Fiscal Year 1983 & 1984 MONROE COUNTY, FLORIDA
CARD cOUkn ROAD AND BRIDGE TOLL FACILITY
FINANCIAL. STATEMENTS
SEPT MBE 30, 1984 AND 1983,
KEW & ROSASCO
CERTIFIED PUBLIC ACCOUNTANV��—.
CONTENTS
2_qe
Independent Auditors' Opinion I
Financial Statements:
Balance Sheets 2
Statements of Revenues, Expenses and Fund Equity 3
Statements of Changes in Financial Position 4
Notes to Financial Statements 5-6
Supplemental Schedule -
Computations of Toll Requirements 7
Bond Compliance Letter 8
KE OSASCO
Certified Public Accountants
1438 KENNEDY D .
#12 LUANI PLAZA * P. O. BOX 309
KEY WEST, FL 33041-0309
ORVIS M. KEMP, C.P.A. (305) 294-2581 MEMBER OF AMERICAN INSTITUTE
WM. O. KEMP, C.P.A. AND FLORIDA INSTITUTE OF
PETER L. ROSASCO, Jr., C.P.A. CERTIFIED PUBLIC ACCOUNTANTS
MARVA E. GREEN, C.P.A.
DEREK PARKER, C.P.A.
Honorable Members of the
Board of County Commissioners
Monroe County, Florida:
We have examined the Balance Sheets of Monroe County Card Sound Road and
Bridge Toll Facility as of September 30, 1984 and 1983, and the related
Statements of Revenues, Expenses, and Fund Equity, and Changes in Financial
Position for the years then ended® Our examination was made in accordance
with generally accepted auditing standards and, accordingly, included such
tests of the accounting records and such other auditing procedures as we con-
sidered necessary in the circumstances®
In our opinion, the financial statements referred to above, present fairly the
financial position of Monroe County Card Sound Road and Bridge Toll Facility
as of September 30, 1984 and 1983, and the results of its operations and
changes in its financial position for the years then ended, in conformity with
generally accepted accounting principles applied on a basis consistent with
that of the preceding year.
Our examination was made for the purpose of forming an opinion on the finan-
cial statements taken as a whole® The supplemental schedule of Computations
of Toll Requirements is presented for additional analysis and is not a
required part of the financial statements® Such information has been sub-
jected to the auditing procedures applied in the examination of the financial
statements and, in our opinion, is fairly stated in all material respects in
relation to the financial statements taken as a whole®
I/
Kemp & Rosasco
Certified Public Accountants
February 14, 1985
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MONROE COUNTY., FLORIDA
CARD SOUND ROAD AND BRIDGE TOLL FACILITY
STATEMENTS OF REVENUES L_EXPENSES AND_FUND_EQUITY
FOR-'THE YEARS ENDED SEPTEMBER 30,_ 1984 AND 1983
1984 1983
Operating Revenues - Tolls $ _606�436 $ 396,223
Operating Expenses:
Personal services 1293,962 1223,806
Depreciation 45,986 66, 145
Repairs and maintenance 38,799 3,519
Operations 21 ,630 -
Professional services 15,855 34 078
Total Operating Expenses 252,232 226,58
Operating Income 354 204 169 675
Nonoperating Revenue (Expense) :
Interest income 29,565 20,734
Interest expense and paying agent fees (78,355) (83,032)
Other 4,232 5,669
Total Nonoperating Revenue (Expense) (44,558) (56 629)
Net Income 309,646 113,046
Fund Equity, October 1 689,292 576,246
Fund Equity, September 30 $ 9983,938 689.9292
The accompanying notes are an integral
part of these financial statements®
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MONROE COUNTY FLORIDA
CARO SOUND ROAD AND TOLL, BRIDGE FACILITY
STATEMENTS OF CHANGES IN FINANCIAL POSITION
FOR THE YEARS._ENDED..SE,P,TSEMBE-R 30 1984 AND 1983
1984 1983
Sources of Working Capital ®
Operations:
Net Income 309,646 $ 113,046
Items not requiring current outlay of
working capital :
Depreciation 45,986 66,15
Amortization of discounts on bonds I_L838 1j908
Working Capital Provided By Operations 357,470 181,099
Decrease in working capital 1_1745 -
Total Sources of Working Capital $ 359,215 $ 181 ,099
Uses of Working Capital :
( Increase) Decrease in liabilities payable
from restricted assets:
Interest $ 551 239
Revenue bonds 115,000 55,000
Contracts payable (6.761 ) -
Total Decrease in Liabilities
Payable from Restricted Assets 108,790 55,239
Increase in restricted assets 250,237 125,860
Property additions M -
Total Uses of Working Capital $ 359,215 $ 181 ,099
Increase (Decrease) in Components of
Working Capital :
Cash $ 14, 117 $ 2,525
Due from other funds 36 -
Accounts payable ( 15,898) (2,525)
Accrued annual leave
Net Decrease in Working Capital $ ( IJ,745) $
The accompanying notes are an integral
part of these financial statements®
-4-
MONROE COIIE FLnRInA
CARD SOUND ROAD AND TOLL BRIDGE FACILITY
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1984 AND 1983
NOTE I ® SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
General ® The Monroe County Card Sound Road and Bridge Toll Facility (the
"Bridge") is an instrumentality of Monroe County (the "County")
authorized to own and operate the Monroe County Card Sound Bridge.
Basis of Accountin The Bridge follows the accrual basis of accounting.
Restricted Assets ® Assets that are designated for specified purposes
under revenue bond provisions (Note 2) are included in the accompanying
balance sheets as restricted assets.
Depreciation ® Depreciation is provided using the straight-line method
and the following estimated useful lives:
DesSLjkjj2L Years
Roads and bridges 50
Equipment 5-10
Discount on Bonds Payable - Discounts on revenue bonds payable are amor-
tized using the straight-line method over the maturities of the related
bonds.
NOTE 2 ® LONG-TERM DEBT
The Bridge is authorized to issue revenue bonds for the purpose of
constructing and improving Card Sound Road and Bridge. Such revenue
bonds are payable solely from the revenue generated by the Bridge and do
not constitute a general obligation of the County.
An interest rate of 5.75% per annum is payable semi-annually on the
entire term bond issue, which matures September 1, 1997.
Under the terms of the trust agreement relating to the revenue bonds, the
Bridge is required to establish and collect tolls which will be suf-
ficient at all times to pay 125% of the interest becoming due on such
bonds in such year, pay the annual installment of principal required to
amortize the principal of such bonds according to a standard table of
bond amortization, create and maintain reserves for such purposes, and
pay the costs of maintaining and operating Card Sound Road and Bridge.
Any excess revenues must be set aside to repurchase bonds prior to
maturity.
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KA A
1-MR-E COUNTY FLORIDA
CARD SOUND ROAD AND BRIDGE TOLL FACILITY
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30,_ 19B4 AND 19B3
NOTE 3 ® PENSION PLAN
The County participates in the Florida Retirement System (the "System")
which covers substantially all of the County's full-time employees.
Presently, the System does not require contributions from covered
employees. Pension costs for Bridge employees for the years ended
September 30, 19B4 and 19B3, as required and defined by the System,
approximated $ 10,B78 and $ 10,662 respectively.
Contributions of all participating agencies throughout the State of
Florida are pooled to fund accrued benefits under the System. System
officials have reported that the System has an actuarially computed
unfunded past service liability of approximately $6.5 billion as of July
1 , 1983, the latest valuation date of the plan. This amount represents an
obligation of the System and not of the participating agencies. The most
recent actuarial study indicates that, if certain assumptions are realized
and certain increases to the contribution rates are made, this unfunded
past service will be liquidated within 30 years.
-6-
dROE COUNTY, FLORIDA
CARD SOUND ROAD AND BRIDGE TOLL FACILITY
COMPUTATIONS OF TOLL REQU IP.E""E".TS PURSUANT TO INDENTURE AGREEMENT
DATED JUNE 17, 196®l, ARTICLE 111 , SECTION 3.04 (A)
FOR THE YEARS ENDED SEPTEMBER 30, 1984 AND 1983
194 1983
15 of interest expense $ 94,354 $ 103,790
Bond principal amortization requirements 97,307 9 ,571
Cost of operations and maintenance 206,246 160,403
Renewal and replacement fund transfer 15 000 15,000
Annual tolls required 41 ,907 377,74
Actual collections 606,436 396,23
Excess for the year 193,529 18,459
Cumulative deficiency, October 1 993,335 1,011 ,794
Cumulative deficiency, September 30 $ 799, 06 $ 993,335
-7-
KENIP �d ROSASCO
Certified Public Accountants
1438 KENNEDY DR.
#12 LUANI PLAZA 9 P. 0. BOX 309
KEY WEST, FL 33041-0309
ORVIS M. KEMP, C.P.A. (305) 294-2581 MEMBER OF AMERICAN INSTITUTE
WM. O. KEMP, C.P.A. AND FLORIDA INSTITUTE OF
PETER L. ROSASCO, Jr., C.P.A. CERTIFIED PUBLIC ACCOUNTANTS
MARVA I. GREEN, C.P.A.
DEREK PARKER, C.P.A.
Honorable Members of the
Board of County Commissioners
Monroe County, Florida
Dear Sirs®
We have examined the balance sheets of Monroe County Card Sound Road and
Bridge Toll Facility (the "Bridge") as of September 30, 1984 and 1983 and the
related statements of revenues and expenses and fund equity and of changes in
financial position for the years then ended and have rendered our opinion
thereon dated February 14, 1985. Our examination was made in accordance with
generally accepted auditing standards and, accordingly, included such tests of
the accounting records and such other auditing procedures as we considered
necessary in the circumstances.
In connection with our examination and with the exception of the item men-
tioned below, nothing came to our attention that caused us to believe that the
Bridge was not in compliance with any of the terms covenants, provisions or
conditions of Section 3.04, Article 111 , of the Indenture Agreement dated June
17, 1967, relating to the Bridge Revenue Bonds® However, it should be noted
that our examination was not conducted primarily towards obtaining knowledge
of such noncompliance.
Pursuant to Section 3.04(A), Article 111 of the Indenture Agreement, we have
examined the accompanying computation of toll requirements for the years ended
September 30, 1984 and 1983. In our opinion, the computation has been made in
accordance with relevant provision of the Indenture Agreement®
4X10 p6jJ411
Kemp & Rosasco
Certified Public Accountants
February 14, 1985