine and Forfeiture
Fund, the Unincorporated Area Service District Funds, and the One Cent Local Government
Infrastructure Sales Surtax. The total principal remaining to be paid is $13,724,481. For the fiscal
year, loan draws of $15,560,000 were received and principal paid was $1,835,519 and total
pledged revenue was $49,743,740.
• Purpose: Irma recovery and debris clean-up.
• Call provisions: None
NOTE 14 —INTERLOCAL AGREEMENT EXPENSE
Administered by the Florida Department of Environmental Protection ("FDEP"), the Mayfield Grant is
the result of the State of Florida authorizing up to $200 million in grant funding to assist the Keys'
wastewater entities to complete central sewer and related projects.
In May 2015, Monroe County and Key Largo Wastewater Treatment District ("KLWTD") entered into
an interlocal agreement ("ILA") whereby KLWTD "assigned" its Mayfield grant allocation funding to
Monroe County in exchange for the County repaying those funds over a 10-year period.
D-45
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2019
NOTE 14 —INTERLOCAL AGREEMENT EXPENSE (continued)
As a result of the signed ILA in 2015 between Monroe County and KLWTD, FDEP sent Monroe
County an amendment to the Mayfield Grant in FY 2014-15 to add the $17 million reallocated funds to
the grant agreement between FDEP and Monroe County. The amendment: (1) provided the County an
additional $17 million in Mayfield grant funding; (2) reallocated the project budget and; (3) extended
the date of the completion of the project.
Similarly, during the 2016 legislative session, the Florida Legislature appropriated $5 million for water
quality projects under the Florida Keys Stewardship Act. Of the $5 million, $1.25 million was awarded
to the KLWTD and they subsequently voted to have Monroe County use its 2016 allotment. In turn,
FDEP sent Monroe County an amendment to the Mayfield Grant in FY 2016-17 to add the $1.25 million
reallocated fund to the grant agreement between FDEP and Monroe County. Monroe County entered
into the grant agreement with FDEP in FY 2016-17 and received the $1.25 million in FY 2017-18.
The ILA created transactions with two separate parts 1) a grant between FDEP and Monroe County and
2) a long-term liability payable to KLWTD from Monroe County. For part one, Monroe County
recorded grant revenue, which was a reimbursement for capital expenditures already incurred in the
Cudjoe Regional Wastewater fund. For part two, the County recorded a long-term liability on the
government-wide financial statements, which represents funding the County is obligated to pay
KLWTD as a result of the ILA. The offset to this liability was an interlocal agreement expense which
represents the value of Monroe County's "right" to receive the Mayfield Grant revenue forfeited by
KLWTD.
NOTE 15 —INTERFUND BALANCES
The Board transferred cash of $6,034,310 at the end of FY 2019 to the Governmental Grants Fund for
funding hurricane recovery efforts that continue to be on-going throughout FY 2019 and into FY 2020.
In addition, the Board transferred $8,722,772 from the Risk Management Fund associated with
Hurricane Irma insurance recoveries to those funds that recorded losses associated with the hurricane.
Receivable Fund Payable Funds Amount
General Fund Government Grants Fund $ 4,000,000
Fine & Forfeiture Fund 2,034,310
6.034.310
Governmental Grants Fund Risk Management Fund $ 7,568,985
Marathon Airport 1,147,024
Solid Waste Fund 6,763
8.722.772
D-46
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2019
NOTE 16—INTERFUND TRANSFERS
Interfund transfers at September 30, 2019 are as follows:
Transfers to General Fund from:
One Cent Infrastructure Surtax Fund $ 533,877
Municipal Service District—Waste 235,202
Card Sound Bridge Fund 79,776
Marathon Airport 137,385
Key West Airport 477,280
Internal Service Funds 860,159
Nonmajor Governmental Funds 3,857,000
Total Transfers to General Fund 6,180,679
Transfers to Governmental Grant Fund from:
General Fund 285,445
Fine & Forfeiture Fund 4,909
One Cent Infrastructure Surtax Fund 351,233
Risk Management Fund 7,568,985
Nonmajor Governmental Funds 707,229
Total Transfers to Governmental Grant Fund 8,917,801
Transfers to Debt Service Fund from:
Governmental Grant Fund 5,302,095
One Cent Infrastructure Surtax Fund 6,527,956
Cudjoe Regional Wastewater Project Fund 4,666,579
Nonmajor Governmental Funds 682,000
Total Transfers to Debt Service Fund 17,178,630
Transfers to Nonmajor Governmental Funds from:
General Fund 265,618
Nonmajor Governmental Funds 44,929
Total Transfers to Nonmajor Governmental Funds 310,547
Transfers to Municipal Service District Waste Fund from:
Internal Service Funds 6,763
Total Transfers to Municipal Service District Waste Fund 6,763
Transfers to Marathon Airport Fund from:
Key West Airport Fund for Passenger Facility Charges 6,086
Internal Service Funds 1,337,024
Total Transfers to Marathon AirportFund 1,343,110
Total Interfund Transfers $ 33,937,530
D-47
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2019
NOTE 16—INTERFUND TRANSFERS (continued)
The One Cent Infrastructure Surtax Fund, a major fund, transferred $6,527,956 to the Debt Service Fund
to repay the Board's Infrastructure Sales Surtax Improvement Series 2014 Revenue Bond, the
Infrastructure Sales Surtax Series 2016 Revenue Bond, and the debt related to the Mayfield Interlocal
Agreement.
The Cudjoe Regional Wastewater Project transferred $4,666,579 to the Debt Service Fund to begin
repaying its long-term Clean Water State Revolving Fund Construction Loan. Similarly, the Big Coppitt
Wastewater Project transferred $682,000 to the Debt Service Fund for the repayment of debt related to
this project.
The Governmental Grants Fund transferred $5,302,095 to the Debt Service Fund to repay the Hurricane
Irma Line of Credit. The funds transferred were grant proceeds received during the fiscal year from the
FEMA related to Hurricane Irma.
Transfers to the Governmental Grants Fund of $1,348,816 represent funds needed to meet match
requirements including $351,233 from the One Cent Infrastructure Surtax Fund: $317,663 for
improvements to the Stock Island roads and $33,570 for repairing boat ramps. The Boating
Improvement Fund transferred $418,110 to the Governmental Grant Fund to meet match requirements
for vessel pump-out services while the Roads and Bridges Grant Fund transferred $265,084 to meet
match requirements for grants focusing on improvements to Key Largo's roadways.
The Fleet Management Fund transferred $190,000 to the Marathon Airport for supporting the building
of the car wash at the airport.
Passenger Facilities Charges ("PFC") receipts were transferred to the Marathon Airport from the Key
West Airport in the amount of$6,086 to fund approved projects by the Federal Aviation Administration
("FAA"). Among the FAA-approved projects were airfield security improvements, designs and bids for
noise mitigation solutions, an environmental assessment at the Marathon airport, improvements to
runways, lights, and fencing.
The Risk Management Fund transferred $7,568,985 to the Governmental Grants Fund, $1,147,024 to the
Marathon Airport Fund, and $6,763 to the Municipal Service District Waste Fund relating to insurance
recoveries received from Hurricane Irma to reasonably allocate these recoveries to those funds that
incurred hurricane-related losses.
The remaining transfers are related to supporting the County's operations.
D-48
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2019
NOTE 17—GOVERNMENTAL FUND BALANCE CLASSIFICATIONS
Fund Balances are presented in the following categories; non-spendable, restricted, committed, assigned
and unassigned (see Note 1 for a description of these categories). A detailed schedule of governmental
fund balances at September 30, 2019 is presented below:
One Cent Infrastructure
Fine& Governmental Infrastructure Revenue Bonds
General Forfeiture Grants Surtax Series 2014
Fund Balance:
Non-spendable:
Inventory $ 2,651 -
Total Non-spendable 2,651 - - - -
Restricted for:
Law Enforcement - 24,028,739 - - -
Fire&Ambulance - - - - -
Public Safety - - - - -
Physical Environment - - - - -
Transportation - - - - -
Housing Programs - - - - -
Tourist Development - - - - -
Human Services - - - - -
Libraries - - - - -
Library Donations - - - - -
Culture&Recreation - - - - -
Court Programs - - - - -
Comprehensive Planning - - - - -
Federal&State Grants - - - - -
Wastewater Projects - - - - -
Other Purposes - - - - -
Debt Service - - - - -
Capital Projects - - - 30,443,351 20,786,883
Total Restricted - 24,028,739 - 30,443,351 20,786,883
Committed to:
Disaster Recovery 10,000,000 - - - -
Physical Environment - - - - -
Sheriff Contract Administration - - - - -
Wastewater Projects - - - - -
Beach Re-nourishment - - - - -
Total Committed 10,000,000 - - - -
Assigned to:
Other Purposes 190,568 - - - -
Fire&Ambulance - - - - -
Subsequent Year Expenditures 9,532,225 - - - -
Total Assigned 9,722,793 - - - -
Unassigned 16,177,165 - (3,309,828) - -
Total Fund Balances $ 35,902,609 $ 24,028,739 $(3,309,828) $ 30,443,351 $ 20,786,883
D-49
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2019
NOTE 17—GOVERNMENTAL FUND BALANCE CLASSIFICATIONS (continued)
Cudjoe
Regional All Debt Nonmajor Total
Wastewater Service Governmental Governmental
Project Fund Funds Funds
Fund Balance:
Non-spendable:
Inventory $ - $ - $ - $ 2,651
Total Non-spendable - - - 2,651
Restricted for:
Law Enforcement - - 2,046,444 26,075,183
Fire&Ambulance - - 1,754,622 1,754,622
Public Safety - - 4,223,284 4,223,284
Physical Environment - - 3,679,023 3,679,023
Transportation - - 14,365,485 14,365,485
Housing Programs - - 2,788,378 2,788,378
Tourist Development - - 40,758,296 40,758,296
Human Services - - 62,294 62,294
Libraries - - 1,223,766 1,223,766
Library Donations - - 311,894 311,894
Culture&Recreation - - 1,445,322 1,445,322
Court Programs - - 6,492,087 6,492,087
Comprehensive Planning - - 4,786,242 4,786,242
Wastewater Projects 15,346,974 - 1,999,575 17,346,549
Other Purposes - - 567,666 567,666
Debt Service - 912,545 - 912,545
Capital Projects - - 2,102,415 53,332,649
Total Restricted 15,346,974 912,545 88,606,793 180,125,285
Committed to:
Disaster Recovery - - - 10,000,000
Physical Environment - - 3,811,442 3,811,442
Wastewater Projects - - 368,749 368,749
Beach Re-nourishment - - 221,764 221,764
Total Committed - - 4,401,955 14,401,955
Assigned to:
Other Purposes - - - 190,568
Fire&Ambulance - - 4,746,840 4,746,840
Subsequent Year Expenditures - - - 9,532,225
Total Assigned - - 4,746,840 14,469,633
Unassigned - - - 12,867,337
Total Fund Balances $ 15,346,974 $ 912,545 $ 97,755,588 $ 221,866,861
D-50
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2019
NOTE 18 —RISK MANAGEMENT
The Board is exposed to various risks of loss related to tort; theft of, damage to, and destruction of
assets; errors and omissions; injuries to employees; and natural disasters. During the fiscal years ended
1976, 1984, and 1988, the County established the Workers' Compensation, Group Insurance, and Risk
Management Funds, respectively, as internal service funds to account for and finance its uninsured risks
of loss.
Under these programs, the Workers' Compensation has self-insured coverage up to the first $500,000
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. The Group Insurance Fund provides self-insured
excess claims. Risk Management has a $5,000,000 excess insurance policy for general liability claims
with a $200,000 self-insured retention and building property damage is covered for the actual value of
the building with a deductible of $50,000. Deductibles for windstorm and flood vary by location. The
Board purchases commercial insurance for claims in excess of coverage provided by the funds and for
all other risks of loss. Settled claims have not exceeded this commercial coverage in any of the past
three years.
All funds of the Board participate in the programs and make payments to the Workers' Compensation,
Group Insurance, and Risk Management Funds based on management's estimates of the amounts needed
to pay prior and current year claims. The claims liabilities reported are based on the requirements of
Governmental Accounting Standards Board Statement No. 10, which requires that a liability for claims
be reported if information prior to the issuance of the financial statements indicates that it is probable
that a liability has been incurred at the date of the financial statements and the amount of the loss can be
reasonably estimated. These claim liabilities have not been discounted.
Changes in the claim liability amounts in fiscal years 2019 and 2018 were:
Workers' Group Risk
Compensation Insurance Management Total
Unpaid Claims at Sept. 30, 2017 $ 770,056 $ 1,155,416 $ 1,845,476 $ 3,770,948
Incurred Claims
(Including IBNR) 2,315,420 15,957,996 2,125,637 20,399,053
Claim Payments (1,820,654) (15,948,521) (194,905) (17,964,080)
Unpaid Claims at Sept. 30, 2018 1,264,822 1,164,891 3,776,208 6,205,921
Incurred Claims
(Including IBNR) 1,587,278 16,071,855 (2,748,478)* 14,910,655
Claim Payments (1,518,584) (16,115,487) (381,060) (18,015,131)
Unpaid Claims at Sept. 30, 2019 $ 1,333,516 $ 1,121,259 $ 646,670 $ 3,101,445
• The significant decrease of incurred claims for the Risk Management Fund in fiscal year 2019 was due to the elimination
of Hurricane Irma claims that were included in the previous year's estimated claims.
D-51
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2019
NOTE 19 —LITIGATION AND CLAIMS
The Board is a defendant in various lawsuits and is involved in other disputes wherein substantial
amounts are claimed. The Board vigorously defends itself with respect to these matters. The Board's
practice is to provide for these claims when a loss is probable and a loss becomes fixed or determinable
in amount.
As a result of regulations adopted to protect the environment and manage growth, the Board is involved
in a handful of lawsuits. Most claims have been defeated to date, but two merit mention. In both of these
cases, the County and State of Florida are co-defendants and any amounts awarded are expected to be
apportioned between the parties.
In one regulatory takings claim, the trial court found in favor of the County the State for 10 of the 11
plaintiffs. The ten defendants have exhausted their appellate rights, and the judgment in the County's
favor as to their claims is final. However, the trial court found that the County was liable as to the sole
remaining defendant. The parties stipulated that the value of the property was $175,000 as of the date of
taking on July 17, 2002. In December 2017, the Court entered final judgment in the amount of$347,476,
as of December 31, 2016,jointly and severally against the State and the County as to that property, with
post judgment interest accruing. The County and State unsuccessfully appealed the liability ruling to
Court of Appeals. The appellate court affirmed the final judgment in October 2019. The County paid
$381,357 to satisfy the final judgment in November 2019 to stop interest from running and the Clerk
issued a satisfaction. There is a bill pending in the Legislature to reimburse the County for the State's
50% share of that judgment. Attorneys' fees and costs remain to be determined. The Plaintiff is currently
in a dispute with his prior attorney over a charging lien filed by the former attorney on the judgment.
Plaintiff's current attorneys have filed a motion seeking release of the charging lien; the motion is
scheduled for hearing in April 2020. Limited discovery is proceeding on the issue of attorneys' fees and
costs. It is anticipated that the Plaintiffs will seek an award of costs and attorney's fees of approximately
$900,000 in addition to the judgement already paid. Because judgment has been entered jointly and
severally against the County and the State, the Board has recorded a liability of$450,000 for this fiscal
year.
In the second regulatory takings claim, the liability was established by the appellate courts in December
of 2012 and remanded the case for a valuation trial. In February 2016, a jury valued the 13 lots at
$285,500 as of July 2001. The trial court entered final judgment in the amount of$480,512, as of June 1,
2016, plus statutory post judgment interest. After the judgment was affirmed on appeal, the County
deposited $531,391 in the Court Registry to satisfy the judgment and the Clerk issued a Satisfaction of
Judgment. There is a bill pending in the Legislature to reimburse the County for the State's 50% share of
the amount paid. Contemporaneously, the property owners moved invalidate the final judgment, which
the trial court denied. On September 13, 2019, the property owner appealed that order to the Court of
Appeals. The County and State filed a motion to dismiss, with the property owner filing a response in
November 2019. On November 21, 2019, the appellate court agreed to reserve a decision on the motion.
In January 2020, the County and State filed their answer brief. On February 12, 2020, the appellate court
granted an extension to the property owner to file its reply brief, until March 2020. Once the appeal is
concluded, the courts will determine any entitlement to costs and attorney's fees. It is anticipated that the
plaintiffs will seek an award of costs and attorney's fees of approximately $1 million though motions
have not been filed or amounts asserted at this time.
D-52
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2019
NOTE 19 —LITIGATION AND CLAIMS (continued)
Because judgment has been entered jointly and severally against the County and the State, any
estimations of the County's ultimate responsibility for any amounts due to be paid to the property owner
should reflect a 50-50 apportionment between the State and the County. For FY 2019, no liability has
been recorded.
In the opinion of the County, it is reasonably possible that there are other open suits and claims that could
result in judgements or settlements, which, in aggregate, would have a material adverse effect on the
County's financial condition. Based on the uncertainty at this point of the proceedings, an estimate of the
amount or range of potential losses cannot be determined.
NOTE 20 —COMMITMENTS AND CONTINGENCIES
Grant Programs — The Board participates in a number of federal and state grant programs that are
governed by various rules and regulations of the grantor agencies. Amounts received or receivable from
grant agencies are subject to financial and compliance audits by the grantors or their representatives.
Any disallowed claims, including amounts already collected, may constitute a liability of the applicable
funds. The amount, if any, which may be disallowed by the grantor, cannot be determined at this time,
although the Board expects such amounts, if any,to be immaterial.
Impact Fee Refunds — Unexpended or unencumbered funds arising from the collection of impact fees
may be refunded within one year following the end of the sixth year from the date on which the impact
fee was paid or within three months of the non-commencement of construction, subject to certain
conditions.
NOTE 21 —SUBSEQUENT EVENTS
Management has evaluated subsequent events through March 20, 2020, in connection with the
preparation of these financial statements, which is the date the financial statements were available to be
issued.
D-53
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MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF THE BOARD'S PROPORTIONATE SHARE OF NET PENSION LIABILITY
FLORIDA RETIREMENT SYSTEM PENSION PLAN
LAST TEN FISCAL YEARS*
2019 2018 2017
Board's proportion of the net pension liability 0.122381778% 0.129013726% 0.110416195%
Board's proportionate share of the net pension liability $ 42,146,581 $ 38,859,603 $ 32,660,370
Board's covered payroll $ 36,840,027 $ 37,018,101 $ 31,567,083
Board's proportionate share of the net pension liability as a
percentage of its covered payroll 114.40% 104.97% 103.46%
Plan fiduciary net position as a percentage of the total pension liability 82.61% 84.26% 83.89%
*The amounts presented for each fiscal year were determined as of June 30.
No data is available for the previous four years.
E-1
2016 2015 2014
0.107471975% 0.103158114% 0.104891393%
$ 27,136,758 $ 13,324,254 $ 6,399,917
$ 29,517,681 $ 28,496,269 $ 27,856,637
91.93% 46.76% 22.97%
84.88% 92.00% 96.09%
E-2
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF THE BOARD'S CONTRIBUTIONS
FLORIDA RETIREMENT SYSTEM PENSION PLAN
LAST TEN FISCAL YEARS*
2019 2018 2017
Contractually required contribution $ 3,552,282 $ 3,545,505 $ 3,169,065
Contributions in relation to the contractually required contributions (3,552,282) (3,545,505) (3,169,065)
Contribution deficiency(excess) $ - $ - $ -
Board's covered payroll $ 30,285,349 $ 31,178,120 $ 26,245,139
Contributions as a percentage of covered payroll 11.73% 11.37% 12.07%
*The amounts presented for each fiscal year were determined as of September 30.
No data is available for the previous four years.
E-3
2016 2015 2014
$ 2,620,875 $ 2,515,082 $ 2,297,567
(2,620,875) (2,515,082) (2,297,567)
$ 29,517,681 $ 29,097,726 $ 28,100,694
8.88% 8.64% 8.18%
E-4
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF THE BOARD'S PROPORTIONATE SHARE OF NET PENSION LIABILITY
HEALTH INSURANCE SUBSIDY PROGRAM
LAST TEN FISCAL YEARS*
2019 2018 2017
Board's proportion of the net pension liability 0.110141787% 0.113326095% 0.098952229%
Board's proportionate share of the net pension liability $ 12,323,764 $ 11,994,561 $ 10,580,429
Board's covered payroll $ 36,840,027 $ 37,018,101 $ 31,567,083
Board's proportionate share of the net pension liability as a
percentage of its covered payroll 33.45% 32.40% 33.52%
Plan fiduciary net position as a percentage of the total pension liability 2.63% 2.15% 1.64%
*The amounts presented for each fiscal year were determined as of June 30.
No data is available for the previous four years.
E-5
2016 2015 2014
0.095343347% 0.093902398% 0.093727524%
$ 11,111,872 $ 9,576,567 $ 8,763,852
$ 29,517,681 $ 28,496,269 $ 27,856,637
37.64% 33.61% 31.46%
0.97% 0.50% 0.99%
E-6
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF THE BOARD'S CONTRIBUTIONS
HEALTH INSURANCE SUBSIDY PROGRAM
LAST TEN FISCAL YEARS"
2019 2018 2017
Contractually required contribution $ 621,670 $ 628,246 $ 435,699
Contributions in relation to the contractually required contributions (621,670) (628,246) (435,699)
Contribution deficiency(excess) $ - $ - $ -
Board's covered payroll $ 30,285,349 $ 31,178,120 $ 26,245,139
Contributions as a percentage of covered payroll 2.05% 2.02% 1.66%
The amounts presented for each fiscal year were determined as of September 30.
No data is available for the previous four years.
E-7
2016 2015 2014
$ 488,695 $ 358,953 $ 321,079
(488,695) (358,953) (321,079)
$ 29,517,681 $ 29,097,726 $ 28,100,964
1.66% 1.23% 1.14%
E-8
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULES OF REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULES OF CHANGES IN THE BOARD'S NET PENSION LIABILITY AND RELATED RATIOS
PENSION PLAN FOR VOLUNTEER FIREFIGHTERS AND EMERGENCY MEDICAL SERVICES
LAST TEN FISCAL YEARS*
(Dollar amounts in thousands)
2019 2018 2017
Total pension liability
Service cost $ (6,170) $ 12,761 $ 22,937
Interest 8,724 9,146 9,146
Differences between expected and actual experience (35,295) 182 (39,039)
Benefit payments,including refunds of employee contributions (31,680) (32,265) (32,265)
Net change in total pension liability (64,421) (10,176) (39,221)
Total pension liability-beginning 867,971 878,147 917,368
Total pension liability-ending $ 803,550 $ 867,971 $ 878,147
Covered payroll N/A N/A N/A
County's total pension liability as a percentage of covered payroll N/A N/A N/A
Notes to Schedule:
*This schedule is presented to illustrate the requirement to show information for 10 years. However,until a full 10-year trend is
compiled,governments should present information for those years for which information is available.
There are no assets accumulated in a trust,as defined by Statement of Governmental Accounting Standards No.73,to pay benefits.
E-9
2016 2015 2014
$ 16,394 $ 16,455 $ 18,434
8,895 8,054 12,219
33,108 89,397 (9,696)
(28,365) (30,855) (25,575)
30,032 83,051 (4,618)
887,336 804,285 808,903
$ 917,368 $ 887,336 $ 804,285
N/A N/A N/A
N/A N/A N/A
E-10
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
REQUIRED SUPPLEMENTARY INFORMATION
YEAR ENDED SEPTEMBER 30,2019
TEN YEAR SCHEDULE OF EMPLOYER CONTRIBUTIONS
PENSION PLAN FOR VOLUNTEER FIREFIGHTERS AND EMERGENCY MEDICAL SERVICES
Year Ending December 31, 2018 2017 2016 2015
Actuarially determined contribution $ 61,388 $ 39,899 $ 39,899 $ 30,304
Contributions in relation to the actuarially
determined contribution 61,388 39,899 39,899 30,304
Contribution deficiency(excess) $ - $ - $ - $ -
Covered payroll $ - $ - $ - $ -
Contributions as a percentage of covered
payroll N/A N/A N/A N/A
Notes to Schedule
Valuation Date:
Actuarially determined contribution rates are calculated as of January 1, which is nine months prior to the end of the
fiscal year in which contributions are reported.
Methods and Assumptions used to determine contribution rates:
Inflation -No increase as benefits are based on a flat amount per year of service
Salary Increases-N/A
Investment rate of return - 1.0% net of investment expenses, including inflation
Retirement age- N/A
Mortality-N/A
E-11
2014 2013 2012 2011 2010 2009
$ 28,575 $ 36,788 $ 28,145 $ 30,379 $ 28,914 $ 30,791
28,575 36,788 28,145 30,379 28,914 30,791
N/A N/A N/A N/A N/A N/A
E-12
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULES OF REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULES OF CHANGES IN THE BOARD'S TOTAL OPEB LIABILITY AND RELATED RATIOS
LAST TEN FISCAL YEARS*
2019 2018
Total OPEB liability
Service cost $ 496,958 $ 1,067,439
Interest 932,494 1,695,315
Changes of benefit terms - (17,266,329)
Changes in assumptions or other inputs 3,431,990 (1,964,239)
Benefit payments (1,549,168) (868,434)
Net change in total OPEB liability 3,312,274 (17,336,248)
Total OPEB liability-Beginning of Year 22,586,638 39,922,886
Total OPEB liability-End of Year $ 25,898,912 $ 22,586,638
Covered-employee payroll $ 32,520,000 $ 31,420,000
Total OPEB liability as a percentage of covered-employee payroll 79.64% 71.89%
Notes to Schedule:
No assets are accumulated in a trust that meets the criteria in paragraph 4 of GASB Statement No. 75.
Effective January 1, 2018,the Board implemented cost-saving benefit changes for its other postemployment benefit plan. These included
premium rates that are calculated based on expected retiree costs for Medicare retirees and lower premium subsidies for eligible retirees.
Changes include updating the mortality to be a generational table with updated projection scales as published by the Society of Actuaries,
an interest rate using 20-year bond rates, and a change in Actuarial Cost methodology to the Entry Age Normal method.
*This schedule should present information for the last ten years. However, until a full ten years of information can be compiled, information
will be presented for as many years as are available.
E-13
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MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES
IN FUND BALANCES - BUDGET AND ACTUAL
ONE CENT INFRASTRUCTURE SURTAX CAPITAL PROJECT FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2019
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ 22,000,000 $ 22,000,000 $ 23,583,643 $ 1,583,643
Investment Income 50,000 50,000 623,784 573,784
Miscellaneous - - 60,000 60,000
Total Revenues 22,050,000 22,050,000 24,267,427 2,217,427
EXPENDITURES:
Current:
Capital Outlay:
General Government 2,094,717 5,434,901 4,448,000 986,901
Public Safety 793,305 840,969 1,440,810 (599,841)
Physical Environment 355,000 591,000 163,441 427,559
Transportation: Const. Mgmt. 2,203,318 1,626,056 1,320,866 305,190
Economic Environment - 656,496 - 656,496
Culture and Recreation 2,936,000 4,131,644 69,978 4,061,666
Total Capital Outlay Expenditures 8,382,340 13,281,066 7,443,095 5,837,971
Excess/Deficiency of Revenues
Over (Under) Expenditures 13,667,660 8,768,934 16,824,332 8,055,398
Other Financing Sources (Uses):
Reserve for Contingencies (758,138) (276,199) - 276,199
Reserve for Cash Balance (1,058,814) (1,058,814) - 1,058,814
Transfers to Other Funds (10,996,767) (12,636,489) (7,413,066) 5,223,423
Total Other Financing Sources (Uses) (12,665,160) (13,822,942) (7,413,066) 6,409,876
Net Change in Fund Balances 1,002,500 (5,054,008) 9,411,266 14,465,274
Fund Balances-October 1 (1,002,500) 5,054,008 21,032,085 15,978,077
Fund Balances-September 30 $ - $ - $ 30,443,351 $ 30,443,351
F-1
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
INFRASTRUCTURE REVENUE BONDS SERIES 2014 CAPITAL PROJECTS FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2019
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Investment Income $ - $ - $ 512,837 $ 512,837
Total Revenues - - 512,837 512,837
EXPENDITURES:
Capital Projects - General Government - 1,388,089 - 1,388,089
Capital Projects - Culture and Recreation 4,125,000 4,125,000 969,037 3,155,963
Capital Projects - Buildings 7,296,535 13,593,928 5,619,406 7,974,522
Total Expenditures 11,421,535 19,107,017 6,588,443 12,518,574
Excess/Deficiency of Revenues
Over(Under) Expenditures (11,421,535) (19,107,017) (6,075,606) 13,031,411
Other Financing Sources (Uses):
Reserve for Contingencies (2,000,000) (2,000,000) - 2,000,000
Total Other Financing Sources (Uses) (2,000,000) (2,000,000) - 2,000,000
Net Change in Fund Balances (13,421,535) (21,107,017) (6,075,606) 15,031,411
Fund Balances-October 1 13,421,535 21,107,017 26,862,489 5,755,472
Fund Balances-September 30 $ - $ - $ 20,786,883 $ 20,786,883
F-2
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
CUDJOE REGIONAL WASTEWATER CAPITAL PROJECT FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2019
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Licenses and Permits $ 2,343,905 $ 2,343,905 $ 1,906,403 $ (437,502)
Investment Income - - 1,088,167 1,088,167
Miscellaneous - - 131,971 131,971
Total Revenues 2,343,905 2,343,905 3,126,541 782,636
EXPENDITURES:
Current:
Capital Outlay:
Physical Environment:
Cudjoe Regional Wastewater Project
Loan Funding 1,531,863 4,242,997 4,242,285 712
Special Assessment Refunds 25,000 25,000 - 25,000
Special Assessments 194,979 3,196,636 1,455,060 1,741,576
Total Physical Environment 1,751,842 7,464,633 5,697,345 1,767,288
Total Capital Outlay Expenditures 1,751,842 7,464,633 5,697,345 1,767,288
Excess/Deficiency of Revenues
Over(Under) Expenditures 592,063 (5,120,728) (2,570,804) 2,549,924
Other Financing Sources (Uses):
Reserve for Contingencies (100,000) - - -
Issuance of Debt - - 5,380,370 5,380,370
Transfers to Other Funds (4,410,935) (18,593,776) (4,666,579) 13,927,197
Transfers to/from Consititutional Officers - - 2,659 2,659
Total Other Financing Sources (Uses) (4,510,935) (18,593,776) 716,450 19,310,226
Net Change in Fund Balances (3,918,872) (23,714,504) (1,854,354) 21,860,150
Fund Balances-October1 3,918,872 23,714,504 17,201,328 (6,513,176)
Fund Balances-September 30 $ - $ - $ 15,346,974 $ 15,346,974
F-3
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MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
DEBT SERVICE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2019
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Investment Income $ 5,100 $ 5,100 $ 115,495 $ 110,395
Total Revenues 5,100 5,100 115,495 110,395
EXPENDITURES:
Current:
Debt Service:
Clean Water SRF Loan
Principal 4,888,369 3,368,299 3,368,298 1
Interest 204,566 1,980,280 1,980,219 61
Total Clean Water SRF Loan 5,092,935 5,348,579 5,348,517 62
2014 Revenue Bonds
Principal 3,725,000 3,725,000 3,725,000 -
Interest 559,202 559,202 559,202 -
Total 2014 Revenue Bonds 4,284,202 4,284,202 4,284,202 -
Mayfield Loan
Principal 2,125,000 2,125,000 2,125,000 -
Total Mayfield Loan 2,125,000 2,125,000 2,125,000 -
2016 Revenue Bonds
Principal 850,000 850,000 850,000 -
Interest 268,754 268,754 268,104 650
Total 2016 Revenue Bonds 1,118,754 1,118,754 1,118,104 650
(Continued)
F-4
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL(CONTINUED)
DEBT SERVICE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2019
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
2018 PNC Hurricane Irma Loan
Principal - 23,459,759 4,774,778 18,684,981
Interest - 979,881 971,327 8,554
Other Debt Service Costs - 49,230 49,230 -
Total 2018 PNC Hurricane Irma Loan - 24,488,870 5,795,335 18,693,535
Total Expenditures 12,620,891 37,365,405 18,671,158 18,694,247
Excess/Deficiency of Revenues
Over(Under) Expenditures (12,615,791) (37,360,305) (18,555,663) 18,804,642
Other Financing Sources (Uses):
Reserve for Contingencies (1,000,000) (1,000,000) - 1,000,000
Reserve for Cash Balance (1,000,000) (1,000,000) - 1,000,000
Transfers from Other Funds 11,620,891 36,365,405 17,178,630 (19,186,775)
Total Other Financing Sources (Uses) 9,620,891 34,365,405 17,178,630 (17,186,775)
Net Change in Fund Balances (2,994,900) (2,994,900) (1,377,033) 1,617,867
Fund Balances-October 1 2,994,900 2,994,900 2,289,578 (705,322)
Fund Balances-September 30 $ - $ - $ 912,545 $ 912,545
F-5
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
SEPTEMBER 30,2019
SPECIAL
Tourist Tourist
Affordable Development Development Tourist
Housing All Districts Admin & Promo Development
Programs Two Cent Two Cent District One
ASSETS
Cash and Cash Equivalents $ 57,195 $ 860,917 $ 198,134 $ 368,423
Investments 348,778 4,654,338 8,303,413 14,031,474
Accounts Receivable, Net - 499 998 -
Assessments Receivable - - - -
Due from Other Governmental Units - - - -
Due from Constitutional Officers - 685,006 1,405,836 1,086,961
Mortgages/Notes Receivable - - - -
Allowance for Mortgages/Notes Receivable - - - -
Interest Receivable 830 11,083 16,198 28,171
Total Assets $ 406,803 $ 6,211,843 $ 9,924,579 $ 15,515,029
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts Payable $ - $ 278,624 $ 723,154 $ 411,279
Retainage Payable - - - 19,903
Due to Other Governmental Units - - - 101,079
Due to Constitutional Officers - - - -
Deposits in Escrow - - - -
Total Liabilities - 278,624 723,154 532,261
Deferred Inflows of Resources:
Unavailable Revenues - - - -
Total Deferred Inflows of Resources - - - -
Fund Balances:
Restricted 406,803 5,933,219 9,201,425 14,761,004
Committed - - - 221,764
Assigned - - - -
Total Fund Balances 406,803 5,933,219 9,201,425 14,982,768
Total Liabilities, Deferred Inflows of
Resources, and Fund Balances $ 406,803 $ 6,211,843 $ 9,924,579 $ 15,515,029
G-1
REVENUE FUNDS
Tourist Tourist Tourist Tourist Impact Fees,
Development Development Development Development Impact Fees, Parks, and
District Two District Three District Four District Five Roadways Recreation
$ 194,295 $ 811,284 $ 405,640 $ 358,989 $ 251,818 $ 115,133
1,333,837 3,298,462 1,887,761 2,582,014 1,427,014 648,029
140,238 363,508 221,433 278,702 - -
3,176 7,853 4,495 6,148 3,398 1,542
$ 1,671,546 $ 4,481,107 $ 2,519,329 $ 3,225,853 $ 1,682,230 $ 764,704
$ 21,130 $ 255,545 $ 45,713 $ 60,148 $ - $ -
169,836 34,000 448,815 - - -
190,966 289,545 494,528 60,148 - -
1,480,580 4,191,562 2,024,801 3,165,705 1,682,230 764,704
1,480,580 4,191,562 2,024,801 3,165,705 1,682,230 764,704
$ 1,671,546 $ 4,481,107 $ 2,519,329 $ 3,225,853 $ 1,682,230 $ 764,704
(Continued)
G-2
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING BALANCE SHEET(CONTINUED)
NONMAJOR GOVERNMENTAL FUNDS
SEPTEMBER 30,2019
SPECIAL
Impact Fees, Impact Fees, Impact Fees, Impact Fees,
Libraries Solid Waste Police Facilities Fire& EMS
ASSETS
Cash and Cash Equivalents $ 172,023 $ 14,801 $ - $ 22,562
Investments 1,049,244 90,273 - 120,465
Accounts Receivable, Net - - - -
Assessments Receivable - - - -
Due from Other Governmental Units - - - -
Due from Constitutional Officers - - - -
Mortgages/Notes Receivable - - - -
Allowance for Mortgages/Notes Receivable - - - -
Interest Receivable 2,499 215 - 286
Total Assets $ 1,223,766 $ 105,289 $ - $ 143,313
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts Payable $ - $ - $ - $ -
Retainage Payable - - - -
Due to Other Governmental Units - - - -
Due to Constitutional Officers - - - -
Deposits in Escrow - - - -
Total Liabilities - - - -
Deferred Inflows of Resources:
Unavailable Revenues - - - -
Deferred Inflows of Resources - - - -
Fund Balances:
Restricted 1,223,766 105,289 - 143,313
Committed - - - -
Assigned - - - -
Total Fund Balances 1,223,766 105,289 - 143,313
Total Liabilities, Deferred Inflows of
Resources, and Fund Balances $ 1,223,766 $ 105,289 $ - $ 143,313
G-3
REVENUE FUNDS
Impact Fees, Fire &Amb Unincorp. Unincorp.
Employee District#1, Area Service Area Service 911
Fair Share Lower and District, Dist., Planning Municipal Enhancement
Housing Middle Keys Parks & Rec. Bldg. &Zoning Policing Fees
$ - $ 275,802 $ 32,319 $ 203,528 $ 344,709 $ 41,944
- 4,193,271 750,433 8,502,408 1,179,310 10
- 142,512 - 152 - -
- - - 134,413 - -
- 198,880 29,657 5,638 - -
- 16,773 1,796 21,185 2,808 -
$ - $ 4,827,238 $ 814,205 $ 8,867,324 $ 1,526,827 $ 41,954
$ - $ 77,709 $ 104,423 $ 69,622 $ - $ -
- 2,689 23,392 187 - -
- - - - 87,964 41,816
- - 5,772 199,202 - -
- 80,398 133,587 269,011 87,964 41,816
- - 680,618 8,598,313 1,438,863 138
- 4,746,840 - - - -
- 4,746,840 680,618 8,598,313 1,438,863 138
$ - $ 4,827,238 $ 814,205 $ 8,867,324 $ 1,526,827 $ 41,954
(Continued)
G-4
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING BALANCE SHEET(CONTINUED)
NONMAJOR GOVERNMENTAL FUNDS
SEPTEMBER 30,2019
SPECIAL
Duck Key Local Miscellaneous
Security Housing Boating Special
District Assistance Improvement Revenue
ASSETS
Cash and Cash Equivalents $ 29,692 $ 340,502 $ 319,450 $ 490,180
Investments 313,590 2,175,399 2,755,945 2,642,481
Accounts Receivable, Net - - - -
Assessments Receivable - - - -
Due from Other Governmental Units - - - -
Due from Constitutional Officers 6 - 42,791 42,587
Mortgages/Notes Receivable - 8,957,671 - -
Allowance for Mortgages/Notes Receivable - (8,957,671) - -
Interest Receivable 747 5,180 6,562 6,292
Total Assets $ 344,035 $ 2,521,081 $ 3,124,748 $ 3,181,540
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts Payable $ 5,693 $ 139,506 $ 36,920 $ 25,414
Retainage Payable - - - -
Due to Other Governmental Units - - - 17
Due to Constitutional Officers - - - 20,622
Deposits in Escrow - - - -
Total Liabilities 5,693 139,506 36,920 46,053
Deferred Inflows of Resources:
Unavailable Revenues - - - -
Deferred Inflows of Resources - - - -
Fund Balances:
Restricted 338,342 2,381,575 3,087,828 3,135,487
Committed - - - -
Assigned - - - -
Total Fund Balances 338,342 2,381,575 3,087,828 3,135,487
Total Liabilities, Deferred Inflows of
Resources, and Fund Balances $ 344,035 $ 2,521,081 $ 3,124,748 $ 3,181,540
G-5
REVENUE FUNDS
Law Court Drug Marathon
Environmental Enforcement Facility Abuse Municipal
Restoration Trust Fees Trust Service
$ 656,963 $ 85,403 $ 628,735 $ 1,786 $ 376
3,150,701 520,800 3,567,691 62,488 2,294
- - 38,406 1,123 -
7,501 1,240 8,495 149 5
$ 3,815,165 $ 607,443 $ 4,243,327 $ 65,546 $ 2,675
$ 3,723 $ - $ 181 $ 3,252 $ -
3,723 - 181 3,252 -
- 607,443 4,243,146 62,294 2,675
3,811,442 - - -
3,811,442 607,443 4,243,146 62,294 2,675
$ 3,815,165 $ 607,443 $ 4,243,327 $ 65,546 $ 2,675
(Continued)
G-6
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING BALANCE SHEET(CONTINUED)
NONMAJOR GOVERNMENTAL FUNDS
SEPTEMBER 30,2019
SPECIAL
Bay Point Big Coppitt Key Largo
Wastewater Wastewater Wastewater Stock Island
MSTU MSTU MSTU Wastewater
ASSETS
Cash and Cash Equivalents $ 6,610 $ 73 $ 2,095 $ 106,956
Investments 40,732 445 6,842 706,308
Accounts Receivable, Net - - - -
Assessments Receivable - - - 1,879,097
Due from Other Governmental Units - - - -
Due from Constitutional Officers - - 13 896
Mortgages/Notes Receivable - - - -
Allowance for Mortgages/Notes Receivable - - - -
Interest Receivable 97 1 16 1,682
Total Assets $ 47,439 $ 519 $ 8,966 $ 2,694,939
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts Payable $ - $ - $ - $ 180
Retainage Payable - - - -
Due to Other Governmental Units - - - -
Due to Constitutional Officers - - - -
Deposits in Escrow - - - -
Total Liabilities - - - 180
Deferred Inflows of Resources:
Unavailable Revenues - - - 1,862,883
Deferred Inflows of Resources - - - 1,862,883
Fund Balances:
Restricted - - - 831,876
Committed 47,439 519 8,966 -
Assigned - - - -
Total Fund Balances 47,439 519 8,966 831,876
Total Liabilities, Deferred Inflows of
Resources, and Fund Balances $ 47,439 $ 519 $ 8,966 $ 2,694,939
G-7
REVENUE FUNDS
Long Key,
Conch Key Layton Duck Key Building Road and
MSTU MSTU MSTU Fund Bridge
$ 70 $ 36,136 $ 1,539 $ 58,672 $ 1,086,908
428 225,071 48,079 2,289,101 13,340,397
- - - - 615,645
1 536 121 5,927 31,765
$ 499 $ 261,743 $ 49,739 $ 2,353,700 $ 15,074,715
$ - $ 156 $ - $ 173,088 $ 1,898,236
- - - - 607
- - - 12,077 492,617
- - - 8,110 -
- 156 - 193,275 2,391,460
- - - 2,160,425 12,683,255
499 261,587 49,739 - -
499 261,587 49,739 2,160,425 12,683,255
$ 499 $ 261,743 $ 49,739 $ 2,353,700 $ 15,074,715
(Continued)
G-8
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING BALANCE SHEET(CONTINUED)
NONMAJOR GOVERNMENTAL FUNDS
SEPTEMBER 30,2019
CAPITAL
Total Nonmajor Clerk's Infrastructure
Special Rev Revenue Revenue Bonds
Funds Note Series 2007
ASSETS
Cash and Cash Equivalents $ 8,581,662 $ 21,150 $ 258,285
Investments 86,249,326 88,183 -
Accounts Receivable, Net 144,161 - -
Assessments Receivable 1,879,097 - -
Due from Other Governmental Units 750,058 - -
Due from Constitutional Officers 4,541,681 - -
Mortgages/Notes Receivable 8,957,671 - -
Allowance for Mortgages/Notes Receivable (8,957,671) - -
Interest Receivable 204,773 215 -
Total Assets $ 102,350,758 $ 109,548 $ 258,285
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts Payable $ 4,333,696 $ - $ 71,218
Retainage Payable 20,510 - 3,318
Due to Other Governmental Units 1,284,709 - -
Due to Constitutional Officers 150,402 - -
Deposits in Escrow 213,084 - -
Total Liabilities 6,002,401 - 74,536
Deferred Inflows of Resources:
Unavailable Revenues 1,862,883 - -
Deferred Inflows of Resources 1,862,883 - -
Fund Balances:
Restricted 85,336,679 109,548 183,749
Committed 4,401,955 - -
Assigned 4,746,840 - -
Total Fund Balances 94,485,474 109,548 183,749
Total Liabilities, Deferred Inflows of
Resources, and Fund Balances $ 102,350,758 $ 109,548 $ 258,285
G-9
PROJECT FUNDS
Total
Big Coppitt Duck Key Long Key Land Nonmajor
Wastewater Wastewater Wastewater Acquisition Governmental
Project Project Project Fund Funds
$ 4,139 $ 32,472 $ 44,074 $ 89,345 $ 9,031,127
3,702 322,293 268,789 1,713,208 88,645,501
- - - - 144,161
1,995,163 437,788 - - 4,312,048
- - 424,502 2,475 1,177,035
749 602 - - 4,543,032
- - - - 8,957,671
- - - - (8,957,671)
10 767 640 4,090 210,495
$ 2,003,763 $ 793,922 $ 738,005 $ 1,809,118 $ 108,063,399
$ - $ - $ - $ - $ 4,404,914
- - - - 23,828
- - - - 1,284,709
- - - - 150,402
- - - - 213,084
- - - - 6,076,937
1,941,477 426,514 - - 4,230,874
1,941,477 426,514 - - 4,230,874
62,286 367,408 738,005 1,809,118 88,606,793
- - - - 4,401,955
- - - - 4,746,840
62,286 367,408 738,005 1,809,118 97,755,588
$ 2,003,763 $ 793,922 $ 738,005 $ 1,809,118 $ 108,063,399
G-10
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2019
SPECIAL
Tourist Tourist
Affordable Development Development Tourist
Housing All Districts Admin & Promo Development
Programs Two Cent Two Cent District One
Revenues:
Taxes $ - $ 6,485,636 $ 13,439,514 $ 10,763,188
Licenses and Permits - - - -
Intergovernmental - - - -
Charges for Services - - - -
Fines and Forfeitures - - - -
Investment Income 11,185 153,217 212,526 389,747
Miscellaneous - - 275 -
Total Revenues 11,185 6,638,853 13,652,315 11,152,935
Expenditures:
Current:
General Government - - - -
Public Safety - - - -
Physical Environment - - - -
Transportation - - - -
Economic Environment - 5,572,203 10,702,870 8,403,122
Human Services - - - -
Culture and Recreation - - - -
Court Related - - - -
Capital Projects - - - -
Total Expenditures - 5,572,203 10,702,870 8,403,122
Excess/Deficiency of Revenues
Over(Under) Expenditures 11,185 1,066,650 2,949,445 2,749,813
Other Financing Sources (Uses):
Transfers from Other Funds - - - -
Transfers to Other Funds - (72,713) (114,278) (54,392)
Transfers from Constitutional Officers - 63,379 117,703 98,038
Total Other Financing Sources (Uses) - (9,334) 3,425 43,646
Net Change in Fund Balances 11,185 1,057,316 2,952,870 2,793,459
Fund Balances-October 1 395,618 4,875,903 6,248,555 12,189,309
Fund Balances-September 30 $ 406,803 $ 5,933,219 $ 9,201,425 $ 14,982,768
G-11
REVENUE FUNDS
Tourist Tourist Tourist Tourist Impact Fees,
Development Development Development Development Impact Fees, Parks, and
District Two District Three District Four District Five Roadways Recreation
$ 1,253,830 $ 3,147,918 $ 1,948,960 $ 2,811,254 $ - $ -
- - - - 106,615 47,600
43,013 109,344 61,752 83,818 42,835 20,711
1,296,843 3,257,262 2,010,712 2,895,072 149,450 68,311
1,054,459 2,453,360 1,939,598 2,242,889 - -
1,054,459 2,453,360 1,939,598 2,242,889 - -
242,384 803,902 71,114 652,183 149,450 68,311
(14,975) (13,595) (13,002) (26,318) -11,390 28,846 17,746 25,062 - -
(3,585) 15,251 4,744 (1,256) - -
238,799 819,153 75,858 650,927 149,450 68,311
1,241,781 3,372,409 1,948,943 2,514,778 1,532,780 696,393
$ 1,480,580 $ 4,191,562 $ 2,024,801 $ 3,165,705 $ 1,682,230 $ 764,704
(Continued)
G-12
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES (CONTINUED)
NONMAJOR GOVERNMENTAL FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2019
SPECIAL
Impact Fees, Impact Fees, Impact Fees, Impact Fees,
Libraries Solid Waste Police Facilities Fire and EMS
Revenues:
Taxes $ - $ - $ - $ -
Licenses and Permits 3,148 - - 27,829
Intergovernmental - - - -
Charges for Services - - - -
Fines and Forfeitures - - - -
Investment Income 34,322 2,942 508 3,696
Miscellaneous - - - -
Total Revenues 37,470 2,942 508 31,525
Expenditures:
Current:
General Government - - - -
Public Safety - - 129,656 -
Physical Environment - - - -
Transportation - - - -
Economic Environment - - - -
Human Services - - - -
Culture and Recreation - - - -
Court Related - - - -
Capital Projects - - - -
Total Expenditures - - 129,656 -
Excess/Deficiency of Revenues
Over(Under) Expenditures 37,470 2,942 (129,148) 31,525
Other Financing Sources(Uses):
Transfers from Other Funds - - - -
Transfers to Other Funds - - - -
Transfers from Constitutional Officers - - - -
Total Other Financing Sources (Uses) - - - -
Net Change in Fund Balances 37,470 2,942 (129,148) 31,525
Fund Balances-October 1 1,186,296 102,347 129,148 111,788
Fund Balances-September 30 $ 1,223,766 $ 105,289 $ - $ 143,313
G-13
REVENUE FUNDS
Impact Fees, Fire &Amb Unincorp. Unincorp.
Employee District#1, Area Service Area Service 911
Fair Share Lower and District, Dist., Planning Municipal Enhancement
Housing Middle Keys Parks& Rec. Bldg. &Zoning Policing Fees
$ - $ 12,234,148 $ 2,178,112 $ 527,555 $ 4,399,915 $ -
- 148,833 6,927 1,375,859 - -
- 792,684 - 3,421,043 3,897,443 465,692
- - - 2,127,481 - -
176 281,024 46,016 293,421 60,100 956
- 34,265 40,226 10,550 - -
176 13,490,954 2,271,281 7,755,909 8,357,458 466,648
- 574,802 63,993 2,870,036 206,542 -
- 11,508,020 - 3,048,541 8,347,986 466,704
- - - 931,383 - -
- - 2,326,447 - - -
- 12,082,822 2,390,440 6,849,960 8,554,528 466,704
176 1,408,132 (119,159) 905,949 (197,070) (56)
(44,930) (1,173,110) - (1,392,847) (14,337) -
- 186,417 28,376 4,938 (90,932) -
(44,930) (986,693) 28,376 (1,387,909) (105,269) -
(44,754) 421,439 (90,783) (481,960) (302,339) (56)
44,754 4,325,401 771,401 9,080,273 1,741,202 194
$ - $ 4,746,840 $ 680,618 $ 8,598,313 $ 1,438,863 $ 138
(Continued)
G-14
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES (CONTINUED)
NONMAJOR GOVERNMENTAL FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2019
SPECIAL
Duck Key Local Miscellaneous
Security Housing Boating Special
District Assistance Improvement Revenue
Revenues:
Taxes $ - $ - $ - $ -
Licenses and Permits 102,040 - - 104,903
Intergovernmental - 350,000 - -
Charges for Services - - 760,923 390,162
Fines and Forfeitures - - - 235,142
Investment Income 10,443 80,038 88,023 87,877
Miscellaneous - 171,456 9,002 98,006
Total Revenues 112,483 601,494 857,948 916,090
Expenditures:
Current:
General Government 1,000 - - 3,917
Public Safety 95,256 - - 257,162
Physical Environment - - 483,645 -
Transportation - - - -
Economic Environment - 1,062,962 - 1,275
Human Services - - - 130,842
Culture and Recreation - - - 3,142
Court Related - - - 445,575
Capital Projects - - - -
Total Expenditures 96,256 1,062,962 483,645 841,913
Excess/Deficiency of Revenues
Over(Under) Expenditures 16,227 (461,468) 374,303 74,177
Other Financing Sources(Uses):
Transfers from Other Funds - - - 1,958
Transfers to Other Funds - - (418,110) (19,854)
Transfers from Constitutional Officers - - - -
Total Other Financing Sources (Uses) - - (418,110) (17,896)
Net Change in Fund Balances 16,227 (461,468) (43,807) 56,281
Fund Balances-October 1 322,115 2,843,043 3,131,635 3,079,206
Fund Balances-September 30 $ 338,342 $ 2,381,575 $ 3,087,828 $ 3,135,487
G-15
REVENUE FUNDS
Law Court Drug Marathon
Environmental Enforcement Facility Abuse Municipal
Restoration Trust Fees Trust Service
- - 476,702 33,650 -
1,256,739 - - -97,588 16,820 114,512 1,925 74
2,011 - - - -
1,356,338 16,820 591,214 35,575 74
- 13,000 - -259,904 - - - -
- - - 31,832 -
- - 172,930 - -
259,904 13,000 172,930 31,832 -
1,096,434 3,820 418,284 3,743 74
(24,035) - - - -
(24,035) - - - -
1,072,399 3,820 418,284 3,743 74
2,739,043 603,623 3,824,862 58,551 2,601
$ 3,811,442 $ 607,443 $ 4,243,146 $ 62,294 $ 2,675
(Continued)
G-16
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES (CONTINUED)
NONMAJOR GOVERNMENTAL FUNDS
FOR THE YEAR ENDED SEPTEMBER 30,2019
SPECIAL
Bay Point Big Coppitt Key Largo
Wastewater Wastewater Wastewater Stock Island
MSTU MSTU MSTU Wastewater
Revenues:
Taxes $ - $ - $ 1,002 $ -
Licenses and Permits - - - 58,557
Intergovernmental - - - -
Charges for Services - - - -
Fines and Forfeitures - - - -
Investment Income 1,300 14 222 132,023
Miscellaneous - - - 14,889
Total Revenues 1,300 14 1,224 205,469
Expenditures:
Current:
General Government - - - 2,000
Public Safety - - - -
Physical Environment 69 107 30 276,936
Transportation - - - -
Economic Environment - - - -
Human Services - - - -
Culture and Recreation - - - -
Court Related - - - -
Capital Projects - - - -
Total Expenditures 69 107 30 278,936
Excess/Deficiency of Revenues
Over(Under) Expenditures 1,231 (93) 1,194 (73,467)
Other Financing Sources(Uses):
Transfers from Other Funds - - - -
Transfers to Other Funds - - - -
Transfers from Constitutional Officers - - 13 886
Total Other Financing Sources (Uses) - - 13 886
Net Change in Fund Balances 1,231 (93) 1,207 (72,581)
Fund Balances-October 1 46,208 612 7,759 904,457
Fund Balances-September 30 $ 47,439 $ 519 $ 8,966 $ 831,876
G-17
REVENUE FUNDS
Long Key,
Conch Key Layton Duck Key Building Road and
MSTU MSTU MSTU Fund Bridge
$ - $ - $ - $ - $ 2,546,939
- - - 5,471,975 -
- - - - 3,863,751
- - - 121,645 4,778
14 7,455 1,627 81,797 425,897
- - - 36,698 80,865
14 7,455 1,627 5,712,115 6,922,230
- - - 5,680,268 -
- 2,997 10,651 - -
- - - - 8,004,805
- 2,997 10,651 5,680,268 8,004,805
14 4,458 (9,024) 31,847 (1,082,575)
- - - 44,930 -
- - - (538,659) (674,003)
- - - (493,729) (674,003)
14 4,458 (9,024) (461,882) (1,756,578)
485 257,129 58,763 2,622,307 14,439,833
$ 499 $ 261,587 $ 49,739 $ 2,160,425 $ 12,683,255
(Continued)
G-18
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES (CONTINUED)
NONMAJOR GOVERNMENTAL FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2019
CAPITAL
Total Nonmajor Clerk's Infrastructure
Special Rev Revenue Revenue Bonds
Funds Note Series 2007
Revenues:
Taxes $ 61,737,971 $ - $ -
Licenses and Permits 5,922,667 - -
Intergovernmental 5,745,370 - -
Charges for Services 10,364,722 - -
Fines and Forfeitures 3,619,362 - -
Investment Income 2,998,958 3,293 6,928
Miscellaneous 498,243 - -
Total Revenues 90,887,293 3,293 6,928
Expenditures:
Current:
General Government 3,722,290 - -
Public Safety 29,546,593 - -
Physical Environment 1,965,722 - -
Transportation 8,004,805 - -
Economic Environment 33,432,738 - -
Human Services 162,674 - -
Culture and Recreation 2,329,589 - -
Court Related 618,505 - -
Capital Projects - - 100,777
Total Expenditures 79,782,916 - 100,777
Excess/Deficiency of Revenues -
Over(Under) Expenditures 11,104,377 3,293 (93,849)
Other Financing Sources(Uses):
Transfers from Other Funds 46,888 - -
Transfers to Other Funds (4,609,158) - -
Transfers from Constitutional Officers 491,862 - -
Total Other Financing Sources (Uses) (4,070,408) - -
Net Change in Fund Balances 7,033,969 3,293 (93,849)
Fund Balances-October 1 87,451,505 106,255 277,598
Fund Balances-September 30 $ 94,485,474 $ 109,548 $ 183,749
G-19
PROJECT FUNDS
Total
Big Coppitt Duck Key Long Key Land Nonmajor
Wastewater Wastewater Wastewater Acquisition Governmental
Project Project Project Fund Funds
$ - $ - $ - $ - $ 61,737,971
243,645 90,400 - - 6,256,712
- - - 61,253 5,806,623
- - - - 10,364,722
- - - - 3,619,362
58,781 19,976 8,909 95,045 3,191,890
31,855 6,754 - - 536,852
334,281 117,130 8,909 156,298 91,514,132
- - - - 3,722,290
- - - - 29,546,593
- - - - 1,965,722
- - - - 8,004,805
- - - - 33,432,738
- - - - 162,674
- - - - 2,329,589
- - - - 618,505
20,993 28,808 4,966 2,732,089 2,887,633
20,993 28,808 4,966 2,732,089 82,670,549
313,288 88,322 3,943 (2,575,791) 8,843,583
263,659 - - - 310,547
(682,000) - - - (5,291,158)
731 598 - - 493,191
(417,610) 598 - - (4,487,420)
(104,322) 88,920 3,943 (2,575,791) 4,356,163
166,608 278,488 734,062 4,384,909 93,399,425
$ 62,286 $ 367,408 $ 738,005 $ 1,809,118 $ 97,755,588
G-20
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
AFFORDABLE HOUSING PROGRAMS SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2019
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Investment Income $ 1,100 $ 1,100 $ 11,185 $ 10,085
Total Revenues 1,100 1,100 11,185 10,085
EXPENDITURES:
Current:
Economic Environment:
Affordable Housing Initiatives 290,000 290,000 - 290,000
Total Expenditures 290,000 290,000 - 290,000
Excess/Deficiency of Revenues
Over(Under) Expenditures (288,900) (288,900) 11,185 300,085
Other Financing Sources (Uses):
Reserve for Contingencies (9,000) (9,000) - 9,000
Reserve for Cash Balance (15,000) (15,000) - 15,000
Total Other Financing Sources (Uses) (24,000) (24,000) - 24,000
Net Change in Fund Balances (312,900) (312,900) 11,185 324,085
Fund Balances-October 1 312,900 312,900 395,618 82,718
Fund Balances-September 30 $ - $ - $ 406,803 $ 406,803
G-21
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
TOURIST DEVELOPMENT,ALL DISTRICTS, TWO CENT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2019
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ 5,940,375 $ 5,940,375 $ 6,485,636 $ 545,261
Investment Income - - 153,217 153,217
Total Revenues 5,940,375 5,940,375 6,638,853 698,478
EXPENDITURES:
Current:
Economic Environment:
Cultural Umbrella 1,032,436 1,032,436 755,835 276,601
Fishing Umbrella 815,000 815,000 682,857 132,143
Dive Umbrella 800,000 800,000 787,045 12,955
Operations - Events 3,092,510 3,077,979 2,577,795 500,184
Catastrophic Emergency 1,827,833 1,827,833 - 1,827,833
Special Projects 1,251,268 1,251,268 768,671 482,597
Total Expenditures 8,819,047 8,804,516 5,572,203 3,232,313
Excess/Deficiency of Revenues
Over(Under) Expenditures (2,878,672) (2,864,141) 1,066,650 3,930,791
Other Financing Sources (Uses):
Transfers to Other Funds (58,182) (72,713) (72,713) -
Transfers from Constitutional Officers - - 63,379 63,379
Total Other Financing Sources (Uses) (58,182) (72,713) (9,334) 63,379
Net Change in Fund Balances (2,936,854) (2,936,854) 1,057,316 3,994,170
Fund Balances-October 1 2,936,854 2,936,854 4,875,903 1,939,049
Fund Balances-September 30 $ - $ - $ 5,933,219 $ 5,933,219
G-22
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
TOURIST DEVELOPMENT,ADMINISTRATION AND PROMOTIONAL,
TWO CENT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2019
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ 12,309,625 $ 12,309,625 $ 13,439,514 $ 1,129,889
Investment Income - - 212,526 212,526
Miscellaneous - - 275 275
Total Revenues 12,309,625 12,309,625 13,652,315 1,342,690
EXPENDITURES:
Current:
Economic Environment:
Advertising and Promotion 10,440,757 10,403,423 9,774,903 628,520
Administrative Services 1,458,783 1,421,449 927,967 493,482
Catastrophic Emergency 1,326,982 1,326,982 - 1,326,982
Total Expenditures 13,226,522 13,151,854 10,702,870 2,448,984
Excess/Deficiency of Revenues
Over(Under) Expenditures (916,897) (842,229) 2,949,445 3,791,674
Other Financing Sources (Uses):
Transfers to Other Funds (39,610) (114,278) (114,278) -
Transfers from Constitutional Officers - - 117,703 117,703
Total Other Financing Sources (Uses) (39,610) (114,278) 3,425 117,703
Net Change in Fund Balances (956,507) (956,507) 2,952,870 3,909,377
Fund Balances-October 1 956,507 956,507 6,248,555 5,292,048
Fund Balances-September 30 $ - $ - $ 9,201,425 $ 9,201,425
G-23
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
TOURIST DEVELOPMENT, DISTRICT ONE SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2019
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ 9,938,950 $ 9,938,950 $ 10,763,188 $ 824,238
Investment Income - - 389,747 389,747
Total Revenues 9,938,950 9,938,950 11,152,935 1,213,985
EXPENDITURES:
Current:
Economic Environment:
Advertising and Promotion 4,623,080 4,908,578 4,727,318 181,260
Administrative Services 450,393 450,393 4,271 446,122
Special Events 572,596 572,596 331,051 241,545
Bricks and Mortar 10,602,808 10,317,310 2,956,730 7,360,580
Information Services 383,761 383,761 383,752 9
Beaches 314,000 314,000 - 314,000
Total Expenditures 16,946,638 16,946,638 8,403,122 8,543,516
Excess/Deficiency of Revenues
Over(Under) Expenditures (7,007,688) (7,007,688) 2,749,813 9,757,501
Other Financing Sources (Uses):
Transfers to Other Funds (59,799) (59,799) (54,392) 5,407
Transfers from Constitutional Officers - - 98,038 98,038
Total Other Financing Sources (Uses) (59,799) (59,799) 43,646 103,445
Net Change in Fund Balances (7,067,487) (7,067,487) 2,793,459 9,860,946
Fund Balances-October 1 7,067,487 7,067,487 12,189,309 5,121,822
Fund Balances-September 30 $ - $ - $ 14,982,768 $ 14,982,768
G-24
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
TOURIST DEVELOPMENT, DISTRICT TWO SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2019
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ 1,189,900 $ 1,189,900 $ 1,253,830 $ 63,930
Investment Income - - 43,013 43,013
Total Revenues 1,189,900 1,189,900 1,296,843 106,943
EXPENDITURES:
Current:
Economic Environment:
Advertising and Promotion 670,229 699,970 653,792 46,178
Administrative Services 49,789 34,814 594 34,220
Special Events 1,099 1,099 - 1,099
Bricks and Mortar 842,758 813,017 304,313 508,704
Information Services 95,760 95,760 95,760 -
Total Expenditures 1,659,635 1,644,660 1,054,459 590,201
Excess/Deficiency of Revenues
Over(Under) Expenditures (469,735) (454,760) 242,384 697,144
Other Financing Sources (Uses):
Transfers to Other Funds - (14,975) (14,975) -
Transfers from Constitutional Officers - - 11,390 11,390
Total Other Financing Sources (Uses) - (14,975) (3,585) 11,390
Net Change in Fund Balances (469,735) (469,735) 238,799 708,534
Fund Balances-October 1 469,735 469,735 1,241,781 772,046
Fund Balances-September 30 $ - $ - $ 1,480,580 $ 1,480,580
G-25
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
TOURIST DEVELOPMENT, DISTRICT THREE SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2019
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ 2,859,775 $ 2,859,775 $ 3,147,918 $ 288,143
Investment Income - - 109,344 109,344
Total Revenues 2,859,775 2,859,775 3,257,262 397,487
EXPENDITURES:
Current:
Economic Environment:
Advertising and Promotion 1,841,724 1,841,724 1,758,738 82,986
Administrative Services 158,072 144,477 1,555 142,922
Special Events 22,595 22,595 19,871 2,724
Bricks and Mortar 3,278,682 3,278,682 505,196 2,773,486
Information Services 168,000 168,000 168,000 -
Total Expenditures 5,469,073 5,455,478 2,453,360 3,002,118
Excess/Deficiency of Revenues
Over(Under) Expenditures (2,609,298) (2,595,703) 803,902 3,399,605
Other Financing Sources (Uses):
Transfers to Other Funds - (13,595) (13,595) -
Transfers from Constitutional Officers - - 28,846 28,846
Total Other Financing Sources (Uses) - (13,595) 15,251 28,846
Net Change in Fund Balances (2,609,298) (2,609,298) 819,153 3,428,451
Fund Balances-October 1 2,609,298 2,609,298 3,372,409 763,111
Fund Balances-September 30 $ - $ - $ 4,191,562 $ 4,191,562
G-26
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
TOURIST DEVELOPMENT, DISTRICT FOUR SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2019
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ 1,908,950 $ 1,908,950 $ 1,948,960 $ 40,010
Investment Income - - 61,752 61,752
Total Revenues 1,908,950 1,908,950 2,010,712 101,762
EXPENDITURES:
Current:
Economic Environment:
Advertising and Promotion 1,094,437 1,094,437 1,035,476 58,961
Administrative Services 82,970 69,968 2,379 67,589
Special Events 55,880 55,880 25,880 30,000
Bricks and Mortar 1,374,877 1,374,877 718,363 656,514
Information Services 157,500 157,500 157,500 -
Total Expenditures 2,765,664 2,752,662 1,939,598 813,064
Excess/Deficiency of Revenues
Over(Under) Expenditures (856,714) (843,712) 71,114 914,826
Other Financing Sources (Uses):
Transfers to Other Funds - (13,002) (13,002) -
Transfers from Constitutional Officers - - 17,746 17,746
Total Other Financing Sources (Uses) - (13,002) 4,744 17,746
Net Change in Fund Balances (856,714) (856,714) 75,858 932,572
Fund Balances-October 1 856,714 856,714 1,948,943 1,092,229
Fund Balances-September 30 $ - $ - $ 2,024,801 $ 2,024,801
G-27
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
TOURIST DEVELOPMENT, DISTRICT FIVE SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2019
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ 2,352,425 $ 2,352,425 $ 2,811,254 $ 458,829
Investment Income - - 83,818 83,818
Total Revenues 2,352,425 2,352,425 2,895,072 542,647
EXPENDITURES:
Current:
Economic Environment:
Advertising and Promotion 1,707,132 1,729,233 1,620,284 108,949
Administrative Services 105,124 78,806 1,711 77,095
Special Events 44,286 44,286 4,286 40,000
Bricks and Mortar 1,498,476 1,476,375 467,508 1,008,867
Information Services 149,100 149,100 149,100 -
Total Expenditures 3,504,118 3,477,800 2,242,889 1,234,911
Excess/Deficiency of Revenues
Over(Under) Expenditures (1,151,693) (1,125,375) 652,183 1,777,558
Other Financing Sources (Uses):
Transfers to Other Funds - (26,318) (26,318) -
Transfers from Constitutional Officers - - 25,062 25,062
Total Other Financing Sources (Uses) - (26,318) (1,256) 25,062
Net Change in Fund Balances (1,151,693) (1,151,693) 650,927 1,802,620
Fund Balances-October 1 1,151,693 1,151,693 2,514,778 1,363,085
Fund Balances-September 30 $ - $ - $ 3,165,705 $ 3,165,705
G-28
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
IMPACT FEES -ROADWAYS SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2019
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Licenses and Permits $ 66,000 $ 66,000 $ 106,615 $ 40,615
Investment Income 50,525 50,525 42,835 (7,690)
Total Revenues 116,525 116,525 149,450 32,925
EXPENDITURES:
Current:
Transportation:
Roadway Projects 540,787 271,720 - 271,720
Truman Bridge Ped Bridge 929,520 905,819 - 905,819
Bike/Shared Use Path - 292,768 - 292,768
Key Colony Beach Road Project 33,820 33,820 - 33,820
Total Expenditures 1,504,127 1,504,127 - 1,504,127
Excess/Deficiency of Revenues
Over(Under) Expenditures (1,387,602) (1,387,602) 149,450 1,537,052
Net Change in Fund Balances (1,387,602) (1,387,602) 149,450 1,537,052
Fund Balances-October 1 1,387,602 1,387,602 1,532,780 145,178
Fund Balances-September 30 $ - $ - $ 1,682,230 $ 1,682,230
G-29
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
IMPACT FEES -PARKS AND RECREATION SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2019
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Licenses and Permits $ 41,200 $ 41,200 $ 47,600 $ 6,400
Investment Income 1,200 1,200 20,711 19,511
Total Revenues 42,400 42,400 68,311 25,911
EXPENDITURES:
Current:
Culture and Recreation:
District 1 Projects 175,337 175,337 - 175,337
District 2 Projects 224,017 224,017 - 224,017
District 3 Projects 177,641 177,641 - 177,641
Bay Point Park 18,656 18,656 - 18,656
Big Coppitt Park 6,645 6,645 - 6,645
Total Expenditures 602,296 602,296 - 602,296
Excess/Deficiency of Revenues
Over(Under) Expenditures (559,896) (559,896) 68,311 628,207
Net Change in Fund Balances (559,896) (559,896) 68,311 628,207
Fund Balances-October 1 559,896 559,896 696,393 136,497
Fund Balances-September 30 $ - $ - $ 764,704 $ 764,704
G-30
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
IMPACT FEES -LIBRARIES SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2019
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Licenses and Permits $ - $ - $ 3,148 $ 3,148
Investment Income 2,700 2,700 34,322 31,622
Total Revenues 2,700 2,700 37,470 34,770
EXPENDITURES:
Current:
Culture and Recreation:
County-wide Library Projects 1,127,383 1,127,383 - 1,127,383
Library Automation 25,000 25,000 - 25,000
Total Expenditures 1,152,383 1,152,383 - 1,152,383
Excess/Deficiency of Revenues
Over(Under) Expenditures (1,149,683) (1,149,683) 37,470 1,187,153
Net Change in Fund Balances (1,149,683) (1,149,683) 37,470 1,187,153
Fund Balances-October 1 1,149,683 1,149,683 1,186,296 36,613
Fund Balances-September 30 $ - $ - $ 1,223,766 $ 1,223,766
G-31
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
IMPACT FEES -SOLID WASTE SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2019
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Investment Income $ 300 $ 300 $ 2,942 $ 2,642
Total Revenues 300 300 2,942 2,642
EXPENDITURES:
Current:
Physical Environment:
County-wide Solid Waste Projects 101,165 101,165 - 101,165
Total Expenditures 101,165 101,165 - 101,165
Excess/Deficiency of Revenues
Over(Under) Expenditures (100,865) (100,865) 2,942 103,807
Net Change in Fund Balances (100,865) (100,865) 2,942 103,807
Fund Balances-October 1 100,865 100,865 102,347 1,482
Fund Balances-September 30 $ - $ - $ 105,289 $ 105,289
G-32
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
IMPACT FEES -POLICE FACILITIES SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2019
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Investment Income $ 300 $ 1,842 $ 508 $ (1,334)
Total Revenues 300 1,842 508 (1,334)
EXPENDITURES:
Current:
Public Safety:
County-wide Police Facility 128,116 129,658 129,656 2
Total Expenditures 128,116 129,658 129,656 2
Excess/Deficiency of Revenues
Over(Under) Expenditures (127,816) (127,816) (129,148) (1,332)
Net Change in Fund Balances (127,816) (127,816) (129,148) (1,332)
Fund Balances-October 1 127,816 127,816 129,148 1,332
Fund Balances-September 30 $ - $ - $ - $ -
G-33
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
IMPACT FEES -FIRE AND EMS SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2019
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Licenses and Permits $ - $ - $ 27,829 $ 27,829
Investment Income 230 230 3,696 3,466
Total Revenues 230 230 31,525 31,295
EXPENDITURES:
Current:
Public Safety:
District 1 Fire & EMS Project 45,554 45,554 - 45,554
District 2 Fire & EMS Project 3,385 3,385 - 3,385
District 3 Fire & EMS Project 52,256 52,256 - 52,256
Key Colony Beach Fire & EMS 1,235 1,235 - 1,235
Total Expenditures 102,430 102,430 - 102,430
Excess/Deficiency of Revenues
Over(Under) Expenditures (102,200) (102,200) 31,525 133,725
Net Change in Fund Balances (102,200) (102,200) 31,525 133,725
Fund Balances-October 1 102,200 102,200 111,788 9,588
Fund Balances-September 30 $ - $ - $ 143,313 $ 143,313
G-34
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
IMPACT FEES -EMPLOYEE FAIR SHARE HOUSING SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2019
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Investment Income $ 150 $ 561 $ 176 $ (385)
Total Revenues 150 561 176 (385)
EXPENDITURES:
Current:
Total Expenditures - - - -
Excess/Deficiency of Revenues
Over(Under) Expenditures 150 561 176 (385)
Other Financing Sources (Uses):
Reserve for Contingencies (250) - - -
Transfers to Other Funds (44,492) (45,153) (44,930) 223
Total Other Financing Sources (Uses) (44,742) (45,153) (44,930) 223
Net Change in Fund Balances (44,592) (44,592) (44,754) (162)
Fund Balances-October 1 44,592 44,592 44,754 162
Fund Balances-September 30 $ - $ - $ - $ -
G-35
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
FIRE AND AMBULANCE, DISTRICT#1 -LOWER AND MIDDLE KEYS SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2019
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ 12,749,447 $ 12,749,447 $ 12,234,148 $ (515,299)
Intergovernmental 38,000 38,000 148,833 110,833
Charges for Services 650,000 650,000 792,684 142,684
Investment Income 33,000 33,000 281,024 248,024
Miscellaneous - - 34,265 34,265
Total Revenues 13,470,447 13,470,447 13,490,954 20,507
EXPENDITURES:
Current:
General Government:
Tax Collector 356,961 416,961 360,448 56,513
Property Appraiser 212,988 214,355 214,354 1
Total General Government 569,949 631,316 574,802 56,514
Public Safety:
Fire Rescue- Central 12,109,352 12,109,352 11,508,020 601,332
Total Public Safety 12,109,352 12,109,352 11,508,020 601,332
Total Expenditures 12,679,301 12,740,668 12,082,822 657,846
Excess/Deficiency of Revenues
Over(Under) Expenditures 791,146 729,779 1,408,132 678,353
Other Financing Sources (Uses):
Reserve for Contingencies (600,234) (274,276) - 274,276
Reserve for Cash Balance (1,132,387) (1,132,387) - 1,132,387
Transfers to Other Funds (908,519) (1,173,110) (1,173,110) -
Transfers from Constitutional Officers 180,000 180,000 186,417 6,417
Total Other Financing Sources (Uses) (2,461,140) (2,399,773) (986,693) 1,413,080
Net Change in Fund Balances (1,669,994) (1,669,994) 421,439 2,091,433
Fund Balances-October 1 1,669,994 1,669,994 4,325,401 2,655,407
Fund Balances-September 30 $ - $ - $ 4,746,840 $ 4,746,840
G-36
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
UNINCORPORATED AREA SERVICE DISTRICT-
PARKS AND RECREATION SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2019
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ 2,254,934 $ 2,254,936 $ 2,178,112 $ (76,824)
Intergovernmental - - 6,927 6,927
Charges for Services 50,000 50,000 - (50,000)
Investment Income 6,000 6,000 46,016 40,016
Miscellaneous 55,000 55,000 40,226 (14,774)
Total Revenues 2,365,934 2,365,936 2,271,281 (94,655)
EXPENDITURES:
Current:
General Government:
Tax Collector 72,964 72,964 63,993 8,971
Culture and Recreation:
Parks and Beaches Unincorporated 2,041,169 2,219,555 2,119,495 100,060
Jacob's Aquatic Center 180,000 180,000 180,000 -
School Board Interlocal 32,000 32,000 26,952 5,048
Total Culture and Recreation 2,253,169 2,431,555 2,326,447 105,108
Total Expenditures 2,326,133 2,504,519 2,390,440 114,079
Excess/Deficiency of Revenues
Over(Under) Expenditures 39,801 (138,583) (119,159) 19,424
Other Financing Sources (Uses):
Reserve for Contingencies (78,384) - - -
Reserve for Cash Balance (125,570) (125,570) - 125,570
Transfers to Other Funds (162,768) (62,768) - 62,768
Transfers from Constitutional Officers - - 28,376 28,376
Total Other Financing Sources (Uses) (366,722) (188,338) 28,376 216,714
Net Change in Fund Balances (326,921) (326,921) (90,783) 236,138
Fund Balances-October 1 326,921 326,921 771,401 444,480
Fund Balances-September 30 $ - $ - $ 680,618 $ 680,618
G-37
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MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
UNINCORPORATED AREA SERVICE DISTRICT-PLANNING,
BUILDING AND ZONING SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2019
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ 630,000 $ 630,000 $ 527,555 $ (102,445)
Intergovernmental 1,331,685 1,331,685 1,375,859 44,174
Charges for Services 2,730,000 2,730,000 3,421,043 691,043
Fines and Forfeitures 1,450,000 1,450,000 2,127,481 677,481
Investment Income 25,000 25,000 293,421 268,421
Miscellaneous - - 10,550 10,550
Total Revenues 6,166,685 6,166,685 7,755,909 1,589,224
Expenditures:
Current:
General Government:
Tax Collector 5,000 5,000 173 4,827
Property Appraiser 34,037 38,082 38,081 1
Affordable Housing 130,000 130,000 111,037 18,963
Planning Department 2,217,663 2,217,663 2,050,300 167,363
Planning Commission 88,409 88,409 76,016 12,393
Planning Legal 791,494 1,076,494 571,762 504,732
Planning Building Refunds 20,000 27,500 22,667 4,833
Total General Government 3,286,603 3,583,148 2,870,036 713,112
Public Safety:
Code Enforcement 2,159,803 2,159,803 1,709,365 450,438
Fire & Rescue Coordinator 992,653 992,653 927,077 65,576
Fire Marshall 494,112 494,112 412,099 82,013
Total Public Safety 3,646,568 3,646,568 3,048,541 598,027
Physical Environment:
Environmental Resources 983,691 983,691 931,383 52,308
Total Physical Environment 983,691 983,691 931,383 52,308
Total Expenditures 7,916,862 8,213,407 6,849,960 1,363,447
Excess/Deficiency of Revenues
Over(Under) Expenditures (1,750,177) (2,046,722) 905,949 2,952,671
(Continued)
G-38
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL(CONTINUED)
UNINCORPORATED AREA SERVICE DISTRICT-PLANNING,
BUILDING AND ZONING SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2019
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
Other Financing Sources (Uses):
Reserve for Contingencies (487,869) (191,324) - 191,324
Reserve for Cash Balance (1,290,212) (1,290,212) - 1,290,212
Transfers to Other Funds (1,547,942) (1,547,942) (1,392,847) 155,095
Transfers from Constitutional Officers 10,000 10,000 4,938 (5,062)
Total Other Financing Sources (Uses) (3,316,023) (3,019,478) (1,387,909) 1,631,569
Net Change in Fund Balances (5,066,200) (5,066,200) (481,960) 4,584,240
Fund Balances-October 1 5,066,200 5,066,200 9,080,273 4,014,073
Fund Balances-September 30 $ - $ - $ 8,598,313 $ 8,598,313
G-39
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
MUNICIPAL POLICING SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2019
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ 4,559,235 $ 4,559,235 $ 4,399,915 $ (159,320)
Charges for Services 3,881,238 3,881,237 3,897,443 16,206
Investment Income 13,000 13,000 60,100 47,100
Total Revenues 8,453,473 8,453,472 8,357,458 (96,014)
EXPENDITURES:
Current:
General Government:
Tax Collector 123,210 138,210 129,628 8,582
Property Appraiser 74,267 76,915 76,914 1
Total General Government 197,477 215,125 206,542 8,583
Public Safety:
Insurance Unincorporated & Layton 614,255 614,255 481,855 132,400
Insurance Islamorada 253,192 253,192 200,232 52,960
Insurance Marathon 232,509 232,509 182,859 49,650
Sheriff Unincorporated & Layton 4,087,503 4,087,503 4,087,503 -
Sheriff Islamorada 1,818,133 1,818,133 1,818,133 -
Sheriff Marathon 1,577,404 1,577,404 1,577,404 -
Total Public Safety 8,582,996 8,582,996 8,347,986 235,010
Total Expenditures 8,780,473 8,798,121 8,554,528 243,593
Excess/Deficiency of Revenues
Over(Under) Expenditures (327,000) (344,649) (197,070) 147,579
Other Financing Sources (Uses):
Reserve for Contingencies (147,403) (126,931) - 126,931
Reserve for Cash Balance (900,000) (900,000) - 900,000
Transfers to Other Funds (11,514) (14,337) (14,337) -
Transfers from Constitutional Officers 355,000 355,000 (90,932) (445,932)
Total Other Financing Sources (Uses) (703,917) (686,268) (105,269) 580,999
Net Change in Fund Balances (1,030,917) (1,030,917) (302,339) 728,578
Fund Balances-October 1 1,030,917 1,030,917 1,741,202 710,285
Fund Balances-September 30 $ - $ - $ 1,438,863 $ 1,438,863
G-40
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
911 ENHANCEMENT FEES SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2019
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Charges for Services $ 515,000 $ 515,000 $ 465,692 $ (49,308)
Investment Income 300 300 956 656
Total Revenues 515,300 515,300 466,648 (48,652)
EXPENDITURES:
Current:
Public Safety:
911 Enhancement Fund 195,105 195,105 145,236 49,869
911 Wireless 320,195 320,195 321,468 (1,273)
Total Expenditures 515,300 515,300 466,704 48,596
Excess/Deficiency of Revenues
Over(Under) Expenditures - - (56) (56)
Net Change in Fund Balances - - (56) (56)
Fund Balances-October 1 - - 194 194
Fund Balances-September 30 $ - $ - $ 138 $ 138
G-41
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
DUCK KEY SECURITY DISTRICT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2019
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Licenses and Permits $ 105,530 $ 105,530 $ 102,040 $ (3,490)
Investment Income 1,500 1,500 10,443 8,943
Total Revenues 107,030 107,030 112,483 5,453
EXPENDITURES:
Current:
General Government:
Tax Collector 2,250 2,250 1,000 1,250
Public Safety:
Island Security 260,000 260,000 95,256 164,744
Total Expenditures 262,250 262,250 96,256 165,994
Excess/Deficiency of Revenues
Over(Under) Expenditures (155,220) (155,220) 16,227 171,447
Other Financing Sources (Uses):
Reserve for Contingencies (35,000) (35,000) - 35,000
Reserve for Cash Balance (70,000) (70,000) - 70,000
Total Other Financing Sources (Uses) (105,000) (105,000) - 105,000
Net Change in Fund Balances (260,220) (260,220) 16,227 276,447
Fund Balances-October 1 260,220 260,220 322,115 61,895
Fund Balances-September 30 $ - $ - $ 338,342 $ 338,342
G-42
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
LOCAL HOUSING ASSISTANCE
FOR THE YEAR ENDED SEPTEMBER 30, 2019
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Intergovernmental $ 475,000 $ 475,000 $ 350,000 $ (125,000)
Investment Income 5,000 5,000 80,038 75,038
Miscellaneous 180,000 180,000 171,456 (8,544)
Total Revenues 660,000 660,000 601,494 (58,506)
EXPENDITURES:
Current:
Economic Environment:
Homeowner Assistance 2,241,186 2,241,186 1,029,057 1,212,129
Fair Housing 15,000 15,000 - 15,000
Administration 38,129 38,129 33,905 4,224
Total Expenditures 2,294,315 2,294,315 1,062,962 1,231,353
Excess/Deficiency of Revenues
Over(Under) Expenditures (1,634,315) (1,634,315) (461,468) 1,172,847
Other Financing Sources (Uses):
Reserve for Contingencies (15,000) (15,000) - 15,000
Reserve for Cash Balance (15,000) (15,000) - 15,000
Total Other Financing Sources (Uses) (30,000) (30,000) - 30,000
Net Change in Fund Balances (1,664,315) (1,664,315) (461,468) 1,202,847
Fund Balances-October 1 1,664,315 1,664,315 2,843,043 1,178,728
Fund Balances-September 30 $ - $ - $ 2,381,575 $ 2,381,575
G-43
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
BOATING IMPROVEMENT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2019
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Charges for Services $ 740,000 $ 740,000 $ 760,923 $ 20,923
Investment Income 10,000 10,001 88,023 78,022
Miscellaneous - - 9,002 9,002
Total Revenues 750,000 750,001 857,948 107,947
EXPENDITURES:
Current:
Physical Environment:
Boating Improvement 1,440,643 1,440,643 430,478 1,010,165
Boating Imp Fees/Retained Vessel 443,612 130,030 53,167 76,863
Total Expenditures 1,884,255 1,570,673 483,645 1,087,028
Excess/Deficiency of Revenues
Over(Under) Expenditures (1,134,255) (820,672) 374,303 1,194,975
Other Financing Sources (Uses):
Reserve for Contingencies (200,000) (95,473) - 95,473
Reserve for Cash Balance (350,000) (350,000) - 350,000
Transfers to Other Funds - (418,110) (418,110) -
Total Other Financing Sources (Uses) (550,000) (863,583) (418,110) 445,473
Net Change in Fund Balances (1,684,255) (1,684,255) (43,807) 1,640,448
Fund Balances-October 1 1,684,255 1,684,255 3,131,635 1,447,380
Fund Balances-September 30 $ - $ - $ 3,087,828 $ 3,087,828
G-44
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MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
MISCELLANEOUS SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2019
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Licenses and Permits $ - $ 104,903 $ 104,903 $ -
Charges for Services - 346,714 390,162 43,448
Fines and Forfeitures - 89,539 235,142 145,603
Investment Income - - 87,877 87,877
Miscellaneous - 1,958 98,006 96,048
Total Revenues - 543,114 916,090 372,976
EXPENDITURES:
Current:
General Government:
Conservation Land Purchase 50,000 50,000 - 50,000
Legal Scholar Program - 3,917 3,917 -
Total General Government 50,000 53,917 3,917 50,000
Public Safety:
Interagency Communications 140,000 140,000 145,920 (5,920)
Education-Building Department 23,400 66,337 33,434 32,903
Environmental Resource Education 50,000 106,976 73,880 33,096
Fire and Rescue Bldg Educ 5,000 9,990 3,928 6,062
Crime Prevention Program 50,000 50,000 - 50,000
Total Public Safety 268,400 373,303 257,162 116,141
Economic Environment:
Climate Leadership Summit 60,000 60,000 1,275 58,725
Total Economic Environment 60,000 60,000 1,275 58,725
Human Services:
FL Keys Council for the Handicapped 3,000 5,681 - 5,681
Bayshore Donations 1,557 1,557 200 1,357
Traffic Educ, Ord 021-2002 50,000 202,097 102,145 99,952
Legal Aid - 28,497 28,497 -
Total Human Services 54,557 237,832 130,842 106,990
Culture and Recreation:
Settler's Park Landscaping 2,633 2,633 - 2,633
Library Special Programs 30,000 63,586 3,142 60,444
Library Donation-Golan Trust 250,000 291,537 - 291,537
Total Culture and Recreation 282,633 357,756 3,142 354,614
(Continued)
G-45
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL(CONTINUED)
MISCELLANEOUS SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2019
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
Court Related:
Teen Court-Ord 016-2004 - 28,497 28,497 -
Ord 016-2004 St Court Sup 15,000 98,561 15,783 82,778
SA Ct Tech FS28.24(12)(E) 330,000 498,350 245,232 253,118
PD Ct Tech FS28.24(12)(E) 50,000 86,595 49,861 36,734
J Ct Tech FS28.24(12)(E) 46,310 512,126 106,202 405,924
Total Court Related 441,310 1,224,129 445,575 778,554
Total Expenditures 1,156,900 2,306,937 841,913 1,465,024
Excess/Deficiency of Revenues
Over(Under) Expenditures (1,156,900) (1,763,823) 74,177 1,838,000
Other Financing Sources (Uses):
Reserve for Contingencies (804,310) (170,848) - 170,848
Transfers to Other Funds - (28,497) (19,854) 8,643
Transfers from Other Funds - 1,958 1,958 -
Total Other Financing Sources (Uses) (804,310) (197,387) (17,896) 179,491
Net Change in Fund Balances (1,961,210) (1,961,210) 56,281 2,017,491
Fund Balances-October 1 1,961,210 1,961,210 3,079,206 1,117,996
Fund Balances-September 30 $ - $ - $ 3,135,487 $ 3,135,487
G-46
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
ENVIRONMENTAL RESTORATION SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2019
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Fines and Forfeitures $ 560,000 $ 560,000 $ 1,256,739 $ 696,739
Investment Income 7,000 7,000 97,588 90,588
Miscellaneous Income - - 2,011 2,011
Total Revenues 567,000 567,000 1,356,338 789,338
EXPENDITURES:
Current:
Physical Environment:
Environmental Restoration 472,627 442,627 259,904 182,723
Total Physical Environment 472,627 442,627 259,904 182,723
Culture and Recreation:
Settler's Park 9,083 9,083 - 9,083
Total Culture and Recreation 9,083 9,083 - 9,083
Total Expenditures 481,710 451,710 259,904 191,806
Excess/Deficiency of Revenues
Over(Under) Expenditures 85,290 115,290 1,096,434 981,144
Other Financing Sources (Uses):
Reserve for Contingencies (59,900) (59,900) - 59,900
Reserve for Cash Balance (111,416) (111,416) - 111,416
Transfers to Other Funds - (30,000) (24,035) 5,965
Total Other Financing Sources (Uses) (171,316) (201,316) (24,035) 177,281
Net Change in Fund Balances (86,026) (86,026) 1,072,399 1,158,425
Fund Balances-October 1 86,026 86,026 2,739,043 2,653,017
Fund Balances-September 30 $ - $ - $ 3,811,442 $ 3,811,442
G-47
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
LAW ENFORCEMENT TRUST SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2019
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Investment Income $ 2,500 $ 2,500 $ 16,820 $ 14,320
Miscellaneous - 103,948 - (103,948)
Total Revenues 2,500 106,448 16,820 (89,628)
EXPENDITURES:
Current:
Public Safety:
Law Enforcement 414,000 517,948 13,000 504,948
Total Expenditures 414,000 517,948 13,000 504,948
Excess/Deficiency of Revenues
Over(Under) Expenditures (411,500) (411,500) 3,820 415,320
Other Financing Sources (Uses):
Reserve for Contingencies (25,000) (25,000) - 25,000
Reserve for Cash Balance (75,211) (75,211) - 75,211
Total Other Financing Sources (Uses) (100,211) (100,211) - 100,211
Net Change in Fund Balances (511,711) (511,711) 3,820 515,531
Fund Balances-October 1 511,711 511,711 603,623 91,912
Fund Balances-September 30 $ - $ - $ 607,443 $ 607,443
G-48
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
COURT FACILITY FEES SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2019
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Charges for Services $ 490,000 $ 490,000 $ 476,702 $ (13,298)
Investment Income 10,000 10,000 114,512 104,512
Total Revenues 500,000 500,000 591,214 91,214
EXPENDITURES:
Current:
Court Related:
Court Facility 401,000 401,000 172,930 228,070
Total Expenditures 401,000 401,000 172,930 228,070
Excess/Deficiency of Revenues
Over(Under) Expenditures 99,000 99,000 418,284 319,284
Other Financing Sources (Uses):
Reserve for Contingencies (29,000) (29,000) - 29,000
Reserve for Cash Balance (45,000) (45,000) - 45,000
Total Other Financing Sources (Uses) (74,000) (74,000) - 74,000
Net Change in Fund Balances 25,000 25,000 418,284 393,284
Fund Balances-October 1 (25,000) (25,000) 3,824,862 3,849,862
Fund Balances-September 30 $ - $ - $ 4,243,146 $ 4,243,146
G-49
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
DRUG ABUSE TRUST SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2019
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Charges for Services $ 30,000 $ 30,000 $ 33,650 $ 3,650
Investment Income 500 500 1,925 1,425
Total Revenues 30,500 30,500 35,575 5,075
EXPENDITURES:
Current:
Human Services:
Drug Abuse Trust Fund 70,000 70,000 31,832 38,168
Total Expenditures 70,000 70,000 31,832 38,168
Excess/Deficiency of Revenues
Over(Under) Expenditures (39,500) (39,500) 3,743 43,243
Other Financing Sources (Uses):
Reserve for Contingencies (9,000) (9,000) - 9,000
Reserve for Cash Balance (12,000) (12,000) - 12,000
Total Other Financing Sources (Uses) (21,000) (21,000) - 21,000
Net Change in Fund Balances (60,500) (60,500) 3,743 64,243
Fund Balances-October 1 60,500 60,500 58,551 (1,949)
Fund Balances-September 30 $ - $ - $ 62,294 $ 62,294
G-50
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
MARATHON MUNICIPAL SERVICE TAXING UNIT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2019
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Investment Income $ - $ - $ 74 $ 74
Total Revenues - - 74 74
EXPENDITURES:
Current:
General Government:
Tax Collector 300 300 - 300
Physical Environment:
Marathon Wastewater 1,500 1,500 - 1,500
Total Expenditures 1,800 1,800 - 1,800
Excess/Deficiency of Revenues
Over(Under) Expenditures (1,800) (1,800) 74 1,874
Other Financing Sources (Uses):
Reserve for Contingencies (191) (191) - 191
Total Other Financing Sources (Uses) (191) (191) - 191
Net Change in Fund Balances (1,991) (1,991) 74 2,065
Fund Balances-October 1 1,991 1,991 2,601 610
Fund Balances-September 30 $ - $ - $ 2,675 $ 2,675
G-51
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
BAY POINT MUNICIPAL SERVICE TAXING UNIT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2019
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Investment Income $ - $ - $ 1,300 $ 1,300
Total Revenues - - 1,300 1,300
EXPENDITURES:
Current:
Physical Environment:
Bay Point Wastewater 29,470 29,470 69 29,401
Total Expenditures 29,470 29,470 69 29,401
Excess/Deficiency of Revenues
Over(Under) Expenditures (29,470) (29,470) 1,231 30,701
Other Financing Sources (Uses):
Reserve for Contingencies (1,900) (1,900) - 1,900
Reserve for Cash Balance (3,498) (3,498) - 3,498
Total Other Financing Sources (Uses) (5,398) (5,398) - 5,398
Net Change in Fund Balances (34,868) (34,868) 1,231 36,099
Fund Balances-October 1 34,868 34,868 46,208 11,340
Fund Balances-September 30 $ - $ - $ 47,439 $ 47,439
G-52
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
BIG COPPITT MUNICIPAL SERVICE TAXING UNIT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2019
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Investment Income $ - $ - $ 14 $ 14
Total Revenues - - 14 14
EXPENDITURES:
Current:
Physical Environment:
Big Coppitt Wastewater 350 350 107 243
Total Expenditures 350 350 107 243
Excess/Deficiency of Revenues
Over(Under) Expenditures (350) (350) (93) 257
Other Financing Sources (Uses):
Reserve for Cash Balance (50) (50) - 50
Total Other Financing Sources (Uses) (100) (100) - 100
Net Change in Fund Balances (450) (450) (93) 357
Fund Balances-October 1 450 450 612 162
Fund Balances-September 30 $ - $ - $ 519 $ 519
G-53
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
KEY LARGO MUNICIPAL SERVICE TAXING UNIT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2019
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Taxes $ - $ - $ 1,002 $ 1,002
Investment Income - - 222 222
Total Revenues - - 1,224 1,224
EXPENDITURES:
Current:
Physical Environment:
Key Largo Wastewater 4,490 4,490 30 4,460
Total Expenditures 4,490 4,490 30 4,460
Excess/Deficiency of Revenues
Over(Under) Expenditures (4,490) (4,490) 1,194 5,684
Other Financing Sources (Uses):
Reserve for Contingencies (500) (500) - 500
Reserve for Cash (1,100) (1,100) - 1,100
Transfers from Constitutional Officers - - 13 13
Total Other Financing Sources (Uses) (1,600) (1,600) 13 1,613
Net Change in Fund Balances (6,090) (6,090) 1,207 7,297
Fund Balances-October 1 6,090 6,090 7,759 1,669
Fund Balances-September 30 $ - $ - $ 8,966 $ 8,966
G-54
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
STOCK ISLAND WASTEWATER SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2019
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Licenses and Permits $ 42,000 $ 130,215 $ 58,557 $ (71,658)
Investment Income 1,700 1,700 132,023 130,323
Miscellaneous - - 14,889 14,889
Total Revenues 43,700 131,915 205,469 73,554
EXPENDITURES:
Current:
General Government:
Tax Collector Fees 1,500 10,000 2,000 8,000
Physical Environment:
Stock Island Wastewater 85,000 758,698 276,936 481,762
Total Expenditures 86,500 768,698 278,936 489,762
Excess/Deficiency of Revenues
Over(Under) Expenditures (42,800) (636,783) (73,467) 563,316
Other Financing Sources (Uses):
Reserve for Contingencies (10,710) (30,000) - 30,000
Reserve for Cash Balance (20,000) (50,000) - 50,000
Transfers from Constitutional Officers 425 425 886 461
Total Other Financing Sources (Uses) (30,285) (79,575) 886 80,461
Net Change in Fund Balances (73,085) (716,358) (72,581) 643,777
Fund Balances-October 1 73,085 716,358 904,457 188,099
Fund Balances-September 30 $ - $ - $ 831,876 $ 831,876
G-55
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
CONCH KEY MUNICIPAL SERVICE TAXING UNIT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2019
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Investment Income $ - $ - $ 14 $ 14
Total Revenues - - 14 14
EXPENDITURES:
Current:
Physical Environment:
Conch Key MSTU 400 400 - 400
Total Expenditures 400 400 - 400
Excess/Deficiency of Revenues
Over(Under) Expenditures (400) (400) 14 414
Net Change in Fund Balances (400) (400) 14 414
Fund Balances-October 1 400 400 485 85
Fund Balances-September 30 $ - $ - $ 499 $ 499
G-56
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
LONG KEY-LAYTON MUNICIPAL SERVICE TAXING UNIT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2019
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Investment Income $ - $ - $ 7,455 $ 7,455
Total Revenues - - 7,455 7,455
EXPENDITURES:
Current:
Physical Environment:
Long Key-Layton Wastewater 152,000 152,000 2,997 149,003
Total Expenditures 152,000 152,000 2,997 149,003
Excess/Deficiency of Revenues
Over(Under) Expenditures (152,000) (152,000) 4,458 156,458
Other Financing Sources (Uses):
Reserve for Contingencies (15,000) (15,000) - 15,000
Reserve for Cash Balance (35,449) (35,449) - 35,449
Total Other Financing Sources (Uses) (50,449) (50,449) - 50,449
Net Change in Fund Balances (202,449) (202,449) 4,458 206,907
Fund Balances-October 1 202,449 202,449 257,129 54,680
Fund Balances-September 30 $ - $ - $ 261,587 $ 261,587
G-57
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
DUCK KEY MUNICIPAL SERVICE TAXING UNIT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2019
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Investment Income $ - $ - $ 1,627 $ 1,627
Total Revenues - - 1,627 1,627
EXPENDITURES:
Current:
Physical Environment:
Duck Key Wastewater 35,000 35,000 10,651 24,349
Total Expenditures 35,000 35,000 10,651 24,349
Excess/Deficiency of Revenues
Over(Under) Expenditures (35,000) (35,000) (9,024) 25,976
Other Financing Sources (Uses):
Reserve for Contingencies (4,400) (4,400) - 4,400
Reserve for Cash Balance (8,800) (8,800) - 8,800
Total Other Financing Sources (Uses) (13,200) (13,200) - 13,200
Net Change in Fund Balances (48,200) (48,200) (9,024) 39,176
Fund Balances-October 1 48,200 48,200 58,763 10,563
Fund Balances-September 30 $ - $ - $ 49,739 $ 49,739
G-58
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
BUILDING SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2019
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Licenses and Permits $ 5,022,000 $ 5,022,000 $ 5,471,975 $ 449,975
Charges for Services 120,000 120,000 121,645 1,645
Investment Income 15,000 15,000 81,797 66,797
Miscellaneous 30,000 30,000 36,698 6,698
Total Revenues 5,187,000 5,187,000 5,712,115 525,115
EXPENDITURES:
Current:
Public Safety
Building Department 6,016,704 6,016,704 5,558,329 458,375
Building Legal 64,220 64,220 62,045 2,175
Building Refunds 30,000 65,000 59,894 5,106
Total Expenditures 6,110,924 6,145,924 5,680,268 465,656
Excess/Deficiency of Revenues
Over(Under) Expenditures (923,924) (958,924) 31,847 990,771
Other Financing Sources (Uses):
Reserve for Contingencies (118,429) (53,803) - 53,803
Reserve for Cash Balance (311,364) (311,364) - 311,364
Transfer From Other Funds - - 44,930 44,930
Transfer to Other Funds (509,033) (538,659) (538,659) -
Total Other Financing Sources (Uses) (938,826) (903,826) (493,729) 410,097
Net Change in Fund Balances (1,862,750) (1,862,750) (461,882) 1,400,868
Fund Balances-October 1 1,862,750 1,862,750 2,622,307 759,557
Fund Balances-September 30 $ - $ - $ 2,160,425 $ 2,160,425
G-59
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
ROAD AND BRIDGE SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2019
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
Revenues:
Taxes $ 2,612,000 $ 2,612,000 $ 2,546,939 $ (65,061)
Intergovernmental 4,075,000 4,075,000 3,863,751 (211,249)
Charges for Services 66,000 66,000 4,778 (61,222)
Investment Income 35,000 35,000 425,897 390,897
Miscellaneous 22,700 22,700 80,865 58,165
Total Revenues 6,810,700 6,810,700 6,922,230 111,530
Expenditures:
Current:
Transportation:
Road Department 4,407,029 4,613,133 3,293,985 1,319,148
County Engineer Road and Bridge 485,106 546,290 533,840 12,450
Street Lighting 194,691 194,691 144,473 50,218
Local Option Gas Tax Projects 362,583 362,583 282,478 80,105
80% Gas Tax 500,000 500,000 17,972 482,028
Paving Backlog 1,350,846 1,350,846 47,406 1,303,440
Roadway Projects 1,700,000 4,463,174 2,899,181 1,563,993
Sugarloaf Blvd Bridge 1,573,866 1,573,866 68,384 1,505,482
Sustainability Roads 1,000,000 1,000,000 717,086 282,914
Total Transportation 11,574,121 14,604,583 8,004,805 6,599,778
Total Expenditures 11,574,121 14,604,583 8,004,805 6,599,778
Excess/Deficiency of Revenues
Over(Under) Expenditures (4,763,421) (7,793,883) (1,082,575) 6,711,308
Other Financing Sources (Uses):
Reserve for Contingencies (707,854) (160,567) - 160,567
Reserve for Cash Balance (608,000) (608,000) - 608,000
Transfers to Other Funds (4,040,829) (1,557,655) (674,003) 883,652
Total Other Financing Sources (Uses) (5,356,683) (2,326,222) (674,003) 1,652,219
Net Change in Fund Balances (10,120,104) (10,120,105) (1,756,578) 8,363,527
Fund Balances-October 1 10,120,104 10,120,105 14,439,833 4,319,728
Fund Balances-September 30 $ - $ - $ 12,683,255 $ 12,683,255
G-60
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
CLERK'S REVENUE NOTE CAPITAL PROJECTS FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2019
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Investment Income $ - $ - $ 3,293 $ 3,293
Total Revenues - - 3,293 3,293
EXPENDITURES:
Capital Projects 100,000 100,000 - 100,000
Total Expenditures 100,000 100,000 - 100,000
Excess/Deficiency of Revenues
Over (Under) Expenditures (100,000) (100,000) 3,293 103,293
Net Change in Fund Balances (100,000) (100,000) 3,293 103,293
Fund Balances-October 1 100,000 100,000 106,255 6,255
Fund Balances-September 30 $ - $ - $ 109,548 $ 109,548
G-61
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
INFRASTRUCTURE REVENUE BONDS SERIES 2007 CAPITAL PROJECTS FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2019
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Investment Income $ - $ - $ 6,928 $ 6,928
Total Revenues - - 6,928 6,928
EXPENDITURES:
Capital Projects 169,193 102,563 100,777 1,786
Total Expenditures 169,193 102,563 100,777 1,786
Excess/Deficiency of Revenues
Over (Under) Expenditures (169,193) (102,563) (93,849) 8,714
Other Financing Sources (Uses):
Reserve for Cash Balance - (40,000) - 40,000
Transfers to Other Funds (148,559) (175,189) - 175,189
Total Other Financing Sources (Uses) (148,559) (215,189) - 215,189
Net Change in Fund Balances (317,752) (317,752) (93,849) 223,903
Fund Balances-October 1 317,752 317,752 277,598 (40,154)
Fund Balances-September 30 $ - $ - $ 183,749 $ 183,749
G-62
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
BIG COPPITT WASTEWATER CAPITAL PROJECT FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2019
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Licenses and Permits $ 330,000 $ 330,000 $ 243,645 $ (86,355)
Investment Income 5,000 5,000 58,781 53,781
Miscellaneous Income - - 31,855 31,855
Total Revenues 335,000 335,000 334,281 (719)
EXPENDITURES:
Current:
Capital Outlay:
Physical Environment:
Big Coppitt Refunds 5,000 5,000 - 5,000
Big Coppitt Special Assessment 25,000 1,150,018 20,993 1,129,025
Total Physical Environment 30,000 1,155,018 20,993 1,134,025
Total Capital Outlay Expenditures 30,000 1,155,018 20,993 1,134,025
Excess/Deficiency of Revenues
Over(Under) Expenditures 305,000 (820,018) 313,288 1,133,306
Other Financing Sources (Uses):
Transfers from Constitutional Officers - - 731 731
Transfers from Other Funds 350,000 1,475,018 263,659 (1,211,359)
Transfers to Other Funds (682,000) (682,000) (682,000) -
Total Other Financing Sources (Uses) (332,000) 793,018 (417,610) (1,210,628)
Net Change in Fund Balances (27,000) (27,000) (104,322) (77,322)
Fund Balances-October 1 27,000 27,000 166,608 139,608
Fund Balances-September 30 $ - $ - $ 62,286 $ 62,286
G-63
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
DUCK KEY WASTEWATER PROJECT CAPITAL PROJECTS FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2019
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Licenses and Permits $ 80,000 $ 80,000 $ 90,400 $ 10,400
Investment Income 3,500 3,500 19,976 16,476
Miscellaneous - - 6,754 6,754
Total Revenues 83,500 83,500 117,130 33,630
EXPENDITURES:
Capital Projects 35,000 35,000 28,808 6,192
Total Expenditures 35,000 35,000 28,808 6,192
Excess/Deficiency of Revenues
Over (Under) Expenditures 48,500 48,500 88,322 39,822
Other Financing Sources (Uses):
Reserve for Contingencies (85,296) (85,296) - 85,296
Reserve for Cash Balance (42,029) (42,029) - 42,029
Transfer From Other Funds - - 598 598
Total Other Financing Sources (Uses) (127,325) (127,325) 598 127,923
Net Change in Fund Balances (78,825) (78,825) 88,920 167,745
Fund Balances-October 1 78,825 78,825 278,488 199,663
Fund Balances-September 30 $ - $ - $ 367,408 $ 367,408
G-64
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
LONG KEY WASTEWATER PROJECT CAPITAL PROJECTS FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2019
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Investment Income $ - $ - $ 8,909 $ 8,909
Total Revenues - - 8,909 8,909
EXPENDITURES:
Capital Projects - 303,177 4,966 298,211
Total Expenditures - 303,177 4,966 298,211
Excess/Deficiency of Revenues
Over (Under) Expenditures - (303,177) 3,943 307,120
Other Financing Sources (Uses):
Transfer to Other Funds (303,177) - - -
Total Other Financing Sources (Uses) (303,177) - - -
Net Change in Fund Balances (303,177) (303,177) 3,943 307,120
Fund Balances-October 1 303,177 303,177 734,062 430,885
Fund Balances-September 30 $ - $ - $ 738,005 $ 738,005
G-65
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
LAND ACQUISITION FUND CAPITAL PROJECTS FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2019
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
REVENUES:
Investment Income $ - $ - $ 61,253 $ 61,253
Investment Income - - 95,045 95,045
Total Revenues - - 156,298 156,298
EXPENDITURES:
Capital Projects 3,717,782 4,384,909 2,732,089 1,652,820
Total Expenditures 3,717,782 4,384,909 2,732,089 1,652,820
Excess/Deficiency of Revenues
Over (Under) Expenditures (3,717,782) (4,384,909) (2,575,791) 1,809,118
Net Change in Fund Balances (3,717,782) (4,384,909) (2,575,791) 1,809,118
Fund Balances-October 1 3,717,782 4,384,909 4,384,909 -
Fund Balances-September 30 $ - $ - $ 1,809,118 $ 1,809,118
G-66
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING STATEMENT OF NET POSITION
INTERNAL SERVICE FUNDS
SEPTEMBER 30,2019
Workers' Group Risk
Compensation Insurance Management
Fund Fund Fund
ASSETS
Current Assets:
Cash and Cash Equivalents $ 1,509,193 $ 1,057,744 $ 9,098,242
Investments 2,636,410 14,176,558 1,659,155
Accounts Receivable, Net 511 22,631 124
Due from Other Governmental Units 182 119,450 18,920
Due from Constitutional Officers 21,522 64,710 -
Interest Receivable 6,278 33,355 22,501
Total Current Assets 4,174,096 15,474,448 10,798,942
Noncurrent Assets:
Land and Other Nondepreciable Assets - - -
Capital Assets, Net of Accum. Depreciation - 27,917 22,446
Total Noncurrent Assets - 27,917 22,446
Total Assets 4,174,096 15,502,365 10,821,388
DEFERRED OUTFLOWS OF RESOURCES
Related to Pensions 44,433 88,364 115,098
Related to OPEB - 7,930 2,922
Total Deferred Outflows of Resources 44,433 96,294 118,020
LIABILITIES
Current Liabilities:
Accounts Payable 12,342 850,709 184,186
Accrued Wages and Benefits Payable 5,940 2,785 11,980
Claims and Judgments Payable 1,333,516 1,121,259 646,670
Due to Other Funds - - 8,722,772
Due to Other Governmental Units 15,186 3,804 -
Accrued Comp.Absences Payable 3,882 6,613 19,958
Total Current Liabilities 1,370,866 1,985,170 9,585,566
Noncurrent Liabilities:
Accrued Comp.Absences Payable 15,527 26,454 30,587
OPEB Liability 2,000 61,000 54,000
Net Pension Liability 191,378 256,329 227,694
Total Noncurrent Liabilities 208,905 343,783 312,281
Total Liabilities 1,579,771 2,328,953 9,897,847
DEFERRED INFLOWS OF RESOURCES
Related to Pensions 11,338 22,620 28,326
Related to OPEB 235 3,901 3,262
Total Deferred Inflows of Resources 11,573 26,521 31,588
NET POSITION
Investment in Capital Assets - 27,917 22,446
Unrestricted 2,627,185 13,215,268 987,527
Total Net Position $ 2,627,185 $ 13,243,185 $ 1,009,973
H-1
Fleet
Management
Fund Total
$ 132,108 $ 11,797,287
2,139,152 20,611,275
- 23,266
18,891 157,443
- 86,232
5,191 67,325
2,295,342 32,742,828
54,000 54,000
671,807 722,170
725,807 776,170
3,021,149 33,518,998
445,852 693,747
54,428 65,280
500,280 759,027
43,796 1,091,033
53,184 73,889
- 3,101,445
- 8,722,772
- 18,990
24,962 55,415
121,942 13,063,544
99,849 172,417
499,000 616,000
1,033,127 1,708,528
1,631,976 2,496,945
1,753,918 15,560,489
112,452 174,736
30,962 38,360
143,414 213,096
725,807 776,170
898,290 17,728,270
$ 1,624,097 $ 18,504,440
H-2
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING STATEMENT OF REVENUES, EXPENSES, AND
CHANGES IN NET POSITION
INTERNAL SERVICE FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2019
Workers' Group Risk
Compensation Insurance Management
Fund Fund Fund
Operating Revenues:
Charges for Services $ 2,351,034 $ 17,749,493 $ 4,065,531
Miscellaneous 257,425 121,452 2,752,860
Total Operating Revenues 2,608,459 17,870,945 6,818,391
Operating Expenses:
Personnel Services 179,523 365,187 381,649
Operations 472,361 2,053,779 3,338,075
Depreciation and Amortization - 5,000 1,543
Asserted and Paid Claims 1,587,278 16,071,855 -
Total Operating Expenses 2,239,162 18,495,821 3,721,267
Operating Income (Loss) 369,297 (624,876) 3,097,124
Non-Operating Revenues (Expenses):
Investment Income 85,840 497,155 250,897
Insurance Recoveries 23,938 347,045 3,796,398
Total Non-Operating Revenues (Expenses) 109,778 844,200 4,047,295
Income (Loss) Before Transfers 479,075 219,324 7,144,419
Other Financing Sources (Uses):
Transfers to Other Funds (69,064) (127,936) (8,856,492)
Change in Net Position 410,011 91,388 (1,712,073)
Net Position-October 1 2,217,174 13,151,797 2,722,046
Net Position-September 30 $ 2,627,185 $ 13,243,185 $ 1,009,973
H-3
Fleet
Management
Fund Total
$ 3,008,301 $ 27,174,359
108 3,131,845
3,008,409 30,306,204
1,588,161 2,514,520
1,152,045 7,016,260
56,873 63,416
- 17,659,133
2,797,079 27,253,329
211,330 3,052,875
102,396 936,288
- 4,167,381
102,396 5,103,669
313,726 8,156,544
(719,439) (9,772,931)
(405,713) (1,616,387)
2,029,810 20,120,827
$ 1,624,097 $ 18,504,440
H-4
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
FOR THE YEAR ENDED SEPTEMBER 30,2019
Workers' Group Risk
Compensation Insurance Management
Fund Fund Fund
Operating Activities:
Cash Received for Services $ 2,350,523 $ 17,733,315 $ 4,109,966
Cash Received from Insurance Recoveries 23,938 347,045 3,796,398
Cash Payments to Suppliers for Goods and Svcs (471,015) (3,621,991) (3,246,537)
Cash Payments for Employee Services (158,457) (345,785) (318,179)
Cash Payments for Claims (1,518,584) (16,115,487) (3,129,538)
Cash Received from (Paid to) Other Sources 12,703 88,227 8,703,852
Other Operating Revenue 260,904 118,629 2,742,652
Net Cash Provided by(Used in)
Operating Activities 500,012 (1,796,047) 12,658,614
Noncapital Financing Activities:
Transfers to Other Funds (69,064) (127,936) (8,856,492)
Net Cash Provided by(Used in) Noncapital
Financing Activities (69,064) (127,936) (8,856,492)
Capital and Related Financing Activities:
Acquisition of Capital Assets - -Net Cash Provided by(Used in) Capital and
Related Financing Activities - - -
Investing Activities:
Investment Income 85,840 497,155 250,897
Proceeds from Sales and Maturities of Investments 5,737,264 26,314,841 11,098,984
Purchase of Investment Securities (5,446,681) (27,044,200) (7,132,225)
Net Cash Provided by(Used in) Investing Activities 376,423 (232,204) 4,217,656
Net Increase(Decrease) in Cash and
Cash Equivalents 807,371 (2,156,187) 8,019,778
Cash and Cash Equivalents:
October 1 701,822 3,213,931 1,078,464
September 30 $ 1,509,193 $ 1,057,744 $ 9,098,242
H-5
Fleet
Management
Fund Total
$ 3,008,301 $ 27,202,105
- 4,167,381
(1,146,551) (8,486,094)
(1,487,827) (2,310,248)
- (20,763,609)
1,361 8,806,143
925 3,123,110
376,209 11,738,788
(719,439) (9,772,931)
(719,439) (9,772,931)
(5,574) (5,574)
(5,574) (5,574)
102,396 936,288
4,177,675 47,328,764
(4,183,167) (43,806,273)
96,904 4,458,779
(251,900) 6,419,062
384,008 5,378,225
$ 132,108 $ 11,797,287
(Continued)
H-6
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING STATEMENT OF CASH FLOWS (CONTINUED)
INTERNAL SERVICE FUNDS
FOR THE YEAR ENDED SEPTEMBER 30,2019
Workers' Group Risk
Compensation Insurance Management
Fund Fund Fund
Reconciliation of Operating Income (Loss)
to Net Cash Provided by(Used in)
Operating Activities:
Operating Income (Loss) $ 369,297 $ (624,876) $ 3,097,124
Adjustments to Reconcile Operating Income (Loss)
to Net Cash Provided by(Used in) Operating
activities:
Depreciation and Amortization - 5,000 1,543
Nonoperating Income-Insurance Recoveries 23,938 347,045 3,796,398
Change in Assets, Liabilities, and Deferrals:
(Increase) Decrease in Accounts Receivable (511) (16,178) 44,435
(Increase) Decrease in Due from Other Gov't Units (21) 52,703 (18,920)
(Increase) Decrease in Due fm Constitutional Ofcrs (2,462) 33,099 -
(Increase) Decrease in Interest Receivable 3,479 (2,823) (10,208)
Increase (Decrease) in Accounts Payable 1,346 (1,568,212) 91,538
Increase (Decrease) in Accrued Wages/Benefits 741 (33,875) (835)
Increase (Decrease) in Claims/Judgments Payable 68,694 (43,632) (3,129,538)
Increase (Decrease) in Due to Other Gov't Units 15,186 2,425 -
Increase (Decrease) in Comp.Absences Payable 2,153 (2,945) 12,311
Increase (Decrease) in OPEB Liability (2,000) 6,000 8,000
Increase (Decrease) in Pension Liability 7,682 15,251 20,322
Increase (Decrease) in Deferred Outflows 13,919 47,296 30,150
Increase (Decrease) in Deferred Inflows (1,429) (12,325) (6,478)
Total Adjustments 130,715 (1,171,171) 9,561,490
Net Cash Provided by(Used in)
Operating Activities $ 500,012 $ (1,796,047) $ 12,658,614
Cash Reconciliation:
Unrestricted $ 1,509,193 $ 1,057,744 $ 9,098,242
H-7
Fleet
Management
Fund Total
$ 211,330 $ 3,052,875
56,873 63,416
- 4,167,381
- 27,746
2,236 35,998
- 30,637
817 (8,735)
5,494 (1,469,834)
4,074 (29,895)
- (3,104,476)
(875) 16,736
15,962 27,481
61,000 73,000
77,625 120,880
(29,116) 62,249
(29,211) (49,443)
164,879 8,685,913
$ 376,209 $ 11,738,788
$ 132,108 $ 11,797,287
H-8
MONROE COUNTY, FLORIDA
COMPREHENSIVE PLAN LAND AUTHORITY
STATEMENT OF NET POSITION
SEPTEMBER 30, 2019
ASSETS AND DEFERRED OUTFLOWS OF RESOURCES
Cash and investments $ 15,224,070
Due from BOCC 641,500
Due from state of Florida 56,553
Mortgages receivable 8,769,025
Deposits 179,500
Equipment, net of accumulated depreciation 496
Capital assets-land 33,726,761
Intangible assets 14,024,127
Total assets 72,622,032
Deferred Outflows of Resources
Pension 159,752
Other postemployment benefits 9,926
Total deferred outflows 169,678
LIABILITIES, DEFERRED INFLOWS OF RESOURCES,AND NET POSITION
Current liabilities:
Accrued wages 14,268
Compensated absences 26,509
Total current liabilities 40,777
Noncurrent liabilities:
Compensated absences 50,488
Net pension liability 364,161
Other postemployment benefits liability 98,926
Total noncurrent liabilities 513,575
Total liabilities 554,352
Deferred Inflows of Resources
Pension 23,682
Other postemployment benefits 2,825
Total deferred inflows 26,507
Net position:
Investment in capital assets 47,751,384
Restricted 8,076,982
Unrestricted 16,382,485
Total net position $ 72,210,851
I-1
MONROE COUNTY, FLORIDA
COMPREHENSIVE PLAN LAND AUTHORITY
STATEMENT OF ACTIVITIES
YEAR ENDED SEPTEMBER 30, 2019
General revenues:
Intergovernmental $ 5,597,686
Investment income 340,901
Total general revenues 5,938,587
Program expenses:
General government 563,473
Judgements and claims 359,870
Total program expenses 923,343
Increase in net position 5,015,244
Net position, beginning of year 67,195,607
Net position, end of year $ 72,210,851
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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 Clerk Ex Officio, Mayor and
Board of County Commissioners 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 the financial audits contained in Government Auditing Standards issued by the
Comptroller General of the United States, the financial statements of each major fund and the aggregate
remaining fund information of the Monroe County, Florida Board of County Commissioners (the "Board") as of
and for the year ended September 30, 2019, and the related notes to the financial statements, which collectively
comprise the Board's basic financial statements, and have issued our report thereon dated March 20, 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.
Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered the Board'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 Board's internal control. Accordingly, we do not express an opinion on the
effectiveness of the Board'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 combination of deficiencies, in internal
control, such that there is a reasonable possibility that a material misstatement of the Board'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 Board'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.
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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 Board'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 Board's internal control and compliance. Accordingly, this communication is not
suitable for any other purpose.
Orlando, Florida
March 20, 2020
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Independent Auditor's Management Letter
To the Clerk Ex Officio, Mayor and
Board of County Commissioners of
Monroe County, Florida:
Report on the Financial Statements
We have audited the financial statements of each major fund and the aggregate remaining fund information of
the Monroe County, Florida Board of County Commissioners (the "Board") as of and for the year ended
September 30, 2019, and have issued our report thereon dated March 20, 2020.
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 Reporting Requirements
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 the Financial Statements Performed in Accordance with
Government Auditing Standards; and our 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 March 20, 2020, should be considered in
conjunction with this management letter.
Prior Audit Findings
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 audit
report. There were no findings noted in the preceding annual financial 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. Such disclosure is included in notes to the financial
statements.
Financial Condition and Management
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.
Additional Matters
Section 10.554(1)(i)3., Rules of the Auditor General, requires us to 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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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, 2020
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Report of Independent Accountant on Compliance
with Local Government Investment Policies
To the Clerk Ex Officio, Mayor and
Board of County Commissioners of
Monroe County, Florida:
We have examined the Monroe County, Florida Board of County Commissioners' (the "Board") compliance with
the local government investment policy requirements of Section 218.415, Florida Statutes, for the year ended
September 30, 2019. Management of the Board is responsible for the Board's compliance with the specified
requirements. Our responsibility is to express an opinion on the Board'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 Board complied, in all material respects, with the specified
requirements referenced above. An examination involves performing procedures to obtain evidence about
whether the Board complied with the specified requirements. The nature, timing and extent of the procedures
selected depend on our judgment, 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 Board's compliance with the specified
requirements.
In our opinion, the Board 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
March 20, 2020
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