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MONROE COUNTY, FLORIDA COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2020 KEVIN MADOK, CPA CLERK OF THE CIRCUIT COURT & COMPTROLLER PREPARED BY: CLERK OF THE CIRCUIT COURT FINANCE DEPARTMENT PAM RADLOFF, CPA FINANCE DIRECTOR This page is intentionally left blank. MONROE COUNTY, FLORIDA COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2020 PAGE INTRODUCTORY SECTION Transmittal Letter of the Clerk of the Circuit Court and Comptroller A-1 Certificate of Achievement for Excellence in Financial Reporting A-8 List of Elected and Appointed Officials A-9 Organizational Chart A-10 FINANCIAL SECTION Report of Independent Auditor B-1 Management's Discussion and Analysis C-1 Basic Financial Statements: Government-Wide Financial Statements Statement of Net Position D-1 Statement of Activities D-3 Fund Financial Statements Balance Sheet - Governmental Funds E-1 Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position E-3 Statement of Revenues, Expenditures, and Changes in Fund Balances - Governmental Funds E-4 Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities E-6 Statement of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual Major Governmental Funds: General Fund E-7 Fine and Forfeiture Special Revenue Fund E-11 HIDTA Grants Special Revenue Fund E-13 Governmental Grants Special Revenue Fund E-14 Statement of Net Position - Proprietary Funds E-17 Statement of Revenues, Expenses, and Changes in Net Position - Proprietary Funds E-21 Statement of Cash Flows - Proprietary Funds E-23 Statement of Fiduciary Net Position - Fiduciary Funds E-29 Notes to Financial Statements F-1 Required Supplementary Information Schedule of Monroe County Proportionate Share of Net Pension Liability Florida Retirement System Pension Plan G-1 Schedule of Monroe County Contributions Florida Retirement System Pension Plan G-3 Schedule of Monroe County Proportionate Share of Net Pension Liability Health Insurance Subsidy Program G-5 Schedule of Monroe County Contributions Health Insurance Subsidy Program G-7 Schedule of Changes in the County's Net Pension Liability and Related Ratios Pension Plan for Volunteer Firefighters and Emergency Medical Services G-9 Ten Year Schedule of Employer Contributions Pension Plan for Volunteer Firefighters and Emergency Medical Services G-11 MONROE COUNTY, FLORIDA COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2020 PAGE Schedules of Changes in the County's Total OPEB Liability and Related Ratios G-13 Combining and Individual Fund Statements and Schedules: Combining Balance Sheet - Nonmajor Governmental Funds H-1 Combining Statement of Revenues, Expenditures, and Changes in Fund H-13 Balances - Nonmajor Governmental Funds Schedules of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual Special Revenue Funds and Capital Projects Funds: Affordable Housing Programs H-25 Road and Bridge H-26 Tourist Development, All Districts, Two Cent H-27 Tourist Development, Administration and Promotional, Two Cent H-28 Tourist Development, District One H-29 Tourist Development, District Two H-30 Tourist Development, District Three H-31 Tourist Development, District Four H-32 Tourist Development, District Five H-33 Impact Fees - Roadways H-34 Impact Fees - Parks and Recreation H-35 Impact Fees - Libraries H-36 Impact Fees - Solid Waste H-37 Impact Fees - Fire and EMS H-38 Fire and Ambulance, District#1 - Lower and Middle Keys H-39 Unincorporated Area Service District - Parks and Recreation H-40 Unincorporated Area Service District - Planning, Building, and Zoning H-41 Municipal Policing H-43 Duck Key Security District H-44 Local Housing Assistance H-45 Boating Improvement H-46 Miscellaneous H-47 Environmental Restoration H-49 Court Facility Fees H-50 Drug Abuse Trust H-51 Marathon Municipal Service Taxing Unit H-52 Middle Keys Health Care Municipal Service Taxing Unit H-53 Bay Point Municipal Service Taxing Unit H-54 Big Coppitt Municipal Service Taxing Unit H-55 Key Largo Municipal Service Taxing Unit H-56 Stock Island Wastewater Municipal Service Taxing Unit H-57 Conch Key Municipal Service Taxing Unit H-58 Long Key-Layton Municipal Service Taxing Unit H-59 Duck Key Municipal Service Taxing Unit H-60 Canal #266 Municipal Service Business Unit H-61 Building Fund H-62 Clerk's Revenue Note Capital Projects Fund H-63 Infrastructure Revenue Bonds Series 2007 Capital Projects Fund H-64 Big Coppitt Wastewater Project Capital Projects Fund H-65 Duck Key Wastewater Project Capital Projects Fund H-66 Long Key Wastewater Project Capital Projects Fund H-67 MONROE COUNTY, FLORIDA COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2020 PAGE Land Acquisition Fund Capital Projects Fund H-68 Sheriffs Teen Court H-69 Sheriffs Federal Forfeiture H-70 Sheriffs State Forfeiture H-71 Sheriffs Contract Administrative H-72 Sheriffs Commissary H-73 Sheriffs Interagency Communications H-74 Sheriffs Trauma Star H-75 Sheriffs Radio Communications H-76 Sheriffs Grants H-77 Sheriffs Shared Asset Forfeiture H-78 Sheriffs E911 H-79 Clerk's Records Modernization H-80 Clerk's Court Related H-81 Schedules of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual Major Governmental Funds: One Cent Infrastructure Surtax Capital Project Fund H-82 Infrastructure Revenue Bonds Series 2014 Capital Projects Fund H-83 Cudjoe Regional Wastewater Capital Project Fund H-84 All Debt Service Funds H-85 Combining Statement of Net Position - Internal Service Funds H-86 Combining Statement of Revenues, Expenses, and Changes in Net Position - Internal Service Funds H-87 Combining Statement of Cash Flows - Internal Service Funds H-89 Combining Statement of Fiduciary Net Position -All Agency Funds H-95 Combining Statement of Changes in Fiduciary Net Position -All Agency Funds H-96 STATISTICAL SECTION Introduction 1-1 Net Position by Component 1-2 Changes in Net Position 1-3 Governmental Activities Tax Revenues By Source 1-6 Fund Balances of Governmental Funds 1-7 Changes in Fund Balances of Governmental Funds 1-8 General Governmental Tax Revenues By Source 1-10 Assessed Value and Estimated Actual Value of Taxable Property 1-11 Direct and Overlapping Governments 1-12 Principal Property Taxpayers 1-13 Property Tax Levies and Collections 1-14 Ratios of Outstanding Debt by Type 1-15 Ratios of General Bonded Debt Outstanding 1-16 Direct and Overlapping Governmental Activities Debt 1-17 Legal Debt Margin Information 1-18 Pledged-Revenue Coverage - Governmental Activities 1-19 Pledged Revenue Bonds and Notes - Business-Type Activities 1-20 Demographic and Economic Statistics 1-21 Principal Employers 1-22 MONROE COUNTY, FLORIDA COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2020 PAGE Full-time Equivalent County Government Employees by Function 1-23 Operating Indicators by Function 1-24 Capital Asset Statistics by Function 1-25 SINGLE AUDIT/GRANTS COMPLIANCE SCHEDULES Report of Independent Auditor on Internal Control over Financial Reporting and on J-1 Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards Report of Independent Auditor on Compliance for Each Major Federal Awards J-3 Program and State Financial Assistance Projects and on Internal Control Over Compliance Required by the Uniform Guidance and Chapter 10.550, Rules of the Auditor General Schedule of Expenditures of Federal Awards and State Financial Assistance Projects J-5 Notes to Schedule of Expenditures of Federal Awards and State Financial J-10 Assistance Projects Schedule of Findings and Questioned Costs - Federal Awards Programs and State J-12 Financial Assistance Projects Summary Schedule of Prior Year Audit Findings - Federal Awards Programs and State J-15 Financial Assistance Projects Independent Auditor's Management Letter K-1 Report of Independent Accountant on Compliance with Local Government Investment Policies and E911 Requirements of Sections 365.172 and 365.173, Florida Statutes K-3 OTHER INFORMATION Schedule of Receipts and Expenditures of Funds Related to the Deepwater Horizon Oil Spill L-1 OV�S COURTS° o:� Kevin Madok, CPA yo .... .. Clerk of the Circuit Court& Comptroller— Monroe County, Florida •L"COUNT March 19, 2021 The Honorable Michell Coldiron Mayor, Board of County Commissioners Citizens of Monroe County, Florida We are pleased to submit the Comprehensive Annual Financial Report for Monroe County, Florida for the fiscal year(FY) ended September 30, 2020. Monroe County's Comprehensive Annual Report is prepared by the Finance Department under the direction of the Clerk of the Circuit Court & Comptroller (Clerk). Responsibility for both the accuracy of the presented data and the completeness and fairness of the presentation, including all disclosures, rests with the Clerk as Chief Financial Officer of Monroe County, Florida (the County). We assert that, to the best of our knowledge and belief, this financial report is complete and reliable in all material aspects. It is presented in a format designed to fairly present the financial position and results of operations of the County as measured by the financial activity. All disclosures needed to allow the reader to gain a comprehensive understanding of the County's financial activity have been included. The County has established a comprehensive internal control framework that is designed both to protect the County's assets from loss, theft, or misuse and to compile sufficient reliable accounting information for financial statement preparation in conformity with United States generally accepted accounting principles (GAAP) established by the Government Accounting Standards Board. Because the cost of internal controls should not outweigh their benefits, the objective is to provide reasonable rather than absolute assurance that the financial statements will be free of material misstatement. In addition, the Federal Single Audit Act, the Florida Single Audit Act and Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, require an independent auditor to report on the government's internal controls and compliance with legal requirements concerning the administration of federal awards and state financial assistance. The report, Single Audit/Grants Compliance Schedules, is published in this report to fulfill these requirements. Independent Audit In compliance with Florida Statute Chapter 218.39, an independent certified public accountant is to audit the financial statements of counties in the State. The County's auditor, Cherry Bekaert LLP, has issued unmodified ("clean") opinions on the Monroe County, Florida financial statements for the year ended September 30, 2020. The report of the independent auditor is located at the front of the Financial Section in this report. KEY WEST MARATHON PLANTATION KEY PK/ROTH BUILDING 500 Whitehead Street 3117 Overseas Highway 88820 Overseas Highway 50 High Point Road Key West,Florida 33040 Marathon,Florida 33050 Plantation Key,Florida 33070 Plantation Key,Florida 33070 305-294-4641 305-289-6027 305-852-7145 305-852-7145 Management Discussion and Analysis GAAP requires that management provide a narrative introduction, overview, and analysis to accompany the basic financial statements in the form of Management's Discussion and Analysis (MD&A). The MD&A can be found immediately following the report of the independent auditor in this report and fulfills this requirement. This Letter of Transmittal is designed to complement the MD&A and should be read in conjunction with it. Monroe County Profile Basic Information Monroe County was constitutionally formed in 1823. It is comprised of a string of subtropical islands that stretch more than one hundred miles into the Atlantic Ocean. These islands are connected in a chain-like fashion to the mainland by a series of forty-two bridges. The longest bridge, known as the "7 Mile Bridge", connects Knight's Key in the Middle Keys to Little Duck Key in the Lower Keys. It was among the longest bridges in existence when it was initially built from 1909 to 1912. A new bridge was finished in 1982 but the old bridge still remains in place and services, via pedestrians and cyclists, Pigeon Key, the historic island at the center of the bridge. Monroe County is the southernmost county in the United States with only one road, U.S. 1, connecting some of the islands known as the Florida Keys. The Zero Mile Marker for U.S. 1 is outside of the County courthouse in Key West. The majority of U.S. 1 was built on the former right-of-way of Henry Flagler's Florida East Coast Railroad which was destroyed as a direct result of the 1935 hurricane. This road is 2,369 miles from Key West to Fort Kent, Maine, at the Canadian border. The Monroe County section of the road is more commonly known as the "Overseas Highway" and referred to as the Florida Keys Scenic Highway. The corridor extends five miles into the crystal clear waters on each side of the highway. The County seat, Key West, is approximately one hundred and fifty miles southwest of Miami. Havana, Cuba lies a mere ninety miles to the south. The County is identified by the Florida Department of Economic Opportunity, Division of Community Planning and Development as the "Florida Keys Area of Critical State Concern" due the environmental sensitivity of its lands. Moreover, the County's outdoor recreation lands falls under the Florida's Land Conservation Program which reviews all growth and development decisions as outlined in comprehensive plans and the land development regulations. Monroe County is a non-charter county established under the Constitution and the laws of the State of Florida. Legislative authority and policy decisions are vested in the Board of County Commissioners (Board) consisting of the mayor and four other members, all of whom are elected. The operation of other specific government functions resides with five Constitutional Officers. These Officers are elective and their titles indicative of their specific function. The positions are the Clerk of the Court and Comptroller, Property Appraiser, Sheriff, Supervisor of Elections, and Tax Collector. Monroe County provides a full range of services including roads, A-2 health and social services, emergency medical services, park and recreational services, solid waste services, airport services, and other governmental services. Reporting Entity_ For financial reporting purposes, the County's primary government consists of the Board of County Commissioners, the Constitutional Officers, and the Monroe County Industrial Development Authority, a blended corporate unit. The Monroe County Comprehensive Plan Land Authority is legally separate and is treated as a discretely-presented component unit. Additional information can be found in Note 1 of the Notes to the Financial Statements. Buffet According to Florida Statutes, Chapter 129, a budget shall be prepared, balanced, approved, adopted, and executed each fiscal year (October 1 through September 30). The Board conducts budget meetings on departmental budgets and Constitutional Officers' requests. A tentative budget is prepared, reviewed, and adopted and the tax levies are calculated and advertised. Three public hearings are held for public input regarding the tentative budgets and proposed tax levies. On the last of the three public hearings a final budget is approved by the Board. Formal budgetary integration is employed as a management control device during the year for all fund types. During the year, the County's Office of Management and Budget acts on intradepartmental cost center budget changes and interdepartmental cost center budget changes are submitted to the Board as a Budget Resolution for approval. A budget amendment is required when alterations are made to a fund's total revenues or expenditures. The Board may adopt the budget amendment after public hearings are held. Budget to Actual Statements are presented in various locations in this report and the budget process is further explained in Note 1 to the Financial Statements. Economic Condition and Outlook Local Economy Monroe County occupies a unique and beautiful corner of the United States. The County has the only living coral barrier reef in the continental United States and includes the Florida Keys National Marine Sanctuary, the largest national marine sanctuary. The Florida Keys outer reefs form the third largest barrier reef system in the world. The Florida Keys offers mild climate year- round and extensive recreational water activities. This makes the Florida Keys and Key West a major domestic and international tourist destination. Monroe County's economy is largely dependent on the tourism and hospitality industries. As a result, reliable economic indicators include airplane passenger enplanements/deplanements and bed tax revenues. Airplane arrivals decreased by 28.3% in the past year while the County's bed tax revenues also experienced a decrease of 19.4%. A-3 The decreases in these economic indicators over the past year reflect how Monroe County was negatively impacted by the global pandemic caused by a novel strain of coronavirus (COVID- 19). The pandemic not only adversely impacted the County's projected tax revenues but it also was financially devastating to many of the County's citizens and small businesses. In response, Monroe County was able to secure $13 million in financial assistance from the federal and state governments through the Coronavirus Aid, Relief, and Economic Security (CARES) Act and other related legislation to try to provide much needed fiscal relief. The County allocated the $13 million in CARES Act dollars among local renters, homeowners, small businesses, nonprofit organizations, and local government partners. Specifically, $3.9 million, or 25.4% of CARES funding was used to provide direct community support for small business grants, rental and mortgage assistance, utility relief programs, food assistance and stabilization for nonprofit organizations. The County also used $4.8 million, or 36.9% of CARES funding, for funding their emergency response to combatting the pandemic. CARES assistance was also distributed to the City governments ($3.2 million or 24.6%) and Constitutional Officers ($1.7 million or 13.1%)to aid their on-going response to COVID-19. Long-term Financial Planning In 2016, after a six-year effort, the County approved the Monroe County Year 2030 Comprehensive Plan. The plan evaluates all aspects that affect the Florida Keys including land use, housing, marine resources and conservation of environmentally sensitive land. It addresses transportation including mass transit, traffic circulation, ports, aviation, and infrastructure (potable water, sewer, solid waste disposal, and natural groundwater aquifer recharge). The Plan also includes an evaluation of recreation and open space, cultural resources, historic preservation, and capital improvements. The County is balancing the use of ad valorem tax revenues with the maintenance of General Fund reserves to insulate the General Fund from revenue fluctuations due to disasters of any kind and provide adequate working capital for operations. The Board continues to respond to ongoing economic conditions by maintaining rigorous cost controls, instituting hiring freezes and scrutinizing the cost benefit of outside contractors. The Board continues to focus on its efforts to balance costs, services to Monroe County citizens, and reductions in its revenue base. The County provides healthcare coverage for 443 retirees. In the accompanying government- wide financial statements, the County recognizes the present value of projected postemployment benefits (OPEB) to be provided to current and inactive employees attributable to past periods of service. This projection results in a reported long-term liability of over $57.5 million in FY 2020. Major Initiatives Capital project funding is derived from multiple sources which include impact fees, various grants, One Cent Infrastructure Sales Surtax, state revolving funds, and the issuance of revenue bonds. A-4 A large revenue source for capital projects is derived from the One Cent Infrastructure Surtax. The tax, maintained in a separate fund, allows for the imposition on both residents and visitors a one percent tax on most purchases in the County. This revenue source has generated over $451.6 million since its 1990 inception. In FY 2013, Monroe County residents approved a referendum providing an extension of the One Cent Infrastructure Sales Surtax to FY 2033. The County's Capital Improvement Plan (Plan) identifies capital projects that are to be funded from FY 2020 through FY 2024, a five-year period. The adopted annual capital budget represents the first year of the multi-year Plan. The Plan also allows the County to maintain the value of its long-term infrastructure assets such as buildings, roads, bridges, and parks. Some of the highlights from the 2020-2024 Plan to be funded with One Cent Infrastructure Surtax include: • General Government: - $1.2 million for the purchase of the Ocean Reef Emergency Building; - $4.3 million for the purchase of Public Defender Building; - $5.1 million for the update to the Senior Nutrition Center; and - $1 million for the installation of the county-wide voice-over internet phone system. • Public Safety: - $4.7 million for the Cudjoe fire station; and - $35.9 million for building the Plantation Key Courthouse and Jail. • Culture and Recreation: - $7.9 million for the Marathon Library; - $5.3 million for Higg's Beach; - $1 million for Rowell's Marina; - $.8 million for Big Pine Key Swimming Hole; and - $.5 million for the Pigeon Key ramp. The following are major capital projects that were substantially completed in FY 2020: • Monroe County Sheriff's gun range; • Phase 1 of Key West Airport's terminal concourse project; • Marathon Airport's car wash; and • Road and drainage projects in Key Largo and Stock Island. Another county-wide initiative that began in FY 2020 is the implementation of an enterprise resources planning (ERP) system. An ERP system is an application that is designed to integrate business processes such as accounting, purchasing, human resources management, projects/grants management, and fixed assets. The system promises to automate many of the County's paper-based processes. The County is on track to go live with Workday on July 1, 2021. A-5 The need for the new system resulted when the Clerk was notified that the vendor of the County's legacy financial/payroll system had plans to sunset the system effective December 2021. Staff from both the Monroe County Clerk's Office and the Board of County Commissioners worked together to select Workday as the ERP application. The cost of this project is being financed with a $4 million revenue note that was issued to the County in late September 2020. The Clerk will be responsible for repaying the revenue note with excess fees over the four years. Relevant Financial Policies The Board strives to adhere to sound financial management principles to ensure that sufficient funds are available to maintain a stable financial base for the County. To achieve a stable financial base, the County budgets to maintain fund balances sufficient to fund the County's cash flow needs, to provide financial reserves for unanticipated expenditures or unexpected revenue shortfalls, to provide funds for the disparity in timing between property tax collection, sales tax distributions as well as other revenues and expenditures, and to secure and maintain investment grade bond ratings. In accordance with Section 218.415, Florida Statutes, the County's investment policy, approved in January 2019, establishes investment objectives, maturity and liquidation requirements, portfolio composition, risk and diversification requirements, and authorized investments. The primary objective of investment activity is the safety of the principal of funds and maintain sufficient liquidity to meet anticipated cash flow needs. A secondary objective is to obtain competitive returns on the investment of the County's surplus funds. The County adheres to Governmental Accounting Standards Board's Statement No. 54 which requires governmental entities to classify a fund balance into one of five categories to indicate the constraints imposed upon these resources: non-spendable, restricted, committed, assigned and unassigned. An unassigned fund balance is the residual classification that includes all spendable amounts not contained within the other four classifications. Unrestricted fund balance is 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). It is the goal of the Board to achieve and maintain an unrestricted General Fund balance equal to four months of budgeted expenditures. To achieve this goal, the Board's Fund Balance policy dictates that the County shall plan to adjust budget resources in the subsequent fiscal years to restore the balance. Appropriation from unrestricted General Fund balance shall require Board approval and shall be only for one-time expenditures, such as capital purchases, and not for ongoing expenditures unless a viable plan designated to sustain the expenditures is simultaneously adopted. The Board has the responsibility of responding to emergency disaster and has $10 million in disaster reserve funds to ensure adequate cash flow is available in post-disaster situations. In the A-6 event these funds fall below the set amount, an action plan to begin replenisturient to the appropriate level will be addressed in the ensuing budget year. Awards and Acknowledgments 'The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to Monroe County, Florida for its Comprehensive Annual Financial Report for the fiscal year ended September 30. 2019. This was the thirty second ('52"") consecutive year that Monroe County has achieved this prestigious aw-ard. To be awarded a Certificate of Achievement, a government must publish an easily readable and efficiently organized comprehensive annual financial report. This report must satisfy both U.S. generally accepted accounting principles and applicable legal requirements, A Certificate of Achievement is valid for a period of one year only. We believe that our current comprehensive annual financial report continues to meet the Certificate of Achievement Program's requirements and we are submilting it to the GFOA to determine its eligibility for another certificate. In addition, Monroe County also received the GFOA's Distinguished Budget Presentation Award for its annual appropriated budget. This was the twenty first (21') year that Monroe County received this award. To quality for the Distinguished Budget Presentation Award. the government's budget document was judged to be proficient in several categories including policy documentation, financial planning, and organization. This report is the product of the dedication and hard work of the Finance Department tinder the direction of Monroe County's Clerk of the Circuit Court & Comptroller, Kevin MaJok, Cl"A as Auditor and Chief Financial Officer to the Board of County Commissioners. We would like to express our appreciation to the entire Finance Department.. the Board of County Commissioners and their staff and other Constitutional Officers for their assistance in the preparation of this report. This includes their dedicated support in planning and conducting the financial operations of the County in a responsible and progressive irianner throughout the year. We also extend our thanks and appreciation to our independent auditor, Cherry Bekaert LLP. for its outstanding effi)rts, advice. and assistance. Sincerely, d1of Kevin Madok, CPA in Gadlo CPA Clerk of the Circuit Court& Comptroller Monroe County Chief Financial Of Finance Director A-7 0 Government Finance Officers Association Certificate of Achievement for Excellence in Financial Reporting Presented to Monroe County Florida For its Comprehensive Annual Financial Report For the Fiscal Year Ended September 30, 2019 °' � P- /-k Executive Director/CEO MONROE COUNTY, FLORIDA ]BOARD OF COUNTY COMMISSIONERS HEATHER CARRUTHERS, MAYOR DISTRICT 3 CRAIG GATES MICHELLE COLDIRON DISTRICT I DISTRICT 2 DAVID RICE SYLVIA MURPHY DISTRICT 4 DISTRICT 5 ROMAN GASTESI COUNTY ADMINISTRATOR KEVIN MADOK, CPA CLERK OF THE CIRCUIT COURT AND COMPTROLLER A-9 ) \ ) § \U , ! o ! ! § § - } 2Im � ] @ - m mo \ - ° o @ � k � o \ E Z ƒ ) ! mE \ 0 ^ � k lo Im o o- ol j } !; : \ 0 Im ~ " ! \\�\ \ \ \ 7@ \\\j , § } \ \ oo o a!o Cherry rl"' Report of Independent Auditor To the Honorable Mayor and Board County Commissioners Monroe County, Florida Report on the Financial Statements We have audited the accompanying financial statements of the governmental activities, the business-type activities, the discretely presented component unit, each major fund, and the aggregate remaining fund information of Monroe County, Florida (the "County"), as of and for the year ended September 30, 2020, and the related notes to the financial statements, which collectively comprise the County'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 County'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 County'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 the governmental activities, the business-type activities, the discretely presented component unit, each major fund, and the aggregate remaining fund information of the County as of September 30, 2020, 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, HIDTA Grants Fund, and Governmental Grants Fund for the year then ended in accordance with accounting principles generally accepted in the United States of America. Emphasis of Matter As discussed in Note 21 to the financial statements, in March 2020 the World Health Organization declared COVID-19 a global pandemic. Given the uncertainty of the situation and the duration of any business disruption, the related financial impact cannot be reasonably estimated at this time. Our opinions are not modified with respect to this matter. B-1 Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that the Management's Discussion and Analysis and the required supplementary information as listed in the table of contents be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic 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 basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Supplementary and Other Information Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the County's basic financial statements. The introductory section, combining and individual fund statements and schedules, statistical section, and the schedule of receipts and expenditures of funds related to the Deepwater Horizon oil spill, as listed in the foregoing table of contents, are presented for purposes of additional analysis and are not a required part of the basic financial statements. The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance Projects is presented for purposes of additional analysis as required by Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, and Chapter 10.550, Rules of Auditor General, and are also not a required part of the basic financial statements. The combining and individual fund statements and schedules and the Schedule of Expenditures of Federal Awards and State Financial Assistance Projects and the schedule of receipts and expenditures of funds related to the Deepwater Horizon oil spill are the responsibility of management and were derived from and relate directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing 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 basic financial statements as a whole. The introductory and statistical sections have not been subjected to the auditing procedures applied in the audit of the basic financial statements and, accordingly, we do not express an opinion or provide any assurance on them. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated March 19, 2021, on our consideration of the County's internal control over financial reporting and on 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 County'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 County's internal control over financial reporting and compliance. Tampa, Florida March 19, 2021 B-2 This page is intentionally left blank. Management's Discussion and Analysis As Finance Department management, under the direction of Monroe County's Chief Financial Officer and Clerk of the Circuit Courts and Comptroller, we offer readers this narrative overview and analysis of the financial activities of Monroe County Government(County) for the fiscal year ended September 30, 2020. We encourage readers to consider this information in conjunction with additional information furnished in the letter of transmittal in the Introductory Section of this report and the audited basic financial statements for an overall view of the County's activities. Financial Highlights • The County's total assets and deferred outflows of resources exceeded its total liabilities and deferred inflows of resources at September 30, 2020 by $646 million, an increase of $4 million compared to the prior fiscal year. Of this amount, $525.2 million represents net investment in capital assets; $220.4 million is restricted for specific purposes (restricted net position); and the remaining portion represents negative unrestricted net position of $99.7 million. Unrestricted net position is negative primarily due to the implementation of Governmental Accounting Standards Board (GASB) Statements Nos. 68 and 75. • Comparing FY 2020 with FY 2019, the results of governmental activities produced a decrease in net position of $12.6 million, while in FY 2019 net position increased by $41.7 million. We discuss key changes in net position later in Management's Discussion& Analysis (MD&A). • Comparing FY 2020 with FY 2019, the results of business-type activities produced an increase in net position of $16.6 million, while in FY 2019 net position increased by $22.6 million. We discuss key changes in net position later in this MD&A. • As of September 30, 2020 and 2019, the County's governmental funds reported combined ending fund balances of $223.9 million and $234.5 million, respectively. Of the combined fund balance, $18.5 million or 8.3% is available for spending at the County's discretion (unassigned balance). • The County's General Fund (primary operating fund) reported a total fund balance of $35.8 million, a decrease of$0.1 million from the prior year. This decrease reflects the economic impact of the global pandemic on the County's fiscal operations that continued throughout the last half of fiscal year(FY) 2019-2020. • Bonded debt and loans of the County decreased $9 million in FY 2020. This was comprised of$4 million in new debt less $13 million in reductions (payments). The County's percentage of bonded debt and loans compared to net position decreased from 31.5% to 29.9%. The other components of long-term debt are discussed in further detail later in this MD&A. Overview of the Financial Statements This MD&A is intended to serve as an introduction to the County's basic financial statements, which include government-wide financial statements, fund financial statements, as well as notes to the financial statements. This report also contains other supplementary information in addition to the basic financial statements. C-1 The chart below illustrates the components of the Comprehensive Annual Report: Components of the Comprehensive Annual Financial Report Letter of Transmittal and Other General Introduction ; Information on the Government Section i Management Discussion and Analysis ; Government-Wide Financial Statements Governmental Fund Financial Statements ; Basic Proprietary Fund Financial Statements Financial ; Financial ; Statements ; Fiduciary Fund Financial Statements Section and RSI ; Notes to the Financial Statements Additional Required Supplementary Information ; Information on Individual Funds and Other Supplementary Information Not Required by GAAP. i Trend Data and Nonfinancial Information Statistical Section Government-Wide Financial Statements The Government-Wide Financial Statements are designed to provide the reader with a broad overview of the financial position of the County, in a manner similar to private-sector business. They include a Statement of Net Position and a Statement of Activities. These statements appear on pages D-1 through D-4 of this report. The Statement of Net Position presents information on all of the County's assets, deferred outflows of resources, liabilities and deferred inflows of resources, with the difference reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the County is improving or deteriorating. The Statement of Activities, which follows the Statement of Net Position, presents information showing how the net position changed during fiscal year 2020. The statement presents all underlying events, which contribute to the change, irrespective of the timing of the related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only affect cash flows in future fiscal periods (e.g., uncollected taxes, earned but unused vacation and medical leave). Both of the aforementioned government-wide financial statements distinguish functions of the County that are principally supported by taxes and intergovernmental revenues (governmental activities) from other functions that are intended to recover all or a significant portion of their costs through user fees and charges for services (business-type activities). The governmental activities reported in the C-2 statements include general government, public safety, physical environment, transportation, economic environment, human services, culture and recreation, court-related, and interest on long-term debt. The business-type activities include the County's airports, Solid Waste, and the Card Sound Road and Toll Bridge. The government-wide financial statements include not only the County itself (known as the primary government) but also the operations of the Monroe County Comprehensive Plan Land Authority. Financial information for this component unit is reported separately within the government-wide financial statements from the financial information presented for the primary government. Fund Financial Statements A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The County, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. All of the funds of the County can be divided into three general categories: governmental, proprietary, and fiduciary funds. Governmental Funds. Governmental Funds essentially account for the same functions as those reported in the government-wide statements described above. However, unlike the government-wide statements, this set of financial statements focuses on events that produce near-term inflows and outflows of spendable resources available at the end of the fiscal year, which is a narrower focus than the government-wide financial statements. Such information may be useful in evaluating the available spendable resources. These statements appear on pages E-1 through E-16 of this report. It can be useful to compare the information presented for the governmental funds with similar information presented for governmental activities in the government-wide statements. Therefore, reconciliations are provided as a link between both the governmental fund statements and the government-wide statements to assist in this comparison. These statements appear on pages E-3 and E-6 of this report. The governmental fund financial statements present financial information for the County's general, special revenue, debt service and capital project funds. Governmental funds individually presented as major funds in the County's statements include: the General Fund; four special revenue funds: Fine and Forfeiture, High Intensity Drug Trafficking Area (HIDTA) Grants, Governmental Grants, the Debt Service Fund; and three capital project funds: One Cent Infrastructure Surtax, Infrastructure Revenue Bonds Series 2014, and Cudjoe Regional Wastewater Project. There are many smaller governmental funds in the County. They have been presented in a total column "Nonmajor Governmental Funds." These funds are presented individually in the combining and individual fund statements section of the report. Proprietary Funds. The County maintains two different types of proprietary funds, enterprise and internal service. The proprietary fund statements appear on E-17 through E-26 of this report. Enterprise funds are used to report business-type activities in the government-wide financial statements. The County maintains four major enterprise funds: Municipal Service District Waste, Card Sound Bridge, Key West International Airport, and the Florida Keys Marathon International Airport. There are no non-major enterprise funds. C-3 Internal service funds are used to accumulate and allocate costs among the County's various functions. The County uses internal service funds to account for insurance activities (worker's compensation, group insurance and risk management) and fleet management activities. Internal service funds are presented in total in the fund financial statements but may be reviewed individually in the combining and individual fund statements section of the report. Because these services predominantly benefit governmental rather than business-type functions, they have been included within the government-wide financial statements as governmental activities. They are also combined into a single, aggregated presentation in the proprietary fund financial statements. Fiduciary Funds. The County uses fiduciary funds to account for resources held for the benefit of parties outside of County government, such as assets held in trust and agency funds by the County as an agent for individuals. Fiduciary funds are not reflected in the government-wide financial statements because the resources of those funds are not available to support the County's own programs. The accounting used for fiduciary funds is much like that used for proprietary funds. The fiduciary fund financial statement appears on page E-27 of this report. Notes to the Financial Statements The notes to the financial statements provide additional information that is essential to a full understanding of the data provided in both government-wide and fund financial statements. The notes commence on page F-1 and continue throughout the entire F page section. Other Information Required Supplementary Information includes information for the Florida Retirement System (FRS) and Health Insurance Subsidy (HIS) Pension Plans, the Volunteer Firefighters and Emergency Medical Services Length of Service Awards Program (LOSAP) Pension Plan, and the County's Other Post- Employment Benefits (OPEB)program, as provided on pages G-1 through page G-13. Combining and individual statements and schedules mentioned earlier, which present details of non- major funds used in governmental and enterprise funds, commence on page H-1 and continue throughout the entire H page section. This section also includes the budget to actual schedules, and statements for major capital project, internal service and agency funds. Additional information about the County can be found under the Statistical Section (Section I), the Single Audit Section (Section J), and Other Information on the expenditures related to the Deepwater Horizon Oil Spill (Section L) of this report. Government-Wide Financial Analysis The County adopted the government-wide financial statement presentation. This reporting structure and measurement focus using accrual accounting for all of the government's activities was mandated by the Government Accounting Standards Board (GASB) in Statement No. 34, Basic Financial Statements - and Management's Discussion and Analysis - for State and Local Governments. Comparative data for fiscal years ending September 30, 2020 and 2019 is presented. C-4 Monroe County Net Position (in thousands) The following is a condensed summary of Net Position compared to the prior year. Governmental Business-type Total Primary Activities Activities Government 2020 2019 2020 2019 2020 2019 Current and Other Assets $ 314,172 $ 343,093 $ 36,170 $ 31,953 $ 350,342 $ 375,046 Capital Assets 593,092 570,366 125,243 109,870 718,335 680,236 Total Assets 907,264 913,459 161,413 141,823 1,068,677 1,055,282 Deferred Outflows 70,583 54,961 2,410 1,901 72,993 56,862 Current Liabilities 45,919 53,743 5,027 2,942 50,946 56,685 Long-Term Liabilities 424,716 387,020 8,610 7,499 433,326 394,519 Total Liabilities 470,635 440,763 13,637 10,441 484,272 451,204 Deferred Inflows 10,691 18,442 802 505 11,493 18,947 Net Position: Net Investment in Capital Assets 399,934 368,243 125,243 109,870 525,177 478,113 Restricted 215,046 242,976 5,402 8,522 220,448 251,498 Unrestricted (118,459) (102,004) 18,739 14,386 (99,720) (87,618) Total Net Position $ 496,521 $ 509,215 $ 149,384 $ 132,778 $ 645,905 $ 641,993 The largest portion of net position for 2020 and 2019 is the County's net investment in capital assets (e.g., land and depreciated buildings, infrastructure and equipment), less any outstanding debt related to their acquisition. This category represents 81.3% and 74.5% of total primary government net position for fiscal years 2020 and 2019, respectively. The County uses these capital assets to provide services to citizens; consequently, these assets are not available for future spending. Although the County's investment in capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities. The increase in capital assets reflects the County's ongoing commitment of resources to the wastewater improvement construction and other projects that have an impact on the citizens of the County. The County also continues to construct improvements to public facilities such as Plantation Key Courthouse and Detention Center, Cudjoe Fire Station, and the Marathon Public Library. Total primary government net position above also includes restricted net position. Restricted net position is resources subject to external restriction on how they may be used. In FY 2020, 34.1% of the total primary government's net position was restricted. The restrictions reported for business-type activities are comprised of the passenger facility charges and custom service operations. Restrictions reported for governmental activities are special purpose funds which report the use of resources as designated by C-5 external entities. The remaining component of net position is unrestricted net position. Unrestricted net position may be used to meet the County's ongoing obligations to citizens and creditors. Comparison of Current Assets and Liabilities (in thousands) A comparison of current assets to current liabilities for both governmental and business-type activities can be a good indication of the County's ability to meet its current and existing operational responsibilities. The ratios for the current and prior fiscal years are as follows: Governmental Business-type Activities Activities 2020 2019 2020 2019 Current Assets $ 314,172 $ 343,093 $ 30,768 $ 23,432 Current Liabilities $ 45,919 $ 53,743 $ 5,027 $ 2,942 Ratio of Current Assets to Current Liabilities 6.84 6.38 6.12 7.96 The schedule above demonstrates that the County continues to have adequate cash flows. The governmental activities ratio of 6.84 and the business-type activities ratio of 6.12 reflect the County's ability to pay back its current liabilities with available current assets. Monroe County Changes in Net Position (in thousands) The following table summarizes the changes in net position for the current and previous year. Total revenues exceeded total expenses in the current year, resulting in an increase in the County's total net position of $4 million in FY 2020 compared to an increase in net position of $64.3 million during FY 2019. The reasons for the overall increase are explained below in the governmental activities and business-type activities sections. C-6 Governmental Business-type Total Primary Activities Activities Government 2020 2019 2020 2019 2020 2019 Revenues: Charges for Services $ 46,128 $ 50,963 $ 30,954 $ 31,994 $ 77,082 $ 82,957 Operating Grants and Contributions 17,912 14,561 7,738 19,430 25,650 33,991 Capital Grants and Contributions 29,683 55,792 14,474 8,962 44,157 64,754 General Revenues: Property Taxes 89,442 86,858 - - 89,442 86,858 Other Taxes 72,881 88,401 - - 72,881 88,401 State Revenue Sharing 3,470 3,681 - - 3,470 3,681 Investment Income 5264 8,007 586 798 5,850 8,805 Miscellaneous 7,470 7,496 183 409 7,653 7,905 Total Revenues 272250 315,759 53,935 61,593 326,185 377,352 Expenses: General Government 46,599 42,600 - - 46,599 42,600 Public Safety 146,768 137,159 - - 146,768 137,159 Physical Environment 11,429 13,827 - - 11,429 13,827 Transportation 8,390 10,299 - - 8,390 10,299 Economic Environment 39,804 34,419 - - 39,804 34,419 Human Services 12,030 10268 - - 12,030 10268 Culture and Recreation 7212 6,931 - - 7,212 6,931 Court Related 11,316 11,097 - - 11,316 11,097 Interest on Long Term Debt 3,610 7,017 - - 3,610 7,017 Municipal Service District Waste - - 19,630 19,828 19,630 19,828 Card Sound Bridge - - 1,109 968 1,109 968 Key West Airport - - 12,873 15,879 12,873 15,879 Marathon Airport - - 1,453 2,780 1,453 2,780 Total Expenses 287,158 273,617 35,065 39,455 322223 313,072 Change in Net Position before transfers (14,908) 42,142 18,870 22,138 3,962 64,280 Transfers 2264 (418) (2,264) 418 - - Change in Net Position (12,644) 41,724 16,606 22,556 3,962 64,280 Total Net Position-October 1 509215 467,491 132,778 110,222 641,993 577,713 Net Position-Ending $ 496,571 $ 509215 $ 149,384 $ 132,778 $ 645,955 $ 641,993 Governmental Activities The decrease in net position for governmental activities for operations was $12.6 million during FY 2020. In contrast, the change in net position increased $41.7 million in FY 2019. During FY 2020, an outbreak of a novel strain of coronavirus ("COVID-19") emerged globally. As a result of the COVID-19 pandemic, the County, like other governmental entities, had to face economic uncertainties. Therefore, throughout most of FY 2020, the County's focus was to navigate and manage its response to the pandemic. Other highlights for governmental activity revenue and expenses are as follows: C-7 Revenues • Charges for Services decreased by 9.5% between FY 2019 and FY 2020. The decrease can be directly linked to the impact the COVID-19 pandemic had on the County's operations. Halfway through FY 2020, the County closed many of its offices for safety purposes. The closing impacted the County's abilities to provide services to the General Public. • Tourist Development revenue FY 2020 totaled $32.1 million, which is a 19.5% decrease from the previous fiscal year of $39.9 million. During FY 2020, tourism was negatively impacted by the COVID-19 pandemic. Not only was tourism down due to the closing of US Highway 1 for over two months but many of the hotels managed their response to the pandemic by placing restrictions on how many rooms they could fill. • Sales Taxes (1/2 Cent Sales Tax and One Cent Infrastructure Tax) were $30 million in FY 2020 compared to $36.1 million in FY 2019, which was a decrease by $6.1 million or 16.9%. With the tourist industry being negatively impacted by the pandemic FY 2020, the tax revenue primarily paid by tourists decreased accordingly. • Operating Grants and Contributions increased by $23.3 million or 23%, while Capital Grants and Contributions significantly decreased by $26.1 million or 46.8%. Grants are nonrecurring in nature and can fluctuate from year to year. However, much of the grant funding received in FY 2020 is directly attributable to financial assistance received from the federal government for combatting the economic impacts of the COVID-19 pandemic. • Investment income experienced a notable decrease of over $2.7 million due to the market's reaction to the global pandemic during FY 2020. The decrease reflects the markets' reaction to the global pandemic during FY 2020. Fortunately, since the Clerk diversified the County's portfolio in FY 2019, the loss in investment income was minimized. • Miscellaneous revenue continued to be higher than normal. In FY2020, the County reported $7.4 million in miscellaneous revenue. This revenue is due to the donation of the Sheriff s gun range to the County during the fiscal year. Expenses • Pension related expenses, resulting in the change of deferred inflow of resources, deferred outflow of resources, and the net pension liabilities, increased by $5.2 million in FY 2020. The reason for increased pension expense in FY 2020 was twofold. First, the County's increased staff s base salaries due to a classification and compensation study increased the County's contributions to the retirement plan. Second, the County's emergency response to the pandemic resulted in overtime expenses that are eligible for pension benefits. • Depreciation expense reported in governmental activities increased by $.31 million in FY 2020. • Advertising, promotion, and operating expenses associated with tourism development decreased by $0.4 million in FY 2020. • Public safety operational expenses (not capitalized) increased by $9.6 million or 7.0%. This represents the County's purchase of sanitary and other supplies to combat the pandemic. C-8 • Physical environment expenses (not capitalized) decreased by $2.4 million. The decrease is due to the County's canal debris removal project which was nearing completion towards the end of FY 2019. The graph below represents a comparison of program revenues to program expenses for governmental activities for fiscal year 2020. It is apparent from these graphs that general revenues were required to cover expenses for most of the functions noted. Monroe County, Florida Governmental Activities (inMillions) For the year ended September 30, 2020 160.0 146.8 140.0 120.0 100.0 80.0 60.0 46.6 48.3 39.8 40.0 �a 20.0 179 a 12911.4 2.5 8.4 4.5 0.912.0 0.9 7.2 6.011.3 0.0 A General Public Safety Physical Transportation Economic Human Culture& Court Related Government Environment Environment Services Recreation o� Program Revenues E Program Expenses The largest revenue sources for governmental activities in FY 2020 are property taxes in the amount of $89.4 million and all other taxes totaling $72.9 million. Total taxes of $162.3 million amounted to 59.6% of the County's governmental activity revenues excluding transfers. The second largest revenue source, excluding grant funding, is charges for services at $46.1 million or 16.9% of governmental activity revenues excluding transfers. The 2020 graph identifies the largest expense function as public safety, amounting to $146.8 million. This is 51.8% of the total expenses for governmental activities. The next largest functions are general government and economic environment that total $86.4 million or 30.5% of total expenses for governmental activities. The general government expenses include the Tax Collector, Property Appraiser, Clerk of the Circuit Court, and the Supervisor of Elections. The graph on the next page represents a comparison of program revenues to program expenses for governmental activities for FY 2019. C-9 Monroe County, Florida Governmental Activities (inMillions) For the year ended September 30, 2019 160.0 137.1 140.0 120.0 100.0 80.0 60.0 53.5 42.6 40.0 32.3 34.4 21 6 I . 13.820.0 5.310.3 10.3 6.9 5.6 11.1 A0.4 1.4 0.9 0.0 General Public Safety Physical Transportation Economic Human Culture& Court Related Government Environment Environment Services Recreation UM Program Revenues E Program Expenses The largest revenue sources for governmental activities in FY 2019 are property taxes in the amount of $86.9 million and all other taxes totaling $88.4 million. Total taxes of $175.3 million amounted to 55.5% of the County's governmental activity revenues excluding transfers. The second largest revenue source is charges for services at $51 million or 16.1% of governmental activity revenues excluding transfers. The FY 2019 graph identifies the largest expense function as public safety, amounting to $137.1 million. This is 50.1% of the total expenses for governmental activities. The next largest function is general government and economic environment that total $77 million or 28.1% of total expenses for governmental activities. The general government expenses include the Tax Collector, Property Appraiser, Clerk of the Circuit Court, and the Supervisor of Elections. Business-Type Activities The purpose of proprietary funds is to recover the majority of costs incurred in providing a service through user fees and charges for that service. Charges for services revenues in FY 2020 amounted to $31 million or 57.4% of all business-type activities revenue sources. Other revenue source increases include $14.5 million and $7.7 million in capital grants and operating grants respectively. Total expenses (excluding transfers from other funds) were less than total revenues (excluding transfers to other funds)by $18.1 million. C-10 Financial Analysis of Monroe County's Funds Governmental Funds Governmental funds provide information on near-term inflows, outflows, and balances of spendable resources. In assessing the County's financing requirements, unassigned fund balance represents the County's net resources available for spending at the end of the fiscal year. The governmental fund types include the General Fund, special revenue, debt service and capital project funds. The County's governmental funds reported combined fund balances of $223.9 million at the end of the current fiscal year. This represents a $10.7 million, or 4.5%, decrease from prior year. Governmental funds held non-spendable, restricted, committed or assigned amounts totaling $205.3 million reflect the various constraints placed on those resources for future use. The General Fund is the chief operating fund of the County. At September 30, 2020, the total fund balance in the General Fund was $35.8 million, a decrease of$.1 million, or .3% less than the prior year. The unassigned portion of the General Fund's fund balance was $18.5 million. Tax revenue increased by $1 million in the General Fund. Intergovernmental revenues decreased by $2.7 million, or a 17% reduction. Expenditures increased by $3.9 million or 4%. Other Major Fund Information (in thousands) Fine and Forfeiture HIDTA Grants Governmental Grants 2020 2019 2020 2019 2020 2019 Revenues and Other Sources $ 62,274 $ 62,511 $ 20,606 $ 20,905 $ 33,011 $ 51,260 Expenses and Other Uses 66,804 59,738 20,606 20,905 26,428 58,222 Increase/(Decrease)in Fund balance $ (4,530) $ 2,773 $ - $ - $ 6,583 $ (6,962) One Cent Infrastructure Revenue Bonds Infrastructure Surtax Series 2014 2020 2019 2020 2019 Revenues and Other Sources $ 25,436 $ 16,854 $ 13,301 $ 513 Expenses and Other Uses 29,777 7,443 18,262 6,588 Increase/(Decrease) in Fund balance $ (4,341) $ 9,411 $ (4,961) $ (6,075) Cudjoe Regional Wastewater Activities Debt Service 2020 2019 2020 2019 Revenues and Other Sources $ 2,740 $ 8,510 $ 20,372 $ 17,294 Expenses and Other Uses 13,117 10,364 18,450 18,671 Increase/(Decrease) in Fund balance $ (10,377) $ (1,854) $ 1,922 $ (1,377) C-11 Fine and Forfeiture Special Revenue Fund. Total revenue and other sources for this fund decreased by $0.2 million as a result of a decrease in charges for services. Total operating expenses and transfers to other funds increased by $7 million, which reflects the purchase of supplies and services for the County's response to combating COVID-19 pandemic. HIDTA Grants Special Revenue Fund. This fund is used to account for reimbursement grants funded by the U.S. Department of Justice to fight drug trafficking. The volume of revenues and expenditures has not significantly changed as programs established by the grantor have been continued. Governmental Grants Special Revenue Fund. The FY 2020 revenue decreased by $18.2 million due to the completion of the grant from the Natural Resources Conservation Service to remove marine debris from canals. This grant involved funds over $45 million in financial assistance and was completed in FY 2019. One Cent Infrastructure Surtax Capital Project Fund. The County voted during the 2012 general election to extend the surtax expiration date from 2018 to 2033. This is similar to the State shared revenues based on sales tax. Over the past decade this revenue has grown each year. However, in FY 2020, the revenue decreased due to the downturn in tourism because of the pandemic. The revenue source will be used to fund on-going capital projects. Infrastructure Revenue Bonds Series 2014. In October 2014, the County issued revenue bonds to construct and acquire equipment and capital improvements. In FY 2020, unused bond proceeds that were originally dedicated to fund the Cudjoe Regional Wastewater project were transferred to this fund. Cudjoe Regional Wastewater Capital Project Fund. This fund is used to account for the activity associated with the County's commitment to construct collection, transmission and treatment facilities. In FY 2019, total revenues decreased by $11.2 million. In FY 2020 total revenues further decreased by an additional $5.8 million. The reduction of revenues and expenses in this fund is due to the Cudjoe Project being nearly completed. Debt Service. The debt service fund received transfers from other funds to cover $18.4 million in principal and interest payments on long-term debt. Proprietary Funds Proprietary fund statements provide the same information as in the business-type activities column of the government-wide statements, but in greater detail and on a fund basis for enterprise funds and internal service funds. Municipal Service District-Waste Enterprise Fund. This fund maintains the County's transfer sites. The County continues to outsource the waste haul-out services through a major contract. Revenues for charges for services (special assessments and tipping fees) decreased by .3% due to a reduction in activity related to hurricane clean-up. Card Sound Bridge Enterprise Fund. The Card Sound Bridge is an alternative route to the "Eighteen Mile Stretch." In FY 2019, the County switched over from a manned toll booth to an electronic tolling operation. As a result, in FY 2020, the County experienced an increase of 8.2% in toll receipts. C-12 Key West Airport Enterprise Fund. Compared to FY 2019, revenue decreased by $1.2 million in charges for services and operational expenses decreased by $3 million in FY 2020. The Key West Airport received $13.4 million in capital grants during the year for such projects as updating the Airport's apron and runway rehabilitations, and a noise mitigation project. Marathon Airport Enterprise Fund. The airport experienced a 8.2% increase in revenue from charges for services in FY 2020. The internal service funds include the Worker's Compensation Fund, Group Insurance Fund, Risk Management Fund and the Fleet Management Fund. The self-insurance funds are an important part of the County's operations. In FY 2018, the County projected a $3.3 million shortfall in the Group Insurance Fund by the end of the fiscal year. In response, the County began efforts in FY 2018 to address the stability of the Group Insurance Fund by implementing cost-saving measures referred to as "Shared Diversity" changes. These program changes included increasing contributions for employees, retirees, and dependent coverage and reducing available health benefits to any covered person under the Plan. As a result, instead of a $3.3 million shortfall, the Group Insurance Fund had a $4.4 million positive change in net position as of September 30, 2018. Furthermore, the Group Insurance Fund continued to experience a $0.9 million increase in its net position at the end of FY 2019 and another $0.9 million increase at the end of FY 2020. Capital Assets The County's financial statements present capital assets in two categories: those assets subject to depreciation, such as buildings, infrastructure, and equipment and those not subject to depreciation such as land and construction in progress. At September 30, 2020, the County has $718.3 million invested in a variety of capital assets, as reflected in the following schedule, which represents a net increase (additions less retirements and depreciation) of$38.1 million or 5.6% from the end of last year. MONROE COUNTY, FLORIDA CAPITAL ASSETS (IN THOUSANDS) NET OF DEPRECIATION Governmental Activities Business-type Activities Total 2020 2019 2020 2019 2020 2019 Land $ 84,242 $ 81,749 $ 5,648 $ 5,648 $ 89,890 $ 87,397 Construction In Prog. 35,960 54,111 17,131 2,358 53,091 56,469 Buildings 99,812 99,785 46,862 45,674 146,674 145,459 Equipment 30,397 35,314 2,216 2,135 32,613 37,449 Infrastructure 340,040 296,734 53,386 54,055 393,426 350,789 Capacity Rights 2,641 2,673 - - 2,641 2,673 Total S 593,092 S 570,366 S 125,243 S 109,870 S 718,335 S 680,236 The investment in capital assets includes land, buildings, improvements, machinery and equipment, plant and equipment, infrastructure, roads, bike paths, and sidewalks. Major capital asset events during the year included: C-13 • Completion of the marine debris removal project that was funded with funds from the Natural Resources Conservation Service for $32.3 million. • Completion of Monroe County Sheriff's gun range totaling $4.4 million. • Completion of the Quarry Road project totaling $1.7 million. • Completion of the Key West Airport's phase 1 of its new concourse totaling $0.9 million. • Completion of the Marathon Car Wash project totaling $1.5 million. Ongoing significant projects include the following: the Plantation Key Courthouse and Detention Center; the Marathon library, the Cudjoe fire station, the Pigeon Key ramp, the West Martello project, the Key West Airport's concourse project, and a number of road and drainage projects in Stock Island and Key Largo. Additional information on the County's capital assets can be found in Note 7 on pages F-21 to F-22. Long-Term Debt At September 30, 2020, the County had long-term debt in the amount of $448.4 million. This debt is mainly comprised of direct borrowing of revenue bonds and notes secured by pledges of revenues. Revenue-secured debt for governmental activities was $193.1 million. The County has no general obligation bonds. Net changes to long-term debt consisted of the following: • Issuance of Tax Exempt Revenue Note, Series 2020 for the purchase and installation of a new human resources and accounting management system for the County - $4 million • Increases to accrued compensated absences - $1.4 million • Increases in the other post-employment benefits liability - $9.9 million • Increases in the County's proportionate share of FRS and HIS pension liability - $38.4 million • Decreases in the County's LOSAP pension liability - $85,417 Retirements of long-term debt and other reductions amounted to $48.5 million. The decrease in long- term debt reductions in FY 2020 was primarily due to the State suspending the County's June 2020 loan payment and FY 2021's December 2020 loan payment. The County requested these payments be deferred in response to the projected uncertainty that the COVID-19 pandemic could have on the County's one cent infrastructure surtax revenue— a major source of funding for repaying this debt. Moody's Investors Service rates the County's Infrastructure Sales Surtax Revenue Bonds, Series 2007, 2014 and 2016 as "Al". Standard and Poor's Ratings Services have rated these issues "A+". Further details about long-term debt are available in Note 13 to the financial statements pages F-42 through F- 45. Budgetary Highlights There were slight variations from the original budget to the amended budget for miscellaneous revenues and intergovernmental revenue. Also, as a response to the uncertainty resulting from COVID-19 pandemic, the County furloughed staff and instituted hiring and purchasing freezes in FY 2020. In FY 2020, the budget was amended for all the Constitutional Officers so they could receive funding to reimburse them for unanticipated operational costs associated with the COVID-19 pandemic. In many C-14 instances the Constitutional Officers had to invest in revamping their processes to properly accommodate social distancing and other basic needs to minimize the spread of the virus while also ensuring they could continue to offer their services to the General Public. The other budget change in FY 2020 resulted from additional funding provided to the Monroe County Clerk of Circuit Court & Comptroller to begin the implementation of a new human resources and accounting system for the County. This project began in June 2020 and the system is scheduled to go- live in July 2021. Economic Factors and Next Year's Budgets and Rates The County's short and long-term goals and policies are developed during the budget process each year. The Board discusses trends, capital projects and policy priorities at public meetings held during the budget planning phase. These priorities are further refined, clarified and adopted during the budget process. The FY 2020 budget was developed to meet increased service demands and workload throughout the County. The FY 2020 budget also included an ambitious capital project agenda to complete the County's larger projects. Total budgeted revenues/sources increased between 2019 and 2020. The increase in the overall budget is attributable to the creation of a new hospital district taxing unit to help fund a new hospital to serve the Middle Keys. The largest revenue source of the County's General Fund is ad valorem taxes. The aggregate millage rate for 2020 is 3.3536 which is 2.4% over last year's rate of 3.4330 and 3.1% above the rolled-backed millage rate of 3.2515. After property taxes, the Local Government Half-Cent Sales Tax is the largest revenue source in the General Fund; this revenue source was budgeted to increase over 4.5%, while Licenses and Permits were expected to increase over 17.5%. Budgeted expenditures were above FY 2019 levels. The increased budget levels were attributed to increases in the Board of County Commission's operational costs, sustainability, and information technology projects along with employee salary adjustments. Expenditures for capital projects were lower than originally budgeted because projects were disrupted due to the COVID-19 pandemic. Significant capital projects include the following: • Plantation Key Courthouse and Detention Center. • Marathon Library. • Emergency Operations Center. • Cudjoe Key Fire Station. • New Public Defender Office Building Purchase. • Ocean Reef Building Purchase. • Roads/Paving County-wide. Tourism revenues are very important to the Keys' economic health, and the County will continue to advertise the Keys as a tourist destination. Requests for Information This financial report is designed to provide a general overview of the County's finances for all those with an interest in its finances. Questions concerning any of the information provided in this report or requests for additional information should be addressed to the Finance Director, Monroe County Clerk of the Courts and Comptroller, 500 Whitehead Street, Key West, Florida 33040. C-15 BASIC FINANCIAL STATEMENTS MONROE COUNTY, FLORIDA STATEMENT OF NET POSITION SEPTEMBER 30, 2020 Primary Government Component Unit Monroe County Governmental Business-type Comprehensive Activities Activities Total Plan Land Authority ASSETS Current Assets: Cash and Cash Equivalents $ 73,143,915 $ 3,343,757 $ 76,487,672 $ 14,628,392 Investments 191,731,713 22,563,510 214,295,223 - Accounts Receivable, Net 5,372,840 949,687 6,322,527 - Assessments Receivable 27,475,599 - 27,475,599 - Internal Balances 611,598 (611,598) - - Due from Other Governmental Units 13,305,780 4,522,316 17,828,096 701,465 Advances from Other Governments 2,007,860 - 2,007,860 - Interest Receivable 478,226 244 478,470 - Inventory 11,292 - 11,292 - Prepaid Items 33,402 - 33,402 179,500 Total Current Assets 314,172,225 30,767,916 344,940,141 15,509,357 Noncurrent Assets: Restricted Cash and Cash Equivalents - 5,187,784 5,187,784 - Restricted Accounts Receivable - 214,118 214,118 - Mortgage/Notes Receivable 9,878,684 - 9,878,684 8,769,025 Allowance for Mortgage/Notes Receivable (9,878,684) - (9,878,684) - Land and Other Nondepreciable Assets 120,201,733 22,779,101 142,980,834 34,109,397 Other Capital Assets, Net of Accum Deprec 472,890,069 102,464,110 575,354,179 15,698,274 Total Noncurrent Assets 593,091,802 130,645,113 723,736,915 58,576,696 Total Assets 907,264,027 161,413,029 1,068,677,056 74,086,053 DEFERRED OUTFLOWS OF RESOURCES Related to Pensions 56,651,946 2,052,247 58,704,193 169,073 Related to OPEB 13,931,300 358,700 14,290,000 15,952 Total Deferred Outflows of Resources 70,583,246 2,410,947 72,994,193 185,025 LIABILITIES Current Liabilities: Accounts Payable 14,916,500 4,073,592 18,990,092 3,976 Retainage Payable 1,603,422 623,046 2,226,468 - Accrued Wages and Benefits Payable 5,505,157 49,114 5,554,271 17,488 Claims and Judgments Payable 3,382,921 - 3,382,921 - Due to Other Governmental Units 3,495,593 42,216 3,537,809 - Accrued Compensated Absences Payable 3,023,530 126,185 3,149,715 24,323 Deposits in Escrow 348,875 75,171 424,046 - Unearned Revenue 14,807 37,961 52,768 - Accrued Interest Payable 1,067,228 - 1,067,228 - Revenue Notes Payable 5,656,316 - 5,656,316 - Revenue Bonds Payable 4,780,000 - 4,780,000 - Mayfield Interlocal Agreement 2,125,000 - 2,125,000 - Total Current Liabilities 45,919,349 5,027,285 50,946,634 45,787 (Continued) The notes to the financial statements are an integral part of this statement. D-1 MONROE COUNTY, FLORIDA STATEMENT OF NET POSITION -CONTINUED SEPTEMBER 30, 2020 Primary Government Component Unit Monroe County Governmental Business-Type Comprehensive Activities Activities Total Plan Land Authority Noncurrent Liabilities: Accrued Compensated Absences Payable 12,094,123 504,740 12,598,863 64,885 Claims and Judgments Payable - 129,632 129,632 - Revenue Notes Payable 146,191,124 - 146,191,124 - Revenue Bonds Payable 25,530,000 - 25,530,000 - Mayfield Interlocal Agreement 8,875,000 - 8,875,000 - Other Liabilities 500,000 - 500,000 - OPEB Liability 56,554,000 979,000 57,533,000 49,530 Net Pension Liability 174,971,409 6,996,736 181,968,145 451,209 Total Noncurrent Liabilities 424,715,656 8,610,108 433,325,764 565,624 Total Liabilities 470,635,005 13,637,393 484,272,398 611,411 DEFERRED INFLOWS OF RESOURCES Related to Pensions 5,215,760 178,388 5,394,148 6,922 Related to OPEB 5,329,700 624,100 5,953,800 55,187 Advances from Other Governments 145,989 - 145,989 - Total Deferred Inflows of Resources 10,691,449 802,488 11,493,937 62,109 NET POSITION Net Investment in Capital Assets 399,934,362 125,243,211 525,177,573 49,807,671 Restricted: Public Safety 39,245,276 - 39,245,276 - Physical Environment 54,843,499 - 54,843,499 - Transportation 12,103,293 5,401,902 17,505,195 - Economic Environment 41,785,718 - 41,785,718 - Land Authority - - - 7,432,691 Court Programs 9,778,916 - 9,778,916 - Human Services 2,533,929 - 2,533,929 - Cultural and Recreation 3,506,126 - 3,506,126 - General 3,954,926 - 3,954,926 - Capital Projects 45,526,665 - 45,526,665 - Debt Service 1,767,179 - 1,767,179 - Unrestricted (118,459,070) 18,738,982 (99,720,088) 16,357,196 Total Net Position $ 496,520,819 $ 149,384,095 $ 645,904,914 $ 73,597,558 D-2 MONROE COUNTY, FLORIDA STATEMENT OF ACTIVITIES FOR THE YEAR ENDED SEPTEMBER 30,2020 Program Revenues Operating Capital Charges for Grants and Grants and Functions/Programs Expenses Services Contributions Contributions Primary government: Governmental activities: General Government $ 46,598,839 $ 17,569,020 $ 351,392 $ - Public Safety 146,767,995 21,556,806 867,263 25,851,720 Physical Environment 11,429,330 982,086 10,354,911 1,549,777 Transportation 8,389,528 114,924 69,665 2,281,534 Economic Environment 39,803,950 - 4,466,122 - Human Services 12,030,396 273,741 591,008 - Culture and Recreation 7,212,319 815,623 75,000 - Court Related 11,315,558 4,815,378 1,137,079 - Interest on Long-Term Debt 3,610,346 - - - Total governmental activities 287,158,261 46,127,578 17,912,440 29,683,031 Business-type activities: Municipal Service District Waste 19,630,064 20,241,154 966,036 - Card Sound Bridge 1,109,241 1,730,211 - - Key West Airport 12,873,173 7,906,395 6,509,812 13,385,178 Marathon Airport 1,453,139 1,076,883 261,666 1,088,572 Total business-type activities 35,065,617 30,954,643 7,737,514 14,473,750 Total primary government $ 322,223,878 $ 77,082,221 $ 25,649,954 $ 44,156,781 General Revenues: Taxes: Ad Valorem Taxes Tourist Impact Tax Gas Tax 1/2 Cent Sales Tax One Cent Infrastructure Tax Tourist Development Tax Other Taxes Other St. Shared Rev, Unrestricted Investment Income Settlements, Insurance Recoveries, Donations, and Other Income Transfers Total General Revenues and Transfers Change in Net Position Total Net Position-October 1 Total Net Position-Ending The notes to the financial statements are an integral part of these statements. (Continued) D-3 Net(Expense) Revenue and Changes in Net Position Primary Government Component Unit Monroe County Governmental Business-type Comprehensive Activities Activities Total Plan Land Authority $ (28,678,427) $ - $ (28,678,427) $ (3,290,507) (98,492,206) - (98,492,206) - 1,457,444 - 1,457,444 - (5,923,405) - (5,923,405) - (35,337,828) - (35,337,828) - (11,165,647) - (11,165,647) - (6,321,696) - (6,321,696) - (5,363,101) - (5,363,101) - (3,610,346) - (3,610,346) - (193,435,212) - (193,435,212) (3,290,507) - 1,577,126 1,577,126 - - 620,970 620,970 - - 14,928,212 14,928,212 - - 973,982 973,982 - - 18,100,290 18,100,290 - (193,435,212) 18,100,290 (175,334,922) (3,290,507) 89,441,895 - 89,441,895 4,470,840 4,011,963 - 4,011,963 - 5,801,456 - 5,801,456 - 10,098,395 - 10,098,395 - 19,863,169 - 19,863,169 - 32,095,701 - 32,095,701 - 1,010,381 - 1,010,381 - 3,469,952 - 3,469,952 - 5,264,098 586,285 5,850,383 46,450 7,470,045 183,376 7,653,421 159,924 2,264,043 (2,264,043) - - 180,791,098 (1,494,382) 179,296,716 4,677,214 (12,644,114) 16,605,908 3,961,794 1,386,707 509,214,933 132,778,187 641,993,120 72,210,851 $ 496,570,819 $ 149,384,095 $ 645,954,914 $ 73,597,558 D-4 MONROE COUNTY, FLORIDA BALANCE SHEET GOVERNMENTAL FUNDS SEPTEMBER 30,2020 Fine& HIDTA Governmental General Forfeiture Grants Grants ASSETS Cash and Cash Equivalents $ 20,059,334 $ 2,512,377 $ 880,941 $ 3,446,444 Investments 24,947,793 14,145,894 - 2,522,846 Accounts Receivable, Net 74,221 4,948,432 10,525 11 Assessments Receivable - - - - Due from Other Funds 1,307,380 1,645,718 129,642 - Due from Other Governmental Units 692,498 20,310 1,872,627 10,125,362 Mortgages/Notes Receivable - - - 355,566 Allowance for Mortgages/Notes Receivable - - - (355,566) Advances from Other Governments - - - - Interest Receivable 12 448,292 - - Inventory 11,292 - - - Prepaid Items 33,402 - - - Total Assets $ 47,125,932 $ 23,721,023 $ 2,893,735 $ 16,094,663 LIABILITIES, DEFERRED INFLOWS OF RESOURCES,AND FUND BALANCES Liabilities: Accounts Payable $ 2,602,936 $ 50,907 $ 875,471 $ 1,303,133 Retainage Payable - - 19,727 48,882 Accrued Wages and Benefits Payable 4,898,062 34,349 214,852 11,677 Due to Other Funds 2,082,575 16,669 998,020 2,554,976 Due to Other Governmental Units 1,627,009 36,410 785,665 243,100 Unearned Revenues 14,807 - - - Deposits in Escrow 112,109 - - - Total Liabilities 11,337,498 138,335 2,893,735 4,161,768 Deferred Inflows of Resources: Unavailable Revenues - 4,083,065 - 8,659,040 Total Deferred Inflows of Resources - 4,083,065 - 8,659,040 Fund Balances: Nonspendable 44,694 - - - Restricted - 19,499,623 - 3,273,855 Committed 10,000,000 - - - Assigned 7,229,638 - - - Unassigned 18,514,102 - - - Total Fund Balances 35,788,434 19,499,623 - 3,273,855 Total Liabilities, Deferred Inflows of Resources, and Fund Balances $ 47,125,932 $ 23,721,023 $ 2,893,735 $ 16,094,663 The notes to the financial statements are an integral part of these statements. E-1 One Cent Infrastructure Cudjoe Regional Debt Nonmajor Total Infrastructure Revenue Bonds Wastewater Service Governmental Governmental Surtax Series 2014 Project Fund Funds Funds $ 5,834,694 $ 1,148,985 $ 605,029 $ 324,450 $ 33,816,057 $ 68,628,311 33,749,154 5,098,012 2,784,866 9,954 84,225,900 167,484,419 - - - - 271,511 5,304,700 - - 23,567,523 - 3,908,076 27,475,599 - 13,000,000 2,780 2,500,000 3,674,550 22,260,070 1,870,938 - - - 1,512,501 16,094,236 - - - - 9,523,118 9,878,684 - - - - (9,523,118) (9,878,684) - - 2,007,860 - - 2,007,860 358 271 169 3 28,681 477,786 - - - - - 11,292 - - - - - 33,402 $ 41,455,144 $ 19,247,268 $ 28,968,227 $ 2,834,407 $ 127,437,276 $ 309,777,675 $ 473,208 $ 1,975,454 $ 905,272 $ - $ 4,820,452 $ 13,006,833 88,864 1,443,705 - - 2,244 1,603,422 18,006 2,101 1,022 - 295,810 5,475,879 14,400,000 - - - 2,044,478 22,096,718 372,513 - - - 423,915 3,488,612 - - - - - 14,807 - - - - 236,766 348,875 15,352,591 3,421,260 906,294 - 7,823,665 46,035,146 - - 23,092,043 - 4,052,089 39,886,237 - - 23,092,043 - 4,052,089 39,886,237 - - - - - 44,694 26,102,553 15,826,008 4,969,890 2,834,407 104,198,278 176,704,614 - - - - 6,388,959 16,388,959 - - - - 4,974,285 12,203,923 - - - - - 18,514,102 26,102,553 15,826,008 4,969,890 2,834,407 115,561,522 223,856,292 $ 41,455,144 $ 19,247,268 $ 28,968,227 $ 2,834,407 $ 127,437,276 $ 309,777,675 E-2 MONROE COUNTY, FLORIDA RECONCILIATION OF THE BALANCE SHEET OF GOVERNMENTAL FUNDS TO THE STATEMENT OF NET POSITION SEPTEMBER 30, 2020 Amounts reported for governmental activities in the statement of net position are different because: Ending fund balance -governmental funds $ 223,856,292 Capital assets used in governmental activities are not financial resources and, therefore, are not reported in the governmental funds, net of accumulated depreciation of$197,013,180. 592,343,539 Deferred outflows and inflows of resources are not available in the current period and, therefore, are not reported in the governmental funds. Deferred outflows and inflows of resources at year-end consist of: Deferred outflows related to pension liabilities $ 55,771,086 Deferred outflows related to OPEB 13,830,500 Deferred inflows related to pension liabilities (5,130,903) Deferred inflows related to OPEB liabilities (4,977,500) Total 59,493,183 Unavailable revenue related to wastewater assessment activity and revenue received in advance from both the state and federal governments for grants 39,740,248 are deferred in the governmental funds but not in the government-wide financial statements. Other liability related to a certain legal claim is not reported in governmental funds as current financial resources are not used (see note 19). (500,000) Long-term liabilities are not due and payable in the current period and, therefore, are not reported in the funds. Revenue Bonds Payable (30,310,000) Revenue Notes Payable (151,847,440) Mayfield Interlocal Loan Agreement (11,000,000) OPEB Liability (56,204,000) Net Pension Liability (172,708,984) Accrued Interest Payable (1,067,228) Accrued Compensated Absences (14,765,986) Total (437,903,638) The assets and liabilities of the internal service funds (funds are used to charge the costs of insurance and fleet maintenance activities to individual funds) are not reported in the governmental funds. 19,491,195 Net position of governmental activities $ 496,520,819 The notes to the financial statements are an integral part of this statement. E-3 This page is intentionally left blank. MONROE COUNTY, FLORIDA STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES GOVERNMENTAL FUNDS FOR THE YEAR ENDED SEPTEMBER 30,2020 Fine& HIDTA Governmental General Forfeiture Grants Grants REVENUES: Taxes $ 25,756,611 $ 48,924,369 $ - $ - Licenses and Permits - - - - Intergovernmental 13,066,676 76,300 20,605,577 30,048,408 Charges for Services 4,538,305 7,303,523 - 140,001 Fines and Forfeitures 413,350 74,241 - - Investment Income 857,640 287,743 - 35,425 Miscellaneous 1,296,044 4,460,716 - 46,123 Total Revenues 45,928,626 61,126,892 20,605,577 30,269,957 EXPENDITURES: Current: General Government 33,020,797 1,178,229 - - Public Safety 51,515,361 15,688,989 20,605,577 3,405,399 Physical Environment 546,078 - - 4,390,151 Transportation 132,961 - - 3,094,503 Economic Environment 727,441 - - 5,892,215 Human Services 8,129,061 - - 1,443,059 Culture and Recreation 3,593,163 - - 133,205 Court Related 4,781,127 395,013 - - Capital Projects - - - - Debt Service Principal - - - - Interest - - - - Total Expenditures 102,445,989 17,262,231 20,605,577 18,358,532 Excess/Deficiency of Revenues Over(Under)Expenditures (56,517,363) 43,864,661 - 11,911,425 OTHER FINANCING SOURCES(USES): Transfers from Other Funds 63,979,480 1,147,635 - 2,741,132 Transfers to Other Funds (7,576,292) (49,541,412) - (8,068,874) Issuance of Debt - - - - Total Other Financing Sources(Uses) 56,403,188 (48,393,777) - (5,327,742) Net Change in Fund Balances (114,175) (4,529,116) - 6,583,683 Fund Balances-October 1 35,902,609 24,028,739 - (3,309,828) Fund Balances-September 30 $ 35,788,434 $ 19,499,623 $ - $ 3,273,855 The notes to the financial statements are an integral part of these statements. E-4 One Cent Infrastructure Cudjoe Regional Debt Nonmajor Total Infrastructure Revenue Bonds Wastewater Service Governmental Governmental Surtax Series 2014 Project Fund Funds Funds $ 19,863,169 $ - $ - $ - $ 56,079,748 $ 150,623,897 - - 1,816,257 - 5,942,671 7,758,928 - - - - 11,937,193 75,734,154 - - - - 15,629,468 27,611,297 - - - - 4,103,469 4,591,060 573,293 301,170 791,144 92,146 2,838,450 5,777,011 - - 130,043 - 1,058,074 6,991,000 20,436,462 301,170 2,737,444 92,146 97,589,073 279,087,347 - - - - 3,576,835 37,775,861 - - - - 34,237,950 125,453,276 - - - - 1,735,122 6,671,351 - - - - 8,181,812 11,409,276 - - - - 33,053,658 39,673,314 - - - - 1,977,630 11,549,750 - - - - 2,198,152 5,924,520 - - - - 4,366,016 9,542,156 6,464,227 18,262,045 2,608,624 - 2,515,764 29,850,660 - - - 12,966,162 - 12,966,162 - - - 5,484,236 - 5,484,236 6,464,227 18,262,045 2,608,624 18,450,398 91,842,939 296,300,562 13,972,235 (17,960,875) 128,820 (18,358,252) 5,746,134 (17,213,215) 5,000,000 13,000,000 2,771 20,280,114 11,793,719 117,944,851 (23,313,033) - (10,508,675) - (16,392,144) (115,400,430) - - - - 4,000,000 4,000,000 (18,313,033) 13,000,000 (10,505,904) 20,280,114 (598,425) 6,544,421 (4,340,798) (4,960,875) (10,377,084) 1,921,862 5,147,709 (10,668,794) 30,443,351 20,786,883 15,346,974 912,545 110,413,813 234,525,086 $ 26,102,553 $ 15,826,008 $ 4,969,890 $ 2,834,407 $ 115,561,522 $ 223,856,292 E-5 MONROE COUNTY, FLORIDA RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES FOR THE YEAR ENDED SEPTEMBER 30, 2020 Amounts reported for governmental activities in the statement of activities are different because: Net change in fund balances-total governmental funds $ (10,668,794) Governmental funds report capital outlays as expenditures. However, in the statement of activities the cost of those assets is allocated over their estimated useful lives and reported 31,245,117 as depreciation expense. This is the amount by which capital outlays of$61,895,181 exceed depreciation of$17,037,720 in the current period. The net effect of various miscellaneous transactions involving capital assets (i.e., sales and donations) is to decrease net position. The largest component included in this number are amounts capitalized in CIP in the prior year which,when completed,were below the (11,843,572) County's capitalization threshold. Debt issuance is reported as revenue in the governmental funds as current financial resources are available, but as a long-term liability on the Statement of Net Position. (4,000,000) Payment of long-term debt is reported as an expenditure in the Governmental funds as current financial resources are used, but a reduction of long-term liabilities in the statement 12,966,162 of net position. Some expenses reported in the statement of activities do not require the use of current financial resources and, therefore, are not reported as expenditures in the governmental funds: Change in accrued interest $ 1,873,890 Change in accrued litigation liability (450,000) Change in compensated absences (1,083,145) Change in OPEB liability (2,332,072) Change in net pension liability and related deferred outflows and inflows (21,099,356) (23,090,683) Revenues that do not provide current financial resources are not reported on governmental funds. However, revenues that are earned in the current period are reported in the (10,118,912) statement of activities. The net revenues of internal service funds (funds used to charge the costs of certain activities to individual funds)are reported with governmental activities. 2,866,568 Change in net position of governmental activities $ (12,644,114) The notes to the financial statements are an integral part of this statement. 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MONROE COUNTY, FLORIDA STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES -BUDGET AND ACTUAL GENERALFUND FOR THE YEAR ENDED SEPTEMBER 30, 2020 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Taxes $ 27,192,410 $ 27,192,410 $ 25,756,611 $ (1,435,799) Intergovernmental 14,148,920 14,416,989 13,066,676 (1,350,313) Charges for Services 4,264,297 4,264,297 4,538,305 274,008 Fines and Forfeitures 505,000 505,000 413,350 (91,650) Investment Income 251,600 251,600 857,640 606,040 Miscellaneous 638,300 821,714 1,296,044 474,330 Total Revenues 47,000,527 47,452,010 45,928,626 (1,523,384) EXPENDITURES: Current: General Government: Board of County Commissioners Admin 1,792,949 1,758,296 1,710,154 48,142 Clerk to BOCC- Financial Package 5,000 5,000 - 5,000 Gov't Enterprise Management System 75,000 30,000 28,108 1,892 Clerk Comm and Fees- Noncourt 4,453,874 6,221,943 5,802,780 419,163 Insurances-Supervisor of Elections 174,473 148,017 134,753 13,264 Promotional Advertising 5,000 5,000 - 5,000 Value Adjustment Board 35,000 34,999 26,977 8,022 Employee Suggestion Plan 10,000 10,000 - 10,000 FIRM Study 50,000 50,000 50,000 - County Administrator 1,329,233 1,310,455 1,296,161 14,294 Technical Services 2,840,972 3,069,982 2,765,113 304,869 Technology Replacement 610,595 - (600) 600 Grants Administration 181,979 135,570 116,009 19,561 Office of Management and Budget 649,404 610,976 591,938 19,038 Purchasing 179,413 218,208 215,463 2,745 Personnel 655,981 644,449 595,668 48,781 Public Works Management 10,106 10,096 10,045 51 Public Works Facilities Maintenance 8,636,322 8,548,907 7,975,893 573,014 ADA Compliance 50,000 50,000 - 50,000 County Attorney 1,555,273 1,507,854 1,456,900 50,954 Tax Collector 5,883,007 6,354,664 3,917,665 2,436,999 Property Appraiser 4,853,447 4,843,464 4,228,331 615,133 Supervisor of Elections 1,891,424 2,041,424 1,950,490 90,934 Quasi External Services 230,000 230,000 148,949 81,051 Hurricane 100,000 - - - Total General Government 36,258,452 37,839,304 33,020,797 4,818,507 (Continued) The notes to the financial statements are an integral part of these statements. E-7 MONROE COUNTY, FLORIDA STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES -BUDGET AND ACTUAL(CONTINUED) GENERALFUND FOR THE YEAR ENDED SEPTEMBER 30, 2020 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) Public Safety: Emergency Management 636,964 628,145 520,966 107,179 Marathon Emergency Operations Center 79,324 79,324 46,512 32,812 Medical Examiner 695,917 695,917 591,198 104,719 Sheriff Law Enforcement and Corrections 49,711,546 50,655,739 49,799,519 856,220 Fire Academy 713,746 680,132 519,372 160,760 Fire and EMS LOSAP 48,000 48,000 37,794 10,206 Total Public Safety 51,885,497 52,787,257 51,515,361 1,271,896 Physical Environment: Extension Service 251,227 243,522 190,112 53,410 Sustainability 846,151 547,142 355,966 191,176 Total Physical Environment 1,097,378 790,664 546,078 244,586 Transportation: County Engineer 286,341 163,836 132,961 30,875 Total Transportation 286,341 163,836 132,961 30,875 Economic Environment: Literacy Volunteers of America 49,500 49,500 49,500 - Veteran's Affairs 662,548 647,115 641,681 5,434 Veteran's Affairs Transportation 66,195 54,791 36,260 18,531 Total Economic Environment 778,243 751,406 727,441 23,965 Human Services: Middle Keys Guidance Clinic 41,225 41,225 41,225 - Older Americans Volunteer Program 500 500 - 500 Domestic Abuse Shelter 79,500 79,500 79,500 - Florida Keys Outreach Coalition 109,500 109,500 109,500 - Samuel's House 109,500 109,500 109,500 - Womankind 159,500 159,500 159,500 - Grace Jones 59,500 59,500 59,500 - AIDS Help 89,500 89,500 89,500 - Good Health Clinic 99,500 99,500 99,500 - Monroe County Assn for ReMARCable Citizens 199,500 199,500 199,500 - Florida Keys Children's Shelter 184,500 184,500 184,500 - Wesley House 164,500 164,500 164,500 - Florida Keys Area Health Education 114,500 114,500 114,500 - (Continued) The notes to the financial statements are an integral part of these statements. E-8 MONROE COUNTY, FLORIDA STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES -BUDGET AND ACTUAL(CONTINUED) GENERALFUND FOR THE YEAR ENDED SEPTEMBER 30, 2020 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) Human Services (continued): Heron/Peacock 49,500 49,500 49,500 - Kids Come First- Flordia Keys 39,500 39,500 39,500 - Boys and Girls Club 119,500 119,500 119,500 - Florida Keys Healthy Start Coalition 74,500 74,500 74,500 - Keys Area Interdenominational Resources 29,500 29,500 29,500 - Star of the Sea Foundation 99,500 99,500 99,500 - Independence Cay 29,500 29,500 29,500 - Anchors Aweigh 14,500 14,500 14,500 - Southernmost Homeless Assistance League 9,500 9,500 9,500 - Baker Act for Lower Keys Medical Center 83,334 83,334 83,333 1 Guidance Care Clinic Baker Act Transportation 165,000 165,000 124,038 40,962 Guidance Care Clinic/Samuel House-FS 394.76 862,676 862,676 862,676 - Guidance Care Clinic Jail In-House Program 117,559 117,559 109,299 8,260 Historic Florida Keys Foundation 32,450 32,450 32,450 - Animal Shelters 1,466,513 1,516,513 1,496,182 20,331 Welfare Administration 859,756 707,358 678,728 28,630 Welfare Services 994,500 994,500 871,851 122,649 Health Care Respite Act 40,000 40,000 645 39,355 Bayshore Manor 1,001,981 971,569 914,216 57,353 Social Service Transportation 1,098,572 1,053,405 963,418 89,987 Burton Memorial United Methodist Church 9,500 9,500 9,500 - Keys To Be Change 49,500 49,500 49,500 - Autism Society of the Keys 39,500 39,500 39,500 - Voices for the Florida Keys Children 17,500 17,500 17,500 - Total Human Services 8,715,066 8,537,089 8,129,061 408,028 Culture and Recreation: Fine Arts Council 79,900 79,900 79,900 - Lower Keys AARP 4,500 4,499 4,499 - Middle Keys AARP 4,500 4,500 4,042 458 Big Pine Key AARP 4,500 4,500 1,518 2,982 Upper Keys AARP 4,500 4,500 - 4,500 Heart of the Keys Recreation 39,500 39,500 39,500 - Higgs Beach Maintenance 98,446 98,446 96,190 2,256 College of Florida Keys- Upper Keys - 250,000 - 250,000 Library Admin Support 1,028,246 990,604 948,189 42,415 Library Key West 908,689 879,438 793,398 86,040 Library Key West Donations 5,500 284,182 35,082 249,100 Library Marathon 457,140 442,812 407,765 35,047 Library Marathon Donations 2,500 14,738 1,478 13,260 Library Islamorada 357,529 346,506 300,916 45,590 (Continued) The notes to the financial statements are an integral part of these statements. E-9 MONROE COUNTY, FLORIDA STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES -BUDGET AND ACTUAL(CONTINUED) GENERALFUND FOR THE YEAR ENDED SEPTEMBER 30, 2020 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) Culture and Recreation (continued): Library Islamorada Donations 1,500 2,151 780 1,371 Library Key Largo 534,749 521,590 465,919 55,671 Library Key Largo Donations 1,500 7,500 1,295 6,205 Library Big Pine Key 432,656 446,933 412,692 34,241 Library Big Pine Key Donations 2,500 11,077 - 11,077 Total Culture and Recreation 3,968,355 4,433,376 3,593,163 840,213 Court Related: Law Library 80,662 78,457 76,189 2,268 Guardian Ad Litem 288,019 231,509 189,234 42,275 State Attorney 392,788 379,560 227,140 152,420 Public Defender 532,108 527,700 421,715 105,985 Sheriff Court Security 1,903,122 1,903,122 1,903,122 - Court Administration 2,527 2,527 1,325 1,202 Court Admin -Judicial Support 172,343 167,934 163,282 4,652 Court Case Management 172,445 163,831 159,161 4,670 Court Admin -Circuit Ct Reporter Svcs 1,675 1,675 1,275 400 Court Admin -Circuit Drug Court 406,340 380,017 349,157 30,860 Court Admin - Pretrial Release 538,682 510,601 503,719 6,882 Court Admin-Probationary Services 500,000 472,521 371,057 101,464 Ct.Admin - Pretrial Svcs Drug Diversion 224,001 207,492 174,306 33,186 Court Admin - Information Systems 251,085 244,471 240,445 4,026 Total Court Related 5,465,797 5,271,417 4,781,127 490,290 Total Expenditures 108,455,129 110,574,349 102,445,989 8,128,360 Excess/Deficiency of Revenues Over(Under) Expenditures (61,454,602) (63,122,339) (56,517,363) 6,604,976 OTHER FINANCING SOURCES (USES): Reserve for Contingencies (506,500) (310,279) - 310,279 Reserve for Cash Balance (4,207,833) (4,207,833) - 4,207,833 Transfers from Other Funds 60,461,919 63,353,435 63,979,480 626,045 Transfers to Other Funds (3,843,709) (5,263,709) (7,576,292) (2,312,583) Total Other Financing Sources (Uses) 51,903,877 53,571,614 56,403,188 2,831,574 Net Change in Fund Balances (9,550,725) (9,550,725) (114,175) 9,436,550 Fund Balances -October 1 9,550,725 9,550,725 35,902,609 26,351,884 Fund Balances -September 30 $ - $ - $ 35,788,434 $ 35,788,434 The notes to the financial statements are an integral part of these statements. E-10 MONROE COUNTY, FLORIDA STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES -BUDGET AND ACTUAL FINE AND FORFEITURE SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2020 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Taxes $ 50,529,196 $ 50,529,196 $ 48,924,369 $ (1,604,827) Intergovernmental - 1,098,043 76,300 (1,021,743) Charges for Services 10,728,000 10,728,000 7,303,523 (3,424,477) Fines and Forfeitures 72,500 72,500 74,241 1,741 Investment Income 385,000 385,000 287,743 (97,257) Miscellaneous 1,000 4,484,240 4,460,716 (23,524) Total Revenues 61,715,696 67,296,979 61,126,892 (6,170,087) EXPENDITURES: Current: General Government: Tax Increment Payment 1,065,000 1,179,000 1,178,229 771 Total General Government 1,065,000 1,179,000 1,178,229 771 Public Safety: Sheriff Law Enforcement 3,605,862 8,735,188 7,278,001 1,457,187 Sheriff Corrections 3,412,834 3,027,017 2,833,584 193,433 Bond Refunds 25,000 25,000 - 25,000 Law Enforcement Education Assistance 75,000 75,000 75,000 - Correction Facilities 2,811,935 2,946,788 2,579,746 367,042 Medical Air Transport 3,211,491 2,959,193 2,830,337 128,856 Interagency Communications 42,787 37,275 34,512 2,763 Juvenile Detention Cost Share 196,000 196,000 57,809 138,191 Hurricane - - - - Total Public Safety 13,380,909 18,001,461 15,688,989 2,312,472 Court Related: Sheriff Extradition 75,000 100,000 95,794 4,206 Sheriff Court Security 368,729 322,431 299,219 23,212 Total Court Related 443,729 422,431 395,013 27,418 Total Expenditures 14,889,638 19,602,892 17,262,231 2,340,661 Excess/Deficiency of Revenues Over(Under) Expenditures 46,826,058 47,694,087 43,864,661 (3,829,426) (Continued) The notes to the financial statements are an integral part of these statements. E-11 MONROE COUNTY, FLORIDA 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, 2020 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) OTHER FINANCING SOURCES (USES): Reserve for Contingencies (534,617) (1,578,646) - 1,578,646 Reserve for Cash Balance (5,059,217) (5,059,217) - 5,059,217 Transfers from Other Funds 1,500,000 1,676,000 1,147,635 (528,365) Transfers to Other Funds (49,546,024) (49,546,024) (49,541,412) 4,612 Total Other Financing Sources (Uses) (53,639,858) (54,507,887) (48,393,777) 6,114,110 Net Change in Fund Balances (6,813,800) (6,813,800) (4,529,116) 2,284,684 Fund Balances -October 1 6,813,800 6,813,800 24,028,739 17,214,939 Fund Balances -September 30 $ - $ - $ 19,499,623 $ 19,499,623 The notes to the financial statements are an integral part of these statements. E-12 MONROE COUNTY, FLORIDA STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES -BUDGET AND ACTUAL HIDTA GRANTS SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2020 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Intergovernmental $ 20,975,000 $ 20,675,000 $ 20,605,577 $ (69,423) EXPENDITURES: Current: Public Safety: Public Safety 20,975,000 20,675,000 20,605,577 69,423 Excess/Deficiency of Revenues Over (Under) Expenditures - - - - Net Change in Fund Balances - - - - Fund Balances -October 1 - - - - Fund Balances -September 30 $ - $ - $ - $ - The notes to the financial statements are an integral part of these statements. E-13 This page is intentionally left blank. MONROE COUNTY, FLORIDA STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES -BUDGET AND ACTUAL GOVERNMENTAL GRANTS SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2020 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Intergovernmental $ - $ 84,411,473 $ 30,048,408 $ (54,363,065) Charges for Services - 318,503 140,001 (178,502) Investment Income - 227 35,425 35,198 Miscellaneous - 503,825 46,123 (457,702) Total Revenues - 85,234,028 30,269,957 (54,964,071) EXPENDITURES: Current: Public Safety: Hurricane Irma Recovery - 16,377,378 2,973,777 13,403,601 Emergency Disaster Relief-COVID-19 - 4,354,584 26,905 4,327,679 Emergency Management Base Grant - 309,324 169,275 140,049 Radiological Emergency Preparedness - 318,504 144,531 173,973 Emergency Medical Services Award Grant - 38,200 - 38,200 Urban Area Security Initiative Grants - 197,685 90,911 106,774 Total Public Safety - 21,595,675 3,405,399 18,190,276 Physical Environment: Hurricane Irma Canal Debris Removal - 20,027,501 3,103,159 16,924,342 Canal Restoration Project - 990,438 196,248 794,190 Flood Control Program - 15,040,000 40,000 15,000,000 Exotic Plant Removal - 404,156 323,433 80,723 Florida Keys Res Assur Plan - 1,259,925 3,086 1,256,839 EPA Florida Keys Improve Water Quality - 30,972 3,905 27,067 DEP Mobile Vessels - 795,979 720,320 75,659 Monroe County Libraries - 78,000 - 78,000 Total Physical Environment - 38,626,971 4,390,151 34,236,820 Transportation: Scenic Highway Overlooks - 170,770 - 170,770 Roadway Projects - 2,482,520 2,274,461 208,059 Transportation Planning Prog 2012 - 832,181 139,758 692,423 Pigeon Key Ferry Service - 255,252 255,252 - Pigeon Key Ferry Ramp Repair - 1,077,073 425,032 652,041 Total Transportation - 4,817,796 3,094,503 1,723,293 (Continued) The notes to the financial statements are an integral part of these statements. E-14 MONROE COUNTY, FLORIDA STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES -BUDGET AND ACTUAL(CONTINUED) GOVERNMENTAL GRANTS SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2020 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) Economic Environment: Small Cities CDBG-2010 - 120,032 - 120,032 CARES COVID-19 Funding - 13,685,872 5,801,455 7,884,417 Disaster Recovery CDBG - 201,640 - 201,640 Disaster Recovery Coordinator - 90,760 90,760 - Total Economic Environment - 14,098,304 5,892,215 8,206,089 Human Services: CARES Funding for COVID-19 - 330,514 138,186 192,328 Florida Keys Outreach Coalition - 7,963 7,963 - Nutritional Services In Progress - 207,985 99,620 108,365 GCC Male Jail In-house Program - 48,912 47,514 1,398 Title III-B Supportive Services - 139,467 107,304 32,163 Title III-Cl Congregate Meals - 185,703 101,843 83,860 Title III-C2 Home Delivered Meals - 368,012 232,692 135,320 Title III-E Caregiver Support Services - 249,283 114,564 134,719 Low Income Home Energy Program - 919,887 291,797 628,090 Alzheimer's Disease Initiative - 321,265 118,001 203,264 Community Care Disabled Adults - 72,572 48,810 23,762 Weatherization Assistance Program (WAP) - 316,504 40,806 275,698 Heron Assisted Living - 20,403 20,403 - Drug Court Medical Director Initiative - 33,623 1,900 31,723 Social Services Transportation - 77,996 71,656 6,340 Total Human Services - 3,300,089 1,443,059 1,857,030 Culture and Recreation: State Aid to Libraries - 133,205 133,205 - Historic Monroe County Jail - 2,914,550 - 2,914,550 Harry Harris Park Boat Ramp - 10,844 - 10,844 Lower Keys Scenic VW Area - 899,918 - 899,918 Total Culture and Recreation - 3,958,517 133,205 3,825,312 Total Expenditures - 86,397,352 18,358,532 68,038,820 (Continued) The notes to the financial statements are an integral part of these statements. E-15 MONROE COUNTY, FLORIDA STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES -BUDGET AND ACTUAL(CONTINUED) GOVERNMENTAL GRANTS SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2020 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) Excess/Deficiency of Revenues Over(Under) Expenditures - (1,163,324) 11,911,425 13,074,749 OTHER FINANCING SOURCES(USES): Payment of Principal - - - - Transfers from Other Funds - 5,713,753 2,741,132 (2,972,621) Transfers to Other Funds - (4,550,429) (8,068,874) (3,518,445) Total Other Financing Sources (Uses) - 1,163,324 (5,327,742) (6,491,066) Net Change in Fund Balances - - 6,583,683 6,583,683 Fund Balances -October 1 - - (3,309,828) (3,309,828) Fund Balances -September 30 $ - $ - $ 3,273,855 $ 3,273,855 The notes to the financial statements are an integral part of these statements. E-16 This page is intentionally left blank. MONROE COUNTY, FLORIDA STATEMENT OF NET POSITION PROPRIETARY FUNDS SEPTEMBER 30, 2020 Business-type Activities Enterprise Funds Major Funds Municipal Card Key Service District Sound West Waste Bridge Airport ASSETS Current Assets: Cash and Cash Equivalents $ 1,213,652 $ 500,192 $ 1,364,533 Investments 14,563,147 2,721,821 3,817,159 Accounts Receivable, Net 109,457 45,318 739,181 Due from Other Funds 3,694 - 284,494 Due from Other Governmental Units 410,644 - 4,081,536 Interest Receivable 164 26 36 Total Current Assets 16,300,758 3,267,357 10,286,939 Noncurrent Assets: Restricted Cash and Cash Equivalents - - 5,019,638 Restricted Accounts Receivable - - 214,118 Land and Other Nondepreciable Assets 3,629,622 50,000 18,288,927 Capital Assets, Net of Accum Depreciation 2,102,207 9,196,465 77,847,327 Total Noncurrent Assets 5,731,829 9,246,465 101,370,010 Total Assets 22,032,587 12,513,822 111,656,949 DEFERRED OUTFLOWS OF RESOURCES Related to Pensions 352,113 87,694 1,500,523 Related to OPEB 37,100 45,700 244,300 Total Deferred Outflows of Resources 389,213 133,394 1,744,823 LIABILITIES Current Liabilities: Accounts Payable 1,469,713 423 2,574,055 Retainage Payable - - 623,046 Accrued Wages and Benefits Payable 10,172 1,862 33,267 Claims and Judgments Payable - - - Due to Other Funds 531 - - Due to Other Governmental Units 19,491 - 18,463 Accrued Comp.Absences Payable 18,783 10,010 91,906 Unearned Revenues - - 37,961 Deposits in Escrow 60,865 - 8,000 Total Current Liabilities 1,579,555 12,295 3,386,698 The notes to the financial statements are an integral part of these statements. E-17 Governmental Major Funds Activities Internal Marathon Service Airport Total Funds $ 265,380 $ 3,343,757 $ 4,515,604 1,461,383 22,563,510 24,247,294 55,731 949,687 68,140 87,500 375,688 78,430 30,136 4,522,316 144,258 18 244 440 1,900,148 31,755,202 29,054,166 168,146 5,187,784 - - 214,118 - 810,552 22,779,101 54,000 13,318,111 102,464,110 694,263 14,296,809 130,645,113 748,263 16,196,957 162,400,315 29,802,429 111,917 2,052,247 880,860 31,600 358,700 100,800 143,517 2,410,947 981,660 29,401 4,073,592 1,909,667 - 623,046 - 3,813 49,114 29,278 - - 3,382,921 - 531 616,939 4,262 42,216 6,981 5,486 126,185 70,333 - 37,961 - 6,306 75,171 - 49,268 5,027,816 6,016,119 (Continued) E-18 MONROE COUNTY, FLORIDA STATEMENT OF NET POSITION (CONTINUED) PROPRIETARY FUNDS SEPTEMBER 30, 2020 Business-type Activities Enterprise Funds Major Funds Municipal Card Key Service District Sound West Waste Bridge Airport Noncurrent Liabilities: Payable from Restricted Assets- Accrued Compensated Absences Payable 75,131 40,042 367,625 Claims and Judgments Payable 129,632 - - OPEB Liability 217,000 176,000 557,000 Net Pension Liability 1,271,125 650,485 4,638,959 Total Noncurrent Liabilities 1,692,888 866,527 5,563,584 Total Liabilities 3,272,443 878,822 8,950,282 DEFERRED INFLOWS OF RESOURCES Related to Pensions 35,063 8,532 123,310 Related to OPEB 173,600 7,600 244,000 Total Deferred Inflows of Resources 208,663 16,132 367,310 NET POSITION Investment in Capital Assets 5,731,829 9,246,465 96,136,254 Restricted for: Passenger Facility Charges - - 5,233,756 Customs Service Operations - - - Unrestricted 13,208,865 2,505,797 2,714,170 Total Net Position $ 18,940,694 $ 11,752,262 $ 104,084,180 Adjustment to reflect the consolidation of internal service activities related to enterprise funds Net Position of Business-type Activities The notes to the financial statements are an integral part of these statements. E-19 Governmental Major Funds Activities Internal Marathon Service Airport Total Funds 21,942 504,740 281,334 - 129,632 - 29,000 979,000 350,000 436,167 6,996,736 2,262,421 487,109 8,610,108 2,893,755 536,377 13,637,924 8,909,874 11,483 178,388 84,857 198,900 624,100 352,200 210,383 802,488 437,057 14,128,663 125,243,211 748,263 - 5,233,756 - 168,146 168,146 - 1,296,905 19,725,737 20,688,895 $ 15,593,714 150,370,850 $ 21,437,158 (986,755) $ 149,384,095 E-20 MONROE COUNTY, FLORIDA STATEMENT OF REVENUES, EXPENSES,AND CHANGES IN NET POSITION PROPRIETARY FUNDS FOR THE YEAR ENDED SEPTEMBER 30,2020 Business-type Activities Enterprise Funds Major Funds Municipal Card Key Service District Sound West Waste Bridge Airport Operating Revenues: Franchise Fees $ 571,105 $ - $ Charges for Services 19,670,049 1,730,211 7,906,395 Miscellaneous 65,865 4,946 11,231 Total Operating Revenues 20,307,019 1,735,157 7,917,626 Operating Expenses: Personnel Services 1,403,862 327,904 3,990,131 Operations 18,078,344 407,207 5,692,324 Depreciation and Amortization 193,521 399,618 3,200,064 Asserted and Paid Claims - - - Total Operating Expenses 19,675,727 1,134,729 12,882,519 Operating Income(Loss) 631,292 600,428 (4,964,893) Nonoperating Revenues(Expenses): Operating Grants 966,036 - 6,509,812 Investment Income 374,541 50,298 130,450 Insurance Recoveries - - - Total Non-Operating Revenues(Expenses) 1,340,577 50,298 6,640,262 Income(Loss)Before Contributions and Transfers 1,971,869 650,726 1,675,369 Capital Contributions - - 13,385,178 Transfers from Other Funds 3,694 - Transfers to Other Funds (1,660,795) (79,776) (480,378) Total Capital Contributions and Transfers (1,657,101) (79,776) 12,904,800 Change in Net Position 314,768 570,950 14,580,169 Total Net Position-October 1 18,625,926 11,181,312 89,504,011 Total Net Position-September 30 $ 18,940,694 $ 11,752,262 $ 104,084,180 Change in Net Position Adjustment to reflect the consolidation of internal service activities related to enterprise funds Change in Net Position of Business-Type Activities The notes to the financial statements are an integral part of these statements. E-21 Governmental Major Funds Activities Internal Marathon Service Airport Total Funds $ - $ 571,105 $ - 1,076,883 30,383,538 28,086,253 101,334 183,376 256,879 1,178,217 31,138,019 28,343,132 409,917 6,131,814 3,002,880 1,157,193 25,335,068 6,875,829 740,244 4,533,447 63,505 - - 17,604,368 2,307,354 36,000,329 27,546,582 (1,129,137) (4,862,310) 796,550 261,666 7,737,514 - 30,996 586,285 653,686 - - 1,762,860 292,662 8,323,799 2,416,546 (836,475) 3,461,489 3,213,096 1,088,572 14,473,750 - 90,597 94,291 843,281 (137,385) (2,358,334) (1,123,659) 1,041,784 12,209,707 (280,378) 205,309 15,671,196 2,932,718 15,388,405 134,699,654 18,504,440 $ 15,593,714 150,370,850 $ 21,437,158 15,671,196 934,712 $ 16,605,908 E-22 MONROE COUNTY, FLORIDA STATEMENT OF CASH FLOWS PROPRIETARY FUNDS FOR THE YEAR ENDED SEPTEMBER 30,2020 Business-type Activities Enterprise Funds Major Funds Municipal Card Key Service District Sound West Waste Bridge Airport Operating Activities: Cash Received for Services $ 20,228,347 $ 1,722,898 $ 7,981,259 Cash Received from Insurance Recoveries - - - Cash Payments to Suppliers for Goods and Services (17,987,155) (409,684) (3,381,642) Cash Payments for Employee Services (1,308,096) (306,749) (3,330,167) Cash Payments for Claims - - - Cash Received from(Paid to)Other Sources 1,730,738 843 (3,477,068) Other Operating Revenue 90,786 9,001 16,603 Net Cash Provided by (Used in) Operating Activities 2,754,620 1,016,309 (2,191,015) Noncapital Financing Activities: Operating Grants Received 966,036 - 6,509,812 Transfers from Other Funds 3,694 - - Transfers to Other Funds (1,660,795) (79,776) (480,378) Net Cash Provided by (Used in) Noncapital Financing Activities (691,065) (79,776) 6,029,434 Capital and Related Financing Activities: Proceeds from Capital Grants - - 13,385,178 Acquisition of Capital Assets (461,065) (134,534) (18,021,937) Net Cash Provided by (Used in)Capital and Related Financing Activities (461,065) (134,534) (4,636,759) Investing Activities: Investment Income 374,541 50,298 130,450 Proceeds from Sales and Maturities of Investments 11,662,221 1,065,411 1,299,807 Purchase of Investment Securities (12,992,588) (2,073,364) (2,845,836) Net Cash Provided by (Used in) Investing Activities (955,826) (957,655) (1,415,579) Net Increase(Decrease) in Cash and Cash Equivalents 646,664 (155,656) (2,213,919) Cash and Cash Equivalents: October 1 566,988 655,848 8,598,090 September 30 $ 1,213,652 $ 500,192 $ 6,384,171 The notes to the financial statements are an integral part of these statements. E-23 Governmental Major Funds Activities Internal Marathon Service Airport Total Funds $ 1,057,917 $ 30,990,421 $ 28,041,379 - - 1,762,860 (1,438,092) (23,216,573) (6,057,195) (380,034) (5,325,046) (2,634,435) - - (17,322,892) 1,266,235 (479,252) (8,096,855) 103,862 220,252 323,764 609,888 2,189,802 (3,983,374) 261,666 7,737,514 - 90,597 94,291 - (137,385) (2,358,334) (1,123,659) 214,878 5,473,471 (1,123,659) 1,088,572 14,473,750 - (1,289,044) (19,906,580) (35,598) (200,472) (5,432,830) (35,598) 30,996 586,285 653,686 790,864 14,818,303 18,175,402 (1,182,923) (19,094,711) (20,968,140) (361,063) (3,690,123) (2,139,052) 263,231 (1,459,680) (7,281,683) 170,295 9,991,221 11,797,287 $ 433,526 $ 8,531,541 $ 4,515,604 (Continued) E-24 MONROE COUNTY, FLORIDA STATEMENT OF CASH FLOWS(CONTINUED) PROPRIETARY FUNDS FOR THE YEAR ENDED SEPTEMBER 30,2020 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) $ 631,292 $ 600,428 $ (4,964,893) Adjustments to Reconcile Operating Income(Loss) to Net Cash Provided by(Used in)Operating Activities: Depreciation and Amortization 193,521 399,618 3,200,064 Nonoperating Income-PFC - - - Nonoperating Income- Insurance Recoveries - - - Change in Assets, Liabilities,and Deferrals: (Increase) Decrease in Accounts Receivable (12,807) (7,313) 36,903 (Increase)/Decrease in Due from other funds - - - (Increase) Decrease in Due from Other Gov't Units 1,704,421 876 (3,423,156) (Increase) Decrease in Due from Other Funds 6,943 - (55,002) (Increase) Decrease in Interest Receivable 24,921 4,055 5,372 Increase(Decrease)in Accounts Payable 115,355 (2,477) 1,730,016 Increase(Decrease)in Retainage Payable (31,716) - 580,666 Increase(Decrease)in Accrued Wages/Benefits (36,601) (8,119) (69,510) Increase(Decrease)in Claims/Judgments Payable - - - Increase(Decrease)in Due to Other Funds - - - Increase(Decrease)in Due to Other Gov't Units 18,843 (33) 1,090 Increase(Decrease)in Due to Constitutional Officers 531 - - Increase(Decrease)in Comp.Absences Payable (1,660) (3,586) 140,978 Increase(Decrease)in Deposits in Escrow 7,550 - - Increase(Decrease)in Revenue Notes Payable - - - Increase(Decrease)in Unearned Revenue - - 37,961 Increase(Decrease)in OPEB Liability (151,000) 28,000 7,000 Increase(Decrease)in Pension Liability 220,561 55,077 959,383 Increase(Decrease)in Deferred Outflows (40,253) (36,020) (409,882) Increase(Decrease)in Deferred Inflows 104,719 (14,197) 31,995 Total Adjustments 2,123,328 415,881 2,773,878 Net Cash Provided by (Used in) Operating Activities $ 2,754,620 $ 1,016,309 $ (2,191,015) Cash Reconciliation: Unrestricted $ 1,213,652 $ 500,192 $ 1,364,533 Restricted - - 5,019,638 Total $ 1,213,652 $ 500,192 $ 6,384,171 The notes to the financial statements are an integral part of these statements. E-25 Governmental Major Funds Activities Internal Marathon Service Airport Total Funds $ (1,129,137) $ (4,862,310) $ 796,550 740,244 4,533,447 63,505 - - 1,762,860 (18,966) (2,183) (44,874) 206,285 (1,511,574) 13,185 1,059,524 1,011,465 7,802 2,528 36,876 66,885 (271,585) 1,571,309 818,634 (9,314) 539,636 - (6,841) (121,071) (44,611) - - 281,476 - - (8,109,628) 426 20,326 (8,214) - 531 - 10,083 145,815 123,835 - 7,550 - - 37,961 - (194,000) (310,000) (266,000) 69,852 1,304,873 553,893 (23,726) (509,881) (222,633) 174,515 297,032 223,961 1,739,025 7,052,112 (4,779,924) $ 609,888 $ 2,189,802 $ (3,983,374) $ 265,380 $ 3,343,757 $ 4,515,604 168,146 5,187,784 -- $ 433,526 $ 8,531,541 $ 4,515,604 E-26 MONROE COUNTY, FLORIDA STATEMENT OF FIDUCIARY NET POSITION FIDUCIARY FUNDS SEPTEMBER 30, 2020 Agency Funds ASSETS Cash and Cash Equivalents $ 10,421,803 Accounts Receivable 45,069 Total Assets $ 10,466,872 LIABILITIES Due to Others $ 6,459,918 Due to Other Governmental Units 4,006,954 Total Liabilities $ 10,466,872 The notes to the financial statements are an integral part of these statements. E-27 This page is intentionally left blank. MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2020 NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The financial statements of Monroe County, Florida (the "County") have been prepared with accounting principles generally accepted in the United States of America ("GAAP") as applied to governmental units. The Governmental Accounting Standards Board ("GASB") is the accepted standard setting body for establishing governmental accounting and financial reporting principles. The following summary of the more significant accounting policies of the County 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 is a Non-Charter County established as provided by Article VIII Section 1 of the Florida Constitution and Section 125 of the Florida Statutes. The Board of County Commissioners (the "Board"), composed of five members, is the legislative body for the County and, as such, budgets and provides funding used by the separate Constitutional Offices with the exception of fees collected by the Clerk of the Circuit Court & Comptroller ("Clerk") and the Tax Collector. The County Administrator serves as the principal executive officer for the Board. In addition, certain designated governmental functions are performed by constitutional officers who are elected at large. The five constitutional officers are: Clerk, Property Appraiser, Sheriff, Supervisor of Elections, and Tax Collector. Although these five officers are operationally autonomous, they do not hold sufficient corporate powers of their own to be considered legally separate component units for financial reporting purposes. Therefore, they are reported together with the Board as part of the primary government. Under the direction of the Clerk, the Monroe County Finance Department maintains the accounting system for the Board's operations, but excludes those of the Clerk, Property Appraiser, Sheriff, Supervisor of Elections, and Tax Collector, each of who maintains their own accounting system. Services provided by the County 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. Entity status for financial reporting purposes is governed by GASB Statement No. 14, as amended, by GASB Statement No. 61, and Rules of the Auditor General, State of Florida. Determination of the financial reporting entity of the County is founded upon the objective of accountability. Therefore, these financial statements include the County government, the primary government, and the legally separate component units for which operational or financial responsibility rests with the elected officials of the County or for which the nature and significance of their relationship to the County are such that exclusion would cause the financial statements to be misleading or incomplete. All component units of the County have a September 30 fiscal year end. F-1 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2020 NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) These financial statements include the County's blended component unit. Blended component units are legally separate entities that are in substance part of the County's operation, as they either have governing bodies that are substantively the same as the County or they provide their services exclusively or almost exclusively to the County. The financial transactions of the component unit are merged in with similar transactions of the County as part of the primary government. The blended component unit of the County is as follows: Monroe County Industrial Development Authority("MCIDA") — The MCIDA was created by Monroe County, Florida Resolution pursuant to Florida Statute 159. The MCIDA serves to assist in financing and refinancing capital projects fostering economic development in the County. The Board serves as the governing board. The MCIDA is not legally required to adopt a budget; however, the County must authorize the issuance of bonded debt. The MCIDA, for financial reporting purposes, is considered a blended component unit of Monroe County, Florida. Neither the MCIDA nor the County 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 a separate column to emphasize that they are legally separate. The following is a discretely-presented component unit of the County: Monroe County, Florida Comprehensive Plan Land Authority ("MCLA") — The MCLA was created by Monroe County, Florida Ordinance 031-1986 pursuant to Florida Statute 380 and is considered a legally separate entity from Monroe County. Its purpose is to operate a land acquisition program in Monroe County, to implement the Monroe County Comprehensive Plan and address issues created by it. The Monroe County Board of County Commissioners serves as the governing board but 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 as a separate column in 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: Government-Wide Financial Statements: The statement of net position and the statement of activities report information about the nonfiduciary activities of the primary government. Fiduciary funds of the government are eliminated from this presentation since these resources are not available for general government funding purposes. These statements provide a consolidated financial picture of the government distinguishing between governmental activities and business-type activities. Governmental activities are primarily financed through taxes and intergovernmental revenues, while business-type activities are primarily financed through charges for services to external parties. F-2 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2020 NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) The statement of activities presents a comparison between direct expenses of the program revenues for each function of the County's governmental activities, and for each of the business-type activities. Direct expenses are those that are clearly identified with a specific program or segment. Program revenues include (a) fees, fines, and charges for services, and (b) grants and contributions that are restricted for the operating or capital requirements of a specific program. All taxes and other revenues not meeting the criteria for classification as program revenues are reported as general revenues. Fund Financial Statements: The fund financial statements provide information about the County's funds, including its fiduciary fund and blended component unit. Separate statements for each fund category — governmental, proprietary, and fiduciary — are presented. The emphasis of fund financial statements is on major governmental and enterprise funds, each displayed in a separate column. All remaining governmental and enterprise funds are aggregated and reported as nonmajor funds. Proprietary fund operating revenues, such as charges for services, result from exchange transactions associated with the principal activity of the fund. Exchange transactions are those in which each parry receives and gives up essentially equal values. Nonoperating revenues, such as subsidies and investment earnings,result from non-exchange transactions or ancillary activities. The following are reported as major governmental funds: General Fund — The General Fund is the general operating fund of the County. 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 support system. HIDTA Grants Special Revenue Fund— This fund is to account for all revenues and expenditures for the federal Office of National Drug Control Policy's High Intensity Drug Trafficking Areas grant program. Governmental Grants Special Revenue Fund — The Governmental Grant Fund is used to account for operating revenues and expenditures for governmental grant activity. 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. F-3 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2020 NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 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. 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 County or to other governmental units on a cost reimbursement basis. Agency Funds— These funds account for assets held on behalf of third parties and do not involve the measurement of operating results. Examples include taxes, fees, and fines collected on behalf of other governments. Measurement Focus and Basis of Accounting: Government-Wide and Proprietary Fund Financial Statements — These 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. Amounts reported as program revenues include 1) charges to customers or applicants for goods, services, or privileges provided; 2) operating grants and contributions; and 3) capital grants and contributions, including special assessments. Internally dedicated resources are reported as general revenues rather than as program revenues. Likewise, general revenues include all taxes. F-4 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2020 NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Non-exchange transactions, in which the County gives (or receives) value without directly receiving (or giving) equal value in exchange, include property taxes, grants, entitlements, and donations. On an accrual basis, revenue from grants, entitlements, and donations is recognized in the fiscal year in which all eligibility requirements have been satisfied. The County 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 the modified accrual basis of accounting. Benefits and refunds are recognized when due and payable in accordance with the terms of the LOSAP. The LOSAP has no assets accumulated in a trust that meets the following criteria, outlined in GASB Statements 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 County'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. Governmental Fund Financial Statements — These statements use a current financial resources measurement focus and are maintained on the modified accrual basis of accounting. Revenues are recognized when they become susceptible to accrual; that is, when they become both "measurable" and "available" to finance expenditures of the current period. The County 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. Expenditures related to compensated absences are recorded only when leave has been taken. F-5 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2020 NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Revenues of the County, which are susceptible to accrual under the modified accrual basis of accounting, include property taxes, gas taxes, sales taxes, grants, interest revenue, and charges for services. In applying the susceptibility-to-accrual concept to intergovernmental revenues, the legal and contractual requirements of the numerous individual programs are used as guidance. There are, however, essentially two types of these revenues. In one, monies must be expended for the specific purpose or project before any amounts will be paid to the County; therefore, revenues are recognized based upon the expenditures recorded. In the other, monies are virtually unrestricted as to purpose of expenditure and substantially irrevocable; i.e., revocable only for failure to comply with prescribed compliance requirements, such as with equal employment opportunity. These resources are reflected as revenues at the time of receipt or earlier if they meet the availability criterion. 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. Deferred inflows of resources also include grant receipts received in advance when time requirements are the only eligibility requirements that have not been met. The proprietary fund financial statements use a flow of economic resources measurement focus and the accrual basis of accounting. Revenues are recognized when earned and expenses are recognized when incurred, regardless of when the related cash flows take place. Under the terms of the grant agreements, the County funds certain programs by a combination of specific cost-reimbursement grants, categorical block grants, and general revenues. Thus when program expenses are incurred, there are both restricted and unrestricted net position available to finance the program. It is the County's policy to first apply cost-reimbursement grant resources to such programs, followed by categorical block grants, and then by general revenues. 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 Tax Collector, the Property Appraiser, 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. F-6 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2020 NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 4) Fifteen days after adoption of the tentative budget, a final budget is submitted for review and adoption at a final public hearing. 5) Prior to, or on September 30, the Board's budget is legally enacted through passage of a resolution. Accordingly, all fund types have an adopted budget as required by Florida Statute 129.03. 6) During the 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) Florida Statute 129, Section 7, as amended in 1978, provides that only expenditures in excess of total fund budgets are unlawful. However, because the Board acts on all budget changes between cost centers,this becomes the level of control. 8) Budgeted to actual expenditure reports are employed as a management control device during the year for all fund types. 9) Budgets for all funds are adopted on a basis consistent with 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. Actual results could differ from these estimates, particularly given the significant social and economic disruptions and uncertainties associated with the ongoing coronavirus pandemic ("COVID- 19") and the COVID-19 control responses. Encumbrances: Encumbrance accounting, under which purchase orders, contracts, and other commitments for the expenditure of moneys are recorded as assigned fund balance 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 County's intention is to substantially honor these encumbrances under authority provided in the subsequent year's budget. F-7 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2020 NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Cash and Cash Equivalents: Cash balances from the majority of funds are pooled for investment purposes. Earnings from such investments are allocated to the respective funds based on applicable cash participation by each fund. The investment pools are managed such that all participating funds have the ability to deposit and withdraw cash as if they were demand deposit accounts. 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, highly liquid (including restricted assets) with an original or remaining maturity of 90 days or less are considered cash equivalents. Investments: Florida Statute 218.415 authorizes local governments to invest its funds pursuant to a written investment plan, which allows investment of surplus funds in the following: 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 and real estate mortgage investment conduits. 7) Asset-Backed Securities ("ABS") - 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. F-8 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2020 NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 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. 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, 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 County 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. As part of the consolidation process, to avoid distorting financial results, the interfund activities are eliminated in the General Fund. Interfund activities such as municipal and unincorporated service district's policing, 911, and interagency communications are reported as revenues in the fund that captures the revenue and as an expenditure in the fund which disburses the funds for the service. The offsetting expenditures and revenues are reclassified to interfund transfers. However, interfund security services provided by the Sheriff and used by the airports are not eliminated. 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. F-9 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2020 NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 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. Restricted Assets: The use of certain assets of enterprise funds is restricted by specific provisions of bond resolutions and agreements with various parties. Assets so designated are identified as restricted assets on the balance sheet. When both restricted and unrestricted resources are available for use, the hierarchy of enterprise fund spending is to use restricted resources first, and then 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. Mortme/Notes Receivable: The mortgages receivable associated with the Governmental Grants and the Local Housing Assistance funds are intended to ultimately be forgiven; as such, they are offset by an allowance for uncollectible accounts. Capital Assets: Capital assets are reported in the applicable governmental or business-type activities column in the government-wide financial statements. Capital assets of the County 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 value at the date of donation. Costs of maintenance and repairs that do not add to the value of assets or extend their useful lives are not capitalized. The County 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. F-10 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2020 NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 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. The MCLA also has intangible assets consisting of affordable rental housing restrictions applicable to Peary Court in Key West. These restrictions require the housing at Peary Court to be rented at or below the levels set by the City of Key West's Workforce Housing Ordinance. Compensated Absences: County policy permits employees to accumulate a limited amount of annual and sick leave, which will be paid to employees upon termination of employment. In the government-wide and proprietary fund financial statements, an expense and a liability for compensated absences and the salary-related payments are recorded as the leave is earned. Deferred Inflows of Resources: Deferred Inflows of Resources represents 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 County 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 and governmental and business-type activities report deferred inflows for pension related items and other post-employment benefit items as actuarially determined. Deferred Outflows of Resources: Deferred Outflows of Resources represents 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. F-11 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2020 NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Lone-Term Obligations: Long-term debt is reported as a liability in the proprietary fund statement of net position. Long-term debt associated with the County's governmental activities is presented on the government-wide financial statements of the County. In the County'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 1st of each year. No accrual for the property tax levy becoming due in November of 2020 is included in the accompanying financial statements, since such taxes are collected to finance expenditures of the subsequent period. 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. F-12 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2020 NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 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). 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 County spends restricted amounts first, when both restricted and unrestricted fund balance is available, unless prohibited by legal documents, grant agreements or contracts. Additionally, the County 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. The County spends restricted amounts first, when both restricted and unrestricted fund balance is available, unless prohibited by legal documents, grant agreements or contracts. Additionally, the County 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. 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 $5,401,902 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. F-13 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2020 NOTE 2—CASH, CASH EQUIVALENTS,AND INVESTMENTS The County 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, 2020, the carrying value of the County's deposits and investments, with their respective credit ratings, are as follows: Valuation 6 Montbs Credit Measurement Fair Less than to 1 to 5 Over 5 Investment Type Rating Method Value 6 Months 1 Year Years Years Demand Deposits N/A N/A $ 81,675,456 $ 81,675,456 $ $ - $ FL CLASS Investments AAAm Amortized Cost 30,785,980 30,785,980 FL PALM&FL PALM Tenn Pooled AAA Amortized Cost 48,125,908 48,125,908 Asset-Backed Security(ABS) AAA-NR Fair Value-Level 2 18,957,664 - 18,957,664 - Municipal Bonds AA-to AAA Fair Value-Level 2 4,893,153 - 3,614,814 1,278,339 Corporate Note A to BBB+ Fair Value-Level 2 22,273,196 1,177,914 4,460,587 16,634,695 - Commercial Paper A to BBB+ Fair Value-Level 2 13,491,895 11,493,821 1,998,074 - Federal Agency Collateralized Mortgage Obligation AA+ Fair Value-Level 2 6,631,232 - - 6,631,232 - Federal Agency Mortgage-Backed Security AA+ Fair Value-Level 2 9,908,312 - - 715,035 9,193,277 U.S.Treasury AA+ Fair Value-Level 2 59,227,883 40,762,696 12,698,906 5,766,281 - Total Fair Value $295,970,679 $214,021,775 $ 19,157,567 $52,319,721 $10,471,616 The County 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 inputs are unadjusted quoted prices in active markets for identical assets. Level 2 inputs are either directly or indirectly observable for an asset (including quoted prices for similar assets), which may include inputs in markets that are not considered active. Level 3 inputs securities are significant unobservable inputs. Securities classified in Level 2 are evaluated prices from the custodian bank's primary external pricing vendors. The pricing methodology involves the use of evaluation models such as matrix pricing which is based on the securities' relationship to benchmark quoted prices. Other evaluation models use actual trade data, collateral attributes, broker bids, new issue pricings and other observable market information. 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 its 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. F-14 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2020 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 Government National 0 40% (5.50 Years Mortgage Association 100/o N/A avg.life' Other U.S. Government 10% for GNMA) Guaranteed(e.g.AID,GTC) 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 o o 3 5.50 Years Securities("MBS") 25/0 40% N/A 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 50%2 5% Highest ST Rating Category 270 Days (A-1/P-1,or equivalent) Bankers' Acceptances 10%2 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 counterparty's parent)must be rated in Repurchase Agreements 40% 20% the Highest ST Rating Category i Year (A-1/P-1,or equivalent) If the counterparty is a Federal Reserve Bank,no rating is required F-15 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2020 NOTE 2—CASH, CASH EQUIVALENTS,AND INVESTMENTS (continued) Portfolio Per Issuer Investment Maximum Maximum Minimum Ratings Maximum Type (%) (%) Requirement' Maturity Highest Fund Rating by all NRSROs Money Market Funds 50% 25% who rate the fund N/A (AAAm/Aaa-mf,or equivalent) Highest Fund Quality and Volatility Intergovernmental Pools o o Rating Categories by all NRSROs ("LGIPs") 50/0 25/o who rate the LGIP, N/A (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. s 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, 2020, the portion of the County's investment portfolio invested in Federal instrumentalities is detailed as follows: Percent of Investment Issue Portfolio Federal Agency Mortgage-Backed Security 4.62% Federal Agency Collateralized Mortgage Obligations 3.09% 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. F-16 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2020 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 County's name. As of September 30, 2020, all of the County's investments are held in a bank's trust department in the County's name. Interest Rate Risk — The Policy limits the investment of three months of operating expenditures to 24 months. The Policy limits the investment of noncurrent operating funds to 5.50 years. Restricted Cash and Cash Equivalents — The County has the following unrestricted and restricted cash and cash equivalents at September 30, 2020: Demand Cash and Cash Equivalents Deposits Governmental Activities Governmental Funds $68,628,311 Internal Service Funds 4,515,604 Business-Type Activities 3,343,757 Total Unrestricted Cash and Cash Equivalents 76,487,672 Restricted Cash and Cash Equivalents Business-Type Activities 5,187,784 Total Cash and Cash Equivalents $81,675,456 As of September 30, 2020, the fiduciary funds had a cash balances totaling $10,421,803 in demand deposits. NOTE 3—RESTRICTED ASSETS Restricted assets in the Enterprise Funds include those assets created by resolutions adopted by the County for the airport passenger facility charges and customs service operations. Total restricted assets as of September 30, 2020 are as follows: Cash and Cash Accounts Equivalents Receivable Total Key West Airport Passenger Facility Charges $5,019,638 $ 214,118 $5,233,756 Marathon Airport Customs Service Operations 168,146 - 168,146 $5,187,784 $ 214,118 $5,401,902 F-17 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2020 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: Alowance for Accounts Uncollectible Accounts Service Provided Receivable Accounts Receivable_ Net Governmental General Fund Misc $ 78,597 $ 4,376 $ 74,221 Fine & Forfeiture Fund Air Amb Svc 27,326,216 22,377,784 4,948,432 HIDTA Grants Misc 10,525 - 10,525 Governmental Grants Misc 678 667 11 Non-Major Funds: Fire and Ambulance Dist 1 - Misc Ground Amb Svc 2,008,242 1,811,680 196,562 Other Nonmajor Funds Misc 79,785 4,836 74,949 Internal Service Funds Misc 71,112 2,972 68,140 Total Governmental Activities 29,575,155 24,202,315 5,372,840 Business-Type Activities MSD-Waste Fund: Tipping Fees 180,213 70,756 109,457 Card Sound Road Miscellaneous 45,318 - 45,318 Key West Airport Rent, Miscellaneous 742,938 3,757 739,181 Marathon Airport Rent, Miscellaneous 55,731 - 55,731 Total Business-Type Activities 1,024,200 74,513 949,687 Total Accounts Receivable $ 30,599,355 $ 24,276,828 $ 6,322,527 The Board passed Resolutions 383-2019 and 415-2019 approving air and ground ambulance billing write offs, respectively, of $804,752 and $445,866 for fiscal year 2020. The Board also passed Resolution 384-2019 to write off$1,826,379 of air ambulance billings related to resident waivers. F-18 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2020 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 County 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. NOTE 6—MORTGAGES RECEIVABLE Mortgages receivable at September 30, 2020 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. $ 355,566 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. 14,812 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. 7,901,216 F-19 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2020 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. 469,467 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 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. 359,075 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. 762,548 Total Nonmajor Governmental Funds-Local Housing Assistance 9,523,118 Total Mortgages Receivable $9,878,684 The mortgages receivable associated with the governmental grants are offset by an allowance for uncollectible accounts of $355,566. As the mortgages receivable associated with the Local Housing Assistance fund are intended to ultimately be forgiven, an allowance for uncollectible accounts of $9,523,118 has been established. F-20 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2020 NOTE 7—CAPITAL ASSETS Capital asset activity for the year ended September 30, 2020 is shown in the following table. 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. Beginning Ending Balance Additions Reductions Balance Governmental Activities: Capital assets not depreciated: Land $ 81,748,816 $ 3,187,157 $ (694,168) $ 84,241,805 Construction in progress 54,111,133 38,791,168 (56,942,373) 35,959,928 Total capital assets not depreciated 135,859,949 41,978,325 (57,636,541) 120,201,733 Capital assets depreciated: Buildings 172,672,686 7,163,653 (3,676,327) 176,160,012 Equipment 91,425,686 5,470,046 (8,683,756) 88,211,976 Infrastructure 352,933,037 51,231,356 - 404,164,393 Capacity rights 3,150,000 - - 3,150,000 Total assets depreciated 620,181,409 63,865,055 (12,360,083) 671,686,381 Less accumulated depreciation for: Buildings (72,887,564) (3,460,605) - (76,348,169) Equipment (56,111,303) (5,934,496) 4,231,065 (57,814,734) Infrastructure (56,198,855) (7,925,466) - (64,124,321) Capacity rights (477,270) (31,818) - (509,088) Total accumulated depreciation (185,674,992) $(17,352,385) $ 4,231,065 (198,796,312) Total capital assets depreciated,net 434,506,417 472,890,069 Governmental funds,capital assets,net $ 570,366,366 $ 593,091,802 Business-Type Activities: Capital assets not depreciated: Land $ 5,647,606 $ - $ - $ 5,647,606 Construction in progress 2,357,976 19,586,435 (4,812,916) 17,131,495 Total capital assets not depreciated 8,005,582 19,586,435 (4,812,916) 22,779,101 Capital assets depreciated: Land improvements 212,925 - - 212,925 Buildings 65,607,024 2,900,755 - 68,507,779 Equipment 5,969,508 555,903 (27,084) 6,498,327 Infrastructure 82,578,575 1,676,403 - 84,254,978 Total assets depreciated 154,368,032 5,133,061 (27,084) 159,474,009 Less accumulated depreciation for: Land Improvements (212,925) - - (212,925) Buildings (19,932,685) (1,712,925) - (21,645,610) Equipment (3,834,621) (474,918) 27,084 (4,282,455) Infrastructure (28,523,305) (2,345,604) - (30,868,909) Total accumulated depreciation (52,503,536) $ (4,533,447) $ 27,084 (57,009,899) Total capital assets depreciated,net 101,864,496 102,464,110 Business-type activities,capital assets,net $ 109,870,078 $ 125,243,211 F-21 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2020 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 $ 3,259,167 Municipal Service District-Waste $ 193,521 Public Safety 5,560,049 Card Sound Bridge 399,618 Physical Environment 5,245,659 Key West Airport 3,200,064 Transportation 1,444,506 Marathon Airport 740,244 Economic Environment 13,550 Human Services 284,425 Total Business-Type Activities $4,533,447 Culture and Recreation 941,508 Court-Related 603,521 Total Governmental Activities $17,352,385 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, each Constitutional Officer, and the MCLA. The Board is responsible for funding all obligations not funded on a pay-as-you-go basis by Constitutional Officers or the MCLA. However, the following disclosures are based only on the Board's and the Constitutional Officers' (the County's) share of the net Other Post-Employment Benefits ("OPEB") obligation since the MCLA's discrete financial statements reports its share of OPEB obligation. F-22 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2020 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 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. 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, 2020, there were no terminated employees entitled to deferred benefits. The membership of the Board's medical plan consisted of: F-23 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2020 NOTE 8—POST EMPLOYMENT BENEFITS OTHER THAN PENSION (continued) Active Employees 1,273 Retirees and Beneficiaries Currently Receiving Benefits 443 Total Membership 1,716 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 County's total OPEB liability of $57,533,000 was measured as of September 30, 2020, and was determined by an actuarial evaluation as of January 19, 2021. Actuarial Methods and Assumptions — The valuation dated January 19, 2021, as of September 30, 2020, 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 in the September 30, 2020 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 2.5%per annum Salary Increase Rate 3.5%per annum Discount Rate 2.66%per annum (Beginning of Year) 2.21%per annum (End of Year) Source: Bond Buyer 20-Bond GO index Marriage Rate The assumed percentage of married participants at retirement is 25% and is based on the current retired population of the County. 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. F-24 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2020 NOTE 8—POST EMPLOYMENT BENEFITS OTHER THAN PENSION (continued) Medicare Eligibility All current and future retirees were assumed to be eligible for Medicare at age 65. Amortization Method Experience/Assumptions gains and losses were amortized over a closed period of 11.3 years starting on October 1, 2019, equal to the average remaining service of active and inactive plan members (who have no future service). Plan Participation Percentage The assumptions for participation of eligible retirees in the County's postemployment benefit plan are: Retirees with 25+ Years of Service: 100% Retirees with 20 —24 Years of Service: 20% Retirees with <20 Years of Service: 25% The actuarial assumptions include an annual health care cost trend rate of 6.0% 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-2010 headcount weighted mortality table using the generational scale MP-19. Expected retiree claim costs were developed using 24 months historical claim experience through May 2020. Non-claim expenses are based on the current amounts charged per retired employee. Changes in the Total OPEB Liability: Total OPEB Liability Balance at the beginning of the year $ 47,649,000 Changes for the year: Service cost 2,513,200 Interest cost 1,305,200 Change in Experience (877,000) Changes in assumptions or other inputs 9,107,900 Benefit payments (2,165,300) Net change in total OPEB liability 9,884,000 Balance at the end of the year $ 57,533,000 F-25 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2020 NOTE 8—POST EMPLOYMENT BENEFITS OTHER THAN PENSION (continued) Sensitivity of the Total OPEB Liability to Changes in the Discount Rate — The following presents the total OPEB liability of the Board, as well as what the Board's total OPEB liability would be if it were calculated using a discount rate that is 1-percentage-point lower (1.66 percent) or 1-percentage-point higher(3.66 percent)than the current discount rate: Current Discount 1% Decrease Rate 1% Increase (1.66%) (2.66%) (3.66%) Total OPEB Liability $51,781,000 $57,533,000 $66,737,000 Sensitivity of the Total OPEB Liability to Changes in the Healthcare Cost Trend Rates — The following presents the total OPEB liability of the County, as well as what the County's total OPEB liability would be if it were calculated using a healthcare cost trend rates that are 1-percentage-point lower (5.5 percent decreasing to 3.5 percent) or 1-percentage-point higher (7.5 percent decreasing to 5.5 percent) 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 $49,764,000 $57,533,000 $68,005,000 OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB: For the year ended September 30, 2020, the County recognized OPEB expense of $4,513,800. At September 30, 2020, the County reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources: Deferred Deferred Outflows of Inflows of Resources Resources Changes of Assumptions or Other Inputs 14,290,000 (5,953,800) Total $ 14,290,000 $ (5,953,800) F-26 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2020 NOTE 8—POST EMPLOYMENT BENEFITS OTHER THAN PENSION (continued) The amounts 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 2021 $ 707,400 2022 707,400 2023 707,400 2024 707,400 2025 696,100 Thereafter 4,810,500 Total $ 8,336,200 NOTE 9—FLORIDA RETIREMENT SYSTEM RETIREMENT PLANS General Information: The County's employees participate in the 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: www.dms.myflorida.com/workforce operations/retiremeqt/publications. F-27 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2020 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. F-28 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2020 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 three percent 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 three percent determined by dividing the sum of the pre-July 2011 service credit by the total service credit at retirement multiplied by three percent. 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 three percent 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, 2019 through June 30, 2020 and from July 1, 2020 through September 30, 2020, respectively, were as follows: Regular8.47% and 10.00%; Special Risk Administrative Support38.59% and 35.84%; Special Risk25.48% and 24.45%; Senior Management Service25.41% and 27.29%; Elected Officers' 48.82% and 49.18%; and DROP participants14.60% and 16.98%. These employer contribution rates include 1.66% HIS Plan subsidy for the periods October 1, 2019 through June 30, 2020 and from July 1, 2020 through September 30, 2020, respectively. The County's contributions, including employee contributions, to the Pension Plan totaled $11,694,578 for the fiscal year ended September 30, 2020. Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions-At September 30, 2020, the County reported a liability of$149,879,115 for its proportionate share of the Pension Plan's net pension liability. The net pension liability was measured as of June 30, 2020, and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of July 1, 2020. The County's proportionate share of the net pension liability was based on the County's FY 2020 contributions relative to the FY 2020 contributions of all participating members. At June 30, 2020, the County's proportionate share for all funds was 0.3458 percent, which was a increase of 0.0114 percent from its proportionate share measured as of June 30, 2019. The contributions made after the measurement date of the Pension Plan's net pension liability but before the end of the County's fiscal year will be recognized as a reduction of the Pension Plan's net pension liability in the subsequent fiscal period rather than in the current fiscal period. F-29 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2020 NOTE 9—FLORIDA RETIREMENT SYSTEM RETIREMENT PLANS (continued) For the fiscal year ended September 30, 2020, the County recognized pension expense of $32,478,933. In addition, the County 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 $ 5,736,059 $ - Changes of Assumptions 27,132,320 Net Difference Between Projected and Actual Earnings on Pension Plan Investments 8,923,760 - Changes in Proportion and Differences Between Pension Plan Contributions and Proportionate Share of Contributions 6,261,684 2,684,148 Pension Plan Contributions Subsequent to the Measurement Date 3,007,700 - Total $ 51,061,523 $ 2,684,148 The deferred outflows of resources related to the Pension Plan $3,007,700, resulting from County contributions to the Plan subsequent to the measurement date, will be recognized as a reduction of the net pension liability in the fiscal year ended September 30, 2021. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to the Pension Plan will be recognized in pension expense as follows: FRS For Fiscal Year: Amount 2021 $ 9,349,592 2022 14,561,435 2023 12,377,163 2024 7,399,122 2025 1,682,362 Total $ 45,369,675 F-30 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2020 NOTE 9—FLORIDA RETIREMENT SYSTEM RETIREMENT PLANS (continued) Actuarial Assumptions — The total pension liability in the June 30, 2020 actuarial valuation was determined using the following actuarial assumption, applied to all periods included in the measurement: Inflation 2.40% Salary increases 3.25%, average, including inflation Investment rate of return 6.80%, net of pension plan investment expense, including inflation Mortality rates were based on the PUB2010 base table which varies by member category and sex, projected generationally with Scale MP-2018 detail are in the valuation report. The actuarial assumptions used in the July 1, 2020, 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 6.90% to 6.80%, 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: Compound Annual Annual Target Arithmetic (Geometric) Standard Asset Class Allocation Return Return Deviation Cash 1.0% 2.2% 2.2% 1.2% Fixed Income 19.0% 3.0% 2.9% 3.5% Global Equity 54.2% 8.0% 6.7% 17.1% Real Estate (Property) 10.3% 6.4% 5.8% 11.7% Private Equity 11.1% 10.8% 8.1% 25.7% Strategic Investments 4.4% 5.5% 5.3% 6.9% Total 100.0% Discount Rate — The discount rate used to measure the total pension liability was 6.80%. 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. F-31 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2020 NOTE 9—FLORIDA RETIREMENT SYSTEM RETIREMENT PLANS (continued) Sensitivity of the County's Proportionate Share of the Net Position Liability to Changes in the Discount Rate — The following represents the County's proportionate share of the net pension liability calculated using the discount rate of 6.80%, 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 (5.80%) or one percentage point higher(7.80%)than the current rate: FRS Net Pension Liability Current Discount 1% Decrease Rate 1% Increase (5.80%) (6.80%) (7.80%) County's Proportionate Share of the Net Pension Plan Liability $ 239,326,747 $ 149,879,115 $ 75,166,304 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. 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, 2020, 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, 2020, the HIS contribution for the period October 1, 2019 through June 30, 2020 and from July 1, 2020 through September 30, 2020 was 1.66% and 1.66%, respectively. The County 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. F-32 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2020 NOTE 9—FLORIDA RETIREMENT SYSTEM RETIREMENT PLANS (continued) The County's contributions to the HIS Plan totaled $1,494,694 for the fiscal year ended September 30, 2020. Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions — At September 30, 2020, the County reported a liability of$31,370,897 for their proportionate share of the County's HIS Plan's net pension liability. The net pension liability was measured as of June 30, 2020, and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of July 1, 2020. The County's proportionate share of the net pension liability was based on the County's FY 2020 contributions relative to the FY 2020 contributions of all participating members. At June 30, 2020, the County's proportionate share of all funds was 0.2569 percent, which was an increase of 0.0097 percent from its proportionate share measured as of June 30, 2019. The contributions made after the measurement date of the HIS Plan's net pension liability but before the end of the County's fiscal year will be recognized as a reduction of the HIS Plan's net pension liability in the subsequent fiscal period rather than in the current fiscal period. For the fiscal year ended September 30, 2020, the County recognized pension expense of$2,938,425. In addition, these activities reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: HIS Pension Deferred Deferred Outflows of Inflows of Resources Resources Differences Between Expected and Actual Experience $ 1,283,261 $ 24,201 Changes of Assumptions 3,373,266 1,824,095 Net Difference Between Projected and Actual Earnings on HIS Plan Investments 25,048 - Changes in Proportion and Differences Between HIS Plan Contributions and Proportionate Share of Contributions 2,587,621 861,704 HIS Plan Contributions Subsequent to the Measurement Date 371,848 - Total $ 7,641,044 $ 2,710,000 The deferred outflows of resources related to the HIS Plan, totaling $371,848, resulting from County contributions to the HIS Plan subsequent to the measurement date, will be recognized as a reduction of the net pension liability in the fiscal year ended September 30, 2021. 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: F-33 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2020 NOTE 9—FLORIDA RETIREMENT SYSTEM RETIREMENT PLANS (continued) HIS For Fiscal Year: Amount 2021 $ 1,261,787 2022 935,967 2023 255,755 2024 593,884 2025 808,680 Thereafter 703,123 Total $ 4,559,196 Actuarial Assumptions — The total pension liability in the July 1, 2020, actuarial valuation was determined using the following actuarial assumptions, applied to all periods included in the measurement: Inflation 2.40% Salary increases 3.25%, average, including inflation Municipal bond rate 2.21% Mortality rates were based on the Generational RP-2010 with Projection Scale MP-2018 tables. The actuarial assumptions used in the July 1, 2020, 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 increased from 3.50%to 2.21%. Discount Rate — The discount rate used to measure the total pension liability was 2.21%. 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 County's Proportionate Share of the Net Position Liability to Changes in the Discount Rate — The following represents the County's enterprise and internal service funds proportionate share of the net pension liability calculated using the discount rate of 2.21%, 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(1.21%) or one percentage point higher(3.21%)than the current rate: F-34 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2020 NOTE 9—FLORIDA RETIREMENT SYSTEM RETIREMENT PLANS (continued) HIS Net Pension Liability Current Discount 1% Decrease Rate 1% Increase (1.21%) (2.21%) (3.21%) County' Funds Proportionate Share of the Net HIS Plan Liability $ 36,263,356 $ 31,370,897 $ 27,366,432 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. 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, 2019 through June 30, 2020 and from July 1, 2020 through September 30, 2020, respectively. Allocations to the investment member's accounts during the F Y 2020, 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%. F-35 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2020 NOTE 9—FLORIDA RETIREMENT SYSTEM RETIREMENT PLANS (continued) 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, 2020, 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 County. 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 County's Investment Plan pension expense totaled $1,745,790 for the fiscal year ended September 30, 2020. 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 LOSAP 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. F-36 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2020 NOTE 10 — PENSION PLAN FOR VOLUNTEER FIREFIGHTERS AND EMERGENCY MEDICAL SERVICES (continued) 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 32 participants, of which 5 are active, 12 are inactive, and 15 are retired members for the plan year ended December 31, 2019 and the County's fiscal year ending September 30, 2020. 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 unfunded actuarial accrued liability as a percentage of covered payroll. 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, 2020 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, 2020 valuation for the period of January 1, 2019 through December 31, 2019 were: F-37 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2020 NOTE 10 — PENSION PLAN FOR VOLUNTEER FIREFIGHTERS AND EMERGENCY MEDICAL SERVICES (continued) 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. 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. F-38 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2020 NOTE 10 — PENSION PLAN FOR VOLUNTEER FIREFIGHTERS AND EMERGENCY MEDICAL SERVICES (continued) Changes in Total LOSAP Pension Liability: Total LOSAP Pension Liability Balance at January 1, 2019 $ 803,550 Changes for the year: Service cost (11,774) Interest cost 8,130 Differences Between Expected and Actual Experience (50,828) Benefit payments (30,945) Net change in total LOSAP pension liability (85,417) Balance at December 31, 2019 $ 718,133 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 $ 661,724 $ 718,133 $ 568,093 Pension Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions: For the year ended September 30, 2020, the Board recognized pension expense of $34,680. At September 30, 2020, 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 $ 1,626 $ - F-39 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2020 NOTE 11 —CAPITAL AND OTHER SIGNIFICANT COMMITMENTS Construction projects and significant commitments, excluding encumbrances reported below, under present contractual agreements as of September 30, 2020 are as follows: Plantation Key Courthouse & Detention Center $ 33,902,781 Marathon Library 7,425,921 Cudjoe Fire Station 4,257,281 Cudjoe Regional Wastewater 1,125,393 Gato Building Roof 803,600 Monroe County Sheriff Office Repairs 304,954 Emergency Operations Center Building 142,800 Canal 4266 127,700 Other Projects (less than $100,000) 175,617 Total $ 48,266,047 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. Significant encumbrance commitments at September 30, 2020 are as follows: Encumbrances Governmental Activities: General Fund $ 88,699 Fine & Forfeiture Fund 131,145 Road& Bridge Fund 744,429 Governmental Grants Fund 130,263 One Cent Infrastructure Surtax 30,183 Infrastructure Revenue Bonds Series 2014 2,853,144 Nonmajor Governmental Funds 328,913 Total Governmental Activities 4,306,776 Business-Type Activities: Card Sound Bridge 24,878 Key West Airport 157,595 Marathon Airport 7,552,246 Municipal Service District Waste 73,310 Total Business-Type Activities 7,808,029 Total Encumbrances $ 12,114,805 F-40 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2020 NOTE 12—LEASE OBLIGATIONS The County leases office space, equipment, and debris removal staging sites under operating lease agreements. Total lease payments made in the year ended September 30, 2020 were $7,351,289. The following is a schedule by years of future minimum rentals under noncancelable operating leases for the fiscal year ended September 30: 2021 $ 5,753,198 2022 4,699,945 2023 4,287,505 2024 3,506,440 2025 2,015,118 2026-2030 2,725,545 Total $ 22.987.751 NOTE 13—LONGTERM DEBT Long-term debt activity for the year ended September 30, 2020 is as follows: Current Portion Beginning Ending of Long-term Balances Additions Payments Balances Liabilities Governmental Activities: Revenue Bonds From Direct Borrowings $ 34,985,000 $ - $ 4,675,000 $ 30,310,000 $ 4,780,000 Revenue Notes From Direct Borrowings 154,013,603 4,000,000 6,166,163 151,847,440 5,656,316 Mayfield Agreement(KLWTD) 13,125,000 - 2,125,000 11,000,000 2,125,000 Accrued Comp.Absences 13,910,673 7,360,625 6,153,645 15,117,653 3,023,530 OPEB Liability 46,359,078 25,480,043 15,285,121 56,554,000 - Pension Liability-FRS&HIS 137,122,670 49,884,256 12,753,650 174,253,276 Pension Liability-LOSAP 803,550 8,130 93,547 718,133 - Total Governmental Activities 400,319,574 86,733,054 47,252,126 439,800,502 15,584,846 Business-Type Activities: Accrued Comp.Absences 485,110 337,625 191,810 630,925 126,185 OPEB Liability 1,289,000 329,657 639,657 979,000 - Pension Liability-FRS&HIS 5,691,863 1,740,495 435,622 6,996,736 - Total Business-Type Activities 7,465,973 2,407,777 1,267,089 8,606,661 126,185 Total Long-Term Debt $ 407,785,547 $ 89,140,831 $ 48,519,215 $ 448,407,163 $ 15,711,031 F-41 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2020 NOTE 13—LONGTERM DEBT (continued) 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. 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, 2020: Governmental Activities Revenue Bonds: Infrastructure Sales Surtax Revenue Bonds, Series 2014 $ 16,160,000 Infrastructure Sales Surtax Refunding Bond, Series 2016 14,150,000 Total Revenue Bonds From Direct Borrowings 30,310,000 Revenue Notes: Clean Water State Revolving Fund Construction Loan Agreement 2010 5,678,011 Clean Water State Revolving Fund Construction Loan Agreement 2014 133,768,625 Tax Exempt Master Revenue Note, Series 2019 (Hurricane Irma Recovery) 8,400,804 Special Obligation Refunding Revenue Note, Series 2020 Project 4,000,000 Total Revenue Notes From Direct Borrowings 151,847,440 Mayfield Agreement—Key Largo Wastewater Treatment District 11,000,000 Total Government Debt $ 193,157,440 Debt Service Funding Requirements — The total annual debt service requirements for bonds and notes outstanding at September 30, 2020 are as follows: Governmental Activities Principal Interest Total 2021 $ 12,561,316 $2,772,628 $ 15,333,944 2022 14,881,328 4,481,593 19,362,921 2023 15,179,105 4,177,166 19,356,271 2024 15,491,511 3,865,322 19,356,833 2025 15,813,666 3,545,736 19,359,402 2026-2030 48,220,966 12,879,731 61,100,697 2031-2035 39,846,418 7,050,984 46,897,402 2036-2040 31,163,130 1,665,051 32,828,181 Total Required Debt Service $193,157,440 $40,438,211 $233,595,651 F-42 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2020 NOTE 13—LONGTERM DEBT (continued) Long-term debt at September 30, 2020 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: $16,160,000 • 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 $17,124,650. For the fiscal year, principal and interest paid was $4,281,292 and total pledged revenue was $20,436,462. • 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: $5,678,011 • 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 $6,478,413. For the fiscal year, principal and interest paid was $681,938 and total pledged revenue was $39,262,078. • Purpose: Refund temporary financing for wastewater capital improvements. • Call provisions: None F-43 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2020 NOTE 13—LONGTERM 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, 2020, the ninth award amendment suspended the June 2020 and the December 2020 loan payments (each totaling $4,502,451 principal and interest) because of the uncertain impact the COVID-19 pandemic could have on the County's infrastructure sales surtax revenue. • 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: $133,768,625 • Reserve requirement: None • Revenue pledged: One Cent Local Government Infrastructure Sales Surtax and Cudjoe Regional Wastewater special assessments. The total principal and interest remaining to be paid is $178,163,809. For the fiscal year, principal and interest paid was $4,666,578 and total pledged revenue was $22,243,743. • 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: $14,150,000 • 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 $15,283,906. For the fiscal year, principal and interest paid was $1,118,754 and total pledged revenue was $20,436,462. • Purpose: To construct and acquire equipment and capital improvements. • Call provisions: None $17,000,000 Mayfield Interlocal Agreement • Type: Interlocal Agreement • Dated: May 2015 • Final maturity: Year 2026 F-44 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2020 NOTE 13—LONGTERM DEBT (continued) $17,000,000 Mayfield Interlocal Agreement(continued) • Principal payment date: April 1 • Interest payment dates: April 1 • Interest rate: N/A • Amount outstanding at September 30th: $11,000,000 • Reserve requirement: None • Revenue pledged: One Cent Local Government Infrastructure Sales Surtax. The total principal remaining to be paid is $11,000,000. For the fiscal year, principal paid was $2,125,000 total pledged revenue was $20,436,462. • 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: $8,400,804 • 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 and interest remaining to be paid is $10,756,115. For the fiscal year, principal and interest paid was $5,576,917 and total pledged revenue was $59,698,540. • Purpose: Irma recovery and debris clean-up. • Call provisions: None Series 2020 Special Obligation Refunding Revenue Note • Final maturity: Year 2025 • Principal payment date: April 1 • Interest payment dates: April 1 and October 1 • Interest rate: 1.11% • Amount outstanding at September 30th: $4,000,000 • Reserve requirement: None • Revenue pledged: Non-Ad Valorem Revenues in the General Fund, the Fine and Forfeiture Fund, the Unincorporated Area Service District Funds. The total principal and interest remaining to be paid is $4,121,915. For the fiscal year, there were no principal and interest and total pledged revenue was $39,262,078. • Purpose: Acquisition, installation, and implementation Purchase of Enterprise Resources Planning (ERP) system. • Call provisions: None F-45 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2020 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. 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. F-46 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2020 NOTE 15—INTERFUND BALANCES During the course of operations, transactions occur which result in amount owed to a particular fund by another fund, other than for goods provided or services rendered. The receivables and payables are due within a year and are classified "Due from other funds/Due to other funds" on the governmental funds balance sheet or proprietary fund statement of net position. The County transferred $14.4 million from the One Cent Infrastructure Surtax Fund to finance various Board capital projects including the implementation of a human resources and financial accounting system, affordable housing, and the Plantation Key Courthouse. The County also transferred $2.5 million from its Governmental Grants Fund to the Debt Service Fund to prepay principal on the Hurricane Irma loan. Interfund balances as of September 30, 2020 were as follows: Receivable Fund Payable Fund Amount General Fund Fleet Management $ 529,439 One Cent Infrastructure Surtax 700,000 Governmental Grants 54,976 Nonmajor Governmental 22,965 Fine & Forfeiture General Fund 1,645,718 HIDTA Grants Nonmajor Governmental 129,642 Infrastructure Revenue Bonds Series 2014 One Cent Infrastructure Surtax 13,000,000 Cudjoe Regional Wastewater Project General Fund 2,780 Debt Service Fund Governmental Grants 2,500,000 Building Fund One Cent Infrastructure Surtax 700,000 Nonmajor Governmental General Fund 145,889 HIDTA Grant 998,020 Fine & Forfeiture 16,669 Municipal Service District 531 Nonmajor Governmental 1,813,441 Marathon Airport Fleet Management 87,500 Key West Airport General Fund 284,494 Municipal Service District General Fund 3,694 Internal Service Funds Nonmajor Governmental 78,430 F-47 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2020 NOTE 16—INTERFUND TRANSFERS Interfund transfers at September 30, 2020 are as follows: Transfers to General Fund from: One Cent Infrastructure Surtax Fund $ 1,233,877 Fine&Forfeiture Fund 49,512,690 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 11,443,111 Total Transfers to General Fund 63,979,480 Transfers to Fine and Forfeiture Fund from: Fleet Management Fund 176,000 Nonmajor Governmental Funds 971,635 Total Transfers to Find&Forfeiture Fund 1,147,635 Transfers to Governmental Grant Fund from: General Fund 652,152 Fine&Forfeiture Fund 28,722 One Cent Infrastructure Surtax Fund 604,110 Municipal Service District—Waste 1,425,593 Nonmajor Governmental Funds 30,555 Total Transfers to Governmental Grant Fund 2,741,132 Transfers to One Cent Infrastructure Sales Surtax Fund from: Cudjoe Regional Wastewater Project Fund 5,000,000 Transfers to Infrastructure Revenue Bonds Series 2014 Fund from: One Cent Infrastructure Sales Surtax Fund 13,000,000 Transfers to Cudjoe Regional Wastewater Project Fund from: General Fund 2,771 Transfers to Debt Service Fund from: General Fund 338,800 Governmental Grant Fund 7,225,593 One Cent Infrastructure Surtax Fund 6,525,046 Cudjoe Regional Wastewater Project Fund 5,508,675 Nonmajor Governmental Funds 682,000 Total Transfers to Debt Service Fund 20,280,114 Transfers to Nonmajor Governmental Funds from: General Fund 6,578,875 One Cent Infrastructure Sales Surtax 1,950,000 Nonmajor Governmental Funds 3,264,844 Total Transfers to Nonmajor Governmental Funds 11,793,719 Transfers to Business Type Funds from: General Fund 3,694 Key West Airport Fund for Passenger Facility Charges 3,097 Internal Service Funds 87,500 Total Transfers to Business Type Funds 94,291 Transfers to Internal Service Funds Fund from: Governmental Grant Fund 843,281 Total Interfund Transfers $ 118,882,423 F-48 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2020 NOTE 16—INTERFUND TRANSFERS (continued) The One Cent Infrastructure Sales Surtax Fund, a major fund, transferred $13 million to the Infrastructure Revenue Bonds Series 2014 Fund to provide continued financing for various capital projects such as the Plantation Key Courthouse and the Marathon Library. In addition, the Board approved transferring $5 million from the Cudjoe Regional Wastewater Project Fund to the One Cent Infrastructure Sales Surtax fund to re-align revenues with expenditures for on-going capital projects during FY 20 in anticipation of reduced one cent infrastructure sales tax revenue due to the COVID-19 pandemic. The Clerk's Revenue Note Fund, a nonmajor capital projects fund, transferred $1.5 million to the General Fund for financing the implementation of an Enterprise Resources Planning (ERP) system for the Clerk's and Board's human resource sand fiscal operations. The One Cent Infrastructure Sales Surtax Fund transferred $700,000 to the Building Fund to cover the Board approving waiving fees related to affordable housing concerns. The One Cent Infrastructure Surtax Fund also transferred $6,525,046 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 $5,508,675 to the Debt Service Fund to repay its 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 $7,225,593 to the Debt Service Fund to repay the Revenue Bond Series 2019 loan for financing the County's recovery from Hurricane Irma. The funds transferred were grant proceeds and insurance recoveries received during the fiscal year from the FEMA related to Hurricane Irma. Transfers to the Governmental Grants Fund of $1,315,538 represent funds needed to meet match requirements including $604,110 from the One Cent Infrastructure Surtax Fund for improvements to Stock Island roadway projects. The Environmental Restoration Fund transferred $25,000 to the Governmental Grant Fund to meet match requirements for exotic plan removal while the Fine and Forfeiture Fund transferred $28,722 to meet match requirements for drug counseling grants. The Fleet Management Fund transferred $87,500 to the Marathon Airport for its portion of the car wash facility at the airport. Passenger Facilities Charges ("PFC") receipts were transferred to the Marathon Airport from the Key West Airport in the amount of$3,097 to fund approved projects by the Federal Aviation Administration ("FAA") including updating the Marathon Airport's master plan and performing an environmental assessment. The Governmental Grants Fund transferred $843,281 to the Risk Management Fund to cover the costs incurred by adjusters for its insurance recoveries received from Hurricane Irma. The remaining transfers are related to supporting the County's operations. F-49 This page is intentionally left blank. MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2020 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, 2020 is presented below: One Cent Fine& Governmental Infrastructure General Forfeiture Grants Surtax Fund Balance: Non-spendable: Inventory $ 44,694 - Total Non-spendable 44,694 - - - Restricted for: Law Enforcement - 19,499,623 - - 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 - - 3,273,855 - Wastewater Projects - - - - Other Purposes - - - - Debt Service - - - - Capital Projects - - - 26,102,553 Total Restricted - 19,499,623 3,273,855 26,102,553 Committed to: Disaster Recovery 10,000,000 - - - Physical Environment - - - - Sheriff Contract Administration - - - - Wastewater Projects - - - - Beach Re-nourishment - - - - Health Care - - - - Total Committed 10,000,000 - - - Assigned to: Other Purposes 88,699 - - - Fire&Ambulance - - - - Subsequent Year Expenditures 7,140,939 - - - Total Assigned 7,229,638 - - - Unassigned 18,514,102 - - - Total Fund Balances $ 35,788,434 $ 19,499,623 $ 3,273,855 $ 26,102,553 F-50 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2020 NOTE 17—GOVERNMENTAL FUND BALANCE CLASSIFICATIONS (continued) Cudjoe Infrastructure Regional All Debt Nonmajor Total Revenue Bonds Wastewater Service Governmental Governmental Series 2014 Project Fund Funds Funds Fund Balance: Non-spendable: Inventory $ - $ - $ - $ - $ 44,694 Total Non-spendable - - - - 44,694 Restricted for: Law Enforcement - - - 14,450,706 33,950,329 Fire&Ambulance - - - 1,308,551 1,308,551 Public Safety - - - 3,986,396 3,986,396 Physical Environment - - - 3,732,961 3,732,961 Transportation - - - 12,103,293 12,103,293 Housing Programs - - - 2,483,324 2,483,324 Tourist Development - - - 41,785,718 41,785,718 Human Services - - - 50,605 50,605 Libraries - - - 1,249,561 1,249,561 Library Donations - - - 318,562 318,562 Culture&Recreation - - - 1,938,003 1,938,003 Court Programs - - - 9,778,916 9,778,916 Comprehensive Planning - - - 3,867,488 3,867,488 Federal&State Grants - - - 255,155 3,529,010 Wastewater Projects - 4,969,890 - 2,865,019 7,834,909 Other Purposes - - - 425,916 425,916 Debt Service - - 2,834,407 - 2,834,407 Capital Projects 15,826,008 - - 3,598,104 45,526,665 Total Restricted 15,826,008 4,969,890 2,834,407 104,198,278 176,704,614 Committed to: Disaster Recovery - - - - 10,000,000 Physical Environment - - - 4,374,450 4,374,450 Sheriff Contract Admin - - - 1,291,359 1,291,359 Wastewater Projects - - - 373,806 373,806 Beach Re-nourishment - - - 227,018 227,018 Health Care - - - 122,326 122,326 Total Committed - - - 6,388,959 16,388,959 Assigned to: Other Purposes - - - - 88,699 Fire&Ambulance - - - 4,974,285 4,974,285 Subsequent Year Expense - - - - 7,140,939 Total Assigned - - - 4,974,285 12,203,923 Unassigned - - - - 18,514,102 Total Fund Balances $ 15,826,008 $ 4,969,890 $ 2,834,407 $ 115,561,522 $ 223,856,292 F-51 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2020 NOTE 18—RISK MANAGEMENT The County 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 County 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 2020 and 2019 were: Workers' Group Risk Compensation Insurance Management Total 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 Incurred Claims (Including IBNR) 2,169,013 14,933,097 502,258 16,666,532 Claim Payments (1,862,141) (14,991,833) (468,918) (16,385,056) Unpaid Claims at Sept. 30, 2020 $ 1,640,388 $ 1,062,523 $ 680,010 $ 3,382,921 F-52 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2020 NOTE 19—LITIGATION AND CLAIMS The County is a defendant in various lawsuits and is involved in other disputes wherein substantial amounts are claimed. The County vigorously defends itself with respect to these matters. The County's practice is to provide for these claims when a loss is probable and a loss becomes fixed or determinable in amount. The County is involved in a handful of lawsuits. Most claims have been defeated to date, but three merit mention. The first claim,AshBritt, Inc. v. Monroe County is an action for declaratory relief and damages from the alleged breach of a June 2017 agreement between the parties. The Plaintiff claimed that it provided debris collection, processing, and removal services in response to Hurricane Irma in September 2017 and that the County thereafter failed to pay invoices of approximately $1.5 million. Issues to do with some invoices (approximately $400,000) appear to have been resolved. As to the remainder, the County maintains that three specific invoices (totaling approximately $1.1 million) for long distance haul out and for removal of putrid waste from white goods (refrigerators and freezers) are not payable because they represent charges not contemplated by the agreement. On February 24, 2020, the trial court denied the County's Motion for Summary Judgment, which had asserted sovereign immunity as a defense to the claims. The County filed a Notice of Appeal on March 23, 2020. The matter is now fully briefed by both sides and oral argument was scheduled for March 10, 2021. The County has several viable contract defenses. However, in the event of an adverse outcome, there is a reasonably probable likelihood that the County will be subject to a judgment in the amount determined to be due and unpaid under the agreement,plus additional amounts for attorney's fees and costs under Section 9.11 of the agreement. The second claim, Disaster Solutions, LLC v. Monroe County, is an action for breach of contract and other claims brought by a firm that had a purchase order to provide services during Hurricane Irma. The purchase order had an explicit monetary cap of"not to exceed $50,000", and the County paid $49,999, but the firm submitted requests for payment in excess of $740,000. As of September 1, 2020, the Plaintiff claimed an amount owed in excess of $1.1 million as a result of statutory interest under the Florida Local Government Prompt Payment Act ("Act"), plus attorneys' fees and costs. The Plaintiff claims that the County waived any right to contest its claim by failing to comply with the procedures in the Act. The County disputes that "contract formation" theories asserted by the Plaintiff, relies upon sovereign immunity as a primary defense, and denies any allegation to pay the additional amounts claimed. The case is at issue but has not yet been set for trial. In the event of an adverse judgment, there is a reasonably probable likelihood that the County would be subject to a judgment in an amount to be determined in connection with the alleged transaction, plus additional amounts for attorneys' fees, costs, and interest under the Act. The third claim, Galleon Bay vs. Monroe County and the State of Florida, is an inverse condemnation action involving thirteen lots on No Name Key. Liability was established by the appellate courts in December of 2012 and remanded the case for a valuation trial. On February 18, 2016, a jury valued the thirteen lots at $285,500 as of July 2001. The trial court entered final judgment in the amount of $480,511.60, as of June 1, 2016, plus statutory post judgment interest. After the judgment was affirmed on appeal, the County deposited $531,390.67 in the Court Registry to satisfy the judgment and the Clerk issued a Satisfaction of Judgment. The Florida Legislature approved a measure during the 2020 legislative session to reimburse the County for the State's 50 percent share of the amount paid; the payment from the State had not been received as of September 30, 2020. Contemporaneously, the F-53 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2020 property owners moved to invalidate the final judgment, which the trial court denied. On September 13, 2019, the property owner appealed that order to the Third District Court of Appeal. On December 2, 2020, the appellate court affirmed that order. On February 17, 2021, the appellate court denied the Plaintiffs motion for rehearing or in the alternative to certify conflict; the Court issued a mandate on March 5, 2021. Absent an unlikely acceptance of discretionary review by the Florida Supreme Court and/or the U.S. Supreme Court, this appeal is concluded and the judgment is now final. The Plaintiff will next ask the courts to 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. 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. Therefore, the claim should be characterized as a loss, with liability recorded in the approximate amount of $500,000. The property owner's motion for rehearing or to certify conflict remains pending. Once the appeal is concluded, the courts will determine any entitlement to costs and attorney fees. It is anticipated that the property owner will seek an award of costs and attorney fees of approximately $1 million though motions have not been filed or amounts asserted at this time. 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 County 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 County 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 —ECONOMIC CONTINGENCIES During 2020, an outbreak of a novel strain of coronavirus ("COVID-19") emerged globally. As a result of the spread of COVID-19, economic uncertainties have arisen that could negatively impact the revenue and operations for an indeterminable period of time. Other financial impacts could occur that are unknown at this time. F-54 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2020 NOTE 22— SUBSEQUENT EVENTS Management has evaluated subsequent events through March 19, 2021, in connection with the preparation of these financial statements, which is the date the financial statements were available to be issued. F-55 This page is intentionally left blank. REQUIRED SUPPLEMENTARY INFORMATION MONROE COUNTY,FLORIDA SCHEDULE OF MONROE COUNTY PROPORTIONATE SHARE OF NET PENSION LIABILITY FLORIDA RETIREMENT SYSTEM PENSION PLAN LAST 10 FISCAL YEARS* 2020 2019 2018 Monroe County's proportion of the net pension liability 0.345802678% 0.334375037% 0.348561326% Monroe County'sproportionate share of the net pension liability $ 149,875,977 $ 115,154,108 $ 104,988,478 Monroe County's covered payroll $ 81,488,366 $ 82,678,699 $ 84,301,564 Monroe County'sproportionate share of the net pension liability as a percentage of its covered payroll 183.92% 139.28% 124.54% Plan fiduciary net position as a percentage of the total pension liability 78.85% 82.61% 84.26% *The amounts presented for each fiscal year were determined as of June 30. No data is available for the previous three years. G-1 2017 2016 2015 2014 0.328044588% 0.316397501% 0.298789301% 0.303954236% $ 97,033,388 $ 79,890,617 $ 38,592,646 $ 18,545,678 $ 74,326,732 $ 70,699,621 $ 70,456,332 $ 69,783,359 130.55% 113.00% 54.78% 26.58% 83.89% 84.88% 92.00% 96.09% G-2 MONROE COUNTY,FLORIDA SCHEDULE OF MONROE COUNTY CONTRIBUTIONS FLORIDA RETIREMENT SYSTEM PENSION PLAN LAST 10 FISCAL YEARS* 2020 2019 2018 Contractually required contribution $ 11,694,578 $ 10,642,566 $ 12,427,075 Contributions in relation to the contractually required contribution (11,694,578) (10,642,566) (12,427,075) Contribution deficiency(excess) $ - $ - $ - Monroe County's covered payroll $ 81,243,796 $ 82,678,699 $ 84,301,564 Contributions as a percentage of covered payroll 14.39% 12.87% 14.74% *The amounts presented for each fiscal year were determined as of September 30. No data is available for the previous three years. G-3 2017 2016 2015 2014 $ 8,317,662 $ 7,715,858 $ 7,284,737 $ 6,657,888 (8,317,662) (7,715,858) (7,284,737) (6,657,888) $ 69,003,713 $ 70,699,621 $ 70,133,038 $ 69,338,053 12.05% 10.91% 10.39% 9.60% G-4 MONROE COUNTY,FLORIDA MONROE COUNTY PROPORTIONATE SHARE OF NET PENSION LIABILITY HEALTH INSURANCE SUBSIDY PROGRAM LAST 10 FISCAL YEARS* 2020 2019 2018 Monroe County's proportion of the net pension liability 0.256931327% 0.247210889% 0.254159349% Monroe County's proportionate share of the net pension liability $ 31,370,897 $ 27,660,425 $ 26,900,511 Monroe County's covered payroll $ 81,488,366 $ 82,678,699 $ 84,301,564 Monroe County's proportionate share of the net pension liability as a percentage of its covered payroll 38.50% 33.46% 31.91% Plan fiduciary net position as a percentage of the total pension liability 3.00% 2.63% 2.15% *The amounts presented for each fiscal year were determined as of June 30. No data is available for the previous three years. G-5 2017 2016 2015 2014 0.236677851% 0.228042287% 0.228621233% 0.231240629% $ 25,306,688 $ 26,577,384 $ 23,315,769 $ 21,621,563 $ 74,326,732 $ 70,699,621 $ 70,133,038 $ 69,338,053 34.05% 37.59% 33.25% 31.18% 1.64% 0.97% 0.50% 0.99% G-6 MONROE COUNTY,FLORIDA SCHEDULE OF MONROE COUNTY CONTRIBUTIONS HEALTH INSURANCE SUBSIDY PROGRAM LAST 10 FISCAL YEARS* 2020 2019 2018 Contractually required contribution $ 1,494,692 $ 1,393,010 $ 1,398,691 Contributions in relation to the contractually required contribution (1,494,692) (1,393,010) (1,398,691) Contribution deficiency(excess) $ - Monroe County's covered payroll $ 81,243,796 $ 82,678,699 $ 84,301,564 Contributions as a percentage of covered payroll 1.84% 1.68% 1.66% *The amounts presented for each fiscal year were determined as of September 30. No data is available for the previous three years. G-7 2017 2016 2015 2014 $ 1,392,250 $ 1,168,862 $ 873,933 $ 792,153 (1,392,250) (1,168,862) (873,933) (792,153) $ 69,003,713 $ 70,699,621 $ 70,133,038 $ 69,338,053 2.02% 1.65% 1.25% 1.14% G-8 MONROE COUNTY,FLORIDA REQUIRED SUPPLEMENTARY INFORMATION SCHEDULES OF CHANGES IN THE COUNTY'S NET PENSION LIABILITY AND RELATED RATIOS PENSION PLAN FOR VOLUNTEER FIREFIGHTERS AND EMERGENCY MEDICAL SERVICES LAST 10 FISCAL YEARS* (DOLLAR AMOUNTS IN THOUSANDS) 2020 2019 2018 Total pension liability Service Cost $ (11,774) $ (6,170) $ 12,761 Interest 8,130 8,724 9,146 Differences between expected and actual experience (50,828) (35,295) 182 Benefit payments,including refunds of employee contributions (30,945) (31,680) (32,265) Net change in total pension liability (85,417) (64,421) (10,176) Total pension liability-beginning 803,550 867,971 878,147 Total pension liability-ending $ 718,133 $ 803,550 $ 867,971 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. G-9 2017 2016 2015 2014 $ 22,937 $ 16,394 $ 16,455 $ 18,434 9,146 8,895 8,054 12,219 (39,039) 33,108 89,397 (9,696) (32,265) (28,365) (30,855) (25,575) (39,221) 30,032 83,051 (4,618) 917,368 887,336 804,285 808,903 $ 878,147 $ 917,368 $ 887,336 $ 804,285 N/A N/A N/A N/A N/A N/A N/A N/A G-10 MONROE COUNTY,FLORIDA REQUIRED SUPPLEMENTARY INFORMATION YEAR ENDED SEPTEMBER 30,2020 TEN YEAR SCHEDULE OF EMPLOYER CONTRIBUTIONS PENSION PLAN FOR VOLUNTEER FIREFIGHTERS AND EMERGENCY MEDICAL SERVICES Year Ending December 31, 2019 2018 2017 Contractually required contribution $ 3,265 $ 61,388 $ 39,899 Contributions in relation to the contractually required contribution 3,265 61,388 39,899 Contribution deficiency(excess) Covered payroll - Contributions as a percentage of covered payroll 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 G-11 2016 2015 2014 2013 2012 2011 2010 $ 39,899 $ 30,304 $ 28,575 $ 36,788 $ 28,145 $ 30,379 $ 28,917 39,899 30,304 28,575 36,788 28,145 30,379 28,917 N/A N/A N/A N/A N/A N/A N/A G-12 MONROE COUNTY,FLORIDA SCHEDULES OF REQUIRED SUPPLEMENTARY INFORMATION SCHEDULES OF CHANGES IN THE COUNTY'S TOTAL OPEB LIABILITY AND RELATED RATIOS LAST TEN FISCAL YEARS* 2020 2019 2018 Total OPEB liability Service cost 2,513,200 $ 1,893,000 $ 1,817,000 Interest 1,305,200 1,651,000 2,885,000 Changes of benefit terms - - (29,384,000) Changes in experience (877,000) - - Changes in assumptions or other inputs 9,107,900 7,321,000 (3,343,000) Benefit payments (2,165,300) (1,663,000) (1,470,000) Net change in total OPEB liability 9,884,000 9,202,000 (29,495,000) Total OPEB liability-Beginning of Year 47,649,000 38,447,000 67,942,000 Total OPEB liability-End of Year $ 57,533,000 $ 47,649,000 $ 38,447,000 Covered-employee payroll $ 79,506,000 $ 65,681,000 $ 63,460,551 Total OPEB liability as a percentage of covered-employee payroll 72.36% 72.55% 60.58% 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 County 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. G-13 COMBINING AND INDIVIDUAL FUND STATEMENTS AND SCHEDULES NONMAJOR GOVERNMENTAL FUNDS SPECIAL REVENUE FUNDS AFFORDABLE HOUSING PROGRAMS To account for revenues and expenditures of various low income housing programs. ROAD & BRIDGE To account for revenues and expenditures of the constitutional gas taxes. TOURIST DEVELOPMENT DISTRICTS To account for the local option three-cent bed tax in five districts, all districts two cent, and administrative and promotional funds for the expenditures of advertising, promotions, and special events of the County's Tourist Development Council. IMPACT FEES To account for the revenues and expenditures relating to impact fees collected for roadways, parks and recreation, libraries, solid waste, and fire and EMS. FIRE AND AMBULANCE DISTRICT#1, LOWER AND MIDDLE KEYS To account for revenues and expenditures in District#1 for fire and ambulance services. UNINCORPORATED AREA SERVICE DISTRICTS To account for all revenues and expenditures for planning, building and zoning, and parks and recreation services provided only to the unincorporated area of the County. MUNICIPAL POLICING To account for all revenues and expenditures for local road patrol law enforcement in the City of Marathon, City of Layton, and Islamorada, Village of Islands. DUCK KEY SECURITY DISTRICT To account for the revenues and expenditures in providing security services for the Duck Key District. LOCAL HOUSING ASSISTANCE SPECIAL REVENUE FUND The Local Housing Assistance Fund is used to account for the revenues and expenditures for the administration and implementation of the State Housing Initiatives Partnership Program. BOATING IMPROVEMENT To account for revenues and expenditures for providing boating-related activities, for removal of vessels and floating structures deemed a hazard to public safety and health, and for manatee and marine mammal protection and recovery. MISCELLANEOUS SPECIAL REVENUE To account for revenues and expenditures earmarked for specific purposes. ENVIRONMENTAL RESTORATION To account for all revenue and expenditures for fines/fees collected and earmarked for environmental protection. COURT FACILITY FEES To account for revenues collected upon the institution of any civil action, suit or proceeding to be used exclusively in providing and maintaining existing and future facilities for the use of the Circuit and County Court systems. (Continued) NONMAJOR GOVERNMENTAL FUNDS SPECIAL REVENUE FUNDS —CONTINUED DRUG ABUSE TRUST To account for assessments collected for drug abuse programs and to disburse assistance grants for drug abuse treatment and/or educational programs which meet the standards for qualification of such programs by the Department of Health and Rehabilitative Services. MARATHON MUNICIPAL SERVICE To account for the revenues and expenditures for municipal services for Marathon. MIDDLE KEYS HEALTH CARE MUNICIPAL SERVICE To account for revenues and expenditures related to providing indigent health care services and other essential facilities and municipal services. WASTEWATER MSTU To account for the revenues and expenditures for wastewater services for Bay Point, Big Coppitt, Key Largo, Stock Island, Conch Key, Long Key-Layton, and Duck Key. CANAL #266 MUNICIPAL SERVICE To account for the revenues and expenditures relating to providing the maintenance of local improvements for Canal #266 Big Pine Key. BUILDING FUND To account for the revenues and expenditures relating to building permits and for the administration and enforcement of the building code for the unincorporated area of the County. SHERIFF'S TEEN COURT To account for receipts and disbursements pertaining to a program designed to deter juveniles who are becoming involved in crime. SHERIFF'S FEDERAL FORFEITURE To account for the revenues from the U.S. Departments of Justice and Treasury. Expenditures are made in accordance with the guidelines issued by these agencies. SHERIFF'S STATE FORFEITURE To account for the proceeds from state forfeitures received primarily from the South Florida Drug and Money Laundering Task Force. SHERIFF'S CONTRACT ADMINISTRATIVE To account for the receipts of service fees collected for administering HIDTA, South Florida Law Enforcement Trust Fund, Impact Support, and the NHAC Financial Unit. Expenditures relate to the costs of administering their activities. SHERIFF'S INMATE COMMISSARY To account for the receipts and disbursements of inmate telephone commissions, canteen revenues, and other inmate programs. SHERIFF'S INTERAGENCY COMMUNICATIONS To account for revenues and expenditures allocated for radio communications. SHERIFF'S TRAUMA STAR To account for revenues and expenditures for the Sheriff's operation of the Trauma Star helicopter. (Continued) NONMAJOR GOVERNMENTAL FUNDS SPECIAL REVENUE FUNDS —CONTINUED SHERIFF'S RADIO COMMUNICATIONS To account for revenues and expenditures from Court fees for radio communications. SHERIFF'S Grants To account for the revenues and expenditures relating to various of the Sheriff's grants. SHERIFF'S SHARED ASSET FORFEITURE To account for the revenues and expenditures of the Sheriff Department's shared asset forfeiture program. SHERIFF'S E911 To account for fees levied on each telephone access line in Monroe County for the enhancement of the 911 emergency telephone systems. CLERK'S MODERNIZATION TRUST To account for revenue received through an additional recording fee pursuant to Florida Statute 28.24(15)(d) to be used for equipment, equipment maintenance, training, and technical assistance necessary to modernize the Clerk's public records system. CLERK'S COURT RELATED To account for revenues and expenditures for providing court related services under the direction of the Clerk of the Circuit Court. CAPITAL PROJECT FUNDS CLERK'S REVENUE NOTE To account for the Clerk's network system from the Florida Local Government Finance Commission Loan. INFRASTRUCTURE REVENUE BONDS SERIES 2007 To account for the revenues and expenditures funded by the Infrastructure Revenue Bonds Series 2007 debt issuance. BIG COPPITT WASTEWATER To account for the revenues and expenditures of the wastewater infrastructure for Big Coppitt Key. DUCK KEY WASTEWATER To account for the revenues and expenditures of the wastewater infrastructure for Duck Key. LONG KEY WASTEWATER PROJECT To account for the revenues and expenditures related to the construction of the Long Key Wastewater Project. LAND ACQUISITION FUND To account for the revenues and expenditures related to Land Acquisition. This page is intentionally left blank. MONROE COUNTY, FLORIDA COMBINING BALANCE SHEET NONMAJOR GOVERNMENTAL FUNDS SEPTEMBER 30,2020 SPECIAL Tourist Tourist Affordable Development Development Tourist Housing Road and All Districts Admin &Promo Development Programs Bridge Two Cent Two Cent District One ASSETS Cash and Cash Equivalents $ 66,187 $ 1,565,469 $ 1,703,240 $ 2,824,355 $ 3,160,989 Investments 349,180 8,691,174 5,248,216 7,171,350 12,340,326 Accounts Receivable, Net - - - - - Assessments Receivable - - - - - Due from Other Funds - - 51,935 96,451 72,398 Due from Other Governmental Units - 590,746 - - - Mortgages/Notes Receivable - - - - - Allowance for Mortgages/Notes Receivable - - - - - Interest Receivable 5 208 72 106 184 Total Assets $ 415,372 $ 10,847,597 $ 7,003,463 $ 10,092,262 $ 15,573,897 LIABILITIES, DEFERRED INFLOWS OF RESOURCES,AND FUND BALANCES Liabilities: Accounts Payable $ - $ 245,390 $ 393,685 $ 533,965 $ 1,613,710 Retainage Payable - - - - 2,244 Accrued Wages and Benefits Payable - 25,059 - 903 1,313 Due to Other Funds - - - - - Due to Other Governmental Units - 7,587 - - 191,750 Deposits in Escrow - - - - - Total Liabilities - 278,036 393,685 534,868 1,809,017 Deferred Inflows of Resources: Unavailable Revenues - - - - - Total Deferred Inflows of Resources - - - - - Fund Balances: Restricted 415,372 10,569,561 6,609,778 9,557,394 13,537,862 Committed - - - - 227,018 Assigned - - - - - Total Fund Balances 415,372 10,569,561 6,609,778 9,557,394 13,764,880 Total Liabilities, Deferred Inflows of Resources and Fund Balances $ 415,372 $ 10,847,597 $ 7,003,463 $ 10,092,262 $ 15,573,897 H-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 $ 436,117 $ 1,150,302 $ 662,363 $ 932,575 $ 245,878 $ 128,766 1,292,145 3,475,511 1,970,587 2,956,641 1,297,186 679,333 10,773 26,932 16,293 21,991 - - 21 51 29 40 22 10 $ 1,739,056 $ 4,652,796 $ 2,649,272 $ 3,911,247 $ 1,543,086 $ 808,109 $ 145,575 $ 248,580 $ 150,020 $ 317,320 $ 9,354 $ - 923 - - 912 - - 29 8,328 - - - - 146,527 256,908 150,020 318,232 9,354 - 1,592,529 4,395,888 2,499,252 3,593,015 1,533,732 808,109 1,592,529 4,395,888 2,499,252 3,593,015 1,533,732 808,109 $ 1,739,056 $ 4,652,796 $ 2,649,272 $ 3,911,247 $ 1,543,086 $ 808,109 (Continued) H-2 MONROE COUNTY, FLORIDA COMBINING BALANCE SHEET(CONTINUED) NONMAJOR GOVERNMENTAL FUNDS SEPTEMBER 30,2020 SPECIAL Fire&Amb District#1, Impact Fees, Impact Fees, Impact Fees, Lower and Libraries Solid Waste Fire and EMS Middle Keys ASSETS Cash and Cash Equivalents $ 199,105 $ 20,333 $ 24,956 $ 384,186 Investments 1,050,423 107,272 131,661 4,414,666 Accounts Receivable, Net 16 - - 196,562 Assessments Receivable - - - - Due from Other Funds - - - 219,893 Due from Other Governmental Units - - - - Mortgages/Notes Receivable - - - - Allowance for Mortgages/Notes Receivable - - - - Interest Receivable 17 1 2 110 Total Assets $ 1,249,561 $ 127,606 $ 156,619 $ 5,215,417 LIABILITIES, DEFERRED INFLOWS OF RESOURCES,AND FUND BALANCES Liabilities: Accounts Payable $ - $ - $ - $ 33,682 Retainage Payable - - - - Accrued Wages and Benefits Payable - - - 105,766 Due to Other Funds - - - - Due to Other Governmental Units - - - 699 Deposits in Escrow - - - - Total Liabilities - - - 140,147 Deferred Inflows of Resources: Unavailable Revenues - - - 100,985 Total Deferred Inflows of Resources - - - 100,985 Fund Balances: Restricted 1,249,561 127,606 156,619 - Committed - - - - Assigned - - - 4,974,285 Total Fund Balances 1,249,561 127,606 156,619 4,974,285 Total Liabilities, Deferred Inflows of Resources and Fund Balances $ 1,249,561 $ 127,606 $ 156,619 $ 5,215,417 H-3 REVENUE FUNDS Unincorporated Unincorporated Area Service Area Service Duck Key Local District, Dist, Planning Municipal Security Housing Boating Parks and Rec Bldg and Zoning Policing District Assistance Improvement $ 151,463 $ 1,065,494 $ 875,355 $ 59,222 $ 337,814 $ 576,919 960,518 5,745,728 1,118,251 312,438 1,814,662 2,792,583 1,620 1,034 - - 45,000 - 39,415 300 384,734 462 - - 33,258 179,638 - - - - - - - - 9,523,118 - - - - - (9,523,118) - 12 138 19 5 34 43 $ 1,186,286 $ 6,992,332 $ 2,378,359 $ 372,127 $ 2,197,510 $ 3,369,545 $ 27,195 $ 94,774 $ - $ 18,275 $ 127,720 $ 18,480 9,240 65,964 - - 1,654 1,432 14,735 7,138 - - 184 10,539 5,222 223,434 - - - - 56,392 391,310 - 18,275 129,558 30,451 1,129,894 6,601,022 2,378,359 353,852 2,067,952 3,339,094 1,129,894 6,601,022 2,378,359 353,852 2,067,952 3,339,094 $ 1,186,286 $ 6,992,332 $ 2,378,359 $ 372,127 $ 2,197,510 $ 3,369,545 (Continued) H-4 MONROE COUNTY, FLORIDA COMBINING BALANCE SHEET(CONTINUED) NONMAJOR GOVERNMENTAL FUNDS SEPTEMBER 30,2020 SPECIAL Miscellaneous Court Drug Special Environmental Facility Abuse Revenue Restoration Fees Trust ASSETS Cash and Cash Equivalents $ 502,511 $ 669,669 $ 720,968 $ 8,297 Investments 2,651,110 3,692,959 3,819,953 43,771 Accounts Receivable, Net 499 - - - Assessments Receivable - - - - Due from Other Funds 60,855 - 41,938 1,815 Due from Other Governmental Units - - - - Mortgages/Notes Receivable - - - - Allowance for Mortgages/Notes Receivable - - - - Interest Receivable 41 49 56 1 Total Assets $ 3,215,016 $ 4,362,677 $ 4,582,915 $ 53,884 LIABILITIES, DEFERRED INFLOWS OF RESOURCES,AND FUND BALANCES Liabilities: Accounts Payable $ 20,519 $ 16,219 $ 206 $ 3,279 Retainage Payable - - - - Accrued Wages and Benefits Payable - 1,597 929 - Due to Other Funds 45,947 - - - Due to Other Governmental Units 13,952 - - - Deposits in Escrow - - - - Total Liabilities 80,418 17,816 1,135 3,279 Deferred Inflows of Resources: Unavailable Revenues - - - - Total Deferred Inflows of Resources - - - - Fund Balances: Restricted 3,134,598 - 4,581,780 50,605 Committed - 4,344,861 - - Assigned - - - - Total Fund Balances 3,134,598 4,344,861 4,581,780 50,605 Total Liabilities, Deferred Inflows of Resources and Fund Balances $ 3,215,016 $ 4,362,677 $ 4,582,915 $ 53,884 H-5 REVENUE FUNDS Marathon Middle Keys Bay Point Big Coppitt Key Largo Municipal Health Care Wastewater Wastewater Wastewater Service MSTU MSTU MSTU MSTU $ 435 $ 289,579 $ 7,719 $ 84 $ 1,457 2,297 240,635 40,720 447 7,687 - 33,230 - - - - - 1 - - $ 2,732 $ 563,444 $ 48,440 $ 531 $ 9,144 $ - $ 441,118 $ - $ - $ - - 441,118 - - - 2,732 - - - - - 122,326 48,440 531 9,144 2,732 122,326 48,440 531 9,144 $ 2,732 $ 563,444 $ 48,440 $ 531 $ 9,144 (Continued) H-6 MONROE COUNTY, FLORIDA COMBINING BALANCE SHEET(CONTINUED) NONMAJOR GOVERNMENTAL FUNDS SEPTEMBER 30,2020 SPECIAL Stock Island Long Key, Wastewater Conch Key Layton Duck Key MSTU MSTU MSTU MSTU ASSETS Cash and Cash Equivalents $ 161,005 $ 81 $ 42,512 $ 8,100 Investments 849,491 428 224,591 42,736 Accounts Receivable, Net - - - - Assessments Receivable 1,786,021 - - - Due from Other Funds 924 - - - Due from Other Governmental Units - - - - Mortgages/Notes Receivable - - - - Allowance for Mortgages/Notes Receivable - - - - Interest Receivable 11 - 3 1 Total Assets $ 2,797,452 $ 509 $ 267,106 $ 50,837 LIABILITIES, DEFERRED INFLOWS OF RESOURCES,AND FUND BALANCES Liabilities: Accounts Payable $ 3,457 $ - $ 1,110 $ 1,651 Retainage Payable - - - - Accrued Wages and Benefits Payable - - - - Due to Other Funds - - - - Due to Other Governmental Units - - - - Deposits in Escrow - - - - Total Liabilities 3,457 - 1,110 1,651 Deferred Inflows of Resources: Unavailable Revenues 1,747,705 - - - Total Deferred Inflows of Resources 1,747,705 - - - Fund Balances: Restricted 1,046,290 - - - Committed - 509 265,996 49,186 Assigned - - - - Total Fund Balances 1,046,290 509 265,996 49,186 Total Liabilities, Deferred Inflows of Resources and Fund Balances $ 2,797,452 $ 509 $ 267,106 $ 50,837 H-7 REVENUE FUNDS Sheriffs Sheriffs Sheriffs Canal#266 Building Teen Federal State MSBU Fund Court Forfeiture Forfeiture $ 4,715 $ 289,221 $ - $ 3,751,462 $ 108,155 24,874 1,470,487 - - 509,161 - 700,000 - - - - - 4,099 - - - 39 - - 8 $ 29,589 $ 2,459,747 $ 4,099 $ 3,751,462 $ 617,324 $ - $ 55,469 $ - $ - $ - - 44,558 - - - - - 4,099 1,621 - - 44,275 - - - - 8,110 - - - - 152,412 4,099 1,621 - - 2,307,335 - 3,749,841 617,324 29,589 - - - - 29,589 2,307,335 - 3,749,841 617,324 $ 29,589 $ 2,459,747 $ 4,099 $ 3,751,462 $ 617,324 (Continued) H-8 MONROE COUNTY, FLORIDA COMBINING BALANCE SHEET(CONTINUED) NONMAJOR GOVERNMENTAL FUNDS SEPTEMBER 30,2020 SPECIAL Sheriffs Sheriffs Sheriffs Contract Sheriffs Interagency Trauma Administrative Commissary Communications Star ASSETS Cash and Cash Equivalents $ - $ 1,076,046 $ 148,419 $ 451,542 Investments - - - - Accounts Receivable, Net - 19,617 7,163 - Assessments Receivable - - - - Due from Other Funds 1,543,706 4,569 16,132 - Due from Other Governmental Units 148,278 - - - Mortgages/Notes Receivable - - - - Allowance for Mortgages/Notes Receivable - - - - Interest Receivable - - - - Total Assets $ 1,691,984 $ 1,100,232 $ 171,714 $ 451,542 LIABILITIES, DEFERRED INFLOWS OF RESOURCES AND FUND BALANCES Liabilities: Accounts Payable $ - $ 6,660 $ 12,244 $ - Retainage Payable - - - - Accrued Wages and Benefits Payable - 10,284 - - Due to Other Funds 301,216 10,160 - 451,542 Due to Other Governmental Units - 15,959 - - Deposits in Escrow - - - - Total Liabilities 301,216 43,063 12,244 451,542 Deferred Inflows of Resources: Unavailable Revenues 99,409 - - - Total Deferred Inflows of Resources 99,409 - - - Fund Balances: Restricted - 1,057,169 159,470 - Committed 1,291,359 - - - Assigned - - - - Total Fund Balances 1,291,359 1,057,169 159,470 - Total Liabilities, Deferred Inflows of Resources and Fund Balances $ 1,691,984 $ 1,100,232 $ 171,714 $ 451,542 H-9 REVENUE FUNDS Sheriffs Sheriffs Clerk's Clerk's Radio Sheriffs Shared Asset Sheriffs Records Court Communication Grants Forfeiture E911 Modernization Related $ 57,427 $ - $ 281,594 $ 1,313,828 $ 2,815,192 $ 1,318,559 - - 4,893,153 40,312 - - - 327,669 - - - 1,210 - 120,524 - 38,246 - 15,214 - - 27,312 - - - $ 57,427 $ 448,193 $ 5,202,059 $ 1,392,386 $ 2,815,192 $ 1,334,983 $ - $ - $ 42,734 $ 6,763 $ 1,040 $ 212,280 - - - 25,276 - - 57,427 127,374 35 31,094 - 1,013,963 - - - - - 108,740 57,427 127,374 42,769 63,133 1,040 1,334,983 - 65,664 - - - - - 65,664 - - - - - 255,155 5,159,290 1,329,253 2,814,152 - - 255,155 5,159,290 1,329,253 2,814,152 - $ 57,427 $ 448,193 $ 5,202,059 $ 1,392,386 $ 2,815,192 $ 1,334,983 (Continued) H-10 MONROE COUNTY, FLORIDA COMBINING BALANCE SHEET(CONTINUED) NONMAJOR GOVERNMENTAL FUNDS SEPTEMBER 30,2020 CAPITAL Total Nonmajor Clerk's Infrastructure Big Coppitt Special Rev Revenue Revenue Bonds Wastewater Funds Note Series 2007 Project ASSETS Cash and Cash Equivalents $ 30,599,665 $ 2,561,294 $ 101,313 $ 264,277 Investments 82,474,663 50,990 84,245 286,697 Accounts Receivable, Net 271,511 - - - Assessments Receivable 1,786,021 - - 1,737,004 Due from Other Funds 3,673,625 - - 763 Due from Other Governmental Units 1,130,003 - - - Mortgages/Notes Receivable 9,523,118 - - - Allowance for Mortgages/Notes Receivable (9,523,118) - - - Interest Receivable 28,651 1 - - Total Assets $ 119,964,139 $ 2,612,285 $ 185,558 $ 2,288,741 LIABILITIES, DEFERRED INFLOWS OF RESOURCES,AND FUND BALANCES Liabilities: Accounts Payable $ 4,802,474 $ - $ - $ 17,978 Retainage Payable 2,244 - - - Accrued Wages and Benefits Payable 295,810 - - - Due to Other Funds 2,044,478 - - - Due to Other Governmental Units 423,915 - - - Deposits in Escrow 236,766 - - - Total Liabilities 7,805,687 - - 17,978 Deferred Inflows of Resources: Unavailable Revenues 2,013,763 - - 1,671,939 Total Deferred Inflows of Resources 2,013,763 - - 1,671,939 Fund Balances: Restricted 98,781,445 2,612,285 185,558 598,824 Committed 6,388,959 - - - Assigned 4,974,285 - - - Total Fund Balances 110,144,689 2,612,285 185,558 598,824 Total Liabilities, Deferred Inflows of Resources and Fund Balances $ 119,964,139 $ 2,612,285 $ 185,558 $ 2,288,741 H-11 PROJECT FUNDS Total Duck Key Long Key Land Nonmajor Wastewater Wastewater Acquisition Governmental Project Project Fund Funds $ 110,988 $ 51,006 $ 127,514 $ 33,816,057 387,484 269,094 672,727 84,225,900 - - - 271,511 385,051 - - 3,908,076 162 - - 3,674,550 - 382,498 - 1,512,501 - - - 9,523,118 - - - (9,523,118) 5 4 20 28,681 $ 883,690 $ 702,602 $ 800,261 $ 127,437,276 $ - $ - $ - $ 4,820,452 - - - 2,244 - - - 295,810 - - - 2,044,478 - - - 423,915 - - - 236,766 - - - 7,823,665 366,387 - - 4,052,089 366,387 - - 4,052,089 517,303 702,602 800,261 104,198,278 - - - 6,388,959 - - - 4,974,285 517,303 702,602 800,261 115,561,522 $ 883,690 $ 702,602 $ 800,261 $ 127,437,276 H-12 MONROE COUNTY, FLORIDA COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES NONMAJOR GOVERNMENTAL FUNDS FOR THE YEAR ENDED SEPTEMBER 30,2020 SPECIAL Tourist Tourist Affordable Development Development Tourist Housing Road and All Districts Admin &Promo Development Programs Bridge Two Cent Two Cent District One REVENUES: Taxes $ - $ 2,295,662 $ 5,223,576 $ 10,824,275 $ 7,732,273 Licenses and Permits - - - - - Intergovernmental - 3,505,794 - - - Charges for Services - 3,203 - - - Fines and Forfeitures - - - - - Investment Income 8,569 299,056 124,543 207,858 354,952 Miscellaneous - 81,164 - - - Total Revenues 8,569 6,184,879 5,348,119 11,032,133 8,087,225 EXPENDITURES: Current: General Government - - - - - Public Safety - - - - - Physical Environment - - - - - Transportation - 7,889,654 - - - Economic Environment - - 4,640,086 10,636,172 9,305,279 Human Services - - - - - Culture and Recreation - - - - - Court Related - - - - - Capital Projects - - - - - Total Expenditures - 7,889,654 4,640,086 10,636,172 9,305,279 Excess/Deficiency of Revenues Over(Under)Expenditures 8,569 (1,704,775) 708,033 395,961 (1,218,054) OTHER FINANCING SOURCES(USES): Transfers from Other Funds - - 51,935 96,451 72,398 Transfers to Other Funds - (408,919) (83,409) (136,443) (72,232) Issuance of Debt - - - - - Total Other Financing Sources(Uses) - (408,919) (31,474) (39,992) 166 Net Change in Fund Balances 8,569 (2,113,694) 676,559 355,969 (1,217,888) Fund Balances-October 1 406,803 12,683,255 5,933,219 9,201,425 14,982,768 Fund Balances-September 30 $ 415,372 $ 10,569,561 $ 6,609,778 $ 9,557,394 $ 13,764,880 H-13 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 $ 1,192,494 $ 2,932,163 $ 1,739,244 $ 2,451,676 $ - $ - - - - - 108,505 27,200 33,179 87,712 47,694 68,698 35,155 16,205 1,225,673 3,019,875 1,786,938 2,520,374 143,660 43,405 - - - - 292,158 - 1,107,367 2,823,757 1,312,327 2,084,452 - - 1,107,367 2,823,757 1,312,327 2,084,452 292,158 - 118,306 196,118 474,611 435,922 (148,498) 43,405 10,773 26,932 16,293 21,991 - - (17,130) (18,724) (16,453) (30,603) - - (6,357) 8,208 (160) (8,612) - - 111,949 204,326 474,451 427,310 (148,498) 43,405 1,480,580 4,191,562 2,024,801 3,165,705 1,682,230 764,704 $ 1,592,529 $ 4,395,888 $ 2,499,252 $ 3,593,015 $ 1,533,732 $ 808,109 (Continued) H-14 MONROE COUNTY, FLORIDA COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES(CONTINUED) NONMAJOR GOVERNMENTAL FUNDS FOR THE YEAR ENDED SEPTEMBER 30,2020 SPECIAL Fire&Amb District#1, Impact Fees, Impact Fees, Impact Fees, Lower and Libraries Solid Waste Fire and EMS Middle Keys REVENUES: Taxes $ - $ - $ - $ 12,526,893 Licenses and Permits 16 - 10,257 - Intergovernmental - - - 136,822 Charges for Services - - - 573,013 Fines and Forfeitures - - - - Investment Income 25,779 2,317 3,049 173,762 Miscellaneous - 20,000 - 221,651 Total Revenues 25,795 22,317 13,306 13,632,141 EXPENDITURES: Current: General Government - - - - Public Safety - - - 11,859,298 Physical Environment - - - - Transportation - - - - Economic Environment - - - - Human Services - - - - Culture and Recreation - - - - Court Related - - - - Capital Projects - - - - Total Expenditures - - - 11,859,298 Excess/Deficiency of Revenues Over(Under)Expenditures 25,795 22,317 13,306 1,772,843 OTHER FINANCING SOURCES(USES): Transfers from Other Funds - - - 219,893 Transfers to Other Funds - - - (1,765,291) Issuance of Debt - - - - Total Other Financing Sources(Uses) - - - (1,545,398) Net Change in Fund Balances 25,795 22,317 13,306 227,445 Fund Balances-October 1 1,223,766 105,289 143,313 4,746,840 Fund Balances-September 30 $ 1,249,561 $ 127,606 $ 156,619 $ 4,974,285 H-15 REVENUE FUNDS Unincorporated Unincorporated Area Service Area Service Duck Key Local District, Dist, Planning Municipal Security Housing Boating Parks and Rec Bldg and Zoning Policing District Assistance Improvement $ 2,241,642 $ 487,925 $ 4,526,532 $ - $ - $ - - - - 112,499 - - 427,218 1,789,221 - - 350,000 52,849 86,940 3,280,517 4,079,543 - - 693,117 - 1,526,238 - - - - 27,541 194,347 41,168 7,993 53,329 66,658 48,088 900 - - 174,812 16,769 2,831,429 7,279,148 8,647,243 120,492 578,141 829,393 - 3,575,835 - 1,000 - - - 3,378,508 869,334 104,444 - - - 882,776 - - - 578,127 - - - - 891,764 - 2,193,632 - - - - - 2,193,632 7,837,119 869,334 105,444 891,764 578,127 637,797 (557,971) 7,777,909 15,048 (313,623) 251,266 39,415 - 1,045,049 462 - - (227,936) (1,439,320) (7,883,462) - - - (188,521) (1,439,320) (6,838,413) 462 - - 449,276 (1,997,291) 939,496 15,510 (313,623) 251,266 680,618 8,598,313 1,438,863 338,342 2,381,575 3,087,828 $ 1,129,894 $ 6,601,022 $ 2,378,359 $ 353,852 $ 2,067,952 $ 3,339,094 (Continued) H-16 MONROE COUNTY, FLORIDA COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES(CONTINUED) NONMAJOR GOVERNMENTAL FUNDS FOR THE YEAR ENDED SEPTEMBER 30,2020 SPECIAL Miscellaneous Court Drug Special Environmental Facility Abuse Revenue Restoration Fees Trust REVENUES: Taxes $ - $ - $ - $ - Licenses and Permits 37,206 - -Intergovernmental - - - - Charges for Services 406,782 - 425,143 34,604 Fines and Forfeitures 215,237 739,100 - - Investment Income 65,846 81,717 89,223 1,114 Miscellaneous 157,492 - - - Total Revenues 882,563 820,817 514,366 35,718 EXPENDITURES: Current: General Government - - - - Public Safety 237,106 - - - Physical Environment - 262,398 - - Transportation - - - - Economic Environment 252,454 - - - Human Services 103,227 - - 47,407 Culture and Recreation 4,520 - - - Court Related 263,180 - 175,732 - Capital Projects - - - - Total Expenditures 860,487 262,398 175,732 47,407 Excess/Deficiency of Revenues Over(Under)Expenditures 22,076 558,419 338,634 (11,689) OTHER FINANCING SOURCES(USES): Transfers from Other Funds - - - - Transfers to Other Funds (22,965) (25,000) - - Issuance of Debt - - - - Total Other Financing Sources(Uses) (22,965) (25,000) - - Net Change in Fund Balances (889) 533,419 338,634 (11,689) Fund Balances-October 1 3,135,487 3,811,442 4,243,146 62,294 Fund Balances-September 30 $ 3,134,598 $ 4,344,861 $ 4,581,780 $ 50,605 H-17 REVENUE FUNDS Marathon Middle Keys Bay Point Big Coppitt Key Largo Municipal Health Care Wastewater Wastewater Wastewater Service MSTU MSTU MSTU MSTU $ - $ 1,905,393 $ - $ - $ - 57 10,698 1,001 12 178 57 1,916,091 1,001 12 178 - 1,826,996 - - - - 1,826,996 - - - 57 89,095 1,001 12 178 - 33,231 - - - - 33,231 - - - 57 122,326 1,001 12 178 2,675 - 47,439 519 8,966 $ 2,732 $ 122,326 $ 48,440 $ 531 $ 9,144 (Continued) H-18 MONROE COUNTY, FLORIDA COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES(CONTINUED) NONMAJOR GOVERNMENTAL FUNDS FOR THE YEAR ENDED SEPTEMBER 30,2020 SPECIAL Stock Island Long Key, Wastewater Conch Key Layton Duck Key MTSU MSTU MSTU MSTU REVENUES: Taxes $ - $ - $ - $ - Licenses and Permits 120,910 - -Intergovernmental - - - - Charges for Services - - - - Fines and Forfeitures - - - - Investment Income 88,934 10 5,519 1,098 Miscellaneous 10,326 - - - Total Revenues 220,170 10 5,519 1,098 EXPENDITURES: Current: General Government - - - - Public Safety - - - - Physical Environment 4,680 - 1,110 1,651 Transportation - - - - Economic Environment - - - - Human Services - - - - Culture and Recreation - - - - Court Related - - - - Capital Projects - - - - Total Expenditures 4,680 - 1,110 1,651 Excess/Deficiency of Revenues Over(Under)Expenditures 215,490 10 4,409 (553) OTHER FINANCING SOURCES(USES): Transfers from Other Funds 924 - - - Transfers to Other Funds (2,000) - - - Issuance of Debt - - - - Total Other Financing Sources(Uses) (1,076) - - - Net Change in Fund Balances 214,414 10 4,409 (553) Fund Balances-October 1 831,876 499 261,587 49,739 Fund Balances-September 30 $ 1,046,290 $ 509 $ 265,996 $ 49,186 H-19 REVENUE FUNDS Sheriff's Sheriffs Sheriff's Canal#266 Building Teen Federal State MSBU Fund Court Forfeiture Forfeiture 33,735 5,078,674 - - - - - - 428,618 - - 111,581 44,643 - - - - - - 15,811 234 46,577 - 41,402 14,512 - 30,905 - - - 33,969 5,267,737 44,643 470,020 30,323 - 5,282,168 67,223 407,955 22,882 4,380 - - - - 4,380 5,282,168 67,223 407,955 22,882 29,589 (14,431) (22,580) 62,065 7,441 - 700,000 3,894 - - - (538,659) - - - - 161,341 3,894 - - 29,589 146,910 (18,686) 62,065 7,441 - 2,160,425 18,686 3,687,776 609,883 $ 29,589 $ 2,307,335 $ - $ 3,749,841 $ 617,324 (Continued) H-20 MONROE COUNTY, FLORIDA COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES(CONTINUED) NONMAJOR GOVERNMENTAL FUNDS FOR THE YEAR ENDED SEPTEMBER 30,2020 SPECIAL Sheriff's Sheriff's Sheriffs Contract Sheriffs Interagency Trauma Administrative Commissary Communications Star REVENUES: Taxes $ - $ - $ - $ - Licenses and Permits - - - - Intergovernmental 939,461 - - - Charges for Services 3,706,834 428,524 21,099 - Fines and Forfeitures - - - - Investment Income 9,285 11,600 3,115 - Miscellaneous - 27,771 9,475 - Total Revenues 4,655,580 467,895 33,689 - EXPENDITURES: Current: General Government - - - - Public Safety 4,611,814 416,309 412,038 4,328,855 Physical Environment - - - - Transportation - - - - Economic Environment - - - - Human Services - - - - Culture and Recreation - - - - Court Related - - - - Capital Projects - - - - Total Expenditures 4,611,814 416,309 412,038 4,328,855 Excess/Deficiency of Revenues Over(Under)Expenditures 43,766 51,586 (378,349) (4,328,855) OTHER FINANCING SOURCES(USES): Transfers from Other Funds 7,695 - 139,448 4,780,397 Transfers to Other Funds - - - (451,542) Issuance of Debt - - - - Total Other Financing Sources(Uses) 7,695 - 139,448 4,328,855 Net Change in Fund Balances 51,461 51,586 (238,901) - Fund Balances-October 1 1,239,898 1,005,583 398,371 - Fund Balances-September 30 $ 1,291,359 $ 1,057,169 $ 159,470 $ - H-21 REVENUE FUNDS Sheriffs Sheriffs Clerk's Clerk's Radio Sheriffs Shared Asset Sheriffs Records Court Communication Grants Forfeiture E911 Modernization Related - 3,163,309 - - - 1,130,926 70,637 - - 611,771 323,935 727,582 - - - - - 1,607,083 - - 336,161 14,774 22,977 14,538 - - - - - 51,468 70,637 3,163,309 336,161 626,545 346,912 3,531,597 805,659 641,431 112,343 680,583 - - - - - - 5,785 3,921,319 805,659 641,431 112,343 680,583 5,785 3,921,319 (735,022) 2,521,878 223,818 (54,038) 341,127 (389,722) 792,449 219,456 - - - 1,402,351 (57,427) - - - - (1,012,629) 735,022 219,456 - - - 389,722 - 2,741,334 223,818 (54,038) 341,127 - - (2,486,179) 4,935,472 1,383,291 2,473,025 - $ - $ 255,155 $ 5,159,290 $ 1,329,253 $ 2,814,152 $ - (Continued) H-22 MONROE COUNTY, FLORIDA COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES(CONTINUED) NONMAJOR GOVERNMENTAL FUNDS FOR THE YEAR ENDED SEPTEMBER 30,2020 CAPITAL Total Nonmajor Clerk's Infrastructure Big Coppitt Special Rev Revenue Revenue Bonds Wastewater Funds Note Series 2007 Project REVENUES: Taxes $ 56,079,748 $ - $ - $ - Licenses and Permits 5,529,002 - - 290,620 Intergovernmental 11,924,218 - - - Charges for Services 15,629,468 - - - Fines and Forfeitures 4,103,469 - - - Investment Income 2,740,146 2,737 1,809 55,254 Miscellaneous 850,821 - - 31,410 Total Revenues 96,856,872 2,737 1,809 377,284 EXPENDITURES: Current: General Government 3,576,835 - - - Public Safety 34,237,950 - - - Physical Environment 1,735,122 - - - Transportation 8,181,812 - - - Economic Environment 33,053,658 - - - Human Services 1,977,630 - - - Culture and Recreation 2,198,152 - - - Court Related 4,366,016 - - - Capital Projects - - - 20,866 Total Expenditures 89,327,175 - - 20,866 Excess/Deficiency of Revenues Over(Under)Expenditures 7,529,697 2,737 1,809 356,418 OTHER FINANCING SOURCES(USES): Transfers from Other Funds 9,681,437 - - 862,120 Transfers to Other Funds (14,210,144) (1,500,000) - (682,000) Issuance of Debt - 4,000,000 - - Total Other Financing Sources(Uses) (4,528,707) 2,500,000 - 180,120 Net Change in Fund Balances 3,000,990 2,502,737 1,809 536,538 Fund Balances-October 1 107,143,699 109,548 183,749 62,286 Fund Balances-September 30 $ 110,144,689 $ 2,612,285 $ 185,558 $ 598,824 (Continued) H-23 PROJECT FUNDS Total Duck Key Long Key Land Nonmajor Wastewater Wastewater Acquisition Governmental Project Project Fund Funds $ - $ - $ - $ 56,079,748 123,049 - - 5,942,671 - - 12,975 11,937,193 - - - 15,629,468 - - - 4,103,469 20,201 6,601 11,702 2,838,450 6,658 - 169,185 1,058,074 149,908 6,601 193,862 97,589,073 - - - 3,576,835 - - - 34,237,950 - - - 1,735,122 - - - 8,181,812 - - - 33,053,658 - - - 1,977,630 - - - 2,198,152 - - - 4,366,016 175 42,004 2,452,719 2,515,764 175 42,004 2,452,719 91,842,939 149,733 (35,403) (2,258,857) 5,746,134 162 - 1,250,000 11,793,719 - - - (16,392,144) - - - 4,000,000 162 - 1,250,000 (598,425) 149,895 (35,403) (1,008,857) 5,147,709 367,408 738,005 1,809,118 110,413,813 $ 517,303 $ 702,602 $ 800,261 $ 115,561,522 H-24 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL AFFORDABLE HOUSING PROGRAMS SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2020 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Investment Income $ 3,000 $ 3,000 $ 8,569 $ 5,569 Total Revenues 3,000 3,000 8,569 5,569 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 (287,000) (287,000) 8,569 295,569 Other Financing Sources (Uses): Reserve for Contingencies (11,000) (11,000) - 11,000 Reserve for Cash Balance (15,000) (15,000) - 15,000 Total Other Financing Sources (Uses) (26,000) (26,000) - 26,000 Net Change in Fund Balances (313,000) (313,000) 8,569 321,569 Fund Balances -October 1 313,000 313,000 406,803 93,803 Fund Balances - September 30 $ - $ - $ 415,372 $ 415,372 H-25 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES -BUDGET AND ACTUAL ROAD AND BRIDGE SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30,2020 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Taxes $ 2,612,000 $ 2,612,000 $ 2,295,662 $ (316,338) Intergovernmental 4,075,000 4,075,000 3,505,794 (569,206) Charges for Services 66,000 66,000 3,203 (62,797) Investment Income 70,000 70,000 299,056 229,056 Miscellaneous 22,700 22,700 81,164 58,464 Total Revenues 6,845,700 6,845,700 6,184,879 (660,821) EXPENDITURES: Current: Transportation: Road Department 4,808,718 4,568,307 4,014,122 554,185 County Engineer Road and Bridge 551,011 749,748 652,793 96,955 Street Lighting 183,808 183,808 150,177 33,631 Local Option Gas Tax Projects 362,583 362,583 287,821 74,762 80% Gas Tax 500,000 500,000 500,000 - Paving Backlog - 350,000 - 350,000 Roadway Projects 4,809,227 5,306,286 1,411,113 3,895,173 Sugarloaf Blvd Bridge 1,470,000 1,470,000 248,851 1,221,149 Sustainability Roads 911,750 911,750 624,777 286,973 Total Expenditures 13,597,097 14,402,482 7,889,654 6,512,828 Excess/Deficiency of Revenues Over(Under) Expenditures (6,751,397) (7,556,782) (1,704,775) 5,852,007 Other Financing Sources (Uses): Reserve for Contingencies (805,385) - - - Reserve for Cash Balance (657,268) (657,268) - 657,268 Transfers to Other Funds (408,919) (408,919) (408,919) - Total Other Financing Sources (Uses) (1,871,572) (1,066,187) (408,919) 657,268 Net Change in Fund Balances (8,622,969) (8,622,969) (2,113,694) 6,509,275 Fund Balances -October 1 8,622,969 8,622,969 12,683,255 4,060,286 Fund Balances -September 30 $ - $ - $ 10,569,561 $ 10,569,561 H-26 MONROE COUNTY, FLORIDA 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, 2020 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Taxes $ 5,981,062 $ 5,981,062 $ 5,223,576 $ (757,486) Investment Income - - 124,543 124,543 Total Revenues 5,981,062 5,981,062 5,348,119 (632,943) EXPENDITURES: Current: Economic Environment: Cultural Umbrella 962,469 962,469 644,533 317,936 Fishing Umbrella 847,000 847,000 750,918 96,082 Dive Umbrella 800,000 800,000 723,877 76,123 Operations - Events 3,219,871 3,219,871 2,147,785 1,072,086 Catastrophic Emergency 1,827,833 1,827,833 - 1,827,833 Special Projects 1,174,283 1,174,283 372,973 801,310 Total Expenditures 8,831,456 8,831,456 4,640,086 4,191,370 Excess/Deficiency of Revenues Over (Under) Expenditures (2,850,394) (2,850,394) 708,033 3,558,427 Other Financing Sources (Uses): Transfers to Other Funds (72,713) (72,713) (83,409) (10,696) Transfers from Other Funds - - 51,935 51,935 Total Other Financing Sources (Uses) (72,713) (72,713) (31,474) 41,239 Net Change in Fund Balances (2,923,107) (2,923,107) 676,559 3,599,666 Fund Balances -October 1 2,923,107 2,923,107 5,933,219 3,010,112 Fund Balances -September 30 $ - $ - $ 6,609,778 $ 6,609,778 H-27 MONROE COUNTY, FLORIDA 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, 2020 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Taxes $ 12,393,938 $ 12,393,938 $ 10,824,275 $ (1,569,663) Investment Income - - 207,858 207,858 Total Revenues 12,393,938 12,393,938 11,032,133 (1,361,805) EXPENDITURES: Current: Economic Environment: Advertising and Promotion 11,543,348 11,543,348 9,170,743 2,372,605 Administrative Services 1,399,869 1,399,869 665,429 734,440 Catastrophic Emergency 1,626,982 1,626,982 - 1,626,982 Special Projects 800,000 800,000 800,000 - Total Expenditures 15,370,199 15,370,199 10,636,172 4,734,027 Excess/Deficiency of Revenues Over (Under) Expenditures (2,976,261) (2,976,261) 395,961 3,372,222 Other Financing Sources (Uses): Transfers to Other Funds (114,278) (114,278) (136,443) (22,165) Transfers from Other Funds - - 96,451 96,451 Total Other Financing Sources (Uses) (114,278) (114,278) (39,992) 74,286 Net Change in Fund Balances (3,090,539) (3,090,539) 355,969 3,446,508 Fund Balances -October 1 3,090,539 3,090,539 9,201,425 6,110,886 Fund Balances -September 30 $ - $ - $ 9,557,394 $ 9,557,394 H-28 MONROE COUNTY, FLORIDA 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, 2020 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Taxes $ 9,975,788 $ 9,975,788 $ 7,732,273 $ (2,243,515) Investment Income - - 354,952 354,952 Total Revenues 9,975,788 9,975,788 8,087,225 (1,888,563) EXPENDITURES: Current: Economic Environment: Advertising and Promotion 4,893,949 4,893,949 4,552,435 341,514 Administrative Services 500,152 500,152 193,781 306,371 Special Events 719,398 719,398 221,210 498,188 Bricks and Mortar 11,622,166 11,622,166 3,934,904 7,687,262 Information Services 402,950 402,950 402,949 1 Beaches 314,000 314,000 - 314,000 Total Expenditures 18,452,615 18,452,615 9,305,279 9,147,336 Excess/Deficiency of Revenues Over (Under) Expenditures (8,476,827) (8,476,827) (1,218,054) 7,258,773 Other Financing Sources (Uses): Transfers to Other Funds (54,392) (54,392) (72,232) (17,840) Transfers from Other Funds - - 72,398 72,398 Total Other Financing Sources (Uses) (54,392) (54,392) 166 54,558 Net Change in Fund Balances (8,531,219) (8,531,219) (1,217,888) 7,313,331 Fund Balances -October 1 8,531,219 8,531,219 14,982,768 6,451,549 Fund Balances -September 30 $ - $ - $ 13,764,880 $ 13,764,880 H-29 MONROE COUNTY, FLORIDA 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, 2020 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Taxes $ 1,205,399 $ 1,205,399 $ 1,192,494 $ (12,905) Investment Income - - 33,179 33,179 Total Revenues 1,205,399 1,205,399 1,225,673 20,274 EXPENDITURES: Current: Economic Environment: Advertising and Promotion 869,683 869,683 803,004 66,679 Administrative Services 42,117 42,117 18,183 23,934 Special Events 10,960 10,960 - 10,960 Bricks and Mortar 864,810 864,810 194,011 670,799 Information Services 100,548 100,548 92,169 8,379 Total Expenditures 1,888,118 1,888,118 1,107,367 780,751 Excess/Deficiency of Revenues Over (Under) Expenditures (682,719) (682,719) 118,306 801,025 Other Financing Sources (Uses): Transfers to Other Funds (14,975) (14,975) (17,130) (2,155) Transfers from Other Funds - - 10,773 10,773 Total Other Financing Sources (Uses) (14,975) (14,975) (6,357) 8,618 Net Change in Fund Balances (697,694) (697,694) 111,949 809,643 Fund Balances -October 1 697,694 697,694 1,480,580 782,886 Fund Balances -September 30 $ - $ - $ 1,592,529 $ 1,592,529 H-30 MONROE COUNTY, FLORIDA 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, 2020 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Taxes $ 2,868,338 $ 2,868,338 $ 2,932,163 $ 63,825 Investment Income - - 87,712 87,712 Total Revenues 2,868,338 2,868,338 3,019,875 151,537 EXPENDITURES: Current: Economic Environment: Advertising and Promotion 1,231,172 1,231,172 1,151,144 80,028 Administrative Services 144,157 144,157 38,833 105,324 Special Events 66,000 66,000 63,256 2,744 Bricks and Mortar 3,627,098 3,627,098 1,394,124 2,232,974 Information Services 176,400 176,400 176,400 - Total Expenditures 5,244,827 5,244,827 2,823,757 2,421,070 Excess/Deficiency of Revenues Over (Under) Expenditures (2,376,489) (2,376,489) 196,118 2,572,607 Other Financing Sources (Uses): Transfers to Other Funds (13,595) (13,595) (18,724) (5,129) Transfers from Other Funds - - 26,932 26,932 Total Other Financing Sources (Uses) (13,595) (13,595) 8,208 21,803 Net Change in Fund Balances (2,390,084) (2,390,084) 204,326 2,594,410 Fund Balances -October 1 2,390,084 2,390,084 4,191,562 1,801,478 Fund Balances -September 30 $ - $ - $ 4,395,888 $ 4,395,888 H-31 MONROE COUNTY, FLORIDA 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, 2020 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Taxes $ 1,929,375 $ 1,929,375 $ 1,739,244 $ (190,131) Investment Income - - 47,694 47,694 Total Revenues 1,929,375 1,929,375 1,786,938 (142,437) EXPENDITURES: Current: Economic Environment: Advertising and Promotion 968,359 968,359 942,226 26,133 Administrative Services 55,623 55,623 22,407 33,216 Special Events 40,719 40,719 - 40,719 Bricks and Mortar 1,044,369 1,044,369 182,319 862,050 Information Services 165,375 165,375 165,375 - Total Expenditures 2,274,445 2,274,445 1,312,327 962,118 Excess/Deficiency of Revenues Over (Under) Expenditures (345,070) (345,070) 474,611 819,681 Other Financing Sources (Uses): Transfers to Other Funds (13,002) (13,002) (16,453) (3,451) Transfers from Other Funds - - 16,293 16,293 Total Other Financing Sources (Uses) (13,002) (13,002) (160) 12,842 Net Change in Fund Balances (358,072) (358,072) 474,451 832,523 Fund Balances -October 1 358,072 358,072 2,024,801 1,666,729 Fund Balances -September 30 $ - $ - $ 2,499,252 $ 2,499,252 H-32 MONROE COUNTY, FLORIDA 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, 2020 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Taxes $ 2,396,100 $ 2,396,100 $ 2,451,676 $ 55,576 Investment Income - - 68,698 68,698 Total Revenues 2,396,100 2,396,100 2,520,374 124,274 EXPENDITURES: Current: Economic Environment: Advertising and Promotion 1,849,717 1,849,717 1,628,418 221,299 Administrative Services 97,565 97,565 41,411 56,154 Information Services 156,555 156,555 156,555 - Special Events 76,640 76,640 60,000 16,640 Bricks and Mortar 1,922,641 1,922,641 198,068 1,724,573 Total Expenditures 4,103,118 4,103,118 2,084,452 2,018,666 Excess/Deficiency of Revenues Over (Under) Expenditures (1,707,018) (1,707,018) 435,922 2,142,940 Other Financing Sources (Uses): Transfers to Other Funds (26,318) (26,318) (30,603) (4,285) Transfers from Other Funds - - 21,991 21,991 Total Other Financing Sources (Uses) (26,318) (26,318) (8,612) 17,706 Net Change in Fund Balances (1,733,336) (1,733,336) 427,310 2,160,646 Fund Balances -October 1 1,733,336 1,733,336 3,165,705 1,432,369 Fund Balances -September 30 $ - $ - $ 3,593,015 $ 3,593,015 H-33 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL IMPACT FEES - ROADWAYS SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2020 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Licenses and Permits $ 106,000 $ 106,000 $ 108,505 $ 2,505 Investment Income 10,525 10,525 35,155 24,630 Total Revenues 116,525 116,525 143,660 27,135 EXPENDITURES: Current: Transportation: Roadway Projects 381,213 254,055 - 254,055 Truman Bridge Ped Bridge 929,520 790,630 - 790,630 Bike Lanes/Shared Use Path - 127,158 14,378 112,780 Bimini Drive Bridge 138,890 277,780 277,780 - Key Colony Beach Road Project 35,233 35,233 - 35,233 Total Expenditures 1,484,856 1,484,856 292,158 1,192,698 Excess/Deficiency of Revenues Over (Under) Expenditures (1,368,331) (1,368,331) (148,498) 1,219,833 Net Change in Fund Balances (1,368,331) (1,368,331) (148,498) 1,219,833 Fund Balances -October 1 1,368,331 1,368,331 1,682,230 313,899 Fund Balances -September 30 $ - $ - $ 1,533,732 $ 1,533,732 H-34 MONROE COUNTY, FLORIDA 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, 2020 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Licenses and Permits $ 41,200 $ 41,200 $ 27,200 $ (14,000) Investment Income 1,200 1,200 16,205 15,005 Total Revenues 42,400 42,400 43,405 1,005 EXPENDITURES: Current: Culture and Recreation: District 1 Projects 183,585 183,585 - 183,585 District 2 Projects 254,245 254,245 - 254,245 District 3 Projects 194,820 194,820 - 194,820 Total Expenditures 632,650 632,650 - 632,650 Excess/Deficiency of Revenues Over (Under) Expenditures (590,250) (590,250) 43,405 633,655 Net Change in Fund Balances (590,250) (590,250) 43,405 633,655 Fund Balances -October 1 590,250 590,250 764,704 174,454 Fund Balances -September 30 $ - $ - $ 808,109 $ 808,109 H-35 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL IMPACT FEES - LIBRARIES SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2020 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Licenses and Permits $ - $ - $ 16 $ 16 Investment Income 2,700 2,700 25,779 23,079 Total Revenues 2,700 2,700 25,795 23,095 EXPENDITURES: Current: Culture and Recreation: County-wide Library Projects 1,207,190 1,207,190 - 1,207,190 Library Automation 25,000 25,000 - 25,000 Total Expenditures 1,232,190 1,232,190 - 1,232,190 Excess/Deficiency of Revenues Over (Under) Expenditures (1,229,490) (1,229,490) 25,795 1,255,285 Net Change in Fund Balances (1,229,490) (1,229,490) 25,795 1,255,285 Fund Balances -October 1 1,229,490 1,229,490 1,223,766 (5,724) Fund Balances -September 30 $ - $ - $ 1,249,561 $ 1,249,561 H-36 MONROE COUNTY, FLORIDA 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, 2020 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Investment Income $ 300 $ 300 $ 2,317 $ 2,017 Investment Income - - 20,000 20,000 Total Revenues 300 300 22,317 22,017 EXPENDITURES: Current: Physical Environment: County-wide Solid Waste Projects 104,263 104,263 - 104,263 Total Expenditures 104,263 104,263 - 104,263 Excess/Deficiency of Revenues Over (Under) Expenditures (103,963) (103,963) 22,317 126,280 Net Change in Fund Balances (103,963) (103,963) 22,317 126,280 Fund Balances -October 1 103,963 103,963 105,289 1,326 Fund Balances -September 30 $ - $ - $ 127,606 $ 127,606 H-37 MONROE COUNTY, FLORIDA 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, 2020 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Licenses and Permits $ 15,700 $ 15,700 $ 10,257 $ (5,443) Investment Income 130 130 3,049 2,919 Total Revenues 15,830 15,830 13,306 (2,524) EXPENDITURES: Current: Public Safety: District 1 Fire & EMS Project 61,820 61,820 - 61,820 District 2 Fire & EMS Project 4,295 4,295 - 4,295 District 3 Fire & EMS Project 73,474 73,474 - 73,474 Key Colony Beach Fire & EMS 1,278 1,278 - 1,278 Total Expenditures 140,867 140,867 - 140,867 Excess/Deficiency of Revenues Over (Under) Expenditures (125,037) (125,037) 13,306 138,343 Net Change in Fund Balances (125,037) (125,037) 13,306 138,343 Fund Balances -October 1 125,037 125,037 143,313 18,276 Fund Balances -September 30 $ - $ - $ 156,619 $ 156,619 H-38 MONROE COUNTY, FLORIDA 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, 2020 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Taxes $ 12,896,701 $ 12,896,701 $ 12,526,893 $ (369,808) Intergovernmental 38,000 38,000 136,822 98,822 Charges for Services 650,000 650,000 573,013 (76,987) Investment Income 83,000 83,000 173,762 90,762 Miscellaneous - - 221,651 221,651 Total Revenues 13,667,701 13,667,701 13,632,141 (35,560) EXPENDITURES: Current: Public Safety: Fire Rescue - Central 12,340,121 12,122,609 11,859,298 263,311 Total Public Safety 12,340,121 12,122,609 11,859,298 263,311 Excess/Deficiency of Revenues Over (Under) Expenditures 1,327,580 1,545,092 1,772,843 227,751 Other Financing Sources (Uses): Reserve for Contingencies (675,925) (895,730) - 895,730 Reserve for Cash Balance (1,075,640) (1,075,640) - 1,075,640 Transfers to Other Funds (1,789,958) (1,787,665) (1,765,291) 22,374 Transfers from Other Funds 180,000 180,000 219,893 39,893 Total Other Financing Sources (Uses) (3,361,523) (3,579,035) (1,545,398) 2,033,637 Net Change in Fund Balances (2,033,943) (2,033,943) 227,445 2,261,388 Fund Balances -October 1 2,033,943 2,033,943 4,746,840 2,712,897 Fund Balances - September 30 $ - $ - $ 4,974,285 $ 4,974,285 H-39 MONROE COUNTY, FLORIDA 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, 2020 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Taxes $ 2,303,018 $ 2,303,018 $ 2,241,642 $ (61,376) Intergovernmental 500,000 500,000 427,218 (72,782) Charges for Services - - 86,940 86,940 Investment Income 6,000 6,000 27,541 21,541 Miscellaneous 55,000 55,000 48,088 (6,912) Total Revenues 2,864,018 2,864,018 2,831,429 (32,589) EXPENDITURES: Current: Culture and Recreation: Parks and Beaches Unincorporated 2,612,192 2,354,832 1,981,632 373,200 Jacob's Aquatic Center 180,000 180,000 180,000 - School Board Interlocal 32,000 32,000 32,000 - Total Expenditures 2,824,192 2,566,832 2,193,632 373,200 Excess/Deficiency of Revenues Over (Under) Expenditures 39,826 297,186 637,797 340,611 Other Financing Sources (Uses): Reserve for Contingencies (112,916) (370,276) - 370,276 Reserve for Cash Balance (127,453) (127,453) - 127,453 Transfers to Other Funds (400,717) (400,717) (227,936) 172,781 Transfers from Other Funds - - 39,415 39,415 Total Other Financing Sources (Uses) (641,086) (898,446) (188,521) 709,925 Net Change in Fund Balances (601,260) (601,260) 449,276 1,050,536 Fund Balances -October 1 601,260 601,260 680,618 79,358 Fund Balances -September 30 $ - $ - $ 1,129,894 $ 1,129,894 H-40 MONROE COUNTY, FLORIDA 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, 2020 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Taxes $ 630,000 $ 630,000 $ 487,925 $ (142,075) Intergovernmental 2,042,307 2,042,307 1,789,221 (253,086) Charges for Services 3,230,000 3,230,000 3,280,517 50,517 Fines and Forfeitures 2,185,000 2,185,000 1,526,238 (658,762) Investment Income 25,000 25,000 194,347 169,347 Miscellaneous - - 900 900 Total Revenues 8,112,307 8,112,307 7,279,148 (833,159) Expenditures: Current: General Government: Affordable Housing 125,537 209,753 206,632 3,121 Planning Department 2,862,668 2,815,378 2,583,704 231,674 Planning Commission 88,409 83,409 83,306 103 Planning Legal 876,860 879,152 687,439 191,713 Planning Building Refunds 20,000 20,000 14,754 5,246 Total General Government 3,973,474 4,007,692 3,575,835 431,857 Public Safety: Code Enforcement 2,281,778 1,909,223 1,588,061 321,162 Fire and Rescue Coordinator 1,276,421 1,181,779 1,159,338 22,441 Fire Marshall 794,857 641,128 631,109 10,019 Total Public Safety 4,353,056 3,732,130 3,378,508 353,622 Physical Environment: Environmental Resources 1,097,514 1,076,945 882,776 194,169 Total Physical Environment 1,097,514 1,076,945 882,776 194,169 Total Expenditures 9,424,044 8,816,767 7,837,119 979,648 Excess/Deficiency of Revenues Over (Under) Expenditures (1,311,737) (704,460) (557,971) 146,489 (Continued) H-41 MONROE COUNTY, FLORIDA 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, 2020 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) Other Financing Sources (Uses): Reserve for Contingencies (427,195) (997,131) - 997,131 Reserve for Cash Balance (1,125,512) (1,125,512) - 1,125,512 Transfers to Other Funds (1,443,885) (1,481,226) (1,439,320) 41,906 Transfers from Other Funds 10,000 10,000 - (10,000) Total Other Financing Sources (Uses) (2,986,592) (3,593,869) (1,439,320) 2,154,549 Net Change in Fund Balances (4,298,329) (4,298,329) (1,997,291) 2,301,038 Fund Balances -October 1 4,298,329 4,298,329 8,598,313 4,299,984 Fund Balances -September 30 $ - $ - $ 6,601,022 $ 6,601,022 H-42 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL MUNICIPAL POLICING SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2020 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Taxes $ 4,656,331 $ 4,656,331 $ 4,526,532 $ (129,799) Charges for Services 4,004,688 4,034,118 4,079,543 45,425 Investment Income 13,000 13,000 41,168 28,168 Total Revenues 8,674,019 8,703,449 8,647,243 (56,206) EXPENDITURES: Current: Public Safety: Insurance Unincorporated and Layton 617,731 529,544 485,331 44,213 Insurance Islamorada 255,049 219,774 202,089 17,685 Insurance Marathon 231,564 198,494 181,914 16,580 Total Expenditures 1,104,344 947,812 869,334 78,478 Excess/Deficiency of Revenues Over (Under) Expenditures 7,569,675 7,755,637 7,777,909 22,272 Other Financing Sources (Uses): Reserve for Contingencies (162,841) (319,696) - 319,696 Reserve for Cash Balance (944,105) (944,105) - 944,105 Transfers to Other Funds (7,861,924) (7,891,031) (6,838,413) 1,052,618 Transfers from Other Funds 355,000 355,000 - (355,000) Total Other Financing Sources (Uses) (8,613,870) (8,799,832) (6,838,413) 1,961,419 Net Change in Fund Balances (1,044,195) (1,044,195) 939,496 1,983,691 Fund Balances -October 1 1,044,195 1,044,195 1,438,863 394,668 Fund Balances -September 30 $ - $ - $ 2,378,359 $ 2,378,359 H-43 MONROE COUNTY, FLORIDA 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, 2020 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Licenses and Permits $ 117,566 $ 117,566 $ 112,499 $ (5,067) Investment Income 4,500 4,500 7,993 3,493 Total Revenues 122,066 122,066 120,492 (1,574) EXPENDITURES: Current: Public Safety: Island Security 265,000 265,000 105,444 159,556 Total Expenditures 265,000 265,000 105,444 159,556 Excess/Deficiency of Revenues Over (Under) Expenditures (142,934) (142,934) 15,048 157,982 Other Financing Sources (Uses): Reserve for Contingencies (35,000) (35,000) - 35,000 Reserve for Cash Balance (70,000) (70,000) - 70,000 Transfers to Other Funds (2,500) (2,500) - 2,500 Transfers from Other Funds - - 462 462 Total Other Financing Sources (Uses) (107,500) (107,500) 462 107,962 Net Change in Fund Balances (250,434) (250,434) 15,510 265,944 Fund Balances -October 1 250,434 250,434 338,342 87,908 Fund Balances -September 30 $ - $ - $ 353,852 $ 353,852 H-44 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL LOCAL HOUSING ASSISTANCE FOR THE YEAR ENDED SEPTEMBER 30, 2020 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 53,329 48,329 Miscellaneous 180,000 180,000 174,812 (5,188) Total Revenues 660,000 660,000 578,141 (81,859) EXPENDITURES: Current: Economic Environment: Homeowner Assistance 2,115,618 2,115,618 233,661 1,881,957 Disaster Recovery & Mitigation 1,046,311 1,046,311 658,103 388,208 Total Expenditures 3,161,929 3,161,929 891,764 2,270,165 Excess/Deficiency of Revenues Over (Under) Expenditures (2,501,929) (2,501,929) (313,623) 2,188,306 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 (2,531,929) (2,531,929) (313,623) 2,218,306 Fund Balances -October 1 2,531,929 2,531,929 2,381,575 (150,354) Fund Balances -September 30 $ - $ - $ 2,067,952 $ 2,067,952 H-45 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL BOATING IMPROVEMENT SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2020 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Charges for Services $ 755,000 $ 755,000 $ 693,117 $ (61,883) Intergovernmental - 52,849 52,849 - Investment Income 30,000 30,000 66,658 36,658 Miscellaneous - - 16,769 16,769 Total Revenues 785,000 837,849 829,393 (8,456) EXPENDITURES: Current: Physical Environment: Boating Improvement 1,427,314 1,480,163 258,193 1,221,970 Boating Imp Fees/Retained Vessel 488,088 488,088 319,934 168,154 Total Expenditures 1,915,402 1,968,251 578,127 1,390,124 Excess/Deficiency of Revenues Over (Under) Expenditures (1,130,402) (1,130,402) 251,266 1,381,668 Other Financing Sources (Uses): Reserve for Contingencies (200,075) (200,075) - 200,075 Reserve for Cash Balance (350,000) (350,000) - 350,000 Total Other Financing Sources (Uses) (550,075) (550,075) - 550,075 Net Change in Fund Balances (1,680,477) (1,680,477) 251,266 1,931,743 Fund Balances -October 1 1,680,477 1,680,477 3,087,828 1,407,351 Fund Balances -September 30 $ - $ - $ 3,339,094 $ 3,339,094 H-46 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL MISCELLANEOUS SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2020 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Licenses and Permits $ - $ 37,205 $ 37,206 $ 1 Charges for Services - 363,884 406,782 42,898 Fines and Forfeitures - 75,644 215,237 139,593 Investment Income - - 65,846 65,846 Miscellaneous - 126,360 157,492 31,132 Total Revenues - 603,093 882,563 279,470 EXPENDITURES: Current: General Government: Conservation Land Purchase 50,000 50,000 - 50,000 Total General Government 50,000 50,000 - 50,000 Public Safety: Education-Building Department 88,400 124,753 45,023 79,730 Environmental Resource Education 70,000 70,742 52,515 18,227 Fire and Rescue Bldg Education 5,000 5,110 - 51110 Crime Prevention Program 507000 507000 1397568 (897568) Total Public Safety 2137400 2507605 2377106 137499 Economic Environment: Climate Leadership Summit 1007000 3227360 2527454 697906 Total Culture and Recreation 1007000 3227360 2527454 697906 Human Services: FL Keys Council for the Handicapped 37000 37000 1 27999 Bayshore Donations 17557 17557 275 17282 Traffic Education, Ord 021-2002 507000 1217972 757798 467174 Legal Aid - 277153 277153 - Total Human Services 547557 1537682 1037227 507455 Culture and Recreation: Settler's Park Landscaping 27633 27633 - 27633 Library Special Programs 307000 647044 47520 597524 Library Donation-Golan Trust 2507000 2917537 - 2917537 Total Culture and Recreation 2827633 3587214 47520 3537694 (Continued) H-47 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL (CONTINUED) MISCELLANEOUS SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2020 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) Court Related: Ord 016-2004 St Court Sup 33,600 60,753 49,993 10,760 SA Ct Tech FS28.24(12)(E) 335,000 411,582 101,516 310,066 PD Ct Tech FS28.24(12)(E) 100,000 151,055 48,871 102,184 J Ct Tech FS28.24(12)(E) 50,488 178,123 62,800 115,323 Total Court Related 519,088 801,513 263,180 538,333 Total Expenditures 1,219,678 1,936,374 860,487 1,005,981 Excess/Deficiency of Revenues Over (Under) Expenditures (1,219,678) (1,333,281) 22,076 1,285,451 Other Financing Sources (Uses): Reserve for Contingencies (1,031,176) (863,267) - 863,267 Transfers to Other Funds (140,000) (194,306) (22,965) 171,341 Total Other Financing Sources (Uses) (1,171,176) (1,057,573) (22,965) 1,034,608 Net Change in Fund Balances (2,390,854) (2,390,854) (889) 2,389,965 Fund Balances -October 1 2,390,854 2,390,854 3,135,487 744,633 Fund Balances -September 30 $ - $ - $ 3,134,598 $ 3,134,598 H-48 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL ENVIRONMENTAL RESTORATION SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2020 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Fines and Forfeitures $ 600,000 $ 600,000 $ 739,100 $ 139,100 Investment Income 15,000 15,000 81,717 66,717 Total Revenues 615,000 615,000 820,817 205,817 EXPENDITURES: Current: Physical Environment: Environmental Restoration 480,198 480,198 262,398 217,800 Total Environmental Restoration 480,198 480,198 262,398 217,800 Culture and Recreation: Settler's Park 9,083 9,083 - 9,083 Total Culture and Recreation 9,083 9,083 - 9,083 Total Expenditures 489,281 489,281 262,398 226,883 Excess/Deficiency of Revenues Over (Under) Expenditures 125,719 125,719 558,419 432,700 Other Financing Sources (Uses): Reserve for Contingencies (60,158) (35,158) - 35,158 Reserve for Cash Balance (112,000) (112,000) - 112,000 Transfers to Other Funds - (25,000) (25,000) - Total Other Financing Sources (Uses) (172,158) (172,158) (25,000) 147,158 Net Change in Fund Balances (467439) (467439) 5337419 5797858 Fund Balances -October 1 467439 467439 378117442 377657003 Fund Balances -September 30 $ - $ - $ 473447861 $ 473447861 H-49 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL COURT FACILITY FEES SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2020 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Charges for Services $ 450,000 $ 450,000 $ 425,143 $ (24,857) Investment Income 35,000 35,000 89,223 54,223 Total Revenues 485,000 485,000 514,366 29,366 EXPENDITURES: Current: Court Related: Court Facility 409,188 409,188 175,732 233,456 Total Expenditures 409,188 409,188 175,732 233,456 Excess/Deficiency of Revenues Over (Under) Expenditures 75,812 75,812 338,634 262,822 Other Financing Sources (Uses): Reserve for Contingencies (33,000) (33,000) - 33,000 Reserve for Cash Balance (46,897) (46,897) - 46,897 Total Other Financing Sources (Uses) (79,897) (79,897) - 79,897 Net Change in Fund Balances (4,085) (4,085) 338,634 342,719 Fund Balances -October 1 4,085 4,085 4,243,146 4,239,061 Fund Balances -September 30 $ - $ - $ 4,581,780 $ 4,581,780 H-50 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL DRUG ABUSE TRUST SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2020 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Charges for Services $ 30,000 $ 30,000 $ 34,604 $ 4,604 Investment Income 500 500 1,114 614 Total Revenues 30,500 30,500 35,718 5,218 EXPENDITURES: Current: Human Services: Drug Abuse Trust Fund 55,000 55,000 47,407 7,593 Total Expenditures 55,000 55,000 47,407 7,593 Excess/Deficiency of Revenues Over (Under) Expenditures (24,500) (24,500) (11,689) 12,811 Other Financing Sources (Uses): Reserve for Contingencies (14,025) (14,025) - 14,025 Total Other Financing Sources (Uses) (14,025) (14,025) - 14,025 Net Change in Fund Balances (38,525) (38,525) (11,689) 26,836 Fund Balances -October 1 38,525 38,525 62,294 23,769 Fund Balances -September 30 $ - $ - $ 50,605 $ 50,605 H-51 MONROE COUNTY, FLORIDA 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, 2020 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Investment Income $ - $ - $ 57 $ 57 Total Revenues - - 57 57 EXPENDITURES: Current: Physical Environment: Marathon Wastewater 2,000 2,000 - 2,000 Total Expenditures 2,000 2,000 - 2,000 Excess/Deficiency of Revenues Over (Under) Expenditures (2,000) (2,000) 57 2,057 Other Financing Sources (Uses): Transfers to Other Funds (300) (300) - 300 Reserve for Contingencies (269) (269) - 269 Total Other Financing Sources (Uses) (569) (569) - 569 Net Change in Fund Balances (2,569) (2,569) 57 2,626 Fund Balances -October 1 2,569 2,569 2,675 106 Fund Balances -September 30 $ - $ - $ 2,732 $ 2,732 H-52 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL MIDDLE KEYS HEALTH CARE MUNICIPAL SERVICE TAXING UNIT FOR THE YEAR ENDED SEPTEMBER 30, 2020 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Taxes $ 1,961,722 $ 1,961,722 $ 1,905,393 $ (56,329) Investment Income - - 10,698 10,698 Total Revenues 1,961,722 1,961,722 1,916,091 (45,631) EXPENDITURES: Current: Human Services: Middle Keys Health Care 1,803,636 1,818,636 1,826,996 (8,360) Total Expenditures 1,803,636 1,818,636 1,826,996 (8,360) Excess/Deficiency of Revenues Over (Under) Expenditures 158,086 143,086 89,095 (53,991) Other Financing Sources (Uses): Reserve for Contingencies - (10,149) - 10,149 Transfers to Other Funds (60,000) (34,851) - 34,851 Transfers from Other Funds - - 33,231 33,231 Total Other Financing Sources (Uses) (60,000) (45,000) 33,231 78,231 Net Change in Fund Balances 98,086 98,086 122,326 24,240 Fund Balances -October 1 (98,086) (98,086) - 98,086 Fund Balances -September 30 $ - $ - $ 122,326 $ 122,326 H-53 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL BAY POINT WASTEWATER MUNICIPAL SERVICE TAXING UNIT SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2020 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Investment Income $ - $ - $ 1,001 $ 1,001 Total Revenues - - 1,001 1,001 EXPENDITURES: Current: Physical Environment: Bay Point Wastewater 41,688 41,688 - 41,688 Total Expenditures 41,688 41,688 - 41,688 Excess/Deficiency of Revenues Over (Under) Expenditures (41,688) (41,688) 1,001 42,689 Other Financing Sources (Uses): Reserve for Contingencies (1,900) (1,900) - 1,900 Total Other Financing Sources (Uses) (1,900) (1,900) - 1,900 Net Change in Fund Balances (43,588) (43,588) 1,001 44,589 Fund Balances -October 1 43,588 43,588 47,439 3,851 Fund Balances -September 30 $ - $ - $ 48,440 $ 48,440 H-54 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL BIG COPPITT WASTEWATER MUNICIPAL SERVICE TAXING UNIT SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2020 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Investment Income $ - $ - $ 12 $ 12 Total Revenues - - 12 12 EXPENDITURES: Current: Physical Environment: Big Coppitt Wastewater 407 407 - 407 Total Expenditures 407 407 - 407 Excess/Deficiency of Revenues Over (Under) Expenditures (407) (407) 12 419 Other Financing Sources (Uses): Reserve for Contingencies (100) (100) - 100 Total Other Financing Sources (Uses) (100) (100) - 100 Net Change in Fund Balances (507) (507) 12 519 Fund Balances -October 1 507 507 519 12 Fund Balances -September 30 $ - $ - $ 531 $ 531 H-55 MONROE COUNTY, FLORIDA 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, 2020 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Taxes $ - $ - $ - $ - Investment Income - - 178 178 Total Revenues - - 178 178 EXPENDITURES: Current: Physical Environment: Key Largo Wastewater 7,245 7,245 - 7,245 Total Expenditures 7,245 7,245 - 7,245 Excess/Deficiency of Revenues Over (Under) Expenditures (7,245) (7,245) 178 7,423 Other Financing Sources (Uses): Reserve for Contingencies (500) (500) - 500 Total Other Financing Sources (Uses) (500) (500) - 500 Net Change in Fund Balances (7,745) (7,745) 178 7,923 Fund Balances -October 1 7,745 7,745 8,966 1,221 Fund Balances -September 30 $ - $ - $ 9,144 $ 9,144 H-56 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL STOCK ISLAND WASTEWATER MUNICIPAL SERVICE TAXING UNIT SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2020 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Licenses and Permits $ 140,000 $ 140,000 $ 120,910 $ (19,090) Investment Income 11,200 11,200 88,934 77,734 Miscellaneous Income - - 10,326 10,326 Total Revenues 151,200 151,200 220,170 68,970 EXPENDITURES: Current: Physical Environment: Stock Island Wastewater 672,634 672,634 4,680 667,954 Total Expenditures 672,634 672,634 4,680 667,954 Excess/Deficiency of Revenues Over (Under) Expenditures (521,434) (521,434) 215,490 736,924 Other Financing Sources (Uses): Reserve for Contingencies (30,000) (30,000) - 30,000 Reserve for Cash Balance (50,000) (50,000) - 50,000 Transfers to Other Funds (5,000) (5,000) (2,000) 3,000 Transfers from Other Funds 400 400 924 524 Total Other Financing Sources (Uses) (84,600) (84,600) (1,076) 83,524 Net Change in Fund Balances (606,034) (606,034) 214,414 820,448 Fund Balances -October 1 606,034 606,034 831,876 225,842 Fund Balances -September 30 $ - $ - $ 1,046,290 $ 1,046,290 H-57 MONROE COUNTY, FLORIDA 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, 2020 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Investment Income $ - $ - $ 10 $ 10 Total Revenues - - 10 10 EXPENDITURES: Current: Physical Environment: Conch Key MSTU 400 400 - 400 Total Expenditures 400 400 - 400 Excess/Deficiency of Revenues Over (Under) Expenditures (400) (400) 10 410 Other Financing Sources/(Uses): Reserve for Contingencies (100) (100) - 100 Total Other Financing Sources/(Uses) (100) (100) - 100 Net Change in Fund Balances (500) (500) 10 510 Fund Balances -October 1 500 500 499 (1) Fund Balances -September 30 $ - $ - $ 509 $ 509 H-58 MONROE COUNTY, FLORIDA 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, 2020 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Licenses and Permits $ - $ - $ - $ - Investment Income - - 5,519 5,519 Total Revenues - - 5,519 5,519 EXPENDITURES: Current: Physical Environment: Long Key-Layton Wastewater 202,105 202,105 1,110 200,995 Total Expenditures 202,105 202,105 1,110 200,995 Excess/Deficiency of Revenues Over (Under) Expenditures (202,105) (202,105) 4,409 206,514 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 (252,554) (252,554) 4,409 256,963 Fund Balances -October 1 252,554 252,554 261,587 9,033 Fund Balances -September 30 $ - $ - $ 265,996 $ 265,996 H-59 MONROE COUNTY, FLORIDA 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, 2020 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Investment Income $ - $ - $ 1,098 $ 1,098 Total Revenues - - 1,098 1,098 EXPENDITURES: Current: Physical Environment: Duck Key Wastewater 45,563 45,563 1,651 43,912 Total Expenditures 45,563 45,563 1,651 43,912 Excess/Deficiency of Revenues Over (Under) Expenditures (45,563) (45,563) (553) 45,010 Other Financing Sources (Uses): Reserve for Contingencies (13,200) (13,200) - 13,200 Total Other Financing Sources (Uses) (13,200) (13,200) - 13,200 Net Change in Fund Balances (58,763) (58,763) (553) 58,210 Fund Balances -October 1 58,763 58,763 49,739 (9,024) Fund Balances -September 30 $ - $ - $ 49,186 $ 49,186 H-60 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL CANAL#266 MUNICIPAL SERVICE BUSINESS UNIT FOR THE YEAR ENDED SEPTEMBER 30, 2020 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Licenses and Permits $ 34,943 $ 34,943 $ 33,735 $ (1,208) Investment Income - - 234 234 Total Revenues 34,943 34,943 33,969 (974) EXPENDITURES: Current: Physical Environment: Canal #266 32,147 32,147 4,380 27,767 Total Expenditures 32,147 32,147 4,380 27,767 Excess/Deficiency of Revenues Over (Under) Expenditures 2,796 2,796 29,589 26,793 Other Financing Sources (Uses): Transfers to Other Funds (1,049) (1,049) - 1,049 Total Other Financing Sources (Uses) (1,049) (1,049) - 1,049 Net Change in Fund Balances 1,747 1,747 29,589 27,842 Fund Balances -October 1 (1,747) (1,747) - 1,747 Fund Balances -September 30 $ - $ - $ 29,589 $ 29,589 H-61 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL BUILDING FUND FOR THE YEAR ENDED SEPTEMBER 30, 2020 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Licenses and Permits $ 5,900,000 $ 5,900,000 $ 5,078,674 $ (821,326) Charges for Services 120,000 120,000 111,581 (8,419) Investment Income 20,000 20,000 46,577 26,577 Miscellaneous 30,000 30,000 30,905 905 Total Revenues 6,070,000 6,070,000 5,267,737 (802,263) EXPENDITURES: Current: Public Safety Building Department 5,941,434 5,941,434 5,133,424 808,010 Building Department Legal 68,172 75,172 74,235 937 Building Refunds 30,000 80,000 74,509 5,491 Total Expenditures 6,039,606 6,096,606 5,282,168 814,438 Excess/Deficiency of Revenues Over (Under) Expenditures 30,394 (26,606) (14,431) 12,175 Other Financing Sources (Uses): Reserve for Contingencies (154,127) (97,127) - 97,127 Reserve for Cash Balance (271,516) (271,516) - 271,516 Transfer From Other Funds - - 700,000 700,000 Transfer to Other Funds (538,659) (538,659) (538,659) - Total Other Financing Sources (Uses) (964,302) (907,302) 161,341 1,068,643 Net Change in Fund Balances (933,908) (933,908) 146,910 1,080,818 Fund Balances -October 1 933,908 933,908 2,160,425 1,226,517 Fund Balances -September 30 $ - $ - $ 2,307,335 $ 2,307,335 H-62 MONROE COUNTY, FLORIDA 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, 2020 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Investment Income $ - $ - $ 2,737 $ 2,737 Total Revenues - - 2,737 2,737 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) 2,737 102,737 Other Financing Sources (Uses): Issuance of Debt - 1,500,000 4,000,000 2,500,000 Transfers to Other Funds - (1,500,000) (1,500,000) - Total Other Financing Sources (Uses) - - 2,500,000 2,500,000 Net Change in Fund Balances (100,000) (100,000) 2,502,737 2,602,737 Fund Balances -October 1 100,000 100,000 109,548 9,548 Fund Balances -September 30 $ - $ - $ 2,612,285 $ 2,612,285 H-63 MONROE COUNTY, FLORIDA 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, 2020 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Investment Income $ 5,000 $ 5,000 $ 1,809 $ (3,191) Total Revenues 5,000 5,000 1,809 (3,191) EXPENDITURES: Capital Projects - - - - Total Expenditures - - - - Excess/Deficiency of Revenues Over (Under) Expenditures 5,000 5,000 1,809 (3,191) Other Financing Sources (Uses): Transfer to Other Funds (266,271) (266,271) - 266,271 Total Other Financing Sources (Uses) (266,271) (266,271) - 266,271 Net Change in Fund Balances (261,271) (261,271) 1,809 263,080 Fund Balances -October 1 261,271 261,271 183,749 (77,522) Fund Balances -September 30 $ - $ - $ 185,558 $ 185,558 H-64 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES -BUDGET AND ACTUAL BIG COPPITT WASTEWATER CAPITAL PROJECT FUND FOR THE YEAR ENDED SEPTEMBER 30, 2020 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Licenses and Permits $ 330,000 $ 330,000 $ 290,620 $ (39,380) Investment Income 5,000 5,000 55,254 50,254 Miscellaneous Income - - 31,410 31,410 Total Revenues 335,000 335,000 377,284 42,284 EXPENDITURES: Current: Capital Outlay: Physical Environment: Big Coppitt Refunds 5,000 5,000 - 5,000 Big Coppitt Special Assessment 25,000 25,000 20,866 4,134 Total Physical Environment 30,000 30,000 20,866 9,134 Total Capital Outlay Expenditures 30,000 30,000 20,866 9,134 Excess/Deficiency of Revenues Over(Under) Expenditures 305,000 305,000 356,418 51,418 Other Financing Sources (Uses): Transfers from Other Funds - - 862,120 862,120 Transfers to Other Funds (682,000) (682,000) (682,000) - Total Other Financing Sources (Uses) (682,000) (682,000) 180,120 862,120 Net Change in Fund Balances (377,000) (377,000) 536,538 913,538 Fund Balances -October 1 377,000 377,000 62,286 (314,714) Fund Balances -September 30 $ - $ - $ 598,824 $ 598,824 H-65 MONROE COUNTY, FLORIDA 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, 2020 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Licenses and Permits $ 80,000 $ 80,000 $ 123,049 $ 43,049 Investment Income 3,500 3,500 20,201 16,701 Miscellaneous - - 6,658 6,658 Total Revenues 83,500 83,500 149,908 66,408 EXPENDITURES: Capital Projects 35,000 35,000 175 34,825 Total Expenditures 35,000 35,000 175 34,825 Excess/Deficiency of Revenues Over (Under) Expenditures 48,500 48,500 149,733 101,233 Other Financing Sources (Uses): Reserve for Contingencies (83,100) (83,100) - 83,100 Reserve for Cash Balance (44,225) (44,225) - 44,225 Transfer From Other Funds - - 162 162 Total Other Financing Sources (Uses) (127,325) (127,325) 162 127,487 Net Change in Fund Balances (78,825) (78,825) 149,895 228,720 Fund Balances -October 1 78,825 78,825 367,408 288,583 Fund Balances -September 30 $ - $ - $ 517,303 $ 517,303 H-66 MONROE COUNTY, FLORIDA 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, 2020 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Investment Income $ 2,100 $ 2,100 $ 6,601 $ 4,501 Total Revenues 2,100 2,100 6,601 4,501 EXPENDITURES: Capital Projects - 424,502 42,004 382,498 Total Expenditures - 424,502 42,004 382,498 Excess/Deficiency of Revenues Over (Under) Expenditures 2,100 (422,402) (35,403) 386,999 Other Financing Sources (Uses): Reserve for Contingencies (730,569) (306,067) - 306,067 Total Other Financing Sources (Uses) (730,569) (306,067) - 306,067 Net Change in Fund Balances (728,469) (728,469) (35,403) 693,066 Fund Balances -October 1 728,469 728,469 738,005 9,536 Fund Balances -September 30 $ - $ - $ 702,602 $ 702,602 H-67 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL LAND ACQUISITION FUND CAPITAL PROJECTS FUND FOR THE YEAR ENDED SEPTEMBER 30, 2020 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Intergovernmental Revenue $ - $ - $ 12,975 $ 12,975 Investment Income - - 11,702 11,702 Miscellaneous Income - - 169,185 169,185 Total Revenues - - 193,862 193,862 EXPENDITURES: Capital Projects 3,175,000 3,175,000 2,452,719 722,281 Total Expenditures 3,175,000 3,175,000 2,452,719 722,281 Excess/Deficiency of Revenues Over (Under) Expenditures (3,175,000) (3,175,000) (2,258,857) 916,143 Other Financing Sources (Uses): Transfer From Other Funds 1,250,000 1,250,000 1,250,000 - Total Other Financing Sources (Uses) 1,250,000 1,250,000 1,250,000 - Net Change in Fund Balances (1,925,000) (1,925,000) (1,008,857) 916,143 Fund Balances -October 1 1,925,000 1,925,000 1,809,118 (115,882) Fund Balances -September 30 $ - $ - $ 800,261 $ 800,261 H-68 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL SHERIFF'S TEEN COURT SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2020 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Charges for Services $ 55,000 $ 50,000 $ 44,643 $ (5,357) Total Revenues 55,000 50,000 44,643 (5,357) EXPENDITURES: Current: Public Safety 73,000 70,500 67,223 3,277 Excess/(Deficiency) of Revenues Over/(Under) Expenditures (18,000) (20,500) (22,580) (2,080) Other Financing Sources/(Uses): Transfers from Other Funds - - 3,894 3,894 Total Other Financing Sources/Uses - - 3,894 3,894 Net Change in Fund Balances (18,000) (20,500) (18,686) 1,814 Fund Balances -October 1 18,686 18,686 18,686 - Fund Balances -September 30 $ 686 $ (1,814) $ - $ 1,814 H-69 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL SHERIFF'S FEDERAL FORFEITURE SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2020 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Intergovernmental $ - $ - $ 428,618 $ 428,618 Investment Income - - 41,402 41,402 Total Revenues - - 470,020 470,020 EXPENDITURES: Current: Public Safety: Law Enforcement 597,000 442,000 407,955 34,045 Total Expenditures 597,000 442,000 407,955 34,045 Excess/(Deficiency) of Revenues Over/(Under) Expenditures (597,000) (442,000) 62,065 504,065 Other Financing Sources/(Uses): Transfers to Other Funds - (3,750,000) - 3,750,000 Net Change in Fund Balances (597,000) (4,192,000) 62,065 4,254,065 Fund Balances -October 1 3,687,776 3,687,776 3,687,776 -- Fund Balances -September 30 $ 3,090,776 $ (504,224) $ 3,749,841 $ 4,254,065 H-70 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL SHERIFF'S STATE FORFEITURE SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2020 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Fines and Forfeitures $ 14,000 $ 16,500 $ 15,811 $ (689) Investment Income 500 500 14,512 14,012 Total Revenues 14,500 17,000 30,323 13,323 EXPENDITURES: Current: Public Safety: Law Enforcement 12,000 2,000 22,882 (20,882) Total Expenditures 12,000 2,000 22,882 (20,882) Excess/(Deficiency) of Revenues Over/(Under) Expenditures 2,500 15,000 7,441 (7,559) Other Financing Sources/(Uses): Transfers to Other Funds (2,500) (15,000) - 15,000 Net Change in Fund Balances - - 7,441 7,441 Fund Balances -October 1 - - 609,883 609,883 Fund Balances -September 30 $ - $ - $ 617,324 $ 617,324 H-71 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL SHERIFF'S CONTRACT ADMINISTRATIVE SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2020 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Intergovernmental $ 890,000 $ 890,000 $ 939,461 $ 49,461 Charges for Services 3,600,000 3,780,000 3,706,834 (73,166) Investment Income 10,000 10,000 9,285 (715) Total Revenues 4,500,000 4,680,000 4,655,580 (24,420) EXPENDITURES: Current: Public Safety 4,564,000 4,647,000 4,611,814 35,186 Total Expenditures 4,564,000 4,647,000 4,611,814 35,186 Excess/(Deficiency) of Revenues Over/(Under) Expenditures (64,000) 33,000 43,766 10,766 Other Financing Sources/(Uses): Transfers from Other Funds - - 7,695 7,695 Total other financing sources (uses) - - 7,695 7,695 Net Change in Fund Balances (64,000) 33,000 51,461 18,461 Fund Balances -October 1 1,239,898 1,239,898 1,239,898 - Fund Balances -September 30 $ 1,175,898 $ 1,272,898 $ 1,291,359 $ 18,461 H-72 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL SHERIFF'S COMMISSARY SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2020 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Charges for Services $ 600,000 $ 445,000 $ 428,524 $ (16,476) Investment Income 6,000 6,000 11,600 5,600 Miscellaneous 24,000 24,000 27,771 3,771 Total Revenues 630,000 475,000 467,895 (7,105) EXPENDITURES: Current: Public Safety 432,500 438,500 416,309 22,191 Excess/(Deficiency) of Revenues Over/(Under) Expenditures 197,500 36,500 51,586 15,086 Net Change in Fund Balances 197,500 36,500 51,586 15,086 Fund Balances -October 1 1,005,583 1,005,583 1,005,583 - Fund Balances -September 30 $ 1,203,083 $ 1,042,083 $ 1,057,169 $ 15,086 H-73 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL SHERIFF'S INTERAGENCY COMMUNICATIONS SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2020 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Charges for Services $ 35,000 $ 35,000 $ 21,099 $ (13,901) Investment Income 5,000 5,000 3,115 (1,885) Miscellaneous Income - - 9,475 9,475 Total Revenues 40,000 40,000 33,689 (6,311) EXPENDITURES: Current: Public Safety 175,000 440,000 412,038 27,962 Total Expenditures 175,000 440,000 412,038 27,962 Excess/(Deficiency) of Revenues Over/(Under) Expenditures (135,000) (400,000) (378,349) 21,651 Other Financing Sources/(Uses): Transfers from Other Funds 140,000 145,000 139,448 (5,552) Net Change in Fund Balances 5,000 (255,000) (238,901) 16,099 Fund Balances -October 1 398,371 398,371 398,371 - Fund Balances -September 30 $ 403,371 $ 143,371 $ 159,470 $ 16,099 H-74 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL SHERIFF'S TRAUMA STAR SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2020 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) EXPENDITURES: Current: Public Safety $ 4,780,397 $ 4,780,397 $ 4,328,855 $ 451,542 Excess/(Deficiency) of Revenues Over/(Under) Expenditures (4,780,397) (4,780,397) (4,328,855) 451,542 Other Financing Sources/(Uses): Transfers from Other Funds 4,780,397 4,780,397 4,780,397 - Transfers to Other Funds - - (451,542) (451,542) Total Other Financing Sources/Uses 4,780,397 41780,397 4,328,855 (451,542) Net Change in Fund Balances - - - - Fund Balances -October 1 - - - - Fund Balances -September 30 $ - $ - $ - $ - H-75 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL SHERIFF'S RADIO COMMUNICATIONS SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2020 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Charges for Services $ - $ - $ 70,637 $ 70,637 EXPENDITURES: Current: Public Safety 643,066 863,086 805,659 57,427 Excess/(Deficiency) of Revenues Over/(Under) Expenditures (643,066) (863,086) (735,022) 128,064 Other Financing Sources/(Uses): Transfers from Other Funds 643,066 863,086 792,449 (70,637) Transfers to Other Funds - - (57,427) (57,427) Total Other Financing Sources/Uses 643,066 863,086 735,022 (128,064) Net Change in Fund Balances - - - - Fund Balances -October 1 - - - - Fund Balances -September 30 $ - $ - $ - $ - H-76 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL SHERIFF'S GRANTS SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2020 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Intergovernmental $ 2,800,000 $ 3,415,000 $ 3,163,309 $ (251,691) Total Revenues 2,800,000 3,415,000 3,163,309 (251,691) EXPENDITURES: Current: Public Safety 745,000 672,000 641,431 30,569 Total Expenditures 745,000 672,000 641,431 30,569 Excess/(Deficiency) of Revenues Over/(Under) Expenditures 2,055,000 2,743,000 2,521,878 (221,122) Other Financing Sources/(Uses): Transfers from Other Funds - - 219,456 219,456 Total Other Financing Sources/Uses - - 219,456 219,456 Net Change in Fund Balances - - 2,741,334 2,741,334 Fund Balances -October 1 - - (2,486,179) (2,486,179) Fund Balances -September 30 $ - $ - $ 255,155 $ 255,155 The notes to the financial statements are an integral part of these statements. H-77 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL SHERIFF'S SHARED ASSET FORFEITURE SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2020 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Investment Income $ 450,000 $ 340,000 $ 336,161 $ (3,839) Total Revenues 450,000 340,000 336,161 (3,839) EXPENDITURES: Current: Public Safety: Law Enforcement 200 100 35 65 Grants and Aid 151,000 113,000 112,308 692 Total Expenditures 151,200 113,100 112,343 757 Excess/Deficiency of Revenues Over (Under) Expenditures 298,800 226,900 223,818 (4,596) Net Change in Fund Balances 298,800 226,900 223,818 3,082 Fund Balances -October 1 4,935,472 4,935,472 4,935,472 - Fund Balances -September 30 $ 5,234,272 $ 5,162,372 $ 5,159,290 $ 3,082 H-78 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL SHERIFF'S E911 SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2020 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Charges for Services $ 485,000 $ 575,000 $ 611,771 $ 36,771 Investment Income 20,000 20,000 14,774 (5,226) Total Revenues 505,000 595,000 626,545 31,545 EXPENDITURES: Current: Public Safety 793,000 695,000 680,583 14,417 Total Expenditures 793,000 695,000 680,583 14,417 Excess/Deficiency of Revenues Over (Under) Expenditures (288,000) (100,000) (54,038) 17,128 Net Change in Fund Balances (288,000) (100,000) (54,038) 17,128 Fund Balances -October 1 1,383,107 1,383,107 1,383,291 184 Fund Balances -September 30 $ 1,095,107 $ 1,283,107 $ 1,329,253 $ 46,146 H-79 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL CLERK'S RECORDS MODERNIZATION SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2020 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Charges for Services $ 285,000 $ 285,000 $ 323,935 $ 38,935 Investment Income 35,000 35,000 22,977 (12,023) Total Revenues 320,000 320,000 346,912 26,912 EXPENDITURES: Current: Court Related: Modernization Trust 250,000 250,000 5,785 244,215 Excess/Deficiency of Revenues Over (Under) Expenditures 70,000 70,000 341,127 (217,303) Net Change in Fund Balances 70,000 70,000 341,127 271,127 Fund Balances -October 1 - - 2,473,025 2,473,025 Fund Balances -September 30 $ 70,000 $ 70,000 $ 2,814,152 $ 2,744,152 H-80 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL CLERK'S COURT RELATED SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2020 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Intergovernmental $ 1,103,029 $ 1,179,877 $ 1,130,926 $ (48,951) Charges for Services 1,132,880 786,418 727,582 (58,836) Fines and Forfeitures 1,569,405 1,363,411 1,607,083 243,672 Investment Income 50,000 37,500 14,538 (22,962) Miscellaneous 13 10 51,468 51,458 Total Revenues 3,855,327 3,367,216 3,531,597 164,381 EXPENDITURES: Current: Court Related: Clerk Administration 963,631 975,406 640,943 334,463 Clerk Records Management 163,067 99,550 89,603 9,947 Clerk Jury Management 180,800 160,650 119,038 41,612 Clerk Circuit Court Criminal 882,950 704,861 613,316 91,545 Clerk Circuit Court Civil 440,550 394,180 378,680 15,500 Clerk Court Information Systems 570,175 524,900 455,020 69,880 Clerk Circuit Court Family 137,505 154,205 140,899 13,306 Clerk Circuit Court Juvenile 170,980 146,555 128,480 18,075 Clerk Circuit Court Probate 107,000 115,750 95,568 20,182 Clerk County Court Criminal 565,120 577,145 492,388 84,757 Clerk County Court Civil 245,100 252,575 208,358 44,217 Clerk County Court Traffic 830,800 663,790 559,026 104,764 Total Expenditures 5,257,678 4,769,567 3,921,319 848,248 Excess/(Deficiency) of Revenues Over/(Under) Expenditures (1,402,351) (1,402,351) (389,722) 1,012,629 OTHER FINANCING SOURCES/(USES): Transfer from Other Funds 1,402,351 1,402,351 1,402,351 - Transfer to Other funds - - (1,012,629) (1,012,629) Total Other Financing Sources/(Uses) 1,402,351 1,402,351 389,722 (1,012,629) Net Change in Fund Balances - - - - Fund Balances -October 1 - - - - Fund Balances -September 30 $ - $ - $ - $ - H-81 MONROE COUNTY, FLORIDA 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, 2020 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Taxes $ 23,000,000 $ 18,500,000 $ 19,863,169 $ 1,363,169 Investment Income 50,000 50,000 573,293 523,293 Total Revenues 23,050,000 18,550,000 20,436,462 1,886,462 EXPENDITURES: Current: Capital Outlay: General Government 4,396,105 5,589,505 4,027,192 1,562,313 Public Safety 150,000 377,800 340,024 37,776 Physical Environment 236,790 360,797 294,303 66,494 Transportation: Const. Mgmt. 1,877,899 2,348,270 1,263,310 1,084,960 Economic Environment 656,496 230,068 124,846 105,222 Culture and Recreation 3,305,253 577,104 414,552 162,552 Total Capital Outlay Expenditures 10,622,543 9,483,544 6,464,227 3,019,317 Excess/Deficiency of Revenues Over (Under) Expenditures 12,427,457 9,066,456 13,972,235 4,905,779 OTHER FINANCING SOURCES (USES): Reserve for Contingencies (1,085,238) (570,220) - 570,220 Reserve for Cash Balance (2,190,153) (5,190,153) - 5,190,153 Transfers from Other Funds 300,000 5,485,250 5,000,000 (485,250) Transfers to Other Funds (27,665,533) (25,456,333) (23,313,033) 2,143,300 Total Other Financing Sources (Uses) (30,640,924) (25,731,456) (18,313,033) 7,418,423 Net Change in Fund Balances (18,213,467) (16,665,000) (4,340,798) 12,324,202 Fund Balances -October 1 18,213,467 16,665,000 30,443,351 13,778,351 Fund Balances -September 30 $ - $ - $ 26,102,553 $ 26,102,553 H-82 MONROE COUNTY, FLORIDA 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, 2020 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Investment Income $ - $ - $ 301,170 $ 301,170 Total Revenues - - 301,170 301,170 EXPENDITURES: Capital Projects-Culture and Recreation 5,905,385 5,905,385 4,826,503 1,078,882 Capital Projects- Buildings 17,900,856 19,580,945 13,435,542 6,145,403 Total Expenditures 25,486,330 25,486,330 18,262,045 7,224,285 Excess/Deficiency of Revenues Over(Under) Expenditures (25,486,330) (25,486,330) (17,960,875) 7,525,455 OTHER FINANCING SOURCES (USES): Transfers from Other Funds 13,000,000 13,000,000 13,000,000 - Total Other Financing Sources (Uses) 13,000,000 13,000,000 13,000,000 - Net Change in Fund Balances (12,486,330) (12,486,330) (4,960,875) 7,525,455 Fund Balances -October 1 12,486,330 12,486,330 20,786,883 8,300,553 Fund Balances -September 30 $ - $ - $ 15,826,008 $ 15,826,008 H-83 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES -BUDGET AND ACTUAL CUDJOE REGIONAL WASTEWATER CAPITAL PROJECT FUND FOR THE YEAR ENDED SEPTEMBER 30, 2020 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Licenses and Permits $ 2,343,905 $ 2,343,905 $ 1,816,257 $ (527,648) Investment Income - - 791,144 791,144 Miscellaneous - - 130,043 130,043 Total Revenues 2,343,905 2,343,905 2,737,444 393,539 EXPENDITURES: Current: Capital Outlay: Physical Environment: Physical Environment Projects Cudjoe Regional Wastewater Project Special Assessment Refunds 25,000 25,000 - 25,000 Special Assessments 2,701,871 7,039,209 2,608,624 4,430,585 Total Physical Environment 2,726,871 7,064,209 2,608,624 4,455,585 Total Capital Outlay Expenditures 2,726,871 7,064,209 2,608,624 4,455,585 Excess/Deficiency of Revenues Over(Under) Expenditures (382,966) (4,720,304) 128,820 4,849,124 OTHER FINANCING SOURCES (USES): Transfers from Other Funds - - 2,771 2,771 Transfers to Other Funds (5,508,675) (10,508,675) (10,508,675) - Total Other Financing Sources (Uses) (5,508,675) (10,508,675) (10,505,904) 2,771 Net Change in Fund Balances (5,891,641) (15,228,979) (10,377,084) 4,851,895 Fund Balances -October 1 5,891,641 15,228,979 15,346,974 117,995 Fund Balances -September 30 $ - $ - $ 4,969,890 $ 4,969,890 H-84 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES -BUDGET AND ACTUAL ALL DEBT SERVICE FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 2020 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Investment Income $ 5,100 $ 5,100 $ 92,146 $ 87,046 Total Revenues 5,100 5,100 92,146 87,046 EXPENDITURES: Current: Debt Service: Clean Water SRF Loan Principal 9,522,486 3,582,351 842,486 2,739,865 Interest 164,416 6,104,551 4,506,030 1,598,521 Total Clean Water SRF Loan 9,686,902 9,686,902 5,348,516 4,338,386 2014 Revenue Bonds Principal 3,854,958 3,810,000 3,810,000 - Interest 426,334 471,292 471,292 - Other Debt Service Costs - - - - Total 2014 Revenue Bonds 4,281,292 4,281,292 4,281,292 - 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 872,310 865,000 865,000 - Interest 246,444 253,754 253,674 80 Total2016 Revenue Bonds 1,118,754 1,118,754 1,118,674 80 (Continued) H-85 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES -BUDGET AND ACTUAL ALL DEBT SERVICE FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 2020 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) 2018 PNC Line of Credit Principal - 5,605,984 5,323,676 282,308 Interest 1,200,000 726,758 253,240 473,518 Total 2018 PNC Line of Credit 1,200,000 6,332,742 5,576,916 755,826 Total Expenditures 18,411,948 23,544,690 18,450,398 5,094,292 Excess/Deficiency of Revenues Over(Under) Expenditures (18,406,848) (23,539,590) (18,358,252) 5,181,338 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 17,411,948 22,544,690 20,280,114 (2,264,576) Refunding Bonds Issued - - - - Total Other Financing Sources (Uses) 15,411,948 20,544,690 20,280,114 (264,576) Net Change in Fund Balances (2,994,900) (2,994,900) 1,921,862 4,916,762 Fund Balances -October 1 2,994,900 2,994,900 912,545 (2,082,355) Fund Balances -September 30 $ - $ - $ 2,834,407 $ 2,834,407 H-86 MONROE COUNTY, FLORIDA COMBINING STATEMENT OF NET POSITION INTERNAL SERVICE FUNDS SEPTEMBER 30,2020 Worker's Group Risk Compensation Insurance Management Fund Fund Fund ASSETS Current Assets: Cash and Cash Equivalents $ 680,697 $ 2,719,202 $ 708,986 Investments 3,530,659 14,405,309 3,815,242 Accounts Receivable, Net - 67,891 249 Due from Other Funds 17,579 60,851 - Due from Other Governmental Units 148 102,643 30,636 Interest Receivable 41 218 147 Total Current Assets 4,229,124 17,356,114 4,555,260 Noncurrent Assets: Land and Other Nondepreciable Assets - - - Capital Assets, Net of Accum. Depreciation - 24,136 26,123 Total Noncurrent Assets - 24,136 26,123 Total Assets 4,229,124 17,380,250 4,581,383 DEFERRED OUTFLOWS OF RESOURCES Related to Pensions 65,544 101,786 153,107 Related to OPEB 600 14,500 14,300 Total Deferred Outflows of Resources 66,144 116,286 167,407 LIABILITIES Accounts Payable 2,794 1,802,677 77,767 Accrued Wages and Benefits Payable 2,298 3,557 4,095 Claims and Judgments Payable 1,640,388 1,062,523 680,010 Due to Other Funds - - - Due to Other Governmental Units 6,967 9 - Accrued Comp.Absences Payable 7,407 10,873 16,192 Total Current Liabilities 1,659,854 2,879,639 778,064 Noncurrent Liabilities: Accrued Comp.Absences Payable 29,629 43,494 64,768 OPEB Liability 4,000 27,000 68,000 Net Pension Liability 232,286 319,788 324,479 Total Noncurrent Liabilities 265,915 390,282 457,247 Total Liabilities 1,925,769 3,269,921 1,235,311 DEFERRED INFLOWS OF RESOURCES Related to Pensions 6,722 10,535 14,068 Related to OPEB 1,100 46,700 2,700 Total Deferred Inflows of Resources 7,822 57,235 16,768 NET POSITION Investment in Capital Assets - 24,136 26,123 Unrestricted 2,361,677 14,145,244 3,470,588 Total Net Position $ 2,361,677 $ 14,169,380 $ 3,496,711 H-87 Fleet Management Fund Total $ 406,719 $ 4,515,604 2,496,084 24,247,294 - 68,140 - 78,430 10,831 144,258 34 440 2,913,668 29,054,166 54,000 54,000 644,004 694,263 698,004 748,263 3,611,672 29,802,429 560,423 880,860 71,400 100,800 631,823 981,660 26,429 1,909,667 19,328 29,278 - 3,382,921 616,939 616,939 5 6,981 35,861 70,333 698,562 6,016,119 143,443 281,334 251,000 350,000 1,385,868 2,262,421 1,780,311 2,893,755 2,478,873 8,909,874 53,532 84,857 301,700 352,200 355,232 437,057 698,004 748,263 711,386 20,688,895 $ 1,409,390 $ 21,437,158 H-88 MONROE COUNTY, FLORIDA COMBINING STATEMENT OF REVENUES, EXPENSES,AND CHANGES IN NET POSITION INTERNAL SERVICE FUNDS FOR THE YEAR ENDED SEPTEMBER 30,2020 Worker's Group Risk Compensation Insurance Management Fund Fund Fund Operating Revenues: Charges for Services $ 2,319,526 $ 17,811,526 $ 4,375,335 Miscellaneous 204,882 50,000 1,997 Total Operating Revenues 2,524,408 17,861,526 4,377,332 Operating Expenses: Personnel Services 240,027 383,319 467,503 Operations 382,365 2,145,320 3,233,417 Depreciation and Amortization - 5,111 1,038 Asserted and Paid Claims 2,169,013 14,933,097 502,258 Total Operating Expenses 2,791,405 17,466,847 4,204,216 Operating Income(Loss) (266,997) 394,679 173,116 Non-Operating Revenues(Expenses): Investment Income 70,553 371,895 128,758 Insurance Recoveries - 287,557 1,475,303 Total Non-Operating Revenues(Expenses) 70,553 659,452 1,604,061 Income(Loss) Before Transfers (196,444) 1,054,131 1,777,177 Transfers: Transfers from Other Funds - - 843,281 Transfers to Other Funds (69,064) (127,936) (133,720) Total Transfers (69,064) (127,936) 709,561 Change in Net Position (265,508) 926,195 2,486,738 Total Net Position-October 1 2,627,185 13,243,185 1,009,973 Total Net Position-September 30 $ 2,361,677 $ 14,169,380 $ 3,496,711 H-89 Fleet Management Fund Total $ 3,579,866 $ 28,086,253 - 256,879 3,579,866 28,343,132 1,912,031 3,002,880 1,114,727 6,875,829 57,356 63,505 - 17,604,368 3,084,114 27,546,582 495,752 796,550 82,480 653,686 - 1,762,860 82,480 2,416,546 578,232 3,213,096 - 843,281 (792,939) (1,123,659) (792,939) (280,378) (214,707) 2,932,718 1,624,097 18,504,440 $ 1,409,390 $ 21,437,158 H-90 MONROE COUNTY, FLORIDA COMBINING STATEMENT OF CASH FLOWS INTERNAL SERVICE FUNDS FOR THE YEAR ENDED SEPTEMBER 30,2020 Worker's Group Risk Compensation Insurance Management Fund Fund Fund Operating Activities: Cash Received for Services $ 2,320,037 $ 17,766,266 $ 4,375,210 Cash Received from Insurance Recoveries - 287,557 1,475,303 Cash Payments to Suppliers for Goods and Services (391,913) (1,193,352) (3,339,836) Cash Payments for Employee Services (208,596) (321,066) (398,395) Cash Payments for Claims (1,862,141) (14,991,833) (468,918) Cash Received from(Paid to)Other Sources (4,242) 16,871 (8,734,488) Other Operating Revenue 211,119 83,137 24,351 Net Cash Provided by (Used in) Operating Activities 64,264 1,647,580 (7,066,773) Noncapital Financing Activities: Transfers to Other Funds (69,064) (127,936) (133,720) Net Cash Provided by (Used in) Noncapital Financing Activities (69,064) (127,936) (133,720) Capital and Related Financing Activities: Acquisition of Capital Assets - (1,330) (4,715) Net Cash Provided by (Used in)Capital and Related Financing Activities - (1,330) (4,715) Investing Activities: Investment Income 70,553 371,895 128,758 Proceeds from Sales and Maturities of Investments 1,988,410 13,131,207 1,246,079 Purchase of Investment Securities (2,882,659) (13,359,958) (2,558,885) Net Cash Provided by (Used in) Investing Activities (823,696) 143,144 (1,184,048) Net Increase(Decrease) in Cash and Cash Equivalents (828,496) 1,661,458 (8,389,256) Cash and Cash Equivalents: October 1 1,509,193 1,057,744 9,098,242 September 30 $ 680,697 $ 2,719,202 $ 708,986 H-91 Fleet Management Fund Total $ 3,579,866 $ 28,041,379 - 1,762,860 (1,132,094) (6,057,195) (1,706,378) (2,634,435) - (17,322,892) 625,004 (8,096,855) 5,157 323,764 1,371,555 (3,983,374) (792,939) (1,123,659) (792,939) (1,123,659) (29,553) (35,598) (29,553) (35,598) 82,480 653,686 1,809,706 18,175,402 (2,166,638) (20,968,140) (274,452) (2,139,052) 274,611 (7,281,683) 132,108 11,797,287 $ 406,719 $ 4,515,604 (Continued) H-92 MONROE COUNTY, FLORIDA COMBINING STATEMENT OF CASH FLOWS(CONTINUED) INTERNAL SERVICE FUNDS FOR THE YEAR ENDED SEPTEMBER 30,2020 Worker's 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) $ (266,997) $ 394,679 $ 173,116 Adjustments to Reconcile Operating Income(Loss) to Net Cash Provided by(Used in)Operating Activities: Depreciation and Amortization - 5,111 1,038 Other - - - Nonoperating Income-PFC - - - Nonoperating Income- Insurance Recoveries - 287,557 1,475,303 Change in Assets, Liabilities,and Deferrals: (Increase) Decrease in Accounts Receivable 511 (45,260) (125) (Increase) Decrease in Due from Other Gov't Units 34 16,807 (11,716) (Increase) Decrease in Due from Other Funds 3,943 3,859 - (Increase) Decrease in Interest Receivable 6,237 33,137 22,354 Increase(Decrease)in Accounts Payable (9,548) 951,968 (106,419) Increase(Decrease)in Accrued Wages/Benefits (3,642) 772 (7,885) Increase(Decrease)in Claims/Judgments Payable 306,872 (58,736) 33,340 Increase(Decrease)in Due to Other Funds - (3,795) (8,722,772) Increase(Decrease)in Due to Other Gov't Units (8,219) - - Increase/(Decrease)in Due to constitutional ofcrs - - - Increase(Decrease)in Comp.Absences Payable 17,627 21,300 30,415 Increase(Decrease)in OPEB Liability 2,000 (34,000) 14,000 Increase(Decrease)in Pension Liability 40,908 63,459 96,785 Increase(Decrease)in Deferred Outflows (21,711) (19,992) (49,387) Increase(Decrease)in Deferred Inflows (3,751) 30,714 (14,820) Total Adjustments 331,261 1,252,901 (7,239,889) Net Cash Provided by(Used in) Operating Activities $ 64,264 $ 1,647,580 $ (7,066,773) Cash Reconciliation: Unrestricted $ 680,697 $ 2,719,202 $ 708,986 H-93 Fleet Management Fund Total $ 495,752 $ 796,550 57,356 63,505 - 1,762,860 - (44,874) 8,060 13,185 - 7,802 5,157 66,885 (17,367) 818,634 (33,856) (44,611) - 281,476 616,939 (8,109,628) 5 (8,214) 54,493 123,835 (248,000) (266,000) 352,741 553,893 (131,543) (222,633) 211,818 223,961 875,803 (4,779,924) $ 1,371,555 $ (3,983,374) $ 406,719 $ 4,515,604 H-94 MONROE COUNTY, FLORIDA COMBINING STATEMENT OF FIDUCIARY NET POSITION ALL AGENCY FUNDS SEPTEMBER 30, 2020 Clerk's Sheriff's Tag General General and Property Agency Agency License Tax Totals ASSETS Cash and Cash Equivalents $ 6,917,104 $ 1,543,938 $ 243,230 $ 1,717,531 $ 10,421,803 Accounts Receivable 35,427 4,327 5,315 - 45,069 Total Assets $ 6,952,531 $ 1,548,265 $ 248,545 $ 1,717,531 $ 10,466,872 LIABILITIES Due to Others $ 4,531,564 $ 1,548,265 $ 3,075 $ 377,014 $ 6,459,918 Due to Other Governmental Units 2,420,967 - 245,470 1,340,517 4,006,954 Total Liabilities $ 6,952,531 $ 1,548,265 $ 248,545 $ 1,717,531 $ 10,466,872 H-95 This page is intentionally left blank. MONROE COUNTY, FLORIDA COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITION ALL AGENCY FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 2020 10/1/2019 Additions Deductions 9/30/2020 Clerk's General Assets Cash and Cash Equivalents $ 5,447,024 $ 40,861,207 $ 39,391,127 $ 6,917,104 Accounts Receivable 23,124 395,952 383,649 35,427 Total Assets $ 5,470,148 $ 41,257,159 $ 39,774,776 $ 6,952,531 Liabilities Due to Others $ 4,240,655 $ 2,279,427 $ 1,988,518 $ 4,531,564 Due to Other Governmental Units 1,229,493 38,977,732 37,786,258 2,420,967 Total Liabilities $ 5,470,148 $ 41,257,159 $ 39,774,776 $ 6,952,531 Sheriff's General Assets Cash and Cash Equivalents $ 750,694 $ 2,070,347 $ 1,277,103 $ 1,543,938 Accounts Receivable 5,639 1,040,651 1,041,963 4,327 Total Assets $ 756,333 $ 3,110,998 $ 2,319,066 $ 1,548,265 Liabilities Due to Others $ 756,333 $ 3,003,721 $ 2,211,789 $ 1,548,265 Total Liabilities $ 756,333 $ 3,003,721 $ 2,211,789 $ 1,548,265 Tag and License Assets Cash and Cash Equivalents $ 213,933 $ 15,493,433 $ 15,464,136 $ 243,230 Accounts Receivable 13,397 - 8,082 5,315 Total Assets $ 227,330 $ 15,493,433 $ 15,472,218 $ 248,545 Liabilities Undistributed Collections $ 225,119 $ 15,427,089 $ 15,406,738 $ 245,470 Due to Others 2,211 66,344 65,480 3,075 Total Liabilities $ 227,330 $ 15,493,433 $ 15,472,218 $ 248,545 Property Tax Assets Cash and Cash Equivalents $ 2,013,010 $ 340,324,545 $ 340,620,024 $ 1,717,531 Accounts Receivable - - - - Total Assets $ 2,013,010 $ 340,324,545 $ 340,620,024 $ 1,717,531 Liabilities Due to Others $ 57,684 $ 9,614,708 $ 9,295,378 $ 377,014 Undistributed Collections 1,955,326 330,709,837 331,324,646 1,340,517 Total Liabilities $ 2,013,010 $ 340,324,545 $ 340,620,024 $ 1,717,531 (Continued) (Continued) H-96 MONROE COUNTY, FLORIDA COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITION (CONTINUED) ALL AGENCY FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 2020 9/30/2020 Additions Deductions 9/30/2020 Total All Agency Funds Assets Cash and Cash Equivalents $ 8,424,661 $ 398,749,532 $ 396,752,390 $ 10,421,803 Accounts Receivable 42,160 1,436,603 1,433,694 45,069 Total Assets $ 8,466,821 $ 400,186,135 $ 398,186,084 $ 10,466,872 Liabilities Due to Others $ 5,056,883 $ 14,964,200 $ 13,561,165 $ 6,459,918 Due to Other Governmental Units 3,409,938 385,114,658 384,517,642 4,006,954 Total Liabilities $ 8,466,821 $ 400,078,858 $ 398,078,807 $ 10,466,872 H-97 This page is intentionally left blank. STATISTICAL SECTION (Unaudited) This part of Monroe County, Florida Government's comprehensive annual financial report presents detailed information as a context for understanding what the information in the financial statements, note disclosures, and required supplementary information says about the County's overall financial health. Statistical schedules differ from financial statements because they usually cover more than one fiscal year and may present non- accounting data. These schedules are designed to give the reader insights into the financial position of Monroe County not readily apparent from the financial statements. CONTENTS Financial Trends These schedules contain trend information to help the reader understand how the government's financial performance and well-being have changed over time. Revenue Capacity These schedules contain information to help the reader assess the government's most significant local revenue source, the property tax. Debt Capacity These schedules present information to help the reader assess the affordability of the government's current levels of outstanding debt and the government's ability to issue additional debt in the future. Demographic and Economic Information These schedules offer demographic and economic indicators to help the reader understand the environment within which the government's financial activities take place. Operating Information These schedules contain service and infrastructure data to help the reader understand how the information in the government's financial report relates to the services the government provides and the activities it performs. 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Keys Electric Co-Op 125,478,491 2 14.00% 93,187,924 1 17.89% Casa Marina LLC 100,727,188 3 11.24% 38,339,123 7 7.36% Passco Ocean DST 86,941,505 4 9.70% Galleon Condominium Assoc Inc 81,701,648 5 9.12% 69,856,502 3 13.41% Windward Pointe II LLC 77,213,898 6 8.62% 73,933,928 2 14.20% Perry Court Apartments 75,996,637 7 8.48% Key Largo Hospitality 69,065,425 8 7.71% Sunset City 66,396,864 9 7.41% Tannex Development LC 61,962,154 10 6.91% City of Key West 49,642,167 4 9.53% Hyatt Vacation Management Co 47,828,254 5 9.18% BellSouth/Southern Bell 47,826,024 6 9.18% NWCL LLC 36,551,590 8 7.02% Bluegreen Resorts Management 33,151,685 9 6.37% SH5 LTD 30,496,729 10 5.86% $ 896,169,688 100.00% $ 520,813,926 100.00% Source: Monroe County Property Appraiser 1-13 1-13 m J w d O o 0 0 0 0 0 0 0 0 0 o 0 0 0 0 0 0 0 0 0 � N O .- f- Cl) .- O O O O 03 fl- fl- O O O (O fl- fl- (O fl- Q = O O O O O O O O O O N d L O d � a m 6 O (O Cl) Cl) (O 00 O O O O .— O .— 00 N Cl) fl- O .— ,.., O 00 00 'ITfl- O 'ITfl- fl- fl- N O O N (O V' � N � V' � Cl) E O L N V (O � 06 N f— O Q � � � � � � � 00 00 O 613 L Q In .— O O Cl) (O .— Cl) O = 03 � O� N co V U Z d y >- .— CO In O .— In fl- N N C ++ (D co M .— C (n d C V 7 O d a' C� O N p i fn ff3 O U y C O V LL V J y o 0 0 0 0 0 0 0 0 0 y = d O O O O co O O O O O 03 ++ ++ J 03 f-� (O In (6 (6 (6 r-� (O r-� rn rn rn rn rn rn rn rn rn rn 03 _ J � d aL d 00 O N co w O O 03 0o fl- co V' (. 00 0o O O .— O v O w N LO LO N f� fl- co fl- U N = LL- 0 — N � 'IT � � � � 'ITM O O .— �T co w N co IT w co Q r- � � � � � � 00 00 O K3 O (. 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Lr (p M (O O Lr M L �t Lo O N N a0 N co a 0 v v m m ao O O rn � N N ER O O O O r— r— r— r— R O O y U J O Lo V y H Gl r O LC Z O (n L4 y ER N U O O O y O C O O r C V y d O O N C C a y 7 y o0 0 LL m C O CO (D N U r C p r— O O N y Gl d m O (O (n Q- O 7 ~ N O O R O 2 O J N O � N y � R U J o O ER N y � U C .N O O O O O O m N O O O O O U y N O O O O O (n }, c (O O O O L O U R > O > Lo O O N O -0 E V J a L (Y M C � U LC m L U Y N O (O O r— O O Lo co O y -o d E y aOO O aOO V O � N N (O V O (B C C d Lo co Lo co O Lo O r— Cl) I- (A U > Z M mot^ 'IT Ott mot^ O � mot^ O a�0 � m O rn v rn N rn ch v U vLo rn LO LoO U 0 m E O O N I- O LO O O O +E 0 y Lo Lo V O N O O O O r O C "O O M r- co O O M O L O � N > 0 O � O Cf � � � O CO-co (� N d m co O Lo O CO (O O Cf' O c N (0 co N N N 'IT Lo 'IT co co M ER N > N O O 0 Z y O O O O O O O O O O I,L } N N N N N N N N N N O Q Z Z 1-15 Monroe County, Florida Ratios of General Bonded Debt Outstanding Last Ten Fiscal Years Percentage of Estimated General Less: Amounts Actual Taxable Fiscal Obligation Available in Debt Value of Per Year Bonds Service Fund Total Property Capita Monroe County does not have any outstanding general bonded debt for years 2011-2020. 1-16 Monroe County, Florida Direct and Overlapping Governmental Activities Debt September 30, 2020 Estimated Amount Debt Percentage Applicable to Direct Debt Outstanding Applicable County Monroe County, Florida $ 193,157,440 100% $ 193,157,440 Monroe County does not have any overlapping debt as of September 30, 2020. Notes: Overlapping governments are those that coincide, at least in part, with the geographic boundaries of the county. This schedule estimates the portion of the outstanding debt of those overlapping governments that is borne by the residents and businesses of Monroe County, Florida. This process recognizes that, when considering the County's ability to issue and repay long-term debt, the entire burden borne by the residents and businesses should be taken into account. However, this does not imply that every taxpayer is a resident and, therefore, responsible for repaying the debt of each overlapping government. (a) Net bonded debt was calculated as revenue bonds payable and revenue notes payable. See Legal Debt Margin Information schedule for net bonded debt calculation. (b) Allocation based on assessed valuation. 1-17 Monroe County, Florida Legal Debt Margin Information Last Ten Fiscal Years There are no State laws or County ordinances establishing a legal debt margin for years 2011-2020 1-18 Monroe County, Florida Pledged-Revenue Coverage Governmental Activities Last Ten Fiscal Years Sales Tax Revenue Bonds Fiscal Debt Service Year Collections Principal Interest Total Coverage 2011 $ 15,374,998 $ 4,145,000 $ 1,440,676 $ 5,585,676 2.75 2012 16,318,450 4,300,000 1,284,405 5,584,405 2.92 2013 17,172,360 4,465,000 1,120,502 5,585,502 3.07 2014 17,106,367 4,990,338 1,190,415 6,180,753 2.77 2015 20,161,451 3,580,000 1,230,981 4,810,981 4.19 2016 20,817,676 4,689,999 1,205,286 5,895,285 3.53 2017 21,510,929 6,950,000 1,203,144 8,153,144 2.64 2018 25,690,144 8,723,442 1,278,587 10,002,029 2.57 2019 21,405,942 7,203,777 1,005,482 8,209,259 2.61 2020 17,124,650 10,957,351 7,272,097 18,229,448 0.94 Note: Details regarding the County's outstanding debt can be found in the notes to the financial statements. 1-19 / / « ¥ \ 0 \ q k § = a / 0 E 7 \ 2 cn S ± = k 2 w 7 n .E ¥ ® o t &\ \ a § ® 2 # \\ \ / $ & o LO e 2 ° > /Ln ° = j 7 m § 2 t � E } 2 0 e 7 = § 2 $ = e = 2 � » �/ » w " ± § 7 \ ° \ G > N 2 ] $ ; � / P $ ® 3 2 z ? \ j 2 2 . \ . \ a \ § IL \ $ * 2 -jq / / / \ 2 7 � o � waz ` ° mE aw w m _ c 8 1 « 4 § § � / w § co j G G (n e § § ; / ® \ / P 5 7 [ J ƒ 2 § 0 ® \ \ 2 ; cn \ e \ = e 2 z n / c ° o = _ w ®® a) 'a > > a.2 x e e / in S 2 # / \ 3R g » $ > o -j% - § 2 &.� / g \ W § / \ \ 2 � \ / § / / \a / L2 \ in = _ .gp \ t = 5 a o / k / / =\ « « ■ � � n � e = wemo = a ec oa ± � w 0000000000 77 / ® \ ^ 6 = � » o00000000 \ \ \ / gC) G _ = e f \ % § % ± / / > X � 2 .� § � / y ƒ t Igo d >,S^ 0 O O O O O O O O O O O y 0 0 0 0 0 0 0 0 0 Q ++ I-- LO I-- O N LO '-* CO LO (O .4 M M M M M N N N O M_ O O N r- N O M N LO O I- M LO M N N I-* N — O 1-- — M 00 00 I� O N O w w 00 00 00 w w w w 00 W ch fCEl r u? r-� M r-� r-� M r-� Q .a y Q z f� y L O N LO O co O co 00 O N LL E N O CD CD N (O 0 y O I� M W " M M N +�+ O V y Q 0 E co (o I- O � O M N Q r- U y a M E p LO LO LO (o I-- (o CO M O z o 0 LLU d E o E r_ ! 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COMPLIANCE SECTION Cherry rl"' Report of Independent Auditor on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards To the Honorable Mayor and Board County Commissioners Monroe County, Florida We have audited, in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements of the governmental activities, the business- type activities, the discretely presented component unit, each major fund, and the aggregate remaining fund information of Monroe County, Florida (the "County") as of and for the year ended September 30, 2020, and the related notes to the financial statements, which collectively comprise the County's basic financial statements, and have issued our report thereon dated March 19, 2021 for the purpose of compliance with Section 281.39(2), Florida Statutes, and Chapter 10.550, Rules of the Auditor General-Local Government Entity Audits. Internal Control over Financial Reporting In planning and performing our audit of the financial statements, we considered the County's internal control over financial reporting ("internal control") as a basis for designing audit procedures that are appropriate in the circumstances for the purpose of expressing opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the County's internal control. Accordingly, we do not express an opinion on the effectiveness of the County'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 County'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 County's financial statements are free of material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the financial statements. 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. J-1 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 County'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 County's internal control and compliance. Accordingly, this communication is not suitable for any other purpose. e Tampa, Florida March 19, 2021 J-2 Cherry rl- Report of Independent Auditor on Compliance for Each Major Federal Awards Program and State Financial Assistance Projects and on Internal Control over Compliance Required by the Uniform Guidance and Chapter 10.550, Rules of the Auditor General To the Honorable Mayor and Board County Commissioners Monroe County, Florida Report on Compliance for Each Major Federal Program and State Financial Assistance Projects We have audited the compliance of Monroe County, Florida (the "County") with the types of compliance requirements described in the U.S. Office of Management and Budget (OMB) Compliance Supplement and the requirements described in the state of Florida Department of Financial Services' State Projects Compliance Supplement, that could have a direct and material effect on each of the County's major federal programs and state financial assistance projects for the year ended September 30, 2020. The County's major federal programs and state financial assistance projects are identified in the summary of auditor's results section of the accompanying schedule of findings and questioned costs. Management's Responsibility Management is responsible for compliance with the requirements of laws, regulations, contracts, and grants applicable to its federal awards programs and state financial assistance projects. Auditor's Responsibility Our responsibility is to express an opinion on compliance for each of the County's major federal awards programs and state financial assistance projects based on our audit of the types of compliance requirements referred to above. We conducted our audit of compliance 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; the audit requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards ("Uniform Guidance") and Chapter 10.550, Rules of the Auditor General. Those standards, the Uniform Guidance, and Chapter 10.550, Rules of the Auditor General, require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types of compliance requirements referred to above that could have a direct and material effect on a major federal award program or state financial assistance projects occurred. An audit includes examining, on a test basis, evidence about the County's compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion on compliance for each major federal awards programs and state financial assistance projects. However, our audit does not provide a legal determination of the County's compliance. Opinion on Each Major Federal Program and State Financial Assistance Projects In our opinion, the County complied, in all material respects, with the types of compliance requirements referred to above that could have a direct and material effect on each of its major federal programs and state financial assistance projects for the year ended September 30, 2020. J-3 Report on Internal Control over Compliance Management of the County is responsible for establishing and maintaining effective internal control over compliance with the types of compliance requirements referred to above. In planning and performing our audit, we considered the County's internal control over compliance with the types of requirements that could have a direct and material effect on its major federal awards programs and state financial assistance projects to determine the auditing procedures that are appropriate in the circumstances for the purpose of expressing our opinion on compliance for each major federal award program and each state financial assistance project and to test and report on internal control over compliance in accordance with the Uniform Guidance and Chapter 10.550, Rules of the Auditor General, but not for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, we do not express an opinion on the effectiveness of the County's internal control over compliance. A deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a federal awards program or state financial assistance project on a timely basis. A material weakness in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance requirement of a federal program or state financial assistance project will not be prevented, or detected and corrected, on a timely basis. A significant deficiency in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a type of compliance requirement of a federal award program or state financial assistance project that is less severe than a material weakness in internal control over compliance, yet important enough to merit attention by those charged with governance. Our consideration of internal control over compliance was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control over compliance that might be material weaknesses or significant deficiencies. We did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified. Purpose of Report The purpose of this report on internal control over compliance is solely to describe the scope of our testing of internal control over compliance and the results of that testing based on the requirements of the Uniform Guidance and Chapter 10.550, Rules of the Auditor General. Accordingly, this report is not suitable for any other purpose. Tampa, Florida March 19, 2021 J-4 Monroe County,Florida Schedule of Expenditures of Federal Awards and State Financial Assistance Projects For The Year Ended September 30,2020 Federal Federal/State Agency, (Direct& Passed Pass-through Entity CFDA Pass-Through) Through to Federal Program/State Projects Number Contract/Grant Number Expenditures Subrecipients Department of Health and Human Services: Aging Cluster: Passed through Florida Department of Eider Affairs and Alliance for the Aging. Title IIIB Grants for Supportive Services&Senior Centers-2018 93.044 AA-1929 $ 30,115 $ Title IIIB Grants for Supportive Services&Senior Centers-2019 93.044 AA-2029 39,430 Total Program 69,545 Title IIIC1 Nutrition Services(Congregate Meals)2018 93.045 AA-1929 33,140 Title IIIC1 Nutrition Services(Congregate Meals)2019 93.045 AA-2029 10,044 Title IIIC2 Nutrition Services(Home Delivered Meals)2018 93.045 AA-1929 32,244 Title IIIC2 Nutrition Services(Home Delivered Meals)2019 93.045 AA-2029 72,106 Total Program 147,534 Nutrition Services Incentive Program-2018 93.053 US-1951 6,916 Total Program 6,916 Total Aging Cluster 223,995 Title IIIE Caregiver Support Services-2018 93.052 AA-1929 19,346 Title IIIE Caregiver Support Services-2019 93.052 AA-2029 40,586 Total Program 59,932 COVID-19 CARES ACT-Support Services 93.354 KCA-2029 41,219 COVID-19 CARES ACT-Caregiver Support 93.354 KCA-2029 44,435 Total Program 85,654 Passed through Florida Department of Revenue,Agency for Children and Families,and Office of Child Support Enforcement. Child Support Enforcement Title IV-D 93.563 COC44 108,703 Passed through Florida Department of Economic Opportunity. Low Income Home Energy Assistance Program-2018 93.568 17EA-OF-11-54-01-019 291,797 Low Income Home Energy Assistance Program/WAP-2017 93.568 17WX-0G-11-54-01-039 40,805 Total Program 332,602 Total Federal Agency 810,886 U.S.Election Assistance Commission Passed through Department of State-Division of Elections Federal Election Cybersecurity Initiatives Grant 90.404 20.e.es.000.044 35,034 Help America Vote Act Election Security Grant 90.404 2020-001-MONCO 55,046 Total Federal Agency 90,080 Department of Justice: Equitable Sharing Agreement 16.922 179,826 Direct Program: Bureau of Justice Assistance: COVID-19 Coronavirus Emergency Supplemental Funding 16.034 2020-VD-BX-1268 44,463 Bulletproof Vest Program 16.607 2019BUBX19097085 40,232 - Edward Byrne Memorial Justice Assistance Grant Program: Drug Court Medical Director Initiative 16.738 2018-DJ-BX-0492 1,900 1,900 Total Program 86,595 1,900 Passed through Office of the Attorney General. Victims of Crime Acts 16.575 VO-00139 348,934 - The accompanying notes are an integral part of this schedule. (Continued) J-5 Monroe County,Florida Schedule of Expenditures of Federal Awards and State Financial Assistance Projects For The Year Ended September 30,2020 Federal Federal/State Agency, (Direct& Passed Pass-through Entity CFDA Pass-Through) Through to Federal Program/State Projects Number Contract/Grant Number Expenditures Subrecipients Passed through Florida Department of Law Enforcement: Edward Byrne Memorial Residential Substance Abuse Treatment: 2018-J2-BX-004 Men's Jail Housed Drug Abuse Treatment Program 16.593 2020-RSAT-MONR-I-D2-002 73,645 73,645 Edward Byrne Memorial Residential Substance Abuse Treatment: Men's Jail Housed Drug Abuse Treatment Program 16.738 2019-JAGC-MONR-2-N2-110 4,582 4,582 Edward Byrne Memorial Justice Assistance Grant-Women's Jail Incarceration Drug Abuse Program 16.738 2019-JAGC-MONR-2-Y5-115 42,933 42,933 Edward Byrne Memorial Residential Substance Abuse Treatment: Assisted Living Prevents Recidivism 16.738 2019-JAGC-MONR-3-Y5-113 20,403 20,403 Edward Byrne Memorial Justice Assistance Grant-Substance abuse education&Relapse Prevention FKOC 16.738. 2020-JAGC-M ONR-1-Y5-098 7,963 7,963 Total Program 149,526 149,526 Total Federal Agency 764,881 151,426 Executive Office of the President: Direct Program: High Intensity Drug Trafficking Areas 95.001 G17PR0001A (3,236) High Intensity Drug Trafficking Areas 95.001 G17ACOOO5A 410 High Intensity Drug Trafficking Areas 95.001 G18ACOOO5A 267,641 High Intensity Drug Trafficking Areas 95.001 G18MI0001A 3,248,087 High Intensity Drug Trafficking Areas 95.001 G18PR0001A 1,012,968 High Intensity Drug Trafficking Areas 95.001 G19ACOOO5A 2,050,378 High Intensity Drug Trafficking Areas 95.001 G19MI0001A 5,737,001 High Intensity Drug Trafficking Areas 95.001 G19PR0001A 3,410,733 High Intensity Drug Trafficking Areas 95.001 G20ACOOO5A 1,209,129 High Intensity Drug Trafficking Areas 95.001 G20MI0001A 1,726,067 High Intensity Drug Trafficking Areas 95.001 G20PR0001A 1,946,399 Total Federal Agency 20,605,577 Department of Transportation: Direct Program: Federal Aviation Administration-Airport Improvement Proaram Key West AIP-3756 20.106 3-12-0037-056-2018 14,494 Key West AIP-3757 20.106 3-12-0037-057-2018 18,387 Key West AIP-3758 20.106 3-12-0037-058-2019 350,911 Key West AIP-3759 20.106 3-12-0037-059-2019 6,643,208 Key West AIP-3760 20.106 3-12-0037-060-2019 4,379,337 Key West AIP-3762-CARES 20.106 3-12-0037-062-2020 5,295,800 Marathon AIP-4435 20.106 3-12-0044-035-2016 97,924 Total Program 16,800,061 Federal Hiahwav Administration: Highway Planning and Construction Cluster Passed through Florida Department of Transportation: Transportation Planning Program 2012 20.205 25222811408/G1A71 38,881 LAP-H Irma-Duck Key Lights Shared Use Path 20.205 445366-1/G1C35 12,850 FL Keys Overseas Heritage Trail Connection 20.205 441745-1-38-01/G1558 4,546 The Pigeon Key Ramp Repair Design Project 20.205 436566-1/GOW60 415,782 Total Highway Planning and Construction Cluster 472,059 Federal Transit Administration: Passed through Florida Department of Transportation: Enhanced Mobility of Seniors and Individuals with Disabilities 20.513 1001-2019-1 57,324 The accompanying notes are an integral part of this schedule. (Continued) J-6 Monroe County,Florida Schedule of Expenditures of Federal Awards and State Financial Assistance Projects For The Year Ended September 30,2020 Federal Federal/State Agency, (Direct& Passed Pass-through Entity CFDA Pass-Through) Through to Federal Program/State Projects Number Contract/Grant Number Expenditures Subrecipients National Highway Traffic Safety Administration: Passed through Florida Department of Transportation: The Keys to Safe Biking&Hiking 20.600 G1B36 8,140 COVID-19 Coronavirus Aid.Relief,and Economic Security Act: Passed through Florida Department of Emergency Management: 21.019 Y2287 3,298,917 COVID-19 Coronavirus Aid,Relief,and Economic Security Act: Passed through Florida Housing Finance Corporation: 21.019 078-2020 638,069 Total Federal Agency 21,274,570 Department of Homeland Security: Passed through Florida Executive Office of the Governor. Emergency Management Performance Grant FY20-21 97.042 G0158 15,210 Emergency Management Performance Grant FY19-20 97.042 G0060 50,381 Disaster Grants-Public Assistance-Hurricane Irma 97.036 4337/Z0002 9,222,874 Total Program 9,288,465 - Passed through the City of Miami. Homeland Security Grant Program-2017 97.067 19-DS-04-11-23-02-319 90,911 45,633 Total Federal Agency 9,379,376 45,633 Department of Commerce: Economic Development Administration Disaster Recovery Coordinator 11.307 04-79-07268 40,511 - Post Disaster Recovery Strategy 11.307 04-69-07349 32,108 Total Federal Agency 72,619 Department of Energy: Passed through Florida Department of Economic Opportunity. Weatherization Assistance Program-2017 81.042 17WX-0G-11-54-01-039 40,805 Passed through Florida Department of Agriculture&Consumer Svs: State Energy Program Monroe County Public Library Lighting 81.041 DE-EE000241/LG014 70,200 Total Federal Agency 111,005 Environmental Protection Agency: Florida Keys Waterwatch 66.436 X7-OOD83018 2,746 MC Canal Management Master Plan 66.436 X7-OOD83418 20,274 Water Quality Monitoring 66.454 C6-00476018 49,357 Monroe County Canal Restoration 66.454 X7-01D00020 119,996 Total Federal Agency 192,373 United States Treasury Department: Equitable Sharing Agreement 21.000 3,977,970 RESTORE Coral Reef Restoration 21.015 3,086 Total Federal Agency 3,981,056 - Department of Agriculture:Natural Resources Conservation Service Emergency Watershed Protection Program Hurricane Irma-Debris Removal 10.923 NR184209XXXXCO27 1,387,915 879,518 Total Federal Agency 1,387,915 879,518 Total Expenditures of Federal Awards $ 58,670,338 $ 1,076,577 The accompanying notes are an integral part of this schedule. (Continued) J-7 Monroe County,Florida Schedule of Expenditures of Federal Awards and State Financial Assistance Projects For The Year Ended September 30,2020 Federal/State Agency, Pass-through Entity CSFA State Federal Program/State Projects Number Contract/Grant Number Expenditures Florida Executive Office of the Governor: Emergency Management Programs FY20-FY21 31.063 A0110 $ 23,733 Emergency Management Programs FY19-FY20 31.063 A0037 79,951 Total Department 103,684 Florida Department of Children and Families: Community Care for Disabled Adults-FY18-FY21 60.008 KG073 30,482 Total Department 30,482 Florida Department of Elder Affairs: Passed through The Alliance for Aging: Alzheimer's Disease Initiative-2018 65.004 KZ1997 87,337 Alzheimer's Disease Initiative-2019 65.004 KZ097 28,403 Total Department 115,740 Florida Department of Environmental Protection: Small County Consolidated Grant 37.012 SCO24 90,909 Statewide Surface Water Restoration and Wastewater Projects: MC Canal 75 Backfill&Canal 48,59,79,80 Augm Aeration 37.039 LP44073 36,130 Monroe County Marine Debris Removal 37.039 LP44074 177,300 FL Keys Reasonable Assurance Plan Water Quality Monitoring 37.039 00476018/MN008 20,160 Total Program 233,590 Florida Keys National Marine Sanctuary Support: MC Canal#475 Culvert Restoration Design Project 37.088 SD009 19,848 Florida Resilient Coastal Program 37.098 R1915 34,400 Monroe County Mobile Vessel Pumpout Service NA MV353 562,500 Total Department 941,247 Florida Department of Juvenile Justice: Intensive Delinquency Diversion Service 80.022 10634 139,817 Total Department 139,817 Florida Department of State: State Aid to Libraries-2018 45.030 19-ST-35 53,224 State Aid to Libraries-2019 45.030 20-ST-35 79,981 Total Program 133,205 Total Department 133,205 Florida Department of Transportation: Pigeon Key Ferry Service 55.023 41454515802/ARX57 137,500 Total Program 137,500 The accompanying notes are an integral part of this schedule. (Continued) J-8 Monroe County,Florida Schedule of Expenditures of Federal Awards and State Financial Assistance Projects For The Year Ended September 30,2020 Federal/State Agency, Pass-through Entity CSFA State Federal Program/State Projects Number Contract/Grant Number Expenditures Aviation Development Grants: Key West Airport 55.004 43791919401/G0553 9,258 Key West Airport 55.004 43928519401/GOE77 375,752 Key West Airport 55.004 43866619401/GOE47 91,326 Key West Airport 55.004 44138419401/GOR03 805 Key West Airport 55.004 44138319401/GOR04 289,778 Key West Airport 55.004 44241919401/G1007 44,695 Key West Airport 55.004 44241819401/G1008 78,942 Key West Airport 55.004 44528919401/G1667 31,659 Key West Airport 55.004 43867419401/G0156 243,296 Key West Airport 55.004 44493619401/G1603 200,000 Key West&Marathon Airport 55.004 43113379401/2&AQH10 381,529 Marathon Airport 55.004 43864719401/GOG88 1,016,866 Marathon Airport 55.004 43868019401/GOE44 35,001 Marathon Airport 55.004 43868319401/GOE41 8,704 Marathon Airport Planning Studies 55.004 43928619401/G0122 104,718 Marathon Airport 55.004 44242219401/G1009 32,663 Marathon Airport 55.004 44388819401/GOZ28 4,784 Marathon Airport 55.004 44242119401/G1238 26,258 Marathon Airport 55.004 44241719401/G1237 8,041 Total Program 2,984,075 Small County Outreach Program and Rural Areas of Opportunity: Stock Island 11 Roadway&Drainage Improvements 55.009 442001-1/GOX77 1,692,799 Total Department 4,814,374 Florida Fish&Wildlife Conservation Commission: Monroe County Derelict Vessel Removal 77.005 19176 19,738 Monroe County Derelict Vessel Removal 77.005 19234 113,236 Monroe County Derelict Vessel Removal 77.005 19272 24,846 Total Program 157,820 Passed through Department of Environmental Protection Monroe County Exotic Plant Removal Maintenance NA 13101-FK159 125,000 Total Department 282,820 Department of Economic Opportunity Growth Management Implementation-Community Planning 40.024 P0393 40,000 Total Department 40,000 Florida Housing Finance Corporation: State Housing Initiative Partnership Program 2017-2018 40.901 SHIP 16-19 FY17 FUNDS 659,884 State Housing Initiative Partnership Program 2018-2019 40.901 SHIP 16-19 FY18 FUNDS 96,555 State Housing Initiative Partnership Program 2019-2020 40.901 SHIP 16-19 FY19 FUNDS 135,325 Total Department 891,764 Total Expenditures of State Financial Assistance $ 7,493,133 The accompanying notes are an integral part of this schedule. (Continued) J-9 This page is intentionally left blank. Monroe County,Florida Notes to Schedule of Expenditures of Federal Awards and State Financial Assistance Projects For the Year Ended September 30,2020 Note 1—Basis of Presentation The Schedule of Federal Awards and State Financial Assistance Projects (the"Schedule")presents a summary of the activity of all the Federal and State grant programs of Monroe County, Florida (the "County") for the fiscal year ended September 30, 2020. The County's reporting entity is defined in Note 1 of the notes to the County's basic financial statements. Federal awards are presented for each federal agency by the Catalog of Federal Domestic Assistance (CFDA)number and state awards are presented for each state agency by the Catalog of State Financial Assistance(CSFA)number when available in the grant agreements or determinable based on a grant's source and purpose. For grants that have not yet been assigned a CFDA or CSFA number, the schedule includes the grant with a CFDA or CSFA number of NA for not available and categorizes the funding under the sub-heading of Other Financial Assistance. Note 2—Summary of Significant Accounting Policies The Expenditures of Federal Awards and State financial Assistance is presented on a modified accrual basis of accounting for governmental fund types and the full accrual basis for proprietary fund types,as described in the notes to the financial statements;however,subrecipient expenditures are included when paid. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of the basic financial statements. During the fiscal year ending September 30,2020,Monroe County elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. Note 3—Negative Program Amounts Both the modified accrual and accrual basis of accounting incorporate an estimation approach to determine the amount of expenditures incurred if not yet billed by a vendor. Therefore, those programs presenting negative amounts on the Schedule are the result of prior year estimates being overstated and/or reimbursements due back to the grantor. J-10 Monroe County,Florida Notes to Schedule of Expenditures of Federal Awards and State Financial Assistance Projects For the Year Ended September 30,2020 Note 4— Grant Contingencies The County 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 County expects such amounts, if any, to be immaterial. Note 5—Fiscal Year Obligations From Disaster Grants In FY 2020, the Department of Homeland Security's Federal Emergency Management Agency (FEMA) obligated $7,841,545 for Monroe County under its Disaster Grants — Public Assistance Grant Program (CFDA 497.036)for the County's recovery from Hurricane Irma. J-11 MONROE COUNTY, FLORIDA SCHEDULE OF FINDINGS AND QUESTIONED COSTS FEDERAL AWARDS PROGRAMS AND STATE FINANCIAL ASSISTANCE PROJECTS FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2020 Part I—Summary of Auditor's Results Financial Statement Section Type of report the auditor issued on whether the financial statements audited were prepared in accordance with GAAP: Unmodified Internal control over financial reporting: Material weakness(es) identified? _yes X no Significant deficiency(ies) identified? _yes X none reported Noncompliance material to financial _yes X no statements noted? Federal Awards and State Financial Assistance Projects Section Internal control over major programs: Material weakness(es) identified? yes X no Significant deficiency(ies) identified? yes X none reported Type of auditor's report issued on compliance for major federal awards programs and state financial assistance projects: Unmodified Any audit findings disclosed that are required to be reported in accordance with 2 CFR 200.516(a) and/or Chapter 10.550 yes X no J-12 MONROE COUNTY, FLORIDA SCHEDULE OF FINDINGS AND QUESTIONED COSTS FEDERAL AWARDS PROGRAMS AND STATE FINANCIAL ASSISTANCE PROJECTS FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2020 Identification of major federal awards programs and state financial assistance projects: Federal Awards Programs: Name of Program or Cluster CFDA Number Executive Office of the President High Intensity Drug Trafficking Areas 95.001 U.S. Department of Transportation COVID-19 Coronavirus Aid, Relief, and Economic Security Act 21.019 State Financial Assistance Projects: Name of Program or Cluster CSFA Number Florida Department of Transportation Aviation Development Grants 55.004 Small County Outreach Program & Rural Areas 55.009 Of Opportunity Dollar threshold used to distinguish between Type A and Type B programs: Federal $ 1,760,110 State $ 750,000 Auditee qualified as low-risk auditee for federal purposes X yes no J-13 MONROE COUNTY, FLORIDA SCHEDULE OF FINDINGS AND QUESTIONED COSTS FEDERAL AWARDS PROGRAMS AND STATE FINANCIAL ASSISTANCE PROJECTS FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2020 Part II -Schedule of Financial Statement Findings This section identifies the significant deficiencies, material weaknesses, fraud, illegal acts, violations of provisions of contracts and grant agreements, and abuse related to the financial statements that are required to be reported in accordance with Government Auditing Standards. There were no findings required to be reported by Government Auditing Standards. Part III -Federal Award Findings and Questioned Costs This section identifies the significant deficiencies, material weaknesses, and material instances of noncompliance, including questioned costs, as well as any material abuse findings, related to the audit of major federal programs, as required to be reported by 2 CFR 200.516(a)of OMB Uniform Guidance. There were no findings required to be reported by 2 CFR 200.516(a). Part IV-State Project Findings and Questioned Costs This section identifies the significant deficiencies, material weaknesses, and material instances of noncompliance, including questioned costs, as well as any material abuse findings, related to the audit of major state projects, as required to be reported by Chapter 10.550, Rules of the Auditor General-Local Governmental Entity Audits. There were no findings required to be reported by Chapter 10.550, Rules of the Auditor General — Local Governmental Entity Audits. J-14 MONROE COUNTY, FLORIDA SUMMARY SCHEDULE OF PRIOR AUDIT FINDINGS FEDERAL AWARDS PROGRAMS AND STATE FINANCIAL ASSISTANCE PROJECTS FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2020 Prior Year Findings There were no findings in the prior year. J-15 Cherry rl"' Independent Auditor's Management Letter To the Honorable Mayor and Board County Commissioners Monroe County, Florida Report on the Financial Statements We have audited the financial statements of the governmental activities, the business-type activities, the discretely presented component unit, each major fund, and the aggregate remaining fund information of Monroe County, Florida (the "County"), as of and for the fiscal year ended September 30, 2020, and have issued our report thereon dated March 19, 2021. 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; the audit requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards ("Uniform Guidance"); 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; Report of Independent Auditor on Compliance for Each Major Federal Awards Program and State Financial Assistance Projects and on Internal Control over Compliance Required by Uniform Guidance and Chapter 10.550, Rules of the Auditor General; Schedule of Findings and Questioned Costs; and Report of Independent Accountant on Compliance with Local Government Investment Policies and E911 Requirements of Section 365.172 and 365.173, Florida Statutes. Disclosures in those reports and schedule, which are dated March 19, 2021, should be considered in conjunction with this management letter. Prior Audit Findings Section 10.554(1)(i)l., Rules of the Auditor General, requires that we determine whether or not corrective actions have been taken to address findings and recommendations made in the preceding annual financial audit report. Reference to whether corrective actions have been taken is provided in separate management letters for each County agency, where applicable. There were no recommendations made in the preceding annual financial audit report. Official Title and Legal Authority Section 10.554(1)(i)4., Rules of the Auditor General, requires that the name or official title and legal authority for the primary government and each component unit of the reporting entity be disclosed in this management letter, unless disclosed in the notes to the financial statements. Such disclosure is included in notes to the financial statements. Financial Condition and Management Sections 10.554(1)(i)5.a. and 10.556(7), Rules of the Auditor General, require us to apply appropriate procedures and communicate the results of our determination as to whether or not the County has met one or more of the conditions described in Section 218.503(1), Florida Statutes, and to identify the specific condition(s) met. In connection with our audit of the financial statements of the County, the results of our tests did not indicate the County met any of the specified conditions of a financial emergency contained in Section 218.503(1), Florida Statutes. K-1 Pursuant to Sections 10.554(1)(i)5.b. and 10.556(8), Rules of the Auditor General, we applied financial condition assessment procedures for the County. It is management's responsibility to monitor the County's financial condition, and our financial condition assessment was based in part on representations made by management and the review of financial information provided by same. Section 10.554(1)(i)2., Rules of the Auditor General, requires that we communicate any recommendations to improve financial management. In connection with our audit, we did not have any such recommendations. Deepwater Horizon Oil Spill Section 10.556(10)(e), Rules of the Auditor General, requires a determination of the County's compliance with Federal and State laws, regulations, contracts or grant agreements related to the receipt and expenditure of funds related to the Deepwater Horizon oil spill. The County's Deepwater Horizon oil spill funds received are unrestricted and, therefore, do not have related compliance requirements. 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. Reference to such matters is provided in separate management letters for each County agency, where applicable. 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. err tz, Tampa, Florida March 19, 2021 K-2 Cherry rl- Report of Independent Accountant on Compliance with Local Government Investment Policies and E911 Requirements of Sections 365.172 and 365.173, Florida Statutes To the Honorable Mayor and Board County Commissioners Monroe County, Florida: We have examined the Monroe County, Florida's (the "County") compliance with the local government investment policy requirements of Section 218.415, Florida Statutes, and E911 requirements of Sections 365.172 and 365.173, Florida Statutes, during the year ended September 30, 2020. Management of the County is responsible for the County's compliance with the specified requirements. Our responsibility is to express an opinion on the County'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 County complied, in all material respects, with the specified requirements referenced above. An examination involves performing procedures to obtain evidence about whether the County 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 County's compliance with the specified requirements. In our opinion, the County complied, in all material respects, with the local investment policy requirements of Section 218.415, Florida Statutes, and E911 requirements of Sections 365.172 and 365.173, Florida Statutes, during the year ended September 30, 2020. The purpose of this report is to comply with the audit requirements of Sections 218.415, 365.172, and 365.173, Florida Statutes, and Rules of the Auditor General. Tampa, Florida March 19, 2021 K-3 OTHER INFORMATION MONROE COUNTY, FLORIDA SCHEDULE OF RECEIPTS AND EXPENDITURES OF FUNDS RELATED TO THE DEEPWATER HORIZON OIL SPILL FOR THE YEAR ENDED SEPTEMBER 30, 2020 Amount Received in the Amount Expended in 2019-20 the 2019-20 Source Fiscal Year Fiscal Year Environmental Clean Up Consortium: British Petroleum Agreement No. 140596 $ 25,300 $ - $ 25,300 $ - Note to Schedule of Receipts and Expenditures of Funds Related to the Deepwater Horizon Oil Spill: In FY 2015, Monroe County received $1,107,947 from British Petroleum as a settlement under Agreement No. 140596. In FY 2020, the County earned $25,300 in interest earnings on the settlement funds received from British Petroleum. From FY 2016 through FY 2020, the County earned $69,296 in interest earnings on these settlement funds bringing the total settlment and earnings to$1,177,243. The County did not expend any of these settlement funds during the fiscal year or during previous fiscal years. L-1