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Fiscal Year 2022
� I�I�III,IIIIII �, I �� � � �illllllli llluum This page is intentionally left blank. MONROE COUNTY, FLORIDA ANNUAL COMPREHENSIVE FINANCIAL REPORT FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2022 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 ANNUAL COMPREHENSIVE FINANCIAL REPORT FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2022 PAGE INTRODUCTORY SECTION Transmittal Letter of the Clerk of the Circuit Courts 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 Independent Auditor's Report B-1 Management's Discussion and Analysis (Unaudited) 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-12 HIDTA Grants Special Revenue Fund E-14 Governmental Grants Special Revenue Fund E-15 Tourist Development, Administration and Promotional, Two Cent Fund E-18 Statement of Net Position - Proprietary Funds E-19 Statement of Revenues, Expenses, and Changes in Net Position - Proprietary Funds E-23 Statement of Cash Flows - Proprietary Funds E-25 Statement of Fiduciary Net Position - Fiduciary Funds E-29 Statement of Changes in Fiduciary Net Position - Fiduciary Funds E-30 Notes to Financial Statements F-1 Required Supplementary Information (Unaudited) 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 MONROE COUNTY, FLORIDA ANNUAL COMPREHENSIVE FINANCIAL REPORT FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2022 PAGE Ten Year Schedule of Employer Contributions Pension Plan for Volunteer Firefighters and Emergency Medical Services G-11 Schedule 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 Roads and Bridges H-26 Tourist Development, All Districts, Two Cent H-27 Tourist Development, District One H-28 Tourist Development, District Two H-29 Tourist Development, District Three H-30 Tourist Development, District Four H-31 Tourist Development, District Five H-32 Impact Fees - Roadways H-33 Impact Fees - Parks and Recreation H-34 Impact Fees - Libraries H-35 Impact Fees - Solid Waste H-36 Impact Fees - Fire and EMS H-37 Fire and Ambulance, District#1 - Lower and Middle Keys H-38 Unincorporated Area Service District - Parks and Recreation H-39 Unincorporated Area Service District - Planning, Building, and Zoning H-40 Municipal Policing H-42 Duck Key Security District H-43 Local Housing Assistance H-44 Affordable Housing Initiative 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 Infrastructure Revenue Bonds Series 2014 Capital Projects Fund H-63 Clerk's Revenue Note Capital Projects Fund H-64 Infrastructure Revenue Bonds Series 2007 Capital Projects Fund H-65 MONROE COUNTY, FLORIDA ANNUAL COMPREHENSIVE FINANCIAL REPORT FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2022 PAGE Big Coppitt Wastewater Project Capital Projects Fund H-66 Duck Key Wastewater Project Capital Projects Fund H-67 Long Key Wastewater Project Capital Projects Fund H-68 Land Acquisition Fund Capital Projects Fund H-69 Sheriff's Teen Court H-70 Sheriff's Federal Forfeiture H-71 Sheriff's State Forfeiture H-72 Sheriff's Contract Administrative H-73 Sheriff's Inmate Commissary H-74 Sheriff's Interagency Communications H-75 Sheriff's Trauma Star H-76 Sheriff's Radio Communications H-77 Sheriff's Grants H-78 Sheriff's Shared Asset Forfeiture H-79 Sheriff's E911 H-80 Clerk's Records Modernization H-81 Clerk's Court Related H-82 Schedules of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual Major Governmental Funds: Cudjoe Regional Wastewater Project Fund H-83 One Cent Infrastructure Surtax Capital Project Fund H-84 All Debt Service Funds H-85 Combining Statement of Net Position - Internal Service Funds H-87 Combining Statement of Revenues, Expenses, and Changes in Net Position - Internal Service Funds H-89 Combining Statement of Cash Flows - Internal Service Funds H-91 Combining Statement of Fiduciary Net Position -All Fiduciary Funds H-95 Combining Statement of Changes in Fiduciary Net Position -All Fiduciary Funds H-97 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 MONROE COUNTY, FLORIDA ANNUAL COMPREHENSIVE FINANCIAL REPORT FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2022 PAGE Demographic and Economic Statistics 1-21 Principal Employers 1-22 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-12 Assistance Projects Schedule of Findings and Questioned Costs - Federal Awards Programs and State J-14 Financial Assistance Projects Corrective Action Plan J-17 Summary Schedule of Prior Year Audit Findings - Federal Awards Programs and State J-18 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-4 OTHER INFORMATION Schedule of Receipts and Expenditures of Funds Related to the Deepwater Horizon Oil Spill L-1 -L-t. c,,I couRrge o:,� e°A Kevin Madok, CPA �o ........ � Clerk of the Circuit Court& Comptroller— Monroe County, Florida �Ro.co.NSy March 31, 2023 The Honorable Craig Cates Mayor, Board of County Commissioners Citizens of Monroe County, Florida We are pleased to submit the Annual Comprehensive Financial Report for Monroe County, Florida for the fiscal year(FY) ended September 30, 2022. Monroe County's Annual Comprehensive 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, RSM US LLP, has issued unmodified ("clean") opinions on the Monroe County, Florida financial statements for the year ended September 30, 2022. The report of the independent auditor is located at the front of the Financial Section in this report. KEY WEST MARATHON PLANTATION KEY 500 Whitehead Street 3117 Overseas Highway 88770 Overseas Highway Key West, Florida 33040 Marathon, Florida 33050 Plantation Key, Florida 33070 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, ... 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. Seven of the top ten taxpayers in Monroe County are in the hospitality industry. Airplane passenger arrivals increased by 14.1% in the past year while the County's bed tax revenues also experienced an increase of 21.6%. ...3 With the local economy being largely dependent on the tourism and hospitality industries, Monroe County was negatively impacted by the global pandemic caused by the novel strain of coronavirus (COVID-19) over the past few fiscal years. To support the County's recovery from the public health emergency, Monroe County received fiscal relief from both the State and Federal governments. The County secured $13 million in financial assistance from the federal and state governments through the Coronavirus Aid, Relief, and Economic Security (CARES) Act 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. In May 2021, Congress also passed the American Rescue Plan Act (ARPA) that provides additional emergency funding in response to the pandemic. The County received an additional $14.4 million in ARPA funding in FY 2021 which may be expended through December 2026. Monroe County will be making decision for the effective use of these funds. Long-term Financial Planning With the Overseas Highway being the primary transportation link for the Keys to the mainland, the County is developing long-term plans to modernize its transit system. In FY 2022, the County hired a transit director to work with the County's five municipalities to develop a more efficient and effective public transit system that not only provides frequent, reliable, and safe transportation but also addresses the unique transportation challenges facing Monroe County residents. Furthermore, Monroe County continues to take a lead on tackling issues dealing with climate change and sea-level rise. A recent Roads Elevation Study concluded that $1.6 billion would be needed to complete county-maintained road adaptations subject to sea-level rise by 2045. In response, the Federal government authorized $2.6 billion in funding for the U.S. Army Corps of Engineers Florida Keys Coastal Storm and Sea-Level Rise Infrastructure Resiliency Project. The goal of this project is to improve resiliency by reducing damage and risk from impacts of storms and guard against potential damage from sea-level rise. Federal appropriations for the project require annual Congressional approval. The first appropriation of$1 million was approved in the 2022 Federal omnibus spending bill which will fund Phase 1 of the planning, engineering, and design of six U.S. Highway 1 roadway stabilization areas in the Florida Keys that have been identified as vulnerable to erosion and wave energy. The County will continue to pursue grant funding to address the challenging environmental issues. In FY 2023, Monroe County secured $30 million in state and federal appropriations and numerous additional grants for water quality, bridge replacements, and storm risk mitigation. Efforts will also continue to push forward with canal restoration efforts. 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 County provides healthcare coverage for 434 retirees. In the accompanying government- wide financial statements, the County recognizes the present value of projected postemployment ...4 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 $54.1 million in FY 2022. At September 30, 2022, the County had long-term debt in the amount of $475.6. 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 $170.2 million and $42.5 million for business type activities. In September 2022, the County issued Series 2022 Alternative Minimum Tax (AMT) Revenue Bonds totaling $42.5 million to be used to finance and re-finance the costs associated with Key West Airport's Concourse A expansion project. In addition, the County secured a Taxable Revenue Note, Series 2022 to provide a non-revolving line of credit not to exceed $10 million to be used to acquire, construct, and equip various capital improvements at the Key West Airport in connection with its terminal expansion project. 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 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 $514.6 million since its 1990 inception. In FY 2023, Monroe County residents approved a referendum providing an extension of the One Cent Infrastructure Sales Surtax to FY 2048. 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 2023-2027 Plan to be funded with One Cent Infrastructure Surtax include: • General Government: - $2.5 million for the Rockland Key Facility; - $3.1 million for the Public Defender Building; and - $7.8 million for the Jackson Square Chiller Building. • Public Safety: - $35.9 million for building the Plantation Key Courthouse and Jail; - $4.3 million for the Sheriff's Cudjoe substation; and - $3.4 million for the Marathon emergency operations center. ... • Transportation: - $3.6 million for Harbor Drive bridge replacement; - $6.0 million for the Seaview Drive bridge replacement; and - $4.6 million for Sugarloaf Blvd bridge replacement. The following are major capital projects that were substantially completed in FY 2022: • Installing an automated climate control system in county buildings; • Marathon Airport hangar repairs and design; and • Marathon Airport building and security improvements; 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. ...6 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 event these funds fall below the set amount, an action plan to begin replenishment 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 Annual Comprehensive Financial Report for the fiscal year ended September 30, 2021. This was the thirty fourth (34 1h) consecutive year that Monroe County has achieved this prestigious award. To be awarded a Certificate of Achievement, a government must publish an easily readable and efficiently organized annual comprehensive 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 annual comprehensive financial report continues to meet the Certificate of Achievement Program's requirements and we are submitting 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 fourth (24"') year that Monroe County received this award. To qualify 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 under the direction of Monroe County's Clerk of the Circuit Court & Comptroller, Kevin Madok, CPA 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 manner throughout the year. We also extend our thanks and appreciation to our independent auditor, RSM US LLP, for its outstanding efforts, advice, and assistance. Sincerely, ..... ....... Kevin Madok, CPA Pam Radfoff, CPA Clerk of the Circuit Court & Comptroller Monroe County Chief Financial Officer Finance Director A-7 This page is intentionally left blank. DO Government Finance Officers Association Certificate of Achievement for Excellence in Financial Reporting Presented to Monroe County Florida For its Annual Comprehensive Financial Report For the Fiscal Year Ended September 30, 2021 P. Executive Director/CEO A-8 MONROE COUNTY, FLORIDA BOARD OF COUNTY COMMISSIONERS CRAIG CATES, MAYOR DISTRICT 1 MICHELLE LINCOLN JIM SCHOLL DISTRICT 2 DISTRICT 3 DAVID RICE HOLLY RASCHEIN DISTRICT 4 DISTRICT 5 ROMAN GASTESI COUNTY ADMINISTRATOR KEVIN MADOK, CPA CLERK OF THE CIRCUIT COURT AND COMPTROLLER A-9 k ! ) k \ � E ® E ) ! \ ) \ {A £ ; 2 \ E ! - w - } \ \} \ \ - 22B / � � u ! \ § ) k \ . v - § \ �k \ \ ( Lr T @ o \ \ ) § LF T T T uEE 0 - : §k \� _{r I �! § !2 }! ! 2 § E2 ) - !: §§ \ ( / ; ) 22 2 � m ) !) w/{ {& | ; { };a M. ! \ E - - j ; w m >wu , / - - E & ; / ( j / ) u 0 a o This page is intentionally left blank. 1111�111�11� II�>��IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII RSM Independent Auditor's Report Honorable Mayor and Board of County Commissioners Monroe County, Florida Report on the Audit of the Financial Statements Opinions We have audited the financial statements of the governmental activities, the business-type activities, the aggregate 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, 2022, and the related notes to the financial statements, which collectively comprise the County's basic financial statements as listed in the table of contents. In our opinion, the accompanying financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, the aggregate discretely presented component unit, each major fund and the aggregate remaining fund information of the County as of September 30, 2022, and the respective changes in financial position, and, where applicable, cash flows thereof and the respective budgetary comparisons for the General Fund, Fine and Forfeiture, HIDTA Grants, Governmental Grants, and the Tourist Development Administration and Promotional Two Cent Special Revenue Fund, for the year then ended in accordance with accounting principles generally accepted in the United States of America. Basis for Opinions We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS)and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States (Government Auditing Standards). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the County and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Emphasis of Matter As discussed in Note 1 to the financial statements, the County adopted Governmental Accounting Standards Board (GASB) Statement No. 87, Leases as of October 1, 2021. As a result of the adoption, the County restated the beginning assets and liabilities of the Governmental activities, Business-type activities, and the aggregate remaining fund information and recorded other lease-related items in the financial statements. Our opinions are not modified with respect to this matter. As discussed in Note 23 to the financial statements, the Monroe County Land Authority has restated its beginning net position of its governmental activities opinion unit to reflect the adjustment of its previously issued forgivable mortgage receivables to their net realizable value. Our opinion is not modified with respect to this matter. T1,.O V.M P O Vifl,,.R (31° V h M al1A3 d.A 14 D E R 0()N.1 /"<<<a.J l b l 1 IA X, C 0 S L)f r I I'q(" II:3-1 f"�r✓ ili ;II- r;vF ,Al,I Li 'A le U".[a I IJ;i'% ;f ,I,I�aI ry,ra il.a�f I�1 r3, 0,r60 n,�,i�l ,ii9.ir,,,f ✓.c, mw.rI, a "'i1 i;h�: Responsibilities of Management for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for 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. In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the County's ability to continue as a going concern for 12 months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter. Auditor's Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS and Government Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements. In performing an audit in accordance with GAAS and Government Auditing Standards, we • Exercise professional judgment and maintain professional skepticism throughout the audit. • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. • Obtain an understanding of internal control relevant to the audit 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, no such opinion is expressed. • Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements. • Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the County's ability to continue as a going concern for a reasonable period of time. We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit. Required Supplementary Information Accounting principles generally accepted in the United States of America require that that the management's discussion and analysis, and the pension and other post-employment benefit plan schedules as listed in the table of contents be presented to supplement the basic financial statements. Such information is the responsibility of management and, 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 I:3 2 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 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 combining and individual fund statements and schedules and the schedule of receipts and expenditures of funds related to the Deepwater Horizon oil spill 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. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. The 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, 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 fairly stated, in all material respects, in relation to the basic financial statements as a whole. Other Information Management is responsible for the other information included in the annual comprehensive financial report. The other information comprises the introductory and statistical sections but does not include the basic financial statements and our auditor's report thereon. Our opinions on the basic financial statements do not cover the other information, and we do not express an opinion or any form of assurance thereon. In connection with our audit of the basic financial statements, our responsibility is to read the other information and consider whether a material inconsistency exists between the other information and the basic financial statements, or the other information otherwise appears to be materially misstated. If, based on the work performed, we conclude that an uncorrected material misstatement of the other information exists, we are required to describe it in our report. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated March 31, 2023, 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. Fort Lauderdale, Florida March 31, 2023 133 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, 2022. 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, 2022 by $571.6 million, a decrease of $260.4 million compared to the prior fiscal year. Of this amount, $380 million represents net investment in capital assets; $260.8 million is restricted for specific purposes (restricted net position); and the remaining portion represents negative unrestricted net position of $69.2 million. Unrestricted net position is negative primarily due to the actuarily-determined long-term liabilities related to the Florida Retirement System pension and other post-employment benefits (OPEB), • Comparing FY 2022 with FY 2021, the results of governmental activities produced a decrease in net position of $284.3 million, while in FY 2021 net position increased by $165.7 million. We discuss key changes in net position later in Management's Discussion & Analysis (MD&A). • Comparing FY 2022 with FY 2021, the results of business-type activities produced an increase in net position of $23.9 million, while in FY 2021 net position increased by $20.3 million. We discuss key changes in net position later in this MD&A. • As of September 30, 2022 and 2021, the County's governmental funds reported combined ending fund balances of $270.2 million and $236.8 million, respectively. Of the combined fund balance, $14.4 million or 5.4% 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 $49.3 million, an increase of $6.3 million from the prior year. This increase reflects the County's continued recovery from the economic impact of the global pandemic on the County's fiscal operations. • Bonded debt and loans of the County increased almost $38 million in FY 2022. This was comprised of $42.5 million in new debt from the County's Airport plus the creation of a $10.7 million sinking fund payable to the State of Florida for the rehabilitation of the Old 7 Mile Bridge less $15.2 million in reductions (payments). The County's percentage of bonded debt and loans compared to net position increased from 21% to 36.8%. The other components of long-term debt are discussed in further detail later in this MD&A. C-1 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. The chart below illustrates the components of the Annual Comprehensive Financial Report: Components of the Annual Comprehensive 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 2022. The statement presents all underlying events, which contribute to the change, irrespective of the timing of the related cash flows. Thus, revenues and C-2 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 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-19 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 Tourist Development Council's (TDC) Administration and Promotional Two Cent Fund, Road and Bridges Fund, the Debt Service Fund; in addition to the One Cent Infrastructure Surtax capital project fund. 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. C-3 Proprietary Funds. The County maintains two different types of proprietary funds, enterprise and internal service. The proprietary fund statements appear on E-20 through E-29 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. 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 custodial funds by the County as a custodian 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 pages E-30 and E-31 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 custodial 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. C-4 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, 2022 and 2021 is presented. 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 2021 2021 2021 2022 (not restated)* 2022 (not restated)* 2022 (not restated)* Current and Other Assets $ 379,872 $ 343,559 $ 114,037 $ 47,316 $ 493,909 $ 390,875 Capital Assets 455,139 616,467 147,471 134,366 602,610 750,833 Total Assets 835,011 960,026 261,508 181,682 1,096,519 1,141,708 Deferred Outflows of Resources 48,823 52,301 2,043 1,597 50,866 53,898 Current Liabilities 71,579 48,484 5,656 5,943 77,235 54,427 Long-Term Liabilities 403,459 283,881 50,160 4,461 453,619 288,342 Total Liabilities 475,038 332,365 55,816 10,404 530,854 342,769 Deferred Inflows of Resources 30,848 17,718 14,112 3,167 44,960 20,885 Net Position: Net Investment in Capital Assets 234,357 441,883 145,604 134,366 379,961 576,249 Restricted 257,161 231,594 3,634 5,150 260,795 236,744 Unrestricted (113,571) (11,232) 44,386 30,192 (69,185) 18,960 Total Net Position $ 377,947 $ 662,245 $ 193,624 $ 169,708 $ 571,571 $ 831,953 *FY 2021 figures were not restated to reflect implementation of GASB Statement No. 87. The largest portion of net position for 2022 and 2021 is the County's net investment in capital assets (e.g., land, depreciated buildings, infrastructure and equipment, and amortized right-to-use leased assets), less any outstanding debt related to their acquisition. This category represents 66.5% and 69.3% of total primary government net position for fiscal years 2022 and 2021, 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. C-5 The decrease in capital assets reflects the sale of the County's wastewater system during FY 2022 to the Florida Keys Aqueduct Authority consistent with the requirements of s. 125.3401, Florida Statutes. In October 2021, the Monroe County Board of County Commissioners (BOCC) passed Resolution 403- 2021 to approve the sale which resulted in $227.1 million being removed from the County's infrastructure assets during the fiscal year. 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 2022, 45.6% 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 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 2021 2021 2022 (not restated)* 2022 (not restated)* Current Assets $ 379,872 $ 343,559 $ 114,037 $ 47,316 Current Liabilities $ 71,579 $ 48,484 $ 5,656 $ 5,943 Ratio of Current Assets to Current Liabilities 5.31 7.09 20.16 7.96 *FY 2021 figures were not restated to reflect implementation of GASB Statement No. 87. The schedule above demonstrates that the County continues to have adequate cash flows. The governmental activities ratio of 5.31 and the business-type activities ratio of 20.16 reflect the County's ability to pay back its current liabilities with available current assets. The significant increase in the business-type activities ratio reflects the cash received during FY 2022 for the issuance of revenue bonds by the Key West International Airport. Monroe County Changes in Net Position (in thousands) The following table summarizes the changes in net position for the current and previous year. Total expenses exceeded total revenues in the current year, resulting in an decrease in the County's total net position of $253.6 million in FY 2022 compared to an increase in net position of $193.4 million during FY 2021. The reasons for the overall decrease are explained below in the governmental activities and business-type activities sections. C-6 Governmental Business-type Total Primary Activities Activities Government 2022 2021 2022 2021 2022 2021 Revenues: Charges for Services $ 46,811 $ 52,382 $ 39,330 $ 36,356 $ 86,141 $ 88,738 Operating Grants and Contributions 45,350 15,676 18,010 24,409 63,360 40,085 Capital Grants and Contributions 2,211 24,091 11,739 6,632 13,950 30,723 General Revenues: Property Taxes 101,805 96,011 - - 101,805 96,011 Other Taxes 133,934 115,253 133,934 115,253 State Revenue Sharing 4,909 4,020 - - 4,909 4,020 Investment Income (1,525) 1,356 114 85 (1,411) 1,441 Miscellaneous 3,805 2,694 277 273 4,082 2,967 Total Revenues 337,300 311,483 69,470 67,755 406,770 379,238 Expenses: General Government 58,449 16,602 - - 58,449 16,602 Public Safety 211,555 54,233 211,555 54,233 Physical Environment 262,850 13,389 262,850 13,389 Transportation 3,449 1,231 3,449 1,231 Economic Environment 38,827 34,853 38,827 34,853 Human Services 14,611 10,165 14,611 10,165 Culture and Recreation 11,174 4,771 11,174 4,771 Court Related 14,564 8,161 14,564 8,161 Interest on Long Term Debt 5,502 3,580 - - 5,502 3,580 Municipal Service District waste - - 21,466 20,237 21,466 20,237 Card Sound Bridge 1,111 453 1,111 453 Key west Airport 21,449 16,469 21,449 16,469 Marathon Airport - - 2,145 1,665 2,145 1,665 Total Expenses 620,981 146,985 46,171 38,824 667,152 185,809 Change in Net Position before transfers (283,681) 164,498 23,299 28,931 (260,382) 193,429 Transfers (616) 1,225 616 (1,225) - Change in Net Position (284,297) 165,723 23,915 27,706 (260,382) 193,429 Total Net Position-October 1 662,244 496,521 169,709 142,003 831,953 638,524 Net Position-Ending $ 377,947 $ 662,244 $ 193,624 $ 169,709 $ 571,571 $ 831,953 Governmental Activities The decrease in net position for governmental activities for operations was $284.3 million during FY 2022. In contrast, the change in net position increased $165.7 million in FY 2021. The significant decrease in net position in FY 2022 reflects the sale of the County's wastewater systems to the Florida Keys Aqueduct Authority. Other highlights for governmental activity revenue and expenses are as follows: C-7 Revenues • Charges for Services increased by 2.3% between FY 2021 and FY 2022. This increase was minimal compared to recent years when the County experienced significant increases as its economy recovered after a shutdown from the global pandemic. • Tourist Development revenue FY 2022 totaled $69.1 million, which was a slight downturn from the previous fiscal year of$69.9 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. Throughout FY 2021 and FY 2022, the County experienced an economic rebound that corresponded to the lifting of these restrictions. Moreover, during FY 22, the national economy experienced high inflation which, in turn, increases Tourist Development revenue proportionately. • Sales Taxes (1/2 Cent Sales Tax and One Cent Infrastructure Tax) were $52.1 million in FY 2022 compared to $43.7 million in FY 2021, which was an increase by $8.4 million or 19.2%. With the tourist industry rebounding in FY 2021 from the effects of the pandemic,the tax revenue primarily paid by tourists increased accordingly. • Operating Grants and Contributions increased by $29.7 million or 189.3%, while Capital Grants and Contributions decreased by $21.9 million or a negative 90.9%. Grants are nonrecurring in nature and can fluctuate from year to year. The decrease in Capital Grants and Contributions in FY 2022 reflected the completion of much of the work related to the County's recovery from Hurricane Irma. The increase in Operating Grants and Contributions is evidence of the County's commitment to focus its efforts on securing grant funding to address housing issues. • Investment income had unrealized losses of $1.6 million due to the market's reaction to the inflation and continued economic recovery from the global pandemic during. Fortunately, since the Clerk diversified the County's portfolio in FY 2019, the unrealized loss in investment income was minimized. Expenses • Pension related expenses, resulting in the change of deferred inflow of resources, deferred outflow of resources, and the net pension liabilities, increased by $14.6 million in FY 2022. This increase is related to the Florida Retirement System's pension assets decreasing significantly during FY 2022 which, in turn, increased the related pension liability and associated pension expense. • Depreciation and amortization expense reported for governmental activities increased by $5.6 million in FY 2022. Much of this increase relates to the FY 2022 implementation of GASB Statement No. 87, Leases. The new accounting standard required governmental activities should recognize that certain lease assets include a right to use the underlying asset which, in turn, results in corresponding amortization. In FY 2022, the County added total right to use leased assets of $53.8 million with amortization expense of$4.9 million. • Public safety operational expenses (not capitalized) increased by $154.6 million or 290%. Of this increase, $65.5 million represents an increase in the annual pension expense during FY 2022. Because the Florida Retirement System's pension assets materially decreased during the fiscal year, it impacted the related liability and associated pension expense. Excluding pension expenses, C-8 FY 2022 public safety expenditures increased $13.5 million from FY 2021. This increase is related to an increase in OPEB expense of$7.8 million during the fiscal year. • Physical environment expenses (not capitalized) increased by $249.5 million. The increase is primarily due to the County's loss on the sale of its wastewater system to the Florida Keys Aqueduct for $1. The book value of the County's wastewater system, net of depreciation, at the time of sale was $227.1 million. The graph below represents a comparison of program revenues to program expenses for governmental activities for fiscal year 2022. It is apparent from these graphs that general revenues were required to cover expenses for most of the functions noted. Monroe Co u ir"n t , F II o it it a Gov it irn irnrn irn t a II c l i vv-dt 5 (in M it II II it o irn 5) For the year ended September 30, 2022 300.0 262.9 250.0 211.6 200.0 :➢.SQ.Q :➢.QQ.Q 58.4 52.Q 50.0 22.7��� 38.8 4.3 2.6 3.4 1.8 0.7 14.6 1.40.0 11.2 g Q 14.6 General Public Safety Physical Transportation I"conorn7ic Fl urn an Culture& Court Related Government I"nvironment I"nvironment Services Recreation IIIIIII Program Revenues 11111111111 Program (Expenses The largest revenue sources for governmental activities in FY 2022 are property taxes in the amount of $101.8 million and all other taxes totaling $133.9 million. Total taxes of $235.7 million amounted to 72.4% of the County's governmental activity revenues excluding transfers. The second largest revenue source, excluding grant funding, is charges for services at $53.6 million or 16.5% of governmental activity revenues excluding transfers. The 2022 graph identifies the largest expense function as physical environment, amounting to $262.9 million. This is 42.3% of the total expenses for governmental activities. The FY 22 physical environment expenses include $227.1 million loss on the sale of the County's wastewater system as explained previously. It also represents $10.7 million the County was required to pay into a sinking fund for the maintenance of the old 7-Mile Bridge. The next largest functions are public safety and general government that total $269.9 million or 43.4% 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 while Public Safety includes the Sheriff. C-9 The following graph represents a comparison of program revenues to program expenses for governmental activities for FY 2021. NAUT'Oe COLm'ty, Hoi Wa Gove�-r,vrerg tag AO My ,Je, � (Ir M!Mor s) Foir the (:Mn, erideld Septernber 30, 21021, 5 0 4�U. 01. 16,2 I 2 G,mo,;I Pubk SafiA� P'�"""?c!6 1:1 T fa nn rLY 1 i,Y i q�1�(T(1( 11 V strv,, a CLM,wifu& 0 1�o 1:If",1!21 a Y,a GUVU[ P),mv onment unnw, Pt,uut,mUon The largest revenue sources for governmental activities in FY 2021 were property taxes in the amount of $96.0 million and all other taxes totaling $115.3 million. Total taxes of $211.3 million amounted to 68.4% of the County's governmental activity revenues excluding transfers. The second largest revenue source is charges for services at $52.4 million or 16.9% of governmental activity revenues excluding transfers. The FY 2021 graph identifies the largest expense function as public safety, amounting to $54.2 million. This is 36.9% of the total expenses for governmental activities. The next largest functions are general government and economic environment totaling $51.5 million or 35.0% 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 while Economic Environment includes the expenses of the County's Tourist Development Council. In FY 2021, public safety expenses were less than normal due to a material decrease in the reduction of the annual pension expense. 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 2022 amounted to $39.3 million or 57.2% of all business-type activities revenue sources. Other revenue source increases include $18.0 million and $11.7 million in operating grants and capital grants respectively. C-1 0 Total expenses (excluding transfers from other funds) were less than total revenues (excluding transfers to other funds)by $23.3 million. 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 $270.2 million at the end of the current fiscal year. This represents a $33.4 million, or 16.5%, increase from prior year. Governmental funds held non-spendable, restricted, committed or assigned amounts totaling $261.2 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, 2022, the total fund balance in the General Fund was $49.3 million, an increase of $6.3 million, or 14.1% more than the prior year. The unassigned portion of the General Fund's fund balance was $26.8 million. Tax revenue increased by $2.0 million in the General Fund. Intergovernmental revenues increased by $2.2 million, or a 13.0% increase. Expenditures increased by $7.8 million or 7.5%. Other Major Fund Information (in thousands) Fine and Forfeiture HIDTA Grants Governmental Grants 2022 2021 2022 2021 2022 2021 Revenues and Other Sources $ 72,843 $ 62,689 $ 30,592 $ 22,504 $ 15,230 $ 21,914 Expenses and Other Uses 69,183 65,617 30,592 22,504 22,657 29,810 Increase/(Decrease)in Fund balance $ 3,660 $ (2,928) $ - $ - $ (7,427) $ (7,896) Tourist Development Admin Cudjoe Regional and Promo Two Cent Wastewater Project 2022 2021 2022 2021 Revenues and Other Sources S 23,329 S 9,320 S 1,696 S 3,035 Expenses and Other Uses 10,347 3,934 2,271 3,302 Increase/(Decrease)in Fund balance S 12,982 S 5,386 S (575) S (267) C-11 Other Major Fund Information (in thousands) One Cent Infrastructure Surtax Debt Service 2022 2021 2022 2021 Revenues and Other Sources $ 34,755 $ 29,017 $ 18,525 $ 20,372 Expenses and Other Uses 30,082 27,810 18,529 18,450 Increase/(Decrease) in Fund balance $ 4,673 $ 1,207 $ (4) $ 1,922 Fine and Forfeiture Special Revenue Fund. Total revenue and other sources for this fund increased by $10.2 million as a result of an increase in services provided for emergency medical services. Total operating expenses and transfers to other funds increased by $3.6 million. 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 activity increased in this fund during FY 2022 due to the implementation of GASB Statement No. 87, Leases. The Sheriff's Office recognized right to use leased buildings totaling $50 million that are funded with HIDTA grants. Governmental Grants Special Revenue Fund. The FY 2022 revenue decreased by $6.7 million due to the completion of Hurricane Irma grants. Tourist Development Admin and Promo, Two Cent Fund. This fund accounts for the bed tax received slated for administrative and promotional funds related to expenditures of advertising, promotions, and special events of the County's Tourist Development Council. Total revenue and other sources for this fund increased by $14.0 million as a result of the County's continued economic recovery from the global pandemic during FY 2022. Correspondingly, total operating expenses and transfers to other funds increased by $6.4 million or 163.0%. Cudjoe Regional Wastewater Project Fund. This fund is used to account for the activity associated with the County's commitment to construct collection, transmission and treatment facilities. Residents benefitting from the wastewater system were assessed to fund the cost of the project. One Cent Infrastructure Surtax Capital Project Fund. The County voted during the 2022 general election to extend the surtax expiration date from 2033 to 2048. This is similar to the State shared revenues based on sales tax. Over the past decade this revenue has grown each year. Total revenue and other sources for this fund increased $5.7 million, or 19.8%. The revenue source will be used to fund on-going capital projects. Debt Service. The debt service fund received transfers from other funds to cover $18.5 million in principal and interest payments on long-term debt. C-12 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) increased by 7.2% from FY 2021. Card Sound Bridge Enterprise Fund. The Card Sound Bridge is an alternative route to the "Eighteen Mile Stretch." The County uses an electronic tolling system to collect tolls. Toll revenue decreased slightly by 3.9% from FY 2021. Key West Airport Enterprise Fund. Compared to FY 2021, revenue increased by $1.5 million in charges for services and operational expenses increased by $4.2 million in FY 2022. The Key West Airport received $18.2 million in operating grants and $6.6 million in capital grants for a myriad of capital projects including the Airport's expansion of its terminal. Marathon Airport Enterprise Fund. The airport reported a slight decrease in its revenue from charges for services in FY 2022. 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 shows a $13.8 million net position at the end of FY 2022. Capital Assets The County's financial statements present capital assets in two categories: (1) those assets subject to depreciation or amortization, such as buildings, infrastructure, equipment, intangible assets, and right to use leased assets; and (2) those not subject to depreciation such as land, land development rights, and construction in progress. At September 30, 2022, the County has $603.0 million invested in a variety of capital assets, as reflected in the following schedule, which represents a net decrease (additions less retirements and depreciation) of$147.8 million or 19.7% from the end of last year. C-13 MONROE COUNTY,FLORIDA CAPITAL ASSETS(IN THOUSANDS) NET OF DEPRECIATION Governmental Activities Business-type Activities Total 2021 2021 2021 2022 (not restated)* 2022 (not restated)* 2022 (not restated)* Land $ 91,417 $ 84,274 $ 6,126 $ 6,126 $ 97,543 $ 90,400 Land Development Rights 1,609 1,476 - - 1,609 1,476 Construction In Prog. 68,578 48,762 33,479 16,735 102,057 65,497 Buildings 106,945 110,100 56,233 57,935 163,178 168,035 Equipment 33,208 34,878 2,547 2,642 35,755 37,520 Infrastructure 98,428 334,368 49,073 50,928 147,501 385,296 Intangible Assets 6,025 2,609 - - 6,025 2,609 Right-To-Use Leased Assets 48,928 - 12 - 48,940 - Total $ 455,138 $ 616,467 $ 147,470 $ 134,366 $ 602,608 $ 750,833 *FY 2021 figures were not restated to reflect implementation of GASB Statement No. 87. The investment in capital assets includes land, land development rights, buildings, improvements, machinery and equipment, plant and equipment, infrastructure, roads, bike paths, sidewalks and right to use leased assets. Major capital asset events during the year included: • Sale of the County's wastewater systems removing assets, net of depreciation, of$227.1 million. • Completion of the implementing centralized county building environmental controls totaling $.2 million. • Completion of work on the Cudjoe substation totaling $.3 million • Completion of installing replacement carpet at the Free Justice Center totaling $.1 million. • Completion of No Name Key asphalt overlay totaling $.3 million. • Completion of the Marathon Airport's hangar repairs totaling $.6 million. • Completion of the Marathon Airport's building and security improvements totaling $.5 million. In addition, in FY 2022, the County implemented GASB Statement No. 87, Leases. This standard requires the recognition of certain lease assets and liabilities for leases that previously were classified as operating leases. Under this standard, a lessee is required to recognize a lease liability and an intangible right-to-use lease asset. As a result, the County recognized, net of amortization, $.03 million in land, $49.0 million in buildings, and $.37 million in equipment as right to use leased assets. Ongoing significant projects include the following: the Plantation Key Courthouse and Detention Center; lst Street and Bertha Avenue improvements; Bimini Drive bridge; Key West Airport Concourse A terminal expansion project; Marathon Airport terminal re-roof, and the non-aeronautical building/emergency operations center. Additional information on the County's capital assets can be found in Note 8 on pages F-23 to F-25. C-14 Long-Term Debt At September 30, 2022, the County had long-term debt in the amount of $475.1 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 $170.2 million and $42.5 million for business type activities. The County has no general obligation bonds. Net changes to long-term debt consisted of the following: • Issuance of Series 2022 Alternative Minimum Tax (AMT) Revenue Bonds totaling $42.5 million to be used to finance and re-finance the costs associated with Key West Airport's Concourse A expansion project. • Issuance of Taxable Revenue Note, Series 2022 to provide a non-revolving line of credit not to exceed $10 million to be used to acquire, construct, and equip various capital improvements at the Key West Airport in connection with its terminal expansion project. • Creation of a $10.7 million sinking fund to cover the annual maintenance costs related to the rehabilitation of the Old 7 Mile Bridge. • Recognition of leased liabilities totaling as required by the implementation of GASB Statement No. 87 - $50.2 million • Increases to accrued compensated absences - $.6 million • Increases in the County's proportionate share of FRS and HIS pension liability - $86.2 million • Decreases in the other post-employment benefits liability - $5.9 million • Decreases in the County's LOSAP pension liability - $.56 million Retirements of long-term debt and other reductions amounted to $63.6 million. The decrease in long- term debt reductions in FY 2022 was primarily due to the Florida Retirement System's pension assets materially decreasing during the fiscal year. The significant decrease in pension assets correspondingly impacted the related liability and associated pension expense resulting in a $86.2 million increase in the County's pension liability. 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 15 to the financial statements pages F-45 through F- 51. Budgetary Highlights There were slight variations from the original budget to the amended budget for miscellaneous revenues and intergovernmental revenue. The more significant variations from the amended budget to the actual budget were the following: • Rockland Key Facility capital project was provided additional funding of$1.4 million. • Big Pine Swimming Hole capital project was provided additional funding totaling $1.2 million. • Rowell's Marina capital project was provided additional funding of$1.2 million. • 1" Street and Bertha road improvement project was provided additional funding of$3.4 million. C-15 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 BOCC 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 preparation. The FY 2022 budget was developed in consideration of the economic stabilization being experienced and the resulting moderate increases to sales tax revenues. The financial outlook for the County remains sound. There is a modest rebounding of property values, slow gains in consumer spending and low unemployment. Revenues from tourism, our main economic resource, continue to reflect increases. The FY 2022 budget was developed to meet increased service demands and workload throughout the County. The FY 2022 budget also included an ambitious capital project agenda to complete the County's larger projects. The largest revenue source of the County's General Fund is ad valorem taxes. The aggregate millage rate for FY 2022 is 3.3748 which is 0.9% increase from last year's rate of 3.3435 and 5.43% above the rolled-backed millage rate of 3.2009. After property taxes, the Local Government Half-Cent Sales Tax is the largest revenue source in the General Fund; this revenue source was budgeted conservatively at FY 2021 levels. Budgeted expenditures increased in FY 2022 to reflect a return to pre-COVID operational levels, automatic CPI increases on vendor contracts, state-mandated increases in retirement rates, higher costs for fuel, supplies, and materials, increased utility costs, vehicle replacements, and salary adjustments. Significant capital projects include the following: • Plantation Key Courthouse and Detention Complex (the single largest infrastructure project in the County's history) • Emergency Operation Center(funded entirely with State Florida Department of Transportation and legislative appropriation funds, and federal Hazard Mitigation Grant Program funds) • New Public Defender Office Building Renovations • Roadway/Drainage projects (First and Bertha, Burton Drive, and Big Pine Koehn Subdivision) • Bridge projects (Sugarloaf Boulevard Bridge, Bimini Drive Bridge, and Seaview Bridge) • Overseas Heritage Trail: small segment connecting trail to Cudjoe Gardens subdivision. 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-16 This page is intentionally left blank. BASIC FINANCIAL STATEMENTS MONROE COUNTY, FLORIDA STATEMENT OF NET POSITION SEPTEMBER 30, 2022 Primary Government Component Unit Monroe County Governmental Business-type Comprehensive Activities Activities Total Plan Land Authority ASSETS Current Assets: Cash and Cash Equivalents $ 83,377,073 $ 4,982,937 $ 88,360,010 $ 20,585,142 Investments 241,558,250 36,447,485 278,005,735 - Accounts Receivable, Net 5,056,046 972,725 6,028,771 - Assessments Receivable 23,148,453 - 23,148,453 - Leases Receivable 136,646 1,089,492 1,226,138 - Internal Balances 57,311 (57,311) - - Due from Other Governmental Units 25,511,840 12,731,202 38,243,042 1,198,740 Interest Receivable 428,766 115,318 544,084 - Inventory 12,439 - 12,439 - Prepaid Items 68,870 - 68,870 225,731 Total Current Assets 379,355,694 56,281,848 435,637,542 22,009,613 Noncurrent Assets: Restricted Cash and Cash Equivalents - 45,039,043 45,039,043 - Restricted Accounts Receivable - 364,348 364,348 - Mortgage/Notes Receivable 10,191,760 - 10,191,760 7,419,025 Allowance for Mortgage/Notes Receivable (10,191,760) - (10,191,760) - Leases Receivable, Non-Current 516,167 12,351,555 12,867,722 - Land and Other Nondepreciable Assets 161,604,571 39,604,884 201,209,455 38,337,051 Other Capital Assets, Net of Accum Deprec 244,606,564 107,853,272 352,459,836 15,708,819 Right-To-Use Leased Assets, Net of Amortization 48,927,648 12,803 48,940,451 - Total Noncurrent Assets 455,654,950 205,225,905 660,880,855 61,464,895 Total Assets 835,010,644 261,507,753 1,096,518,397 83,474,508 DEFERRED OUTFLOWS OF RESOURCES Related to Pensions 37,702,548 1,489,456 39,192,004 368,746 Related to OPEB 11,120,500 554,500 11,675,000 14,975 Total Deferred Outflows of Resources 48,823,048 2,043,956 50,867,004 383,721 LIABILITIES Current Liabilities: Accounts Payable 18,535,282 4,701,603 23,236,885 8,347 Retainage Payable 1,424,424 316,848 1,741,272 - Accrued Wages and Benefits Payable 4,886,046 298,400 5,184,446 29,884 Claims and Judgments Payable 4,418,041 - 4,418,041 - Due to Other Governmental Units 4,105,032 30,979 4,136,011 - Accrued Compensated Absences Payable 3,179,042 120,699 3,299,741 22,225 Other Current Liabilities 982 129,660 130,642 - Deposits in Escrow 382,983 47,556 430,539 - Unearned Revenue 14,286,885 5,867 14,292,752 - Accrued Interest Payable 1,317,851 - 1,317,851 - Leases Payable 3,988,148 4,265 3,992,413 Revenue Notes Payable 7,579,106 - 7,579,106 - Revenue Bonds Payable 4,995,000 - 4,995,000 - Interlocal Debt Agreements 2,480,666 - 2,480,666 - Total Current Liabilities 71,579,488 5,655,877 77,235,365 60,456 The notes to the financial statements are an integral part of this statement. (Continued) D-1 MONROE COUNTY, FLORIDA STATEMENT OF NET POSITION -CONTINUED SEPTEMBER 30, 2022 Primary Government Component Unit Monroe County Governmental Business-Type Comprehensive Activities Activities Total Plan Land Authority Noncurrent Liabilities: Accrued Compensated Absences Payable 12,716,165 482,791 13,198,956 166,817 Claims and Judgments Payable - 4,000 4,000 - Leases Payable 46,584,522 8,612 46,593,134 Revenue Notes Payable 124,569,887 - 124,569,887 - Revenue Bonds Payable 15,645,000 42,459,929 58,104,929 - Interlocal Debt Agreements 14,939,314 - 14,939,314 - Other Liabilities 400,000 - 400,000 - Total OPEB Liability 52,861,000 1,259,000 54,120,000 55,000 Net Pension Liability 135,743,162 5,945,674 141,688,836 684,388 Total Noncurrent Liabilities 403,459,050 50,160,006 453,619,056 906,205 Total Liabilities 475,038,538 55,815,883 530,854,421 966,661 DEFERRED INFLOWS OF RESOURCES Related to Leases 636,115 13,352,433 13,988,548 - Related to Pensions 15,158,921 483,871 15,642,792 16,858 Related to OPEB 15,053,200 275,800 15,329,000 35,980 Total Deferred Inflows of Resources 30,848,236 14,112,104 44,960,340 52,838 NET POSITION Net Investment in Capital Assets 234,357,140 145,603,849 379,960,989 54,045,870 Restricted: Public Safety 55,898,574 - 55,898,574 - Physical Environment 37,520,222 - 37,520,222 - Transportation 7,090,779 3,633,932 10,724,711 - Economic Environment 102,204,329 - 102,204,329 - Land Authority - - - 12,449,964 Court Programs 10,784,143 - 10,784,143 - Human Services 2,866,954 - 2,866,954 - Cultural and Recreation 3,164,741 - 3,164,741 - General 768,564 - 768,564 - Capital Projects 35,002,037 - 35,002,037 - Debt Service 1,860,315 - 1,860,315 - Unrestricted (113,570,880) 44,385,941 (69,184,939) 16,342,896 Total Net Position $ 377,946,918 $ 193,623,722 $ 571,570,640 $ 82,838,730 D-2 MONROE COUNTY,FLORIDA STATEMENT OF ACTIVITIES FOR THE YEAR ENDED SEPTEMBER 30,2022 Program Revenues Operating Capital Charges for Grants and Grants and Functions/Programs Expenses Services Contributions Contributions Primary government: Governmental activities: General Government $ 58,449,058 $ 20,397,263 $ 2,258,078 $ - Public Safety 211,555,213 16,549,232 35,430,024 - Physical Environment 262,850,511 1,360,709 2,945,599 15,325 Transportation 3,448,525 74,482 296,492 2,195,304 Economic Environment 38,827,220 15,232 1,741,738 - Human Services 14,611,342 27,995 692,770 - Culture and Recreation 11,173,956 888,269 482,519 - Court Related 14,563,836 7,498,272 1,502,711 - Interest on Long-Term Debt 5,501,733 - - - Total governmental activities 620,981,394 46,811,454 45,349,931 2,210,629 Business-type activities: Municipal Service District Waste 21,465,604 23,267,371 93,750 - Card Sound Bridge 1,111,488 2,027,323 - - Key West Airport 21,449,466 12,742,422 16,951,984 10,149,681 Marathon Airport 2,145,000 1,293,178 964,668 1,589,402 Total business-type activities 46,171,558 39,330,294 18,010,402 11,739,083 Total primary government $ 667,152,952 $ 86,141,748 $ 63,360,333 $ 13,949,712 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,as restated 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 $ (35,793,717) $ - $ (35,793,717) $ (7,147,985) (159,575,957) - (159,575,957) - (258,528,878) - (258,528,878) - (882,247) - (882,247) - (37,070,250) - (37,070,250) - (13,890,577) - (13,890,577) - (9,803,168) - (9,803,168) - (5,562,853) - (5,562,853) - (5,501,733) - (5,501,733) - (526,609,380) - (526,609,380) (7,147,985) - 1,895,517 1,895,517 - - 915,835 915,835 - - 18,394,621 18,394,621 - - 1,702,248 1,702,248 - - 22,908,221 22,908,221 - (526,609,380) 22,908,221 (503,701,159) (7,147,985) 101,804,643 - 101,804,643 9,438,516 8,635,689 - 8,635,689 - 3,104,404 - 3,104,404 - 17,700,524 - 17,700,524 - 34,358,790 - 34,358,790 - 69,085,511 - 69,085,511 - 1,049,402 - 1,049,402 - 4,908,732 - 4,908,732 - (1,525,541) 113,628 (1,411,913) 182,129 3,805,018 277,381 4,082,399 704,333 (615,606) 615,606 - - 242,311,566 1,006,615 243,318,181 10,324,978 (284,297,814) 23,914,836 (260,382,978) 3,176,993 662,244,732 169,708,886 831,953,618 79,661,737 $ 377,946,918 $ 193,623,722 $ 571,570,640 $ 82,838,730 D-4 MONROE COUNTY, FLORIDA BALANCE SHEET GOVERNMENTAL FUNDS SEPTEMBER 30,2022 Fine& HIDTA Governmental General Forfeiture Grants Grants ASSETS Cash and Cash Equivalents $ 27,717,198 $ 2,119,411 $ 1,156,715 $ 2,433,149 Investments 32,136,802 11,940,862 - 2,575,920 Accounts Receivable, Net 74,141 4,229,024 - 108,693 Assessments Receivable - - - - Due from Other Funds 2,152,000 2,167,144 5,859 - Due from Other Governmental Units 1,047,429 27,764 1,593,354 17,934,144 Mortgages/Notes Receivable - - - 217,974 Allowance for Mortgages/Notes Receivable - - - (217,974) Leases Receivable 652,813 - - - Interest Receivable 55,350 20,281 - - Inventory 12,439 - - - Prepaid Items 68,870 - - - Total Assets $ 63,917,042 $ 20,504,486 $ 2,755,928 $ 23,051,906 LIABILITIES, DEFERRED INFLOWS OF RESOURCES,AND FUND BALANCES Liabilities: Accounts Payable $ 4,554,892 $ 90,939 $ 942,865 $ 4,358,149 Retainage Payable - - - 429,346 Accrued Wages and Benefits Payable 2,997,575 172,928 51,190 151,421 Due to Other Funds 3,936,732 8,144 1,176,760 - Due to Other Governmental Units 2,398,964 - 585,113 33,176 Unearned Revenues - - - 14,223,752 Deposits in Escrow 105,661 - - - Total Liabilities 13,993,824 272,011 2,755,928 19,195,844 Deferred Inflows of Resources: Leases 636,115 - - - Unavailable Revenues - - - 15,904,540 Total Deferred Inflows of Resources 636,115 - - 15,904,540 Fund Balances/(Deficits): Nonspendable 86,072 - - - Restricted - 20,232,475 - - Committed 10,000,000 - - - Assigned 12,364,817 - - - Unassigned 26,836,214 - - (12,048,478) Total Fund Balances/(Deficits) 49,287,103 20,232,475 - (12,048,478) Total Liabilities, Deferred Inflows of Resources, and Fund Balances $ 63,917,042 $ 20,504,486 $ 2,755,928 $ 23,051,906 The notes to the financial statements are an integral part of these statements. E-1 Tourist Cudjoe Development Regional One Cent Debt Nonmajor Total Admin & Promo Wastewater Infrastructure Service Governmental Governmental Two Cent Project Surtax Fund Funds Funds $ 6,760,734 $ 599,889 $ 2,862,073 $ 1,091,348 $ 33,859,461 $ 78,599,978 26,521,054 3,239,570 27,268,299 2,083,280 113,558,352 219,324,139 - - - - 364,794 4,776,652 - 20,108,052 - - 3,040,401 23,148,453 221,029 2,876 - - 2,932,463 7,481,371 - 1 2,850,243 - 1,932,723 25,385,658 - - - - 9,973,786 10,191,760 - - - - (9,973,786) (10,191,760) - - - - - 652,813 45,046 5,502 46,315 3,538 214,969 391,001 - - - - - 12,439 - - - - - 68,870 $ 33,547,863 $ 23,955,890 $ 33,026,930 $ 3,178,166 $ 155,903,163 $ 359,841,374 $ 566,955 $ 1 $ 733,719 $ - $ 5,560,772 $ 16,808,292 - - 134,395 - 860,683 1,424,424 5,053 5,385 95,844 - 1,250,256 4,729,652 - - - - 2,769,524 7,891,160 - - 79,653 - 1,002,692 4,099,598 - - - - 63,133 14,286,885 - - - - 277,322 382,983 572,008 5,386 1,043,611 - 11,784,382 49,622,994 - - - - - 636,115 - 19,821,708 - - 3,632,981 39,359,229 - 19,821,708 - - 3,632,981 39,995,344 - - - - - 86,072 32,975,855 4,128,796 31,983,319 3,178,166 126,988,298 219,486,909 - - - - 7,404,186 17,404,186 - - - - 6,460,945 18,825,762 - - - - (367,629) 14,420,107 32,975,855 4,128,796 31,983,319 3,178,166 140,485,800 270,223,036 $ 33,547,863 $ 23,955,890 $ 33,026,930 $ 3,178,166 $ 155,903,163 $ 359,841,374 E-2 MONROE COUNTY, FLORIDA RECONCILIATION OF THE BALANCE SHEET OF GOVERNMENTAL FUNDS TO THE STATEMENT OF NET POSITION SEPTEMBER 30, 2022 Amounts reported for governmental activities in the statement of net position are different because: Ending fund balance -governmental funds $ 270,223,036 Capital assets used in governmental activities are not financial resources and, therefore, are not reported in the governmental funds, net of 404,821,835 accumulated depreciation of$197,235,136. Right-to-use leased assets used in governmental activities are not financial resources and, therefore, are not reported in the governmental funds, net of 48,529,933 accumulated amortization of$4,326,394. 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 $ 37,008,817 Deferred outflows related to OPEB 10,281,200 Deferred inflows related to pension liabilities (14,914,013) Deferred inflows related to OPEB liabilities (14,906,700) Total 17,469,304 Unavailable revenue related to wastewater assessment activity are deferred in the 39,359,229 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 21). (400,000) Long-term liabilities are not due and payable in the current period and, therefore, are not reported in the funds. Leases Payable (50,154,478) Revenue Bonds Payable (20,640,000) Revenue Notes Payable (132,148,993) Interlocal Debt Agreements (17,419,980) Total OPEB Liability (51,791,000) Net Pension Liability (134,084,614) Accrued Interest Payable (1,317,851) Accrued Compensated Absences (15,624,606) Total (423,181,522) 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. 21,125,103 Net position of governmental activities $ 377,946,918 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 GOVERNMENTALFUNDS FOR THE YEAR ENDED SEPTEMBER 30,2022 Fine& HIDTA Governmental General Forfeiture Grants Grants REVENUES: Taxes $ 31,938,284 $ 55,979,611 $ - $ - Licenses and Permits - - - - Intergovernmental 19,332,194 73,808 22,313,245 14,352,879 Charges for Services 5,577,179 14,242,688 - 159,792 Fines and Forfeitures 3,422 105,618 - - Investment Income (481,688) (127,066) - 25,168 Miscellaneous 1,430,349 423,530 - - Total Revenues 57,799,740 70,698,189 22,313,245 14,537,839 EXPENDITURES: Current: General Government 36,198,561 1,273,755 - - Public Safety 53,251,833 12,835,865 17,242,921 7,002,702 Physical Environment 566,308 - - 10,136,059 Transportation 78,508 - - 2,814,427 Economic Environment 877,757 - - 230,844 Human Services 8,764,085 - - 1,451,327 Culture and Recreation 4,461,730 - - 1,020,956 Court Related 4,580,951 502,009 - - CapitalOutlay 437,742 - 9,469,227 - Debt Service Principal 798,096 1,643 2,634,629 - Interest 85,435 110 1,245,091 - Total Expenditures 110,101,006 14,613,382 30,591,868 22,656,315 Excess/Deficiency of Revenues Over(Under)Expenditures (52,301,266) 56,084,807 (8,278,623) (8,118,476) OTHER FINANCING SOURCES(USES): Lease Financing 38,942 - 8,278,623 - Transfers from Other Funds 64,194,345 2,145,698 - 692,480 Transfers to Other Funds (5,652,309) (54,569,552) - - Total Other Financing Sources(Uses) 58,580,978 (52,423,854) 8,278,623 692,480 Net Change in Fund Balances 6,279,712 3,660,953 - (7,425,996) Fund Balances/(Deficits)-October 1 43,007,391 16,571,522 - (4,622,482) Fund Balances/(Deficits)-September 30 $ 49,287,103 $ 20,232,475 $ - $ (12,048,478) The notes to the financial statements are an integral part of these statements. E-4 Tourist Cudjoe Development Regional One Cent Debt Nonmajor Total Admin &Promo Wastewater Infrastructure Service Governmental Governmental Two Cent Project Surtax Fund Funds Funds $ 23,299,088 $ - $ 34,358,790 $ - $ 72,462,666 $ 218,038,439 - 1,032,082 - - 6,566,351 7,598,433 - - - - 12,426,768 68,498,894 - - 2,507 - 18,389,447 38,371,613 - - - - 4,986,392 5,095,432 (190,929) 536,796 (220,613) (1,334) (1,065,875) (1,525,541) - 124,649 614,419 - 1,480,268 4,073,215 23,108,159 1,693,527 34,755,103 (1,334) 115,246,017 340,150,485 - - - - 3,759,238 41,231,554 - - - - 39,573,479 129,906,800 - - - - 2,067,104 12,769,471 - - - - 8,947,646 11,840,581 10,084,313 - - - 26,818,758 38,011,672 - - - - 2,162,018 12,377,430 - - - - 3,235,392 8,718,078 - - - - 6,372,546 11,455,506 - 145,272 10,872,248 - 4,555,904 25,480,393 97,259 - 1,630 14,411,327 41,083 17,985,667 21,297 - 128 4,117,982 2,930 5,472,973 10,202,869 145,272 10,874,006 18,529,309 97,536,098 315,250,125 12,905,290 1,548,255 23,881,097 (18,530,643) 17,709,919 24,900,360 - - - - 14,658 8,332,223 221,029 2,876 - 18,526,414 11,736,642 97,519,484 (144,541) (2,125,740) (19,207,766) - (15,644,087) (97,343,995) 76,488 (2,122,864) (19,207,766) 18,526,414 (3,892,787) 8,507,712 12,981,778 (574,609) 4,673,331 (4,229) 13,817,132 33,408,072 19,994,077 4,703,405 27,309,988 3,182,395 126,668,668 236,814,964 $ 32,975,855 $ 4,128,796 $ 31,983,319 $ 3,178,166 $ 140,485,800 $ 270,223,036 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, 2022 Amounts reported for governmental activities in the statement of activities are different because: Net change in fund balances-total governmental funds $ 33,408,072 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 as depreciation expense. This is the amount by which capital outlays of$55,148,271 exceed depreciation of$20,867,818 in the current period. The net effect of various miscellaneous transactions involving capital assets (i.e., sales and donations) is to (230,384,505) 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 County's capitalization threshold. Right-to-use leased asset capital outlay expenditures which were capitalized 8,278,623 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 17,985,667 of net position. Some expenses reported in the statement of activities and the deferred outflows and inflows of resources related to pensions and OPEB do not require the use of current financial resources and, therefore, are not reported as expenditures in the governmental funds: Change in accrued interest $ (28,760) Change in lease revenue - Change in compensated absences (556,554) Change in lease liabilities (3,672,248) Change in Total OPEB liability and related deferred outflows and inflows (5,201,400) Change in net pension liability and related deferred outflows and inflows (94,757,640) (104,616,602) 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 (7,890,840) 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. (1,078,229) Change in net position of governmental activities $ (284,297,814) The notes to the financial statements are an integral part of this statement. E-6 This page is intentionally left blank. MONROE COUNTY, FLORIDA STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES -BUDGET AND ACTUAL GENERALFUND FOR THE YEAR ENDED SEPTEMBER 30, 2022 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Taxes $ 29,674,000 $ 29,674,000 $ 31,938,284 $ 2,264,284 Intergovernmental 14,575,680 14,576,796 19,332,194 4,755,398 Charges for Services 4,322,809 4,640,644 5,577,179 936,535 Fines and Forfeitures 5,000 5,000 3,422 (1,578) Investment Income 345,000 346,400 (481,688) (828,088) Miscellaneous 618,600 775,028 1,430,349 655,321 Total Revenues 49,541,089 50,017,868 57,799,740 7,781,872 EXPENDITURES: Current: General Government: Board of County Commissioners Admin 2,032,743 2,032,743 1,724,668 308,075 Clerk to BOCC- Financial Package 5,000 5,000 - 5,000 Government Enterprise Management System 75,000 75,000 29,820 45,180 Clerk Commission and Fees- Noncourt 5,488,200 5,808,200 4,646,145 1,162,055 Insurances-Supervisor of Elections 180,110 180,110 166,323 13,787 Promotional Advertising 5,000 5,000 - 5,000 Value Adjustment Board 35,000 35,000 25,984 9,016 FIRM Study 50,000 50,000 50,000 - County Administrator 1,455,067 1,483,901 1,510,048 (26,147) Technical Services 3,150,604 3,150,605 2,900,707 249,898 Grants Administration 384,004 384,005 135,649 248,356 Office of Management and Budget 913,677 828,885 637,147 191,738 Purchasing 308,521 393,313 373,624 19,689 Personnel 601,624 630,207 621,050 9,157 Public Works Management 10,835 12,998 13,039 (41) Public Works Facilities Maintenance 9,139,972 9,367,591 9,297,854 69,737 ADA Compliance 50,000 50,000 3,200 46,800 County Attorney 1,926,661 1,926,660 1,206,429 720,231 Tax Collector 7,175,542 7,875,742 6,460,267 1,415,475 Property Appraiser 5,247,765 5,248,000 4,334,674 913,326 Supervisor of Elections 2,054,758 2,055,164 1,917,417 137,747 Quasi External Services 230,000 230,000 144,516 85,484 Hurricane 100,000 100,000 - 100,000 Total General Government 40,620,083 41,928,124 36,198,561 5,729,563 (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, 2022 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) Public Safety: Emergency Management 697,770 697,770 525,903 171,867 Marathon Emergency Operations Center 84,394 84,393 54,118 30,275 Medical Examiner 695,796 695,796 560,006 135,790 Sheriff Law Enforcement and Corrections 54,299,722 53,548,397 51,442,092 2,106,305 Fire Academy 711,603 711,603 637,524 74,079 Fire and EMS Length of Service Award Program 48,000 48,000 32,190 15,810 Total Public Safety 56,537,285 55,785,959 53,251,833 2,534,126 Physical Environment: Extension Service 231,973 231,973 212,077 19,896 Sustainability 757,817 757,817 354,231 403,586 Total Physical Environment 989,790 989,790 566,308 423,482 Transportation: County Engineer 245,122 165,219 78,508 86,711 Total Transportation 245,122 165,219 78,508 86,711 Economic Environment: Literacy Volunteers of America 60,000 60,000 60,000 - Veterans'Affairs 653,739 653,739 643,410 10,329 Veterans'Affairs Transportation 195,270 195,270 174,347 20,923 Total Economic Environment 909,009 909,009 877,757 31,252 Human Services: Middle Keys Guidance Clinic 35,181 35,181 35,181 - Older Americans Volunteer Program 500 500 - 500 Domestic Abuse Shelter 80,000 80,000 80,000 - Positive Steps of Monroe County 25,000 25,000 25,000 - Florida Keys Outreach Coalition 110,000 110,000 110,000 - Samuel's House 105,000 105,000 105,000 - Womankind 155,000 155,000 155,000 - Grace Jones 70,000 70,000 70,000 - AIDS Help 95,000 95,000 95,000 - Good Health Clinic 60,000 60,000 60,000 - Monroe County Assn for ReMARCable Citizens 200,000 200,000 200,000 - Florida Keys Children's Shelter 150,000 150,000 150,000 - Wesley House 157,500 157,500 157,500 - Florida Keys Area Health Education 130,000 130,000 130,000 - (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, 2022 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) Human Services (continued): Heron/Peacock 40,000 40,000 40,000 - Kids Come First- Florida Keys 30,000 30,000 30,000 - Boys and Girls Club 100,000 100,000 100,000 - Florida Keys Healthy Start Coalition 80,000 80,000 80,000 - Keys Area Interdenominational Resources 30,000 30,000 30,000 - Star of the Sea Foundation 100,000 100,000 100,000 - Independence Cay 30,000 30,000 30,000 - Anchors Aweigh 15,000 15,000 15,000 - Hearts, Hammer, Hands 10,500 10,500 10,281 219 Baker Act for Lower Keys Medical Center 83,334 83,334 83,333 1 Guidance Care Clinic Baker Act Transportation 165,000 165,000 165,000 - Guidance Care Clinic/Samuel House-FS 394.76 836,518 836,518 836,518 - Guidance Care Clinic Jail In-House Program 144,021 177,355 147,036 30,319 Historic Florida Keys Foundation 32,450 32,450 32,450 - Animal Shelters 1,603,270 1,683,173 1,754,353 (71,180) Welfare Administration 602,094 762,094 731,740 30,354 Welfare Services 900,500 860,500 847,810 12,690 Lions Eye Clinic 5,000 5,000 5,000 - Health Care Respite Act 40,000 - - - Bayshore Manor 973,494 1,017,616 1,023,160 (5,544) Social Service Transportation 1,054,578 1,084,578 1,175,776 (91,198) Burton Memorial United Methodist Church 15,000 15,000 15,000 - Keys To Be Change 50,000 50,000 49,931 69 Autism Society of the Keys 40,000 40,000 40,000 - Voices for the Florida Keys Children 17,000 17,000 17,000 - Kreative Kids 25,000 25,000 25,000 - Specia101ympics 15,000 15,000 7,016 7,984 Employee Suggestion Plan 10,000 10,000 - 10,000 Total Human Services 8,420,940 8,688,299 8,764,085 (75,786) Culture and Recreation: Fine Arts Council 79,900 79,900 79,900 - Lower Keys AARP 4,500 4,500 - 4,500 Middle Keys AARP 4,500 4,500 2,760 1,740 Big Pine Key AARP 4,500 4,500 1,002 3,498 Upper Keys AARP 4,500 4,500 - 4,500 Heart of the Keys Recreation 50,000 50,000 50,000 - Higgs Beach Maintenance 98,622 107,118 99,526 7,592 Libraries- Florida History 50,846 50,846 192,220 (141,374) Library Admin Support 921,513 1,171,513 1,156,691 14,822 Library Key West 928,710 728,710 704,909 23,801 Library Key West Donations 100,000 252,557 216,049 36,508 (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, 2022 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) Culture and Recreation (continued): Library Marathon 648,125 648,126 622,113 26,013 Library Marathon Donations 10,000 10,110 2,512 7,598 Library Islamorada 469,597 419,597 383,645 35,952 Library Islamorada Donations 1,000 1,736 320 1,416 Library Key Largo 640,448 640,448 545,967 94,481 Library Key Largo Donations 2,500 5,475 1,566 3,909 Library Big Pine Key 482,742 482,742 395,803 86,939 Library Big Pine Key Donations 200,608 197,758 6,747 191,011 Total Culture and Recreation 4,702,611 4,864,636 4,461,730 402,906 Court Related: Law Library 24,362 27,262 85,692 (58,430) Guardian Ad Litem 295,361 295,361 212,309 83,052 State Attorney 407,780 407,780 189,392 218,388 Public Defender 604,952 604,952 238,737 366,215 Sheriff Court Security 1,977,977 1,977,977 1,977,977 - Court Administration 2,527 2,527 20,622 (18,095) Court Admin -Judicial Support 186,339 186,339 145,143 41,196 Court Case Management 179,805 179,805 163,413 16,392 Court Admin -Circuit Court Reporter Svcs 1,675 1,675 1,380 295 Court Admin -Circuit Drug Court 373,631 373,631 201,476 172,155 Court Admin - Pretrial Release 546,610 546,610 516,570 30,040 Court Admin-Probationary Services 481,551 481,551 391,256 90,295 Ct.Admin - Pretrial Svcs Drug Diversion 227,834 227,834 225,009 2,825 Court Admin - Information Systems 224,978 224,978 211,975 13,003 Total Court Related 5,535,382 5,538,282 4,580,951 957,331 Capital Outlay - - 437,742 (437,742) Debt Service: Principal - - 798,096 (798,096) Interest - - 85,435 (85,435) Total Debt Service - - 883,531 (883,531) Total Expenditures 117,960,222 118,869,318 110,101,006 8,768,312 The notes to the financial statements are an integral part of these statements. (continued) E-10 MONROE COUNTY, FLORIDA STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES -BUDGET AND ACTUAL(CONTINUED) GENERALFUND FOR THE YEAR ENDED SEPTEMBER 30, 2022 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) Excess/Deficiency of Revenues Over(Under) Expenditures (68,419,133) (68,851,450) (52,301,266) 16,550,184 OTHER FINANCING SOURCES (USES): Reserve for Contingencies (837,786) (301,844) - 301,844 Reserve for Cash Balance (4,427,828) (4,427,828) - 4,427,828 Lease Financing - - 38,942 38,942 Transfers from Other Funds 66,176,959 66,125,834 64,194,345 (1,931,489) Transfers to Other Funds (2,524,500) (2,577,000) (5,652,309) (3,075,309) Total Other Financing Sources (Uses) 58,386,845 58,819,162 58,580,978 (238,184) Net Change in Fund Balances (10,032,288) (10,032,288) 6,279,712 16,312,000 Fund Balances -October 1 10,032,288 10,032,288 43,007,391 32,975,103 Fund Balances -September 30 $ - $ - $ 49,287,103 $ 49,287,103 The notes to the financial statements are an integral part of these statements. 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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, 2022 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Taxes $ 58,105,405 $ 58,105,405 $ 55,979,611 $ (2,125,794) Intergovernmental - - 73,808 73,808 Charges for Services 9,013,000 9,013,000 14,242,688 5,229,688 Fines and Forfeitures 72,500 72,500 105,618 33,118 Investment Income 385,000 385,000 (127,066) (512,066) Miscellaneous 133,240 133,240 423,530 290,290 Total Revenues 67,709,145 67,709,145 70,698,189 2,989,044 EXPENDITURES: Current: General Government: Tax Increment Payment 1,289,000 1,289,000 1,273,755 15,245 Total General Government 1,289,000 1,289,000 1,273,755 15,245 Public Safety: Sheriff Law Enforcement 3,103,011 3,683,011 3,669,256 13,755 Sheriff Corrections 3,463,921 3,463,921 3,246,714 217,207 Bond Refunds - - - - Law Enforcement Education Assistance 75,000 75,000 75,000 - Correction Facilities 2,963,633 2,963,633 2,536,076 427,557 Medical Air Transport 3,478,929 3,478,928 3,219,752 259,176 Interagency Communications 43,790 43,790 40,893 2,897 Juvenile Detention Cost Share 196,000 196,000 48,174 147,826 Total Public Safety 13,324,284 13,904,283 12,835,865 1,068,418 Court Related: Sheriff Extradition 100,000 173,206 165,256 7,950 Sheriff Court Security 361,104 361,104 336,753 24,351 Total Court Related 461,104 534,310 502,009 32,301 Debt Service: Principal - - 1,643 (1,643) Interest - - 110 (110) Total Debt Service - - 1,753 (1,753) Total Expenditures 15,074,388 15,727,593 14,613,382 1,114,211 (Continued) 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(CONTINUED) FINE AND FORFEITURE SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2022 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) Excess/Deficiency of Revenues Over(Under) Expenditures 52,634,757 51,981,552 56,084,807 4,103,255 OTHER FINANCING SOURCES (USES): Reserve for Contingencies (290,000) (206,795) - 206,795 Reserve for Cash Balance (4,976,982) (4,976,982) - 4,976,982 Transfers from Other Funds 1,500,000 1,500,000 2,145,698 645,698 Transfers to Other Funds (54,602,886) (54,612,886) (54,569,552) 43,334 Total Other Financing Sources (Uses) (58,369,868) (58,296,663) (52,423,854) 5,872,809 Net Change in Fund Balances (5,735,111) (6,315,111) 3,660,953 9,976,064 Fund Balances -October 1 5,735,111 6,315,111 16,571,522 10,256,411 Fund Balances -September 30 $ - $ - $ 20,232,475 $ 20,232,475 The notes to the financial statements are an integral part of these statements. E-13 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, 2022 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Intergovernmental $ 22,557,000 $ 22,365,000 $ 22,313,245 $ (51,755) EXPENDITURES: Current: Public Safety: Public Safety 2,255,700 22,365,000 26,712,148 (4,347,148) Debt Service: Principal - - 2,634,629 (2,634,629) Interest - - 1,245,091 (1,245,091) Total Debt Service - - 30,591,868 (8,226,868) Total Expenditures Over(Under) Expenditures 20,301,300 - (8,278,623) (8,278,623) OTHER FINANCING SOURCES (USES): Lease Financing - - 8,278,623 8,278,623 Total Other Financing Sources (Uses) - - 8,278,623 8,278,623 Net Change in Fund Balances 20,301,300 - - - Fund Balances -October 1 - - - - Fund Balances -September 30 $ 20,301,300 $ - $ - $ - The notes to the financial statements are an integral part of these statements. 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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, 2022 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Intergovernmental $ - $ 69,302,348 $ 14,352,879 $ (54,949,469) Charges for Services - 327,574 159,792 (167,782) Investment Income - - 25,168 25,168 Total Revenues - 69,629,922 14,537,839 (55,092,083) EXPENDITURES: Current: Public Safety: Hurricane Irma Recovery - 10,997,665 5,278,318 5,719,347 America Rescue Plan Act - 7,327,538 223,600 7,103,938 Cancer Decontamination Equipment - - 12,100 (12,100) Emergency Management Base Grant - 322,790 96,333 226,457 Federal Emergency Base Grants - - 61,395 (61,395) Radiological Emergency Preparedness - 327,574 123,987 203,587 Emergency Medical Services Award Grant - 38,533 36,730 1,803 SAFER Program - 5,676,808 942,802 4,734,006 Urban Area Security Initiative Grants - 570,124 227,437 342,687 Total Public Safety - 25,261,032 7,002,702 18,258,330 Physical Environment: Hurricane Irma Canal Debris Removal - 518,400 518,400 - Canal Restoration Project - 7,653,019 3,339,469 4,313,550 Flood Control Program - 14,139,257 5,321,593 8,817,664 Florida Keys Res Assur Plan - 1,156,583 377,463 779,120 EPA Florida Keys Improve Water Quality - 7,621 6,182 1,439 Removal of Vessels - 903,560 572,952 330,608 DEP Mobile Vessels - 88,258 - 88,258 Total Physical Environment - 24,466,698 10,136,059 14,330,639 Transportation: Roadway Projects - 5,058,129 2,400,226 2,657,903 Transportation Planning Prog 2012 - 1,045,741 166,082 879,659 Pigeon Key Ferry Service - 248,119 248,119 - Total Transportation - 6,351,989 2,814,427 3,537,562 (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, 2022 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) Economic Environment: Small Cities CDBG-2010 - 112,820 3,080 109,740 Community Development Block Grant - 3,548,585 124,886 3,423,699 CARES COVID-19 Funding - 3,809,996 - 3,809,996 Disaster Recovery CDBG - 178,420 102,878 75,542 Total Economic Environment - 7,649,821 230,844 7,418,977 Human Services: Pandemic Financial Assistance - 760,759 2,806 757,953 Nutritional Services In Progress - 47,813 28 47,785 Title III-B Supportive Services - 129,802 290,413 (160,611) Title III-Cl Congregate Meals - 351,370 165,592 185,778 Title III-C2 Home Delivered Meals - - 2,568 (2,568) Title III-E Caregiver Support Services - 238,087 142,945 95,142 Low Income Home Energy Program - 292,691 261,140 31,551 Alzheimer's Disease Initiative - 130,883 78,732 52,151 Community Care Disabled Adults - - 3,525 (3,525) Weatherization Assistance Program (WAP) - 211,733 76,291 135,442 Drug Program Urinanlysis Lab - 1,754 - 1,754 Edward Byrne Memorial JAG - 14,691 14,691 - Substance Abuse Treatment Program - 304,472 158,332 146,140 Drug Court Medical Director Initiative - 36,481 - 36,481 Older Americans Act - 402,835 254,264 148,571 Total Human Services - 21923,371 1,451,327 1,472,044 Culture and Recreation: State Aid to Libraries - 55,446 4,752 50,694 America Rescue Plan Act - 4,475,470 876,446 3,599,024 Historic Monroe County Jail - 58,500 56,452 2,048 Harry Harris Park Boat Ramp - 762,117 - 762,117 Pigeon Key Commissary - 482,550 27,978 454,572 Lower Keys Scenic VW Area - 55,328 55,328 - Total Culture and Recreation - 5,889,411 1,020,956 4,868,455 Total Expenditures - 72,542,322 22,656,315 49,886,007 (Continued) The notes to the financial statements are an integral part of these statements. E-16 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, 2022 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) Excess/Deficiency of Revenues Over(Under) Expenditures - (2,912,400) (8,118,476) (5,206,076) OTHER FINANCING SOURCES(USES): Transfers from Other Funds - 2,912,400 692,480 (2,219,920) Total Other Financing Sources (Uses) - 2,912,400 692,480 (2,219,920) Net Change in Fund Balances - - (7,425,996) (7,425,996) Fund Balances (Deficits) -October 1 - - (4,622,482) (4,622,482) Fund Balances (Deficits)-September 30 $ - $ - $ (12,048,478) $ (12,048,478) The notes to the financial statements are an integral part of these statements. E-17 MONROE COUNTY, FLORIDA STATEMENT 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, 2022 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Taxes $ 12,056,687 $ 12,056,687 $ 23,299,088 $ 11,242,401 Investment Income - - (190,929) (190,929) Total Revenues 12,056,687 12,056,687 23,108,159 11,051,472 EXPENDITURES: Current: Economic Environment: Advertising and Promotion 11,260,822 11,260,822 8,950,917 2,309,905 Administrative Services 1,449,072 1,449,072 1,133,396 315,676 Catastrophic Emergency 2,475,000 2,475,000 - 2,475,000 Total Economic Environment 15,184,894 15,184,894 10,084,313 5,100,581 Debt Service: Principal - - 97,259 (97,259) Interest - - 21,297 (21,297) Total Debt Service - - 118,556 (118,556) Total Expenditures 15,184,894 15,184,894 10,202,869 4,982,025 Excess/Deficiency of Revenues Over (Under) Expenditures (3,128,207) (3,128,207) 12,905,290 16,033,497 Other Financing Sources (Uses): Transfers to Other Funds (114,278) (114,278) (144,541) (30,263) Transfers from Other Funds - - 221,029 221,029 Total Other Financing Sources (Uses) (114,278) (114,278) 76,488 190,766 Net Change in Fund Balances (3,242,485) (3,242,485) 12,981,778 16,224,263 Fund Balances -October 1 3,242,485 3,242,485 19,994,077 16,751,592 Fund Balances -September 30 $ - $ - $ 32,975,855 $ 32,975,855 E-18 MONROE COUNTY, FLORIDA STATEMENT OF NET POSITION PROPRIETARY FUNDS SEPTEMBER 30, 2022 Business-type Activities Enterprise Funds Major Funds Municipal Card Key Service District Sound West Waste Bridge Airport ASSETS Current Assets: Cash and Cash Equivalents $ 2,647,638 $ 786,345 $ 1,249,998 Investments 16,172,216 4,858,823 13,046,880 Accounts Receivable, Net 151,752 - 575,921 Leases Receivable - - 725,284 Due from Other Funds 3,834 - 129,793 Due from Other Governmental Units 406,118 38,867 10,823,955 Interest Receivable 27,469 8,253 62,051 Total Current Assets 19,409,027 5,692,288 26,613,882 Noncurrent Assets: Restricted Cash and Cash Equivalents - - 44,868,354 Restricted Accounts Receivable - - 364,348 Leases Receivable, Non-current - - 7,128,481 Land and Other Nondepreciable Assets 3,629,620 267,849 27,046,145 Capital Assets, Net of Accum Depreciation 1,782,082 8,390,084 84,404,603 Right-To-Use Leased Assts, Net of Amortization - - 10,591 Total Noncurrent Assets 5,411,702 8,657,933 163,822,522 Total Assets 24,820,729 14,350,221 190,436,404 DEFERRED OUTFLOWS OF RESOURCES Related to Pensions 228,581 65,930 1,115,117 Related to OPEB 152,700 26,400 239,900 Total Deferred Outflows of Resources 381,281 92,330 1,355,017 LIABILITIES Current Liabilities: Accounts Payable 1,845,706 18,532 1,274,220 Retainage Payable - - 224,611 Accrued Wages and Benefits Payable 56,615 14,701 207,315 Claims and Judgments Payable - - - Due to Other Funds - - - Due to Other Governmental Units - - 21,399 Accrued Comp. Absences Payable 16,365 1,422 96,407 Unearned Revenues - - 5,867 Leases Payable - - 2,439 Other Current Liabilities 129,632 - 24 Deposits in Escrow 33,250 - 8,000 Total Current Liabilities 2,081,568 34,655 1,840,282 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 $ 298,956 $ 4,982,937 $ 4,777,095 2,369,566 36,447,485 22,234,111 245,052 972,725 279,394 364,208 1,089,492 - - 133,627 300,716 1,462,262 12,731,202 126,182 17,545 115,318 37,765 4,757,589 56,472,786 27,755,263 170,689 45,039,043 - - 364,348 - 5,223,074 12,351,555 - 8,661,270 39,604,884 743,426 13,276,503 107,853,272 645,874 2,212 12,803 397,715 27,333,748 205,225,905 1,787,015 32,091,337 261,698,691 29,542,278 79,828 1,489,456 693,731 135,500 554,500 839,300 215,328 2,043,956 1,533,031 1,563,145 4,701,603 1,726,990 92,237 316,848 - 19,769 298,400 156,394 - - 4,418,041 6,373 6,373 18,181 9,580 30,979 5,434 6,505 120,699 54,121 - 5,867 - 1,826 4,265 118,685 4 129,660 982 6,306 47,556 - 1,705,745 5,662,250 6,498,828 (Continued) E-20 MONROE COUNTY, FLORIDA STATEMENT OF NET POSITION (CONTINUED) PROPRIETARY FUNDS SEPTEMBER 30, 2022 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 65,459 5,687 385,627 Claims and Judgments Payable 4,000 - - Leases Payable - - 8,147 Revenue Bonds Payable - - 42,459,929 Total OPEB Liability 300,000 107,000 730,000 Net Pension Liability 1,118,032 584,476 3,872,805 Total Noncurrent Liabilities 1,487,491 697,163 47,456,508 Total Liabilities 3,569,059 731,818 49,296,790 DEFERRED INFLOWS OF RESOURCES Related to Leases - - 7,822,055 Related to Pensions 83,655 24,189 346,964 Related to OPEB 49,300 71,400 126,600 Total Deferred Inflows of Resources 132,955 95,589 8,295,619 NET POSITION Net Investment in Capital Assets 5,411,702 8,657,933 109,596,520 Restricted for: Passenger Facility Charges - - 3,463,243 Customs Service Operations - - - Unrestricted 16,088,294 4,957,211 21,139,249 Total Net Position $ 21,499,996 $ 13,615,144 $ 134,199,012 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-21 Governmental Major Funds Activities Internal Marathon Service Airport Total Funds 26,018 482,791 216,480 - 4,000 - 465 8,612 299,507 - 42,459,929 - 122,000 1,259,000 1,070,000 370,361 5,945,674 1,658,548 518,844 50,160,006 3,244,535 2,224,589 55,822,256 9,743,363 5,530,378 13,352,433 - 29,063 483,871 244,908 28,500 275,800 146,500 5,587,941 14,112,104 391,408 21,937,694 145,603,849 1,368,823 - 3,463,243 - 170,689 170,689 - 2,385,752 44,570,506 19,571,715 $ 24,494,135 193,808,287 $ 20,940,538 (184,565) $ 193,623,722 E-22 MONROE COUNTY, FLORIDA STATEMENT OF REVENUES, EXPENSES,AND CHANGES IN NET POSITION PROPRIETARY FUNDS FOR THE YEAR ENDED SEPTEMBER 30,2022 Business-type Activities Enterprise Funds Major Funds Municipal Card Key Service District Sound West Waste Bridge Airport Operating Revenues: Franchise Fees $ 661,076 $ - $ Charges for Services 22,606,295 2,027,323 12,742,402 Intergovernmental Revenue - - 108,172 Fines and Forfeitures - 20 Miscellaneous 112,889 - 59,844 Total Operating Revenues 23,380,260 2,027,323 12,910,438 Operating Expenses: Personnel Services 1,357,811 349,721 4,471,089 Operations 19,898,951 310,214 12,306,247 Depreciation and Amortization 206,584 401,994 3,916,981 Asserted and Paid Claims - - - Total Operating Expenses 21,463,346 1,061,929 20,694,317 Operating Income(Loss) 1,916,914 965,394 (7,783,879) Nonoperating Revenues(Expenses): Operating Grants 93,750 - 16,843,812 Grants and Donations-Other Sources - - Investment Income (135,983) (48,649) 136,593 Gain(Loss)on Disposition of Assets 13,927 (11,262) Total Non-Operating Revenues(Expenses) (42,233) (34,722) 16,969,143 Income(Loss)Before Contributions and Transfers 1,874,681 930,672 9,185,264 Capital Contributions - - 10,149,681 Debt Service Costs - (755,381) Transfers from Other Funds 3,834 Transfers to Other Funds (235,202) (79,776) (499,097) Total Capital Contributions and Transfers (231,368) (79,776) 8,895,203 Change in Net Position 1,643,313 850,896 18,080,467 Total Net Position-October 1 19,856,683 12,764,248 116,118,545 Total Net Position-September 30 $ 21,499,996 $ 13,615,144 $ 134,199,012 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-23 Governmental Major Funds Activities Internal Marathon Service Airport Total Funds $ - $ 661,076 $ - 1,293,178 38,669,198 31,985,341 - 108,172 - - 20 - 106,626 279,359 1,616,698 1,399,804 39,717,825 33,602,039 438,448 6,617,069 3,832,570 929,553 33,444,965 10,373,146 776,692 5,302,251 190,271 - - 19,276,880 2,144,693 45,364,285 33,672,867 (744,889) (5,646,460) (70,828) 817,880 17,755,442 146,788 146,788 161,667 113,628 (274,027) (4,643) (1,978) 5,829 1,121,692 18,013,880 (268,198) 376,803 12,367,420 (339,026) 1,589,402 11,739,083 - (755,381) 1,563,232 1,567,066 (137,385) (951,460) (791,095) 3,015,249 11,599,308 (791,095) 3,392,052 23,966,728 (1,130,121) 21,102,083 169,841,559 22,070,659 $ 24,494,135 $ 193,808,287 $ 20,940,538 23,966,728 (51,892) $ 23,914,836 E-24 MONROE COUNTY, FLORIDA STATEMENT OF CASH FLOWS PROPRIETARY FUNDS FOR THE YEAR ENDED SEPTEMBER 30,2022 Business-type Activities Enterprise Funds Major Funds Municipal Card Key Service District Sound West Waste Bridge Airport Operating Activities: Cash Received for Services $ 23,304,691 $ 2,027,323 $ 5,195,037 Cash Received from others (18,921,645) (295,544) (13,436,209) Cash Payments for Employee Services (1,294,611) (362,868) 3,687,677 Cash Payments for Claims 4,000 - - Cash Received from(Paid to)Other Sources 41,914 16,253 (6,262,982) Other Operating Revenue 109,777 (1,233) 17,690 Net Cash Provided by (Used in) Operating Activities 3,244,126 1,383,931 (10,798,787) Noncapital Financing Activities: Operating Grants Received 93,750 - 16,843,812 Transfers from Other Funds 3,834 - - Transfers to Other Funds (235,202) (79,776) (499,097) Net Cash Provided by (Used in) Noncapital Financing Activities (137,618) (79,776) 16,344,715 Capital and Related Financing Activities: Proceeds from Capital Grants - - 10,149,681 Acquisition of Capital Assets (58,594) (195,515) (12,171,446) Purchase and Construction of Capital Assets - - (734,329) Proceeds from Issuance of Capital Debt - - 41,340,000 Proceeds from sale of capital assets - - (11,262) Net Cash Provided by (Used in)Capital and Related Financing Activities (58,594) (195,515) 38,572,644 Investing Activities: Investment Income(Losses) (135,983) (48,649) 136,593 Repayment of Revenue Note - - (1,492,120) Proceeds from Sales and Maturities of Investments 11,166,563 3,324,924 7,745,579 Purchase of Investment Securities (14,097,951) (4,225,909) (10,964,248) Net Cash Provided by (Used in) Investing Activities (3,067,371) (949,634) (4,574,196) Net Increase(Decrease) in Cash and Cash Equivalents (19,457) 159,006 39,544,377 Cash and Cash Equivalents: October 1 2,667,095 627,339 6,573,975 September 30 $ 2,647,638 $ 786,345 $ 46,118,352 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 $ (4,434,529) $ 26,092,522 $ 31,764,781 (287,404) (32,940,802) (9,614,268) 5,120,014 7,150,212 (3,663,118) - 4,000 (18,306,698) 1,315,871 (4,888,944) 23,335 90,368 216,602 1,620,405 1,804,320 (4,366,410) 1,824,437 964,668 17,902,230 - 1,563,232 1,567,066 - (137,385) (951,460) (791,095) 2,390,515 18,517,836 (791,095) 1,589,402 11,739,083 - (4,116,088) (16,541,643) (857,002) - (734,329) - - 41,340,000 - - (11,262) 5,829 (2,526,686) 35,791,849 (851,173) 161,667 113,628 (274,027) - (1,492,120) - (88,389) 22,148,677 23,561,371 (1,506,882) (30,794,990) (22,042,195) (1,433,604) (10,024,805) 1,245,149 234,545 39,918,471 1,427,318 235,100 10,103,509 3,349,777 $ 469,645 $ 50,021,980 $ 4,777,095 (Continued) E-26 MONROE COUNTY, FLORIDA STATEMENT OF CASH FLOWS(CONTINUED) PROPRIETARY FUNDS FOR THE YEAR ENDED SEPTEMBER 30,2022 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) $ 1,916,914 $ 965,394 $ (7,783,879) Adjustments to Reconcile Operating Income(Loss) to Net Cash Provided by(Used in)Operating Activities: Depreciation and Amortization 206,584 401,994 3,916,981 Change in Assets, Liabilities,and Deferrals: (Increase) Decrease in Accounts Receivable 37,320 - 212,118 (Increase) Decrease in Leases Receivable - - (7,853,765) (Increase)/Decrease in Due from other funds - 5,586 - (Increase) Decrease in Due from Other Gov't Units 35,512 10,667 (6,281,891) (Increase) Decrease in Due from Other Funds 6,402 - 70,677 (Increase) Decrease in Interest Receivable (3,112) (1,233) (42,174) Increase(Decrease)in Accounts Payable 1,005,421 14,670 (216,406) Increase(Decrease)in Retainage Payable - - (913,580) Increase(Decrease)in Accrued Wages/Benefits 3,447 (5,546) 38,642 Increase(Decrease)in Claims/Judgments Payable 4,000 - - Increase(Decrease)in Other Current Liabilities - - 24 Increase(Decrease)in Due to Other Funds - - - Increase(Decrease)in Due to Other Gov't Units - - (51,768) Increase(Decrease)in Due to Constitutional Officers - - - Increase(Decrease)in Comp.Absences Payable (7,445) (16,000) 40,225 Increase(Decrease)in Deposits in Escrow (28,115) - - Increase(Decrease)in Unearned Revenue - - (13,890) Increase(Decrease)in OPEB Liability 75,000 (61,000) 133,000 Increase(Decrease)in Pension Liability 419,226 120,666 2,289,204 Increase(Decrease)in Deferred Outflows (96,391) 5,280 (261,981) Increase(Decrease)in Deferred Inflows (330,637) (56,547) 5,919,676 Total Adjustments 1,327,212 418,537 (3,014,908) Net Cash Provided by (Used in) Operating Activities $ 3,244,126 $ 1,383,931 $ (10,798,787) Noncash Investing, Capital,and Financing Activities: Loss on Disposition of Assets $ - $ 13,927 $ (11,262) Noncash Investing, Capital, and Financing Activities $ - $ 13,927 $ (11,262) Cash Reconciliation: Unrestricted $ 2,647,638 $ 786,345 $ 1,249,998 Restricted - - 44,868,354 Total $ 2,647,638 $ 786,345 $ 46,118,352 The notes to the financial statements are an integral part of these statements. E-27 Governmental Major Funds Activities Internal Marathon Service Airport Total Funds $ (744,889) $ (5,646,460) $ (70,828) 776,692 5,302,251 190,271 (116,025) 133,413 (220,560) (5,587,282) (13,441,047) - - 5,586 - 1,298,222 (4,937,490) (13,091) 11,313 88,392 14,425 (16,258) (62,777) 3,707 628,249 1,431,934 761,619 13,896 (899,684) - 1,716 38,259 8,658 - 4,000 970,182 4 28 982 - - 17,118 (37) (51,805) 4,883 6,373 6,373 - 2,511 19,291 24,893 - (28,115) - (24,400) (38,290) (3,723) 88,000 235,000 688,000 147,019 2,976,115 1,308,183 (93,040) (446,132) (737,495) 5,412,256 10,944,748 (1,122,787) 2,549,209 1,280,050 1,895,265 $ 1,804,320 $ (4,366,410) $ 1,824,437 $ (4,643) $ (1,978) $ - $ (4,643) $ (1,978) $ - $ 298,956 $ 4,982,937 $ 4,777,095 170,689 45,039,043 - $ 469,645 $ 50,021,980 $ 4,777,095 E-28 MONROE COUNTY, FLORIDA STATEMENT OF FIDUCIARY NET POSITION CUSTODIAL FUNDS SEPTEMBER 30, 2022 Custodial Funds ASSETS Cash and Cash Equivalents $ 7,979,599 Accounts Receivable 2,373,430 Total Assets $ 10,353,029 LIABILITIES Accounts Payable $ 125,661 Undistributed Collections 1,103,232 Due to Other Governmental Units 1,142,808 Total Liabilities $ 2,371,701 NET POSITION Restricted for Individuals, Organizations, and Other Governments $ 7,981,328 The notes to the financial statements are an integral part of these statements. E-29 MONROE COUNTY, FLORIDA STATEMENT OF CHANGES IN FIDUCIARY NET POSITION CUSTODIAL FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 2022 Custodial Funds ADDITIONS Property taxes and fees collected $ 825,096,937 Payments made by litigants 73,996,376 Licenses and tag fees collected 37,626,100 Payments received for bond and inmate accounts 2,545,469 Charges for services 1,390,727 Fines and forfeitures 89,225 Total Additions $ 940,744,834 DEDUCTIONS Property tax and fees distributions $ 825,096,937 Payments made to litigants 73,228,977 Licenses and tag fees remitted to the State 37,623,955 Other collections 2,720,180 Total Deductions $ 938,670,049 Net increase (decrease) in fiduciary net position 2,074,785 Net position, beginning of year 5,906,543 Net position, end of year $ 7,981,328 The notes to the financial statements are an integral part of these statements. E-30 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2022 NOTE 1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The financial statements of Monroe County, Florida (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 (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 whom 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, 2022 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, 2022 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 funds 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 party 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. Tourist Development Admin & Promo Two Cent — The Tourist Development Admin & Promo Two Cent Fund is a special revenue fund used to account for the expenditures of advertising, promotions, and special events of the County Tourist Development Council. The major funding for this fund is the Bed Tax. The fund is being presented as a major fund for consistency and public interest. F-3 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2022 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. 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. 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. This fund has been deemed a major fund for public interest purposes. Card Sound Bridge — The Card Sound Bridge Fund is used to account for the operations of Monroe County's Card Sound Toll Bridge. This fund has been deemed a major fund for public interest purposes. 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. This fund has been deemed a major fund for public interest purposes. 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. Custodial 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. F-4 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2022 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 Nos. 67 and 68: • Contributions to the pension plan and earnings on those contributions are irrevocable. • Pension plan assets are dedicated to providing benefits to plan members. • Pension plan assets are legally protected from the creditors or employers. Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating revenues and expenses generally result from providing services and producing and delivering goods in connection with a proprietary fund's principal ongoing operations. The principal operating revenues of the 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, for which they have been levied. 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. 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. Expenditures related to leases,pension and OPEB are recorded only when incurred. F-5 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2022 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 Bud2etary 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, 2022 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. 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. 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. F-7 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2022 NOTE 1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 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. 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. F-8 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2022 NOTE 1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 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. Leases Receivable: The County's lease receivable is measured at the present value of lease payments expected to be received during the lease term. Under the lease agreement, the County may receive variable lease payments that are dependent upon the lessee's revenue. The variable payments are recorded as an inflow of resources in the period the payment is received. A deferred inflow of resources is recorded for the lease. The deferred inflow of resources is recorded at the initiation of the lease in an amount equal to the initial recording of the lease receivable. The deferred inflow of resources is amortized on a straight-line basis over the term of the lease. 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. F-9 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2022 NOTE 1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 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. 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 and in the proprietary fund 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 or contributed capital 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, 2022 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. Leased Assets: The County is the lessee for leases of equipment and property. The County has recognized intangible right-to-use leased assets (lease assets) in the financial statements. The lease assets are measured at the start of the lease as the initial amount of the lease liability, adjusted for lease payments made at or before the lease commencement date, plus certain initial direct costs. Subsequently, the lease asset is amortized on a straight-line basis over its useful life. Key estimates and judgments related to leases include how the County determines the discount rate it uses to discount the expected lease payments to present value, lease term and lease payments. The County uses the interest rate charged by the lessor as the discount rate. When the interest rate is not provided, the County uses its estimated incremental borrowing rate as the discount rate for leases. The lease term includes the noncancellable period of the lease. Lease payments included in the measurement of the lease liability are composed of fixed payments and a purchase price option that the County is reasonably certain to exercise. The County monitors changes in circumstances that would require remeasurement of its leases and will remeasure the lease asset and liability if certain changes occur that are expected to significantly affect the amount of the lease liability. Leased assets for the County are reported with capital assets on the statement of net position. F-11 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2022 NOTE 1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 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 assets that applies to a future period and therefore will not be recognized as an inflow of resources until that time. The County has five items that qualify for reporting in this category: (1) Unavailable revenues; (2) Advances from Other Governments; (3) Pension-related items; (4) Other Post-Employment Benefits; and (5) Leases. 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 a consumption of net assets 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 and governmental and business-type activities report deferred outflows for pension-related and other post-employment benefit items as actuarially determined. Lone-Term Obligations: Long-term debt is reported as a liability in the proprietary fund statement of net position and the business-type activities' 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 1 st of each year. No accrual for the property tax levy becoming due in November of 2022 is included in the accompanying financial statements, since such taxes are collected to finance expenditures of the subsequent period for which they have been levied. F-12 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2022 NOTE 1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Investment Income: Investment income is interest income received plus any realized and unrealized gains or losses on investments during the fiscal year. Fund Balance Policies: The focus of fund balance reporting is to clearly communicate the constraints imposed upon resources in governmental funds. The fund balance classifications indicate the level of constraints placed upon how resources can be spent and identify the sources of those constraints. The following five classifications: non-spendable, restricted, committed, assigned, and unassigned, serve to inform readers of the financial statements of the extent to which the Board is bound to honor constraints on the specific purposes for which resources in a fund can be spent. Fund balances of governmental type funds are classified as follows: Non-spendable — Include amounts that cannot be spent because they are either not in spendable form, or for legal or contractual reasons, must be kept intact. This classification includes inventory. Restricted—Include amounts that can be spent only for specific purposes because of constitutional provisions or enabling legislation, or because of constraints externally imposed by creditors, grantors, contributors or the laws or regulations of other governments. Committed — Include amounts that can be used only for the specific purposes determined by a formal action in the form of a resolution of the Board, the County's highest level of decision- making authority. Commitments may be changed or lifted only by the Board taking the same formal action that imposed the constraint originally. Assigned—Include amounts intended by the Board to be used for specific purposes determined by a formal action in the form of a resolution but are neither restricted nor committed. The Board's policy authorizes the County Administrator to assign fund balance based on intentions for use of fund balance communicated by the Board. Unassigned — The residual classification of the General Fund. Only the General Fund reports a positive unassigned fund balance. Other governmental funds might report a negative balance in this classification, as the result of overspending for specific purposes for which amounts had been restricted, committed, or assigned. Unassigned fund balance does not necessarily represent the amount of fund balance that can be appropriated. The Board has the responsibility of responding to emergency disaster and has committed $10 million in the General Fund's disaster reserve funds to ensure adequate cash flow is available in post-disaster situations. The Board has defined unrestricted General Fund balance as the amount of fund balance that the Board has placed constraints on its use (committed or assigned fund balance) plus the fund balance that does not have any specific purpose identified for the use of those net resources (unassigned fund balance). F-13 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2022 NOTE 1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) The Board's policy on unrestricted general fund balance is to achieve and maintain an unrestricted General Fund balance equal to four months of budgeted expenditures. The Board considers a balance of less than four months to be a cause for concern, barring unusual or deliberate circumstances, and a balance of more than six months as excessive. Since this is a plan for accumulating resources rather than a limitation on how existing resources can be spent, the fund balance policy does not affect the classification of fund balance and is included in the unrestricted fund balance. The 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 adopts an annual budget for the General Fund at their September meeting preceding the fiscal year end. All annual appropriations lapse at the fiscal year end. Mid-year and year-end amendments are made to the budget as necessary. The budget is prepared and controlled at the cost center level. The County's budget for the General Fund is prepared under a budgetary basis and adjustments necessary to convert the results of operations to the modified accrual basis of accounting are made at year-end if necessary. General Fund actual expenses exceeded budget primarily due to outsourced contract services for engineering and project management and offset by direct personnel services that were less than budgeted. Fund Deficits: Monroe County reported two funds with a deficit at September 30, 2022: ($12,048,478) in the Governmental Grants Fund and ($367,269) in the Sheriff's Grants Fund. The Governmental Grants Fund deficit is primarily due to the timing of$11.6 million in grant reimbursements that are still pending to be paid to the Board due to damage resulting from Hurricane Irma and $3.2 million in grant reimbursements from the State of Florida for canal programs and the Sheriff's Grants Fund deficit is due to timing of grant reimbursements. The pending reimbursements resulted in a deferred inflow of unavailable revenues for both of these funds. 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 $3,633,933 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-14 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2022 NOTE 1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) New Accounting Pronouncements: In June 2017, the Governmental Accounting Standards Board (GASB) issued GASB Statement No. 87, Leases. This standard requires the recognition of certain lease assets and liabilities for leases that previously were classified as operating leases and as inflows of resources or outflows of resources recognized based on the payment provisions of the contract. It establishes a single model for lease accounting based on the foundational principle that leases are financings of the right to use an underlying asset. Under this standard, a lessee is required to recognize a lease liability and an intangible right-to-use lease asset, and a lessor is required to recognize a lease receivable and a deferred inflow of resources. Effective October 1, 2021, the Board adopted the requirements of the guidance and has applied the provisions of this standard to the beginning of the period of adoption. The following are new accounting pronouncements that have been issued but are not yet effective: GASB Statement No. 96, Subscription-Based Information Technology Arrangements. GASB Statement No. 96 provides accounting and financial reporting guidance for subscription-based information technology arrangements (SBITAs). GASB Statement No. 96 is based on the standards established in GASB Statement No. 87,Leases. GASB Statement No. 96: • Defines a SBITA as a contract that conveys control of the right to use a SBITA vendor's IT software, alone or in combination with tangible capital assets (the underlying IT assets), as specified in the contract for a period of time in an exchange or exchange-like transaction; • Requires governments with SBITAs to recognize a right-to-use subscription asset—an intangible asset—and a corresponding subscription liability (with an exception for short-term SBITAs those with a maximum possible term of 12 months); and • Provides guidance related to outlays other than subscription payments, including implementation costs, and requirements for note disclosures related to a SBITA. The requirements of this Statement are effective for reporting periods beginning after June 15, 2022. GASB Statement No. 99, Omnibus 2022. The requirements of this Statement are effective as follows: The requirements related to extension of the use of LIBOR, accounting for SNAP distributions, disclosures of nonmonetary transactions, pledges of future revenues by pledging governments, clarification of certain provisions in Statement 34, as amended, and terminology updates related to Statement 53 and Statement 63 are effective upon issuance. The requirements related to leases and SBITAs are effective for fiscal years beginning after June 15, 2022, and all reporting periods thereafter. F-15 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2022 NOTE 1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) The requirements related to financial guarantees and the classification and reporting of derivative instruments within the scope of Statement 53 are effective for fiscal years beginning after June 15, 2023, and all reporting periods thereafter. Earlier application is encouraged and is permitted by topic. GASB Statement No. 100, Accounting Changes and Error Corrections an amendment of GASB Statement No. 62. The primary objective of this Statement is to enhance accounting and financial reporting requirements for accounting changes and error corrections to provide more understandable, reliable, relevant, consistent, and comparable information for making decisions or assessing accountability. Effective Date: For fiscal years beginning after June 15, 2023, and all reporting periods thereafter. Earlier application is encouraged. GASB Statement No. 101, Compensated Absences. The objective of this Statement is to better meet the information needs of financial statement users by updating the recognition and measurement guidance for compensated absences. That objective is achieved by aligning the recognition and measurement guidance under a unified model and by amending certain previously required disclosures. Effective Date: The requirements of this Statement are effective for fiscal years beginning after December 15, 2023, and all reporting periods thereafter. Earlier application is encouraged. 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, 2022, the carrying value of the County's deposits and investments, with their respective credit ratings, are as follows: Valuation 6 Months Measurement Less than to 1 to 5 Over 5 Investment Type Method Value 6 Months 1 Year Years Years Demand and Time Deposits N/A $133,399,053 $133,399,053 $ $ $ FL CLASS Investments Amortized Cost 41,136,040 41,136,040 FL PALM&FL PALM Term Pooled Amortized Cost 64,445,478 64,445,478 - Certificates ofDeposit Fair Value-Level 1,781,788 - 1,390,271 391,517 Asset-Backed Security(ABS) Fair Value-Level 2 7,356,013 - 22,022 7,138,946 195,045 Corporate Stock Fair Value-Level 2 15,565 15,565 - - - Municipal Bonds Fair Value-Level 2 2,619,221 - 1,319,074 914,883 385,264 Corporate Note Fair Value-Level 2 25,702,419 1,238,068 2,565,462 21,709,735 189,154 Commercial Paper Fair Value-Level 3 31,496,054 - 31,496,054 - - Federal Agency(F ILMC) Fair Value-Level 2 3,339,385 - 3,339,385 Federal Agency Collateralized Mortgage Obligation(CMO) Fair Value-Level 2 2,761,877 2,761,877 - Federal Agency Mortgage-Backed Security(MBS) Fair Value-Level 2 4,099,994 1,985,229 2,114,765 U.S.Treasury Fair Value-Level 93,251,901 34,184,221 23,614,723 35,452,957 - Totals $411,404,788 $274,418,425 $ 60,407,606 $73,694,529 $ 2,884,228 F-16 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2022 NOTE 2 —CASH, CASH EQUIVALENTS,AND INVESTMENTS (continued) 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. Portfolio Per Issuer Investment Maximum Maximum Minimum Ratings Maximum Type (%) (%) Requirement' Maturity U.S.Treasury 100% 5.50 Years Government National o 40% (5.50 Years Mort a e Association 100/o N/A avg.life' Other U.S. Government 10% for GNMA) Guaranteed(e.g.AID,GTC Federal Agency/GSE: FNMA,FHLMC, 40%' 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) F-17 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2022 NOTE 2 —CASH, CASH EQUIVALENTS,AND INVESTMENTS (continued) Portfolio Per Issuer Investment Minimum Ratings Maximum Maximum Maximum Type Requirement) Maturity 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,or equivalent) Agency Mortgage-Backed 25% 40%3 N/A 5.50 Years Securities(MBS) Avg.Life4 Asset-Backed Securities 25% 5% Highest ST or LT Rating 5.50 Years (ABS) (A-1+/P-1,AAA/Aaa,or equivalent) Avg.Life4 Non-Negotiable o None,if fully Collateralized Bank Deposits 50% 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 1 Year (A-1/P-1,or equivalent) If the counterparty is a Federal Reserve Bank,no rating is required 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 50% 25% Rating Categories by all NRSROs N/A (LGIPs) who rate the LGIP, (AAAm/AAAf, S1,or equivalent) Florida Local Government Highest Fund Rating by all NRSROs Surplus Funds Trust Funds 25% N/A who rate the fund N/A (Florida Prime) (AAAm/Aaa-mf,or equivalent) Notes: Rating by at least one SEC-registered Nationally Recognized Statistical Rating Organization(NRSRO),unless otherwise noted. ST=Short-term;LT=Long-term. z 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 . F-18 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2022 NOTE 2 —CASH, CASH EQUIVALENTS,AND INVESTMENTS (continued) At September 30, 2022, 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 (MBS) 1.47% Federal Agency Collateralized Mortgage Obligations (CMO) .99% Federal Home Loan Mortgage Corporation (FHLMC) 1.20% 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. The Policy requires execution of a third-party custodial safekeeping agreement for all purchased securities and requires that securities be held in the County's name. As of September 30, 2022, 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, 2022: Demand Cash and Cash Equivalents Deposits Governmental Activities Governmental Funds $ 78,599,978 Internal Service Funds 4,777,095 Business-Type Activities 4,982,937 Total Unrestricted Cash and Cash Equivalents 88,360,010 Restricted Cash and Cash Equivalents Business-Type Activities 45,039,043 Total Cash and Cash Equivalents $ 133,399,053 As of September 30, 2022, the custodial funds had a cash balance totaling $7,979,599 in demand deposits. F-19 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2022 NOTE 3 —RESTRICTED ASSETS Restricted assets in the Enterprise Funds include those assets created by resolutions adopted by the Board for the Airport's unspent bond proceeds, passenger facility charges, and customs service operations. Total restricted assets as of September 30, 2022 are as follows: Cash and Cash Accounts Equivalents Receivable Total Key West Airport Passenger Facility Charges $ 3,098,895 $ 364,348 $ 3,463,243 Key West Airport Unspent Bond Proceeds 41,769,459 - 41,769,459 Marathon Airport Customs Service Operations 170,689 - 170,689 Total Restricted Assets $45,039,043 $ 364,348 $45,403,391 NOTE 4 —ACCOUNTS RECEIVABLE Accounts receivable, in the accompanying fund financial statements, are shown net of the allowance for doubtful accounts. The accounts receivable and the allowance balances are as follows: Allowance for Accounts Uncollectible Accounts Service Provided Receivable Accounts Receivable,Net Governmental Activities: General Fund Misc $ 78,517 $ (4,376) $ 74,141 Fine&Forfeiture Fund Air Amb Svc 29,363,130 (25,134,106) 4,229,024 Governmental Grants Misc 109,361 (668) 108,693 Roads&Bridges Misc 144 (2) 142 Nonmajor Funds: Fire&Amb Dist 1 Fund Ground Amb Svc 2,116,391 (1,849,388) 267,003 Other Nonmajor Funds Misc 102,485 (4,836) 97,649 Internal Service Funds Misc 282,368 (2,974) 279,394 Total Governmental 32,052,396 (26,996,350) 5,056,046 Business-Type Activities: MSD-Waste Fund: Tipping Fees 167,772 (16,020) 151,752 Key West Airport Rent,Misc 944,025 (3,756) 940,269 Marathon Airport Rent,Misc 245,052 - 245,052 Total Business-Type 1,356,849 (19,776) 1,337,073 Total Accounts Receivable $ 33,409,245 $(27,016,126) $ 6,393,119 F-20 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2022 NOTE 4 —ACCOUNTS RECEIVABLE (continued) The Board passed Resolutions 448-2021, 476-2021, 482-2021 and 483-2021 approving air and ground ambulance billing write offs, respectively, of$4,640,409, $314,183, $550,845 and $6,532 for fiscal year 2022. The Board also passed Resolution 449-2021 to write off $1,829,160 of air ambulance billings related to resident waivers. 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 in the governmental funds for those amounts that are not available. NOTE 6—MORTGAGES RECEIVABLE Mortgages receivable at September 30, 2022 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. $ 217,974 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. 4,997 F-21 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2022 NOTE 6—MORTGAGES RECEIVABLE (continued) 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. 8,039,310 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. 184,216 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. 1,282,796 Total Nonmajor Governmental Funds-Local Housing Assistance 9,973,786 Total Mortgages Receivable $10,191,760 The mortgages receivable associated with the governmental grants are offset by an allowance for uncollectible accounts of $217,974. As the mortgages receivable associated with the Local Housing Assistance fund are intended to ultimately be forgiven, an allowance for uncollectible accounts of $9,973,786 has been established. F-22 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2022 NOTE 7—LEASES RECEIVABLE The County, acting as lessor, has entered into lease agreements for its governmental funds for buildings and office space and for its enterprise funds involving airport facilities. For the governmental funds, the total amount of inflows of resources, including lease revenue, interest revenue and other lease-related inflows, recognized during FY 2022 was $636,115. For its enterprise funds, the total amount of inflows of resources, including lease revenue, interest revenue, and other lease-related inflows, recognized during FY 2022 was $13,352,433. This total includes $1,000,878 of variable and other payments not previously included in the measurement of the leases receivable. NOTE 8 —CAPITAL ASSETS Capital asset activity for the year ended September 30, 2022 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. In October 2021, the Board passed Resolution 403-2021 which approved the sale of the Monroe County Wastewater System to the Florida Keys Aqueduct Authority consistent with the requirements of s. 125.3401, Florida Statutes. As a result, $227,065,994, net of depreciation, was removed from the County's infrastructure assets during FY 22. Beginning Ending Balance Additions Reductions Balance Governmental Activities: Capital assets not depreciated: Land $ 84,273,514 $ 7,295,634 $ (152,084) $ 91,417,064 Land Development Rights 1,475,832 133,355 - 1,609,187 Construction in progress 48,761,914 23,361,717 (3,545,311) 68,578,320 Total capital assets not depreciated 134,511,260 30,790,706 (3,697,395) 161,604,571 Capital assets depreciated: Buildings 190,274,554 891,107 (103,366) 191,062,295 Equipment 95,342,372 7,533,457 (6,250,902) 96,624,927 Infrastructure 407,658,768 1,244,151 (260,868,422) 148,034,497 Intangible Assets 3,150,000 4,834,393 - 7,984,393 Total capital assets depreciated 696,425,694 14,503,108 (267,222,690) 443,706,112 Right-to-use leasedassets*: Land 36,572 - - 36,572 Buildings 44,623,006 8,278,623 - 52,901,629 Equipment 803,830 53,600 - 857,430 Total right-to-use leased assets amortized 45,463,408 8,332,223 - 53,795,631 Total capital assets and right-to-use leased assets 741,889,102 22,835,331 (267,222,690) 497,501,743 F-23 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2022 NOTE 8 —CAPITAL ASSETS (continued) Beginning Ending Balance Additions Reductions Balance Less accumulated depreciation for: Buildings (80,174,318) (4,011,369) 68,241 (84,117,446) Equipment (60,463,917) (6,079,563) 3,126,440 (63,417,040) Infrastructure (73,291,202) (10,118,192) 33,803,228 (49,606,166) Intangible assets (540,906) (1,417,990) - (1,958,896) Total accumulated depreciation (214,470,343) (21,627,114) 36,997,909 (199,099,548) Less accumulated amortization for right-to-use leased assets*: Land - (8,440) - (8,440) Buildings - (4,766,724) - (4,766,724) Equipment - (92,819) - (92,819) Total accumulated amortization - (4,867,983) - (4,867,983) Total accumulated depreciation and amortization (214,470,343) (26,495,097) (203,967,531) Total capital assets depreciated/ amortized,net 527,418,759 293,534,212 Governmental funds,capital assets,net S 661,930,019 S 455,138,783 Business-Type Activities: Capital assets not depreciated: Land S 6,126,028 $ - $ - S 6,126,028 Construction in progress 16,735,222 23,469,839 (6,726,205) 33,478,856 Total capital assets not depreciated 22,861,250 23,469,839 (6,726,205) 39,604,884 Capital assets depreciated or amortized: Land improvements 212,925 - - 212,925 Buildings 80,287,491 562,147 - 80,849,638 Equipment 7,377,048 577,436 (273,986) 7,680,498 Infrastructure 84,254,978 541,781 - 84,796,759 Right-to-use leased assets—equipment* 15,378 - - 15,378 Total assets depreciated 172,147,820 1,681,364 (273,986) 173,555,198 Less accumulated depreciation/ amortization for: Land Improvements (212,925) - - (212,925) Buildings (22,352,599) (2,264,375) - (24,616,974) Equipment (4,735,461) (637,982) 240,386 (5,133,057) Infrastructure (33,326,273) (2,397,319) - (35,723,592) Right-to-use leased assets—equipment* - (2,575) - (2,575) Total accumulated depreciation (60,627,258) S (5,302,251) S 240,386 (65,689,123) Total capital assets depreciated,net 111,520,562 107,866,075 Business-type activities, capital assets, net S 134,381,812 S 147,470,959 * GASB Statement No. 87 was implemented as of October 1, 2021 and right-to-use leased assets and related accumulated amortization were added in the above schedule to reflect the value of the Board's leased assets as of September 30, 2022. F-24 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2022 NOTE 8 —CAPITAL ASSETS (continued) Depreciation and amortization were charged to functions/programs on the government-wide statement of activities of the County as follows: Governmental Activities: Business-Type Activities: General Government $ 3,766,559 Municipal Service District-Waste $ 206,584 Public Safety 10,309,708 Card Sound Bridge 401,993 Physical Environment 6,895,988 Key West Airport 3,917,124 Transportation 2,923,051 Marathon Airport 776,550 Economic Environment 128,590 Human Services 278,398 Total Business-Type Activities $5,302,251 Culture and Recreation 1,379,712 Court-Related 813,091 Total Governmental Activities $26,495,097 NOTE 9 —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 (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-25 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2022 NOTE 9 —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 pays the retiree contributions based on their years of service with Monroe County. Pre-Medicare retirees with at least 25 years of service who satisfy the rule of 70 pay the FRS subsidy for coverage, which is $5 per year of service month with a maximum of $150 per month. For those with 20-24 years of service, the retirees will pay 25% of the actuarial rate, and for those with 10-19 years of service the retirees will pay 50% of the actuarial rate. 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, 2022, there were no terminated employees entitled to deferred benefits. The membership of the Board's medical plan consisted of: Active Employees 1,284 Retirees and Beneficiaries Currently Receiving Benefits 434 Total Membership 1,718 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. F-26 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2022 NOTE 9 —POST EMPLOYMENT BENEFITS OTHER THAN PENSION (continued) Total OPEB Liability: The County's total OPEB liability of $54,120,000 was measured as of September 30, 2022, and was determined by an actuarial evaluation as of February 10, 2023. Actuarial Methods and Assumptions — The valuation, dated February 10, 2023, 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, 2022 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. Salary Increase Rate 3.0%per annum Discount Rate 2.16%per annum (Beginning of Year) 4.02%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. 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 9.9 years starting on October 1, 2021, equal to the average remaining service of active and inactive plan members (who have no future service). F-27 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2022 NOTE 9 —POST EMPLOYMENT BENEFITS OTHER THAN PENSION (continued) 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: 75% Retirees with 10-19 Years of Service: 50% The actuarial assumptions include health care cost trend assumptions rates of 7.0% initially, reduced by decrements of 0.25% to an ultimate rate of 4.0%. 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 Pub-2010 weighted base mortality table, projected generationally using Scale MP-2021, applied on a gender-specific and job class basis (teacher, safety, or general, as applicable). Expected retiree claim costs were developed using 24 months historical claim experience through July 2022. Recent claims experience did not suggest adjustments for COVID-19 was necessary for future claim cost projections. Changes in the Total OPEB Liability: Total OPEB Liability Balance at the beginning of the year $ 60,034,000 Changes for the year: Service cost 3,287,400 Interest cost 1,338,800 Change in Experience (4,113,900) Changes of benefit terms on January 1, 2022 3,476,500 Changes in assumptions or other inputs (7,812,200) Benefit payments (2,090,600) Net change in total OPEB liability (5,914,000) Balance at the end of the year $ 54,120,000 F-28 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2022 NOTE 9 —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 (3.02 percent) or 1-percentage-point higher(5.02 percent)than the current discount rate: Current Discount 1% Decrease Rate 1% Increase (3.02%) (4.02%) (5.02%) Total OPEB Liability $60,408,000 $54,120,000 $48,764,000 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 (6.0 percent decreasing to 3.0 percent) or 1-percentage-point higher (8.0 percent decreasing to 5.0 percent) than the current healthcare cost trend rates: Healthcare Cost Trend Rates 1% Decrease Current Trend 1% Increase (6.0%decreasing to (7.0%decreasing to (8.0%decreasing to 3.0%) 4.0%) 5.0%) Total OPEB Liability $50,198,000 $54,120,000 $58,838,000 OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB: For the year ended September 30, 2022, the County recognized OPEB expense of $7,828,400. At September 30, 2022, 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 $11,675,000 ($15,329,000) F-29 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2022 NOTE 9 —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 2023 $ (274,500) 2024 (275,500) 2025 (285,800) 2026 (285,800) 2027 (277,100) Thereafter (2,255,300) Total $ (3,654 000) NOTE 10 —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/retirement/publications. 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. F-30 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2022 NOTE 10 —FLORIDA RETIREMENT SYSTEM RETIREMENT PLANS (continued) 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. 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. F-31 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2022 NOTE 10 —FLORIDA RETIREMENT SYSTEM RETIREMENT PLANS (continued) 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, 2021 through June 30, 2022 and from July 1, 2022 through September 30, 2022, respectively, were as follows: Regular10.82% and 11.91%; Special Risk Administrative Support 37.76% and 38.65%; Special Risk25.89% and 27.83%; Senior Management Service29.01% and 31.57%; Elected Officers' 51.42% and 57.00%; and DROP participants18.34% and 18.60%. These employer contribution rates include 1.66% HIS Plan subsidy for the periods October 1, 2021 through June 30, 2022 and from July 1, 2022 through September 30, 2022, respectively. The County's contributions, including employee contributions, to the Pension Plan totaled $14,107,542 for the fiscal year ended September 30, 2022. Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions —At September 30, 2022, the County reported a liability of$115,063,021 for its proportionate share of the Pension Plan's net pension liability. The net pension liability was measured as of June 30, 2022, and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of July 1, 2022. The County's proportionate share of the net pension liability was based on the County's FY 2022 contributions relative to the FY 2022 contributions of all participating members. At June 30, 2022, the County's proportionate share for all funds was 0.3092 percent, which was a decrease of 0.0086 percent from its proportionate share measured as of June 30, 2021. 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. For the year ended September 30, 2022, of the $16,817,027 that the County recognized as a pension benefit of $15,249,975 related to FRS pension expense. In addition, the County reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: F-32 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2022 NOTE 10 —FLORIDA RETIREMENT SYSTEM RETIREMENT PLANS (continued) FRS Pension Deferred Deferred Outflows of Inflows of Resources Resources Differences Between Expected and Actual Experience $ 5,464,680 $ - Changes of Assumptions 14,170,105 Net Difference Between Projected and Actual Earnings on Pension Plan Investments 7,597,388 - Changes in Proportion and Differences Between Pension Plan Contributions and Proportionate Share of Contributions 3,654,673 9,987,406 Pension Plan Contributions Subsequent to the Measurement Date 3,980,109 - Total $ 34,866,955 $ 9,987,406 The deferred outflows of resources related to the Pension Plan $3,980,109, 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, 2023. 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 2023 $ 5,054,202 2024 1,907,189 2025 ( 1,706,826) 2026 14,850,745 2027 794,130 Total $ 20,899,440 Actuarial Assumptions — The total pension liability in the June 30, 2022 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 6.70%, 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. F-33 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2022 NOTE 10 -FLORIDA RETIREMENT SYSTEM RETIREMENT PLANS (continued) The actuarial assumptions used in the July 1, 2021, 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 remained at 6.70%, 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% 2.6% 2.6% 1.1% Fixed Income 19.8% 4.4% 4.4% 3.2% Global Equity 54.0% 8.8% 7.3% 17.8% Real Estate (Property) 10.3% 7.4% 6.3% 15.7% Private Equity 11.1% 12.0% 8.9% 26.3% Strategic Investments 3.8% 6.2% 5.9% 7.8% Total 100.0% Discount Rate - The discount rate used to measure the total pension liability was 6.70%. The Pension Plan's fiduciary net position was projected to be available to make all projected future benefit payments of current active and inactive employees. Therefore, the discount rate for calculation of the total pension liability is equal to the long-term expected rate of return. Sensitivity of the 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 6.70%, 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 (5.70%) or one percentage point higher(7.70%)than the current rate: FRS Net Pension Liability Current Discount 1% Decrease Rate 1% Increase (5.70%) (6.70%) (7.70%) County's Proportionate Share of the Net Pension Plan Liability $ 198,988,143 $ 115,063,021 $ 44,885,857 F-34 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2022 NOTE 10 —FLORIDA RETIREMENT SYSTEM RETIREMENT PLANS (continued) 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 Annual Comprehensive 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, 2022, 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, 2022, the HIS contribution for the period October 1, 2021 through June 30, 2022 and from July 1, 2022 through September 30, 2022 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. The County's contributions to the HIS Plan totaled $1,577,450 for the fiscal year ended September 30, 2022. Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions —At September 30, 2022, the County reported a liability of$26,136,956 for its proportionate share of the County's HIS Plan's net pension liability. The net pension liability was measured as of June 30, 2022, and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of July 1, 2022. The County's proportionate share of the net pension liability was based on the County's FY 2022 contributions relative to the FY 2022 contributions of all participating members. At June 30, 2022, the County's proportionate share of all funds was 0.247 percent, which was a decrease of 0.006245 percent from its proportionate share measured as of June 30, 2021. 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. F-35 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2022 NOTE 10 —FLORIDA RETIREMENT SYSTEM RETIREMENT PLANS (continued) For the year ended September 30, 2022, of the $16,817,027 that the County recognized as pension expense, $1,567,052 related to HIS pension expense. 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 $ 793,319 $ 115,005 Changes of Assumptions 1,498,188 4,043,370 Net Difference Between Projected and Actual Earnings on HIS Plan Investments 37,842 - Changes in Proportion and Differences Between HIS Plan Contributions and Proportionate Share of Contributions 1,564,253 1,497,011 HIS Plan Contributions Subsequent to the Measurement Date 429,091 - Total $ 4,322,693 $ 5,655,386 The deferred outflows of resources related to the HIS Plan, totaling $429,091, 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, 2023. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to the HIS Plan will be recognized as pension expense in the enterprise and internal service funds as follows: HIS For Fiscal Year: Amount 2023 $ (421,917) 2024 (227,519) 2025 (104,028) 2026 (230,266) 2027 (534,477) Thereafter (243,577) Total $ (1,761,784) Actuarial Assumptions — The total pension liability in the July 1, 2022, 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 3.54% F-36 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2022 NOTE 10 —FLORIDA RETIREMENT SYSTEM RETIREMENT PLANS (continued) Mortality rates were based on the Generational RP-2010 with Projection Scale MP-2018 tables. The actuarial assumptions used in the July 1, 2022, 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 2.16%to 3.54%. Discount Rate — The discount rate used to measure the total pension liability was 3.54%. 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 3.54%, 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(2.54%) or one percentage point higher(4.54%)than the current rate: HIS Net Pension Liability Current Discount 1% Decrease Rate 1% Increase (2.54%) (3.54%) (4.54%) County' Funds Proportionate Share of the Net HIS Plan Liability $ 29,902,822 $ 26,136,956 $ 23,020,777 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 Annual Comprehensive 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 Annual Comprehensive Financial Report. F-37 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2022 NOTE 10 —FLORIDA RETIREMENT SYSTEM RETIREMENT PLANS (continued) As provided in Section 121.4501, Florida Statutes, eligible FRS members may elect to participate in the Investment Plan in lieu of the FRS defined benefit plan. County employees participating in DROP are not eligible to participate in the Investment Plan. Employer and employee contributions, including amounts contributed to individual member's accounts, are defined by law, but the ultimate benefit depends in part on the performance of investment funds. Benefit terms, including contribution requirements, for the Investment Plan are established and may be amended by the Florida Legislature. The Investment Plan is funded with the same employer and employee contribution rates that are based on salary and membership class (Regular Class, Elected County Officers, etc.), as the Pension Plan. Contributions are directed to individual member accounts, and the individual members allocate contributions and account balances among various approved investment choices. Costs of administering the Investment Plan, including the FRS Financial Guidance Program, are funded through an employer contribution of 0.04% and 0.06% of payroll and by forfeited benefits of plan members for the periods October 1, 2021 through June 30, 2022 and from July 1, 2022 through September 30, 2022, respectively. Allocations to the investment member's accounts during the F Y 2022, as established by Section 121.72, Florida Statutes, are based on a percentage of gross compensation, by class, as follows: Regular class 6.30%, Special Risk Administrative Support class 7.95%, Special Risk class 14.00%, Senior Management Service class 7.67% and County Elected Officers class 11.34%. For all membership classes, employees are immediately vested in their own contributions and are vested after one year of service for employer contributions and investment earnings. If an accumulated benefit obligation for service credit originally earned under the Pension Plan is transferred to the Investment Plan, the member must have the years of service required for Pension Plan vesting (including the service credit represented by the transferred funds) to be vested for these funds and the earnings on the funds. Non-vested employer contributions are placed in a suspense account for up 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, 2022, 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 hump slum 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 $3,010,355 for the fiscal year ended September 30, 2022. F-38 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2022 NOTE 11 — 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. 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 22 participants, of which 3 are active, 7 are terminated with deferred benefits, and 12 are retired members for the plan year ended December 31, 2021 and the County's fiscal year ending September 30, 2022. Separate, stand-alone financial statements for LOSAP are not provided. Contributions — 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. F-39 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2022 NOTE 11 — PENSION PLAN FOR VOLUNTEER FIREFIGHTERS AND EMERGENCY MEDICAL SERVICES (continued) For each Plan Year, the Board shall appropriate funds from the budgets of the various fire/rescue Municipal Service Taxing Units. 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, 2022 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 valuation dated significant actuarial assumptions used to compute the pension benefit obligation in the January 1, 2022 valuation for the period of January 1, 2021 through December 31, 2021 were: Discount Rate: 1.84% Investment Return (net of investment expenses): 1.84% Inflation 2.5% Compensation Increases: Funding -Not applicable GASB — 2.5% (required for entry age normal cost method); equal to inflation assumption, as prescribed by GASB No. 73, since benefits are not based on compensation Measurement Date: Funding—January 1, 2022 GASB —December 31, 2021 for the fiscal year ending September 30, 2022 Census Date: Funding—January 1, 2022 GASB - January 1, 2021 Mortality: Pub-2010 Headcount Weighted Safety Below Median Employee Male and Female Mortality Tables, set forward one year, with fully generational projected mortality improvements using Scale MP-2018. Retirement Ultimate rates from Godwin's Table 1, V Select & Ultimate Table, w/50%termination prob. For YOS <1 F-40 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2022 NOTE 11 — PENSION PLAN FOR VOLUNTEER FIREFIGHTERS AND EMERGENCY MEDICAL SERVICES (continued) Termination Godwin's Table 1, V Select & Ultimate Table, w/50% termination probl. For YOS <1 Benefit Commencement Age 60 Age for Deferred Vested Administrative Expenses $5,200 annually Funding Policy: The County's funding policy is to contribute at least the actuarily determined contribution, as mandated by ordinance. 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, parry 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 was revised from 1.00% as of December 31, 2021, to 1.84% as of December 31, 2022, based on a 20-year, tax-exempt general obligation municipal bond index with a rating of AA/Aa or higher, as required by GASB Statement No. 73. F-41 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2022 NOTE 11 —PENSION PLAN FOR VOLUNTEER FIREFIGHTERS AND EMERGENCY MEDICAL SERVICES (continued) Changes in Total LOSAP Pension Liability: Total LOSAP Pension Liability Balance at September 30, 2021 $ 604,351 Changes for the year: Service cost 1,819 Interest cost 5,939 Differences Between Expected and Actual Experience (65,332) Changes of assumptions or other inputs (33,348) Benefit payments (24,570) Net change in total LOSAP pension liability (115,492) Balance at September 30, 2022 $ 488,859 Sensitivity of the Net Pension Liability to Changes in the Discount Rate — The following presents the total pension liability of LOSAP, calculated using the discount rate of 1.84%, as well as what LOSAP's total pension liability would be if it were calculated using a discount rate of 1-percentage point lower (0.84%) or 1-percentage point higher(2.84%)than the current rate. Current 1% Decrease Discount Rate 1% Increase (0.84%) (1.84%) (2.84%) Net LOSAP Pension Liability $ 522,458 $ 488,859 $ 458,696 Pension Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions: For the year ended September 30, 2022, the Board recognized pension expense of $24,570. At September 30, 2022, 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 $ 2,356 $ - F-42 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2022 NOTE 12 —AGGREGATE PENSION AND OPEB COMPONENTS The aggregate amount of net pension and OPEB liabilities, related deferred outflows of resources and deferred inflows of resources and expense for the defined benefit pension plan, the County's length of service award plan for volunteer firefighters and emergency medical services (LOSAP program), and the County's OPEB plan are displayed below: Total for Pension HIS LOSAP Pension County's Plan Plan Program Programs OPEB Total Net liabilities $ 115,063,021 $ 26,136,956 $ 488,859 $ 141,688,836 $ 54,120,000 $ 195,808,836 Deferred outflows of 34,866,955 4,322,693 2,356 $ 39,192,004 11,675,000 $ 50,867,004 resources Deferred inflows of 9,987,406 5,655,386 - $ 15,642,792 15,329,000 $ 30,971,792 resources Expense 15,249,975 1,567,052 24,570 $ 16,841,597 7,828,400 $ 24,669,997 NOTE 13 —CAPITAL AND OTHER SIGNIFICANT COMMITMENTS Construction projects and significant commitments, excluding encumbrances reported below, under present contractual agreements as of September 30, 2022 are as follows: Key West Airport Concourse A Terminal $ 100,770,187 Non-Aeronautical Building/Emergency Operations Center 30,529,788 Key West Airport Taxiway Extension 7,155,560 Key West Airport Apron and Mitigation 5,358,657 Key West Airport Access Road 1,955,954 Plantation Key Courthouse 1,712,229 1" and Bertha Avenue Improvements 1,552,813 Bimini Drive Bridge 1,540,023 Canal 28 1,224,025 Key West Airport Noise Improvement Project 1,105,254 Boca Chica Roadway Reports 887,304 Canal 25 728,583 Historic Jail Museum Buildout 445,912 West Martello Seawall Repair 280,490 Other Projects (less than $250,000) 1,613,070 Total $ 156,859,849 F-43 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2022 NOTE 13 —CAPITAL AND OTHER SIGNIFICANT COMMITMENTS (continued) Significant encumbrance commitments at September 30, 2022 are as follows: Encumbrances Governmental Activities: General Fund $ 57,243 Fine & Forfeiture Fund 55,190 Road& Bridge Fund 229,977 Governmental Grants Fund 3,847,403 One Cent Infrastructure Surtax 1,018,632 Infrastructure Revenue Bonds Series 2014 320,353 Nonmajor Governmental Funds 1,107,350 Total Governmental Activities 6,636,148 Business-Type Activities: Card Sound Bridge 540 Key West Airport 12,522,480 Marathon Airport 406,082 Total Business-Type Activities 12,928,562 Total Encumbrances $ 19,564,710 NOTE 14 —LEASE OBLIGATIONS The County leases cancelable and noncancelable land, buildings, office space, and various office equipment that qualify as other than short-term leases under GASB Statement No. 87 and, therefore, have been recorded at the present value of the future minimum lease payments as of the date of their inception. As part of the adoption of GASB Statement No. 87, a lease liability of $45,928,073 was recorded on October 1, 2021 for leases in existence at October 1, 2021. The County has 111 lease agreements in all funds for the year ending September 30, 2022. The future minimum lease obligations and the net present value of these minimum lease payments as of September 30, 2022, were as follows: F-44 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2022 NOTE 14 —LEASE OBLIGATIONS (continued) Year Ending September 30 Principal Interest Total 2023 $ 3,923,405 $ 1,451,501 $ 5,374,906 2024 3,701,721 1,340,185 5,041,906 2025 3,756,860 1,223,323 4,980,183 2026 3,749,001 1,107,133 4,856,134 2027 3,663,425 992,520 4,655,945 2028-2032 18,808,658 3,280,388 22,089,046 2033-2037 10,884,082 778,850 11,662,932 2038-2042 2,085,518 70,887 2,156,405 Totals $ 50,572,670 $ 10,244,787 $ 60,817,457 NOTE 15 —LONG-TERM DEBT Long-term debt activity for the year ended September 30, 2022 is as follows: Current Portion Beginning Ending of Long-term Balances Additions Payments Balances Liabilities Governmental Activities: Revenue Bonds From Direct Borrowings $ 25,530,000 $ $ 4,890,000 $ 20,640,000 $ 4,995,000 Revenue Notes From Direct Borrowings 139,545,320 7,396,327 132,148,993 7,579,106 Mayfield Agreerment(KLWTD) 8,875,000 2,125,000 6,750,000 2,125,000 Old 7 Mile Bridge Sinking Fund - 10,669,980 - 10,669,980 355,666 Accrued Cornp.Absences 15,313,760 3,364,045 2,782,598 15,895,207 3,179,042 Lease Liabilities* 45,912,695 8,332,223 3,672,248 50,572,670 3,988,148 OPEB Liability 59,010,000 19,520,000 25,669,000 52,861,000 - Pension Liability-FRS&HIS 52,076,447 98,277,944 15,100,096 135,254,295 Pension Liability-LOSAP 604,351 7,758 123,250 488,859 Total Governmental Activities 346,867,573 140,171,950 61,758,519 425,281,004 22,221,962 Business-Type Activities: Revenue Notes from Direct Borrowing 748,000 - 748,000 - - Revenue Bonds - 42,459,929 - 42,459,929 - Accrued Cornp.Absences 584,199 346,061 326,770 603,490 120,699 Lease Liabilities* 15,378 - 2,501 12,877 4,265 OPEB Liability 1,024,000 524,400 289,400 1,259,000 - Pension Liability-FRS&HIS 2,969,559 3,561,011 584,896 5,945,674 Total Business-Type Activities 5,341,136 46,891,401 1,951,567 50,280,970 124,964 Total Long-Term Debt $ 352,208,709 $ 187,063,351 $ 63,710,086 $475,561,974 $ 22,346,926 *GASB Statement No. 87 was implemented as of October 1, 2021 and the lease liabilities in the above schedule reflect the value of long-term commitments of the County related to right-to-use leased assets. F-45 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2022 NOTE 15 —LONG-TERM 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 County's bonds and notes as of September 30, 2022: Governmental Activities Revenue Bonds From Direct Borrowings: Infrastructure Sales Surtax Revenue Bonds, Series 2014 $ 8,270,000 Infrastructure Sales Surtax Refunding Bond, Series 2016 12,370,000 Total Revenue Bonds From Direct Borrowings 20,640,000 Revenue Notes From Direct Borrowings: Clean Water State Revolving Fund Construction Loan Agreement 2010 4,600,223 Clean Water State Revolving Fund Construction Loan Agreement 2014 124,863,770 Special Obligation Refunding Revenue Note, Series 2020 Project 2,685,000 Total Revenue Notes From Direct Borrowings 132,148,993 Mayfield Agreement—Key Largo Wastewater Treatment District 6,750,000 Old 7 Mile Bridge Restoration Sinking Fund 10,669,980 Total Government Debt $ 170,208,973 Business-Type Activities Revenue Bonds: Key West International Airport Revenue Bonds, Series 2022 $ 41,340,000 Unamortized Original Issue Premium, Series 2022 1,119,929 Total Revenue Bonds $ 42,459,929 F-46 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2022 NOTE 15 —LONG-TERM DEBT (continued) Debt Service Funding _Requirements—The total annual debt service—The total annual debt service requirements for bonds and notes Long-term debt at September 30, 2022 is composed of the following issues: Goveimmental Activities Business-Type Activities Principal Interest Total Principal Interest Total 2023 15,054,772 3,801,342 18,856,114 1,138,488 1,138,488 2024 15,357,177 3,502,328 18,859,505 2,091,100 2,091,100 2025 15,664,332 3,195,841 18,860,173 - 2,091,100 2,091,100 2026 13,031,367 2,910,457 15,941,824 605,000 2,075,975 2,680,975 2027 7,788,412 2,628,673 10,417,085 480,000 2,048,850 2,528,850 2028-2032 40,506,175 10,124,405 50,630,580 3,795,000 9,775,375 13,570,375 2033-2037 43,765,603 4,910,127 48,675,730 5,610,000 8,561,750 14,171,750 2038-2042 15,484,475 363,076 15,847,551 7,160,000 6,973,000 14,133,000 2043-2047 1,778,330 - 1,778,330 9,165,000 4,907,538 14,072,538 2048-2052 1,778,330 1,778,330 11,800,000 2,216,913 14,016,913 2053-2057 - - - 2,725,000 68,125 2,793,125 Total Required Debt Service $ 170,208,973 $ 31,436,249 $ 201,645,222 $ 41,340,000 $ 41,948,214 $ 83,288,214 Unamortized Original Issue Prenuumon Series 2022 Bonds 1,119,929 Total Business Debt Service $ 42,459,929 Long-term debt at September 30, 2022 is composed of the following issues: $31,385,000 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: $8,270,000 • 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 $8,563,938. For the fiscal year, principal and interest paid was $4,279,336 and total pledged revenue was $34,13 8,177. • Purpose: To construct and acquire equipment and capital improvements. • Call provisions: None F-47 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2022 NOTE 15 —LONG-TERM DEBT (continued) $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: $4,600,323 • 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 $5,114,537. For the fiscal year, principal and interest paid was $681,938 and total pledged revenue was $58,971,208. • Purpose: Refund temporary financing for wastewater capital improvements. • Call provisions: None 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, 2020 • 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: $124,863,769 • 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 $154,761,429. For the fiscal year, principal and interest paid was $9,379,482 and total pledged revenue was $36,442,159. • 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 F-48 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2022 NOTE 15 —LONG-TERM DEBT (continued) $16,065,000 Infrastructure Sales Surtax Refunding Revenue Bond, Series 2016 (continued) • Interest rate: 1.69% • Amount outstanding at September 30th: $12,370,000 • 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 $13,040,508. For the fiscal year, principal and interest paid was $1,124,262 and total pledged revenue was $34,13 8,177. • 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 • Principal payment date: April 1 • Interest payment dates: April 1 • Interest rate: N/A • Amount outstanding at September 30th: $8,875,000 • Reserve requirement: None • Revenue pledged: One Cent Local Government Infrastructure Sales Surtax. The total principal remaining to be paid is $6,750,000. For the fiscal year, principal paid was $2,125,000 total pledged revenue was $34,138,177. • Purpose: Capital improvements with respect to Cudjoe Regional Wastewater Project • Call provisions: None • See Note 16 for additional information related to this agreement. 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: $2,685,000 • 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 $2,744,829. For the fiscal year, principal and interest paid was $914,516, and total pledged revenue was $58,971,208. • Purpose: Acquisition, installation, and implementation of an Enterprise Resources Planning (ERP) system. • Call provisions: None F-49 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2022 NOTE 15 —LONG-TERM DEBT (continued) Old 7 Mile Bridge Restoration Sinking Fund • Type: Sinking Fund to cover annual maintenance costs as stated in Resolution 060-2014 • Dated: November 2022 • Final maturity: Year 2051 • Principal payment date: Annual funding required to be paid by last day of November each year. • Interest payment dates: none • Interest rate: none • Amount outstanding at September 30th: $10,669,980 • 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 $5,114,537. For the fiscal year, principal and interest paid was $681,938 and total pledged revenue was $58,971,208. • Purpose: In 2017, the Board provided an initial $2.7 million for refurbishment to the Florida Department of Transportation. Once refurbishment of the bridge was completed in September 2022, the Board agreed to pay $355,666 annually for 30 years as fixed capital outlay to be paid in year 30 of the agreement with the Florida Department of Transportation. • Call provisions: None Series 2022 Monroe County, Florida Key West International Airport(Airport) Revenue Bonds • Final maturity: October 1, 2052 • Principal payment date: October 1 with first principal payment due October 1, 2025. • Interest payment dates: April 1 and October 1,with the first payment date being April 1, 2023. • Interest rate: 5.000% for maturities from October 1, 2025, through October 1, 2042; 5.250% interest rate apples to term bonds due on October 1, 2047; 5.000% applies to term bonds due on October 1, 2052. • Capitalized Interest Fund was established in the amount of $4,275,138, with one installment of $1,138,488 to be paid April 1, 2023, and three more installments of $1,045,550 to be paid over each of the next three six-month periods. • Amount outstanding at September 30, 2022: $41,340,000. • Reserve requirement: Reserve Fund was established in the initial amount of$2,864,750. • Revenue pledged: Eligible PFC Revenues in accordance with the PFC regulation. • Purpose: Provide the County funding for the costs related to the Concourse A expansion project. • Call provisions: Bonds maturing on or after October 1, 2033, may be redeemed at par at the option of the County on or after October 1, 2032. F-50 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2022 NOTE 15 —LONG-TERM DEBT (continued) PNC Line of Credit for Monroe County, Florida Taxable Master Airport Revenue Note Series 2022 • Final maturity: September 15, 2025 • Principal payment date: Principal of all draws are due and payable on the final maturity date. Minimum draw amounts are $100,000 and must be in denomination of $10,000. Principal amount shall be in an amount equal to not exceeding $10,000,000; Provided, however, the aggregate principal amount of draws that may be made against the Tax-exempt Master Note may not exceed $8,660,000, unless and until the public approval requirements are met to the Noteholder's satisfaction with respect to the issuance by the County of tax-exempt debt in excess thereof for the Project. • Interest payment dates: Payable quarterly in arrears on the first business day of January, April, July, and October of each year. • Non-Use Fee: Beginning January 1, 2023, when the total principal drawn is less than 100% of $10 million, the County will be charged a non-use fee of 0.12% annual of the principal amount not yet drawn. • Interest rate: The tax-exempt rate equals 79% of Term Secured Overnight Financing Rate (SOFR)plus 0.73%per annum. The taxable rate equals Term SOFR pls 0.79%per annum. • Amount outstanding at September 30, 2022: $0 • Reserve requirement: None • Revenue pledged: A Senior Lien will be placed on all Airport Improvement Program (AIP) Entitlement Grants for Fiscal Years 2026, 2027, and 2028; Federal Fiscal Year 2026 BIL Entitlement Grant; and any Bipartisan Infrastructure Law (BIL,) Discretionary Grant received in fiscal years 2023, 2024, 2025, 2026, 2027, and 2028. The Airport cannot use these grant proceeds for any other purpose than to repay the PNC Line of Credit unless they obtain prior written consent from PNC. If there is not sufficient grant receipts to pay quarterly interest payments or to repay principal balances due, the expectation is that the County will pay PNC from the Key West Airport's net revenues or eligible PFC. However, paying PNC Line of Credit with net revenues or PFC is subordinate to repaying the County's Series 2022 revenue bonds. • Purpose: Acquire, construct and equip various capital improvements at the Key West Airport in connection with the Airport's Concourse A Expansion. F-51 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2022 NOTE 16—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-52 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2022 NOTE 17—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. Interfund balances as of September 30, 2022 were as follows: Receivable Fund Payable Funds Amount General Fund Group Insurance $ 16,485 Workers' Compensation 1,696 Nonmajor Governmental 2,133,819 Fine and Forfeiture General Fund 1,847,450 Nonmajor Governmental 319,694 HIDTA Nonmajor Governmental 5,859 Tourist Development Admin General Fund 221,029 &Promotional, Two Cent Cudjoe Regional Wastewater General Fund 2,876 Nonmajor Funds General Fund 1,560,827 Fine and Forfeiture 8,144 HIDTA Grant 1,176,760 Nonmajor Governmental 186,732 Key West International Airport Marathon Airport 6,373 Nonmajor Governmental 123,420 Municipal Service District Waste General Fund 3,834 Internal Service Funds General Fund 300,716 F-53 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2022 NOTE 18 —INTERFUND TRANSFERS Interfund transfers at September 30, 2022 are as follows: Transfers to General Fund from: One Cent Infrastructure Surtax Fund $ 533,877 Fine&Forfeiture Fund 54,569,552 Tourist Development Admin&Promo,Two Cent 144,541 Municipal Service District—Waste 235,202 Card Sound Bridge Fund 79,776 Marathon Airport 137,385 Key West Airport 477,280 Internal Service Funds 791,095 Nonmajor Governmental Funds 7,22 Total Transfers to General Fund 64,194,345 Transfers to Fine and Forfeiture Fund from: General Fund 2,145,698 Transfers to Governmental Grant Fund from: General Fund 70,256 One Cent Infrastructure Surtax Fund 617,025 Nonmajor Governmental Funds 5,199 Total Transfers to Governmental Grant Fund 692,480 Transfers to Tourist Development Admin&Promo,Two Cent Fund from: General Fund 221,029 Transfers to Debt Service Fund from: General Fund 914,516 One Cent Infrastructure Surtax Fund 14,782,341 Cudjoe Regional Wastewater Project Fund 2,125,740 Key West Airport 21,817 Nonmajor Governmental Funds 682,000 Total Transfers to Debt Service Fund 18,526,414 Transfers to Nonmajor Governmental Funds from: General Fund 2,296,976 One Cent Infrastructure Surtax Fund 1,711,291 Nonmajor Governmental Funds 7,731,251 Total Transfers to Nonmajor Governmental Funds 11,739,518 Transfers to Municipal Service District Fund from: General Fund 3,834 Transfers to Marathon Airport Fund from: One Cent Infrastructure Surtax Fund 1,563,232 Total Interfund Transfers $ 99,086,550 F-54 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2022 NOTE 18 —INTERFUND TRANSFERS (continued) The One Cent Infrastructure Sales Surtax Fund, a major fund, transferred $961,291 to the Infrastructure Revenue Bonds Series 2014 Fund to provide continued financing for the Plantation Key Courthouse and $1,563,232 to the Marathon Airport to provide financing for the building of the Monroe County Emergency Operations Center. The One Cent Infrastructure Surtax Fund also transferred $14,782,341 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 $2,125,740 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. During FY 2022, the Key West International Airport transferred $21,817 to the Debt Service Fund to pay for debt service costs related to obtaining revenue bonds to finance the building of a new concourse. Transfers were made to the Governmental Grants Fund of$666,476 during the fiscal year. The General Fund transferred $70,256 to finance cost share requirements of various Social Services-related grants. In addition, $591,021 was transferred from the One Cent Infrastructure Surtax Fund to meet match requirements for exotic plant removal and the grant received for the Koehn Subdivision road improvements on Big Pine Key. Also, $5,199 was transferred from the Fire & Ambulance District 1 Fund for grants related to emergency medical services. The remaining transfers are related to supporting the County's operations. F-55 This page is intentionally left blank. MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2022 NOTE 19 —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, 2022 is presented below: Tourist Development Fine& Governmental Admin&Promo General Forfeiture Grants Two Cent Fund Balance: Non-spendable: Inventory $ 86,072 - Total Non-spendable 86,072 - - - Restricted for: Law Enforcement - 20,232,475 - - Fire&Ambulance - - - - Public Safety - - - - Physical Environment - - - - Transportation - - - - Housing Programs - - - - Tourist Development - - - 32,975,855 Human Services - - - - Libraries - - - - Library Donations - - - - Culture&Recreation - - - - Court Programs - - - - Comprehensive Planning - - - - Wastewater Projects - - - - Other Purposes - - - - Debt Service - - - - Capital Projects - - - - Total Restricted - 20,232,475 - 32,975,855 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 57,243 - - - Fire&Ambulance - - - - Subsequent Year Expenditures 12,307,574 - - - Total Assigned 12,364,817 - - - Unassigned 26,836,214 - (12,048,478) - Total Fund Balances(Deficit) $ 49,287,103 $ 20,232,475 $(12,048,478) $ 32,975,855 F-56 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2022 NOTE 19 —GOVERNMENTAL FUND BALANCE CLASSIFICATIONS (continued) Cudjoe One Cent All Debt Nonmajor Total Regional Infrastructure Service Governmental Governmental Wastewater Surtax Fund Funds Funds Fund Balance: Non-spendable: Inventory $ - $ - $ - $ - $ 86,072 Total Non-spendable - - - - 86,072 Restricted for: Law Enforcement - - - 13,648,705 33,881,180 Fire&Ambulance - - - 1,262,204 1,262,204 Public Safety - - - 4,850,650 4,850,650 Physical Environment - - - 3,663,570 3,663,570 Transportation - - - 7,090,779 7,090,779 Housing Programs - - - 2,822,359 2,822,359 Tourist Development - - - 69,228,474 102,204,329 Human Services - - - 44,595 44,595 Libraries - - - 143,538 143,538 Library Donations - - - 311,617 311,617 Culture&Recreation - - - 2,709,586 2,709,586 Court Programs - - - 10,784,143 10,784,143 Comprehensive Planning - - - 3,708,095 3,708,095 Wastewater Projects 4,128,796 - - 2,565,072 6,693,868 Other Purposes - - - 1,136,193 1,136,193 Debt Service - - 3,178,166 - 3,178,166 Capital Projects - 31,983,319 - 3,018,718 35,002,037 Total Restricted 4,128,796 31,983,319 3,178,166 126,988,298 219,486,909 Committed to: Disaster Recovery - - - - 10,000,000 Physical Environment - - - 5,470,337 5,470,337 Sheriff Contract Admin - - - 1,230,521 1,230,521 Wastewater Projects - - - 365,756 365,756 Beach Re-nourishment - - - 224,925 224,925 Health Care - - - 112,647 112,647 Total Committed - - - 7,404,186 17,404,186 Assigned to: Other Purposes - - - - 57,243 Fire&Ambulance - - - 6,460,945 6,460,945 Subsequent Year Expense - - - - 12,307,574 Total Assigned - - - 6,460,945 18,825,762 Unassigned - - - (367,629) 14,420,107 Total Fund Balances(Deficit) $ 4,128,796 $ 31,983,319 $ 3,178,166 $ 140,485,800 $ 270,223,036 F-57 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2022 NOTE 20 —RISK MANAGEMENT The Board is exposed to various risks of loss related to tort; theft of, damage to, and destruction of assets; errors and omissions; injuries to employees; and natural disasters. During the fiscal years ended 1976, 1984, and 1988, the County established the Workers' Compensation, Group Insurance, and Risk Management Funds, respectively, as internal service funds to account for and finance its uninsured risks of loss. Under these programs, the Workers' Compensation has self-insured coverage up to the first $500,000 per claim for regular employees. Workers' Compensation claims in excess of the self-insured coverage of$500,000 are covered by an excess insurance policy. The Group Insurance Fund provides self-insured excess claims. Risk Management has a $5,000,000 excess insurance policy for general liability claims with a $200,000 self-insured retention and building property damage is covered for the actual value of the building with a deductible of $50,000. Deductibles for windstorm and flood vary by location. The Board purchases commercial insurance for claims in excess of coverage provided by the funds and for all other risks of loss. Settled claims have not exceeded this commercial coverage in any of the past three years. All funds of the Board participate in the programs and make payments to the Workers' Compensation, Group Insurance, and Risk Management Funds based on management's estimates of the amounts needed to pay prior and current year claims. The claims liabilities reported are based on the requirements of Governmental Accounting Standards Board Statement No. 10, which requires that a liability for claims be reported if information prior to the issuance of the financial statements indicates that it is probable that a liability has been incurred at the date of the financial statements and the amount of the loss can be reasonably estimated. These claim liabilities have not been discounted. Changes in the claim liability amounts in fiscal years 2022 and 2021 were: Workers' Group Risk Compensation Insurance Management Total Unpaid Claims at Sept. 30, 2020 $ 1,640,388 $ 1,062,523 $ 680,010 $ 3,382,921 Incurred Claims (Including IBNR) 1,678,053 17,423,291 890,192 19,991,536 Claim Payments (1,775,139) (17,434,467) (716,992) (19,926,598) Unpaid Claims at Sept. 30, 2021 1,543,302 1,051,347 853,210 3,447,859 Incurred Claims (Including IBNR) 1,962,687 18,036,767 1,216,236 21,215,690 Claim Payments (1,619,592) (18,301,250) (324,666) (20,245,508) Unpaid Claims at Sept. 30, 2022 $ 1,886,397 $ 786,864 $ 1,744,780 $ 4,418,041 F-58 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2022 NOTE 21 —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 four 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 Board thereafter failed to pay three invoices of 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 Board's Motion for Summary Judgment, which had asserted sovereign immunity as a defense to the claims. The Board filed a Notice of Appeal on March 23, 2020. On March 9, 2022, the appellate court returned an opinion affirming the decision of the trial court, finding that summary judgement was not appropriate because of disputed factual issues. Following the appellate decision, the parties continued to litigate. As a result of court-ordered mediation, the parties agreed to settle the matter pending approval by the Board. The second claim, Galleon Bay vs. Monroe County and the State ofFlorida, 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 Board 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 Board for the State's 50 percent share of the amount paid; the payment from the State was received during FY 2021. Contemporaneously, the 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 Plaintiff's 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 asked 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 $800,000. Because judgment has been entered jointly and severally against the Board and the State, any estimations of the Board'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 Board. F-59 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2022 NOTE 21 —LITIGATION AND CLAIMS (continued) Therefore, the claim should be characterized as a loss, with liability recorded in the approximate amount of$400,000. 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. The third claim, Monroe County v. Sugarloaf Volunteer Fire Department and Sugarloaf Wi-Fi, Inc., is a claim where Monroe County, as the Plaintiff, field a complaint for declaratory and injunctive relief seeking a declaration that a lease entered into by and between the defendants was void. The County asserted that the landlord, Sugarloaf Volunteer Fire Department, Inc. was subject to Florida's Sunshine Law and was therefore required to hold a public hearing before entering into a lease with the tenant, Sugarloaf Wi-Fi, Inc. The litigation prompted counterclaims by the tenant that were all resolved in the County's favor by the trial court and upon appeal. Subsequent to the appeal, the County filed a motion for entry of judgement for attorney's fees and costs. On November 30, 2021, the Court entered a Consent Judgement Awarding Attorney's Fees and Costs in favor of the County in the amount of $217,159.86. The judgement defeats any possible claim for attorney fees against Monroe County. Sugarloaf Wi-Fi, Inc. has communicated its intent to initiate separate litigation against Monroe County in connection with the County's potential effort to acquire the Sugarloaf Key fire station from the Sugarloaf Volunteer Fire Department. The potential transaction arises from a proposed settlement between the County and the Sugarloaf Volunteer Fire Department whereby the County would agree that its existing judgement would be applied as a credit against the purchase price. The nature of Sugarloaf Wi-Fi, Inc.'s claims in response to the potential transaction remain uncertain because the transaction has yet to occur. In the meantime, the County has moved forward with a potential public-private-partnership transaction whereby the County would enter into an agreement with a private entity to design and build a new fire station at the same location, and the design and construction would include a tower for Wi-Fi. Based on these developments, the possibility of any claim against the County that would exceed $336,250 materiality threshold could be characterized as remote. The fourth claim, Mark Thompson vs. Monroe County, et. al., is an action by a former employee seeking maintenance and cure, and negligence damages under the Jones Act. The employee was hired in March 2021 as a temporary pump-out worker assigned to work on a pump-out boat. He alleges that he was injured when the boat captain accelerated suddenly. Under the Jones Act, an injured employee (seaman) is entitled to maintenance and cure benefits as well as seek damages for negligence. On February 24, 2022, the former employee filed a suit alleging negligence against the County. Maintenance and cure benefits were paid beginning immediately after the accident. Through March 9, 2023, the County paid approximately $150,000 in maintenance and cure benefits. The plaintiff passed away from unrelated causes in January 2022. A mediation was scheduled for March 28, 2023. While not scheduled, a projected trial date could be set for December 2023. The County's position that County has timely paid all of the maintenance and cure that was required and, as a result, should not be found to be liable for negligence, given that the County did not own or operate the boat on which the plaintiff was employed. F-60 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2022 NOTE 21 —LITIGATION AND CLAIMS (continued) Further, the County did not employ or supervise the boat captain (the boat was owned and operated by the City of Key West. In Jones Act cases, the prevailing party is entitled to attorneys' fees and costs. Given the uncertainty of the negligence claim, in the event of an adverse outcome on the negligence claim, there is a remote possibility that the County will be liable for damages (including maintenance and cure, negligence damages, and opposing counsel fees and costs) in excess of$336,250. 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 Board'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 22 —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 23 —RESTATEMENT The County's discretely-presented component unit, the Monroe County Land Authority, identified two mortgage receivables with pre-existing forgiveness provisions that are expected to be exercised totaling $1,350,000 that were not being reported at their net realizable value of$0. As a result, the beginning net position of the County's component unit was restated on the government-wide statements from $81,011,737 to $79,661,737. NOTE 24 —SUBSEQUENT EVENTS Management has evaluated subsequent events through March 31, 2023, in connection with the preparation of these financial statements, which is the date the financial statements were available to be issued. F-61 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* 2022 2021 2020 Monroe County's proportion of the net pension liability 0.309233937% 0.317807066% 0.345802678% Monroe County'sproportionate share of the net pension liability $ 115,063,021 $ 24,009,850 $ 149,875,977 Monroe County's covered payroll $ 79,647,277 $ 89,661,449 $ 81,488,366 Monroe County'sproportionate share of the net pension liability as a percentage of its covered payroll 144.47% 26.78% 183.92% Plan fiduciary net position as a percentage of the total pension liability 82.89% 78.85% 78.85% *The amounts presented for each fiscal year were determined as of June 30. No data is available for the previous two years. G-1 2019 2018 2017 2016 2015 2014 0.334375037% 0.348561326% 0.328044588% 0.316397501% 0.298789301% 0.303954236% $ 115,154,108 $ 104,988,478 $ 97,033,388 $ 79,890,617 $ 38,592,646 $ 18,545,678 $ 82,678,699 $ 84,301,564 $ 74,326,732 $ 70,699,621 $ 70,456,332 $ 69,783,359 139.28% 124.54% 130.55% 113.00% 54.78% 26.58% 82.61% 84.26% 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* 2022 2021 2020 Contractually required contribution $ 14,107,542 $ 12,167,517 $ 11,694,578 Contributions in relation to the contractually required contribution (14,107,542) (12,167,517) (11,694,578) Contribution deficiency(excess) $ $ $ Monroe County's covered payroll $ 82,680,982 $ 88,018,382 $ 81,243,796 Contributions as apercentage of covered payroll 17.06% 13.82% 14.39% *The amounts presented for each fiscal year were determined as of September 30. No data is available for the previous two years. G-3 2019 2018 2017 2016 2015 2014 $ 10,642,566 $ 12,427,075 $ 8,317,662 $ 7,715,858 $ 7,284,737 $ 6,657,888 (10,642,566) (12,427,075) (8,317,662) (7,715,858) (7,284,737) (6,657,888) $ 82,678,699 $ 84,301,564 $ 69,003,713 $ 70,699,621 $ 70,133,038 $ 69,338,053 12.87% 14.74% 12.05% 10.91% 10.39% 9.60% G-4 MONROE COUNTY,FLORIDA SCHEDULE OF MONROE COUNTY PROPORTIONATE SHARE OF NET PENSION LIABILITY HEALTH INSURANCE SUBSIDY PROGRAM LAST 10 FISCAL YEARS* 2022 2021 2020 Monroe County's proportion of the net pension liability 0.246770662% 0.253015495% 0.256931327% Monroe County's proportionate share of the net pension liability $ 26,136,956 $ 31,306,155 $ 31,370,897 Monroe County's covered payroll $ 79,647,277 $ 89,661,449 $ 81,488,366 Monroe County's proportionate share of the net pension liability as a percentage of its covered payroll 32.82% 34.92% 38.50% Plan fiduciary net position as a percentage of the total pension liability 4.81% 3.56% 3.00% *The amounts presented for each fiscal year were determined as of June 30. No data is available for the previous two years. G-5 2019 2018 2017 2016 2015 2014 0.247210889% 0.254159349% 0.236677851% 0.228042287% 0.228621233% 0.231240629% $ 27,660,425 $ 26,900,511 $ 25,306,688 $ 26,577,384 $ 23,315,769 $ 21,621,563 $ 82,678,699 $ 84,301,564 $ 74,326,732 $ 70,699,621 $ 70,133,038 $ 69,338,053 33.46% 31.91% 34.05% 37.59% 33.25% 31.18% 2.63% 2.15% 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* 2022 2021 2020 Contractually required contribution $ 1,577,450 $ 1,460,189 $ 1,494,692 Contributions in relation to the contractually required contribution (1,577,450) (1,460,189) (1,494,692) Contribution deficiency(excess) $ - Monroe County's covered payroll $ 82,680,982 $ 88,018,382 $ 81,243,796 Contributions as a percentage of covered payroll 1.91% 1.66% 1.84% *The amounts presented for each fiscal year were determined as of September 30. No data is available for the previous two years. G-7 2019 2018 2017 2016 2015 2014 $ 1,393,010 $ 1,398,691 $ 1,392,250 $ 1,168,862 $ 873,933 $ 792,153 (1,393,010) (1,398,691) (1,392,250) (1,168,862) (873,933) (792,153) $ 82,678,699 $ 84,301,564 $ 69,003,713 $ 70,699,621 $ 70,133,038 $ 69,338,053 1.68% 1.66% 2.02% 1.65% 1.25% 1.14% G-8 MONROE COUNTY,FLORIDA REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE 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) 2022 2021 2020 Total pension liability Service Cost $ 1,819 $ (24,610) $ (11,774) Interest 5,939 6,890 8,130 percentage of its covered payroll - - - Differences between expected and actual experience (65,332) (61,382) (50,828) Changes of assumptions or other inputs (33,348) Benefit payments,including refunds of employee contributions (24,570) (34,680) (30,945) Net change in total pension liability (115,492) (113,782) (85,417) Total pension liability-beginning 604,351 718,133 803,550 Total pension liability-ending S 488,859 S 604,351 S 718,133 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 2019 2018 2017 2016 2015 2014 $ (6,170) $ 12,761 $ 22,937 $ 16,394 $ 16,455 $ 18,434 8,724 9,146 9,146 8,895 8,054 12,219 (35,295) 182 (39,039) 33,108 89,397 (9,696) (31,680) (32,265) (32,265) (28,365) (30,855) (25,575) (64,421) (10,176) (39,221) 30,032 83,051 (4,618) 867,971 878,147 917,368 887,336 804,285 808,903 $ 803,550 $ 867,971 $ 878,147 $ 917,368 $ 887,336 $ 804,285 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A G-10 MONROE COUNTY,FLORIDA REQUIRED SUPPLEMENTARY INFORMATION TEN YEAR SCHEDULE OF EMPLOYER CONTRIBUTIONS PENSION PLAN FOR VOLUNTEER FIREFIGHTERS AND EMERGENCY MEDICAL SERVICES Year Ending December 31, 2021 2020 2019 2018 Contractually required contribution $ - $ 3,265 $ 5,200 $ 3,265 Contributions in relation to the contractually required contribution - 3,265 5,200 3,265 Contribution deficiency (excess) $ - $ - $ - $ - Covered payroll $ - $ - $ - $ - Contributions as a percentage of covered payroll N/A N/A N/A N/A Notes to Schedule: 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. Contributions in relation to the actuarially determined contribution is the amount equal to the contributions to the plan during the plan year shown. The actuarial cost method used is the Aggregate Cost Method. The remaining amortization period used for 2022 is 4.733 years.This was determined by individual district using average future service for districts with active particpants and average remaining life expectancy for districts with only inactives. The asset valuation method used is the market value of assets held by Monroe County for the LOSAP program. There was no increase in inflation as benefits are based on a flat amount per year of service. Discount rate/investment rate of return was 1.84%, net of pension plan investment expenses, including inflation. Pub-2010 Headcount Weighted Safety Below Median Employee Male and Female Mortality Tables were used,set forward one year,with fully generational projected mortality improvements using Scale MP-2018. The above funding assumptions are for the 2022 plan year.The 2021 plan year assumptions are those stated in the prior actuary's 2021 Actuarial Valuation Report. G-11 2017 2016 2015 2014 2013 2012 $ 61,388 $ 39,899 $ 39,899 $ 30,304 $ 28,575 $ 28,145 61,388 39,899 39,899 30,304 28,575 28,145 N/A N/A N/A N/A N/A N/A G-12 MONROE COUNTY,FLORIDA REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF CHANGES IN THE COUNTY'S TOTAL OPEB LIABILITY AND RELATED RATIOS LAST TEN FISCAL YEARS* 2022 2021 2020 2019 2018 Total OPEB liability Service cost 3,287,400 3,177,500 2,513,200 $ 1,893,000 $ 1,817,000 Interest 1,338,800 1,314,800 1,305,200 1,651,000 2,885,000 Changes of benefit terms 3,476,500 - - - (29,384,000) Changes in experience (4,113,900) - (877,000) - Changes in assumptions or other inputs (7,812,200) 404,700 9,107,900 7,321,000 (3,343,000) Benefit payments (2,090,600) (2,396,000) (2,165,300) (1,663,000) (1,470,000) Net change in total OPEB liability (5,914,000) 2,501,000 9,884,000 9,202,000 (29,495,000) Total OPEB liability-Beginning of Year 60,034,000 57,533,000 47,649,000 38,447,000 67,942,000 Total OPEB liability-End of Year $ 54,120,000 $ 60,034,000 $ 57,533,000 $ 47,649,000 $ 38,447,000 Covered-employee payroll $ 92,749,000 $ 81,891,000 $ 79,506,000 $ 65,681,000 $ 63,460,551 Total OPEB liability as a percentage of covered-employee payroll 58.35% 73.31% 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 bon( 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. ROADS & BRIDGES 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 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. HOUSING INITIATIVES To account for all revenues and expenditures for County-led housing initiatives. 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 RECORDS 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 INFRASTRUCTURE REVENUE BONDS SERIES 2014 To account for capital projects funded by the Infrastructure Revenue Bonds Series 2014. 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 30,2022 SPECIAL Tourist Affordable Roads Development Tourist Tourist Housing and All Districts Development Development Programs Bridges Two Cent District One District Two ASSETS Cash and Cash Equivalents $ 61,543 $ 617,304 $ 3,595,136 $ 5,264,829 $ 809,547 Investments 349,906 5,380,060 14,786,852 21,360,204 3,217,752 Accounts Receivable, Net - 142 - - - Assessments Receivable - - - - - Due from Other Funds - - 119,016 162,813 27,000 Due from Other Governmental Units - 683,051 - - - Mortgages/Notes Receivable - - - - - Allowance for Mortgages/Notes Receivable - - - - - Interest Receivable 594 9,138 25,116 36,281 5,465 Total Assets $ 412,043 $ 6,689,695 $ 18,526,120 $ 26,824,127 $ 4,059,764 LIABILITIES, DEFERRED INFLOWS OF RESOURCES,AND FUND BALANCES Liabilities: Accounts Payable $ - $ 248,074 $ 690,739 $ 2,143,666 $ 77,557 Retainage Payable - 115,008 - 87,540 10,754 Accrued Wages and Benefits Payable - 121,073 - 7,342 6,636 Due to Other Funds - - - - - Due to Other Governmental Units - 36,896 - 198,417 - Unearned Revenue - - - - - Deposits in Escrow - - - - - Total Liabilities - 521,051 690,739 2,436,965 94,947 Deferred Inflows of Resources: Unavailable Revenues - - - - - Total Deferred Inflows of Resources - - - - - Fund Balances/(Deficits): Restricted 412,043 6,168,644 17,835,381 24,162,237 3,964,817 Committed - - - 224,925 - Assigned - - - - - Unassigned - - - - - Total Fund Balances/(Deficits) 412,043 6,168,644 17,835,381 24,387,162 3,964,817 Total Liabilities, Deferred Inflows of Resources and Fund Balances/(Deficits) $ 412,043 $ 6,689,695 $ 18,526,120 $ 26,824,127 $ 4,059,764 H-1 REVENUE FUNDS Tourist Tourist Tourist Impact Fees, Development Development Development Impact Fees, Parks, and Impact Fees, District Three District Four District Five Roadways Recreation Libraries $ 1,892,952 $ 1,208,584 $ 1,647,862 $ 145,072 $ 123,946 $ 22,773 7,549,739 4,914,616 6,518,539 824,753 704,700 129,397 61,378 36,317 52,537 - - - 12,823 8,348 11,072 1,401 1,197 220 $ 9,516,892 $ 6,167,865 $ 8,230,010 $ 971,226 $ 829,843 $ 152,390 $ 192,644 $ 197,558 $ 106,961 $ 34,631 $ - $ 8,852 90,252 17,850 38,312 14,460 - - - - 5,151 - - - 282,896 215,408 150,424 49,091 - 8,852 9,233,996 5,952,457 8,079,586 922,135 829,843 143,538 9,233,996 5,952,457 8,079,586 922,135 829,843 143,538 $ 9,516,892 $ 6,167,865 $ 8,230,010 $ 971,226 $ 829,843 $ 152,390 (Continued) H-2 MONROE COUNTY, FLORIDA COMBINING BALANCE SHEET(CONTINUED) NONMAJOR GOVERNMENTAL FUNDS SEPTEMBER 30,2022 SPECIAL Fire&Amb Unincorporated Unincorporated District#1, Area Service Area Service Impact Fees, Impact Fees, Lower and District, Dist, Planning Solid Waste Fire and EMS Middle Keys Parks and Rec Bldg and Zoning ASSETS Cash and Cash Equivalents $ 19,816 $ 27,010 $ 560,988 $ 71,099 $ 231,325 Investments 112,669 153,569 5,890,398 2,021,742 6,576,429 Accounts Receivable, Net - - 267,003 62 6,701 Assessments Receivable - - - - - Due from Other Funds - - 259,573 47,901 100 Due from Other Governmental Units - - - 60,410 252,246 Mortgages/Notes Receivable - - - - - Allowance for Mortgages/Notes Receivable - - - - - Interest Receivable 191 261 10,005 3,434 11,170 Total Assets $ 132,676 $ 180,840 $ 6,987,967 $ 2,204,648 $ 7,077,971 LIABILITIES, DEFERRED INFLOWS OF RESOURCES,AND FUND BALANCES Liabilities: Accounts Payable $ - $ - $ 68,668 $ 254,990 $ 200,518 Retainage Payable - - - - - Accrued Wages and Benefits Payable - - 458,354 66,593 320,366 Due to Other Funds - - - - - Due to Other Governmental Units - - - - - Unearned Revenue - - - - - Deposits in Escrow - - - 3,322 265,890 Total Liabilities - - 527,022 324,905 786,774 Deferred Inflows of Resources: Unavailable Revenues - - - - - Total Deferred Inflows of Resources - - - - - Fund Balances/(Deficits): Restricted 132,676 180,840 - 1,879,743 6,291,197 Committed - - - - - Assigned - - 6,460,945 - - Unassigned - - - - - Total Fund Balances/(Deficits) 132,676 180,840 6,460,945 1,879,743 6,291,197 Total Liabilities, Deferred Inflows of Resources and Fund Balances/(Deficits) $ 132,676 $ 180,840 $ 6,987,967 $ 2,204,648 $ 7,077,971 H-3 REVENUE FUNDS Duck Key Local Affordable Miscellaneous Municipal Security Housing Housing Boating Special Policing District Assistance Initiatives Improvement Revenue $ 267,169 $ 54,639 $ 361,474 $ 15,232 $ 545,667 $ 580,182 1,963,752 310,646 2,023,704 - 2,755,069 3,300,571 - - 12,000 - - - 88,948 479 - - - 45,117 - - - - - 72,066 - - 9,973,786 - - - - - (9,973,786) - - - 3,335 528 3,437 - 4,680 5,606 $ 2,323,204 $ 366,292 $ 2,400,615 $ 15,232 $ 3,305,416 $ 4,003,542 $ - $ 21,019 $ - $ - $ 5,207 $ 86,672 - - 5,531 - 10,793 - 113,090 - - - - 25,330 - - - - - 9,214 113,090 21,019 5,531 - 16,000 121,216 2,210,114 345,273 2,395,084 15,232 3,289,416 3,882,326 2,210,114 345,273 2,395,084 15,232 3,289,416 3,882,326 $ 2,323,204 $ 366,292 $ 2,400,615 $ 15,232 $ 3,305,416 $ 4,003,542 (Continued) H-4 MONROE COUNTY, FLORIDA COMBINING BALANCE SHEET(CONTINUED) NONMAJOR GOVERNMENTAL FUNDS SEPTEMBER 30,2022 SPECIAL Court Drug Marathon Middle Keys Environmental Facility Abuse Municipal Health Care Restoration Fees Trust Service MSTU ASSETS Cash and Cash Equivalents $ 823,396 $ 696,577 $ 8,025 $ 409 $ 10,975 Investments 4,634,221 3,946,086 45,624 2,323 60,934 Accounts Receivable, Net - - - - - Assessments Receivable - - - - - Due from Other Funds - 43,609 2,189 - 40,738 Due from Other Governmental Units - - - - - Mortgages/Notes Receivable - - - - - Allowance for Mortgages/Notes Receivable - - - - - Interest Receivable 7,871 6,702 77 4 - Total Assets $ 5,465,488 $ 4,692,974 $ 55,915 $ 2,736 $ 112,647 LIABILITIES, DEFERRED INFLOWS OF RESOURCES,AND FUND BALANCES Liabilities: Accounts Payable $ 37,542 $ 1,774 $ 11,320 $ - $ - Retainage Payable - - - - - Accrued Wages and Benefits Payable 11,632 4,727 - - - Due to Other Funds - - - - - Due to Other Governmental Units - - - - - Unearned Revenue - - - - - Deposits in Escrow - - - - - Total Liabilities 49,174 6,501 11,320 - - Deferred Inflows of Resources: Unavailable Revenues - - - - - Total Deferred Inflows of Resources - - - - - Fund Balances/(Deficits): Restricted - 4,686,473 44,595 2,736 - Committed 5,416,314 - - - 112,647 Assigned - - - - - Unassigned - - - - - Total Fund Balances/(Deficits) 5,416,314 4,686,473 44,595 2,736 112,647 Total Liabilities, Deferred Inflows of Resources and Fund Balances/(Deficits) $ 5,465,488 $ 4,692,974 $ 55,915 $ 2,736 $ 112,647 H-5 REVENUE FUNDS Bay Point Big Coppitt Key Largo Stock Island Wastewater Wastewater Wastewater Wastewater Conch Key MSTU MSTU MSTU MSTU MSTU $ 7,173 $ 79 $ 1,362 $ 200,928 $ 89 40,782 451 7,743 1,142,495 505 - - - 1,524,553 - - - - 959 - - - 1 (1) - 69 1 13 1,941 1 $ 48,024 $ 531 $ 9,119 $ 2,870,875 $ 595 - - - 1,495,044 - - - - 1,495,044 - - - - 1,375,831 - 48,024 531 9,119 - 595 48,024 531 9,119 1,375,831 595 $ 48,024 $ 531 $ 9,119 $ 2,870,875 $ 595 (Continued) H-6 MONROE COUNTY, FLORIDA COMBINING BALANCE SHEET(CONTINUED) NONMAJOR GOVERNMENTAL FUNDS SEPTEMBER 30,2022 SPECIAL Long Key, Layton Duck Key Canal#266 Building MSTU MSTU MSBU Fund ASSETS Cash and Cash Equivalents $ 39,042 $ 6,835 $ 8,392 $ 343,705 Investments 222,307 38,859 47,717 3,187,741 Accounts Receivable, Net - - - 320 Assessments Receivable - - - - Due from Other Funds - - - - Due from Other Governmental Units - - - - Mortgages/Notes Receivable - - - Allowance for Mortgages/Notes Receivable - - - - Interest Receivable 378 66 81 5,414 Total Assets $ 261,727 $ 45,760 $ 56,190 $ 3,537,180 LIABILITIES, DEFERRED INFLOWS OF RESOURCES,AND FUND BALANCES Liabilities: Accounts Payable $ - $ - $ 2,167 $ 38,973 Retainage Payable - - - - Accrued Wages and Benefits Payable - - - 222,709 Due to Other Funds - - - - Due to Other Governmental Units - - - 25,803 Unearned Revenue - - - - Deposits in Escrow - - - 8,110 Total Liabilities - - 2,167 295,595 Deferred Inflows of Resources: Unavailable Revenues - - - - Total Deferred Inflows of Resources - - - - Fund Balances/(Deficits): Restricted - - - 3,241,585 Committed 261,727 45,760 54,023 - Assigned - - - - Unassigned - - - - Total Fund Balances/(Deficits) 261,727 45,760 54,023 3,241,585 Total Liabilities, Deferred Inflows of Resources and Fund Balances/(Deficits) $ 261,727 $ 45,760 $ 56,190 $ 3,537,180 H-7 REVENUE FUNDS Sheriffs Sheriffs Sheriffs Sheriffs Sheriffs Teen Federal State Contract Inmate Court Forfeiture Forfeiture Administrative Commissary $ - $ 2,126,911 $ 1,292,130 $ - $ 1,269,891 - 401,288 266,191 - - - - - - 67,478 3,643 39,531 - 1,570,977 4,785 4,296 - - 17,383 - - 682 452 - - $ 7,939 $ 2,568,412 $ 1,558,773 $ 1,588,360 $ 1,342,154 $ - $ - $ - $ - $ 14,592 - - - - 5,800 - - 213,746 138,567 16,299 - - - 156,139 41,943 - - - 63,133 - - - 213,746 357,839 78,634 7,939 2,568,412 1,345,027 - 1,263,520 - - - 1,230,521 - 7,939 2,568,412 1,345,027 1,230,521 1,263,520 $ 7,939 $ 2,568,412 $ 1,558,773 $ 1,588,360 $ 1,342,154 (Continued) H-8 MONROE COUNTY, FLORIDA COMBINING BALANCE SHEET(CONTINUED) NONMAJOR GOVERNMENTAL FUNDS SEPTEMBER 30,2022 SPECIAL Sheriffs Sheriffs Sheriffs Interagency Trauma Radio Sheriffs Communications Star Communication Grants ASSETS Cash and Cash Equivalents $ 198,259 $ 268,335 $ 62,910 $Investments - - - - Accounts Receivable, Net 10,994 - - - Assessments Receivable - - - - Due from Other Funds 14,619 - - 308,680 Due from Other Governmental Units 4,481 - - 804,181 Mortgages/Notes Receivable - - - - Allowance for Mortgages/Notes Receivable - - - - Interest Receivable - - - - Total Assets $ 228,353 $ 268,335 $ 62,910 $ 1,112,861 LIABILITIES, DEFERRED INFLOWS OF RESOURCES AND FUND BALANCES Liabilities: Accounts Payable $ 14,203 $ - $ - $ - Retainage Payable - - - - Accrued Wages and Benefits Payable - - - - Due to Other Funds - 268,335 62,910 814,892 Due to Other Governmental Units - - - - Unearned Revenue - - - - Deposits in Escrow - - - - Total Liabilities 14,203 268,335 62,910 814,892 Deferred Inflows of Resources: Unavailable Revenues - - - 665,598 Total Deferred Inflows of Resources - - - 665,598 Fund Balances/(Deficits): Restri cted 214,150 - - - Committed - - - - Assigned - - - - Unassigned - - - (367,629) Total Fund Balances/(Deficits) 214,150 - - (367,629) Total Liabilities, Deferred Inflows of Resources and Fund Balances/(Deficits) $ 228,353 $ 268,335 $ 62,910 $ 1,112,861 H-9 REVENUE FUNDS Sheriffs Clerk's Clerk's Total Nonmajor Shared Asset Sheriffs Records Court Special Rev Forfeiture E911 Modernization Related Funds $ 181,136 $ 1,484,528 $ 3,681,700 $ 2,105,810 $ 32,942,746 4,401,009 - - - 109,291,343 - 94 - - 364,794 - - - - 1,524,553 - - - 595 2,931,504 - - - 28,784 1,926,898 - - - - 9,973,786 - - - - (9,973,786) 30,097 - - - 208,151 $ 4,612,242 $ 1,484,622 $ 3,681,700 $ 2,135,189 $ 149,189,989 $ 38,853 $ 9,010 $ 17,750 $ 490,463 5,014,403 - - - - 374,176 - 3,549 - - 1,250,256 - 5,909 - 1,110,446 2,769,524 - - - 534,280 1,002,692 - - - - 63,133 - - - - 277,322 38,853 18,468 17,750 2,135,189 10,751,506 - - - - 2,160,642 - - - - 2,160,642 4,573,389 1,466,154 3,663,950 - 122,780,339 - - - - 7,404,186 - - - - 6,460,945 - - - - (367,629) 4,573,389 1,466,154 3,663,950 - 136,277,841 $ 4,612,242 $ 1,484,622 $ 3,681,700 $ 2,135,189 $ 149,189,989 (Continued) H-10 MONROE COUNTY, FLORIDA COMBINING BALANCE SHEET(CONTINUED) NONMAJOR GOVERNMENTAL FUNDS SEPTEMBER 30,2022 CAPITAL Infrastructure Clerk's Infrastructure Big Coppitt Revenue Bonds Revenue Revenue Bonds Wastewater Series 2014 Note Series 2007 Project ASSETS Cash and Cash Equivalents $ 545,964 $ 16,980 $ 28,060 $ (8,578) Investments 2,014,545 95,618 158,026 98,218 Accounts Receivable, Net - - - - Assessments Receivable - - - 1,239,827 Due from Other Funds - - - 791 Due from Other Governmental Units - - - - Mortgages/Notes Receivable - - - - Allowance for Mortgages/Notes Receivable - - - - Interest Receivable 3,422 - - 167 Total Assets $ 2,563,931 $ 112,598 $ 186,086 $ 1,330,425 LIABILITIES, DEFERRED INFLOWS OF RESOURCES,AND FUND BALANCES Liabilities: Accounts Payable $ 539,264 $ - $ - $ - Retainage Payable 486,507 - - - Accrued Wages and Benefits Payable - - - - Due to Other Funds - - - - Due to Other Governmental Units - - - - Unearned Revenue - - - - Deposits in Escrow - - - - Total Liabilities 1,025,771 - - - Deferred Inflows of Resources: Unavailable Revenues - - - 1,203,889 Total Deferred Inflows of Resources - - - 1,203,889 Fund Balances/(Deficits): Restricted 1,538,160 112,598 186,086 126,536 Committed - - - - Assigned - - - - Unassigned - - - - Total Fund Balances/(Deficits) 1,538,160 112,598 186,086 126,536 Total Liabilities, Deferred Inflows of Resources and Fund Balances/(Deficits) $ 2,563,931 $ 112,598 $ 186,086 $ 1,330,425 H-11 PROJECT FUNDS Total Duck Key Long Key Land Nonmajor Wastewater Wastewater Acquisition Governmental Project Project Fund Funds $ 98,078 $ 59,490 $ 176,721 $ 33,859,461 557,641 338,235 1,004,726 113,558,352 - - - 364,794 276,021 - - 3,040,401 168 - - 2,932,463 - - 5,825 1,932,723 - - - 9,973,786 - - - (9,973,786) 947 575 1,707 214,969 $ 932,855 $ 398,300 $ 1,188,979 $ 155,903,163 $ - $ - $ 7,105 $ 5,560,772 - - - 860,683 - - - 1,250,256 - - - 2,769,524 - - - 1,002,692 - - - 63,133 - - - 277,322 - - 7,105 11,784,382 268,450 - - 3,632,981 268,450 - - 3,632,981 664,405 398,300 1,181,874 126,988,298 - - - 7,404,186 - - - 6,460,945 - - - (367,629) 664,405 398,300 1,181,874 140,485,800 $ 932,855 $ 398,300 $ 1,188,979 $ 155,903,163 H-12 MONROE COUNTY,FLORIDA COMBINING STATEMENT OF REVENUES,EXPENDITURES, AND CHANGES IN FUND BALANCES NONMAJOR GOVERNMENTAL FUNDS FOR THE YEAR ENDED SEPTEMBER 30,2022 SPECIAL Tourist Affordable Development Tourist Tourist Housing Roads and All Districts Development Development Programs Bridges Two Cent District One District Two REVENUES: Taxes $ - $ 3,104,404 $ 11,243,667 $ 16,569,470 $ 2,731,576 Licenses and Permits - - - - - Intergovernmental - 3,925,167 - - - Charges for Services - 5,382 - - - Fines and Forfeitures - - - - - Investment Income (4,248) (54,608) (98,250) (183,638) (28,511) Miscellaneous - 25,879 - - - Total Revenues (4,248) 7,006,224 11,145,417 16,385,832 2,703,065 EXPENDITURES: Current: General Government - - - - - Public Safety - - - - - Physical Environment - - - - - Transportation - 8,622,763 - - - Economic Environment - - 5,339,832 10,099,508 1,827,907 Human Services - - - - - Culture and Recreation - - - - - Court Related - - - - - Capital Outlay - - - - - Debt Service Principal - 2,319 - - - Interest - 52 - - - Total Expenditures - 8,625,134 5,339,832 10,099,508 1,827,907 Excess/Deficiency of Revenues Over(Under)Expenditures (4,248) (1,618,910) 5,805,585 6,286,324 875,158 OTHER FINANCING SOURCES(USES): Lease Financing - - - - - Transfers from Other Funds - - 119,016 162,813 27,000 Transfers to Other Funds - (408,919) (84,854) (69,484) (17,328) Total Other Financing Sources(Uses) - (408,919) 34,162 93,329 9,672 Net Change in Fund Balances (4,248) (2,027,829) 5,839,747 6,379,653 884,830 Fund Balances/(Deficits)-October 1 416,291 8,196,473 11,995,634 18,007,509 3,079,987 Fund Balances/(Deficits)-September 30 $ 412,043 $ 6,168,644 $ 17,835,381 $ 24,387,162 $ 3,964,817 H-13 REVENUE FUNDS Tourist Tourist Tourist Impact Fees, Development Development Development Impact Fees, Parks,and Impact Fees, District Three District Four District Five Roadways Recreation Libraries $ 6,191,651 $ 3,692,985 $ 5,357,074 $ - $ - $ - - - - 69,200 28,560 - (65,344) (40,679) (54,453) (10,439) (8,451) (2,428) 6,126,307 3,652,306 5,302,621 58,761 20,109 (2,428) - - - 324,883 - - 3,813,623 2,061,475 3,094,085 - - - - - - - 31,878 26,796 3,813,623 2,061,475 3,094,085 324,883 31,878 26,796 2,312,684 1,590,831 2,208,536 (266,122) (11,769) (29,224) 61,378 36,317 52,537 - - - (19,523) (16,665) (31,478) - - - 41,855 19,652 21,059 - - - 2,354,539 1,610,483 2,229,595 (266,122) (11,769) (29,224) 6,879,457 4,341,974 5,849,991 1,188,257 841,612 172,762 $ 9,233,996 $ 5,952,457 $ 8,079,586 $ 922,135 $ 829,843 $ 143,538 (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 30,2022 SPECIAL Fire&Amb Unincorporated Unincorporated District#1, Area Service Area Service Impact Fees, Impact Fees, Lower and District, Dist, Planning Solid Waste Fire and EMS Middle Keys Parks and Rec Bldg and Zoning REVENUES: Taxes $ - $ - $ 13,704,459 $ 2,524,030 $ 500,157 Licenses and Permits - 9,156 - - 1,367 Intergovernmental - - 112,686 891,085 3,009,995 Charges for Services - - 1,047,844 142,922 3,649,358 Fines and Forfeitures - - - - 1,382,318 Investment Income (1,320) (1,782) (34,001) (17,620) (40,840) Miscellaneous 6,007 - 13,937 18,700 651 Total Revenues 4,687 7,374 14,844,925 3,559,117 8,503,006 EXPENDITURES: Current: General Government - - - - 3,754,338 Public Safety - - 12,988,388 - 3,942,503 Physical Environment - - - - 671,436 Transportation - - - - - Economic Environment - - - - - Human Services - - - - - Culture and Recreation - - - 3,176,718 - Court Related - - - - - Capital Outlay - - - - - Debt Service Principal - - 539 - 5,111 Interest - - 23 - 363 Total Expenditures - - 12,988,950 3,176,718 8,373,751 Excess/Deficiency of Revenues Over(Under)Expenditures 4,687 7,374 1,855,975 382,399 129,255 OTHER FINANCING SOURCES(USES): Lease Financing - - - - - Transfers from Other Funds - - 259,573 47,901 - Transfers to Other Funds - - (1,824,132) (406,063) (1,437,693) Total Other Financing Sources(Uses) - - (1,564,559) (358,162) (1,437,693) Net Change in Fund Balances 4,687 7,374 291,416 24,237 (1,308,438) Fund Balances/(Deficits)-October 1 127,989 173,466 6,169,529 1,855,506 7,599,635 Fund Balances/(Deficits)-September 30 $ 132,676 $ 180,840 $ 6,460,945 $ 1,879,743 $ 6,291,197 H-15 REVENUE FUNDS Duck Key Local Affordable Miscellaneous Municipal Security Housing Housing Boating Special Policing District Assistance Initiatives Improvement Revenue $ 4,687,146 $ - $ - $ - $ - $ - - 117,093 - 15,232 - 39,936 - - 825,872 - - - 4,608,088 - - - 732,924 1,271,802 - - - - - 290,715 (21,355) (3,425) (19,250) - (36,185) (33,864) - - 396,999 - - 74,464 9,273,879 113,668 1,203,621 15,232 696,739 1,643,053 - - - - - 4,900 1,005,497 107,958 - - - 60,920 - - - - 974,952 - - - 510,262 - - 72,066 - - - - - 138,989 - - - - - 434,315 - - - - - 14,436 - - - - - 1,280 1,005,497 107,958 510,262 - 974,952 726,906 8,268,382 5,710 693,359 15,232 (278,213) 916,147 - 479 - - - - (8,624,018) (1,000) - - - (223,452) (8,624,018) (521) - - - (223,452) (355,636) 5,189 693,359 15,232 (278,213) 692,695 2,565,750 340,084 1,701,725 - 3,567,629 3,189,631 $ 2,210,114 $ 345,273 $ 2,395,084 $ 15,232 $ 3,289,416 $ 3,882,326 (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 30,2022 SPECIAL Court Drug Marathon Middle Keys Environmental Facility Abuse Municipal Health Care Restoration Fees Trust Service MSTU REVENUES: Taxes $ - $ - $ - $ - $ 2,155,999 Licenses and Permits - - - - - Intergovernmental - - - - - Charges for Services 18 573,620 37,579 -Fines and Forfeitures 1,214,365 - - - - Investment Income (48,590) (49,140) (540) (28) 258 Miscellaneous - - - - - Total Revenues 1,165,793 524,480 37,039 (28) 2,156,257 EXPENDITURES: Current: General Government - - - - - Public Safety - - - - - Physical Environment 399,524 - - - - Transportation - - - - - Economic Environment - - - - - Human Services - - 40,044 - 1,982,985 Culture and Recreation - - - - - Court Related - 644,837 - - - Capital Outlay - - - - - Debt Service Principal - - - -Interest - - - - - Total Expenditures 399,524 644,837 40,044 - 1,982,985 Excess/Deficiency of Revenues Over(Under)Expenditures 766,269 (120,357) (3,005) (28) 173,272 OTHER FINANCING SOURCES(USES): Lease Financing - - - - - Transfers from Other Funds - - - - 40,738 Transfers to Other Funds - - - - (101,363) Total Other Financing Sources(Uses) - - - - (60,625) Net Change in Fund Balances 766,269 (120,357) (3,005) (28) 112,647 Fund Balances/(Deficits)-October 1 4,650,045 4,806,830 47,600 2,764 - Fund Balances/(Deficits)-September 30 $ 5,416,314 $ 4,686,473 $ 44,595 $ 2,736 $ 112,647 H-17 REVENUE FUNDS Bay Point Big Coppitt Key Largo Stock Island Wastewater Wastewater Wastewater Wastewater Conch Key MSTU MSTU MSTU MTSU MSTU $ - $ - $ 48 $ - $ - - - - 90,735 - (497) (5) (94) 49,431 (6) - - - 10,183 - (497) (5) (46) 150,349 (6) - - - 3,565 - - - - 3,565 - (497) (5) (46) 146,784 (6) - - 1 959 - - - - (2,000) - - - 1 (1,041) - (497) (5) (45) 145,743 (6) 48,521 536 9,164 1,230,088 601 $ 48,024 $ 531 $ 9,119 $ 1,375,831 $ 595 (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 30,2022 SPECIAL Long Key, Layton Duck Key Canal#266 Building MSTU MSTU MSBU Fund REVENUES: Taxes $ - $ - $ - $ - Licenses and Permits - - 28,897 5,961,032 Intergovernmental - - - - Charges for Services - - - 130,093 Fines and Forfeitures - - - - Investment Income (2,707) (482) (397) (26,798) Miscellaneous - - - 32,397 Total Revenues (2,707) (482) 28,500 6,096,724 EXPENDITURES: Current: General Government - - - - Public Safety - - - 5,772,069 Physical Environment 1,218 1,758 14,651 - Transportation - - - - Economic Environment - - - - Human Services - - - - Culture and Recreation - - - - Court Related - - - - Capital Outlay - - - - Debt Service Principal - - - 7,052 Interest - - - 452 Total Expenditures 1,218 1,758 14,651 5,779,573 Excess/Deficiency of Revenues Over(Under)Expenditures (3,925) (2,240) 13,849 317,151 OTHER FINANCING SOURCES(USES): Lease Financing - - - - Transfers from Other Funds - - - - Transfers to Other Funds - - - (538,659) Total Other Financing Sources(Uses) - - - (538,659) Net Change in Fund Balances (3,925) (2,240) 13,849 (221,508) Fund Balances/(Deficits)-October 1 265,652 48,000 40,174 3,463,093 Fund Balances/(Deficits)-September 30 $ 261,727 $ 45,760 $ 54,023 $ 3,241,585 H-19 REVENUE FUNDS Sheriffs Sheriffs Sheriffs Sheriffs Sheriffs Teen Federal State Contract Inmate Court Forfeiture Forfeiture Administrative Commissary - 255,937 - 1,288,459 - 58,324 - - 3,601,900 609,441 - - 61,781 - - - 16,280 11,473 7,850 8,597 - 69,454 687,013 - 41,142 58,324 341,671 760,267 4,898,209 659,180 50,385 1,244,362 66,893 5,014,291 510,348 50,385 1,244,362 66,893 5,014,291 510,348 7,939 (902,691) 693,374 (116,082) 148,832 - - - 9,200 - - - - 9,200 - 7,939 (902,691) 693,374 (106,882) 148,832 - 3,471,103 651,653 1,337,403 1,114,688 $ 7,939 $ 2,568,412 $ 1,345,027 $ 1,230,521 $ 1,263,520 (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 30,2022 SPECIAL Sheriffs Sheriffs Sheriffs Interagency Trauma Radio Sheriffs Communications Star Communication Grants REVENUES: Taxes $ - $ - $ - $ - Licenses and Permits - - - - Intergovernmental - - - 599,059 Charges for Services 32,180 - 58,286 - Fines and Forfeitures - - - - Investment Income 1,547 - - - Miscellaneous 174 - - - Total Revenues 33,901 - 58,286 599,059 EXPENDITURES: Current: General Government - - - - Public Safety 211,892 5,966,269 828,995 1,239,812 Physical Environment - - - - Transportation - - - - Economic Environment - - - - Human Services - - - - Culture and Recreation - - - - Court Related - - - - Capital Outlay - - - - Debt Service Principal - - - - Interest - - - - Total Expenditures 211,892 5,966,269 828,995 1,239,812 Excess/Deficiency of Revenues Over(Under)Expenditures (177,991) (5,966,269) (770,709) (640,753) OTHER FINANCING SOURCES(USES): Lease Financing - - - - Transfers from Other Funds 191,407 6,234,604 833,619 322,350 Transfers to Other Funds - (268,335) (62,910) (22,850) Total Other Financing Sources(Uses) 191,407 5,966,269 770,709 299,500 Net Change in Fund Balances 13,416 - - (341,253) Fund Balances/(Deficits)-October 1 200,734 - - (26,376) Fund Balances/(Deficits)-September 30 $ 214,150 $ - $ - $ (367,629) H-21 REVENUE FUNDS Sheriffs Clerk's Clerk's Total Nonmajor Shared Asset Sheriffs Records Court Special Rev Forfeiture E911 Modernization Related Funds $ - $ - $ - $ - $ 72,462,666 - - - - 6,361,208 - - - 1,503,183 12,411,443 - 566,678 354,193 908,815 18,389,447 - - - 2,037,213 4,986,392 (324,106) 10,016 37,579 27,977 (1,043,073) - - - 5,453 1,382,453 (324,106) 576,694 391,772 4,482,641 114,950,536 - - - - 3,759,238 150,611 412,286 - - 39,573,479 - - - - 2,067,104 - - - - 8,947,646 - - - - 26,818,758 - - - - 2,162,018 - - - - 3,235,392 - - - 5,293,394 6,372,546 - - - 14,658 14,658 - - - 11,626 41,083 - - - 760 2,930 150,611 412,286 - 5,320,438 92,994,852 (474,717) 164,408 391,772 (837,797) 21,955,684 - - - 14,658 14,658 - - - 1,624,500 10,024,392 - - - (801,361) (14,962,087) - - - 837,797 (4,923,037) (474,717) 164,408 391,772 - 17,032,647 5,048,106 1,301,746 3,272,178 - 119,245,194 $ 4,573,389 $ 1,466,154 $ 3,663,950 $ - $ 136,277,841 (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 30,2022 CAPITAL Infrastructure Clerk's Infrastructure Big Coppitt Revenue Bonds Revenue Revenue Bonds Wastewater Series 2014 Note Series 2007 Project REVENUES: Taxes $ - $ - $ - $ - Licenses and Permits - - - 172,211 Intergovernmental - - - - Charges for Services - - - - Fines and Forfeitures - - - - Investment Income (53,065) 154 - 37,111 Miscellaneous - - - 31,116 Total Revenues (53,065) 154 - 240,438 EXPENDITURES: Current: General Government - - - - Public Safety - - - - Physical Environment - - - - Transportation - - - - Economic Environment - - - - Human Services - - - - Culture and Recreation - - - - Court Related - - - - CapitalOutlay 4,174,952 - - 19,736 Debt Service Principal - - - - Interest - - - - Total Expenditures 4,174,952 - - 19,736 Excess/Deficiency of Revenues Over(Under)Expenditures (4,228,017) 154 - 220,702 OTHER FINANCING SOURCES(USES): Lease Financing - - - - Transfers from Other Funds 961,291 - - 250,791 Transfers to Other Funds - - - (682,000) Total Other Financing Sources(Uses) 961,291 - - (431,209) Net Change in Fund Balances (3,266,726) 154 - (210,507) Fund Balances/(Deficits)-October 1 4,804,886 112,444 186,086 337,043 Fund Balances/(Deficits)-September 30 $ 1,538,160 $ 112,598 $ 186,086 $ 126,536 (Continued) H-23 PROJECT FUNDS Total Duck Key Long Key Land Nonmajor Wastewater Wastewater Acquisition Governmental Project Project Fund Funds $ - $ - $ - $ 72,462,666 32,932 - - 6,566,351 - - 15,325 12,426,768 - - - 18,389,447 - - - 4,986,392 2,548 (582) (8,968) (1,065,875) 6,597 - 60,102 1,480,268 42,077 (582) 66,459 115,246,017 - - - 3,759,238 - - - 39,573,479 - - - 2,067,104 - - - 8,947,646 - - - 26,818,758 - - - 2,162,018 - - - 3,235,392 - - - 6,372,546 350 - 346,208 4,555,904 - - - 41,083 - - - 2,930 350 - 346,208 97,536,098 41,727 (582) (279,749) 17,709,919 - - - 14,658 168 - 500,000 11,736,642 - - - (15,644,087) 168 - 500,000 (3,892,787) 41,895 (582) 220,251 13,817,132 622,510 398,882 961,623 126,668,668 $ 664,405 $ 398,300 $ 1,181,874 $ 140,485,800 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, 2022 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Investment Income $ 3,000 $ 3,000 $ (4,248) $ (7,248) Total Revenues 3,000 3,000 (4,248) (7,248) 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) (4,248) 282,752 Other Financing Sources (Uses): Reserve for Contingencies (12,850) (12,850) - 12,850 Reserve for Cash Balance (15,000) (15,000) - 15,000 Total Other Financing Sources (Uses) (27,850) (27,850) - 27,850 Net Change in Fund Balances (314,850) (314,850) (4,248) 310,602 Fund Balances -October 1 314,850 314,850 416,291 101,441 Fund Balances - September 30 $ - $ - $ 412,043 $ 412,043 H-25 MONROE COUNTY, FLORIDA STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES -BUDGET AND ACTUAL ROADS AND BRIDGES SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2022 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Taxes $ 2,550,000 $ 2,550,000 $ 3,104,404 $ 554,404 Intergovernmental 3,765,000 3,765,000 3,925,167 160,167 Charges for Services 34,000 34,000 5,382 (28,618) Investment Income 150,000 150,000 (54,608) (204,608) Miscellaneous 30,000 30,000 25,879 (4,121) Total Revenues 6,529,000 6,529,000 7,006,224 477,224 EXPENDITURES: Current: Transportation: Road Department 5,135,129 5,040,579 4,184,722 855,857 County Engineer Road and Bridge 735,145 735,145 733,653 1,492 Street Lighting 183,617 183,617 166,790 16,827 Local Option Gas Tax Projects 362,583 362,583 240,069 122,514 80% Gas Tax 650,000 93,261 - 93,261 Roadway Projects 1,595,885 4,303,400 2,885,646 1,417,754 No Name Key Bridge Project 16,857 21,178 - 21,178 Sustainability Roads 360,666 817,190 411,883 405,307 Total Transportation 9,039,882 11,556,953 8,622,763 2,934,190 Debt Service: Principal - - 2,319 (2,319) Interest - - 52 (52) Total Debt Service - - 2,371 (2,371) Total Expenditures 9,039,882 11,556,953 8,625,134 2,931,819 Excess/Deficiency of Revenues Over(Under) Expenditures (2,510,882) (5,027,953) (1,618,910) 3,409,043 Other Financing Sources (Uses): Reserve for Contingencies (432,883) (262,172) - 262,172 Reserve for Cash Balance (2,031,865) (2,031,865) - 2,031,865 Transfers to Other Funds (408,919) (408,919) (408,919) - Total Other Financing Sources (Uses) (2,873,667) (2,702,956) (408,919) 2,294,037 Net Change in Fund Balances (5,384,549) (7,730,909) (2,027,829) 5,703,080 Fund Balances-October 1 5,384,549 7,730,909 8,196,473 465,564 Fund Balances-September 30 $ - $ - $ 6,168,644 $ 6,168,644 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, 2022 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Taxes $ 5,818,313 $ 5,818,313 $ 11,243,667 $ 5,425,354 Investment Income - - (98,250) (98,250) Total Revenues 5,818,313 5,818,313 11,145,417 5,327,104 EXPENDITURES: Current: Economic Environment: Cultural Umbrella 813,089 813,089 591,885 221,204 Fishing Umbrella 725,000 725,000 662,117 62,883 Dive Umbrella 700,000 700,000 718,968 (18,968) Operations - Events 3,556,071 3,556,071 2,501,166 1,054,905 Catastrophic Emergency 1,827,833 1,827,833 - 1,827,833 Special Projects 1,425,190 1,425,190 865,696 559,494 Total Expenditures 9,047,183 9,047,183 5,339,832 3,707,351 Excess/Deficiency of Revenues Over (Under) Expenditures (3,228,870) (3,228,870) 5,805,585 9,034,455 Other Financing Sources (Uses): Transfers to Other Funds (72,713) (72,713) (84,854) (12,141) Transfers from Other Funds - - 119,016 119,016 Total Other Financing Sources (Uses) (72,713) (72,713) 34,162 106,875 Net Change in Fund Balances (3,301,583) (3,301,583) 5,839,747 9,141,330 Fund Balances -October 1 3,301,583 3,301,583 11,995,634 8,694,051 Fund Balances - September 30 $ - $ - $ 17,835,381 $ 17,835,381 H-27 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, 2022 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Taxes $ 8,642,563 $ 8,642,563 $ 16,569,470 $ 7,926,907 Investment Income - - (183,638) (183,638) Total Revenues 8,642,563 8,642,563 16,385,832 7,743,269 EXPENDITURES: Current: Economic Environment: Advertising and Promotion 4,475,761 4,475,761 4,090,652 385,109 Administrative Services 358,352 358,352 289,280 69,072 Special Events 650,131 650,131 118,039 532,092 Bricks and Mortar 8,253,363 8,754,170 5,198,588 3,555,582 Information Services 402,950 402,950 402,949 1 Beaches - 314,047 - 314,047 Total Expenditures 14,140,557 14,955,411 10,099,508 4,855,903 Excess/Deficiency of Revenues Over (Under) Expenditures (5,497,994) (6,312,848) 6,286,324 12,599,172 Other Financing Sources (Uses): Transfers to Other Funds (54,392) (435,451) (69,484) 365,967 Transfers from Other Funds - - 162,813 162,813 Total Other Financing Sources (Uses) (54,392) (435,451) 93,329 528,780 Net Change in Fund Balances (5,552,386) (6,748,299) 6,379,653 13,127,952 Fund Balances -October 1 5,552,386 6,748,299 18,007,509 11,259,210 Fund Balances - September 30 $ - $ - $ 24,387,162 $ 24,387,162 H-28 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, 2022 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Taxes $ 1,319,175 $ 1,319,175 $ 2,731,576 $ 1,412,401 Investment Income - - (28,511) (28,511) Total Revenues 1,319,175 1,319,175 2,703,065 1,383,890 EXPENDITURES: Current: Economic Environment: Advertising and Promotion 986,524 986,524 901,177 85,347 Administrative Services 56,884 56,884 43,824 13,060 Bricks and Mortar 1,236,399 1,236,399 782,358 454,041 Information Services 100,548 100,548 100,548 - Total Expenditures 2,380,355 2,380,355 1,827,907 552,448 Excess/Deficiency of Revenues Over (Under) Expenditures (1,061,180) (1,061,180) 875,158 1,936,338 Other Financing Sources (Uses): Transfers to Other Funds (14,975) (14,975) (17,328) (2,353) Transfers from Other Funds - - 27,000 27,000 Total Other Financing Sources (Uses) (14,975) (14,975) 9,672 24,647 Net Change in Fund Balances (1,076,155) (1,076,155) 884,830 1,960,985 Fund Balances -October 1 1,076,155 1,076,155 3,079,987 2,003,832 Fund Balances - September 30 $ - $ - $ 3,964,817 $ 3,964,817 H-29 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, 2022 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Taxes $ 3,247,888 $ 3,247,888 $ 6,191,651 $ 2,943,763 Investment Income - - (65,344) (65,344) Total Revenues 3,247,888 3,247,888 6,126,307 2,878,419 EXPENDITURES: Current: Economic Environment: Advertising and Promotion 2,398,535 2,398,535 2,319,551 78,984 Administrative Services 146,151 146,151 107,922 38,229 Special Events - - - - Bricks and Mortar 2,590,172 2,590,172 1,209,750 1,380,422 Information Services 176,400 176,400 176,400 - Total Expenditures 5,311,258 5,311,258 3,813,623 1,497,635 Excess/Deficiency of Revenues Over (Under) Expenditures (2,063,370) (2,063,370) 2,312,684 4,376,054 Other Financing Sources (Uses): Transfers to Other Funds (13,595) (13,595) (19,523) (5,928) Transfers from Other Funds - - 61,378 61,378 Total Other Financing Sources (Uses) (13,595) (13,595) 41,855 55,450 Net Change in Fund Balances (2,076,965) (2,076,965) 2,354,539 4,431,504 Fund Balances -October 1 2,076,965 2,076,965 6,879,457 4,802,492 Fund Balances - September 30 $ - $ - $ 9,233,996 $ 9,233,996 H-30 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, 2022 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Taxes $ 1,978,763 $ 1,978,763 $ 3,692,985 $ 1,714,222 Investment Income - - (40,679) (40,679) Total Revenues 1,978,763 1,978,763 3,652,306 1,673,543 EXPENDITURES: Current: Economic Environment: Advertising and Promotion 1,371,337 1,371,337 1,318,022 53,315 Administrative Services 86,682 86,682 65,784 20,898 Special Events 24,300 24,300 - 24,300 Bricks and Mortar 1,662,121 1,662,121 512,344 1,149,777 Information Services 165,375 165,375 165,325 50 Total Expenditures 3,309,815 3,309,815 2,061,475 1,248,340 Excess/Deficiency of Revenues Over (Under) Expenditures (1,331,052) (1,331,052) 1,590,831 2,921,883 Other Financing Sources (Uses): Transfers to Other Funds (13,002) (13,002) (16,665) (3,663) Transfers from Other Funds - - 36,317 36,317 Total Other Financing Sources (Uses) (13,002) (13,002) 19,652 32,654 Net Change in Fund Balances (1,344,054) (1,344,054) 1,610,483 2,954,537 Fund Balances -October 1 1,344,054 1,344,054 4,341,974 2,997,920 Fund Balances - September 30 $ - $ - $ 5,952,457 $ 5,952,457 H-31 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, 2022 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Taxes $ 2,686,611 $ 2,686,611 $ 5,357,074 $ 2,670,463 Investment Income - - (54,453) (54,453) Miscellaneous - - - - Total Revenues 2,686,611 2,686,611 5,302,621 2,616,010 EXPENDITURES: Current: Economic Environment: Advertising and Promotion 1,980,035 1,980,035 1,808,765 171,270 Administrative Services 123,460 123,460 89,300 34,160 Information Services 156,555 156,555 156,555 - Special Events - - - - Bricks and Mortar 2,706,294 2,706,294 1,039,465 1,666,829 Total Expenditures 4,966,344 4,966,344 3,094,085 1,872,259 Excess/Deficiency of Revenues Over (Under) Expenditures (2,279,733) (2,279,733) 2,208,536 4,488,269 Other Financing Sources (Uses): Transfers to Other Funds (26,318) (26,318) (31,478) (5,160) Transfers from Other Funds - - 52,537 52,537 Total Other Financing Sources (Uses) (26,318) (26,318) 21,059 47,377 Net Change in Fund Balances (2,306,051) (2,306,051) 2,229,595 4,535,646 Fund Balances -October 1 2,306,051 2,306,051 5,849,991 3,543,940 Fund Balances - September 30 $ - $ - $ 8,079,586 $ 8,079,586 H-32 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, 2022 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Licenses and Permits $ 110,000 $ 110,000 $ 69,200 $ (40,800) Investment Income 10,525 10,525 (10,439) (20,964) Miscellaneous - - - - Total Revenues 120,525 120,525 58,761 (61,764) EXPENDITURES: Current: Transportation: Roadway Projects 530,240 468,768 - 468,768 Truman Bridge Ped Bridge - - - - Bike Lanes/Shared Use Path 58,402 110,390 35,681 74,709 Bimini Drive Bridge - 581,180 289,202 291,978 Key Colony Beach Road Project 41,926 41,926 - 41,926 Total Expenditures 630,568 1,202,264 324,883 877,381 Excess/Deficiency of Revenues Over (Under) Expenditures (510,043) (1,081,739) (266,122) 815,617 Net Change in Fund Balances (510,043) (1,081,739) (266,122) 815,617 Fund Balances -October 1 510,043 1,081,739 1,188,257 106,518 Fund Balances - September 30 $ - $ - $ 922,135 $ 922,135 H-33 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, 2022 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Licenses and Permits $ 37,200 $ 37,200 $ 28,560 $ (8,640) Investment Income 1,200 1,200 (8,451) (9,651) Total Revenues 38,400 38,400 20,109 (18,291) EXPENDITURES: Current: Culture and Recreation: District 1 Projects 252,941 252,941 - 252,941 District 2 Projects 258,778 258,778 - 258,778 District 3 Projects 67,690 67,690 - 67,690 Key Largo Pickleball 178,500 178,500 31,878 146,622 Total Expenditures 757,909 757,909 31,878 726,031 Excess/Deficiency of Revenues Over (Under) Expenditures (719,509) (719,509) (11,769) 707,740 Net Change in Fund Balances (719,509) (719,509) (11,769) 707,740 Fund Balances -October 1 719,509 719,509 841,612 122,103 Fund Balances - September 30 $ - $ - $ 829,843 $ 829,843 H-34 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, 2022 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Investment Income $ - $ - $ (2,428) $ (2,428) Total Revenues - - (2,428) (2,428) EXPENDITURES: Current: Culture and Recreation: County-wide Library Projects 7,190 7,190 4,196 2,994 Library Automation 25,000 25,000 22,600 2,400 Total Expenditures 32,190 32,190 26,796 5,394 Excess/Deficiency of Revenues Over (Under) Expenditures (32,190) (32,190) (29,224) 2,966 Net Change in Fund Balances (32,190) (32,190) (29,224) 2,966 Fund Balances -October 1 32,190 32,190 172,762 140,572 Fund Balances - September 30 $ - $ - $ 143,538 $ 143,538 H-35 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, 2022 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Investment Income $ 300 $ 300 $ (1,320) $ (1,620) Total Revenues 300 300 4,687 4,387 EXPENDITURES: Current: Physical Environment: County-wide Solid Waste Projects 128,177 128,177 - 128,177 Total Expenditures 128,177 128,177 - 128,177 Excess/Deficiency of Revenues Over (Under) Expenditures (127,877) (127,877) 4,687 132,564 Net Change in Fund Balances (127,877) (127,877) 4,687 132,564 Fund Balances -October 1 127,877 127,877 127,989 112 Fund Balances - September 30 $ - $ - $ 132,676 $ 132,676 H-36 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, 2022 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Licenses and Permits $ 13,700 $ 13,700 $ 9,156 $ (4,544) Investment Income 131 131 (1,782) (1,913) Total Revenues 13,831 13,831 7,374 (6,457) EXPENDITURES: Current: Public Safety: District 1 Fire & EMS Project 81,330 81,330 - 81,330 District 2 Fire & EMS Project 6,060 6,060 - 6,060 District 3 Fire & EMS Project 94,723 94,723 - 94,723 Key Colony Beach Fire & EMS 1,269 1,269 - 1,269 Total Expenditures 183,382 183,382 - 183,382 Excess/Deficiency of Revenues Over (Under) Expenditures (169,551) (169,551) 7,374 176,925 Net Change in Fund Balances (169,551) (169,551) 7,374 176,925 Fund Balances -October 1 169,551 169,551 173,466 3,915 Fund Balances - September 30 $ - $ - $ 180,840 $ 180,840 H-37 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, 2022 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Taxes $ 14,254,218 $ 14,254,218 $ 13,704,459 $ (549,759) Intergovernmental 35,000 35,000 112,686 77,686 Charges for Services 650,000 684,325 1,047,844 363,519 Investment Income 83,000 83,000 (34,001) (117,001) Miscellaneous - - 13,937 13,937 Total Revenues 15,022,218 15,056,543 14,844,925 (211,618) EXPENDITURES: Current: Public Safety: Fire Rescue - Central 14,102,449 14,099,523 12,988,388 1,111,135 Total Public Safety 14,102,449 14,099,523 12,988,388 1,111,135 Debt Service: Principal - - 539 (539) Interest - - 23 (23) Total Debt Service - - 562 (562) Total Expenditures 14,102,449 14,099,523 12,988,950 1,110,573 Excess/Deficiency of Revenues Over (Under) Expenditures 919,769 957,020 1,855,975 898,955 Other Financing Sources (Uses): Reserve for Contingencies (726,739) (758,791) - 758,791 Reserve for Cash Balance (1,019,548) (1,019,548) - 1,019,548 Transfers to Other Funds (1,843,932) (1,849,131) (1,824,132) 24,999 Transfers from Other Funds 180,000 180,000 259,573 79,573 Total Other Financing Sources (Uses) (3,410,219) (3,447,470) (1,564,559) 1,882,911 Net Change in Fund Balances (2,490,450) (2,490,450) 291,416 2,781,866 Fund Balances -October 1 2,490,450 2,490,450 6,169,529 3,679,079 Fund Balances - September 30 $ - $ - $ 6,460,945 $ 6,460,945 H-38 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, 2022 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Taxes $ 2,693,614 $ 2,693,614 $ 2,524,030 $ (169,584) Intergovernmental 1,060,659 1,060,659 891,085 (169,574) Charges for Services 75,000 75,000 142,922 67,922 Investment Income 6,000 6,000 (17,620) (23,620) Miscellaneous 55,000 55,000 18,700 (36,300) Total Revenues 3,890,273 3,890,273 3,559,117 (331,156) EXPENDITURES: Current: Culture and Recreation: Parks and Beaches Unincorporated 3,266,004 3,266,004 2,966,218 299,786 Jacob's Aquatic Center 180,000 180,000 178,500 1,500 School Board Interlocal 32,000 32,000 32,000 - Total Expenditures 3,478,004 3,478,004 3,176,718 301,286 Excess/Deficiency of Revenues Over (Under) Expenditures 412,269 412,269 382,399 (29,870) Other Financing Sources (Uses): Reserve for Contingencies (90,000) (90,000) - 90,000 Reserve for Cash Balance (182,675) (182,675) - 182,675 Transfers to Other Funds (412,359) (412,359) (406,063) 6,296 Transfers from Other Funds - - 47,901 47,901 Total Other Financing Sources (Uses) (685,034) (685,034) (358,162) 326,872 Net Change in Fund Balances (272,765) (272,765) 24,237 297,002 Fund Balances -October 1 272,765 272,765 1,855,506 1,582,741 Fund Balances - September 30 $ - $ - $ 1,879,743 $ 1,879,743 H-39 This page is intentionally left blank. 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, 2022 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Taxes $ 510,000 $ 510,000 $ 500,157 $ (9,843) License and Permits - - 1,367 1,367 Intergovernmental 2,253,901 2,253,901 3,009,995 756,094 Charges for Services 3,305,000 3,465,650 3,649,358 183,708 Fines and Forfeitures 2,200,000 2,201,000 1,382,318 (818,682) Investment Income 140,000 140,000 (40,840) (180,840) Miscellaneous - - 651 651 Total Revenues 8,408,901 8,570,551 8,503,006 (67,545) Expenditures: Current: General Government: Affordable Housing - 120,000 91,187 28,813 Planning Department 2,767,394 2,767,394 2,668,560 98,834 Planning Commission 88,409 88,409 75,274 13,135 Planning Legal 941,568 965,884 898,516 67,368 Planning Building Refunds - - 20,801 (20,801) Total General Government 3,797,371 3,941,687 3,754,338 187,349 Public Safety: Code Enforcement 2,150,052 2,150,052 1,722,819 427,233 Fire and Rescue Coordinator 1,329,019 1,329,019 1,302,539 26,480 Fire Marshall 969,509 969,509 917,145 52,364 Total Public Safety 4,448,580 4,448,580 3,942,503 506,077 Physical Environment: Environmental Resources 1,082,654 1,082,654 671,436 411,218 Total Physical Environment 1,082,654 1,082,654 671,436 411,218 Debt Service: Principal - - 5,111 (5,111) Interest - - 363 (363) Total Debt Service - - 5,474 (5,474) Total Expenditures 9,328,605 9,472,921 8,373,751 1,099,170 Excess/Deficiency of Revenues Over (Under) Expenditures (919,704) (902,370) 129,255 1,031,625 (Continued) H-40 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, 2022 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) Other Financing Sources (Uses): Reserve for Contingencies (168,921) (180,686) - 180,686 Reserve for Cash Balance (883,804) (883,804) - 883,804 Transfers to Other Funds (1,437,124) (1,437,693) (1,437,693) - Transfers from Other Funds 10,000 10,000 - (10,000) Total Other Financing Sources (Uses) (2,479,849) (2,492,183) (1,437,693) 1,054,490 Net Change in Fund Balances (3,399,553) (3,394,553) (1,308,438) 2,086,115 Fund Balances -October 1 3,399,553 3,394,553 7,599,635 4,205,082 Fund Balances - September 30 $ - $ - $ 6,291,197 $ 6,291,197 H-41 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, 2022 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Taxes $ 5,002,608 $ 5,002,608 $ 4,687,146 $ (315,462) Charges for Services 4,527,260 4,663,315 4,608,088 (55,227) Investment Income 21,000 21,000 (21,355) (42,355) Total Revenues 9,550,868 9,686,923 9,273,879 (413,044) EXPENDITURES: Current: Public Safety: Insurance Unincorporated and Layton 606,983 606,983 562,743 44,240 Insurance Islamorada 249,516 249,516 231,820 17,696 Insurance Marathon 227,524 227,524 210,934 16,590 Total Expenditures 1,084,023 1,084,023 1,005,497 78,526 Excess/Deficiency of Revenues Over (Under) Expenditures 8,466,845 8,602,900 8,268,382 (334,518) Other Financing Sources (Uses): Reserve for Contingencies (181,460) (181,460) - 181,460 Reserve for Cash Balance (916,160) (916,160) - 916,160 Transfers to Other Funds (8,632,048) (8,768,103) (8,624,018) 144,085 Transfers from Other Funds 355,000 355,000 - (355,000) Total Other Financing Sources (Uses) (9,374,668) (9,510,723) (8,624,018) 886,705 Net Change in Fund Balances (907,823) (907,823) (355,636) 552,187 Fund Balances -October 1 907,823 907,823 2,565,750 1,657,927 Fund Balances - September 30 $ - $ - $ 2,210,114 $ 2,210,114 H-42 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, 2022 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Licenses and Permits $ 118,596 $ 118,596 $ 117,093 $ (1,503) Investment Income 4,500 4,500 (3,425) (7,925) Total Revenues 123,096 123,096 113,668 (9,428) EXPENDITURES: Current: Public Safety: Island Security 165,000 165,000 107,958 57,042 Total Expenditures 165,000 165,000 107,958 57,042 Excess/Deficiency of Revenues Over (Under) Expenditures (41,904) (41,904) 5,710 47,614 Other Financing Sources (Uses): Reserve for Contingencies (15,000) (15,000) - 15,000 Reserve for Cash Balance (30,000) (30,000) - 30,000 Transfers to Other Funds (1,100) (1,100) (1,000) 100 Transfers from Other Funds - - 479 479 Total Other Financing Sources (Uses) (46,100) (46,100) (521) 45,579 Net Change in Fund Balances (88,004) (88,004) 5,189 93,193 Fund Balances -October 1 88,004 88,004 340,084 252,080 Fund Balances - September 30 $ - $ - $ 345,273 $ 345,273 H-43 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL LOCAL HOUSING ASSISTANCE FOR THE YEAR ENDED SEPTEMBER 30, 2022 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Intergovernmental $ 475,000 $ 475,000 $ 825,872 $ 350,872 Investment Income 10,000 10,000 (19,250) (29,250) Miscellaneous 180,000 180,000 396,999 216,999 Total Revenues 665,000 665,000 1,203,621 538,621 EXPENDITURES: Current: Economic Environment: Homeowner Assistance 1,459,549 1,459,549 510,262 949,287 Total Expenditures 1,459,549 1,459,549 510,262 949,287 Excess/Deficiency of Revenues Over (Under) Expenditures (794,549) (794,549) 693,359 1,487,908 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 (824,549) (824,549) 693,359 1,517,908 Fund Balances -October 1 824,549 824,549 1,701,725 877,176 Fund Balances - September 30 $ - $ - $ 2,395,084 $ 2,395,084 H-44 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL AFFORDABLE HOUSING INITIATIVE FOR THE YEAR ENDED SEPTEMBER 30, 2022 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Licenses and Permits $ - $ 15,232 $ 15,232 $ - Total Revenues - 15,232 15,232 - EXPENDITURES: Current: Economic Environment: Affordable Housing - 15,232 - 15,232 Total Expenditures - 15,232 - 15,232 Excess/Deficiency of Revenues Over (Under) Expenditures - - 15,232 15,232 Other Financing Sources (Uses): Reserve for Contingencies - - - - Reserve for Cash Balance - - - - Total Other Financing Sources (Uses) - - - - Net Change in Fund Balances - - 15,232 15,232 Fund Balances -October 1 - - - - Fund Balances - September 30 $ - $ - $ 15,232 $ 15,232 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, 2022 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Charges for Services $ 755,000 $ 755,000 $ 732,924 $ (22,076) Investment Income 40,000 40,000 (36,185) (76,185) Total Revenues 795,000 795,000 696,739 (98,261) EXPENDITURES: Current: Physical Environment: Boating Improvement 1,174,644 629,356 191,593 437,763 Boating Imp Fees/Retained Vessel 537,897 1,052,897 783,359 269,538 Total Expenditures 1,712,541 1,682,253 974,952 707,301 Excess/Deficiency of Revenues Over (Under) Expenditures (917,541) (887,253) (278,213) 609,040 Other Financing Sources (Uses): Reserve for Contingencies (200,000) (200,000) - 200,000 Reserve for Cash Balance (350,000) (350,000) - 350,000 Transfers to Other Funds - (30,288) - 30,288 Total Other Financing Sources (Uses) (550,000) (580,288) - 580,288 Net Change in Fund Balances (1,467,541) (1,467,541) (278,213) 1,189,328 Fund Balances -October 1 1,467,541 1,467,541 3,567,629 2,100,088 Fund Balances - September 30 $ - $ - $ 3,289,416 $ 3,289,416 H-46 This page is intentionally left blank. 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, 2022 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Licenses and Permits $ - $ 15,363 $ 39,936 $ 24,573 Charges for Services - 119,179 1,271,802 1,152,623 Fines and Forfeitures - 32,137 290,715 258,578 Investment Income - - (33,864) (33,864) Miscellaneous - 224,566 74,464 (150,102) Total Revenues - 391,245 1,643,053 1,251,808 EXPENDITURES: Current: General Government: Legal Scholar Program - 5,000 4,900 100 Total General Government - 5,000 4,900 100 Public Safety: Education-Building Department 88,400 103,533 31,508 72,025 Environmental Resource Education 50,000 50,230 29,412 20,818 Fire and Rescue Bldg Education 5,000 5,000 - 51000 Crime Prevention Program 507000 507000 - 507000 Total Public Safety 1937400 2087763 607920 1477843 Economic Environment: Municipality Mobile LIDAR Services - 727066 727066 - Total Culture and Recreation - 727066 727066 - Human Services: FL Keys Council for the Handicapped 37000 37000 - 37000 Bayshore Donations 17557 17557 - 17557 Traffic Education, Ord 021-2002 507000 1177799 1177799 - Legal Aid - 317901 217190 107711 Total Human Services 547557 1547257 1387989 157268 Culture and Recreation: Settler's Park Landscaping 27633 27633 - 27633 Smatlak Trust Fund - 1507000 - 1507000 Library Special Programs 307000 307255 - 307255 Library Donation-Golan Trust 2507000 2507000 - 2507000 Total Culture and Recreation 2827633 4327888 - 4327888 (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, 2022 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) Court Related: Ord 016-2004 St Court Sup 25,000 34,562 534 34,028 SA Ct Tech FS28.24(12)(E) 335,000 364,518 249,450 115,068 PD Ct Tech FS28.24(12)(E) 100,000 119,679 37,142 82,537 J Ct Tech FS28.24(12)(E) 118,755 167,952 147,189 20,763 Total Court Related 578,755 686,711 434,315 252,396 Debt Service: Principal - - 14,436 (14,436) Interest - - 1,280 (1,280) Total Debt Service - - 15,716 (15,716) Total Expenditures 1,109,345 1,559,685 726,906 832,779 Excess/Deficiency of Revenues Over (Under) Expenditures (1,109,345) (1,168,440) 916,147 2,084,587 Other Financing Sources (Uses): Reserve for Contingencies (1,246,893) (1,088,485) - 1,088,485 Transfers to Other Funds (140,000) (241,813) (223,452) 18,361 Transfers from Other Funds - 2,500 - (2,500) Total Other Financing Sources (Uses) (1,386,893) (1,327,798) (223,452) 1,104,346 Net Change in Fund Balances (2,496,238) (2,496,238) 692,695 3,188,933 Fund Balances -October 1 2,496,238 2,496,238 3,189,631 693,393 Fund Balances - September 30 $ - $ - $ 3,882,326 $ 3,882,326 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, 2022 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Charges for Services $ - $ - $ 18 $ 18 Fines and Forfeitures 650,000 650,000 1,214,365 564,365 Investment Income 15,000 15,000 (48,590) (63,590) Total Revenues 665,000 665,000 1,165,793 500,793 EXPENDITURES: Current: Physical Environment: Environmental Restoration 625,670 600,670 399,524 201,146 Total Environmental Restoration 625,670 600,670 399,524 201,146 Culture and Recreation: Settler's Park 9,083 9,083 - 9,083 Total Culture and Recreation 9,083 9,083 - 9,083 Total Expenditures 634,753 609,753 399,524 210,229 Excess/Deficiency of Revenues Over (Under) Expenditures 30,247 55,247 766,269 711,022 Other Financing Sources (Uses): Reserve for Contingencies (65,000) (65,000) - 65,000 Reserve for Cash Balance (125,000) (125,000) - 125,000 Transfers from Other Funds - - - - Transfers to Other Funds - (25,000) - 25,000 Total Other Financing Sources (Uses) (190,000) (215,000) - 215,000 Net Change in Fund Balances (159,753) (159,753) 766,269 926,022 Fund Balances -October 1 159,753 159,753 4,650,045 4,490,292 Fund Balances - September 30 $ - $ - $ 5,416,314 $ 5,416,314 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, 2022 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Charges for Services $ 450,000 $ 450,000 $ 573,620 $ 123,620 Investment Income 40,000 40,000 (49,140) (89,140) Total Revenues 490,000 490,000 524,480 34,480 EXPENDITURES: Current: Court Related: Court Facility 997,300 997,300 644,837 352,463 Total Expenditures 997,300 997,300 644,837 352,463 Excess/Deficiency of Revenues Over (Under) Expenditures (507,300) (507,300) (120,357) 386,943 Other Financing Sources (Uses): Reserve for Contingencies (50,000) (50,000) - 50,000 Reserve for Cash Balance (45,000) (45,000) - 45,000 Transfers from Other Funds - - - - Total Other Financing Sources (Uses) (95,000) (95,000) - 95,000 Net Change in Fund Balances (602,300) (602,300) (120,357) 481,943 Fund Balances -October 1 602,300 602,300 4,806,830 4,204,530 Fund Balances - September 30 $ - $ - $ 4,686,473 $ 4,686,473 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, 2022 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Charges for Services $ 30,000 $ 30,000 $ 37,579 $ 7,579 Investment Income 1,000 1,000 (540) (1,540) Total Revenues 31,000 31,000 37,039 6,039 EXPENDITURES: Current: Human Services: Children's Shelter - 15,268 15,268 - Florida Keys Outreach Coalition - 4,865 4,865 - Heron/Peacock - 34,867 19,911 14,956 Total Expenditures - 55,000 40,044 14,956 Excess/Deficiency of Revenues Over (Under) Expenditures 31,000 (24,000) (3,005) 6,039 Other Financing Sources (Uses): Reserve for 164 - - - - Reserve for Contingencies (5,000) (5,000) - 5,000 Reserve for Cash Balance (5,000) (5,000) - 5,000 Transfers to Other Funds - - - - Total Other Financing Sources (Uses) (10,000) (10,000) - 10,000 Net Change in Fund Balances 21,000 (34,000) (3,005) 30,995 Fund Balances -October 1 34,000 34,000 47,600 13,600 Fund Balances -September 30 $ 55,000 $ - $ 44,595 $ 44,595 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, 2022 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Investment Income $ - $ - $ (28) $ (28) Total Revenues - - (28) (28) 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) (28) 1,972 Other Financing Sources (Uses): Transfers to Other Funds (300) (300) - 300 Reserve for Contingencies (388) (388) - 388 Total Other Financing Sources (Uses) (688) (688) - 688 Net Change in Fund Balances (2,688) (2,688) (28) 2,660 Fund Balances -October 1 2,688 2,688 2,764 76 Fund Balances - September 30 $ - $ - $ 2,736 $ 2,736 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, 2022 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Taxes $ 2,225,594 $ 2,225,594 $ 2,155,999 $ (69,595) Investment Income 5,800 5,800 258 (5,542) Total Revenues 2,231,394 2,231,394 2,156,257 (75,137) EXPENDITURES: Current: Human Services: Middle Keys Health Care 1,906,480 1,982,985 1,982,985 - Total Expenditures 1,906,480 1,982,985 1,982,985 - Excess/Deficiency of Revenues Over (Under) Expenditures 324,914 248,409 173,272 (75,137) Other Financing Sources (Uses): Reserve for Contingencies (73,240) - - - Reserve for Cash Balance (111,297) (111,297) - 111,297 Transfers to Other Funds (104,623) (101,358) (101,363) (5) Transfers from Other Funds 31,000 31,000 40,738 9,738 Total Other Financing Sources (Uses) (258,160) (181,655) (60,625) 121,030 Net Change in Fund Balances 66,754 66,754 112,647 45,893 Fund Balances -October 1 (66,754) (66,754) - 66,754 Fund Balances - September 30 $ - $ - $ 112,647 $ 112,647 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, 2022 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Investment Income $ - $ - $ (497) $ (497) Total Revenues - - (497) (497) EXPENDITURES: Current: Physical Environment: Bay Point Wastewater 46,030 46,030 - 46,030 Total Expenditures 46,030 46,030 - 46,030 Excess/Deficiency of Revenues Over (Under) Expenditures (46,030) (46,030) (497) 45,533 Other Financing Sources (Uses): Reserve for Contingencies (2,000) (2,000) - 2,000 Total Other Financing Sources (Uses) (2,000) (2,000) - 2,000 Net Change in Fund Balances (48,030) (48,030) (497) 47,533 Fund Balances -October 1 48,030 48,030 48,521 491 Fund Balances - September 30 $ - $ - $ 48,024 $ 48,024 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, 2022 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Investment Income $ - $ - $ (5) $ (5) Total Revenues - - (5) (5) EXPENDITURES: Current: Physical Environment: Big Coppitt Wastewater 400 400 - 400 Total Expenditures 400 400 - 400 Excess/Deficiency of Revenues Over (Under) Expenditures (400) (400) (5) 395 Other Financing Sources (Uses): Reserve for Contingencies (85) (85) - 85 Total Other Financing Sources (Uses) (85) (85) - 85 Net Change in Fund Balances (485) (485) (5) 480 Fund Balances -October 1 485 485 536 51 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, 2022 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Taxes $ - $ - $ 48 $ 48 Investment Income - - (94) (94) Total Revenues - - (46) (46) EXPENDITURES: Current: Physical Environment: Key Largo Wastewater 8,604 8,604 - 8,604 Total Expenditures 8,604 8,604 - 8,604 Excess/Deficiency of Revenues Over (Under) Expenditures (8,604) (8,604) (46) 8,558 Other Financing Sources (Uses): Reserve for Contingencies (500) (500) - 500 Transfers from Other Funds - - 1 1 Total Other Financing Sources (Uses) (500) (500) 1 501 Net Change in Fund Balances (9,104) (9,104) (45) 9,059 Fund Balances -October 1 9,104 9,104 9,164 60 Fund Balances - September 30 $ - $ - $ 9,119 $ 9,119 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, 2022 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Licenses and Permits $ 120,000 $ 120,000 $ 90,735 $ (29,265) Investment Income 15,000 15,000 49,431 34,431 Miscellaneous Income - - 10,183 10,183 Total Revenues 135,000 135,000 150,349 15,349 EXPENDITURES: Current: Physical Environment: Stock Island Wastewater 400,000 400,000 3,565 396,435 Total Expenditures 400,000 400,000 3,565 396,435 Excess/Deficiency of Revenues Over (Under) Expenditures (265,000) (265,000) 146,784 411,784 Other Financing Sources (Uses): Reserve for Contingencies - - - - Reserve for Cash Balance - - - - Transfers to Other Funds (758,170) (758,170) (2,000) 756,170 Transfers from Other Funds 400 400 959 559 Total Other Financing Sources (Uses) (757,770) (757,770) (1,041) 756,729 Net Change in Fund Balances (1,022,770) (1,022,770) 145,743 1,168,513 Fund Balances -October 1 1,022,770 1,022,770 1,230,088 207,318 Fund Balances - September 30 $ - $ - $ 1,375,831 $ 1,375,831 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, 2022 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Investment Income $ - $ - $ (6) $ (6) Total Revenues - - (6) (6) EXPENDITURES: Current: Physical Environment: Conch Key MSTU 409 409 - 409 Total Expenditures 409 409 - 409 Excess/Deficiency of Revenues Over (Under) Expenditures (409) (409) (6) 403 Other Financing Sources/(Uses): Reserve for Contingencies (100) (100) - 100 Total Other Financing Sources/(Uses) (100) (100) - 100 Net Change in Fund Balances (509) (509) (6) 503 Fund Balances -October 1 509 509 601 92 Fund Balances - September 30 $ - $ - $ 595 $ 595 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, 2022 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Investment Income $ - $ - $ (2,707) $ (2,707) Total Revenues - - (2,707) (2,707) EXPENDITURES: Current: Physical Environment: Long Key-Layton Wastewater 219,227 219,227 1,218 218,009 Total Expenditures 219,227 219,227 1,218 218,009 Excess/Deficiency of Revenues Over (Under) Expenditures (219,227) (219,227) (3,925) 215,302 Other Financing Sources (Uses): Reserve for Contingencies (15,000) (15,000) - 15,000 Reserve for Cash Balance (33,000) (33,000) - 33,000 Total Other Financing Sources (Uses) (48,000) (48,000) - 48,000 Net Change in Fund Balances (267,227) (267,227) (3,925) 263,302 Fund Balances -October 1 267,227 267,227 265,652 (1,575) Fund Balances - September 30 $ - $ - $ 261,727 $ 261,727 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, 2022 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Investment Income $ - $ - $ (482) $ (482) Total Revenues - - (482) (482) EXPENDITURES: Current: Physical Environment: Duck Key Wastewater 43,211 43,211 1,758 41,453 Total Expenditures 43,211 43,211 1,758 41,453 Excess/Deficiency of Revenues Over (Under) Expenditures (43,211) (43,211) (2,240) 40,971 Other Financing Sources (Uses): Reserve for Contingencies (5,000) (5,000) - 5,000 Total Other Financing Sources (Uses) (5,000) (5,000) - 5,000 Net Change in Fund Balances (48,211) (48,211) (2,240) 45,971 Fund Balances -October 1 48,211 48,211 48,000 (211) Fund Balances - September 30 $ - $ - $ 45,760 $ 45,760 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, 2022 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Licenses and Permits $ 34,943 $ 34,943 $ 28,897 $ (6,046) Investment Income - - (397) (397) Total Revenues 34,943 34,943 28,500 (6,443) EXPENDITURES: Current: Physical Environment: Canal #266 54,583 54,583 14,651 39,932 Total Expenditures 54,583 54,583 14,651 39,932 Excess/Deficiency of Revenues Over (Under) Expenditures (19,640) (19,640) 13,849 33,489 Other Financing Sources (Uses): Reserve for Contingencies (5,000) (5,000) - 5,000 Reserve for Cash Balance (10,000) (10,000) - 10,000 Transfers to Other Funds (1,048) (1,048) - 1,048 Total Other Financing Sources (Uses) (16,048) (16,048) - 16,048 Net Change in Fund Balances (35,688) (35,688) 13,849 49,537 Fund Balances -October 1 35,688 35,688 40,174 4,486 Fund Balances - September 30 $ - $ - $ 54,023 $ 54,023 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, 2022 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Licenses and Permits $ 5,600,000 $ 5,600,000 $ 5,961,032 $ 361,032 Charges for Services 120,000 120,000 130,093 10,093 Investment Income 40,000 40,000 (26,798) (66,798) Miscellaneous 33,000 33,000 32,397 (603) Total Revenues 5,793,000 5,793,000 6,096,724 303,724 EXPENDITURES: Current: Public Safety Building Department 6,127,306 6,127,306 5,690,791 436,515 Building Department Legal 32,098 38,668 38,307 361 Building Refunds 90,000 90,000 42,971 47,029 Total Public Safety 6,249,404 6,255,974 5,772,069 483,905 Debt Service: Principal - - 7,052 (7,052) Interest - - 452 (452) Total Debt Service - - 7,504 (7,504) Total Expenditures 6,249,404 6,255,974 5,779,573 476,401 Excess/Deficiency of Revenues Over (Under) Expenditures (456,404) (462,974) 317,151 780,125 Other Financing Sources (Uses): Reserve for Contingencies (30,000) (23,430) - 23,430 Reserve for Cash Balance (146,844) (146,844) - 146,844 Transfer to Other Funds (538,659) (538,659) (538,659) - Total Other Financing Sources (Uses) (715,503) (708,933) (538,659) 170,274 Net Change in Fund Balances (1,171,907) (1,171,907) (221,508) 950,399 Fund Balances -October 1 1,171,907 1,171,907 3,463,093 2,291,186 Fund Balances - September 30 $ - $ - $ 3,241,585 $ 3,241,585 H-62 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, 2022 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Investment Income $ - $ - $ (53,065) $ (53,065) Total Revenues - - (53,065) (53,065) EXPENDITURES: Capital Projects- Culture and Recreation - - - - Capital Projects - Buildings 3,200,000 5,468,202 4,174,952 1,293,250 Total Expenditures 3,200,000 5,468,202 4,174,952 1,293,250 Excess/Deficiency of Revenues Over (Under) Expenditures (3,200,000) (5,468,202) (4,228,017) 1,240,185 OTHER FINANCING SOURCES (USES): Reserve for Contingencies (300,207) (283,607) - 283,607 Transfers from Other Funds - 961,291 961,291 - Total Other Financing Sources (Uses) (300,207) 677,684 961,291 283,607 Net Change in Fund Balances (3,500,207) (4,790,518) (3,266,726) 1,523,792 Fund Balances -October 1 3,500,207 4,790,518 4,804,886 14,368 Fund Balances -September 30 $ - $ - $ 1,538,160 $ 1,538,160 H-63 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, 2022 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Investment Income $ - $ - $ 154 $ 154 Total Revenues - - 154 154 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) 154 100,154 Other Financing Sources (Uses): Issuance of Debt - - - - Transfers to Other Funds - - - - Total Other Financing Sources (Uses) - - - - Net Change in Fund Balances (100,000) (100,000) 154 100,154 Fund Balances -October 1 100,000 100,000 112,444 12,444 Fund Balances -September 30 $ - $ - $ 112,598 $ 112,598 H-64 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, 2022 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Investment Income $ - $ - $ - $ - Total Revenues - - - - EXPENDITURES: Capital Projects - - - - Total Expenditures - - - - Excess/Deficiency of Revenues Over (Under) Expenditures - - - - Other Financing Sources (Uses): Transfer to Other Funds (200,000) (200,000) - 200,000 Total Other Financing Sources (Uses) (200,000) (200,000) - 200,000 Net Change in Fund Balances (200,000) (200,000) - 200,000 Fund Balances -October 1 200,000 200,000 186,086 (13,914) Fund Balances -September 30 $ - $ - $ 186,086 $ 186,086 H-65 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, 2022 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Licenses and Permits $ 330,000 $ 330,000 $ 172,211 $ (157,789) Investment Income 5,000 5,000 37,111 32,111 Miscellaneous Income - - 31,116 31,116 Total Revenues 335,000 335,000 240,438 (94,562) EXPENDITURES: Current: Capital Outlay: Big Coppitt Special Assessment 30,000 30,000 19,736 10,264 Total Capital Outlay Expenditures 30,000 30,000 19,736 10,264 Excess/Deficiency of Revenues Over(Under) Expenditures 305,000 305,000 220,702 (84,298) Other Financing Sources (Uses): Transfers from Other Funds 250,000 250,000 250,791 791 Transfers to Other Funds (682,000) (682,000) (682,000) - Total Other Financing Sources (Uses) (432,000) (432,000) (431,209) 791 Net Change in Fund Balances (127,000) (127,000) (210,507) (83,507) Fund Balances -October 1 127,000 127,000 337,043 210,043 Fund Balances -September 30 $ - $ - $ 126,536 $ 126,536 H-66 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, 2022 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Licenses and Permits $ 80,000 $ 80,000 $ 32,932 $ (47,068) Investment Income 2,500 2,500 2,548 48 Miscellaneous - - 6,597 6,597 Total Revenues 82,500 82,500 42,077 (40,423) EXPENDITURES: Capital Projects 30,000 30,000 350 29,650 Total Expenditures 30,000 30,000 350 29,650 Excess/Deficiency of Revenues Over (Under) Expenditures 52,500 52,500 41,727 (10,773) Other Financing Sources (Uses): Transfer From Other Funds - - 168 168 Total Other Financing Sources (Uses) (668,914) (668,914) 168 669,082 Net Change in Fund Balances (616,414) (616,414) 41,895 658,309 Fund Balances -October 1 616,414 616,414 622,510 6,096 Fund Balances -September 30 $ - $ - $ 664,405 $ 664,405 H-67 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, 2022 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Investment Income $ - $ - $ (582) $ (582) Total Revenues - - (582) (582) EXPENDITURES: Capital Projects - - - - Total Expenditures - - - - Excess/Deficiency of Revenues Over (Under) Expenditures - - (582) (582) Other Financing Sources (Uses): Transfer To Other Funds (425,000) (425,000) - 425,000 Total Other Financing Sources (Uses) (425,000) (425,000) - 425,000 Net Change in Fund Balances (425,000) (425,000) (582) 424,418 Fund Balances -October 1 425,000 425,000 398,882 (26,118) Fund Balances -September 30 $ - $ - $ 398,300 $ 398,300 H-68 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, 2022 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Intergovernmental Revenue $ - $ - $ 15,325 $ 15,325 Investment Income 5,000 5,000 (8,968) (13,968) Miscellaneous Income - - 60,102 60,102 Total Revenues 5,000 5,000 66,459 61,459 EXPENDITURES: Capital Projects 1,212,715 1,362,715 346,208 1,016,507 Total Expenditures 1,212,715 1,362,715 346,208 1,016,507 Excess/Deficiency of Revenues Over (Under) Expenditures (1,207,715) (1,357,715) (279,749) 1,077,966 Net Change in Fund Balances (707,715) (707,715) 220,251 927,966 Fund Balances -October 1 707,715 707,715 961,623 253,908 Fund Balances -September 30 $ - $ - $ 1,181,874 $ 1,181,874 H-69 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, 2022 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Charges for Services $ 66,000 $ 60,000 $ 58,324 $ (1,676) Total Revenues 66,000 60,000 58,324 (1,676) EXPENDITURES: Current: Public Safety 67,500 55,000 50,385 4,615 Excess/(Deficiency) of Revenues Over/(Under) Expenditures (1,500) 5,000 7,939 2,939 Other Financing Sources/(Uses): Transfers from Other Funds - - - - Total Other Financing Sources/Uses - - - - Net Change in Fund Balances (1,500) 5,000 7,939 2,939 Fund Balances -October 1 - - - - Fund Balances -September 30 $ (1,500) $ 5,000 $ 7,939 $ 2,939 H-70 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, 2022 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Intergovernmental $ - $ - $ 255,937 $ 255,937 Investment Income - - 16,280 16,280 Miscellaneous Income - - 69,454 69,454 Total Revenues - - 341,671 341,671 EXPENDITURES: Current: Public Safety: Law Enforcement 321,255 360,000 1,244,362 (884,362) Total Expenditures 321,255 360,000 1,244,362 (884,362) Excess/(Deficiency) of Revenues Over/(Under) Expenditures (321,255) (360,000) (902,691) (542,691) Other Financing Sources/(Uses): Transfers from Other Funds - - - - Transfers to Other Funds - - - - Total Other Financing Resources - - - - Net Change in Fund Balances (321,255) (360,000) (902,691) (542,691) Fund Balances -October 1 - - - - Fund Balances -September 30 $ (321,255) $ (360,000) $ (902,691) $ (542,691) H-71 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, 2022 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Fines and Forfeitures $ 49,000 $ 70,945 $ 61,781 $ (9,164) Investment Income 500 1,000 11,473 10,473 Miscellaneous Income - - 687,013 687,013 Total Revenues 49,500 71,945 760,267 688,322 EXPENDITURES: Current: Public Safety: Law Enforcement 3,500 42,445 66,893 (24,448) Total Expenditures 3,500 42,445 66,893 (24,448) Excess/(Deficiency) of Revenues Over/(Under) Expenditures 46,000 29,500 693,374 663,874 Other Financing Sources/(Uses): Transfers to Other Funds - - - - Net Change in Fund Balances 46,000 29,500 693,374 663,874 Fund Balances -October 1 - - 3,471,103 3,471,103 Fund Balances -September 30 $ 46,000 $ 29,500 $ 4,164,477 $ 4,134,977 H-72 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, 2022 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Intergovernmental $ 890,000 $ 1,305,000 $ 1,288,459 $ (16,541) Charges for Services 3,780,000 3,610,000 3,601,900 (8,100) Investment Income 10,000 10,000 7,850 (2,150) Total Revenues 4,680,000 4,925,000 4,898,209 (26,791) EXPENDITURES: Current: Public Safety 4,640,000 5,038,150 5,014,291 23,859 Total Expenditures 4,640,000 5,038,150 5,014,291 23,859 Excess/(Deficiency) of Revenues Over/(Under) Expenditures 40,000 (113,150) (116,082) (2,932) Other Financing Sources/(Uses): Transfers from Other Funds - - 9,200 9,200 Total other financing sources (uses) - - 9,200 9,200 Net Change in Fund Balances 40,000 (113,150) (106,882) 6,268 Fund Balances -October 1 1,337,403 1,337,403 651,653 (685,750) Fund Balances -September 30 $ 1,377,403 $ 1,224,253 $ 544,771 $ (679,482) H-73 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL SHERIFF'S INMATE COMMISSARY SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2022 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Charges for Services $ 525,000 $ 624,000 $ 609,441 $ (14,559) Investment Income 6,000 9,000 8,597 (403) Miscellaneous 19,000 42,000 41,142 (858) Total Revenues 550,000 675,000 659,180 (15,820) EXPENDITURES: Current: Public Safety 500,000 531,000 510,348 20,652 Excess/(Deficiency) of Revenues Over/(Under) Expenditures 50,000 144,000 148,832 4,832 Net Change in Fund Balances 50,000 144,000 148,832 4,832 Fund Balances -October 1 1,114,688 1,114,688 1,337,403 222,715 Fund Balances -September 30 $ 1,164,688 $ 1,258,688 $ 1,486,235 $ 227,547 H-74 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, 2022 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Charges for Services $ 35,000 $ 35,000 $ 32,180 $ (2,820) Investment Income 5,000 5,000 1,547 (3,453) Miscellaneous Income - 500 174 (326) Total Revenues 40,000 40,500 33,901 (6,599) EXPENDITURES: Current: Public Safety 405,000 225,000 211,892 13,108 Total Expenditures 405,000 225,000 211,892 13,108 Excess/(Deficiency) of Revenues Over/(Under) Expenditures (365,000) (184,500) (177,991) 6,509 Other Financing Sources/(Uses): Transfers from Other Funds 207,000 194,500 191,407 (3,093) Net Change in Fund Balances (158,000) 10,000 13,416 3,416 Fund Balances -October 1 200,733 200,733 - (200,733) Fund Balances -September 30 $ 42,733 $ 210,733 $ 13,416 $ (197,317) H-75 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, 2022 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) EXPENDITURES: Current: Public Safety $ 5,234,604 $ 6,234,604 $ 5,966,269 $ 268,335 Excess/(Deficiency) of Revenues Over/(Under) Expenditures (5,234,604) (6,234,604) (5,966,269) 268,335 Other Financing Sources/(Uses): Transfers from Other Funds 5,234,604 6,234,604 6,234,604 - Transfers to Other Funds - - (268,335) (268,335) Total Other Financing Sources/Uses 5,234,604 61234,604 5,966,269 (268,335) Net Change in Fund Balances - - - - Fund Balances -October 1 - - 200,734 200,734 Fund Balances -September 30 $ - $ - $ 200,734 $ 200,734 H-76 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, 2022 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Charges for Services $ - $ - $ 58,286 $ 58,286 EXPENDITURES: Current: Public Safety 715,905 891,905 828,995 62,910 Excess/(Deficiency) of Revenues Over/(Under) Expenditures (715,905) (891,905) (770,709) 121,196 Other Financing Sources/(Uses): Transfers from Other Funds 715,905 891,905 833,619 (58,286) Transfers to Other Funds - - (62,910) (62,910) Total Other Financing Sources/Uses 715,905 891,905 770,709 (121,196) Net Change in Fund Balances - - - - Fund Balances -October 1 - - - - Fund Balances -September 30 $ - $ - $ - $ - H-77 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, 2022 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Intergovernmental $ 965,000 $ 765,000 $ 599,059 $ (165,941) Total Revenues 965,000 765,000 599,059 (165,941) EXPENDITURES: Current: Public Safety 1,075,000 1,295,000 1,239,812 55,188 Total Expenditures 1,075,000 1,295,000 1,239,812 55,188 Excess/(Deficiency) of Revenues Over/(Under) Expenditures (110,000) (530,000) (640,753) (110,753) Other Financing Sources/(Uses): Transfers to Other Funds - - (22,850) (22,850) Transfers from Other Funds 175,000 175,000 322,350 147,350 Total Other Financing Sources/Uses 175,000 175,000 299,500 124,500 Net Change in Fund Balances 65,000 (355,000) (341,253) 13,747 Fund Balances -October 1 (26,375) (26,375) - 26,375 Fund Balances -September 30 $ 38,625 $ (381,375) $ (341,253) $ 40,122 H-78 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, 2022 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Investment Income $ 15,000 $ (325,000) $ (324,106) $ 894 Total Revenues 15,000 (325,000) (324,106) 894 EXPENDITURES: Current: Public Safety: Law Enforcement 50 300 220 80 Grants and Aid 135,000 155,000 150,391 4,609 Total Expenditures 135,050 155,300 150,611 4,689 Excess/Deficiency of Revenues Over (Under) Expenditures (120,050) (480,300) (474,717) (3,795) Net Change in Fund Balances (120,050) (480,300) (474,717) (5,583) Fund Balances -October 1 5,048,106 5,048,106 (26,376) (5,074,482) Fund Balances -September 30 $ 4,928,056 $ 4,567,806 $ (501,093) $ (5,080,065) H-79 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, 2022 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Charges for Services $ 242,000 $ 229,500 $ 566,678 $ 337,178 Investment Income 5,000 5,000 10,016 5,016 Miscellaneous Income - 500 - (500) Total Revenues 247,000 235,000 576,694 341,694 EXPENDITURES: Current: Public Safety 405,000 225,000 412,286 (187,286) Total Expenditures 405,000 225,000 412,286 (187,286) Excess/Deficiency of Revenues Over (Under) Expenditures (158,000) 10,000 164,408 528,980 Net Change in Fund Balances (158,000) 10,000 164,408 528,980 Fund Balances -October 1 200,733 200,733 5,048,106 4,847,373 Fund Balances -September 30 $ 42,733 $ 210,733 $ 5,212,514 $ 5,001,781 H-80 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, 2022 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Charges for Services $ 285,000 $ 285,000 $ 354,193 $ 69,193 Investment Income 35,000 35,000 37,579 2,579 Total Revenues 320,000 320,000 391,772 71,772 EXPENDITURES: Current: Court Related: Modernization Trust - - - - Excess/Deficiency of Revenues Over (Under) Expenditures 320,000 320,000 391,772 71,772 Net Change in Fund Balances 320,000 320,000 391,772 71,772 Fund Balances -October 1 (320,000) (320,000) 1,301,746 1,621,746 Fund Balances -September 30 $ - $ - $ 1,693,518 $ 1,693,518 H-81 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, 2022 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Intergovernmental $ 1,217,316 $ 1,255,998 $ 1,503,183 $ 247,185 Charges for Services 1,137,860 1,137,860 908,815 (229,045) Fines and Forfeitures 1,338,357 1,338,357 2,037,213 698,856 Investment Income 25,000 25,000 27,977 2,977 Miscellaneous - - 5,453 5,453 Total Revenues 3,718,533 3,757,215 4,482,641 725,426 EXPENDITURES: Current: Court Related: Clerk Administration 1,484,114 889,114 539,449 349,665 Clerk Records Management 45,717 105,717 97,097 8,620 Clerk Jury Management 131,022 181,022 167,633 13,389 Clerk Circuit Court Criminal 658,559 958,559 933,112 25,447 Clerk Circuit Court Civil 428,854 467,536 433,464 34,072 Clerk Court Information Systems 569,385 679,385 692,692 (13,307) Clerk Circuit Court Family 234,878 184,878 115,446 69,432 Clerk Circuit Court Juvenile 157,800 157,800 118,631 39,169 Clerk Circuit Court Probate 161,474 161,474 122,407 39,067 Clerk County Court Criminal 549,631 549,631 485,369 64,262 Clerk County Court Civil 286,846 286,846 284,887 1,959 Clerk County Court Traffic 634,753 759,753 733,554 26,199 Debt Service: Principal - - 11,626 Interest - - 760 Total Expenditures 5,343,033 5,381,715 4,736,127 657,974 Excess/(Deficiency) of Revenues Over/(Under) Expenditures (1,624,500) (1,624,500) (253,486) 1,383,400 OTHER FINANCING SOURCES/(USES): Lease Financing - - 14,658 14,658 Transfer from Other Funds 1,624,500 1,624,500 1,624,500 - Transfer to Other funds - - (801,361) (801,361) Transfer to Florida Department of Revenue - - (584,311) (584,311) Total Other Financing Sources/(Uses) 1,624,500 1,624,500 253,486 (1,371,014) Net Change in Fund Balances - - - - Fund Balances -October 1 - - 3,272,178 3,272,178 Fund Balances -September 30 $ - $ - $ 3,272,178 $ 3,272,178 H-82 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, 2022 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Licenses and Permits $ 2,343,905 $ 2,343,905 $ 1,032,082 $ (1,311,823) Investment Income - - 536,796 536,796 Miscellaneous - - 124,649 124,649 Total Revenues 2,343,905 2,343,905 1,693,527 (650,378) EXPENDITURES: Current: Capital Outlay: Cudjoe Regional Wastewater Project Special Assessment Refunds 25,000 25,000 - 25,000 Special Assessments 708,328 708,328 145,272 563,056 Total Physical Environment 733,328 733,328 145,272 588,056 Total Capital Outlay Expenditures 733,328 733,328 145,272 588,056 Excess/Deficiency of Revenues Over (Under) Expenditures 1,610,577 1,610,577 1,548,255 (62,322) OTHER FINANCING SOURCES (USES): Transfers from Other Funds - - 2,876 2,876 Transfers to Other Funds (2,125,740) (2,125,740) (2,125,740) - Total Other Financing Sources (Uses) (2,224,008) (2,224,008) (2,122,864) 101,144 Net Change in Fund Balances (613,431) (613,431) (574,609) 38,822 Fund Balances -October 1 613,431 613,431 4,703,405 4,089,974 Fund Balances -September 30 $ - $ - $ 4,128,796 $ 4,128,796 H-83 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, 2022 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Taxes $ 24,566,456 $ 24,566,456 $ 34,358,790 $ 9,792,334 Charges for Services - - 2,507 2,507 Investment Income 50,000 50,000 (220,613) (270,613) Miscellaneous - 822,584 614,419 (208,165) Total Revenues 24,616,456 25,439,040 34,755,103 9,316,063 EXPENDITURES: Current: Capital Outlay: General Government 9,159,723 9,974,309 5,428,449 4,545,860 Public Safety 1,787,000 2,111,946 96,264 2,015,682 Physical Environment 687,422 689,947 134,497 555,450 Transportation: Const. Mgmt. 2,365,730 6,249,686 2,878,772 3,370,914 Culture and Recreation 1,879,722 2,691,676 2,334,266 357,410 Total Capital Outlay Expenditures 15,879,597 21,717,564 10,872,248 10,845,316 Debt Service: Principal - - 1,630 (1,630) Interest - - 128 (128) Total Debt Service - - 1,758 (1,758) Total Expenditures 15,879,597 21,717,564 10,874,006 10,843,558 Excess/Deficiency of Revenues Over (Under) Expenditures 8,736,859 3,721,476 23,881,097 20,159,621 OTHER FINANCING SOURCES (USES): Reserve for Contingencies (1,777,420) (772,595) - 772,595 Reserve for Cash Balance (4,427,175) (4,427,175) - 4,427,175 Transfers from Other Funds 1,422,084 1,608,170 - (1,608,170) Transfers to Other Funds (16,566,218) (19,134,491) (19,207,766) (73,275) Total Other Financing Sources (Uses) (21,348,729) (22,726,091) (19,207,766) 3,518,325 Net Change in Fund Balances (12,611,870) (19,004,615) 4,673,331 23,677,946 Fund Balances -October 1 12,611,870 19,004,615 27,309,988 8,305,373 Fund Balances -September 30 $ - $ - $ 31,983,319 $ 31,983,319 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, 2022 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Investment Income $ 15,000 $ 15,000 $ (1,334) $ (16,334) Total Revenues 15,000 15,000 (1,334) (16,334) EXPENDITURES: Current: Debt Service: Clean Water SRF Loan Principal 10,061,482 10,061,482 6,521,327 3,540,155 Interest - - 3,540,091 (3,540,091) Total Clean Water SRF Loan 10,061,482 10,061,482 10,061,418 64 2014 Revenue Bonds Principal 4,279,336 4,279,336 3,990,000 289,336 Interest - - 289,336 (289,336) Total 2014 Revenue Bonds 4,279,336 4,279,336 4,279,336 - 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 1,124,263 1,124,263 900,000 224,263 Interest - - 224,263 (224,263) Total 2016 Revenue Bonds 1,124,263 1,124,263 1,124,263 - (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, 2022 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) 2018 Hurricane Irma Loan Principal 388,387 388,387 - 388,387 Interest - - - - Other Debt Service Costs - - - - Total 2018 Hurricane Irma Loan 388,387 388,387 - 388,387 2020 Revenue Note Principal 909,660 909,660 875,000 34,660 Interest - - 39,516 (39,516) Total 2018 PNC Line of Credit 909,660 909,660 914,516 (4,856) Key West Airport Line of Credit Interest - 880,000 14,314 865,686 Other Debt Service Costs - - 10,462 (10,462) Total 2018 PNC Line of Credit - 880,000 24,776 855,224 Total Expenditures 18,888,128 19,768,128 18,529,309 1,238,819 Excess/Deficiency of Revenues Over(Under) Expenditures (18,873,128) (19,753,128) (18,530,643) 1,222,485 OTHER FINANCING SOURCES (USES): Reserve for Contingencies (500,000) (500,000) - 500,000 Reserve for Cash Balance (500,000) (500,000) - 500,000 Transfers from Other Funds 18,888,128 19,768,128 18,526,414 (1,241,714) Total Other Financing Sources (Uses) 17,888,128 18,768,128 18,526,414 (241,714) Net Change in Fund Balances (985,000) (985,000) (4,229) 980,771 Fund Balances -October 1 985,000 985,000 3,182,395 2,197,395 Fund Balances -September 30 $ - $ - $ 3,178,166 $ 3,178,166 H-86 MONROE COUNTY, FLORIDA COMBINING STATEMENT OF NET POSITION INTERNAL SERVICE FUNDS SEPTEMBER 30,2022 Worker's Group Risk Compensation Insurance Management Fund Fund Fund ASSETS Current Assets: Cash and Cash Equivalents $ 682,030 $ 3,322,060 $ 604,448 Investments 3,670,623 12,252,526 4,074,170 Accounts Receivable, Net 3,350 269,177 6,867 Due from Other Funds 25,580 275,136 - Due from Other Governmental Units 288 106,401 - Interest Receivable 6,235 20,811 6,920 Total Current Assets 4,388,106 16,246,111 4,692,405 Noncurrent Assets: Land and Other Nondepreciable Assets - - 689,426 Capital Assets, Net of Accum. Depreciation 585 14,679 51,318 Right-To-Use Leased Assets, Net of Amortization 850 850 - Total Noncurrent Assets 1,435 15,529 740,744 Total Assets 4,389,541 16,261,640 5,433,149 DEFERRED OUTFLOWS OF RESOURCES Related to Pensions 53,282 70,875 92,524 Related to OPEB 2,000 31,100 239,000 Total Deferred Outflows of Resources 55,282 101,975 331,524 LIABILITIES Current Liabilities: Accounts Payable 2,048 1,358,299 325,100 Accrued Wages and Benefits Payable 12,209 17,535 19,877 Claims and Judgments Payable 1,886,397 786,864 1,744,780 Due to Other Funds - 1,696 - Due to Other Governmental Units 5,434 - - Leases Payable 861 861 - Other Current Liabilities 1 1 - Accrued Comp.Absences Payable 4,690 7,564 8,106 Total Current Liabilities 1,911,640 2,172,820 2,097,863 Noncurrent Liabilities: Accrued Comp.Absences Payable 18,759 30,255 32,424 Leases Payable - - - Total OPEB Liability 6,000 49,000 275,000 Net Pension Liability 184,350 238,775 233,927 Total Noncurrent Liabilities 209,109 318,030 541,351 Total Liabilities 2,120,749 2,490,850 2,639,214 DEFERRED INFLOWS OF RESOURCES Related to Pensions 19,432 25,815 30,848 Related to OPEB 2,000 11,900 33,500 Total Deferred Inflows of Resources 21,432 37,715 64,348 NET POSITION Net Investment in Capital Assets 574 14,668 740,744 Unrestricted 2,302,068 13,820,382 2,320,367 Total Net Position $ 2,302,642 $ 13,835,050 $ 3,061,111 H-87 Fleet Management Fund Total $ 168,557 $ 4,777,095 2,236,792 22,234,111 - 279,394 - 300,716 19,493 126,182 3,799 37,765 2,428,641 27,755,263 54,000 743,426 579,292 645,874 396,015 397,715 1,029,307 1,787,015 3,457,948 29,542,278 477,050 693,731 567,200 839,300 1,044,250 1,533,031 41,543 1,726,990 106,773 156,394 - 4,418,041 16,485 18,181 - 5,434 116,963 118,685 980 982 33,761 54,121 316,505 6,498,828 135,042 216,480 299,507 299,507 740,000 1,070,000 1,001,496 1,658,548 2,176,045 3,244,535 2,492,550 9,743,363 168,813 244,908 99,100 146,500 267,913 391,408 612,837 1,368,823 1,128,898 19,571,715 $ 1,741,735 $ 20,940,538 H-88 MONROE COUNTY, FLORIDA COMBINING STATEMENT OF REVENUES, EXPENSES,AND CHANGES IN NET POSITION INTERNAL SERVICE FUNDS FOR THE YEAR ENDED SEPTEMBER 30,2022 Worker's Group Risk Compensation Insurance Management Fund Fund Fund Operating Revenues: Charges for Services $ 2,148,797 $ 20,672,941 $ 5,234,329 Miscellaneous 293,341 1,249,912 33,550 Total Operating Revenues 2,442,138 21,922,853 5,267,879 Operating Expenses: Personnel Services 598,157 376,128 418,126 Operations 1,712,002 2,400,578 4,868,816 Depreciation and Amortization 1,715 7,021 7,460 Asserted and Paid Claims 343,095 18,042,215 891,570 Total Operating Expenses 2,654,969 20,825,942 6,185,972 Operating Income(Loss) (212,831) 1,096,911 (918,093) Non-Operating Revenues(Expenses): Investment Income (43,525) (148,545) (57,426) Gain on Disposition of Assets - - - Total Non-Operating Revenues(Expenses) (43,525) (148,545) (57,426) Income(Loss) Before Transfers (256,356) 948,366 (975,519) Transfers: Transfers to Other Funds - (127,936) (133,720) Total Transfers - (127,936) (133,720) Change in Net Position (256,356) 820,430 (1,109,239) Total Net Position-October 1 2,558,998 13,014,620 4,170,350 Total Net Position-September 30 $ 2,302,642 $ 13,835,050 $ 3,061,111 H-89 Fleet Management Fund Total $ 3,929,274 $ 31,985,341 39,895 1,616,698 3,969,169 33,602,039 2,440,159 3,832,570 1,391,750 10,373,146 174,075 190,271 - 19,276,880 4,005,984 33,672,867 (36,815) (70,828) (24,531) (274,027) 5,829 5,829 (18,702) (268,198) (55,517) (339,026) (529,439) (791,095) (529,439) (791,095) (584,956) (1,130,121) 2,326,691 22,070,659 $ 1,741,735 $ 20,940,538 H-90 MONROE COUNTY, FLORIDA COMBINING STATEMENT OF CASH FLOWS INTERNAL SERVICE FUNDS FOR THE YEAR ENDED SEPTEMBER 30,2022 Worker's Group Risk Compensation Insurance Management Fund Fund Fund Operating Activities: Cash Received for Services $ 2,145,447 $ 20,460,549 $ 5,229,511 Cash Payments to Suppliers for Goods and Services (1,721,420) (1,902,835) (4,616,461) Cash Payments for Employee Services (585,176) (367,076) (384,930) Cash Payments for Claims - (18,306,698) - Cash Received from(Paid to)Other Sources 988 (49,408) 17,290 Other Operating Revenue 293,604 1,251,711 34,762 Net Cash Provided by (Used in) Operating Activities 133,443 1,086,243 280,172 Noncapital Financing Activities: Transfers to Other Funds - (127,936) (133,720) Net Cash Provided by (Used in) Noncapital Financing Activities - (127,936) (133,720) Capital and Related Financing Activities: Acquisition of Capital Assets (1,444) (1,444) (721,477) Proceeeds from Sale of Capital Assets - -Net Cash Provided by (Used in)Capital and Related Financing Activities (1,444) (1,444) (721,477) Investing Activities: Investment Income(Losses) (43,525) (148,545) (57,426) Proceeds from Sales and Maturities of Investments 3,663,062 12,755,882 4,903,949 Purchase of Investment Securities (3,565,494) (12,072,875) (4,229,058) Net Cash Provided by (Used in) Investing Activities 54,043 534,462 617,465 Net Increase(Decrease) in Cash and Cash Equivalents 186,042 1,491,325 42,440 Cash and Cash Equivalents: October 1 495,988 1,830,735 562,008 September 30 $ 682,030 $ 3,322,060 $ 604,448 H-91 Fleet Management Fund Total $ 3,929,274 $ 31,764,781 (1,373,552) (9,614,268) (2,325,936) (3,663,118) - (18,306,698) 54,465 23,335 40,328 1,620,405 324,579 1,824,437 (529,439) (791,095) (529,439) (791,095) (132,637) (857,002) 5,829 5,829 (126,808) (851,173) (24,531) (274,027) 2,238,478 23,561,371 (2,174,768) (22,042,195) 39,179 1,245,149 (292,489) 1,427,318 461,046 3,349,777 $ 168,557 $ 4,777,095 (Continued) H-92 MONROE COUNTY, FLORIDA COMBINING STATEMENT OF CASH FLOWS(CONTINUED) INTERNAL SERVICE FUNDS FOR THE YEAR ENDED SEPTEMBER 30,2022 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) $ (212,831) $ 1,096,911 $ (918,093) Adjustments to Reconcile Operating Income(Loss) to Net Cash Provided by(Used in)Operating Activities: Depreciation and Amortization 1,715 7,021 7,460 Change in Assets, Liabilities,and Deferrals: (Increase) Decrease in Accounts Receivable (3,350) (212,392) (4,818) (Increase) Decrease in Due from Other Gov't Units 5,363 (5,187) 10 (Increase) Decrease in Due from Other Funds (9,809) (44,303) 17,280 (Increase) Decrease in Interest Receivable 263 1,799 1,212 Increase(Decrease)in Accounts Payable (9,419) 501,465 252,355 Increase(Decrease)in Accrued Wages/Benefits (957) (2,277) 5,020 Increase(Decrease)in Claims/Judgments Payable 343,095 (264,483) 891,570 Increase(Decrease)in Other Current Liabilities 1 1 - Increase(Decrease)in Due to Other Funds - 633 - Increase(Decrease)in Due to Other Gov't Units 5,434 (551) - Increase/(Decrease)in Due to constitutional ofcrs - - - Increase(Decrease)in Comp.Absences Payable 9,000 6,295 16,474 Increase(Decrease)in Leases Payable - - - Increase(Decrease)in Unearned Revenue - (3,723) - Increase(Decrease)in OPEB Liability 1,000 17,000 209,000 Increase(Decrease)in Pension Liability 97,987 130,483 181,730 Increase(Decrease)in Deferred Outflows (1,015) (12,017) (230,706) Increase(Decrease)in Deferred Inflows (93,034) (130,432) (148,322) Total Adjustments 346,274 (10,668) 1,198,265 Net Cash Provided by(Used in) Operating Activities $ 133,443 $ 1,086,243 $ 280,172 Cash Reconciliation: Unrestricted $ 682,030 $ 3,322,060 $ 604,448 H-93 Fleet Management Fund Total $ (36,815) $ (70,828) 174,075 190,271 - (220,560) (13,277) (13,091) 51,257 14,425 433 3,707 17,218 761,619 6,872 8,658 - 970,182 980 982 16,485 17,118 - 4,883 (6,876) 24,893 - (3,723) 461,000 688,000 897,983 1,308,183 (493,757) (737,495) (750,999) (1,122,787) 361,394 1,895,265 $ 324,579 $ 1,824,437 $ 168,557 $ 4,777,095 H-94 MONROE COUNTY, FLORIDA COMBINING STATEMENT OF FIDUCIARY NET POSITION ALL CUSTODIAL FUNDS SEPTEMBER 30, 2022 Clerk's Sheriff's Tag General General and Custodial Custodial License ASSETS Cash and Cash Equivalents $ 5,213,154 $ 1,562,590 $ 389,460 Accounts Receivable 2,368,367 4,814 - Total Assets $ 7,581,521 $ 1,567,404 $ 389,460 LIABILITIES Accounts Payable $ 2,679 $ 22,110 $ 464 Undistributed Collections - - 388,996 Due to Other Governmental Units 1,142,808 - - Total Liabilities $ 1,145,487 $ 22,110 $ 389,460 NET POSITION Restricted for Individuals, Organizations, and Other Governments $ 6,436,034 $ 1,545,294 $ - H-95 Property Tax Totals $ 814,395 $ 7,979,599 249 2,373,430 $ 814,644 $ 10,353,029 $ 100,408 $ 125,661 714,236 1,103,232 - 1,142,808 $ 814,644 $ 2,371,701 $ - $ 7,981,328 H-96 MONROE COUNTY, FLORIDA COMBINING STATEMENT OF FIDUCIARY NET POSITION ALL CUSTODIAL FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 2022 Clerk's Sheriff's Tag General General and Custodial Custodial License ADDITIONS Payments made by litigants $ 73,996,376 $ - $ - Payments made to bond accounts - 1,348,144 - Payments made to inmate accounts - 1,197,325 - Property taxes and fees collected - - - Licenses and tag fees collected - - 37,626,100 Charges for services 1,390,727 - - Fines and forfeitures 89,225 - - Total Additions $ 75,476,328 $ 2,545,469 $ 37,626,100 DEDUCTIONS Payments to litigants $ 73,228,977 $ - $ - Payments to depositors - 1,499,835 - Payments of inmate services - 971,254 - Payments of inmate release funds - 246,946 - Property taxes and fees paid - - - Licenses and tag fees paid - - 37,623,955 Other collections - - 2,145 Total Deductions $ 73,228,977 $ 2,718,035 $ 37,626,100 Net increase (decrease) in fiduciary net position 2,247,351 (172,566) - Net position, beginning of year 4,188,683 1,717,860 Net position, end of year 6,436,034 1,545,294 - H-97 Property Tax Totals $ - $ 73,996,376 1,348,144 1,197,325 825,096,937 825,096,937 - 37,626,100 1,390,727 - 89,225 $ 825,096,937 $ 940,744,834 $ - $ 73,228,977 - 1,499,835 - 971,254 - 246,946 825,096,937 825,096,937 - 37,623,955 - 2,145 $ 825,096,937 $ 938,670,049 - 2,074,785 5,906,543 7,981,328 H-98 STATISTICAL SECTION (Unaudited) This part of Monroe County, Florida Government's annual comprehensive 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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U. ° o w E E w uJ E a) d V C E a)-6 0 mN C o'_ N a)N U C .n d 0I E a) d z(9m t9Uo~ O ` F m��r UUom I-5 Monroe County, Florida Governmental Activities Tax Revenues By Source Last Ten Fiscal Years (accrual basis of accounting) Sales Taxes State Tourist Local Local Tourist Fiscal Property Impact Sales Development Year Tax Tax Tax Tax Other Taxes Total 2013 72,392,013 3,895,240 31,684,654 27,192,150 1,837,247 137,001,304 2014 73,682,489 4,348,864 34,323,661 30,555,397 1,960,584 144,870,995 2015 75,322,772 4,297,140 36,609,660 34,480,163 1,081,021 151,790,756 2016 75,463,966 4,579,158 38,090,049 36,633,260 1,131,692 155,898,125 2017 77,511,075 4,564,973 39,450,577 36,519,780 1,097,971 159,144,376 2018 81,472,461 4,095,460 38,009,370 32,763,679 1,145,385 157,486,355 2019 86,857,839 4,981,287 42,492,736 39,850,300 1,077,006 175,259,168 2020 89,441,895 4,011,963 35,763,020 32,095,701 1,010,381 162,322,960 2021 96,010,623 7,065,769 50,409,454 56,526,152 1,252,142 211,264,140 2022 101,804,643 8,635,689 55,163,718 69,085,511 1,049,402 235,738,963 1-6 N ' O f— d' Cl) ' W (O In r m (O f— O O O W V O M IM O O W N G W W O N (O O V (O r 0 V O 0 0 IM N Q Q 00 O (O co 00 Q Q Q o0 O (O IM N 0 Z Z C M 00 N Z Z Z V V V V (3 N N O N (O W W f— (O N O O 60 60 60 60 ' O (O 't ' In In M d' In N O N 't W N : N W f— (O In O O W IM 0 LQ 0 In W N O 00 (O r O f— W O) f— V N Q Q N O In N O Q Q Q (O N 0 V O p C C (3 C Z Z Z O O 0 O W N O O N Cl) In (O (O V co (O N 'ItW W Cl)T N fR fR fR fR fR O 00 N d' ' V O In 00 N W O Cl) O Cl) In 00 In W (O O (O I (O 0 N W N G Q Q d' O N V 00 Q Q Q O 00 00 r (O LO N Z Z C N In P- Z Z Z r M O O W N O f— 00 0 (O (O V 00 Cl) IM f� W N � N 60 60 60 00 ' O co 00 W ' — co O r (O (O O W d' O W In d' O f— 00 IM O P- V (O r W W O d' O 0 O N Cl) N W � (O (O N In Q Q O N (O O Q Q Q N V d' O N N p C P- C O Z Z Z O (O r r (O 0 N O W (O 0 d' LO d' 00 V M W W Cl) � � N PR fR fR fR fR co ' O f— co Cl) ' (O 00 In 00 (O O O (O Cl) N O O Cl) 0 O 0 IM N V V O N 00 Q Q N O V 'tO Q Q Q W r N Cl) G Z Z N C 00 N IM Z Z Z V (q M r N O O N d' Cl) f� d A) o0 W N } fR fR fR fR fR m N N In ' co N f— r ' r O O In N W _ = U- InM Cl)-I d' 000 M O 00 M 0000 - N f— V Q Q Q W W N , , O m O Z Z — N I 00 Z Z Z N W O V (O 0 N In In 't d' co In M 0) d' i M N O E y m 60 60 60 60 60 LL O O G) Rf w 00 ' O d' co In ' f— In r 0) d' C N P- O M N M ON P- 'co N In O N m O V' � 'C QQM o r- rn r- Q Q Q (NooNo � N 0)U "a0 2 o ZZ o� d- Z Z Z MMN o N O N 1— sue. 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CD CD CD CD CD CD CD CD CD CDO Q W W (D N N N N N N N N N N (n z I-11 4 \ Cl) \ \ - \ \ \ / ± 2 2 E § c / \ o ¥ E = r = ¥ § o e 2 a 6 \ M. \ c 6 6 6 6 = o g m \ CL k e % \ \ _ a = c w c It n r n = m 2 2 \ \ 2 / 2 3 & ± g © ® ; 3 c 9 9 97 7 9 OR OR \ a { m 'o CL $\ 0 0 0 0 0 0 0 0 0 0 \ \ 7 & 2 7 2 3 S ± ? 2 3 2 0 2 & . @ = r ¥ n n n n a c =— ) . n w w n w w w w w w CL m ■ C\ \ k-6 8 k \ _ _ 7 co ƒ j o 0 0 0 0 0 0 0 0 0 ) \ § E e 2 7 2 3 S ± ? 2 3 2 * . r E • o = = r ¥ n n n n a c m t 2 _ 0 ' 2 2 w w w n w w w w w w / E oa > § m © � o2 � > _m 0 (D 0� -Co > r a ± c © � _ � _ ' g 0 E e # r w n r n c a n E O e e — e 3 2 G g 8 R \ 3 / S g @ m e E > 0 G = n n r r @ ORc @ 7 n ¥ a Q § 0y § ■ 2 _ \ .G f G & 20 2 7 ' f . o 2 Q $ § , , , , , , , , , , J / E\ & n r w n r n c a n # @ § 8 R \ 3 / S - g a § 2 2 m m R R 9 @ R 9 \ CO m EB \ L o [ E e o r w o r o = o n c >o \ o = = o = w o a = 2 = =Mm 0 2 \ 7 2 2 3 \ 2 R % k \ § L w a w w w w w w w w § / .q ƒ / / \ G : & ® 2 / \ \ , , , , , , ) / Mn\ g o e § E am2 ■ ± e a § & CD r w CD r CD = CD coc c _ a) _ = o = w o a = w = ; m e = 2 2 \ \ 2 2 3 \ 2 R % / a + ` E§ w # w w w w w w / w \ o / o = _ c o / $ \ .$ % n # r = w = c G E R § \ / ƒ ƒ \ \ \ \ \ \ \ \ \ \ k \ j m £ __ 1-1 2 Monroe County, Florida Principal Property Taxpayers Current Year and Nine Years Ago 2022 2013 Percentage of Percentage of Taxable Total Taxable Taxable Total Taxable Assessed Assessed Assessed Assessed Taxpayer Value Rank Value Value Rank Value Ocean Reef Club Inc $ 194,829,635 1 7.97% Fla. Keys Electric Co-Op 0.00% 95,675,183 2 0.51% CWI Keys Hotel LLC 170,344,538 3 6.97% Casa Marina A Waldorf Astoria 189,435,540 2 7.75% 44,324,443 7 0.24% Galleon Condominium Assoc Inc 0.00% 62,945,933 3 0.34% Key Largo Hospitality 118,414,767 7 4.84% Diamondrock Key West 1,173,836,606 8 Pebblebrook Hotel Trust 121,124,656 6 4.95% Knights Key Investors LLC 129,231,382 4 5.29% City of Key West 0.00% 46,883,179 6 0.25% Tannex Development LC 126,386,289 5 5.17% SH5 LTD 39,768,423 9 0.21% Hyatt Vacation Management Co 47,150,998 5 0.25% BellSouth/Southern Bell 39,252,362 10 0.21% NWCL LLC 111,188,321 9 44,184,878 8 0.24% Southeast Housing LLC 142,097,484 1 0.76% Sunset City LLC 110,041,282 10 53,708,585 4 0.29% $2,444,833,016 42.94% $ 615,991,468 3.30% Source: Monroe County Property Appraiser I-13 1-13 m J d 0 0 0 0 0 0 0 0 0 0 0 ++ o 0 0 0 0 0 0 0 0 •- M •- O O O O O r fn d = L O W ++ 0. V d O _ � •- N N LO r- co (O N coo R �., co d' Cl) O fl- fl- (O O O N � = W N •— L N cM rl N N Ln N O (D Cl) � N rP � � M O W E N rP (O � W N r- O L O L O Cl) Cl) f� rl' O .— 'IT � = R rl- LO (O OM LO Cl) O LO � cOo LO m (n >- U') LO co Cl) Cl) N N C N ,0 d Q _ Z O d a' O >n U fn C T d J d o 0 0 0 0 0 0 0 0 0 = d 07 O M O O O O O O O R ++ ++ J R L6 (O (O (O r-� (O r-� W (6 O O O O O m m m m O R d r .0 J r V CL 3 O d L 0. 0. V d •— r— O N Cl) (O O O N N C� ++ Cl) 'IT (O co co O O •— LO co O 0 ,y = N U') U') N f� f� Cl) f� IT N U. 0 � 'ITm LO m LO d M 'IT � O d Cl) (O N Cl) 'IT (O M O Do Q r- r- r- r— r- W co O O O i O N IT N co O 'IT •— Cl) fl- 'ITU L In In O Cl) 'ITO N O Cl) co N x i O Cl) Cl) U') N U') O (O N O M In r- c rl' rl' r Do O (O () U') co U') O .— N O .— CO N r R W O (O (M ao O N Lr O (O xm N J y O W W W O � � O T U. O U a L M )O L .0Cl) 'IT w fl- co O O .— N -a •— .— .— .— .— .— .— N N N R = E O O O O O O O O O O In LIJ r N N N N N N N N N N U CL i U. d m cn O U) 1-14 (L CL z z z z z z z z Q kE 7 7 < < < < < < < < 0 o z z 2 2 2 2 2 2 2 2 Io o a « _ « o n o 0 0 E ƒ IT � 7 � � � � ( � E E % / 2 co co \ 2 2 § ƒ 2 \ \ \ CC14 \ \ c ; \ \ k ; ® 2 $ f / £ ® � / / e © . & C a = ƒ 2 � ] § • / _ ƒ § � ' ® % / i § � : § . C \ / ocLL c = o £ o k § § c 2 § 0 ; « ; c , " \ / o , � c 2 , , , , , , , , , , ® 9 § k \ m ± / . © Ccl� \ \ \ \ \ \ \ § f = 3 3 3 w 3 w 3 / \ § > LO \ \ O 9 \ \ \ % 2 Ca u Q ( 2 2 2 = 0 \ E / M \ S / ® \ 3 / \ \ g 3 7 E § . = w » � 2 \ 2 w n = G ` c . w = 3 w = w n w co 3 0 . = o = _ _ _ « « / z 3 > ° w w w o w y O co o ± J J Q S ƒ / \ \ / / ) \ O ° 3 ^ \ / ? / / / / / / k § . w & a — o 0 0 0 0 o p » § 2 2 CO ƒ g ƒ g - CO ƒ t 2 m $ ƒ - � ( � � o � $ & k m a a Q o « n n n a a f a = < $ = f % n « o = w = _ \ & % % f ƒ ƒ \ \ \ \ \ \ \ \ \ \ z = z 1-]5 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 2012-2022 1-16 Monroe County, Florida Direct and Overlapping Governmental Activities Debt September 30, 2021 Estimated Amount Debt Percentage Applicable to Direct Debt Outstanding Applicable County Monroe County, Florida $ - 100% $ - Monroe County does not have any overlapping debt as of September 30, 2022. 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 2011-2022 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 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 2021 28,658,729 12,561,316 4,093,206 16,654,522 1.72 2022 34,138,177 15,054,772 3,801,342 18,856,114 1.81 Note: Details regarding the County's outstanding debt can be found in the notes to the financial statements. 1-19 § \ / \ \ k / a) 0 7 §cn / \ � § � / } \ ® o 2 Q = \ » S a) CDCD C) / \ = e n § � ƒ ° / \ § u O .g 2 } § Cd IL % u w \ 7 0 ° co z \ U) m u - e = e Gm RR / / m d � k � \ U \co \ 2 a � $ L 0 I G LL u 2 u &/ ¥ O m o « � U \n = 7 < �mi % wa2 \ $ m n 04 Cz > 3� / § o � > g m m a / � .§ m § g ] \ 7 m �� n \/ / \ ) // k > 2 § / X I § m uj ± k R\ % .� ) a) 5 � E . 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U) Q) (D y �- 0 N ++ O N d LO d7 - M O O N N �- M d M M LO (D a J Lf) d N 7; O Q N U LO O O d7 M O f- O N LO M f- d O O LO (D N O O N 0) LO �- � O � N LO LO d7 d7 M O f- (D N (D M 0) d O O LO O M LO O O N 00 LO �- � O N N � E Q. 0) a 0) N -_ C � O C U O p U 0) N E N (� N C- C 0) � N O - U N O O N O C ` O a) 0) M m = N m0) C '� C 6 .- N J C O U -O U E p (6 W (n P 0) U) 0) C (a) Q 0) 0) U- N O N C i 'C N U O (n 'r_ 16 � (6 Q m 0) O O m C 0) 12 U LL 0) m W' u = � a - E n N N c m � .° o c`o o O � cn iiQ � � � � amQi- E `� amm0 � c Q Q O LL 0- 0- H H = U U 1-25 COMPLIANCE SECTION I1I1I1 I1I1I1I1I1I11 ME IRSM Report 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 Independent Auditor's Report Honorable Mayor and Board County Commissioners Monroe County, Florida We have audited, in accordance with the 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 (Government Auditing Standards), 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, 2022, 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 31, 2023. The County's October 1, 2021 financial statements have been restated due to the implementation of Governmental Accounting Standards Board (GASB) Statement No. 87, Leases. As a result of the adoption, the County restated the beginning assets and liabilities of the Governmental activities, Business-type activities, and the aggregate remaining fund information and recorded other lease-related items in the financial statements. Our opinion was not modified with respect to this matter. The County's basic financial statements includes the financial statements of Monroe County, Florida Comprehensive Plan Land Authority (the Authority), which is a discretely presented component unit, as described in our report on the County's financial statements. Our report below does not extend to the Authority because it is reported on in a separately issued financial report of the Authority. Report on 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 our 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 a combination of deficiencies, in internal control such that there is a reasonable possibility that a material misstatement of the entity'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. UIIIIIIIICWIIIIIIII III't CIII'° Illllltllllllll IIIIO U.UIIIII''tIIIIIIII III't3"'U"'CCIII''t AV.uIIDII II AX I D S� ll If III� J-1 PSIVI US II I'i"U p USiiieurr duifurriof4R`_IM III Lei 1iatlrnlaJa£,hhal iw(werrl<of a i1gwixtanr [w If Llax,andc r nr;rkhiiy;fu'rin VI,AI'III IJ1c,orr I/ahou(urfoirriowhfarrri<(km is y;ar If ig PSIVI US II I"and RSIVI Inter n"dionJ 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 or significant deficiencies may exist that were not identified. Report on Compliance and Other Matters As part of obtaining reasonable assurance about whether the County's financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the 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. 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. Fort Lauderdale, Florida March 31, 2023 J-2 I1I1I1 I1I1I1I1I1I11 ME IRSM Report on Compliance for Each Major Federal Program and State Financial Assistance Project; IIRSIIM LIS IIL.JIILIIP Report on Internal Control Over Compliance; and Report on Schedule of Expenditures of Federal Awards Required by the Uniform Guidance Independent Auditor's Report Honorable Mayor and Board County Commissioners Monroe County, Florida Report on Compliance for Each Major Federal Program and State Financial Assistance Project Opinion on Each Major Federal Program We have audited Monroe County, Florida (the County)'s compliance with the types of compliance requirements identified as subject to audit in the 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 County's major federal programs and state financial assistance projects for the year ended September 30, 2022. 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. In our opinion,the County complied, in all material respects,with the compliance requirements referred to above that could have a direct and material effect on each of major federal programs and state financial assistance projects for the year ended September 30, 2022. Basis for Opinion on Each Major Federal Program We conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America (GAAS);the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States(Government Auditing Standards); and 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. Our responsibilities under those standards and the Uniform Guidance are further described in the Auditor's Responsibilities for the Audit of Compliance section of our report. We are required to be independent of the County and to meet our other ethical responsibilities, in accordance with relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on compliance for the major federal program. Our audit does not provide a legal determination of the County's compliance with the compliance requirements referred to above. Responsibilities of Management for Compliance Management is responsible for compliance with the requirements referred to above and for the design, implementation, and maintenance of effective internal control over compliance with the requirements of laws, statutes, regulations, rules and provisions of contracts or grant agreements applicable to the County's federal programs and state financial assistance projects. Auditor's Responsibilities for the Audit of Compliance Our objectives are to obtain reasonable assurance about whether material noncompliance with the compliance requirements referred to above occurred,whether due to fraud or error, and express an opinion on the County's compliance based on our audit. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS, Government Auditing Standards,the Uniform Guidance and Chapter 10.550, Rules of the Auditor General will always detect material noncompliance when it exists. The risk of not detecting material noncompliance resulting from fraud is higher than for that resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Noncompliance with the compliance requirements referred to above is considered material, if there is a substantial likelihood that, individually or in the aggregate, it would influence the judgment made by a reasonable user III°°iIIIIIIII IOWIIIIIIIIIII' OIII'° IIIIIILIIIIIIIIIIIC UIIIII''LIIIIIIIIIII' S"'"'OOIII''L UV.AIIDII II UU I CONUVAII 'If IING J-3 PSIVIUSI I I'i"U p US iiieurr dwi fu rr i of 4R`_IM In Lei 1 iatlrn laJ a£,hhal iw(werrl<of a 1eIwixtanl [w liL lax,andc rrnv;r.khiiy;fu'rin VI,A I'III IJ1 c,orr I/ahou(ui foi rriowh far rri<(km is y;ar If ig PSIVI US I I I"and RSIVI Inter n"dion aL of the report on compliance about the County's compliance with the requirements of the major federal program as a whole. In performing an audit in accordance with GAAS, Government Auditing Standards,the Uniform Guidance and Chapter 10.550, Rules of the Auditor General,we • exercise professional judgment and maintain professional skepticism throughout the audit. • identify and assess the risks of material noncompliance,whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the County's compliance with the compliance requirements referred to above and performing such other procedures as we considered necessary in the circumstances. • obtain an understanding of the County's internal control over compliance relevant to the audit in order to design audit procedures that are appropriate in the circumstances 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 the County's internal control over compliance. Accordingly, no such opinion is expressed. We are required to communicate with those charged with governance regarding, among other matters,the planned scope and timing of the audit and any significant deficiencies and material weaknesses in internal control over compliance that we identified during the audit. Report on 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 program 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 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 program 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 Auditor's Responsibilities for the Audit of Compliance section above and was not designed to identify all deficiencies in internal control over compliance that might be material weaknesses or significant deficiencies in internal control over compliance. Given these limitations, during our audit we did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses, as defined above. However, material weaknesses or significant deficiencies in internal control over compliance may exist that were not identified. Our audit was not designed for the purpose of expressing an opinion on the effectiveness of internal control over compliance.Accordingly, no such opinion is expressed. 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. Fort Lauderdale, Florida March 31, 2023 J-4 Monroe County,Florida Schedule of Expenditures of Federal Awards and State Financial Assistance Projects For The Year Ended September 30,2022 Federal Federal/State Agency, (Direct& Passed Pass-through Entity ALN Contract/Grant Number/ Pass-Through) Through to Federal Program/State Projects Number Pass-Through Identifier Expenditures Subrecipients Department of Health and Human Services: Aging Cluster: Passed through Florida Department of Elder Affairs and Alliance for the Aging: Title IIIB Grants for Supportive Services&Senior Centers-2021 93.044 AA-2129 $ 45,640 $ Title IIIB Grants for Supportive Services&Senior Centers-2022 93.044 AA-2229 123,451 Total Program 169,091 Title IIIC1 Nutrition Services(Congregate Meals)2021 93.045 AA-2129 16,290 Title IIIC1 Nutrition Services(Home Delivered Meals)2022 93.045 AA-2229 71,118 Title IIIC2 Nutrition Services(Home Delivered Meals)2021 93.045 AA-2129 58,400 Title IIIC2 Nutrition Services(Home Delivered Meals)2022 93.045 AA-2229 160,425 Total Program 306,233 Total Aging Cluster 475,324 Title IIIE Caregiver Support Services-2021 93.052 AA-2129 36,435 Title IIIE Caregiver Support Services-2022 93.052 AA-2229 78,408 Total Program 114,843 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 199,113 Passed through Florida Department of Economic Opportunity: Low Income Home Energy Assistance Program-2018 93.568 E2012 259,872 Total Federal Agency 1,049,152 Department of Energy: Passed through Florida Department of Economic Opportunity: Low Income Home Energy Assistance Program/WAP-2017 81.042 E2012 64,903 Total Federal Agency 64,903 U.S.Election Assistance Commission Passed through Department of State-Division of Elections Elections Security Grant 90.404 2E044 32,752 Total Federal Agency 32,752 Department of Justice: Equitable Sharing Agreement 16.922 9,823 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 30,2022 Federal Federal/State Agency, (Direct& Passed Pass-through Entity ALN Contract/Grant Number/ Pass-Through) Through to Federal Program/State Projects Number Pass-Through Identifier Expenditures Subrecipients Direct Program: Bureau of Justice Assistance: Bulletproof Vest Program 16.607 2020BUBX20020159 57,035 57,035 Edward Byrne Memorial Justice Assistance Grant Program: Women's Jail Incarceration Drug Abuse Treatment 16.738 2021-DJ-JAGC-2-3B-149 24,782 24,782 Total Program 81,817 81,817 Passed through Office of the Attorney General: Victims of Crime Acts 16.575 0-00728 352,540 - Passed through Florida Department of Law Enforcement: Edward Byrne Memorial Residential Substance Abuse Treatment: 2019-J2-BX-0013 16.593 104,015 104,015 Men's Jail Housed Drug Abuse Treatment Program 202 1-RSAT-MONR-1-H7-004 Total Federal Agency 548,195 185,832 Executive Office of the President: Direct Program: High Intensity Drug Trafficking Areas 95.001 G18AC0005A 6,488 - High Intensity Drug Trafficking Areas 95.001 G19AC0005A 60,297 High Intensity Drug Trafficking Areas 95.001 G19MI0001A 227,202 High Intensity Drug Trafficking Areas 95.001 G19PR0001A 640,018 High Intensity Drug Trafficking Areas 95.001 G20AC0005A 503,577 High Intensity Drug Trafficking Areas 95.001 G20MI0001A 1,529,296 High Intensity Drug Trafficking Areas 95.001 G20PR0001A 1,045,339 High Intensity Drug Trafficking Areas 95.001 G21PR0001A 3,626,009 High Intensity Drug Trafficking Areas 95.001 G21AC0005A 2,540,108 High Intensity Drug Trafficking Areas 95.001 G21MI0001A 7,211,669 High Intensity Drug Trafficking Areas 95.001 G22AC0005A 1,231,195 High Intensity Drug Trafficking Areas 95.001 G22MI0001A 1,804,720 High Intensity Drug Trafficking Areas 95.001 G22PR0001A 1,887,328 Total Program 22,313,246 Total Federal Agency 22,313,246 Department of Transportation: Direct Program: Federal Aviation Administration-Airport Improvement Program Key West AIP-3760 20.106 3-12-0037-060-2019 1,727,638 Key West AIP-3761 20.106 3-12-0037-061-2020 99,966 COVID-19 Key West AIP-3762-CARES 20.106 3-12-0037-062-2020 2,640,701 Key West AIP-3763 20.106 3-12-0037-063-2021 5,510,365 Key West AIP-3764 20.106 3-12-0037-064-2021 158,023 Key West AIP-3765 20.106 3-12-0037-065-2021 3,536,873 Key West AIP-3767 20.106 3-12-0037-067-2021 62,370 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 30,2022 Federal Federal/State Agency, (Direct& Passed Pass-through Entity ALN Contract/Grant Number/ Pass-Through) Through to Federal Program/State Projects Number Pass-Through Identifier Expenditures Subrecipients Federal Aviation Administration-Airport Improvement Program(continued) Key West AIP-3768 20.106 3-12-0037-068-2022 4,471,932 Key West AIP-3770 20.106 3-12-0037-070-2022 64,710 Marathon AIP-4436 20.106 3-12-0044-036-2020 163,913 Total Program 18,436,491 Federal Highway Administration: Highway Planning and Construction Cluster Passed through Florida Department of Transportation: Transportation Planning Program 2012 20.205 25222811408/G1A71 166,083 Lower Keys Scenic Viewing Area 20.205 435511-1/GON68 55,328 Total Highway Planning and Construction Cluster 221,411 National Highway Traffic Safety Administration: Passed through Florida Department of Transportation: Bicycle Pedestrian Focused Initiative 20.600 G1X15 28,873 Motorcycle Safety Grant 20.600 G2035 61,002 Aggressive Driving Grant 20.600 G2046 100,001 Total Highway Safety Cluster 189,876 Total Federal Agency 18,847,778 Department of Homeland Security: Staffing for Adequate Fire and Emergency Response(SAFER) 97.083 EM W-2020-FF-01440 907,378 Passed through Florida Executive Office of the Governor: Emergency Management Performance Grant FY20-21 97.042 G0158 13,740 Emergency Management Performance Grant FY21-22 97.042 G0278 44,824 COVID-19 Emergency Management Performance Grant FY21-22 ARPA 97.042 GE2109 13,926 - Disaster Grants-Public Assistance-Hurricane Irma 97.036 4337/Z0002 3,904,630 Hazard Mitigation Grant 97.039 H0206 208,772 Hazard Mitigation Grant-Twin Lakes 97.039 H0663 122,681 Total Program 4,308,573 Passed through the City of Miami: Homeland Security Grant Program-2017 97.067 R0075 132,252 UASI 20 GE2108 97.067 GE2108 202,646 Total Program 334,898 Total Federal Agency 5,550,849 National Oceanic and Atmospheric Administration Hurricane Irma Fishery Disaster Funding 11.022 21194 518,400 Total Federal Agency 518,400 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 30,2022 Federal Federal/State Agency, (Direct& Passed Pass-through Entity ALN Contract/Grant Number/ Pass-Through) Through to Federal Program/State Projects Number Pass-Through Identifier Expenditures Subrecipients Department of Housing and Urban Development: Passed through Florida Department of Community Affairs: Community Development Block Grant-Rock Harbor Jetty Key Largo 14.228 IR036 61,646 Community Development Block Grant-Voluntary Home Buy Out 14.228 I0092 5,321,593 Total Federal Agency 5,383,239 Environmental Protection Agency: Florida Keys Waterwatch 66.436 X7-OOD83018 6,182 Total Federal Agency 6,182 United States Treasury Department: Equitable Sharing Agreement 21.016 333,237 RESTORE Coral Reef Restoration 21.015 RDCGR170068-01-00 237,792 COVID-19 State and Local Fiscal Recovery Funds ARPA 21.027 CLFRF 223,600 Total Federal Agency 794,629 The Institute of Museum and Library Services: COVID-19 DLIS Florida ARPA Grant 45.310 21-ARPA-22 876,445 Total Federal Agency 876,445 - Total Expenditures of Federal Awards $ 55,985,770 $ 185,832 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 30,2022 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 FY21-FY22 31.063 A0193 69,914 Total Department 69,914 Florida Department of Elder Affairs: Passed through The Alliance for Aging: Alzheimer's Disease Initiative-2020 65.004 KZ2197 60,994 Alzheimer's Disease Initiative-2021 65.004 KZ2297 16,131 Total Department 77,125 Florida Department of Financial Services: Fire Decontamination Equipment Grant 43.013 FM668 8,778 Total Department 8,778 Florida Department of Health: EMS Matching Grant 64.003 M9037 6,818 Total Department 6,818 Florida Department of Environmental Protection: Small County Consolidated Grant 37.012 SC123 93,750 Statewide Surface Water Restoration and Wastewater Projects: Canal#28#259#291#475 Restoration 37.039 LPA0249 731,053 Canal#28&90 Backfill Restoration 37.039 LPA0241 1,195,293 Canal#84 Rock Harbor Rock Removal 37.039 LPA0089 1,313,123 Total Program 3,239,469 Florida Keys National Marine Sanctuary Support: MC Canal#278 BPK and#58 KL Injection Well 37.088 SD013 100,000 Total Department 3,433,219 Florida Department of Juvenile Justice: Intensive Delinquency Diversion Service 80.022 10634 163,611 Total Department 163,611 Florida Department of State: State Aid to Libraries-2020-2021 45.030 21-ST-35 4,752 Total Department 4,752 Division of Historical Resources: Historic Jail at Jackson Square 45.032 20.h.sc.100.022 56,452 Total Department 56,452 The accompanying notes are an integral part of this schedule. (Continued) J-9 Monroe County,Florida Schedule of Expenditures of Federal Awards and State Financial Assistance Projects For The Year Ended September 30,2022 Federal/State Agency, Pass-through Entity CSFA State Federal Program/State Projects Number Contract/Grant Number Expenditures Florida Department of Transportation: Pigeon Key Ferry Service 55.023 41454515802/ARX57 94,712 Total Program 94,712 Small County Outreach Program and Rural Areas of Opportunity: 1st Street and Bertha Roadway Improvements 55.009 44195915401/G1M93 1,305,382 Big Pine Key Koehn Subdivision 55.009 44386515401-G1R20 1,437,324 Total Program 2,742,706 Aviation Development Grants: Key West Airport 55.004 43880219401/G1P09 466,000 Key West Airport 55.004 43928519401/GOE77 17,675 Key West Airport 55.004 43866619401/GOE47 99,853 Key West Airport 55.004 43928529401/G1Q04 425,952 Key West Airport 55.004 43866629401/G1V31 74,857 Key West Airport 55.004 44138219401/GOR05 16,011 Key West Airport 55.004 4413819401/GOR04 59,682 Key West Airport 55.004 44138329401/G1P33 49,291 Key West Airport 55.004 44241919401/G1007 843,613 Key West Airport 55.004 44241819401/G1008 67,071 Key West Airport 55.004 44797819401/G1Q91 94,751 Key West Airport 55.004 44791119401/G2090 2,707,677 Marathon Airport 55.004 43866429401/G1U50 113,193 Marathon Airport 55.004 43928629401/G1Q05 75,345 Marathon Airport 55.004 43879619401/G1P05 430,568 Marathon Airport Planning Studies 55.004 43928619401/G0122 18,987 Marathon Airport 55.004 43959119401/GOU78 1,072,921 Marathon Airport 55.004 44136319401/GOQ40 70,216 Marathon Airport 55.004 44242219401/G1009 71,186 Marathon Airport 55.004 44242119401/G1238 122,290 Marathon Airport 55.004 44241719401/G1237 19,328 Marathon Airport 55.004 44789319401/G1P52 100,157 Marathon Airport 55.004 44136329401/G1P50 10,467 Total Program 7,027,091 Total Department 9,864,509 Florida Fish&Wildlife Conservation Commission: Monroe County Derelict Vessel Removal 77.005 21160 149,378 Monroe County Derelict Vessel Removal 77.005 21217 151,160 Monroe County Derelict Vessel Removal 77.005 21254 136,305 Monroe County Derelict Vessel Removal 77.005 21385 63,915 MC Buoy Replacement Whale Harbor Sandbar 77.006 FWC21117 74,805 Total Program 575,563 The accompanying notes are an integral part of this schedule. (Continued) J-10 Monroe County,Florida Schedule of Expenditures of Federal Awards and State Financial Assistance Projects For The Year Ended September 30,2022 Federal/State Agency, Pass-through Entity CSFA State Federal Program/State Projects Number Contract/Grant Number Expenditures Passed through Department of Environmental Protection Monroe County Exotic Plant Removal Maintenance NA 13101-FK173 115,000 Total Program 115,000 Total Department 690,563 Florida Housing Finance Corporation: State Housing Initiative Partnership Program 2019-2020 40.901 SHIP 16-19 FY19 FUNDS 43,824 State Housing Initiative Partnership Program 2020-2021 40.901 SHIP 20-23 FY20 FUNDS 80,444 State Housing Initiative Partnership Program 2021-2022 40.901 SHIP 20-23 FY21 FUNDS 152,402 State Housing Initiative Partnership Program 2021-2022 40.901 SHIP 20-23 FY22 FUNDS 214,918 Total Department 491,588 Total Expenditures of State Financial Assistance $ 14,867,329 The accompanying notes are an integral part of this schedule. (Continued) J-11 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 30,2022 Note 1 —Basis of Presentation The Schedule of Federal Awards and State Financial Assistance Projects (Schedule) presents a summary of the activity of all the Federal and State grant programs of Monroe County, Florida (County) for the fiscal year ended September 30, 2022. 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 Assistance Listing Number (ALN) 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 ALN or CSFA number, the schedule includes the grant with a ALN 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, 2022, Monroe County elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. J-12 Monroe County,Florida Notes to Schedule of Expenditures of Federal Awards and State Financial Assistance Projects For the Year Ended September 30,2022 Note 3 —Grant Contingencies The County participates in 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 4 —Fiscal Year Obligations From Disaster Grants In FY 2022, the Department of Homeland Security's Federal Emergency Management Agency(FEMA)obligated$516,126 for Monroe County under its Disaster Grants—Public Assistance Grant Program (ALN 497.036)for the County's recovery from Hurricane Irma. 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, 2022 h Summary of Auditor's Results Financial Statements Type of auditor's report 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 deficiencies identified? _Yes x None Reported Noncompliance material to financial statements noted? Yes x No Federal Awards Internal control over major federal 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 programs: Unmodified Any audit findings disclosed that are required to be reported in accordance with 2 CFR 200.516(a)? Yes x No Identification of major federal programs: Assistance Listing Number Name of Federal Program or Cluster 20.106 Airport Improvement Program 14.228 Community Development Block Grants State Financial Assistance Internal control over major state projects: 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 state projects: Unmodified Any audit findings disclosed that are required to be reported in accordance with Chapter 10.550, Rules of the Auditor General of the State of Florida? _Yes X No Identification of major state financial assistance projects CSFA Number Name of Program or Cluster 37.039 Statewide Surface Water 55.004 Aviation Development Grants Dollar threshold used to distinguish between type A and type B programs: Federal $1,679,555 State $750,000 Auditee qualified as low-risk auditee? Yes x No (Continued) J-14 Findings Relating to the Financial Statement Audit as Required to be Reported in Accordance with Government Auditing Standards A. Internal Control No matters to report. B. Instance of Noncompliance No matters to report. III. Findings and Questioned Costs for Federal Awards A. Internal Control No matters to report. B. Instances of Noncompliance No matters to report. IV. State Findings and Questioned Costs A. Internal Control No matters to report. B. Instances of Noncompliance No matters to report. J-15 O OJJUN OU QTq OOq o: Kevin Madok, CPA . .fib ' Clerk of the Circuit Court& Comptroller— Monroe County Florida of GOUNSy a J 1 SUMMARY SCHEDULE OF PRIOR AUDIT FINDINGS FOR THE YEAR ENDED SEPTEMBER 30, 2022 Material Weakness Finding 2021-001 —Material Weakness in Internal Control over Construction-in-Progress Recognition Corrective Actions Taken or Planned: Corrected in FY 2022. J-16 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 This page is intentionally left blank. 1111�111�11� II�>��IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII RSM Management Letter in Accordance with the Rules of the Auditor General of the State of Florida To the Honorable Members of the Board of 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 aggregate 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, 2022, and have issued our report thereon dated March 31, 2023. Our report also included an emphasis of matter paragraph for the adoption of Government Accounting Standards Board (GASB)Statement No. 87, Leases, effective October 1, 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 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 Reports We have issued our Independent Auditor's Report 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; Independent Auditor's Report on Compliance for Each Major Federal Program and State Project and Report on Internal Control over Compliance; Schedule of Findings and Questioned Costs; and Independent Accountant's Report on an examination conducted in accordance with AICPA Professional Standards, AT-C Section 315, regarding compliance requirements in accordance with Chapter 10.550, Rules of the Auditor General. Disclosures in those reports and schedule 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. Corrective action has been taken to address the finding and recommendation 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. This information is disclosed in Note 1 of the County's financial statements. T1,.O V.M P O Vifl,,.R (31° V h U alIA3 d.A 14 D E R 0()N.1 /"<<<a.J l b l 1 IA X, C 0 S L)f i f I'q(.:,I K-1 f"�r✓ ili ;II- r;vF ,Al,I Li 'A le U".[a I IJ;i'% ;f ,IJ,I . ,ra il.of dIlf (113, 0,r60 hn,�hlml ✓.c, mw.rI, a "'i1 i; 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, we determined that the County did not meet any of the conditions described in Section 218.503(1), Florida Statutes. 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. Specific Information As required by Section 218.39(3)(c), Florida Statutes, and Section 10.554(1)(i)6, Rules of the Auditor General, the Monroe County Comprehensive Plan Land Authority ("Authority"), a discretely presented component unit of Monroe County, Florida, reported (unaudited): a. The total number of Authority employees compensated in the last pay period of the Authority's fiscal year as 3. b. The total number of independent contractors to whom nonemployee compensation was paid in the last month of the Authority's fiscal year as 10. c. All compensation earned by or awarded to employees, whether paid or accrued, regardless of contingency as $379,196. d. All compensation earned by or awarded to nonemployee independent contractors, whether paid or accrued, regardless of contingency as $62,646. e. Each construction project with a total cost of at least $65,000 approved by the Authority that is scheduled to begin on or after October 1 of the fiscal year being reported, together with the total expenditures for such projects as follows: None f. A budget variance based on the budget adopted under Section 189.016(4), Florida Statutes, before the beginning of the fiscal year being reported if the Authority amends a final adopted budget under Section 189.016(6), Florida Statutes, as $-0-. The required information for the Monroe County Comprehensive Plan Land Authority is fulfilled by inclusion in separately presented stand-alone audit reports. 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. K-2 Purpose of This Letter Our management letter is intended solely for the information and use of the Legislative Auditing Committee, members of the Florida Senate and the Florida House of Representatives, the Florida Auditor General, Federal and other granting agencies and applicable management, and is not intended to be and should not be used by anyone other than these specified parties. a. Fort Lauderdale, Florida March 31, 2023 K-3 This page is intentionally left blank. 1111�111�11� II�>��IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII RSM Independent Accountant's Report Honorable Members of the Board of County Commissioners of Monroe County, Florida Key West, Florida We have examined Monroe County, Florida's (the County) compliance with Section 218.415, Florida Statutes, Local Government Investment Policies, during the period October 1, 2021 to September 30, 2022. 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 we 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. We are required to be independent and to meet our other ethical responsibilities in accordance with relevant ethical requirements relating to the engagement. In our opinion, the County complied, in all material respects, with the aforementioned requirements during the period October 1, 2021 to September 30, 2022. This report is intended solely for the information and use of the Florida Auditor General, the County and applicable management and is not intended to be, and should not be, used by anyone other than these parties. a... 5 Up Fort Lauderdale, Florida March 31, 2023 71,.1 V.M P O VI E" (31° V h U14(3 d.A 14 D E R 0()N.1 /"<<<a.J l b l 1 IA X, C D S Uu i f N(." K-4 f"�r✓ ili ;II- r;vF ,Al,I Li 'A le U".[a I IJ;i'% ;f ,IJ,I . ,ra il.of dIlf (113, 0,r60 hn,�hlml ✓.c, mw.rI, a "'ii i; 1111�111�11� II�>��IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII RSM Independent Accountant's Report Honorable Members of the Board of County Commissioners of Monroe County, Florida Key West, Florida We have examined Monroe County, Florida's (the County) compliance with Section 365.172, Florida Statutes, Emergency Communications Number"E911" and Section 365.173, Florida Statutes, Communications Number E911 System Fund, during the period October 1, 2021 to September 30, 2022. 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 we 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. We are required to be independent and to meet our other ethical responsibilities in accordance with relevant ethical requirements relating to the engagement. In our opinion, the County complied, in all material respects, with the aforementioned requirements during the period October 1, 2021 to September 30, 2022. This report is intended solely for the information and use of the Florida Auditor General, the County, and applicable management and is not intended to be, and should not be, used by anyone other than these specified parties. Fort Lauderdale, Florida March 31, 2023 P O Vifl,,.R (31° V h U14(3 d.A 14 D E R 0()N.1 /"<<<a.J l b l 1 IA X, C D S Uu i f I'q(." K-5 f"�r✓ ili ;II- r;vF ,Al,I Li 'A le U".[a I IJ;i'% ;f ,IJ,I . ,ra il.of dIlf (113, 0,r60 hn,�hlml ✓.c, mw.rI, a "'ii i; OTHER INFORMATION MONROE COUNTY, FLORIDA SCHEDULE OF RECEIPTS AND EXPENDITURES OF FUNDS RELATED TO THE DEEPWATER HORIZON OIL SPILL FOR THE YEAR ENDED SEPTEMBER 30,2022 Amount Amount Received in the Expended 2021-22 in the 2021-22 Source Fiscal Year Fiscal Year Environmental Clean Up Consortium: British Petroleum Agreement No. 140596 $ - $ - 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 2021, the County earned $1,917 in interest earnings on the settlement funds received from British Petroleum. From FY 2016 through FY 2022, the County earned $63,324 in interest earnings on these settlement funds bringing the total settlment and earnings to$1,171,271. L-1