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Fiscal Year 2023
;y Monroe County,, Florida Annual"Comprehensive Financial Report t' / i} r� MONROE COUNTY, FLORIDA ANNUAL COMPREHENSIVE FINANCIAL REPORT FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023 KEVIN MADOK, CPA CLERK OF THE CIRCUIT COURT & COMPTROLLER PREPARED BY: CLERK OF THE CIRCUIT COURT FINANCE DEPARTMENT PAM RADLOFF, CPA FINANCE DIRECTOR MONROE COUNTY, FLORIDA ANNUAL COMPREHENSIVE FINANCIAL REPORT FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023 PAGE INTRODUCTORY SECTION (Unaudited) 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, 2023 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 Special Assessments 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, 2023 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 Capital Project 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 (Unaudited) 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, 2023 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. G,,I cougrg o o:,� e°A Kevin Madok, CPA �o ........ � Clerk of the Circuit Court& Comptroller— Monroe County, Florida ROE cOUNSy March 28, 2024 The Honorable Holly Raschein 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, 2023. 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, 2023. 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 Commerce, Division of Community Planning, Development, and Services 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 Forever conservation and recreation 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 decreased by 10.6% in the past year. Similarly, the County's bed tax revenues experienced a decrease of 11% for the same period. ...3 Property values in 2023 increased 13.6% from the prior year. In comparison, statewide, property values increased 11.8% from 2022 to 2023. Correspondingly, property tax collections increased 11.2% from the previous fiscal year. Over a ten-year period, tax collections rose 50.6%. Over the same decade, the total assessed value of taxable property in Monroe County increased 118.8%. The growth in these economic indicators is offset by the decrease in taxable sales of 5% from FY 2022 levels. The decline in taxable sales is attributed to a return to pre-pandemic activity. The County's unemployment rate of 2.0% as of September 2023 is below the state and national averages of 2.8% and 3.8%, respectively. Long-term Financial Planning Monroe County began construction of its Emergency Operations Center (EOC) during FY 2023. Over $37 million in grant funding was secured to fund this capital project. The EOC is being built at the Marathon Airport and will house the County's Emergency Management team, Fire Rescue Administration, a new 911 call center, and an incident command center which will also serve as an emergency management training site. In addition to a new EOC, the County also received funding from the Federal Hazard Mitigation Program to retrofit ten County facilities with impact resistant windows and doors as well as retrofit seven roofs in order to reduce damage from future storm events. In addition, in FY 2023, Monroe County secured full funding to develop two new mooring fields. In June 2023, the BOCC approved the execution of the contract for the design and permitting of both the Man of War Harbor mooring field (100 moorings) and the Boca Chica mooring field (40 moorings). Throughout the upcoming fiscal year, environmental surveys will be conducted along with engineering and design for this project. New moorings will mitigate damage to the County's benthic habitat and provide safe, secure harbor for vessels which, in turn, will improve safety for recreational boaters and local live-aboards. Further, in August 2023, the County was awarded $10 million from the state to start an artificial reef program in the Florida Keys. Artificial reefs assist in taking the pressure off of local natural reefs. 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 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 $56.3 million in FY 2023. ...4 At September 30, 2023, the County had long-term debt and obligations in the amount of $556 million. This debt and obligations are mainly comprised of direct borrowing of revenue bonds and notes secured by pledges of revenues. Revenue-secured debt for governmental activities was $208.2 million and $42.5 million for business type activities. During FY 2023, the County entered into a lease-purchase financing arrangement valued at $53 million to secure three helicopters for the Trauma Star Program. 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. A Taxable Revenue Note, Series 2022 was also secured 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 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 $547.3 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; - $5.3 million for the Public Defender Building; and - $7.9 million for the Jackson Square Building. • Public Safety: - $4.3 million for the Sheriff's Cudjoe substation; - $7.4 million for replacing Sugarloaf Fire Station; and - $51.5 million for the leasing three Trauma Star Helicopters. • Transportation: - $5.7 million for Harbor Drive bridge replacement; - $10.1 million for the No Name Key bridge repair; and - $5.8 million repair for Key Deer Boulevard North of Watson. ... The following are major capital projects that were substantially completed in FY 2023: • Plantation Key Courthouse and Jail; • Bertha and I" Streets road and drainage improvements; • Big Pine swimming hole; and • Key West Airport repairs of its Engineered Material Arresting System (EMAS). Relevant Financial Policies The Board strives to adhere to sound financial management principles to ensure that sufficient funds are available to maintain a stable financial base for the County. To achieve a stable financial base, the County budgets to maintain fund balances sufficient to fund the County's cash flow needs, to provide financial reserves for unanticipated expenditures or unexpected revenue shortfalls, to provide funds for the disparity in timing between property tax collection, sales tax distributions as well as other revenues and expenditures, and to secure and maintain investment grade bond ratings. In accordance with Section 218.415, Florida Statutes, the County's investment policy, approved in January 2019, establishes investment objectives, maturity and liquidation requirements, portfolio composition, risk and diversification requirements, and authorized investments. The primary objective of investment activity is the safety of the principal of funds and maintain sufficient liquidity to meet anticipated cash flow needs. A secondary objective is to obtain competitive returns on the investment of the County's surplus funds. The County adheres to Governmental Accounting Standards Board's Statement No. 54 which requires governmental entities to classify a fund balance into one of five categories to indicate the constraints imposed upon these resources: non-spendable, restricted, committed, assigned and unassigned. An unassigned fund balance is the residual classification that includes all spendable amounts not contained within the other four classifications. Unrestricted fund balance is the amount of fund balance that the Board has placed constraints on its use (committed or assigned fund balance) plus the fund balance that does not have any specific purpose identified for the use of those net resources (unassigned fund balance). It is the goal of the Board to achieve and maintain an unrestricted General Fund balance equal to four months of budgeted expenditures. To achieve this goal, the Board's Fund Balance policy dictates that the County shall plan to adjust budget resources in the subsequent fiscal years to restore the balance. Appropriation from unrestricted General Fund balance shall require Board approval and shall be only for one-time expenditures, such as capital purchases, and not for ongoing expenditures unless a viable plan designated to sustain the expenditures is simultaneously adopted. The Board has the responsibility of responding to emergency disaster and has $10 million in disaster reserve funds to ensure adequate cash flow is available in post-disaster situations. In the ...6 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, 2022. This was the thirty fifth (35'h) 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. Monroe County also received the GFOA's Distinguished Budget Presentation Award for its annual appropriated budget. This was the twenty fifth (25 Ih) 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 their interest and support to us throughout the year. Sincerely, ............. Kevin Madok, CPA Pain Radloff, CPA Clerk oi'the Circuit Court & Comptroller Monroe County Chief Financial Officer Finance Director A-7 De 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, 2022 P. Executive Director/CEO A-8 MONROE COUNTY, FLORIDA BOARD OF COUNTY COMMISSIONERS HOLLY RASCHEIN DISTRICT 5 CRAIG CATES MICHELLE LINCOLN DISTRICT 1 DISTRICT 2 JIM SCHOLL DAVID RICE DISTRICT 3 DISTRICT 4 KEVIN WILSON, P.E. ACTING COUNTY ADMINISTRATOR KEVIN MADOK, CPA CLERK OF THE CIRCUIT COURT AND COMPTROLLER A-9 % / k ) ) ! ) ! m E ) ® - \ k \ m. k ! SE � E ) � k ! � k! {2 = ) ! ate ! f� ) � # ff � T �o \ _ - -lw m ) ] - E \) § : j � � \ m � wE !_ \ }k \ k \ \ 3 k § / ¢/k : - _ { _ g E _E m £ « . olo txo o \ \ k � » \ E § � � - ■ 2 § E / ) | � § [� § § § § o � � � Ed \k � ) k } } Eu \ E � ® - oa ) k£ � � § \ - ƒ{ < r E ; � ; ! k k {� 2 « ! ] eo / | � ! ) o ) ) ƒ f 6 o _ ! m w : _ E g / - - ) � / _ - « n \ 0w xw E ) ` §x o ! a o IIIIII�IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII 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, 2023, 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 Monroe County, Florida, as of September 30, 2023, 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 Fund, HIDTA Grants Fund, Governmental Grants Fund, 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 Notes 1 and 14 to the financial statements, the County adopted Governmental Accounting Standards Board (GASB)Statement No. 96, Subscription-Based Information Technology Arrangements (SBITA), as of October 1, 2022. As a result, beginning right-of-use subscription assets and subscription liabilities balances were recorded as well as other disclosure related items for the SBITA were added to the financial statements. Our opinions are not modified with respect to this matter. 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. `I4E l OWIF4,I OF BV NtIG UNTO '4 II O(M; A�J[)l"C 1 I°'A X B-1 Vr':A P Al i ,III^m. i,f I!,^A, .. tnr. t ,.. 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 the management's discussion and analysis and the pension and other post-employment benefits related information, 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 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. B-2 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, 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 28, 2024, 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. V. Fort Lauderdale, Florida March 28, 2024 B-3 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, 2023. 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, 2023 by $683.3 million, an increase of $111.8 million compared to the prior fiscal year. Of this amount, $449.9 million represents net investment in capital assets; $275.5 million is restricted for specific purposes (restricted net position); and the remaining portion represents negative unrestricted net position (deficit) of ($42.1) 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 2023 with FY 2022, the results of governmental activities produced a increase in net position of $44 million, while in FY 2022 net position decreased by $284.3 million. We discuss key changes in net position later in Management's Discussion& Analysis (MD&A). • Comparing FY 2023 with FY 2022, the results of business-type activities produced an increase in net position of$67.8 million, while in FY 2022 net position increased by $24 million. We discuss key changes in net position later in this MD&A. • As of September 30, 2023 and 2022, the County's governmental funds reported combined ending fund balances of $359.7 million and $270.3 million, respectively. Of the combined fund balance, $11.3 million or 3.1% 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 $44.3 million, a decrease of$5 million from the prior year. This decrease reflects the County's increase in staffing levels from the prior year. • Bonded debt and loans of the County increased $53 million in FY 2023 due to the County entering into a lease-purchase agreement for three Trauma Star helicopters. The County's percentage of bonded debt and loans compared to net position decreased from 37.2% to 36.9%. 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 2023. 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-18 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-19 through E-28 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-29 and E-30 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, 2023 and 2022 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 2023 2022 2023 2022 2023 2022 Current and Other Assets $ 451,916 $ 379,872 $ 142,456 $ 114,037 $ 594,372 $ 493,909 Capital Assets 483,128 455,139 208,006 147,471 691,134 602,610 Total Assets 935,044 835,011 350,462 261,508 1,285,506 1,096,519 Deferred Outflows of Resources 48,655 48,823 2,096 2,043 50,751 50,866 Current Liabilities 65,970 71,579 10,525 5,656 76,495 77,235 Long-Term Liabilities 466,266 403,459 51,961 50,160 518,227 453,619 Total Liabilities 532,236 475,038 62,486 55,816 594,722 530,854 Deferred Inflows of Resources 29,535 30,848 28,679 14,112 58,214 44,960 Net Position: Net Investment in Capital Assets 270,233 234,357 179,688 145,604 449,921 379,961 Restricted 271,454 257,161 4,049 3,634 275,503 260,795 Unrestricted (119,759) (113,571) 77,656 44,386 (42,103) (69,185) Total Net Position $ 421,928 $ 377,947 $ 261,393 $ 193,624 $ 683,321 $ 571,571 The largest portion of net position for 2023 and 2022 is the County's net investment in capital assets (e.g., land, depreciated buildings, infrastructure and equipment, and amortized right-to-use leased assets, and subscription-based information technology arrangements [SBITA]), less any outstanding debt related to their acquisition. This category represents 65.8% and 66.5% of total primary government net position for fiscal years 2023 and 2022, 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 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 2023, 40.3% 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 2023 2022 2023 2022 Current Assets $ 451,916 $ 379,356 $ 91,538 $ 56,282 Current Liabilities 65,970 71,579 10,525 5,656 Ratio of Current Assets to Current Liabilities 6.85 5.30 8.70 9.95 The schedule above demonstrates that the County continues to have adequate cash flows. The governmental activities ratio of 6.85 and the business-type activities ratio of 8.70 reflect the County's ability to pay back its current liabilities with available current assets. The significant decrease in the business-type activities ratio reflects the use of cash by the Key West International Airport for the Terminal A expansion project. Monroe County Changes in Net Position (in thousands) The following table summarizes the changes in net position for the current and previous year. Total revenue exceeded total expenses in the current year, resulting in a increase in the County's total net position of $44.3 million in FY 2023 compared to a decrease in net position of $284.3 million during FY 2022. 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 2023 2022 2023 2022 2023 2022 Revenues: Charges for Services $ 45,036 $ 46,811 $ 44,004 $ 39,330 $ 89,040 $ 86,141 Operating Grants and Contributions 26,207 45,350 17,844 18,010 44,051 63,360 Capital Grants and Contributions 1,081 2,211 39,453 11,739 40,534 13,950 General Revenues: Property Taxes 113,282 101,805 - - 113,282 101,805 Other Taxes 127,195 133,934 127,195 133,934 State Revenue Sharing 7,976 4,909 - - 7,976 4,909 Investment Income 13,350 (1,525) 4,790 114 18,140 (1,411) Miscellaneous 5,345 3,805 5,368 277 10,713 4,082 Total Revenues 339,472 337,300 111,459 69,470 450,931 406,770 Expenses: General Government 62,873 58,449 - - 62,873 58,449 Public Safety 95,717 211,555 95,717 211,555 Physical Environment 12,918 262,850 12,918 262,850 Transportation 11,155 3,449 11,155 3,449 Economic Environment 53,092 38,827 53,092 38,827 Human Services 14,999 14,611 14,999 14,611 Culture and Recreation 10,922 11,174 10,922 11,174 Court Related 14,423 14,564 14,423 14,564 Interest on Long Term Debt 5,331 5,502 - - 5,331 5,502 Municipal Service District waste - - 24,081 21,466 24,081 21,466 Card Sound Bridge 1,122 1,111 1,122 1,111 Key west Airport 30,012 21,449 30,012 21,449 Marathon Airport - - 2,536 2,145 2,536 2,145 Total Expenses 281,430 620,981 57,751 46,171 339,181 667,152 Change in Net Position before transfers 58,042 (283,681) 53,708 23,299 111,750 (260,382) Transfers (14,061) (616) 14,061 616 - Change in Net Position 43,981 (284,297) 67,769 23,915 111,750 (260,382) Total Net Position-October 1 377,947 662,244 193,624 169,709 571,571 831,953 Net Position-Ending $ 421,928 $ 377,947 $ 261,393 $ 193,624 $ 683,321 $ 571,571 Governmental Activities Highlights for governmental activity revenue and expenses are as follows: Revenues • Charges for Services decreased by negative 3.8% between FY 2022 and FY 2023. This decrease represents a return to normal activity post-pandemic. C-7 • Tourist Development revenue FY 2023 totaled $61.5 million; a 11% downturn from the previous fiscal year's tourist development revenue which totaled $69.1 million. During FY 2020, tourism initially was negatively impacted by the COVID-19 pandemic. However, throughout FY 2021 and FY 2022, the County experienced record-breaking tourist activity due to travel restrictions to comparable vacation sites. The County expects tourism activity to normalize in the coming fiscal years. • Sales Taxes (1/2 Cent Sales Tax and One Cent Infrastructure Tax) were $49 million in FY 2023 compared to $52.1 million in FY 2022, which was a decrease of $3.1 million or -5.9%. The sales tax revenue was impacted in a manner similar to the tourist development revenue. The sales tax revenue decrease between FY 2022 and FY 2023 reflects the expected reduction in tourism activity post-pandemic. • Operating Grants and Contributions decreased by $19.1 million or -42.2%, while Capital Grants and Contributions decreased by $1.1 million or a -50%. Grants are nonrecurring in nature and can fluctuate from year to year. The decrease in Capital Grants and Contributions in FY 2023 reflected the completion of much of the work related to the County's recovery from Hurricane Irma. The decrease in Operating Grants and Contributions is due to the one-time Federal financial assistance the County received in FY 2021 and FY 2022 for the pandemic. • Investment income rebounded in FY 2023 from the previous fiscal year. In FY 2022, the County had unrealized losses of $1.6 million due to the market's reaction to the inflation and continued economic recovery from the global pandemic. In FY 2023, the County reported unrealized investment earnings of$13.4 million which reflects the economic recovery post-pandemic. Expenses • Pension related expenses, resulting from the change of deferred inflow of resources, deferred outflow of resources, and the net pension liabilities, increased by $25.1 million in FY 2023. This increase is related to the Florida Retirement System's pension assets decreasing significantly during FY 2023 which, in turn, increased the related pension liability and associated pension expense. • Depreciation and amortization expense reported for governmental activities decreased by $2.8 million in FY 2023. The decrease reflects the FY 2022 sale of the County's $227 million wastewater systems to the Florida Keys Aqueduct Authority which had an annual depreciation expense of $4.8 million. Also, in FY 2023, the County implemented GASB Statement No. 96, Subscription-Based Information Technology Arrangements which in turn, results in corresponding amortization. In FY 2023, the County added total subscription-based information technology assets of$5.3 million with amortization expense of$1.1 million. • Public safety operational expenses (not capitalized) decreased by $63.2 million or a negative 29.9%. The majority of this decrease represents the increase of the annual pension expense during FY 2023. Because the Florida Retirement System's pension assets materially increased during the fiscal year, it impacted the related liability and associated pension expense. Excluding pension expenses, FY 2023 public safety expenditures increased $14.4 million from FY 2022. This increase is related to increased salaries from the previous fiscal year. C-8 The graph below represents a comparison of program revenues to program expenses for governmental activities for fiscal year 2023. It is apparent from these graphs that general revenues were required to cover expenses for most of the functions noted. Monroe County, FlorWa Gov ernrnentalI Acdv�-di es (in Whons) For the year ended September 30, 2023 120.0 95.4 100.0 80.0 62.9 60.0 53.1 40.0 18.7 20.8 15.0 14.4 20.0 12*612,9 11.2 9.8 10.9 2.3 0.5 1.2 g��j 6.5 0.0 General Public Safety Physical Transportation "conornic Flurnan Culture& Court Related Government "nvironment "nvironment Services Recreation 1111111 Prograrn Revenues 11111111111 Program Expenses The largest revenue sources for governmental activities in FY 2023 are property taxes in the amount of $113.3 million and all other taxes totaling $127.2 million. Total taxes of $240.5 million amounted to 70.8% of the County's governmental activity revenues excluding transfers. The second largest revenue source, excluding grant funding, is charges for services at$45 million or 13.3% of governmental activity revenues excluding transfers. The 2023 graph identifies the largest expense function as public safety, amounting to $95.4 million. This is 34.6% of the total expenses for governmental activities. The public safety function includes the Sheriff along with the County emergency management-related expenses. The next largest functions are general government and economic environment that total $116.1 million or 34.7% of total expenses. The general government expenses include the Tax Collector, Property Appraiser, Clerk of the Circuit Court, and the Supervisor of Elections and the County's Tourist Development Council. The following graph represents a comparison of program revenues to program expenses for governmental activities for FY 2022. C-9 Monroe County, FlorWa Gov ernrne Irma lI Acdv�-di es (in Whons) For the year ended September 30, 2022 300.0 262.9 250.0 211.6 200.0 150.0 100.0 58.4 52*0 50.0 22.7��� 38.8 14.6 11.2 9.0 14.6 4.3 2.6 3.4 1.8 0.7 1.4 0.0 _ ...111 ------- 1 11111 HEIM aflamilli General Public Safety Physical Transportation "conornic Flurnan Culture& Court Related Government "nvironment "nvironment Services Recreation 1111111 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 69.9% of the County's governmental activity revenues excluding transfers. The second largest revenue source, excluding grant funding, is charges for services at $46.8 million or 13.9% 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. 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 2023 amounted to $44.0 million or 39.9% of all business-type activities revenue sources. Other revenue source includes $17.8 million and $39.4 million in operating grants and capital grants respectively. Total expenses (excluding transfers from other funds) were less than total revenues (excluding transfers to other funds)by $53.7 million. C-1 0 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 $308.1 million at the end of the current fiscal year. This represents a $37.9 million, or 18.3%, increase from prior year. Governmental funds held non-spendable, restricted, committed or assigned amounts totaling $296.5 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, 2023, the total fund balance in the General Fund was $44.3 million, a decrease of $5 million, or -10.1% less than the prior year. The unassigned portion of the General Fund's fund balance was $11.7 million. Tax revenue increased by $1.6 million in the General Fund. Intergovernmental revenues increased by $.3million, or a 1.6% increase. Expenditures increased by $3.8 million or 3.5%. Other Major Fund Information (in thousands) Fine and Forfeiture HIDTA Grants Governmental Grants 2023 2022 2023 2022 2023 2022 Revenues and Other Sources $ 79,165 $ 72,843 $ 22,839 $ 30,592 $ 44,716 $ 15,230 Expenses and Other Uses 77,137 69,183 22,839 30,592 28,780 22,657 Increase/(Decrease)in Fund balance $ 2,028 $ 3,660 $ - $ - $ 15,936 $ (7,427) Tourist Development Admin One Cent and Promo Two Cent Infrastructure Surtax Debt Service 2023 2022 2023 2022 2023 2022 Revenues and Other Sources $ 22,306 $ 23,329 $ 97,992 $ 34,755 $ 18,853 $ 18,525 Expenses and Other Uses 11,384 10,347 38,821 30,082 18,500 18,529 Increase/(Decrease)in Fund balance $ 10,922 $ 12,982 $ 59,171 $ 4,673 $ 353 $ (4) Fine and Forfeiture Special Revenue Fund. Total revenue and other sources for this fund increased by $6.3 million due to an increase in services provided for emergency medical services. Total operating expenses and transfers to other funds increased by $8 million, or 11.5%. C-11 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 decreased in this fund during FY 2023. Activity decreased by $7.8 million or-25.3%. Governmental Grants Special Revenue Fund. The FY 2023 revenue increased by $29.5 million. During FY 2023, the County received $11.2 million for Hurricane Irma recovery; $9.7 million for canal restoration; $8.9 million for pandemic recovery; $4.1 million for the County's voluntary home-buy-out program; and $2.5 million for the County's Fire and Rescue SAFER program. 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 decreased by $1 million due to a return to normal tourist activity post-pandemic. Total operating expenses and transfers to other funds increased by $1 million. 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 experienced steady growth. Total revenue and other sources for this fund increased $11.7 million, or 33.6%. The FY 2023 increase is due to the purchase of three helicopters for the County's Trauma Star program. Since the helicopters will be delivered to the County at a future date, the County placed $53 million with a fiscal agent who will release funding to the manufacturer building the helicopters. The helicopters are expected to be delivered and ready for use some time in 2025. Debt Service. The debt service fund received transfers from other funds to cover $18.9 million in principal and interest payments on long-term debt. Proprietary Funds Proprietary fund statements provide the same information as in the business-type activities column of the government-wide statements, but in greater detail and on a fund basis for enterprise funds and internal service funds. Municipal Service District-Waste Enterprise Fund. This fund maintains the County's transfer sites. The County continues to outsource the waste haul-out services through a major contract. Revenues for charges for services (special assessments and tipping fees) increased by 10.9% from FY 2022. 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 increased by 9.7% from FY 2022. Key West Airport Enterprise Fund. Compared to FY 2022, revenue increased by $1.8 million in charges for services and operational expenses decreased by $.7 million in FY 2023. The Key West Airport received $5 million in operating grants and $31.5 million in capital grants for a myriad of capital projects including the Airport's expansion of its terminal. C-12 Marathon Airport Enterprise Fund. The airport reported an increase of 7.4% in its revenue from charges for services in FY 2023. In addition, the Marathon Airport received almost$15 million from other funds to provide needed cash flow for the construction of the County's Emergency Operations Center. 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. 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, right to use leased assets and subscription-based information technology agreements; and (2) those not subject to depreciation such as land, land development rights, and construction in progress. At September 30, 2023, the County has $691.1 million invested in a variety of capital assets, as reflected in the following schedule, which represents a net increase (additions less retirements and depreciation) of$88.5 million or 14.7% from the end of last year. MONROE COUNTY,FLORIDA CAPITAL ASSETS(IN THOUSANDS) NET OF.DEPRECIATION Govenimental Activities Busi less-type Activities Total 2023 2022 2023 2022 2023 2022 Land 105.789 $ 91.417 $ 1.5.404 $ 6,126 $ 121.193 $ 97.543 Land Development Rights 1,806 1,609 - - 1,806 1,609 Construction III Prog. 38,211 68,578 86,448 33.479 124,659 102.057 Buildings 146.468 106.945 56,805 56.233 203,273 1.63.178 Equipment 29.418 33,208 2,618 2,547 32.036 35.755 Infrastructure 105.665 98,428 46.721 49,073 152.386 1.47.501 Intangible Assets 5,027 6,025 - - 5,027 6,025 Right-To-Use Leased Assets& SBITAs 50.745 48,928 8 12 50,753 48,940 Total S 483,129 S 455,138 $ 208,004 $ 1.47,470 S 691,133 S 602,608 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: • Completion of the Plantation Key Courthouse and Detention Center totaling $39.2 million. • Completion of the Bertha and lst Streets road and drainage improvements totaling $6.1 million. • Completion of the Big Pine Swimming Hole totaling $2.7 million. • Completion of installing sprinklers on Pigeon Key totaling $1.4 million. • Completion of East Martello roof totaling $1.3 million. • Completion of the Marathon Airport's terminal reroof totaling $2.2 million. In addition, in FY 2023, the County implemented GASB Statement No. 96, Subscription-Based Information Technology Agreements (referred to as SBITA). This standard requires the recognition of C-13 intangible right-to-use information technology software. Under this standard, SBITA are measured at the start of the subscription as the initial subscription liability, adjusted for subscription payments made at or before the subscription commencement date, phis certain initial direct costs. Subsequently, the SBITA is amortized on a straight-line basis over its useful life. The County's policy is to record a SBITA if it is expected that the related liability will equal or exceed $50,000. With the implementation of GASB Statement No. 96, the County recognized, net of amortization, $4.1 million in SBITA. Ongoing significant projects include the following: the construction of the Monroe County historical jail; Higgs Beach restrooms; Middle Keys community center; Ellis Building renovation; public safety and security systems; Key West Airport Concourse A terminal expansion project; Marathon Airport relocation of automated surface observing system, 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-24. Long-Term Debt At September 30, 2023, the County had long-term debt in the amount of $605.2 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 $208.2 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: • Financing a lease-purchase agreement for three Trauma Star helicopters - $53 million. • Increase in leased liabilities and SBITAs - $.5 million • Increases to accrued compensated absences - $1 million • Increases in the County's proportionate share of FRS and HIS pension liability - $28 million • Increases in the other post-employment benefits liability - $2.2 million • Decreases in the County's LOSAP pension liability - $.14 million In FY 23, the County entered into a $53 million lease-purchase arrangement to purchase three helicopters for the County's Trauma Star Program. Moody's Investors Service rates the County's Infrastructure Sales Surtax Revenue Bonds, Series 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-52. 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: • Bimini Drive bridge replacement capital project was provided additional funding of$2 million. • Public Defender's office renovation was provided additional funding totaling $3.2 million. • Lower Keys Activity Center capital project was provided additional funding of$1.1 million. • Harbor Drive bridge replacement capital project was provided additional funding of$2.3 million. C-14 • Seaview Drive bridge replacement project was provided additional funding of$4.6 million. • Key Deer Boulevard repair capital project was provided additional funding of$1.8 million. • 1" Street and Bertha road improvement project was provided additional funding of$1.8 million. 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 Monroe County Board of County Commissioners discuss 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 2023 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, are experiencing a slight downturn as the County's tourism industry returns to more normal activity post-pandemic. The FY 2023 budget was developed to meet increased service demands and workload throughout the County. The FY 2023 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 2023 is 3.2326 which is 4.2% decrease from last year's rate of 3.3748 and 1.1% 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 2022 levels. Budgeted expenditures increased in FY 2023 to reflect 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: • 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-15 BASIC FINANCIAL STATEMENTS MONROE COUNTY, FLORIDA STATEMENT OF NET POSITION SEPTEMBER 30,2023 Primary Government Component Unit Monroe County Governmental Business-type Comprehensive Activities Activities Total Plan Land Authority ASSETS Current Assets: Cash and Cash Equivalents $ 61,945,009 $ 17,660,417 $ 79,605,426 $ 26,360,389 Cash with Fiscal Agent 51,550,000 - 51,550,000 - Investments 279,058,108 54,852,510 333,910,618 - Accounts Receivable, Net 6,380,289 2,192,543 8,572,832 - Assessments Receivable 20,916,902 - 20,916,902 - Leases Receivable 3,349,127 4,407,248 7,756,375 - Internal Balances (158,478) 158,478 - - Due from Other Governmental Units 27,764,093 11,993,508 39,757,601 1,009,380 Interest Receivable 914,462 273,333 1,187,795 - Inventory 46,039 - 46,039 179,500 Prepaid Items 150,712 - 150,712 - Total Current Assets 451,916,263 91,538,037 543,454,300 27,549,269 Noncurrent Assets: Restricted Cash and Cash Equivalents - 26,343,520 26,343,520 - Restricted Accounts Receivable - 409,488 409,488 - Mortgage/Notes Receivable 10,517,003 - 10,517,003 7,419,025 Allowance for Mortgage/Notes Receivable (10,517,003) - (10,517,003) - Leases Receivable, Non-Current - 24,165,300 24,165,300 - Land and Other Nondepreciable Assets 145,806,440 101,852,457 247,658,897 39,048,754 Other Capital Assets, Net of Accum Deprec 286,577,023 106,145,264 392,722,287 15,713,272 Right-To-Use Leased Assets&SBITAs, 50 Net of Amortization ,744,989 8,395 50,753,384 - Total Noncurrent Assets 483,128,452 258,924,424 742,052,876 62,181,051 Total Assets 935,044,715 350,462,461 1,285,507,176 89,730,320 DEFERRED OUTFLOWS OF RESOURCES Related to Pensions 38,757,280 1,826,053 40,583,333 424,269 Related to OPEB 9,897,900 270,200 10,168,100 10,926 Total Deferred Outflows of Resources 48,655,180 2,096,253 50,751,433 435,195 LIABILITIES Current Liabilities: Accounts Payable 13,082,744 7,886,282 20,969,026 12,504 Retainage Payable 1,121,897 1,881,637 3,003,534 - Accrued Wages and Benefits Payable 5,619,071 283,489 5,902,560 42,404 Claims and Judgments Payable 3,237,786 - 3,237,786 - Due to Other Governmental Units 3,924,609 40,286 3,964,895 - Accrued Compensated Absences Payable 3,342,400 148,904 3,491,304 31,227 Other Current Liabilities 793 19 812 - Deposits in Escrow 436,660 96,358 533,018 - Unearned Revenue 10,478,094 185,361 10,663,455 - Accrued Interest Payable 1,076,573 - 1,076,573 - Leases&SBITAs Payable 5,282,428 2,455 5,284,883 - Revenue Notes Payable 7,766,511 - 7,766,511 - Revenue Bonds Payable 5,110,000 - 5,110,000 - Lease Purchase of Trauma Star Helicopters 3,010,000 - 3,010,000 - Interlocal Debt Agreements 2,480,666 - 2,480,666 - Total Current Liabilities 65,970,232 10,524,791 76,495,023 86,135 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 30,2023 Primary Government Component Unit Monroe County Governmental Business-Type Comprehensive Activities Activities Total Plan Land Authority Noncurrent Liabilities: Accrued Compensated Absences Payable 13,369,603 595,618 13,965,221 221,043 Leases&SBITAs Payable 45,782,359 6,157 45,788,516 Revenue Notes Payable 116,803,376 - 116,803,376 - Revenue Bonds Payable 10,535,000 42,459,929 52,994,929 - Lease Purchase of Trauma Star Helicopters 49,990,000 - 49,990,000 - Interlocal Debt Agreements 12,458,648 - 12,458,648 - Other Liabilities 400,000 - 400,000 - Total OPEB Liability 54,985,000 1,305,000 56,290,000 65,171 Net Pension Liability 161,941,581 7,594,602 169,536,183 929,746 Total Noncurrent Liabilities 466,265,567 51,961,306 518,226,873 1,215,960 Total Liabilities 532,235,799 62,486,097 594,721,896 1,302,095 DEFERRED INFLOWS OF RESOURCES Related to Leases 3,329,417 28,164,826 31,494,243 - Related to Pensions 12,552,233 398,165 12,950,398 15,972 Related to OPEB 13,653,700 116,000 13,769,700 21,309 Total Deferred Inflows of Resources 29,535,350 28,678,991 58,214,341 37,281 NET POSITION Net Investment in Capital Assets 270,232,896 179,687,907 449,920,803 54,762,026 Restricted: Public Safety 56,287,168 - 56,287,168 - Physical Environment 18,030,737 - 18,030,737 - Transportation 8,164,371 4,049,058 12,213,429 - Economic Environment 120,619,093 - 120,619,093 - Land Authority - - - 12,550,316 Court Programs 11,220,513 - 11,220,513 - Human Services 4,030,552 - 4,030,552 - Cultural and Recreation 2,781,149 - 2,781,149 - General 5,743,976 - 5,743,976 - Capital Projects 42,122,267 - 42,122,267 - Debt Service 2,454,492 - 2,454,492 - Unrestricted (119,758,468) 77,656,661 (42,101,807) 21,513,797 Total Net Position $ 421,928,746 $ 261,393,626 $ 683,322,372 $ 88,826,139 D-2 MONROE COUNTY,FLORIDA STATEMENT OF ACTIVITIES FOR THE YEAR ENDED SEPTEMBER 30,2023 Program Revenues Operating Capital Charges for Grants and Grants and Functions/Programs Expenses Services Contributions Contributions Primary government: Governmental activities: General Government $ 62,872,924 $ 17,113,135 $ 1,594,456 $ - Public Safety 95,717,152 18,468,188 2,314,643 - Physical Environment 12,918,368 1,975,848 10,558,192 70,970 Transportation 11,154,822 59,514 1,189,581 1,010,407 Economic Environment 53,091,973 43,024 9,730,376 - Human Services 14,999,120 23,660 510,594 - Culture and Recreation 10,921,727 899,705 309,221 - Court Related 14,423,413 6,453,416 - - Interest on Long-Term Debt 5,330,744 - - - Total governmental activities 281,430,243 45,036,490 26,207,063 1,081,377 Business-type activities: Municipal Service District Waste 24,081,300 25,809,194 - - Card Sound Bridge 1,122,410 2,224,170 - - Key West Airport 30,012,172 14,581,544 14,281,572 31,483,146 Marathon Airport 2,535,531 1,389,487 3,562,971 7,969,702 Total business-type activities 57,751,413 44,004,395 17,844,543 39,452,848 Total primary government $ 339,181,656 $ 89,040,885 $ 44,051,606 $ 40,534,225 Component Unit: Monroe County Comprehensive Plan $ 7,988,718 $ - $ - $ - Land Authority General Revenues: Taxes: Ad Valorem Taxes Tourist Impact Tax Gas Tax 1/2 Cent Sales Tax One Cent Infrastructure Tax Tourist Development Tax Other Taxes Other St. Shared Rev, Unrestricted Investment Income Settlements, Insurance Recoveries, Donations, and Other Income Transfers Total General Revenues and Transfers Change in Net Position Total Net Position-October 1 Total Net Position-Ending The notes to the financial statements are an integral part of these statements. (Continued) D-3 Net(Expense) Revenue and Changes in Net Position Primary Government Component Unit Monroe County Governmental Business-type Comprehensive Activities Activities Total Plan Land Authority $ (44,165,333) $ - $ (44,165,333) $ - (74,934,321) - (74,934,321) - (313,358) - (313,358) - (8,895,320) - (8,895,320) - (43,318,573) - (43,318,573) - (14,464,866) - (14,464,866) - (9,712,801) - (9,712,801) - (7,969,997) - (7,969,997) - (5,330,744) - (5,330,744) - (209,105,313) - (209,105,313) - - 1,727,894 1,727,894 - - 1,101,760 1,101,760 - - 30,334,090 30,334,090 - - 10,386,629 10,386,629 - - 43,550,373 43,550,373 - (209,105,313) 43,550,373 (165,554,940) - $ - $ (7,988,718) 113,281,542 - 113,281,542 8,395,062 7,684,859 - 7,684,859 - 7,392,698 - 7,392,698 - 16,709,063 - 16,709,063 - 32,729,351 - 32,729,351 - 61,478,869 - 61,478,869 - 1,199,675 - 1,199,675 - 7,976,543 - 7,976,543 - 13,350,773 4,790,281 18,141,054 1,087,457 5,345,091 5,367,927 10,713,018 4,493,608 (14,061,323) 14,061,323 - - 253,087,141 24,219,531 277,306,672 13,976,127 43,981,828 67,769,904 111,751,732 5,987,409 377,946,918 193,623,722 571,570,640 82,838,730 $ 421,928,746 $ 261,393,626 $ 683,322,372 $ 88,826,139 D-4 MONROE COUNTY, FLORIDA BALANCE SHEET GOVERNMENTAL FUNDS SEPTEMBER 30,2023 Fine& HIDTA Governmental General Forfeiture Grants Grants ASSETS Cash and Cash Equivalents $ 21,895,740 $ 1,091,012 $ 1,509,105 $ 702,179 Cash with Fiscal Agent - - - - Investments 30,557,921 13,931,909 - 758,686 Accounts Receivable, Net 145,810 5,213,722 - 72,980 Assessments Receivable - - - - Due from Other Funds 3,677,222 2,305,851 - - Due from Other Governmental Units 1,095,145 22,994 1,524,249 20,495,484 Mortgages/Notes Receivable - - - 151,630 Allowance for Mortgages/Notes Receivable - - - (151,630) Leases Receivable 3,349,127 - - - Interest Receivable 105,215 44,515 - 2,432 Inventory 46,039 - - - Prepaid Items 108,118 12,598 - - Total Assets $ 60,980,337 $ 22,622,601 $ 3,033,354 $ 22,031,761 LIABILITIES, DEFERRED INFLOWS OF RESOURCES,AND FUND BALANCES Liabilities: Accounts Payable $ 4,554,160 $ 148,293 $ 902,997 $ 1,867,087 Retainage Payable 15,237 - - 178,598 Accrued Wages and Benefits Payable 3,696,376 186,071 62,829 152,588 Due to Other Funds 2,899,253 27,796 1,376,160 2,832,417 Due to Other Governmental Units 2,072,621 - 691,368 26,139 Unearned Revenues - - - 10,429,444 Deposits in Escrow 153,508 - - - Total Liabilities 13,391,155 362,160 3,033,354 15,486,273 Deferred Inflows of Resources: Leases 3,329,417 - - - Unavailable Revenues 250 - - 2,657,824 Total Deferred Inflows of Resources 3,329,667 - - 2,657,824 Fund Balances/(Deficits): Nonspendable 154,157 12,598 - - Restricted - 22,247,843 - 3,887,664 Committed 10,000,000 - - - Assigned 22,455,654 - - - Unassigned 11,649,704 - - - Total Fund Balances/(Deficits) 44,259,515 22,260,441 - 3,887,664 Total Liabilities, Deferred Inflows of Resources, and Fund Balances $ 60,980,337 $ 22,622,601 $ 3,033,354 $ 22,031,761 The notes to the financial statements are an integral part of these statements. E-1 Tourist Development One Cent Debt Nonmajor Total Admin & Promo Infrastructure Service Governmental Governmental Two Cent Surtax Fund Funds Funds $ 4,766,903 $ 2,845,164 $ 862,695 $ 26,072,662 $ 59,745,460 - 51,550,000 - - 51,550,000 39,297,328 35,751,518 2,659,848 127,202,155 250,159,365 2,474 - - 583,716 6,018,702 - 20,916,902 - - 20,916,902 178,907 4,380 - 3,332,064 9,498,424 - 2,620,258 - 1,875,519 27,633,649 - - - 10,365,373 10,517,003 - - - (10,365,373) (10,517,003) - - - - 3,349,127 125,910 114,549 8,522 420,726 821,869 - - - - 46,039 - 17,398 - 12,598 150,712 $ 44,371,522 $ 113,820,169 $ 3,531,065 $ 159,499,440 $ 429,890,249 $ 473,994 $ 1,331,016 $ - $ 2,325,333 $ 11,602,880 - 562,984 - 365,078 1,121,897 - 80,544 - 1,299,556 5,477,964 - - - 2,603,113 9,738,739 - - - 1,127,653 3,917,781 - - - 48,650 10,478,094 - - - 282,752 436,260 473,994 1,974,544 - 8,052,135 42,773,615 - - - - 3,329,417 - 20,690,779 - 753,360 24,102,213 - 20,690,779 - 753,360 27,431,630 - 17,398 - 12,598 196,751 43,897,528 91,137,448 3,531,065 133,827,130 298,528,678 - - - 9,913,636 19,913,636 - - - 7,298,815 29,754,469 - - - (358,234) 11,291,470 43,897,528 91,154,846 3,531,065 150,693,945 359,685,004 $ 44,371,522 $ 113,820,169 $ 3,531,065 $ 159,499,440 $ 429,890,249 E-2 MONROE COUNTY, FLORIDA RECONCILIATION OF THE BALANCE SHEET OF GOVERNMENTAL FUNDS TO THE STATEMENT OF NET POSITION SEPTEMBER 30, 2023 Amounts reported for governmental activities in the statement of net position are different because: Ending fund balance -governmental funds $ 359,685,004 Capital assets used in governmental activities are not financial resources and, therefore, are not reported in the governmental funds, net of 430,193,664 accumulated depreciation of$215,205,953. Right-to-use leased assets and subscription-based information technology agreements used in governmental activities are not financial resources and, 50,433,677 therefore, are not reported in the governmental funds, net of accumulated amortization of$9,859,817. Deferred outflows related to pension liabilities $ 37,981,309 Deferred outflows related to OPEB 9,497,400 Deferred inflows related to pension liabilities (12,364,071) Deferred inflows related to OPEB liabilities (13,593,400) Total 21,521,238 Unavailable revenue related to wastewater assessment activity are deferred in the 24,102,213 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 (50,734,271) Revenue Bonds Payable (15,645,000) Revenue Notes Payable (124,569,887) Lease Purchase of Trauma Star Helicopters (53,000,000) Interlocal Debt Agreements (14,939,314) Total OPEB Liability (53,960,000) Net Pension Liability (159,520,002) Accrued Interest Payable (1,076,573) Accrued Compensated Absences (16,373,399) Total (489,818,446) 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. 26,211,396 Net position of governmental activities $ 421,928,746 The notes to the financial statements are an integral part of this statement. E-3 MONROE COUNTY, FLORIDA STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES GOVERNMENTALFUNDS FOR THE YEAR ENDED SEPTEMBER 30,2023 Fine& HIDTA Governmental General Forfeiture Grants Grants REVENUES: Taxes $ 33,545,425 $ 62,696,980 $ - $ - Licenses and Permits - - - - Intergovernmental 19,569,255 79,188 22,709,851 44,123,764 Charges for Services 5,443,430 11,367,098 - 167,782 Fines and Forfeitures 3,980 113,809 - - Investment Income 2,362,872 2,273,063 - 98,004 Miscellaneous 1,190,228 362,092 - 676 Total Revenues 62,115,190 76,892,230 22,709,851 44,390,226 EXPENDITURES: Current: General Government 34,678,734 1,398,636 - - Public Safety 65,395,938 15,121,415 20,134,283 8,541,744 Physical Environment 650,850 - - 11,332,303 Transportation 523,939 - - 2,552,827 Economic Environment 944,981 - - 3,790,323 Human Services 8,638,545 - - 1,725,674 Culture and Recreation 5,105,538 - - 836,769 Court Related 5,174,975 711,259 - - Capital Outlay - - - - Debt Service Principal 1,968,879 1,635 1,349,440 - Interest 128,259 70 1,355,588 - Total Expenditures 123,210,638 17,233,015 22,839,311 28,779,640 Excess/Deficiency of Revenues Over(Under)Expenditures (61,095,448) 59,659,215 (129,460) 15,610,586 OTHER FINANCING SOURCES(USES): Lease&SBITA Financing 1,816,069 - 129,460 - Transfers from Other Funds 68,004,746 2,273,206 - 325,556 Transfers to Other Funds (13,752,955) (59,904,455) - - Total Other Financing Sources(Uses) 56,067,860 (57,631,249) 129,460 325,556 Net Change in Fund Balances (5,027,588) 2,027,966 - 15,936,142 Fund Balances/(Deficits)-October 1 49,287,103 20,232,475 - (12,048,478) Fund Balances/(Deficits)-September 30 $ 44,259,515 $ 22,260,441 $ - $ 3,887,664 The notes to the financial statements are an integral part of these statements. E-4 Tourist Development One Cent Debt Nonmajor Total Admin &Promo Infrastructure Service Governmental Governmental Two Cent Surtax Fund Funds Funds $ 20,733,748 $ 32,729,351 $ - $ 70,180,520 $ 219,886,024 - 1,946,090 - 6,945,504 8,891,594 - - - 12,907,246 99,389,304 - - - 20,150,013 37,128,323 - - - 6,726,993 6,844,782 1,393,206 1,927,187 408,349 5,902,928 14,365,609 - 451,568 - 2,374,889 4,379,453 22,126,954 37,054,196 408,349 125,188,093 390,885,089 - - - 9,725,431 45,802,801 - - - 35,144,943 144,338,323 - - - 2,196,733 14,179,886 - - - 6,427,330 9,504,096 11,152,342 - - 37,158,233 53,045,879 - - - 2,524,250 12,888,469 - - - 3,974,027 9,916,334 - - - 6,900,053 12,786,287 - 17,328,319 - 379,905 17,708,224 97,140 11,696 14,699,107 63,252 18,191,149 20,428 9,261 3,800,962 2,963 5,317,531 11,269,910 17,349,276 18,500,069 104,497,120 343,678,979 10,857,044 19,704,920 (18,091,720) 20,690,973 47,206,110 - 53,453,731 - 57,762 55,457,022 178,907 8,934,524 18,444,619 10,568,655 108,730,213 (114,278) (22,921,648) - (25,238,041) (121,931,377) 64,629 39,466,607 18,444,619 (14,611,624) 42,255,858 10,921,673 59,171,527 352,899 6,079,349 89,461,968 32,975,855 31,983,319 3,178,166 144,614,596 270,223,036 $ 43,897,528 $ 91,154,846 $ 3,531,065 $ 150,693,945 $ 359,685,004 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, 2023 Amounts reported for governmental activities in the statement of activities are different because: Net change in fund balances-total governmental funds $ 89,461,968 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$47,925,162 30,381,276 exceed depreciation of$23,652,096 in the current period.Also include the net effect of various miscellaneous transactions involving capital assets (i.e., sales and donations). Leases and SBITA financing proceeds received which are reported as liabilities in the (55,457,022) governmental activities. 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 18,191,149 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 fiind— Change in accrued interest $ 241,278 Change in compensated absences (748,793) Change in lease liabilities (953,408) Change in Total OPEB liability and related deferred outflows and inflows (1,639,500) Change in net pension liability and related deferred outflows and inflows (21,912,954) (25,013,377) 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 (18,668,459) 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. 5,086,293 Change in net position of governmental activities $ 43,981,828 The notes to the financial statements are an integral part of this statement. E-6 MONROE COUNTY, FLORIDA STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES -BUDGET AND ACTUAL GENERALFUND FOR THE YEAR ENDED SEPTEMBER 30, 2023 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Taxes $ 33,343,078 $ 33,343,078 $ 33,545,425 $ 202,347 Intergovernmental 15,620,916 15,620,916 19,569,255 3,948,339 Charges for Services 4,349,484 1,584,900 5,443,430 3,858,530 Fines and Forfeitures 5,000 2,771,157 3,980 (2,767,177) Investment Income 345,000 345,000 2,362,872 2,017,872 Miscellaneous 568,600 568,600 1,190,228 621,628 Total Revenues 54,232,078 54,233,651 62,115,190 7,881,539 EXPENDITURES: Current: General Government: Board of County Commissioners Admin 2,073,492 2,085,544 1,911,530 174,014 Clerk to BOCC- Financial Package 5,000 5,000 - 5,000 Government Enterprise Management System 75,000 75,000 30,723 44,277 Clerk Commission and Fees-Noncourt 6,238,900 6,238,900 5,085,181 1,153,719 Insurances-Supervisor of Elections 176,917 188,802 36,914 151,888 Promotional Advertising 5,000 5,000 - 5,000 Value Adjustment Board 35,000 35,000 26,961 8,039 Tax Increment Payment 1,500,000 150,967 - 150,967 FIRM Study - 50,000 50,000 - County Administrator 1,465,199 1,625,678 1,620,026 5,652 Technical Services 3,276,447 3,334,015 3,148,687 185,328 Grants Administration 407,456 407,456 140,254 267,202 Office of Management and Budget 1,003,226 1,008,114 764,263 243,851 Purchasing 332,094 332,094 519,990 (187,896) Personnel 729,443 843,537 882,232 (38,695) Public Works Management 13,384 14,991 14,387 604 Public Works Facilities Maintenance 10,199,675 10,474,986 9,450,039 1,024,947 ADA Compliance 50,000 50,000 - 50,000 County Attorney 2,036,828 2,148,034 2,334,701 (186,667) Tax Collector 7,503,968 8,508,122 1,540,926 6,967,196 Property Appraiser 5,890,320 5,934,908 4,932,302 1,002,606 Supervisor of Elections 2,804,734 2,804,734 2,031,201 773,533 Quasi External Services 230,000 230,000 158,417 71,583 Hurricane 1,100,000 1,100,000 - 1,100,000 Total General Government 47,152,083 47,650,882 34,678,734 12,972,148 (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, 2023 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) Public Safety: Emergency Management 761,315 769,324 675,056 94,268 Marathon Emergency Operations Center 84,550 85,246 73,968 11,278 Medical Examiner 697,085 703,832 664,425 39,407 Juvenile Detention 1,634,172 - - - Sheriff Law Enforcement and Corrections 60,099,090 59,575,633 63,272,439 (3,696,806) Fire Academy 811,608 818,886 620,390 198,496 Fire and EMS Length of Service Award Program 48,000 48,000 89,660 (41,660) Total Public Safety 64,135,820 62,000,921 65,395,938 (3,395,017) Physical Environment: Extension Service 255,112 259,060 224,590 34,470 Sustainability 483,458 508,458 426,260 82,198 Total Physical Environment 738,570 767,518 650,850 116,668 Transportation: County Engineer 327,625 532,417 523,939 8,478 Total Transportation 327,625 532,417 523,939 8,478 Economic Environment: Literacy Volunteers of America 50,000 50,000 50,000 - Veterans'Affairs 717,101 721,809 698,301 23,508 Veterans'Affairs Transportation 205,453 205,453 196,680 8,773 Total Economic Environment 972,554 977,262 944,981 32,281 Human Services: Middle Keys Guidance Clinic 31,768 42,198 42,198 - Domestic Abuse Shelter 90,000 90,000 89,945 55 Positive Steps of Monroe County 55,000 55,000 55,000 - Florida Keys Outreach Coalition 110,000 110,000 110,000 - Samuel's House 120,000 120,000 120,000 - Womankind 167,200 167,200 167,200 - Grace Jones 60,000 60,000 60,000 - AIDS Help 100,000 100,000 100,000 - Good Health Clinic 105,600 105,600 105,600 - Monroe County Assn for ReMARCable Citizens 205,000 205,000 205,000 - Florida Keys Children's Shelter 150,000 150,000 150,000 - Wesley House 113,000 113,000 113,000 - Florida Keys Area Health Education 198,000 198,000 198,000 - (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, 2023 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) Human Services (continued): Heron/Peacock 45,000 45,000 45,000 - Boys and Girls Club 89,000 89,000 89,000 - Florida Keys Healthy Start Coalition 109,500 109,500 109,500 - Keys Area Interdenominational Resources 35,000 35,000 35,000 - Star of the Sea Foundation 85,000 85,000 85,000 - Independence Cay 35,000 35,000 35,000 - Anchors Aweigh 15,000 15,000 15,000 - Baker Act for Lower Keys Medical Center - 83,334 83,333 1 Guidance Care Clinic Baker Act Transportation - 213,315 181,519 31,796 Guidance Care Clinic/Samuel House-FS 394.76 - 1,124,535 802,721 321,814 Guidance Care Clinic Jail In-House Program - 162,988 162,988 - Historic Florida Keys Foundation 32,450 32,450 32,450 - Animal Shelters 1,710,280 1,710,280 1,670,594 39,686 Welfare Administration 744,302 932,407 920,690 11,717 Welfare Services 868,000 898,000 874,753 23,247 Health Care Respite Act 20,000 20,000 - 20,000 Bayshore Manor 682,596 725,260 659,987 65,273 Social Service Transportation 1,263,246 1,269,431 1,181,067 88,364 Burton Memorial United Methodist Church 15,000 15,000 15,000 - Keys To Be Change 42,000 42,000 42,000 - Autism Society of the Keys 45,000 45,000 45,000 - Voices for the Florida Keys Children 17,000 17,000 17,000 - Specia101ympics 20,000 20,000 20,000 - Total Human Services 7,378,942 9,240,498 8,638,545 601,953 Culture and Recreation: Fine Arts Council 79,900 79,900 79,900 - Lower Keys AARP 4,500 7,500 6,900 600 Middle Keys AARP 4,000 4,000 3,048 952 Big Pine Key AARP 4,000 4,000 1,001 2,999 Upper Keys AARP 4,000 1,000 - 1,000 Heart of the Keys Recreation 50,000 50,000 50,000 - Higgs Beach Maintenance 127,310 128,326 93,251 35,075 Libraries- Florida History 55,901 55,901 108,008 (52,107) Library Admin Support 1,167,228 1,176,251 1,510,238 (333,987) Library Key West 1,168,154 1,215,977 877,984 337,993 Library Key West Donations 10,000 10,000 - 10,000 (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, 2023 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) Culture and Recreation (continued): Library Marathon 926,003 952,051 826,301 125,750 Library Marathon Donations 2,500 2,500 - 2,500 Library Islamorada 499,257 524,893 517,102 7,791 Library Islamorada Donations 500 500 - 500 Library Key Largo 655,040 686,728 582,865 103,863 Library Key Largo Donations 1,500 1,500 - 1,500 Library Big Pine Key 530,147 539,893 447,795 92,098 Library Big Pine Key Donations 209,805 210,855 1,145 209,710 Total Culture and Recreation 5,499,745 5,651,775 5,105,538 546,237 Court Related: Law Library 27,698 26,648 90,619 (63,971) Guardian Ad Litem 312,165 312,165 247,698 64,467 State Attorney 416,346 418,871 270,943 147,928 Public Defender 592,048 595,373 312,127 283,246 Sheriff Court Security 2,218,565 2,218,565 2,218,565 - Court Administration 2,531 2,547 (9,091) 11,638 Court Admin -Judicial Support 196,940 201,862 189,543 12,319 Court Case Management 196,367 197,457 172,064 25,393 Court Admin -Circuit Court Reporter Svcs 1,675 1,675 975 700 Court Admin -Circuit Drug Court 352,757 355,340 269,554 85,786 Court Admin -Pretrial Release 564,542 567,885 534,866 33,019 Court Admin-Probationary Services 517,690 517,690 456,128 61,562 Ct.Admin- Pretrial Svcs Drug Diversion 242,175 242,175 204,854 37,321 Court Admin - Information Systems 263,876 265,225 216,130 49,095 Total Court Related 5,905,375 5,923,478 5,174,975 748,503 Debt Service: Principal - - 1,968,879 (1,968,879) Interest - - 128,259 (128,259) Total Debt Service - - 2,097,138 (2,097,138) Total Expenditures 132,110,714 132,744,751 123,210,638 9,534,113 (Continued) The notes to the financial statements are an integral part of these statements. E-10 MONROE COUNTY, FLORIDA STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES -BUDGET AND ACTUAL(CONTINUED) GENERALFUND FOR THE YEAR ENDED SEPTEMBER 30, 2023 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) Excess/Deficiency of Revenues Over(Under) Expenditures (77,878,636) (78,511,100) (61,095,448) 17,415,652 OTHER FINANCING SOURCES (USES): Reserve for Contingencies (206,500) (8,618) - 8,618 Reserve for Cash Balance (3,629,076) (3,629,076) - 3,629,076 Lease&SBITA Financing - - 1,816,069 1,816,069 Transfers from Other Funds 72,009,838 72,244,420 68,004,746 (4,239,674) Transfers to Other Funds (2,621,700) (12,421,700) (13,752,955) (1,331,255) Total Other Financing Sources (Uses) 65,552,562 56,185,026 56,067,860 (117,166) Net Change in Fund Balances (12,326,074) (22,326,074) (5,027,588) 17,298,486 Fund Balances-October 1 12,326,074 22,326,074 49,287,103 26,961,029 Fund Balances-September 30 $ - $ - $ 44,259,515 $ 44,259,515 The notes to the financial statements are an integral part of these statements. E-11 MONROE COUNTY, FLORIDA STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES -BUDGET AND ACTUAL FINE AND FORFEITURE SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2023 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Taxes $ 65,095,405 $ 65,095,405 $ 62,696,980 $ (2,398,425) Intergovernmental - - 79,188 79,188 Charges for Services 9,999,281 9,999,281 11,367,098 1,367,817 Fines and Forfeitures 72,500 72,500 113,809 41,309 Investment Income 105,000 105,000 2,273,063 2,168,063 Miscellaneous 120,000 120,000 362,092 242,092 Total Revenues 75,392,186 75,392,186 76,892,230 1,500,044 EXPENDITURES: Current: General Government: Tax Increment Payment 1,500,000 1,500,000 1,398,636 101,364 Total General Government 1,500,000 1,500,000 1,398,636 101,364 Public Safety: Sheriff Law Enforcement 3,919,140 3,919,140 4,347,749 (428,609) Sheriff Corrections 3,744,306 3,744,306 4,054,565 (310,259) Law Enforcement Education Assistance 75,000 75,000 75,000 - Correction Facilities 3,271,568 3,310,982 3,049,119 261,863 Medical Air Transport 3,592,918 3,592,918 3,458,058 134,860 Interagency Communications 42,659 48,833 50,036 (1,203) Juvenile Detention Cost Share 250,000 250,000 86,888 163,112 Total Public Safety 14,895,591 14,941,179 15,121,415 (180,236) Court Related: Sheriff Extradition 100,000 100,000 326,275 (226,275) Sheriff Court Security 389,031 411,944 384,984 26,960 Total Court Related 489,031 511,944 711,259 (199,315) Debt Service: Principal - - 1,635 (1,635) Interest - - 70 (70) Total Debt Service - - 1,705 (1,705) Total Expenditures 16,884,622 16,953,123 17,233,015 (279,892) (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, 2023 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) Excess/Deficiency of Revenues Over(Under) Expenditures 58,507,564 58,439,063 59,659,215 1,220,152 OTHER FINANCING SOURCES (USES): Reserve for Contingencies (250,000) (132,104) - 132,104 Reserve for Cash Balance (3,419,945) (3,419,945) - 3,419,945 Transfers from Other Funds 1,500,000 1,500,000 2,273,206 773,206 Transfers to Other Funds (59,904,081) (59,953,476) (59,904,455) 49,021 Total Other Financing Sources (Uses) (62,074,026) (62,005,525) (57,631,249) 4,374,276 Net Change in Fund Balances (3,566,462) (3,566,462) 2,027,966 5,594,428 Fund Balances -October 1 3,566,462 3,566,462 20,232,475 16,666,013 Fund Balances -September 30 $ - $ - $ 22,260,441 $ 22,260,441 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, 2023 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Intergovernmental $ 22,365,000 $ 22,750,000 $ 22,709,851 $ (40,149) EXPENDITURES: Current: Public Safety: Public Safety 22,365,000 18,455,000 20,134,283 (1,679,283) Debt Service: Principal - 2,945,000 1,349,440 1,595,560 Interest - 1,350,000 1,355,588 (5,588) Total Debt Service - 4,295,000 2,705,028 1,589,972 Total Expenditures Over(Under) Expenditures - - (129,460) (129,460) OTHER FINANCING SOURCES (USES): Lease &SBITA Financing - - 129,460 129,460 Total Other Financing Sources (Uses) - - 129,460 129,460 Net Change in Fund Balances - - - - Fund Balances -October 1 - - - - Fund Balances -September 30 $ - $ - $ - $ - The notes to the financial statements are an integral part of these statements. E-14 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, 2023 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Intergovernmental $ - $ 80,251,957 $ 44,123,764 $ (36,128,193) Charges for Services - 203,033 167,782 (35,251) Investment Income - - 98,004 98,004 Miscellaneous - - 676 676 Total Revenues - 80,454,990 44,390,226 (36,064,764) EXPENDITURES: Current: Public Safety: Hurricane Irma Recovery - 13,730,183 1,343,093 12,387,090 America Rescue Plan Act - 9,408,998 4,716,242 4,692,756 Emergency Management Base Grant - 269,884 102,078 167,806 Federal Emergency Base Grants - - 65,757 (65,757) Radiological Emergency Preparedness - 203,033 128,641 74,392 Emergency Medical Services Award Grant - 43,563 6,200 37,363 SAFER Program - 4,722,301 1,994,190 2,728,111 Urban Area Security Initiative Grants - 602,259 185,543 416,716 Total Public Safety - 28,980,221 8,541,744 20,438,477 Physical Environment: Canal Restoration Project - 11,603,935 5,331,485 6,272,450 Flood Control Program - 12,662,472 4,175,656 8,486,816 Florida Keys Res Assur Plan - 1,329,758 984,649 345,109 HMGP Generators - 519,750 88,872 430,878 Removal of Vessels - 1,575,497 751,641 823,856 DEP Mobile Vessels - 88,258 - 88,258 Total Physical Environment - 27,779,670 11,332,303 16,447,367 Transportation: Bridge Repair - 3,553,722 912,396 2,641,326 Roadway Projects - 1,984,052 1,461,922 522,130 Transportation Planning Prog 2012 - 879,373 178,509 700,864 Total Transportation - 6,417,147 2,552,827 3,864,320 (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, 2023 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) Economic Environment: Small Cities CDBG-2010 - 109,740 349 109,391 Community Development Block Grant - 3,423,699 24,950 3,398,749 CARES COVID-19 Funding - 2,501,329 3,764,875 (1,263,546) Disaster Recovery CDBG - 75,542 149 75,393 Total Economic Environment - 6,110,310 3,790,323 2,319,987 Human Services: Pandemic Financial Assistance - 760,759 - 760,759 Nutritional Services In Progress - 104,007 277 103,730 Title III-B Supportive Services - 440,696 317,616 123,080 Title III-Cl Congregate Meals - 378,518 176,533 201,985 Title III-C2 Home Delivered Meals - - 330 (330) Title III-E Caregiver Support Services - 322,975 262,504 60,471 Low Income Home Energy Program - 593,461 282,547 310,914 Alzheimer's Disease Initiative - 156,305 144,759 11,546 Weatherization Assistance Program (WAP) - 135,246 77,624 57,622 Edward Byrne Memorial JAG - 15,028 15,028 - Substance Abuse Treatment Program - 184,363 72,049 112,314 Drug Court Medical Director Initiative - 36,481 - 36,481 Older Americans Act - 706,981 376,407 330,574 Total Human Services - 3,834,820 1,725,674 2,109,146 Culture and Recreation: State Aid to Libraries - 109,859 37,096 72,763 Pandemic Funding - 4,128,686 695,255 3,433,431 Rowell's Marina Scenic Overlook - 818,000 28,328 789,672 Rowell's Park - 2,956,534 16,800 2,939,734 Historic Courthouse - 482,825 59,290 423,535 Harry Harris Park Boat Ramp - 762,117 - 762,117 Pigeon Key Commissary - 482,550 - 482,550 Total Culture and Recreation - 9,740,571 836,769 8,903,802 Total Expenditures - 82,862,739 28,779,640 54,083,099 (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, 2023 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) Excess/Deficiency of Revenues Over(Under) Expenditures - (2,407,749) 15,610,586 18,018,335 OTHER FINANCING SOURCES(USES): Transfers from Other Funds - 2,407,749 325,556 (2,082,193) Total Other Financing Sources (Uses) - 2,407,749 325,556 (2,082,193) Net Change in Fund Balances - - 15,936,142 15,936,142 Fund Balances (Deficits) -October 1 - - (12,048,478) (12,048,478) Fund Balances (Deficits)-September 30 $ - $ - $ 3,887,664 $ 3,887,664 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, 2023 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Taxes $ 16,019,375 $ 16,019,375 $ 20,733,748 $ 4,714,373 Investment Income - - 1,393,206 1,393,206 Total Revenues 16,019,375 16,019,375 22,126,954 6,107,579 EXPENDITURES: Current: Economic Environment: Advertising and Promotion 14,599,741 14,599,741 10,063,119 4,536,622 Administrative Services 1,288,762 1,288,762 1,089,223 199,539 Catastrophic Emergency 6,825,000 6,825,000 - 6,825,000 Total Economic Environment 22,713,503 22,713,503 11,152,342 11,561,161 Debt Service: Principal - - 97,140 (97,140) Interest - - 20,428 (20,428) Total Debt Service - - 117,568 (117,568) Total Expenditures 22,713,503 22,713,503 11,269,910 11,443,593 Excess/Deficiency of Revenues Over (Under) Expenditures (6,694,128) (6,694,128) 10,857,044 17,551,172 Other Financing Sources (Uses): Transfers to Other Funds (114,278) (114,278) (114,278) - Transfers from Other Funds - - 178,907 178,907 Total Other Financing Sources (Uses) (114,278) (114,278) 64,629 178,907 Net Change in Fund Balances (6,808,406) (6,808,406) 10,921,673 17,730,079 Fund Balances -October 1 6,808,406 6,808,406 32,975,855 26,167,449 Fund Balances -September 30 $ - $ - $ 43,897,528 $ 43,897,528 E-18 MONROE COUNTY, FLORIDA STATEMENT OF NET POSITION PROPRIETARY FUNDS SEPTEMBER 30, 2023 Business-type Activities Enterprise Funds Major Funds Municipal Card Key Service District Sound West Waste Bridge Airport ASSETS Current Assets: Cash and Cash Equivalents $ 1,372,797 $ 478,438 $ 15,510,168 Investments 19,095,946 6,765,085 25,444,473 Accounts Receivable, Net 355,474 - 1,614,919 Leases Receivable - - 4,032,383 Due from Other Funds 3,504 - 9,906 Due from Other Governmental Units 310,896 47,685 6,086,602 Interest Receivable 61,184 21,675 166,429 Total Current Assets 21,199,801 7,312,883 52,864,880 Noncurrent Assets: Restricted Cash and Cash Equivalents - - 26,172,037 Restricted Accounts Receivable - - 409,488 Leases Receivable, Non-current - - 19,317,091 Land and Other Nondepreciable Assets 3,629,620 570,171 69,529,313 Capital Assets, Net of Accum Depreciation 1,727,330 7,989,260 80,969,760 Right-To-Use Leased Assets, Net of Amortization - - 8,040 Total Noncurrent Assets 5,356,950 8,559,431 196,405,729 Total Assets 26,556,751 15,872,314 249,270,609 DEFERRED OUTFLOWS OF RESOURCES Related to Pensions 282,151 73,191 1,373,523 Related to OPEB 74,500 13,400 116,800 Total Deferred Outflows of Resources 356,651 86,591 1,490,323 LIABILITIES Current Liabilities: Accounts Payable 924,203 229,183 4,779,674 Retainage Payable - 10,885 1,195,159 Accrued Wages and Benefits Payable 59,802 7,734 197,443 Claims and Judgments Payable - - - Due to Other Funds - - - Due to Other Governmental Units - - 33,695 Accrued Compensated Absences Payable 20,799 2,289 118,548 Unearned Revenues - - 138,251 Leases Payable - - 1,990 Other Current Liabilities - - 19 Deposits in Escrow 90,052 - - Total Current Liabilities 1,094,856 250,091 6,464,779 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 $ 299,014 $ 17,660,417 $ 2,199,549 3,547,006 54,852,510 28,898,743 222,150 2,192,543 361,587 374,865 4,407,248 - - 13,410 226,940 5,548,325 11,993,508 130,444 24,045 273,333 92,593 10,015,405 91,392,969 31,909,856 171,483 26,343,520 - - 409,488 - 4,848,209 24,165,300 - 28,123,353 101,852,457 1,426,683 15,458,914 106,145,264 763,116 355 8,395 311,312 48,602,314 258,924,424 2,501,111 58,617,719 350,317,393 34,410,967 97,188 1,826,053 775,971 65,500 270,200 400,500 162,688 2,096,253 1,176,471 1,953,222 7,886,282 1,479,864 675,593 1,881,637 - 18,510 283,489 141,107 - - 3,237,786 - - 35 6,591 40,286 6,828 7,268 148,904 67,720 47,110 185,361 400 465 2,455 131,420 - 19 793 6,306 96,358 - 2,715,065 10,524,791 5,065,953 (Continued) E-20 MONROE COUNTY, FLORIDA STATEMENT OF NET POSITION (CONTINUED) PROPRIETARY FUNDS SEPTEMBER 30, 2023 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 83,197 9,158 474,192 Leases Payable - - 6,157 Revenue Bonds Payable - - 42,459,929 Total OPEB Liability 293,000 107,000 782,000 Net Pension Liability 1,399,508 656,743 5,071,098 Total Noncurrent Liabilities 1,775,705 772,901 48,793,376 Total Liabilities 2,870,561 1,022,992 55,258,155 DEFERRED INFLOWS OF RESOURCES Related to Leases - - 23,066,256 Related to Pensions 69,645 17,836 286,716 Related to OPEB 23,400 26,500 52,400 Total Deferred Inflows of Resources 93,045 44,336 23,405,372 NET POSITION Net Investment in Capital Assets 5,356,950 8,325,945 124,970,056 Restricted for: Passenger Facility Charges - - 3,877,575 Customs Service Operations - - - Unrestricted 18,592,846 6,565,632 43,249,774 Total Net Position $ 23,949,796 $ 14,891,577 $ 172,097,405 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 29,071 595,618 270,884 - 6,157 199,096 - 42,459,929 - 123,000 1,305,000 1,025,000 467,253 7,594,602 2,421,579 619,324 51,961,306 3,916,559 3,334,389 62,486,097 8,982,512 5,098,570 28,164,826 - 23,968 398,165 188,162 13,700 116,000 60,300 5,136,238 28,678,991 248,462 41,034,956 179,687,907 2,170,595 - 3,877,575 - 171,483 171,483 - 9,103,341 77,511,593 24,185,869 $ 50,309,780 261,248,558 $ 26,356,464 145,068 $ 261,393,626 E-22 MONROE COUNTY, FLORIDA STATEMENT OF REVENUES, EXPENSES,AND CHANGES IN NET POSITION PROPRIETARY FUNDS FOR THE YEAR ENDED SEPTEMBER 30,2023 Business-type Activities Enterprise Funds Major Funds Municipal Card Key Service District Sound West Waste Bridge Airport Operating Revenues: Franchise Fees $ 746,441 $ - $ Charges for Services 25,062,753 2,224,170 14,581,544 Miscellaneous 161,746 - 9,409 Total Operating Revenues 25,970,940 2,224,170 14,590,953 Operating Expenses: Personnel Services 1,724,749 390,779 5,959,621 Operations 22,335,988 316,815 19,193,797 Depreciation and Amortization 211,149 401,916 3,866,036 Asserted and Paid Claims(Adjustments) - - - Total Operating Expenses 24,271,886 1,109,510 29,019,454 Operating Income(Loss) 1,699,054 1,114,660 (14,428,501) Nonoperating Revenues(Expenses): Operating Grants - - 5,003,343 Grants and Donations-Other Sources - - 9,278,229 Investment Income 982,444 240,443 3,185,381 Debt Service Costs - - (1,151,221) Insurance Recoveries - 5,010,163 Gain(Loss)on Disposition of Assets - 1,106 (4,867) Total Non-Operating Revenues(Expenses) 982,444 241,549 21,321,028 Income(Loss)Before Contributions and Transfers 2,681,498 1,356,209 6,892,527 Capital Contributions - - 31,483,146 Transfers from Other Funds 3,504 - Transfers to Other Funds (235,202) (79,776) (477,280) Total Capital Contributions and Transfers (231,698) (79,776) 31,005,866 Change in Net Position 2,449,800 1,276,433 37,898,393 Total Net Position-October 1 21,499,996 13,615,144 134,199,012 Total Net Position-September 30 $ 23,949,796 $ 14,891,577 $ 172,097,405 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 $ - $ 746,441 $ - 1,389,487 43,257,954 37,307,364 85,510 256,665 1,461,993 1,474,997 44,261,060 38,769,357 590,730 8,665,879 4,955,109 1,100,661 42,947,261 12,203,691 837,584 5,316,685 220,617 - - 16,522,406 2,528,975 56,929,825 33,901,823 (1,053,978) (12,668,765) 4,867,534 3,480,587 8,483,930 - 82,384 9,360,613 - 382,013 4,790,281 1,226,775 - (1,151,221) - - 5,010,163 119,604 104,860 101,099 62,172 4,049,844 26,594,865 1,408,551 2,995,866 13,926,100 6,276,085 7,969,702 39,452,848 - 14,987,462 14,990,966 (137,385) (929,643) (860,159) 22,819,779 53,514,171 (860,159) 25,815,645 67,440,271 5,415,926 24,494,135 193,808,287 20,940,538 $ 50,309,780 $ 261,248,558 $ 26,356,464 67,440,271 329,633 $ 67,769,904 E-24 MONROE COUNTY, FLORIDA STATEMENT OF CASH FLOWS PROPRIETARY FUNDS FOR THE YEAR ENDED SEPTEMBER 30,2023 Business-type Activities Enterprise Funds Major Funds Municipal Card Key Service District Sound West Waste Bridge Airport Operating Activities: Cash Received for Services $ 25,605,472 $ 2,224,170 $ 13,378,282 Cash Received from Insurance Recoveries - - 5,010,163 Cash Paid to others (23,330,321) (95,279) (14,728,239) Cash Payments for Employee Services (1,440,194) (366,655) (4,878,248) Cash Payments for Claims (4,000) - - Cash Received from(Paid to)Other Sources 95,552 (8,818) 4,869,531 Other Operating Revenue 128,031 (13,422) (94,969) Net Cash Provided by (Used in) Operating Activities 1,054,540 1,739,996 3,556,520 Noncapital Financing Activities: Operating Grants Received - - 5,003,343 Transfers from Other Funds 3,504 - - Transfers to Other Funds (235,202) (79,776) (477,280) Net Cash Provided by (Used in) Noncapital Financing Activities (231,698) (79,776) 4,526,063 Capital and Related Financing Activities: Proceeds from Capital Grants - - 31,483,146 Acquisition of Capital Assets (156,397) (68,822) (19,244,439) Purchase and Construction of Capital Assets - (233,486) (15,545,225) Net Cash Provided by (Used in)Capital and Related Financing Activities (156,397) (302,308) (3,306,518) Investing Activities: Investment Income 982,444 240,443 3,185,381 Proceeds from Sales and Maturities of Investments 25,743,468 7,542,058 18,889,528 Purchase of Investment Securities (28,667,198) (9,448,320) (31,287,121) Net Cash Provided by (Used in) Investing Activities (1,941,286) (1,665,819) (9,212,212) Net Increase(Decrease) in Cash and Cash Equivalents (1,274,841) (307,907) (4,436,147) Cash and Cash Equivalents: October 1 2,647,638 786,345 46,118,352 September 30 $ 1,372,797 $ 478,438 $ 41,682,205 The notes to the financial statements are an integral part of these statements. E-25 Governmental Major Funds Activities Internal Marathon Service Airport Total Funds $ 1,391,899 $ 42,599,823 $ 37,225,171 - 5,010,163 119,604 (129,058) (38,282,897) (12,450,606) (457,536) (7,142,633) (3,970,748) - (4,000) (17,702,661) (4,095,425) 860,840 52,762 79,010 98,650 1,407,165 (3,211,110) 3,139,946 4,680,687 3,562,971 8,566,314 - 14,987,462 14,990,966 - (137,385) (929,643) (860,159) 18,413,048 22,627,637 (860,159) 7,969,702 39,452,848 - (19,829,986) (39,299,644) (1,022,389) (2,545,371) (18,324,082) - (14,405,655) (18,170,878) (960,217) 382,009 4,790,277 1,226,775 3,631,757 55,806,811 34,897,944 (4,809,197) (74,211,836) (41,562,576) (795,431) (13,614,748) (5,437,857) 852 (6,018,043) (2,577,546) 469,645 50,021,980 4,777,095 $ 470,497 $ 44,003,937 $ 2,199,549 (Continued) E-26 MONROE COUNTY, FLORIDA STATEMENT OF CASH FLOWS(CONTINUED) PROPRIETARY FUNDS FOR THE YEAR ENDED SEPTEMBER 30,2023 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) $ 1,699,054 $ 1,114,660 $ (14,428,501) Adjustments to Reconcile Operating Income(Loss) to Net Cash Provided by(Used in)Operating Activities: Depreciation and Amortization 211,149 401,916 3,866,036 Nonoperating Income- Insurance Recoveries - - 5,010,163 Change in Assets, Liabilities,and Deferrals: (Increase) Decrease in Accounts Receivable (203,722) - (1,084,138) (Increase) Decrease in Leases Receivable - - (15,495,709) (Increase)/Decrease in Due from other funds - - - (Increase) Decrease in Due from Other Gov't Units 95,222 (8,818) 4,737,353 (Increase) Decrease in Due from Other Funds 330 - 119,887 (Increase) Decrease in Interest Receivable (33,715) (13,422) (104,378) Increase(Decrease)in Accounts Payable (1,051,135) 210,651 3,505,449 Increase(Decrease)in Retainage Payable - 10,885 970,548 Increase(Decrease)in Accrued Wages/Benefits 3,187 (6,967) (9,872) Increase(Decrease)in Claims/Judgments Payable (4,000) - - Increase(Decrease)in Other Current Liabilities - - - Increase(Decrease)in Due to Other Funds - - (5) Increase(Decrease)in Due to Other Gov't Units - - 12,296 Increase(Decrease)in Comp.Absences Payable 22,172 4,338 110,706 Increase(Decrease)in Deposits in Escrow 56,802 - (8,000) Increase(Decrease)in Leases Payable - - (2,439) Increase(Decrease)in Unearned Revenue - - 132,384 Increase(Decrease)in OPEB Liability (7,000) - 52,000 Increase(Decrease)in Pension Liability 281,476 72,267 1,198,293 Increase(Decrease)in Deferred Inflows Leases - - 15,244,201 Increase(Decrease)in Deferred Outflows OPEB&Pension 24,630 5,739 (135,306) Increase(Decrease)in Deferred Inflows OPEB&Pension (39,910) (51,253) (134,448) Total Adjustments (644,514) 625,336 17,985,021 Net Cash Provided by (Used in) Operating Activities $ 1,054,540 $ 1,739,996 $ 3,556,520 Noncash Investing, Capital,and Financing Activities: Gain/(Loss)on Disposition of Assets $ - $ 1,106 $ (4,867) Noncash Investing, Capital, and Financing Activities $ - $ 1,106 $ (4,867) Cash Reconciliation: Unrestricted $ 1,372,797 $ 478,438 $ 15,510,168 Restricted - - 26,172,037 Total $ 1,372,797 $ 478,438 $ 41,682,205 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 $ (1,053,978) $ (12,668,765) $ 4,867,534 837,584 5,316,685 220,617 - 5,010,163 119,604 22,902 (1,264,958) (82,193) 364,208 (15,131,501) - (4,086,063) 737,694 (4,562) - 120,217 74,076 (6,500) (158,015) (54,828) 390,077 3,055,042 (247,128) 583,356 1,564,789 - (1,259) (14,911) (15,287) - (4,000) (1,180,255) (4) (4) (187) (6,373) (6,378) (18,146) (2,989) 9,307 1,394 3,816 141,032 68,003 - 48,802 - (1,826) (4,265) - 47,110 179,494 400 1,000 46,000 (45,000) 96,892 1,648,928 763,031 (431,808) 14,812,393 - 52,640 (52,297) 356,560 (19,895) (245,506) (142,946) (2,157,132) 15,808,711 (186,847) $ (3,211,110) $ 3,139,946 $ 4,680,687 $ 104,860 $ 101,099 $ - $ 104,860 $ 101,099 $ - $ 299,014 $ 17,660,417 $ 2,199,549 171,483 26,343,520 - $ 470,497 $ 44,003,937 $ 2,199,549 E-28 MONROE COUNTY, FLORIDA STATEMENT OF FIDUCIARY NET POSITION CUSTODIAL FUNDS SEPTEMBER 30, 2023 Custodial Funds ASSETS Cash and Cash Equivalents $ 8,555,197 Accounts Receivable 3,044,435 Total Assets $ 11,599,632 LIABILITIES Accounts Payable $ 727,711 Undistributed Collections 1,535,180 Due to Other Governmental Units 1,790,009 Total Liabilities $ 4,052,900 NET POSITION Restricted for Individuals, Organizations, and Other Governments $ 7,546,732 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, 2023 Custodial Funds ADDITIONS Property taxes and fees collected $ 889,260,428 Payments made by litigants 41,645,808 Licenses and tag fees collected 39,207,922 Payments received for bond and inmate accounts 1,919,426 Charges for services 1,418,597 Fines and forfeitures 94,954 Other collections 60,100 Total Additions $ 973,607,235 DEDUCTIONS Property tax and fees distributions $ 889,260,428 Payments made to litigants 43,150,870 Licenses and tag fees remitted to the State 39,207,922 Other collections 2,422,611 Total Deductions $ 974,041,831 Net increase (decrease) in fiduciary net position (434,596) Net position, beginning of year 7,981,328 Net position, end of year $ 7,546,732 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, 2023 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, 2023 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 not included in 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, 2023 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 parry receives and gives up essentially equal values. Nonoperating revenues, such as subsidies and investment earnings,result from non-exchange transactions or ancillary activities. The following are reported as major governmental funds: General Fund — The General Fund is the general operating fund of the County. All general tax revenues and other receipts not required either legally or by accounting principles generally accepted in the United States of America to be accounted for in other funds are accounted for in the General Fund. Fine and Forfeiture Special Revenue Fund— The Fine and Forfeiture Fund is used to account for revenues received from fines and forfeitures imposed from the commission of statutory offenses, ad valorem taxes transferred to the Sheriff and to account for operations of the County's court support system. HIDTA Grants Special Revenue Fund— This fund is to account for all revenues and expenditures for the federal Office of National Drug Control Policy's High Intensity Drug Trafficking Areas grant program. Governmental Grants Special Revenue Fund — The Governmental Grant Fund is used to account for operating revenues and expenditures for governmental grant activity. 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, 2023 NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 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 use a flow of economic resources measurement focus. Examples include taxes, fees, and fines collected on behalf of other governments. Measurement Focus and Basis of Accounting: Government-Wide, Custodial, 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, 2023 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 and amortization on capital assets, right-to-use leased assets and subscription-based information technology arrangements (SBITA). 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, SBITA,pension and OPEB are recorded only when incurred. F-5 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2023 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, 2023 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 is used, 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, 2023 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, 2023 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 intrafund 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, 2023 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, 2023 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 and Subscription-Based Information Technolo2y Agreements: 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. Similarly, the County has recognized SBITA for the right-to-use information technology software. The leased assets and SBITA are measured at the start of the lease or subscription as the initial amount of the lease or subscription liability, adjusted for lease or subscription payments made at or before the lease or subscription commencement date, plus certain initial direct costs. Subsequently, the leased asset or SBITA is amortized on a straight-line basis over its useful life. Key estimates and judgments related to leases and SBITA include how the County determines the discount rate it uses to discount the expected lease or subscription payments to present value, lease and SBITA term and lease and SBITA 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 or SBITA. The lease or subscription term includes the noncancellable period of the lease or subscription. Lease payments or subscription payments included in the measurement of the lease or SBITA 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 or SBITA and will remeasure the leased asset, SBITA, and liability if certain changes occur that are expected to significantly affect the amount of the lease or SBITA liability. Leased assets for the County are reported with capital assets on the statement of net position and right-to-use SBITA are reported on a separate line on the statement of net position. F-11 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2023 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. In the governmental funds, an expense is only recorded when leave is taken. 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, 2023 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, 2023 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. Fund Deficits: Monroe County reported one fund with a deficit at September 30, 2023: ($358,234) in the Sheriffs Grants Fund. 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 the fund. 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 $4,049,058 indicates constraints on resources that are either externally imposed by creditors, grantors, contributors, or laws or regulations of other governments or imposed by law through state statute. New Accounting Pronouncements: Effective October 1, 2022, the Board adopted the provisions of GASB Statement No. 96, Subscription- Based Information Technology Arrangements (SBITAs). As a result, the Board's statements now include a liability for the present value of payments expected to be made and right-to-use intangible assets that will be recognized over the term of the subscription. While the Board is responsible for recognizing the Board's associated subscription liability and any intangible right-to-use information technology software, Note 14 to the Board's financial statements provides information regarding the Board's SBITA that relate to the timing, significance, and purpose of its SBITA. F-14 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2023 NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) The following are new accounting pronouncements that have been issued but are not yet effective: 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 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. 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. The effective date is for fiscal years beginning after June 15, 2023, and all reporting periods thereafter. 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. The requirements of this Statement are effective for fiscal years beginning after December 15, 2023. GASB Statement No. 102, Certain Risk Disclosures. The State and local governments face a variety of risks that could negatively affect the level of service they provide or their ability to meet obligations as they come due. Although governments are required to disclose information about their exposure to some of those risks, essential information about other risks that are prevalent among state and local governments is not routinely disclosed because it is not explicitly required. The objective of this Statement is to provide users of government financial statements with essential information about risks related to a government's vulnerabilities due to certain concentrations or constraints. This Statement defines a concentration as a lack of diversity related to an aspect of a significant inflow of resources or outflow of resources. A constraint is a limitation imposed on a government by an external party or by formal action of the government's highest level of decision-making authority. Concentrations and constraints may limit a government's ability to acquire resources or control spending. Effective Date: The requirements of this Statement are effective for fiscal years beginning after June 15, 2024, and all reporting periods thereafter. Management is in the process of determining what impact, if any, implementation of the above statements may have on the financial statements of the County. F-15 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2023 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, 2023, the carrying value of the County's deposits and investments, with their respective credit ratings and years to maturity, are as follows: Valuation 6 Mouths Credit Measurement Less than to 1 to 5 Over 5 Investment Type Rating Method Value 6 Months 1 Year Years Years Demand and Time Deposits N/A N/A S105,948,944 $105,948,944 S $ S Cash with Fiscal Agent N/A N/A 51,550,000 51,550,000 FL CLASS Investments AAAm Amortized Cost 43,135,499 43.135,499 FL PALM&FL PALM Term Pooled AAAm Amortized Cost 6,735,683 6.735,683 FL Fixed Income Tnnst AAAf/S1 Amortized Cost 82,024,693 82,024,693 Asset-Backed Security(ABS) Aaa Fair Value-Level 2 13,924,554 118,195 13,806,359 Corporate Stock N/A Fair Value-Level 2 19,506 19.506 - - - Mmnicipal Bonds Aaa toAa3 Fair Value-Level 2 4,374,631 1,793,236 903,723 1,290.178 387,494 Corporate Note Al Fair Value-Level 2 22,907,719 1,687,429 8,187,612 13,032,678 - Conunercial Paper P-1 Fair Value-Level 3 28,248,528 8,266,673 19,981,855 - Federal Agency Bond AA+ Fair Value-Level 2 991,140 991,140 - Federal Agency Bond-Discount P-1 Fair Value-Level 2 20,270,940 20,270,940 - - Federal Agency Mortgage-Backed Security(MBS) Aaa Fair Value-Level 2 7,571,399 30,123 900,957 6,640.319 U.S.Treasury Aaa Fair Value-Level 2 103,706,326 43,956.245 20,371,761 39.378,320 - Totals $491AW562 S 366,410,111 S 50,464,103 S 74,147,854 S 387,494 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. F-16 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2023 NOTE 2—CASH, CASH EQUIVALENTS,AND INVESTMENTS (continued) 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) Highest ST or Three Highest Corporates 50%' 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/o collateralized None,if fully collateralized. 2 Years or Savings Accounts Commercial Paper 50%2 5% Highest ST Rating Category 270 Days (A-1/P-1,or equivalent) Bankers' Acceptances 10%2 5% Highest ST Rating Category 180 Days (A-1/P-1,or equivalent) F-17 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2023 NOTE 2—CASH, CASH EQUIVALENTS,AND INVESTMENTS (continued) Investment Portfolio Per Issuer Minimum Ratings Maximum Maximum Maximum Type Requirementl Maturity 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,orequivalent) Florida Local Government Highest Fund Rating by all NRSROs Surplus Funds Trust Funds 25% N/A who rate the fund 7 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 . At September 30, 2023, 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) 2.27% Federal Agency Bond—Discount 6.7% Federal Agency Bond 0.3% Custodial Credit Risk — The Policy requires bank deposits to be secured as provided by Chapter 280, Florida Statutes. This law requires local governments to deposit funds only in financial institutions designated as qualified public depositories by the Chief Financial Officer of the State of Florida. Demand and time deposits are fully insured by the Federal Deposit Insurance Corporation for the first $250,000 at each institution and the remaining balances are insured 100% by the State of Florida collateral pool, a multiple institution pool with the ability to assess its members for collateral shortfalls if a member institution fails. F-18 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2023 NOTE 2—CASH, CASH EQUIVALENTS,AND INVESTMENTS (continued) The Policy requires execution of a third-parry custodial safekeeping agreement for all purchased securities and requires that securities be held in the County's name. As of September 30, 2023, 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, 2023: Demand Cash and Cash Equivalents Deposits Governmental Activities Governmental Funds $ 111,295,458 Internal Service Funds 2,199,549 Business-Type Activities 17,660,417 Total Unrestricted Cash and Cash Equivalents 131,155,424 Restricted Cash and Cash Equivalents Business-Type Activities 26,343,520 Total Cash and Cash Equivalents $ 157,498,944 As of September 30, 2023, the custodial funds had a cash balance totaling $8,555,197 in demand deposits. 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, 2023 are as follows: Cash and Cash Accounts Equivalents Receivable Total Key West Airport Passenger Facility Charges $ 3,468,086 $ 409,488 $ 3,877,574 Key West Airport Unspent Bond Proceeds 22,703,951 - 22,703,951 Marathon Airport Customs Service Operations 171,483 - 171,483 Total Restricted Assets $26,343,520 $ 409,488 $26,753,008 F-19 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2023 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 S 150,186 S (4,376) S 145,810 Fine&Forfeiture Fund Air Arab Svc 26,474,762 (21,261,040) 5,213,722 Govenunental Grants Misc 73,647 (667) 72,980 T'DC Ariffrin&Promo Two Cent 'Travel Advance 2,474 - 2,474 NontuaJor Funds. Fire&Amb Dist I Fund Ground Amb Svc 2,160,748 (1,675,441) 485,307 Other Nonrnajor Funds Misc 103,246 (4,837) 98,409 Internal Service Funds lvbsc 364,559 (2,972) 361,587 Total Governmental Activities 29,329,622 (22,949,333) 6,380,289 Business-Type Activities: MSD-Waste Fund. Tipping Fees 389,566 (34,092) 355,474 Key West Airport Rent,kfisc 1,618,675 (3,756) 1,614,919 Marathon Airport Rent,Misc 222,150 222,150 Total Business-Type Activities 2,230,391 (37,848) 2,192,543_ Total Accounts Receivable S 31,560,013 S(22,987,181) S 8,572,83,2 The Board passed Resolutions 449-2022 approving air and ground ambulance billing write-offs of $4,899,412 for fiscal year 2023. The Board also passed Resolution 448-2022 to write off$1,221,311 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. F-20 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2023 NOTE 6—MORTGAGES RECEIVABLE Mortgages receivable at September 30, 2023 consist of the following: Major Governmental Funds— Governmental Grants Fund: Mortgage Receivable 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. $ 151,630 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 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. 8,402,397 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 F-21 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2023 NOTE 6—MORTGAGES RECEIVABLE (continued) Second Mortgages Receivable from individuals, collateralized by personal residences. The entire balance of the mortgages will be forgiven upon maturity, provided that the mortgagor complies with the mortgage covenants. The mortgages are interest free. 173,374 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. 1,299,138 Total Nonmajor Governmental Funds-Local Housing Assistance— Gross 10,365,373 Total Mortgages Receivable - Gross $10,517,003 The mortgages receivable associated with the governmental grants are offset by an allowance for uncollectible accounts of $151,630. As the mortgages receivable associated with the Local Housing Assistance fund are intended to ultimately be forgiven, an allowance for uncollectible accounts of $10,365,373 has been established. 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 2023 was $6,879,617. For its enterprise funds, the total amount of inflows of resources, including lease revenue, interest revenue, and other lease-related inflows, recognized during FY 2023 was $61,644,892. This total includes $3,999,526 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, 2023 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. F-22 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2023 NOTE 8—CAPITAL ASSETS (continued) Beginning Ending Balance Additions Reductions Balance Governmental Activities: Capital assets not depreciated: Land S 91,417,064 S 14,372,229 $ - $ 105,789,293 Land Development Rights 1,609,187 196,980 - 1,806,167 Construction in progress 68,578,320 27,015,584 (57,382,924) 38,210,903 Total capital assets not depreciated 161,604,571 41,584,793 (57,382,924) 145,806,440 Capital assets depreciated: Buildings 191,062,295 43,619,864 (42,799) 234,639,360 Equipment 96,624,927 9,106,604 (4,931,104) 100,800,427 Infrastructure 148,034,497 12,640,227 - 160,674,724 Intangible Assets 7,984,393 - - 7,984,393 Total capital assets depreciated 443,706,112 65,366,695 (4,973,903) 504,098,904 Right-to-use leased assets and SBITA*: Right-To-Use Leased Land 36,572 - - 36,572 Right-To-Use Leased Buildings 52,901,629 2,202,067 (68,956) 55,034,740 Right-To-Use Leased Equip& SBITA 857,430 5,341,879 (427,174) 5,772,135 Total right-to-use leased assets and SBITA amortized 53,795,631 7,543,946 (496,130) 60,843,447 Total capital assets and right-to-use leased assets&SBITA 497,501,743 72,910,641 (5,470,033) 564,942,351 Less accumulated depreciation for: Buildings (84,117,446) (4,054,303) - (88,171,749) Equipment (63,417,040) (12,273,504) 4,308,204 (71,382,340) Infrastructure (49,606,166) (5,404,033) - (55,010,199) Intangible assets (1,958,896) (998,697) - (2,957,593) Total accumulated depreciation (199,099,548) (22,730,537) 4,308,204 (217,521,881) Less accumulated amortization for right-to-use leased assets*: Right-To-Use Leased Land (8,440) (8,440) - (16,880) Right-To-Use Leased Buildings (4,766,724) (3,919,252) 61,789 (8,624,187) Right-To-Use Leased Equip& SBITA (92,819) (1,429,530) 64,958 (1,457,391) Total accumulated amortization (4,867,983) (5,357,222) 126,747 (10,098,458) Total accumulated depreciation and amortization (203,967,531) (28,087,759) 4,4,34,951 (227,620,339) Total capital assets depreciated/ amortized,net 293,534,212 337,322,012 Governmental activities, capital assets,net S 455,138,783 S 483,128,452 F-23 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2023 NOTE 8—CAPITAL ASSETS (continued) Beginning Ending Balance Additions Reductions Balance Business-Tvpe Activities: Capital assets not depreciated: Land $ 6,126,028 $ 9,278,229 $ - $ 15,404,257 Construction in progress 33,478,856 55,832,899 (2,863,555) 86,448,200 Total capital assets not depreciated 39,604,884 65,111,128 (2,863,555) 101,852,457 Capital assets depreciated or amortized: Land improvements 212,925 - - 212,925 Buildings 80,849,638 2,863,555 - 83,713,193 Equipment 7,680,498 750,336 (78,229) 8,352,665 Infrastructure 84,796,759 - - 84,796,759 Right-to-use leased assets equipment 15,378 - (1,045) 14,333 Total assets depreciated 173,555,198 3,613,951 (79,274) 177,089,875 Less accumulated depreciation/ amortization for: Land Improvements (212,925) - - (212,925) Buildings (24,616,974) (2,290,742) - (26,907,716) Equipment (5,133,057) (669,821) 68,549 (5,734,329) Infrastructure (35,723,592) (2,351,716) - (38,075,308) Right-to-use leased assets—equipment (2,575) (4,406) 1,043 (5,938) Total accumulated depreciation (65,689,123) $ (5,316,685) $ 69,592 (70,936,216) Total capital assets depreciated,net 107,866,075 106,153,659 Business-type activities, capital assets, net $ 147,470,959 $ 208,006,116 * GASB Statement No. 96 was implemented as of October 1, 2022 and right-to-use assets resulting from subscription-based information technology agreements (SBITAs) and related accumulated amortization were added in the above schedule to reflect the value of the Board's leased assets as of September 30, 2023. 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 $ 4,948,322 Municipal Service District-Waste $ 211,149 Public Safety 14,713,540 Card Sound Bridge 401,916 Physical Environment 2,122,480 Key West Airport 3,866,036 Transportation 3,152,836 Marathon Airport 837,584 Economic Environment 153,765 Human Services 1,168,678 Total Business-Type Activities $5,316,685 Culture and Recreation 985,118 Court-Related 843,020 Total Governmental Activities $28,087,759 F-24 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2023 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. 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. F-25 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2023 NOTE 9—POST EMPLOYMENT BENEFITS OTHER THAN PENSION (continued) An employee who retires as an active participant in the Plan, was hired prior to October 1, 2001, has at least ten years of full-time service with the County, and meets the retirement criteria of the FRS and is eligible for Medicare at the time of retirement or becomes eligible for Medicare following retirement, may maintain group health insurance benefits with 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, 2023, 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. Total OPEB Liability: The County's total OPEB liability of $56,290,000 was measured as of September 30, 2023, and was determined by an actuarial evaluation as of November 21, 2023. Actuarial Methods and Assumptions — The valuation, dated November 21, 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 November 21, 2023 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 F-26 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2023 NOTE 9—POST EMPLOYMENT BENEFITS OTHER THAN PENSION (continued) Discount Rate 4.02%per annum (Beginning of Year) 4.09%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). 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. F-27 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2023 NOTE 9—POST EMPLOYMENT BENEFITS OTHER THAN PENSION (continued) Changes in the Total OPEB Liability: Total OPEB Liability Balance at the beginning of the year $ 54,120,000 Changes for the year: Service cost 2,661,100 Interest cost 2,232,500 Change in Experience 12,300 Changes of benefit terms on January 1, 2023 500 Changes in assumptions or other inputs (243,100) Benefit payments (2,493,300) Net change in total OPEB liability 2,170,000 Balance at the end of the year $ 56,290,000 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 (3.09 percent) or 1-percentage-point higher(5.09 percent)than the current discount rate: Current Discount 1% Decrease Rate 1% Increase (3.09%) (4.09%) (5.09%) Total OPEB Liability $62,837,000 $56,290,000 $50,725,000 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 $52,216,000 $56,290,000 $61,204,000 F-28 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2023 NOTE 9—POST EMPLOYMENT BENEFITS OTHER THAN PENSION (continued) 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 $5,412,200. At September 30, 2023, 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 $10,168,100 $13,769,700 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 2024 $ (295,100) 2025 (306,400) 2026 (306,400) 2027 (297,800) 2028 90,962 Thereafter (2,486,862) Total $ (3,601,600) F-29 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2023 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. 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. F-30 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2023 NOTE 10—FLORIDA RETIREMENT SYSTEM RETIREMENT PLANS (continued) 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. 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 96 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, 2022 through June 30, 2023 and from July 1, 2023 through September 30, 2023, respectively, were as follows: Regular11.91% and 13.57%; Special Risk Administrative Support38.65% and 39.82%; Special Risk27.83% and 32.67%; Senior Management Service31.57% and 34.52%; Elected Officers' 57.00% and 58.68%; and DROP participants18.60% and 21.13%. These employer contribution rates include 1.66% HIS Plan subsidy for the periods October 1, 2022 through June 30, 2023 and 2.0% from July 1, 2023 through September 30, 2023, respectively. F-31 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2023 NOTE 10—FLORIDA RETIREMENT SYSTEM RETIREMENT PLANS (continued) The County's contributions, including employee contributions, to the Pension Plan totaled $16,116,536 for the fiscal year ended September 30, 2023. Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions—At September 30, 2023, the County reported a liability of$128,065,838 for its proportionate share of the Pension Plan's net pension liability. The net pension liability was measured as of June 30, 2023, and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of July 1, 2023. The County's proportionate share of the net pension liability was based on the County's FY 2023 contributions relative to the FY 2023 contributions of all participating members. At June 30, 2023, the County's proportionate share for all funds was 0.3214 percent, which was an increase of 0.0122 percent from its proportionate share measured as of June 30, 2022. 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, 2023, of the $41,824,122 that the County recognized as a pension expense, of $25,943,255 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: FRS Pension Deferred Deferred Outflows of Inflows of Resources Resources Differences Between Expected and Actual Experience $ 12,023,982 $ - Changes of Assumptions 8,348,189 Net Difference Between Projected and Actual Earnings on Pension Plan Investments 5,348,245 - Changes in Proportion and Differences Between Pension Plan Contributions and Proportionate Share of Contributions 5,635,787 7,936,402 Pension Plan Contributions Subsequent to the Measurement Date 4,635,846 - Total $ 35,992,049 $ 7,936,402 F-32 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2023 NOTE 10—FLORIDA RETIREMENT SYSTEM RETIREMENT PLANS (continued) The deferred outflows of resources related to the Pension Plan $4,635,846, 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, 2024. 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 2024 $ 3,191,820 2025 (1,264,584) 2026 19,152,379 2027 1,819,317 2028 520,869 Total $ 23,419,801 Actuarial Assumptions — The total pension liability in the June 30, 2023 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. 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. F-33 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2023 NOTE 10-FLORIDA RETIREMENT SYSTEM RETIREMENT PLANS (continued) 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% 2.9% 2.9% 1.1% Fixed Income 19.8% 4.5% 4.4% 3.4% Global Equity 54.0% 8.7% 7.1% 18.1% Real Estate (Property) 10.3% 7.6% 6.6% 14.8% Private Equity 11.1% 11.9% 8.8% 26.3% Strategic Investments 3.8% 6.3% 6.1% 7.7% Total 100.0% Assumed Inflation-Mean 2.4% 1.4% 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 $ 218,757,154 $ 128,065,838 $ 52,185,922 F-34 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2023 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, 2023, 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, 2023, the HIS contribution for the period October 1, 2022 through June 30, 2023 and from July 1, 2023 through September 30, 2023 was 1.66% and 2.0%, respectively. The Board contributed 100% of its statutorily required contributions for the current and preceding three years. HIS Plan contributions are deposited in a separate trust fund from which payments are authorized. HIS Plan benefits are not guaranteed and are subject to annual legislative appropriation. In the event legislative appropriation or available funds fail to provide full subsidy benefits to all participants,benefits may be reduced or cancelled. The County's contributions to the HIS Plan totaled $1,803,912 for the fiscal year ended September 30, 2023. Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions — At September 30, 2023, the County reported a liability of$41,117,983 for its proportionate share of the County's HIS Plan's net pension liability. The net pension liability was measured as of June 30, 2023, and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of July 1, 2023. The County's proportionate share of the net pension liability was based on the County's FY 2023 contributions relative to the FY 2023 contributions of all participating members. At June 30, 2023, the County's proportionate share was 0.2589 percent, which was an increase of 0.001214 percent from its proportionate share measured as of June 30, 2022. 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, 2023 NOTE 10—FLORIDA RETIREMENT SYSTEM RETIREMENT PLANS (continued) For the year ended September 30, 2023, of the $41,824,122 that the County recognized as pension expense, $15,880,867 related to HIS pension expense. In addition, the County 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 $ 601,939 $ 96,510 Changes of Assumptions 1,080,984 3,563,012 Net Difference Between Projected and Actual Earnings on HIS Plan Investments 21,234 - Changes in Proportion and Differences Between HIS Plan Contributions and Proportionate Share of Contributions 2,351,355 1,354,474 HIS Plan Contributions Subsequent to the Measurement Date 529,863 - Total $ 4,585,375 $ 5,013,996 The deferred outflows of resources related to the HIS Plan, totaling $529,863, 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, 2024. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to the HIS Plan will be recognized as pension expense as follows: HIS For Fiscal Year: Amount 2024 $ (167,473) 2025 (101,539) 2026 (168,940) 2027 (331,364) 2028 (175,526) Thereafter ( 13,642) Total $ (958,484) Actuarial Assumptions — The total pension liability in the July 1, 2023, 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 3.65% F-36 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2023 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, 2023, valuation were based on the results of an actuarial experience study for the period July 1, 2013 through June 30, 2018. The municipal rate used to determine total pension liability increased from 3.54%to 3.65%. Discount Rate — The discount rate used to measure the total pension liability was 3.65%. 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 proportionate share of the net pension liability calculated using the discount rate of 3.65%, 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 (2.65%) or one percentage point higher(4.65%)than the current rate: HIS Net Pension Liability Current Discount 1% Decrease Rate 1% Increase (2.65%) (3.65%) (4.65%) County' Proportionate Share of the Net HIS Plan Liability $ 46,909,200 $ 41,117,983 $ 36,317,451 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, 2023 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, 2022 through June 30, 2023 and from July 1, 2023 through September 30, 2023, respectively. Allocations to the investment member's accounts for the periods from October 1, 2022 through June 30, 2023 and from July 1, 2023 through September 30, 2023, respectively, as established by Section 121.72, Florida Statutes, are based on a percentage of gross compensation, by class, as follows: Regular class 9.30% and 11.30%; Special Risk Administrative Support class 10.95% and 12.95%; Special Risk class 17.00% and 19.00%; Senior Management Service class 10.67% and 12.67%; and County Elected Officers class 14.34% and 16.34%. 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, 2023, 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 $4,098,885 for the fiscal year ended September 30, 2023. F-38 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2023 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 fund financial statements of the County. 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 21 participants, of which 3 are active, 6 are terminated with deferred benefits, and 12 are retired members for the plan year ended December 31, 2022 and the County's fiscal year ending September 30, 2023. 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, 2023 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, 2023 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 actuarial assumptions used to compute used to compute the total pension liability, applied to all periods included in the measurement date were: Discount Rate: 4.05% Inflation 2.5% Compensation Increases: 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 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 Termination Godwin's Table 1, V Select & Ultimate Table, w/50% termination probability for years of service <1 Benefit Commencement Age 60 Age for Deferred Vested 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. F-40 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2023 NOTE 11 — PENSION PLAN FOR VOLUNTEER FIREFIGHTERS AND EMERGENCY MEDICAL SERVICES (continued) 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 4.05% 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. The projection of cash flows used to determine the discount rate assumed that plan member contributions will be made at the applicable current contribution rates and that Board contribution will be made at rates equal to the difference between actuarially determined contributions and member contributions. Based on those assumptions, the fiduciary net position for the LOSAP pension plans was projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on LOSAP's investments was applied to all periods of projected benefit payments to determine the total pension liability for each plan. Changes in Total LOSAP Pension Liability: Total LOSAP Pension Liability Balance at September 30, 2022 $ 488,859 Changes for the year: Service cost 2,772 Interest cost 8,721 Differences Between Expected and Actual Experience (66,343) Changes of assumptions or other inputs (46,344) Benefit payments (35,295) Net change in total LOSAP pension liability (136,489) Balance at September 30, 2023 $ 352,370 F-41 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2023 NOTE 11 — PENSION PLAN FOR VOLUNTEER FIREFIGHTERS AND EMERGENCY MEDICAL SERVICES (continued) 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 4.05%, as well as what LOSAP's total pension liability would be if it were calculated using a discount rate of 1-percentage point lower (3.05%) or 1-percentage point higher(5.05%)than the current rate. Current 1% Decrease Discount Rate 1% Increase (3.05%) (4.05%) (5.05%) Net LOSAP Pension Liability $ 375,994 $ 352,370 $ 327,525 Pension Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions: For the year ended September 30, 2023, the Board recognized pension expense of $35,295. At September 30, 2023, 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 $ 5,920 $ - F-42 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2023 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 Comity's Ptazi Plan Program Programs. OPEB Tout Nethbiliities S 128,065,838 S 41,117,983 S 352,370 S 1.69,536„191 S 56,290,000 S 225,826,191 Deferred outflows 35,992,049 4,585,375 5,920 S 40,583,344 1.0,168,100 S 50,751,444 of resources Deferred inflows of 7,936,402 5,013,996 - S 12,950,398 1.3,769,700 S 26,720,098 resources Expense 25,943,255 15,880,867 35,295 S 41,859,417 4,593,100 S 46,452,517 NOTE 13—CAPITAL AND OTHER SIGNIFICANT COMMITMENTS Construction projects and significant commitments, excluding encumbrances reported below, under present contractual agreements as of September 30, 2023 are as follows: Key West Airport Concourse A Terminal $ 80,704,899 Non-Aeronautical Building/Emergency Operations Center 10,067,824 Key West Airport Taxiway Extension 7,155,560 Key West Airport Apron and Mitigation 6,146,884 Harbour Drive Bridge 5,608,854 Seaview Bridge Replacement 4,453,704 Card Sound Road Resurfacing 2,195,810 Key West Airport Noise Improvement Project— Single Family Homes 1,534,833 Marathon Airport Relocate Automated Surface Observation System 1,270,970 Public Defender Office Buildout 910,156 Higgs Beach Park Restrooms 849,884 Canal Restoration Program/Canals 28, 259, 266, 470, and 475 849,582 Marathon Airport Relocate Runway 7-25 750,209 Boca Chica Roadway Repairs 555,186 Hazard Mitigation Grant Program Wind Retrofit 318,758 Tubby's Creek Bridge 303,147 Mosquito Creek Bridge 302,264 Other Projects (less than $300,000) 1,902,732 Total $ 125,881,256 F-43 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2023 NOTE 13—CAPITAL AND OTHER SIGNIFICANT COMMITMENTS (continued) Significant encumbrance commitments at September 30, 2023 are as follows: Encumbrances Governmental Activities: General Fund $ 90,837 Fine & Forfeiture Fund 33,787 Governmental Grants Fund 6,814,478 One Cent Infrastructure Surtax 1,409,638 Nonmajor Governmental Funds 1,648,290 Total Governmental Activities 9,997,030 Business-Type Activities: Key West Airport 782,778 Marathon Airport 5,453,511 Total Business-Type Activities 6,236,289 Total Encumbrances $ 16,233,319 NOTE 14—LEASE AND SBITA 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. The County has also entered into noncancelable agreements that qualify as subscription-based information technology arrangements (SBITA) under GASB Statement No. 96 and, therefore, have been recorded at the present value of the future minimum SBITA payments as of the date of their inception. The County has 117 lease agreements and 10 SBITA for the year ending September 30, 2023. The future principal and interest payments as of September 30, 2023, were as follows: Year Ending September 30 Principal Interest Total 2024 $ 5,284,883 $ 1,566,916 $ 6,851,799 2025 4,887,636 1,385,067 6,272,703 2026 4,700,861 1,232,850 5,933,711 2027 4,240,088 1,058,637 5,298,725 2028 4,316,919 927,855 5,244,774 2029-2033 19,326,564 2,783,280 22,109,844 2034-2038 7,502,592 524,634 8,027,226 2039-2040 813,856 32,431 846,287 Totals $ 51,073,399 $ 9,511,670 $ 60,585,069 F-44 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2023 NOTE 15—LONG-TERM DEBT Long-term debt activity for the year ended September 30, 2023 is as follows: Current Portion Beginning Ending of Long-term Balances Additions Payments Balances Liabilities Governmental Activities: Revenue Bonds From Direct Borrowings $ 20,640,000 $ $ 4,995,000 $ 15,645,000 $ 5,110,000 Revenue Notes From Direct Borrowings 132,148,993 7,579,106 124,569,887 7,766,511 Lease Purchase of Helicopters - 53,000,000 - 53,000,000 3,010,000 Mayfield Agreement(KLWTD) 6,750,000 - 2,125,000 4,625,000 2,125,000 Old 7 Mile Bridge Sinking Fund 10,669,980 - 355,666 10,314,314 355,666 Accrued Comp.Absences 15,895,207 9,446,072 8,629,276 16,712,003 3,342,400 Lease Liabilities and SBITAs* 50,572,670 6,675,807 6,183,690 51,064,787 5,282,428 OPEB Liability 52,861,000 16,578,500 14,454,500 54,985,000 - Pension Liability-FRS&HIS 135,254,295 43,560,913 17,225,997 161,589,211 Pension Liability-LOSAP 488,859 11,493 147,982 352,370 Total Governmental Activities 425,281,004 129,272,785 61,696,217 492,857,572 26,992,005 Business-Type Activities: Revenue Bonds $ 42,459,929 $ $ $ 42,459,929 $ Accrued Comp.Absences 603,490 526,184 385,152 744,522 148,904 Lease Liabilities and SBITAs* 12,877 - 4,265 8,612 2,455 OPEB Liability 1,259,000 362,200 316,200 1,305,000 - Pension Liability-FRS&HIS 5,945,674 2,343,379 694,451 7,594,602 Total Business-Type Activities 50,280,970 3,231,763 1,400,068 52,112,665 151,359 Total Long-Term Debt $ 475,561,974 $ 132,504,548 $ 63,096,285 $ 544,970,237 $ 27,143,364 *GASB Statement No. 96 was implemented as of October 1, 2022 and the liabilities related to subscription-based information technology arrangements (SBITA) liabilities in the above schedule reflect the value of long-term commitments of the Board related to right-to-use leased assets. The beginning balances were restated with the implementation of GASB Statement No. 96. 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. F-45 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2023 NOTE 15—LONG-TERM DEBT (continued) The following summary reflects the County's bonds and notes as of September 30, 2023: Governmental Activities Revenue Bonds From Direct Borrowings: Infrastructure Sales Surtax Revenue Bonds, Series 2014 $ 4,185,000 Infrastructure Sales Surtax Refunding Bond, Series 2016 11,460,000 Total Revenue Bonds From Direct Borrowings 15,645,000 Revenue Notes From Direct Borrowings: Clean Water State Revolving Fund Construction Loan Agreement 2010 4,039,176 Clean Water State Revolving Fund Construction Loan Agreement 2014 118,730,711 Special Obligation Refunding Revenue Note, Series 2020 Project 1,800,000 Total Revenue Notes From Direct Borrowings 124,569,887 Lease Purchase of Trauma Star Helicopters 53,000,000 Mayfield Agreement—Key Largo Wastewater Treatment District 4,625,000 Old 7 Mile Bridge Restoration Sinking Fund 10,314,314 Total Government Debt $ 208,154,201 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 Debt Service Funding Requirements —The total annual debt service requirements for bonds and notes Long-term debt at September 30, 2023 is composed of the following issues: Governmental Activities Business-Type Activities Principal Interest Total Principal Interest Total 2024 18„367,177 4,999,341 23,366,518 2,091,100 2,091,100 2025 18,539,332 4,825,065 23,364,397 - 2,091,100 2,091,100 2026 16,001,367 4,445,982 20,447,349 605,000 2,075,975 2,680,975 2027 10,979,412 4,067,403 15,045,815 480,0�00 2,048,850 2,528,850 2028 11,275,606 3,770,318 15,045,.924 505,000 2,024,225 2„529,225 2029-2033 58,035,008 14,186,311 72,221„319 4„305,000 9,572,875 13,877,875 2034-2038 65,349,282 5,840,719 71,190,001 5,890,000 8,274,250 14,164,250 2039-2043 6,407,024 61,046 6,468,070 7„520,000 6,606,000 14,126,000 2044-2048 1,778,330 - 1,778,330 9,640,000 4,415,975 14,055,975 2049-2053 1,422,663 1,422,663 12,395,000 1,604,375 14,0N,375 Total Required Debt Smice 8 208,154,201 `3 42,196,18i 250350,386 $ 41,340,000 40,809725 $ 82,149,725 Unamortized original Issue Presnnint on Series 2022 Bonds 1,119,929 Total Business Debt Service $ 42459929 F-46 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2023 NOTE 15—LONGTERM DEBT (continued) Long-term debt at September 30, 2023 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: $4,185,000 • 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 $4,283,766. For the fiscal year, principal and interest paid was $4,280,172 and total pledged revenue was $34,996,624. • Purpose: To construct and acquire equipment and capital improvements. • Call provisions: None $19,500,540 Clean Water State Revolving Fund Construction Loan Agreement • Type: General Government Revenue Notes • Dated: April 2010 • Final maturity: Year 2030 • Principal payment date: March 15 and September 15 • Interest payment dates: March 15 and September 15 • Interest rate: 2.71% • Amount outstanding at September 30th: $4,039,176 • 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 $4,432,598. For the fiscal year, principal and interest paid was $681,938 and total pledged revenue was $46,799,661. • Purpose: Refund temporary financing for wastewater capital improvements. • Call provisions: None F-47 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2023 NOTE 15—LONGTERM DEBT (continued) Clean Water State Revolving Fund Construction Loan Agreement • The State awarded a total of $127,200,000 (original award plus seven amendment awards) for collection, transmission and treatment facilities under the State Revolving Fund loan program. During the year ended September 30, 2020, the ninth award amendment suspended the June 2020 and the December 2020 loan payments (each totaling $4,502,451 principal and interest) because of the uncertain impact the COVID-19 pandemic could have on the County's infrastructure sales surtax revenue. • Interest rate: various interest rates (2.35% - 3.07%) as of September 30, 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: $118,730,711 • 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 $145,381,948. For the fiscal year, principal and interest paid was $9,379,481 and total pledged revenue was $37,261,092 • Purpose: Financing for wastewater capital improvements. • Call provisions: None $16,065,000 Infrastructure Sales Surtax Refunding Revenue Bond, Series 2016 • Type: General Government Refunding Revenue Bond • Dated: September 2016 • Final maturity: Year 2026 • Principal payment date: April 1 • Interest payment dates: April 1 and October 1 • Interest rate: 1.69% • Amount outstanding at September 30th: $11,460,000 • 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 $11,921,455. For the fiscal year, principal and interest paid was $1,119,053 and total pledged revenue was $34,996,624 • Purpose: To construct and acquire equipment and capital improvements. • Call provisions: None F-48 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2023 NOTE 15—LONGTERM DEBT (continued) $17,000,000 Mayfield Interlocal Agreement • Type: Interlocal Agreement • Dated: May 2015 • Final maturity: Year 2026 • Principal payment date: April 1 • Interest payment dates: April 1 • Interest rate: N/A • Amount outstanding at September 30th: $4,625,000 • Reserve requirement: None • Revenue pledged: One Cent Local Government Infrastructure Sales Surtax. The total principal remaining to be paid is $4,625,000. For the fiscal year, principal paid was $2,125,000 total pledged revenue was $34,996,624. • Purpose: Capital improvements with respect to Cudjoe Regional Wastewater Project • Call provisions: None • See Note 15 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: $1,800,000 • 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 $1,830,026. For the fiscal year, principal and interest paid was $914,804, and total pledged revenue was $46,799,661. • Purpose: Acquisition, installation, and implementation of an Enterprise Resources Planning (ERP) system. • Call provisions: None 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: $10,314,314 • Reserve requirement: None F-49 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2023 NOTE 15—LONGTERM DEBT (continued) Old 7 Mile Bridge Restoration Sinking Fund (continued) • Revenue pledged: Non-Ad Valorem Revenues in the General Fund, the Fine and Forfeiture Fund and the Unincorporated Area Service District Funds. The total remaining to be paid is $10,314,314. For the fiscal year, the amount set aside in the sinking fund was $355,666 and total pledged revenue was $46,799,661. • 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 $53,000,000 Lease Purchase Financing of Trauma Star Helicopters • Final maturity: Year 2038 • Principal payment date: April 1 • Interest payment dates: April 1 and October 1 • Interest rate: 3.2591% • Amount outstanding at September 30th: $53,000,000 • Reserve requirement: None • Revenue pledged: None. The rental payments are to be made only from legally available revenues appropriated on an annual basis. Should the required lease payments not be made as scheduled, the lease shall be deemed terminated and the County agrees to cease use of the helicopters and return them to the lessor. The total principal and interest remaining to be paid is $67,561,279. For the fiscal year, no principal and interest was paid. • Purpose: Lease purchase of three Trauma Star helicopters. • 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 paid on 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$2,573,827. • Revenue pledged: Eligible PFC Revenues in accordance with the PFC regulation. • Purpose: Provide Key West Airport funding for the costs related to the Concourse A expansion proj ect. • Call provisions: Bonds maturing on or after October 1, 2033, may be redeemed at par at the option of the Board on or after October 1, 2032. F-50 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2023 NOTE 15—LONGTERM 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, Key West International Airport will be charged a non-use fee of 0.12% annual of the principal amount not yet drawn. Non-use fees paid in FY 2023 totaled $12,733. • 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, 2023: $0 • Reserve requirement: None PNC Line of Credit for Monroe County, Florida Taxable Master Airport Revenue Note Series 2022 (continued • 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 Bipartisan Infrastructure Law (BIL) Entitlement Grant; and any BIL Discretionary Grant received in fiscal years 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 Board will pay PNC from the Airport's net revenues or eligible PFC. However, paying PNC Line of Credit with net revenues or PFC is subordinate to repaying the Airport's revenue bonds. • Purpose: Acquire, construct and equip various capital improvements at the Airport in connection with the Concourse A Expansion. F-51 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2023 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, 2023 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, 2023 were as follows: Receivable Fund Payable Funds Amount General Fund Governmental Grant Fund $ 2,700,000 Group Insurance 35 Nonmajor Governmental 977,187 Fine and Forfeiture General Fund 547,508 Governmental Grant Fund 132,417 Nonmajor Governmental 1,625,926 Tourist Development Admin General Fund 178,907 &Promotional, Two Cent One Cent Infrastructure Surtax General Fund 4,380 Nonmajor Funds General Fund 1,938,014 Fine and Forfeiture 17,890 HIDTA Grant 1,376,160 Key West International Airport Fine and Forfeiture 9,906 Municipal Service District Waste General Fund 3,504 Internal Service Funds General Fund 226,940 Total $ 9,738,774 F-53 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2023 NOTE 18—INTERFUND TRANSFERS Interfund transfers at September 30, 2023 are as follows: Transfers to General Fund from: One Cent Infrastructure Surtax Fund $ 533,877 Fine&Forfeiture Fund 51,364,016 Tourist Development Admin&Promo,Two Cent 114,278 Municipal Service District—Waste 235,202 Card Sound Bridge 79,776 Marathon Airport 137,385 Key West International Airport 477,280 Internal Service Funds 860,159 Nonmajor Governmental Funds 14,202,773 Total Transfers to General Fund 68,004,746 Transfers to Fine and Forfeiture Fund from: General Fund 362,851 Nonmajor Governmental Funds 1,910,355 Total Transfers to Fine and Forfeiture Fund 2,273,206 Transfers to Governmental Grant Fund from: General Fund 49,992 Fine&Forfeiture Fund 33,708 One Cent Infrastructure Surtax Fund 212,311 Nonmajor Governmental Funds 29,545 Total Transfers to Governmental Grant Fund 325,556 Transfers to Tourist Development Admin&Promo,Two Cent Fund from: General Fund 178,907 Transfers to One Cent Infrastructure Surtax Fund from: General Fund 4,380 Fine&Forfeiture Fund 1,910,355 Nonmajor Governmental Funds 7,019,789 Total Transfers to One Cent Infrastructure Surtax Fund 8,934,524 Transfers to Debt Service Fund from: General Fund 914,804 One Cent Infrastructure Surtax Fund 17,529,815 Total Transfers to Debt Service Fund 18,444,619 Transfers to Nonmajor Governmental Funds from: General Fund 1,896,700 Fine&Forfeiture Fund 6,596,376 Nonmajor Governmental Funds 2,075,579 Total Transfers to Nonmajor Governmental Funds 10,568,655 Transfers to Municipal Service District Fund from: General Fund 3,504 Transfers to Marathon Airport Fund from: General Fund 10,341,817 One Cent Infrastructure Surtax Fund 4,645,645 Total Transfers to Marathon Airport Fund 14,987,462 Total Interfund Transfers $ 123,721,179 F-54 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2023 NOTE 18—INTERFUND TRANSFERS (continued) During FY 2023, Monroe County closed fifteen funds including funds that were maintained for the County's various wastewater projects and other capital projects that have been substantially completed. The fund balances of closed funds were transferred to the One Cent Infrastructure Sales Surtax Fund. The total transferred was $8,930,144. The One Cent Infrastructure Surtax Fund also transferred $17,529,815 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, the Clean Water State Revolving Fund Construction Loans for both the Big Coppitt Wastewater Project and the Cudjoe Regional Wastewater Project, as well as the debt related to the Mayfield Interlocal Agreement. In FY 2023, the County transferred $10,341,817 from the General Fund and $4,645,645 from the Infrastructure Sales Surtax Fund to the Marathon Airport Fund. The building of the County's Emergency Operation Center (EOC) is accounted for in the Marathon Airport Fund. The EOC will be funded with grant funds; however, the delay in receiving reimbursements from the grants required the County to provide temporary cash flow for this capital project. Transfers were made to the Governmental Grants Fund of$325,556 during the fiscal year. The General Fund transferred $49,992 to finance cost share requirements of various Social Services-related grants. In addition, $212,311 was transferred from the One Cent Infrastructure Surtax Fund to meet match requirements for the County's HGMP Phase 1 Grant for wind retrofit. Also, $19,733 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 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2023 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, 2023 is presented below: Tourist Development Fine& Governmental Admin&Promo General Forfeiture Grants Two Cent Fund Balance: Non-spendable: Inventory $ 154,157 $ 12,598 - Total Non-spendable 154,157 12,598 - - Restricted for: Law Enforcement - 22,247,843 - - Fire&Ambulance - - - - Public Safety - - - - Physical Environment - - - - Transportation - - - - Housing Programs - - - - Tourist Development - - - 43,897,528 Human Services - - - - Library Donations - - - - Culture&Recreation - - - - Court Programs - - - - Comprehensive Planning - - - - Federal and State Grants - - 3,887,664 - Other Purposes - - - - Debt Service - - - - Capital Projects - - - - Total Restricted - 22,247,843 3,887,664 43,897,528 Committed to: Disaster Recovery 10,000,000 - - - Physical Environment - - - - Sheriff Contract Administration - - - - Beach Re-nourishment - - - - Health Care - - - - Total Committed 10,000,000 - - - Assigned to: Other Purposes 90,837 - - - Fire&Ambulance - - - - Subsequent Year Expenditures 22,364,817 - - - Total Assigned 22,455,654 - - - Unassigned 11,649,704 - - - Total Fund Balances(Deficit) $ 44,259,515 $ 22,260,441 $ 3,887,664 $ 43,897,528 F-56 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2023 NOTE 19—GOVERNMENTAL FUND BALANCE CLASSIFICATIONS (continued) One Cent All Debt Nonmajor Total Infrastructure Service Governmental Governmental Surtax Fund Funds Funds Fund Balance: Non-spendable: Inventory $ 17,398 $ - $ 12,598 $ 196,751 Total Non-spendable 17,398 - 12,598 196,751 Restricted for: Law Enforcement - - 14,834,725 37,082,568 Fire&Ambulance - - 1,039,983 1,039,983 Public Safety - - 5,005,663 5,005,663 Physical Environment - - 3,789,878 3,789,878 Transportation - - 8,164,371 8,164,371 Housing Programs - - 3,993,881 3,993,881 Tourist Development - - 76,721,565 120,619,093 Human Services - - 36,671 36,671 Library Donations - - 193,410 193,410 Culture&Recreation - - 2,587,739 2,587,739 Court Programs - - 11,220,513 11,220,513 Comprehensive Planning - - 3,297,600 3,297,600 Federal and State Grants - - - 3,887,664 Other Purposes - - 1,856,312 1,856,312 Debt Service - 3,531,065 - 3,531,065 Capital Projects 91,137,448 - 1,084,819 92,222,267 Total Restricted 91,137,448 3,531,065 133,827,130 298,528,678 Committed to: Disaster Recovery - - - 10,000,000 Physical Environment - - 8,006,035 8,006,035 Sheriff Contract Admin - - 1,452,195 1,452,195 Beach Re-nourishment - - 232,781 232,781 Health Care - - 222,625 222,625 Total Committed - - 9,913,636 19,913,636 Assigned to: Other Purposes - - - 90,837 Fire&Ambulance - - 7,298,815 7,298,815 Subsequent Year Expense - - - 22,364,817 Total Assigned - - 7,298,815 29,754,469 Unassigned - - (358,234) 11,291,470 Total Fund Balances $ 91,154,846 $ 3,531,065 $ 150,693,945 $ 359,685,004 (Deficit) F-57 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2023 NOTE 20—RISK MANAGEMENT The County is exposed to various risks of loss related to tort; theft of, damage to, and destruction of assets; errors and omissions; injuries to employees; and natural disasters. During the fiscal years ended 1976, 1984, and 1988, the County established the Workers' Compensation, Group Insurance, and Risk Management Funds, respectively, as internal service funds to account for and finance its uninsured risks of loss. Under these programs, the Workers' Compensation has self-insured coverage up to the first $500,000 per claim for regular employees. Workers' Compensation claims in excess of the self-insured coverage of$500,000 are covered by an excess insurance policy. The Group Insurance Fund provides self-insured excess claims. Risk Management has a $5,000,000 excess insurance policy for general liability claims with a $200,000 self-insured retention and building property damage is covered for the actual value of the building with a deductible of $50,000. Deductibles for windstorm and flood vary by location. The Board purchases commercial insurance for claims in excess of coverage provided by the funds and for all other risks of loss. Settled claims have not exceeded this commercial coverage in any of the past three years. All funds of the 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 Nos. 10 and 62, 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 2023 and 2022 were: Workers' Group Risk Compensation Insurance Management Total 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 Incurred Claims (Including IBNR) 1,694,454 17,537,474 (1,273,615) 17,958,313 Claim Payments (1,384,951) (17,509,247) (244,370) (19,138,568) Unpaid Claims at Sept. 30, 2023 $ 2,195,900 $ 815,091 $ 226,795 $ 3,237,786 F-58 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2023 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 two merit mention. The first claim, Galleon Bay vs. Monroe County and the State of Florida, is an inverse condemnation action involving thirteen lots on No Name Key. Liability was established by the appellate courts in December of 2012 and remanded the case for a valuation trial. On February 18, 2016, a jury valued the thirteen lots at $285,500 as of July 2001. The trial court entered final judgment in the amount of $480,512, as of June 1, 2016, plus statutory post judgment interest. After the judgment was affirmed on appeal, the Board deposited $531,391 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. 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 second claim, Monroe County v. Sugarloaf Volunteer Fire Department and Sugarloaf Wi-Fi, Inc., is a claim where Monroe County, as the Plaintiff, filed a verified 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. F-59 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2023 NOTE 21 —LITIGATION AND CLAIMS (continued) 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$217,160. The judgement defeats any possible claim for an adverse award of attorney fees against Monroe County. However, Sugarloaf Wi-Fi, Inc. has filed three motions contending that because there was a violation of s. 286.011, F.S., Sugarloaf Wi-Fi, Inc. is entitled to prevailing party attorney's fees. While these motions remain pending as a technical matter, the County believes they lack merit. 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. 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. F-60 REQUIRED SUPPLEMENTARY INFORMATION (Unaudited) MONROE COUNTY,FLORIDA SCHEDULE OF MONROE COUNTY PROPORTIONATE SHARE OF NET PENSION LIABILITY FLORIDA RETIREMENT SYSTEM PENSION PLAN LAST 10 FISCAL YEARS* 2023 2022 2021 Monroe County's proportion of the net pension liability 0.321387362% 0.309233937% 0.317807066% Monroe County'sproportionate share of the net pension liability $ 128,065,838 $ 115,063,021 $ 124,009,850 Monroe County's covered payroll $ 91,419,051 $ 79,647,277 $ 89,661,449 Monroe County'sproportionate share of the net pension liability as a percentage of its covered payroll 140.09% 144.47% 138.31% Plan fiduciary net position as a percentage of the total pension liability 82.38% 82.89% 78.85% *The amounts presented for each fiscal year were determined as of June 30. G-1 2020 2019 2018 2017 2016 2015 2014 0.345802678% 0.334375037% 0.348561326% 0.328044588% 0.316397501% 0.298789301% 0.303954236% $ 149,875,977 $ 115,154,108 $ 104,988,478 $ 97,033,388 $ 79,890,617 $ 38,592,646 $ 18,545,678 $ 81,488,366 $ 82,678,699 $ 84,301,564 $ 74,326,732 $ 70,699,621 $ 70,456,332 $ 69,783,359 183.92% 139.28% 124.54% 130.55% 113.00% 54.78% 26.58% 78.85% 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* 2023 2022 2021 Contractually required contribution $ 16,116,536 $ 14,107,542 $ 12,167,517 Contributions in relation to the contractually required contribution (16,116,536) (14,107,542) (12,167,517) Contribution deficiency(excess) $ $ $ Monroe County's covered payroll $ 92,719,298 $ 82,680,982 $ 88,018,382 Contributions as apercentage of covered payroll 17.38% 17.06% 13.82% *The amounts presented for each fiscal year were determined as of September 30. G-3 2020 2019 2018 2017 2016 2015 2014 $ 11,694,578 $ 10,642,566 $ 12,427,075 $ 8,317,662 $ 7,715,858 $ 7,284,737 $ 6,657,888 (11,694,578) (10,642,566) (12,427,075) (8,317,662) (7,715,858) (7,284,737) (6,657,888) $ 81,243,796 $ 82,678,699 $ 84,301,564 $ 69,003,713 $ 70,699,621 $ 70,133,038 $ 69,338,053 14.39% 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* 2023 2022 2021 Monroe County's proportion of the net pension liability 0.258907609% 0.246770662% 0.253015495% Monroe County's proportionate share of the net pension liability $ 41,117,983 $ 26,136,956 $ 31,306,155 Monroe County's covered payroll $ 91,419,051 $ 79,647,277 $ 89,661,449 Monroe County's proportionate share of the net pension liability as a percentage of its covered payroll 44.98% 32.82% 34.92% Plan fiduciary net position as a percentage of the total pension liability 4.12% 4.81% 3.56% *The amounts presented for each fiscal year were determined as of June 30. G-5 2020 2019 2018 2017 2016 2015 2014 0.256931327% 0.247210889% 0.254159349% 0.236677851% 0.228042287% 0.228621233% 0.231240629% $ 31,370,897 $ 27,660,425 $ 26,900,511 $ 25,306,688 $ 26,577,384 $ 23,315,769 $ 21,621,563 $ 81,488,366 $ 82,678,699 $ 84,301,564 $ 74,326,732 $ 70,699,621 $ 70,133,038 $ 69,338,053 38.50% 33.46% 31.91% 34.05% 37.59% 33.25% 31.18% 3.00% 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* 2023 2022 2021 Contractually required contribution $ 1,803,912 $ 1,577,450 $ 1,460,189 Contributions in relation to the contractually required contribution (1,803,912) (1,577,450) (1,460,189) Contribution deficiency(excess) $ - Monroe County's covered payroll $ 92,719,298 $ 82,680,982 $ 88,018,382 Contributions as a percentage of covered payroll 1.95% 1.91% 1.66% *The amounts presented for each fiscal year were determined as of September 30. G-7 2020 2019 2018 2017 2016 2015 2014 $ 1,494,692 $ 1,393,010 $ 1,398,691 $ 1,392,250 $ 1,168,862 $ 873,933 $ 792,153 (1,494,692) (1,393,010) (1,398,691) (1,392,250) (1,168,862) (873,933) (792,153) $ 81,243,796 $ 82,678,699 $ 84,301,564 $ 69,003,713 $ 70,699,621 $ 70,133,038 $ 69,338,053 1.84% 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) 2023 2022 2021 Total pension liability Service Cost $ 2,772 $ 1,819 $ (24,610) Interest 8,721 5,939 6,890 Differences between expected and actual experience (66,343) (65,332) (61,382) Changes of assumptions or other inputs (46,344) (33,348) Benefit payments,including refunds of employee contributions (35,295) (24,570) (34,680) Net change in total pension liability (136,489) (115,492) (113,782) Total pension liability-beginning 488,859 604,351 718,133 Total pension liability-ending S 352,370 S 488,859 S 604,351 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. There are no assets accumulated in a trust,as defined by Statement of Governmental Accounting Standards No.73,to pay benefits. G-9 2020 2019 2018 2017 2016 2015 2014 $ (11,774) $ (6,170) $ 12,761 $ 22,937 $ 16,394 $ 16,455 $ 18,434 8,130 8,724 9,146 9,146 8,895 8,054 12,219 (50,828) (35,295) 182 (39,039) 33,108 89,397 (9,696) (30,945) (31,680) (32,265) (32,265) (28,365) (30,855) (25,575) (85,417) (64,421) (10,176) (39,221) 30,032 83,051 (4,618) 803,550 867,971 878,147 917,368 887,336 804,285 808,903 $ 718,133 $ 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 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, 2022 2021 2020 2019 Contractually required contribution $ - $ - $ 3,265 $ 5,200 Contributions in relation to the contractually required contribution - - 3,265 5,200 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 2023 plan year. The 2022 plan year assumptions are those stated in the prior actuary's 2022 Actuarial Valuation Report. G-11 2018 2017 2016 2015 2014 2013 $ 3,265 $ 61,388 $ 39,899 $ 39,899 $ 30,304 $ 28,575 3,265 61,388 39,899 39,899 30,304 28,575 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* 2023 2022 2021 2020 2019 2018 Total OPEB liability Service cost 2,661,100 3,287,400 3,177,500 2,513,200 $ 1,893,000 $ 1,817,000 Interest 2,232,500 1,338,800 1,314,800 1,305,200 1,651,000 2,885,000 Changes of benefit terms 500 3,476,500 - - - (29,384,000) Changes in experience 12,300 (4,113,900) - (877,000) - Changes in assumptions or other inputs (243,100) (7,812,200) 404,700 9,107,900 7,321,000 (3,343,000) Benefit payments (2,493,300) (2,090,600) (2,396,000) (2,165,300) (1,663,000) (1,470,000) Net change in total OPEB liability 2,170,000 (5,914,000) 2,501,000 9,884,000 9,202,000 (29,495,000) Total OPEB liability-Beginning of Year 54,120,000 60,034,000 57,533,000 47,649,000 38,447,000 67,942,000 Total OPEB liability-End of Year $ 56,290,000 $ 54,120,000 $ 60,034,000 $ 57,533,000 $ 47,649,000 $ 38,447,000 Covered-employee payroll $ 95,531,000 $ 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 58.92% 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 bond rates,and a change in Actuarial Cost methodology to the Entry Age Normal method. *This schedule should present information for the last ten years.However,until a full ten years of information can be compiled,information will be presented for as many years as are available. G-13 COMBINING AND INDIVIDUAL FUND STATEMENTS AND SCHEDULES NONMAJOR GOVERNMENTAL FUNDS SPECIAL REVENUE FUNDS AFFORDABLE HOUSING PROGRAMS To account for revenues and expenditures of various low income housing programs. 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 SPECIAL ASSESSMENTS To account for the revenues and expenditures relating to the assessments paid by homeowners that are dedicated to maintaining and improving canals. 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. MONROE COUNTY, FLORIDA COMBINING BALANCE SHEET NONMAJOR GOVERNMENTAL FUNDS SEPTEMBER 30,2023 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 $ 27,667 $ 487,927 $ 2,369,507 $ 2,967,245 $ 467,102 Investments 397,000 7,066,996 19,859,870 23,404,739 3,336,452 Accounts Receivable, Net - - - - - Due from Other Funds - - 96,335 128,538 22,377 Due from Other Governmental Units - 567,536 - - - Mortgages/Notes Receivable - - - - - Allowance for Mortgages/Notes Receivable - - - - - Interest Receivable 1,272 22,643 63,631 74,989 10,690 Prepaid Items - - - - - Total Assets $ 425,939 $ 8,145,102 $ 22,389,343 $ 26,575,511 $ 3,836,621 LIABILITIES, DEFERRED INFLOWS OF RESOURCES,AND FUND BALANCES Liabilities: Accounts Payable $ - $ 130,357 $ 130,299 $ 697,674 $ 164,481 Retainage Payable - 115,008 - 71,594 17,602 Accrued Wages and Benefits Payable - 139,850 - 7,028 5,474 Due to Other Funds - - - - - Due to Other Governmental Units - 389,606 - - - Unearned Revenue - - - - - Deposits in Escrow - - - - - Total Liabilities - 774,821 130,299 776,296 187,557 Deferred Inflows of Resources: Unavailable Revenues - - - - - Total Deferred Inflows of Resources - - - - - Fund Balances/(Deficits): Nonspendable - - - - - Restricted 425,939 7,370,281 22,259,044 25,566,434 3,649,064 Committed - - - 232,781 - Assigned - - - - - Unassigned - - - - - Total Fund Balances/(Deficits) 425,939 7,370,281 22,259,044 25,799,215 3,649,064 Total Liabilities, Deferred Inflows of Resources and Fund Balances/(Deficits) $ 425,939 $ 8,145,102 $ 22,389,343 $ 26,575,511 $ 3,836,621 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 $ 1,268,440 $ 764,107 $ 1,004,059 $ 54,182 $ 57,552 $ - 9,464,690 5,921,553 7,320,546 751,959 817,275 - - 19,500 - - - - 50,837 30,772 42,718 - - - 30,325 18,973 23,455 2,409 2,619 - $ 10,814,292 $ 6,754,905 $ 8,390,778 $ 808,550 $ 877,446 $ - $ 435,438 $ 74,121 $ 50,690 $ - $ - $ - 90,252 17,850 38,312 14,460 - - - - 6,289 - - - 525,690 91,971 95,291 14,460 - - 10,288,602 6,662,934 8,295,487 794,090 877,446 - 10,288,602 6,662,934 8,295,487 794,090 877,446 - $ 10,814,292 $ 6,754,905 $ 8,390,778 $ 808,550 $ 877,446 $ - (Continued) H-2 MONROE COUNTY, FLORIDA COMBINING BALANCE SHEET(CONTINUED) NONMAJOR GOVERNMENTAL FUNDS SEPTEMBER 30,2023 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 $ 9,082 $ 12,614 $ 732,101 $ 117,618 $ 539,831 Investments 128,122 181,602 6,345,098 1,711,214 5,211,146 Accounts Receivable, Net - - 485,309 2,199 10,563 Due from Other Funds - - 258,332 35,616 13,930 Due from Other Governmental Units - - - 55,136 231,795 Mortgages/Notes Receivable - - - - - Allowance for Mortgages/Notes Receivable - - - - - Interest Receivable 411 582 20,328 5,483 16,696 Prepaid Items - - - 12,598 - Total Assets $ 137,615 $ 194,798 $ 7,841,168 $ 1,939,864 $ 6,023,961 LIABILITIES, DEFERRED INFLOWS OF RESOURCES,AND FUND BALANCES Liabilities: Accounts Payable $ - $ - $ 13,620 $ 146,545 $ 44,270 Retainage Payable - - - - - Accrued Wages and Benefits Payable - - 528,733 66,306 308,915 Due to Other Funds - - - - - Due to Other Governmental Units - - - - 1,440 Unearned Revenue - - - - - Deposits in Escrow - - - 4,122 270,520 Total Liabilities - - 542,353 216,973 625,145 Deferred Inflows of Resources: Unavailable Revenues - - - - - Total Deferred Inflows of Resources - - - - - Fund Balances/(Deficits): Nonspendable - - - 12,598 - Restricted 137,615 194,798 - 1,710,293 5,398,816 Committed - - - - - Assigned - - 7,298,815 - - Unassigned - - - - - Total Fund Balances/(Deficits) 137,615 194,798 7,298,815 1,722,891 5,398,816 Total Liabilities, Deferred Inflows of Resources and Fund Balances/(Deficits) $ 137,615 $ 194,798 $ 7,841,168 $ 1,939,864 $ 6,023,961 H-3 REVENUE FUNDS Duck Key Local Affordable Miscellaneous Municipal Security Housing Housing Boating Special Policing District Assistance Initiatives Improvement Revenue $ 142,024 $ 24,817 $ 230,517 $ 3,688 $ 224,452 $ 324,620 1,970,088 350,430 3,272,337 55,104 3,240,160 4,314,082 405,147 438 - - 51,553 61,561 - - 10,365,373 - - - - - (10,365,373) - - - 6,312 1,123 10,485 177 10,382 13,822 $ 2,523,571 $ 376,808 $ 3,513,339 $ 58,969 $ 3,526,547 $ 4,714,085 $ - $ 8,559 $ 95 $ - $ 4,245 $ 101,550 - - 4,271 - 10,619 - - - - - - 29,628 - - - - - 966 - 8,559 4,366 - 14,864 132,144 2,523,571 368,249 3,508,973 58,969 3,511,683 4,581,941 2,523,571 368,249 3,508,973 58,969 3,511,683 4,581,941 $ 2,523,571 $ 376,808 $ 3,513,339 $ 58,969 $ 3,526,547 $ 4,714,085 (Continued) H-4 MONROE COUNTY, FLORIDA COMBINING BALANCE SHEET(CONTINUED) NONMAJOR GOVERNMENTAL FUNDS SEPTEMBER 30,2023 SPECIAL Court Drug Marathon Middle Keys Environmental Facility Abuse Municipal Health Care Restoration Fees Trust Service MSTU ASSETS Cash and Cash Equivalents $ 555,074 $ 337,550 $ 3,448 $ - $ 11,611 Investments 7,367,385 4,781,151 52,593 - 165,822 Accounts Receivable, Net - - - - - Due from Other Funds - 51,010 4,786 - 44,661 Due from Other Governmental Units - - - - - Mortgages/Notes Receivable - - - - - Allowance for Mortgages/Notes Receivable - - - - - Interest Receivable 23,606 15,319 169 - 531 Prepaid Items - - - - - Total Assets $ 7,946,065 $ 5,185,030 $ 60,996 $ - $ 222,625 LIABILITIES, DEFERRED INFLOWS OF RESOURCES,AND FUND BALANCES Liabilities: Accounts Payable $ 790 $ 402 $ 24,325 $ - $ - Retainage Payable - - - - - Accrued Wages and Benefits Payable 7,049 4,837 - - - Due to Other Funds - - - - - Due to Other Governmental Units - - - - - Unearned Revenue - - - - - Deposits in Escrow - - - - - Total Liabilities 7,839 5,239 24,325 - - Deferred Inflows of Resources: Unavailable Revenues - - - - - Total Deferred Inflows of Resources - - - - - Fund Balances/(Deficits): Nonspendable - - - - - Restricted - 5,179,791 36,671 - - Committed 7,938,226 - - - 222,625 Assigned - - - - - Unassigned - - - - - Total Fund Balances/(Deficits) 7,938,226 5,179,791 36,671 - 222,625 Total Liabilities, Deferred Inflows of Resources and Fund Balances/(Deficits) $ 7,946,065 $ 5,185,030 $ 60,996 $ - $ 222,625 H-5 REVENUE FUNDS Bay Point Big Coppitt Key Largo Stock Island Wastewater Wastewater Wastewater Wastewater Conch Key MSTU MSTU MSTU MSTU MSTU (Continued) H-6 MONROE COUNTY, FLORIDA COMBINING BALANCE SHEET(CONTINUED) NONMAJOR GOVERNMENTAL FUNDS SEPTEMBER 30,2023 SPECIAL Long Key, Canal Layton Duck Key Special Building MSTU MSTU Assessments Fund ASSETS Cash and Cash Equivalents $ - $ - $ 4,497 $ 383,416 Investments - - 63,540 3,499,596 Accounts Receivable, Net - - - 320 Due from Other Funds - - - - Due from Other Governmental Units - - - - Mortgages/Notes Receivable - - - Allowance for Mortgages/Notes Receivable - - - - Interest Receivable - - 204 11,212 Prepaid Items - - - - Total Assets $ - $ - $ 68,241 $ 3,894,544 LIABILITIES, DEFERRED INFLOWS OF RESOURCES,AND FUND BALANCES Liabilities: Accounts Payable $ - $ - $ 432 $ 113,813 Retainage Payable - - - - Accrued Wages and Benefits Payable - - - 201,819 Due to Other Funds - - - - Due to Other Governmental Units - - - 49,665 Unearned Revenue - - - - Deposits in Escrow - - - 8,110 Total Liabilities - - 432 373,407 Deferred Inflows of Resources: Unavailable Revenues - - - - Total Deferred Inflows of Resources - - - - Fund Balances/(Deficits): Nonspendable - - - - Restricted - - - 3,521,137 Committed - - 67,809 - Assigned - - - - Unassigned - - - - Total Fund Balances/(Deficits) - - 67,809 3,521,137 Total Liabilities, Deferred Inflows of Resources and Fund Balances/(Deficits) $ - $ - $ 68,241 $ 3,894,544 H-7 REVENUE FUNDS Sheriffs Sheriffs Sheriffs Sheriffs Sheriffs Teen Federal State Contract Inmate Court Forfeiture Forfeiture Administrative Commissary $ - $ 1,830,397 $ 1,877,449 $ - $ 1,512,429 - 379,007 382,969 - - - - - - 59,077 32,750 - - 1,435,907 6,743 5,368 - - 93,630 - - 1,227 1,214 - - $ 38,118 $ 2,210,631 $ 2,261,632 $ 1,529,537 $ 1,578,249 $ - $ - $ - $ - $ 8,374 - - - - 5,237 - - 31,466 28,377 16,221 - - - 315 50,047 - - - 48,650 - - - 31,466 77,342 79,879 38,118 2,210,631 2,230,166 - 1,498,370 - - - 1,452,195 - 38,118 2,210,631 2,230,166 1,452,195 1,498,370 $ 38,118 $ 2,210,631 $ 2,261,632 $ 1,529,537 $ 1,578,249 (Continued) H-8 MONROE COUNTY, FLORIDA COMBINING BALANCE SHEET(CONTINUED) NONMAJOR GOVERNMENTAL FUNDS SEPTEMBER 30,2023 SPECIAL Sheriffs Sheriffs Sheriffs Interagency Trauma Radio Sheriffs Communications Star Communication Grants ASSETS Cash and Cash Equivalents $ 82,203 $ 538,674 $ 12,046 $Investments - - - - Accounts Receivable, Net 6,748 - - - Due from Other Funds 14,884 - - 542,287 Due from Other Governmental Units 77 - - 874,157 Mortgages/Notes Receivable - - - Allowance for Mortgages/Notes Receivable - - - - Interest Receivable - - - - Prepaid Items - - - - Total Assets $ 103,912 $ 538,674 $ 12,046 $ 1,416,444 LIABILITIES, DEFERRED INFLOWS OF RESOURCES AND FUND BALANCES Liabilities: Accounts Payable $ 3,354 $ - $ 12,046 $ - Retainage Payable - - - - Accrued Wages and Benefits Payable - - - - Due to Other Funds 531 538,674 - 1,021,318 Due to Other Governmental Units - - - - Unearned Revenue - - - - Deposits in Escrow - - - - Total Liabilities 3,885 538,674 12,046 1,021,318 Deferred Inflows of Resources: Unavailable Revenues - - - 753,360 Total Deferred Inflows of Resources - - - 753,360 Fund Balances/(Deficits): Nonspendable - - - - Restricted 100,027 - - - Committed - - - - Assigned - - - - Unassigned - - - (358,234) Total Fund Balances/(Deficits) 100,027 - - (358,234) Total Liabilities, Deferred Inflows of Resources and Fund Balances/(Deficits) $ 103,912 $ 538,674 $ 12,046 $ 1,416,444 H-9 REVENUE FUNDS Sheriffs Clerk's Clerk's Total Nonmajor Shared Asset Sheriffs Records Court Special Rev Forfeiture E911 Modernization Related Funds $ 235,563 $ 1,635,638 $ 3,521,505 $ 1,630,300 $ 26,000,952 4,374,631 - - - 126,187,157 - - - - 583,716 - - - 882 3,332,064 - - - 46,195 1,873,894 - - - - 10,365,373 - - - - (10,365,373) 27,185 - - - 417,474 - - - - 12,598 $ 4,637,379 $ 1,635,638 $ 3,521,505 $ 1,677,377 $ 158,407,855 $ 27,493 $ 6,789 $ - $ 118,805 2,318,567 - - - - 365,078 - 3,129 - - 1,299,556 - 1,764 5,288 929,846 2,603,113 - - 6,888 628,726 1,127,653 - - - - 48,650 - - - - 282,752 27,493 11,682 12,176 1,677,377 8,045,369 - - - - 753,360 - - - - 753,360 - - - - 12,598 4,609,886 1,623,956 3,509,329 - 132,742,311 - - - - 9,913,636 - - - - 7,298,815 - - - - (358,234) 4,609,886 1,623,956 3,509,329 - 149,609,126 $ 4,637,379 $ 1,635,638 $ 3,521,505 $ 1,677,377 $ 158,407,855 (Continued) H-10 MONROE COUNTY, FLORIDA COMBINING BALANCE SHEET(CONTINUED) NONMAJOR GOVERNMENTAL FUNDS SEPTEMBER 30,2023 CAPITAL Infrastructure Clerk's Infrastructure Big Coppitt Revenue Bonds Revenue Revenue Bonds Wastewater Series 2014 Note Series 2007 Project ASSETS Cash and Cash Equivalents $ - $ 7,703 $ - $ - Investments - 105,373 - - Accounts Receivable, Net - - - - Due from Other Funds - - - - Due from Other Governmental Units - - - - Mortgages/Notes Receivable - - - - Allowance for Mortgages/Notes Receivable - - - - Interest Receivable - 338 - - Prepaid Items - - - - Total Assets $ - $ 113,414 $ - $ - LIABILITIES, DEFERRED INFLOWS OF RESOURCES,AND FUND BALANCES Liabilities: Accounts Payable $ - $ - $ - $ - Retainage Payable - - - - Accrued Wages and Benefits Payable - - - - Due to Other Funds - - - - Due to Other Governmental Units - - - - Unearned Revenue - - - - Deposits in Escrow - - - - Total Liabilities - - - - Deferred Inflows of Resources: Unavailable Revenues - - - - Total Deferred Inflows of Resources - - - - Fund Balances/(Deficits): Nonspendable - - - - Restricted - 113,414 - - Committed - - - - Assigned - - - - Unassigned - - - - Total Fund Balances/(Deficits) - 113,414 - - Total Liabilities, Deferred Inflows of Resources and Fund Balances/(Deficits) $ - $ 113,414 H-11 PROJECT FUNDS Total Duck Key Cudjoe Regional Long Key Land Nonmajor Wastewater Wastewater Wastewater Acquisition Governmental Project Project Project Fund Funds $ - $ - $ - $ 64,007 $ 26,072,662 - - - 909,625 127,202,155 - - - - 583,716 - - - - 3,332,064 - - - 1,625 1,875,519 - - - - 10,365,373 - - - - (10,365,373) - - - 2,914 420,726 - - - - 12,598 $ - $ - $ - $ 978,171 $ 159,499,440 $ - $ - $ - $ 6,766 $ 2,325,333 - - - - 365,078 - - - - 1,299,556 - - - - 2,603,113 - - - - 1,127,653 - - - - 48,650 - - - - 282,752 - - - 6,766 8,052,135 - - - - 753,360 - - - - 753,360 - - - - 12,598 - - - 971,405 133,827,130 - - - - 9,913,636 - - - - 7,298,815 - - - - (358,234) - - - 971,405 150,693,945 978,171 $ 159,499,440 H-12 MONROE COUNTY,FLORIDA COMBINING STATEMENT OF REVENUES,EXPENDITURES, AND CHANGES IN FUND BALANCES NONMAJOR GOVERNMENTAL FUNDS FOR THE YEAR ENDED SEPTEMBER 30,2023 SPECIAL Tourist Affordable Development Tourist Tourist Housing Roads and All Districts Development Development Programs Bridges Two Cent District One District Two REVENUES: Taxes $ - $ 3,511,728 $ 10,005,686 $ 14,309,261 $ 2,502,163 Licenses and Permits - - - - - Intergovernmental - 3,880,970 - - - Charges for Services - 3,736 - - - Fines and Forfeitures - - - - - Investment Income 13,896 270,933 754,672 926,561 144,414 Miscellaneous - 137,887 - - - Total Revenues 13,896 7,805,254 10,760,358 15,235,822 2,646,577 EXPENDITURES: Current: General Government - - - - - Public Safety - - - - - Physical Environment - - - - - Transportation - 6,212,986 - - - Economic Environment - - 6,360,317 13,878,913 2,965,926 Human Services - - - - - Culture and Recreation - - - - - Court Related - - - - - Capital Outlay - - - - - Debt Service Principal - 10,590 - - - Interest - 3 - - - Total Expenditures - 6,223,579 6,360,317 13,878,913 2,965,926 Excess/Deficiency of Revenues Over(Under)Expenditures 13,896 1,581,675 4,400,041 1,356,909 (319,349) OTHER FINANCING SOURCES(USES): Lease&SBITA Financing - 28,881 - - - Transfers from Other Funds - - 96,335 128,538 22,377 Transfers to Other Funds - (408,919) (72,713) (73,394) (18,781) Total Other Financing Sources(Uses) - (380,038) 23,622 55,144 3,596 Net Change in Fund Balances 13,896 1,201,637 4,423,663 1,412,053 (315,753) Fund Balances/(Deficits)-October 1 412,043 6,168,644 17,835,381 24,387,162 3,964,817 Fund Balances/(Deficits)-September 30 $ 425,939 $ 7,370,281 $ 22,259,044 $ 25,799,215 $ 3,649,064 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 $ 5,686,656 $ 3,438,131 $ 4,803,224 $ - $ - $ - - - - 55,778 24,690 - 369,784 239,760 307,589 30,521 30,062 - 6,056,440 3,677,891 5,110,813 86,299 54,752 - - - - 214,344 - - 5,029,685 2,978,812 4,902,984 - - - - - - - 7,149 - 5,029,685 2,978,812 4,902,984 214,344 7,149 - 1,026,755 699,079 207,829 (128,045) 47,603 - 50,837 30,772 42,718 - - - (22,986) (19,374) (34,646) - - (143,538) 27,851 11,398 8,072 - - (143,538) 1,054,606 710,477 215,901 (128,045) 47,603 (143,538) 9,233,996 5,952,457 8,079,586 922,135 829,843 143,538 $ 10,288,602 $ 6,662,934 $ 8,295,487 $ 794,090 $ 877,446 $ - (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 30,2023 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 $ - $ - $ 14,488,020 $ 2,778,922 $ 677,826 Licenses and Permits - 7,866 - - - Intergovernmental - - 124,782 841,795 2,841,488 Charges for Services - - 1,179,129 137,655 4,253,014 Fines and Forfeitures - - - - 1,428,205 Investment Income 4,939 6,092 468,423 119,635 308,678 Miscellaneous - - 325,460 32,569 1,229 Total Revenues 4,939 13,958 16,585,814 3,910,576 9,510,440 EXPENDITURES: Current: General Government - - - - 4,094,928 Public Safety - - 14,104,317 - 3,883,416 Physical Environment - - - - 989,332 Transportation - - - - - Economic Environment - - - - - Human Services - - - - - Culture and Recreation - - - 3,689,960 - Court Related - - - - - Capital Outlay - - - - - Debt Service Principal - - 507 - 15,309 Interest - - 8 - 475 Total Expenditures - - 14,104,832 3,689,960 8,983,460 Excess/Deficiency of Revenues Over(Under)Expenditures 4,939 13,958 2,480,982 220,616 526,980 OTHER FINANCING SOURCES(USES): Lease&SBITA Financing - - - - 28,881 Transfers from Other Funds - - 258,332 35,616 13,930 Transfers to Other Funds - - (1,901,444) (413,084) (1,462,172) Total Other Financing Sources(Uses) - - (1,643,112) (377,468) (1,419,361) Net Change in Fund Balances 4,939 13,958 837,870 (156,852) (892,381) Fund Balances/(Deficits)-October 1 132,676 180,840 6,460,945 1,879,743 6,291,197 Fund Balances/(Deficits)-September 30 $ 137,615 $ 194,798 $ 7,298,815 $ 1,722,891 $ 5,398,816 H-15 REVENUE FUNDS Duck Key Local Affordable Miscellaneous Municipal Security Housing Housing Boating Special Policing District Assistance Initiatives Improvement Revenue $ 5,471,260 $ - $ - $ - $ - $ - - 119,459 - 43,024 - 46,048 - - 1,068,564 - - - 5,039,156 - - - 755,157 1,074,274 - - - - - 298,611 135,112 14,622 104,346 713 124,925 159,273 - - 758,779 - - 315,678 10,645,528 134,081 1,931,689 43,737 880,082 1,893,884 - - - - - 100 1,129,649 110,570 - - - 230,955 - - - - 650,452 - - - 817,800 - - 223,796 - - - - - 140,909 - - - - - 270,321 - - - - - 157,841 - - - - - 16,861 - - - - - 1,332 1,129,649 110,570 817,800 - 650,452 1,042,115 9,515,879 23,511 1,113,889 43,737 229,630 851,769 405,147 438 - - - 83,183 (9,607,569) (973) - - (7,363) (235,337) (9,202,422) (535) - - (7,363) (152,154) 313,457 22,976 1,113,889 43,737 222,267 699,615 2,210,114 345,273 2,395,084 15,232 3,289,416 3,882,326 $ 2,523,571 $ 368,249 $ 3,508,973 $ 58,969 $ 3,511,683 $ 4,581,941 (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 30,2023 SPECIAL Court Drug Marathon Middle Keys Environmental Facility Abuse Municipal Health Care Restoration Fees Trust Service MSTU REVENUES: Taxes $ - $ - $ - $ - $ 2,507,643 Licenses and Permits - - - - - Intergovernmental - - - - - Charges for Services - 616,666 45,221 - - Fines and Forfeitures 2,852,600 - - - - Investment Income 217,620 177,851 1,832 - 4,092 Miscellaneous - - - - - Total Revenues 3,070,220 794,517 47,053 - 2,511,735 EXPENDITURES: Current: General Government - - - - - Public Safety - - - - - Physical Environment 539,262 - - - - Transportation - - - - - Economic Environment - - - - - Human Services - - 54,977 - 2,328,364 Culture and Recreation 6,597 - - - - Court Related - 301,199 - - - Capital Outlay - - - - - Debt Service Principal - - - -Interest - - - - - Total Expenditures 545,859 301,199 54,977 - 2,328,364 Excess/Deficiency of Revenues Over(Under)Expenditures 2,524,361 493,318 (7,924) - 183,371 OTHER FINANCING SOURCES(USES): Lease&SBITA Financing - - - - - Transfers from Other Funds - - - - 44,662 Transfers to Other Funds (2,449) - - (2,736) (118,055) Total Other Financing Sources(Uses) (2,449) - - (2,736) (73,393) Net Change in Fund Balances 2,521,912 493,318 (7,924) (2,736) 109,978 Fund Balances/(Deficits)-October 1 5,416,314 4,686,473 44,595 2,736 112,647 Fund Balances/(Deficits)-September 30 $ 7,938,226 $ 5,179,791 $ 36,671 $ - $ 222,625 H-17 REVENUE FUNDS Bay Point Big Coppitt Key Largo Stock Island Wastewater Wastewater Wastewater Wastewater Conch Key MSTU MSTU MSTU MTSU MSTU (48,024) (531) (9,119) (1,375,831) (595) (48,024) (531) (9,119) (1,375,831) (595) (48,024) (531) (9,119) (1,375,831) (595) 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 30,2023 SPECIAL Long Key, Canal Layton Duck Key Special Building MSTU MSTU Assessments Fund REVENUES: Taxes $ - $ - $ - $ - Licenses and Permits - - 28,873 6,619,766 Intergovernmental - - - - Charges for Services - - - 150,766 Fines and Forfeitures - - - - Investment Income - - 2,600 182,856 Miscellaneous - - - 20,578 Total Revenues - - 31,473 6,973,966 EXPENDITURES: Current: General Government - - - - Public Safety - - - 6,146,634 Physical Environment - - 17,687 - Transportation - - - - Economic Environment - - - - Human Services - - - - Culture and Recreation - - - - Court Related - - - - Capital Outlay - - - - Debt Service Principal - - - 8,549 Interest - - - 572 Total Expenditures - - 17,687 6,155,755 Excess/Deficiency of Revenues Over(Under)Expenditures - - 13,786 818,211 OTHER FINANCING SOURCES(USES): Lease&SBITA Financing - - - - Transfers from Other Funds - - - - Transfers to Other Funds (261,727) (45,760) - (538,659) Total Other Financing Sources(Uses) (261,727) (45,760) - (538,659) Net Change in Fund Balances (261,727) (45,760) 13,786 279,552 Fund Balances/(Deficits)-October 1 261,727 45,760 54,023 3,241,585 Fund Balances/(Deficits)-September 30 $ - $ - $ 67,809 $ 3,521,137 H-19 REVENUE FUNDS Sheriffs Sheriffs Sheriffs Sheriffs Sheriffs Teen Federal State Contract Inmate Court Forfeiture Forfeiture Administrative Commissary - - 197,088 1,472,113 - 63,138 - - 4,323,740 756,065 - - 37,857 - - - 37,801 157,177 39,956 45,424 - 140,142 531,820 - 47,600 63,138 177,943 923,942 5,835,809 849,089 - - - 5,630,403 - 32,959 535,727 10,000 - 614,239 32,959 535,727 10,000 5,630,403 614,239 30,179 (357,784) 913,942 205,406 234,850 - 3 - 16,268 - - - (28,803) - - - 3 (28,803) 16,268 - 30,179 (357,781) 885,139 221,674 234,850 7,939 2,568,412 1,345,027 1,230,521 1,263,520 $ 38,118 $ 2,210,631 $ 2,230,166 $ 1,452,195 $ 1,498,370 (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 30,2023 SPECIAL Sheriffs Sheriffs Sheriffs Interagency Trauma Radio Sheriffs Communications Star Communication Grants REVENUES: Taxes $ - $ - $ - $ - Licenses and Permits - - - - Intergovernmental - - - 718,268 Charges for Services 22,086 - 63,118 - Fines and Forfeitures - - - - Investment Income 3,748 - - - Miscellaneous - - - - Total Revenues 25,834 - 63,118 718,268 EXPENDITURES: Current: General Government - - - - Public Safety 331,810 5,416,689 1,031,202 1,000,480 Physical Environment - - - - Transportation - - - - Economic Environment - - - - Human Services - - - - Culture and Recreation - - - - Court Related - - - - Capital Outlay - - - - Debt Service Principal - - - - Interest - - - - Total Expenditures 331,810 5,416,689 1,031,202 1,000,480 Excess/Deficiency of Revenues Over(Under)Expenditures (305,976) (5,416,689) (968,084) (282,212) OTHER FINANCING SOURCES(USES): Lease&SBITA Financing - - - - Transfers from Other Funds 191,853 5,955,363 980,130 315,453 Transfers to Other Funds - (538,674) (12,046) (23,846) Total Other Financing Sources(Uses) 191,853 5,416,689 968,084 291,607 Net Change in Fund Balances (114,123) - - 9,395 Fund Balances/(Deficits)-October 1 214,150 - - (367,629) Fund Balances/(Deficits)-September 30 $ 100,027 $ - $ - $ (358,234) H-21 REVENUE FUNDS Sheriffs Clerk's Clerk's Total Nonmajor Shared Asset Sheriffs Records Court Special Rev Forfeiture E911 Modernization Related Funds $ - $ - $ - $ - $ 70,180,520 - - - - 6,945,504 - - - 1,691,208 12,836,276 - 555,116 243,114 868,862 20,150,013 - - - 2,109,720 6,726,993 153,578 51,901 174,138 78,897 5,864,421 - - - 2,372 2,314,114 153,578 607,017 417,252 4,751,059 125,017,841 - - - - 9,725,431 117,081 449,215 - - 35,144,943 - - - - 2,196,733 - - - - 6,427,330 - - - - 37,158,233 - - - - 2,524,250 - - - - 3,974,027 - - 571,873 5,869,140 6,900,053 - - - 11,436 63,252 - - - 573 2,963 117,081 449,215 571,873 5,881,149 104,117,215 36,497 157,802 (154,621) (1,130,090) 20,900,626 - - - - 57,762 - - - 1,896,700 10,568,655 - - - (766,610) (18,195,758) - - - 1,130,090 (7,569,341) 36,497 157,802 (154,621) - 13,331,285 4,573,389 1,466,154 3,663,950 - 136,277,841 $ 4,609,886 $ 1,623,956 $ 3,509,329 $ - $ 149,609,126 (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 30,2023 CAPITAL Infrastructure Clerk's Infrastructure Big Coppitt Revenue Bonds Revenue Revenue Bonds Wastewater Series 2014 Note Series 2007 Project REVENUES: Taxes $ - $ - $ - $ - Licenses and Permits - - - - Intergovernmental - - - - Charges for Services - - - - Fines and Forfeitures - - - - Investment Income - 816 - - Miscellaneous - - - - Total Revenues - 816 - - EXPENDITURES: Current: General Government - - - - Public Safety - - - - Physical Environment - - - - Transportation - - - - Economic Environment - - - - Human Services - - - - Culture and Recreation - - - - Court Related - - - - Capital Outlay - - - - Debt Service Principal - - - - Interest - - - - Total Expenditures - - - - Excess/Deficiency of Revenues Over(Under)Expenditures - 816 - - OTHER FINANCING SOURCES(USES): Lease&SBITA Financing - - - - Transfers from Other Funds - - - - Transfers to Other Funds (1,538,160) - (186,086) (126,536) Total Other Financing Sources(Uses) (1,538,160) - (186,086) (126,536) Net Change in Fund Balances (1,538,160) 816 (186,086) (126,536) Fund Balances/(Deficits)-October 1 1,538,160 112,598 186,086 126,536 Fund Balances/(Deficits)-September 30 $ - $ 113,414 $ - $ - (Continued) H-23 PROJECT FUNDS Total Duck Key Cudjoe Regional Long Key Land Nonmajor Wastewater Wastewater Wastewater Acquisition Governmental Project Project Project Fund Funds $ - $ - $ - $ - $ 70,180,520 - - - - 6,945,504 - - - 70,970 12,907,246 - - - - 20,150,013 - - - - 6,726,993 - - - 37,691 5,902,928 - - - 60,775 2,374,889 - - - 169,436 125,188,093 - - - - 9,725,431 - - - - 35,144,943 - - - - 2,196,733 - - - - 6,427,330 - - - - 37,158,233 - - - - 2,524,250 - - - - 3,974,027 - - - - 6,900,053 - - - 379,905 379,905 - - - - 63,252 - - - - 2,963 - - - 379,905 104,497,120 - - - (210,469) 20,690,973 - - - - 57,762 - - - - 10,568,655 (664,405) (4,128,796) (398,300) - (25,238,041) (664,405) (4,128,796) (398,300) - (14,611,624) (664,405) (4,128,796) (398,300) (210,469) 6,079,349 664,405 4,128,796 398,300 1,181,874 144,614,596 $ - $ - $ - $ 971,405 $ 150,693,945 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, 2023 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Investment Income $ 3,000 $ 3,000 $ 13,896 $ 10,896 Total Revenues 3,000 3,000 13,896 10,896 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) 13,896 300,896 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) 13,896 328,746 Fund Balances -October 1 314,850 314,850 412,043 97,193 Fund Balances - September 30 $ - $ - $ 425,939 $ 425,939 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, 2023 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Taxes $ 3,000,677 $ 3,000,677 $ 3,511,728 $ 511,051 Intergovernmental 3,713,038 3,713,038 3,880,970 167,932 Charges for Services 3,700 3,700 3,736 36 Investment Income 150,000 150,000 270,933 120,933 Miscellaneous - - 137,887 137,887 Total Revenues 6,867,415 6,867,415 7,805,254 937,839 EXPENDITURES: Current: Transportation: Road Department 6,695,241 6,663,742 4,415,729 2,248,013 County Engineer Road and Bridge 851,966 859,762 821,758 38,004 Street Lighting 198,643 200,541 168,727 31,814 Local Option Gas Tax Projects 427,583 570,320 373,140 197,180 80% Gas Tax 650,000 650,000 273,777 376,223 Roadway Projects 241,598 303,088 101,353 201,735 No Name Key Bridge Project - - - - Sustainability Roads - 85,382 58,502 26,880 Total Transportation 9,065,031 9,332,835 6,212,986 3,119,849 Debt Service: Principal - - 10,590 (10,590) Interest - - 3 (3) Total Debt Service - - 10,593 (10,593) Total Expenditures 9,065,031 9,332,835 6,223,579 3,109,256 Excess/Deficiency of Revenues Over(Under) Expenditures (2,197,616) (2,465,420) 1,581,675 4,047,095 Other Financing Sources (Uses): Reserve for Contingencies (363,627) (95,823) - 95,823 Reserve for Cash Balance (1,915,263) (1,915,263) - 1,915,263 Lease Financing - - 28,881 28,881 Transfers to Other Funds (408,919) (408,919) (408,919) - Total Other Financing Sources (Uses) (2,687,809) (2,420,005) (380,038) 2,039,967 Net Change in Fund Balances (4,885,425) (4,885,425) 1,201,637 6,087,062 Fund Balances-October 1 4,885,425 4,885,425 6,168,644 1,283,219 Fund Balances-September 30 $ - $ - $ 7,370,281 $ 7,370,281 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, 2023 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Taxes $ 7,730,625 $ 7,730,625 $ 10,005,686 $ 2,275,061 Investment Income - - 754,672 754,672 Total Revenues 7,730,625 7,730,625 10,760,358 3,029,733 EXPENDITURES: Current: Economic Environment: Cultural Umbrella 1,037,276 1,037,276 748,418 288,858 Fishing Umbrella 917,000 917,000 746,254 170,746 Dive Umbrella 850,000 850,000 841,996 8,004 Operations - Events 3,719,592 3,419,592 2,538,963 880,629 Catastrophic Emergency 1,827,833 1,827,833 - 1,827,833 Special Projects 1,587,000 1,887,000 1,484,686 402,314 Total Expenditures 9,938,701 9,938,701 6,360,317 3,578,384 Excess/Deficiency of Revenues Over (Under) Expenditures (2,208,076) (2,208,076) 4,400,041 6,608,117 Other Financing Sources (Uses): Transfers to Other Funds (72,713) (72,713) (72,713) - Transfers from Other Funds - - 96,335 96,335 Total Other Financing Sources (Uses) (72,713) (72,713) 23,622 96,335 Net Change in Fund Balances (2,280,789) (2,280,789) 4,423,663 6,704,452 Fund Balances -October 1 2,280,789 2,280,789 17,835,381 15,554,592 Fund Balances -September 30 $ - $ - $ 22,259,044 $ 22,259,044 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, 2023 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Taxes $ 11,062,750 $ 11,062,750 $ 14,309,261 $ 3,246,511 Investment Income - - 926,561 926,561 Total Revenues 11,062,750 11,062,750 15,235,822 4,173,072 EXPENDITURES: Current: Economic Environment: Advertising and Promotion 9,929,556 9,929,556 9,426,349 503,207 Administrative Services 609,437 579,437 103,373 476,064 Special Events 2,524,486 2,524,486 900,198 1,624,288 Bricks and Mortar 8,345,293 8,375,293 3,098,544 5,276,749 Information Services 350,450 350,450 350,449 1 Beaches 314,047 314,047 - 314,047 Total Expenditures 22,073,269 22,073,269 13,878,913 8,194,356 Excess/Deficiency of Revenues Over (Under) Expenditures (11,010,519) (11,010,519) 1,356,909 12,367,428 Other Financing Sources (Uses): Transfers to Other Funds (54,392) (54,392) (73,394) (19,002) Transfers from Other Funds - - 128,538 128,538 Total Other Financing Sources (Uses) (54,392) (54,392) 55,144 109,536 Net Change in Fund Balances (11,064,911) (11,064,911) 1,412,053 12,476,964 Fund Balances -October 1 11,064,911 11,064,911 24,387,162 13,322,251 Fund Balances -September 30 $ - $ - $ 25,799,215 $ 25,799,215 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, 2023 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Taxes $ 1,957,000 $ 1,957,000 $ 2,502,163 $ 545,163 Investment Income - - 144,414 144,414 Total Revenues 1,957,000 1,957,000 2,646,577 689,577 EXPENDITURES: Current: Economic Environment: Advertising and Promotion 2,438,851 2,438,851 2,335,906 102,945 Administrative Services 105,701 80,701 19,743 60,958 Special Events 138,666 138,666 6,341 132,325 Bricks and Mortar 1,223,793 1,248,793 503,388 745,405 Information Services 100,548 100,548 100,548 - Total Expenditures 4,007,559 4,007,559 2,965,926 1,041,633 Excess/Deficiency of Revenues Over (Under) Expenditures (2,050,559) (2,050,559) (319,349) 1,731,210 Other Financing Sources (Uses): Transfers to Other Funds (14,975) (14,975) (18,781) (3,806) Transfers from Other Funds - - 22,377 22,377 Total Other Financing Sources (Uses) (14,975) (14,975) 3,596 18,571 Net Change in Fund Balances (2,065,534) (2,065,534) (315,753) 1,749,781 Fund Balances -October 1 2,065,534 2,065,534 3,964,817 1,899,283 Fund Balances -September 30 $ - $ - $ 3,649,064 $ 3,649,064 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, 2023 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Taxes $ 4,341,500 $ 4,341,500 $ 5,686,656 $ 1,345,156 Investment Income - - 369,784 369,784 Total Revenues 4,341,500 4,341,500 6,056,440 1,714,940 EXPENDITURES: Current: Economic Environment: Advertising and Promotion 4,282,630 4,282,630 3,913,119 369,511 Administrative Services 205,617 205,617 41,002 164,615 Special Events 17,200 17,200 10,000 7,200 Bricks and Mortar 2,758,604 2,758,604 889,164 1,869,440 Information Services 176,400 176,400 176,400 - Total Expenditures 7,440,451 7,440,451 5,029,685 2,410,766 Excess/Deficiency of Revenues Over (Under) Expenditures (3,098,951) (3,098,951) 1,026,755 4,125,706 Other Financing Sources (Uses): Transfers to Other Funds (13,595) (13,595) (22,986) (9,391) Transfers from Other Funds - - 50,837 50,837 Total Other Financing Sources (Uses) (13,595) (13,595) 27,851 41,446 Net Change in Fund Balances (3,112,546) (3,112,546) 1,054,606 4,167,152 Fund Balances -October 1 3,112,546 3,112,546 9,233,996 6,121,450 Fund Balances -September 30 $ - $ - $ 10,288,602 $ 10,288,602 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, 2023 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Taxes $ 2,667,125 $ 2,667,125 $ 3,438,131 $ 771,006 Investment Income - - 239,760 239,760 Total Revenues 2,667,125 2,667,125 3,677,891 1,010,766 EXPENDITURES: Current: Economic Environment: Advertising and Promotion 2,279,165 2,279,165 2,186,392 92,773 Administrative Services 136,576 136,576 28,595 107,981 Special Events 137,700 137,700 - 137,700 Bricks and Mortar 2,254,115 2,254,115 598,450 1,655,665 Information Services 165,375 165,375 165,375 - Total Expenditures 4,972,931 4,972,931 2,978,812 1,994,119 Excess/Deficiency of Revenues Over (Under) Expenditures (2,305,806) (2,305,806) 699,079 3,004,885 Other Financing Sources (Uses): Transfers to Other Funds (13,002) (13,002) (19,374) (6,372) Transfers from Other Funds - - 30,772 30,772 Total Other Financing Sources (Uses) (13,002) (13,002) 11,398 24,400 Net Change in Fund Balances (2,318,808) (2,318,808) 710,477 3,029,285 Fund Balances -October 1 2,318,808 2,318,808 5,952,457 3,633,649 Fund Balances -September 30 $ - $ - $ 6,662,934 $ 6,662,934 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, 2023 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Taxes $ 3,721,625 $ 3,721,625 $ 4,803,224 $ 1,081,599 Investment Income - - 307,589 307,589 Total Revenues 3,721,625 3,721,625 5,110,813 1,389,188 EXPENDITURES: Current: Economic Environment: Advertising and Promotion 4,305,630 4,305,630 3,987,415 318,215 Administrative Services 209,419 199,419 31,707 167,712 Information Services 156,555 156,555 156,555 - Special Events 23,300 23,300 20,000 3,300 Bricks and Mortar 3,136,656 3,146,656 707,307 2,439,349 Total Expenditures 7,831,560 7,831,560 4,902,984 2,928,576 Excess/Deficiency of Revenues Over (Under) Expenditures (4,109,935) (4,109,935) 207,829 4,317,764 Other Financing Sources (Uses): Transfers to Other Funds (26,318) (26,318) (34,646) (8,328) Transfers from Other Funds - - 42,718 42,718 Total Other Financing Sources (Uses) (26,318) (26,318) 8,072 34,390 Net Change in Fund Balances (4,136,253) (4,136,253) 215,901 4,352,154 Fund Balances -October 1 4,136,253 4,136,253 8,079,586 3,943,333 Fund Balances -September 30 $ - $ - $ 8,295,487 $ 8,295,487 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, 2023 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Licenses and Permits $ 110,000 $ 110,000 $ 55,778 $ (54,222) Investment Income 10,525 10,525 30,521 19,996 Total Revenues 120,525 120,525 86,299 (34,226) EXPENDITURES: Current: Transportation: Roadway Projects 495,633 495,633 - 495,633 Bike Lanes/Shared Use Path 259,602 259,602 214,344 45,258 Key Colony Beach Road Project 43,608 43,608 - 43,608 Total Expenditures 798,843 798,843 214,344 584,499 Excess/Deficiency of Revenues Over (Under) Expenditures (678,318) (678,318) (128,045) 550,273 Net Change in Fund Balances (678,318) (678,318) (128,045) 550,273 Fund Balances -October 1 678,318 678,318 922,135 243,817 Fund Balances -September 30 $ - $ - $ 794,090 $ 794,090 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, 2023 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Licenses and Permits $ 37,200 $ 37,200 $ 24,690 $ (12,510) Investment Income 1,200 1,200 30,062 28,862 Total Revenues 38,400 38,400 54,752 16,352 EXPENDITURES: Current: Culture and Recreation: District 1 Projects 308,069 308,069 - 308,069 District 2 Projects 304,603 304,603 - 304,603 District 3 Projects 79,557 79,557 - 79,557 Key Largo Pickleball 185,000 185,000 7,149 177,851 Total Expenditures 877,229 877,229 7,149 870,080 Excess/Deficiency of Revenues Over (Under) Expenditures (838,829) (838,829) 47,603 886,432 Net Change in Fund Balances (838,829) (838,829) 47,603 886,432 Fund Balances -October 1 838,829 838,829 829,843 (8,986) Fund Balances -September 30 $ - $ - $ 877,446 $ 877,446 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, 2023 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Licenses and Permits $ - $ - $ - $ - Total Revenues - - - - EXPENDITURES: Current: Culture and Recreation: County-wide Library Projects 164,512 164,512 - 164,512 Total Expenditures 164,512 164,512 - 164,512 Excess/Deficiency of Revenues Over (Under) Expenditures (164,512) (164,512) - 164,512 Other Financing Sources (Uses): Transfers to Other Funds - - (143,538) (143,538) Total Other Financing Sources (Uses) - - (143,538) (143,538) Net Change in Fund Balances (164,512) (164,512) (143,538) 20,974 Fund Balances -October 1 164,512 164,512 143,538 (20,974) Fund Balances -September 30 $ - $ - $ - $ - 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, 2023 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Investment Income $ 300 $ 300 $ 4,939 $ 4,639 Total Revenues 300 300 4,939 4,639 EXPENDITURES: Current: Physical Environment: County-wide Solid Waste Projects 128,575 128,575 - 128,575 Total Expenditures 128,575 128,575 - 128,575 Excess/Deficiency of Revenues Over (Under) Expenditures (128,275) (128,275) 4,939 133,214 Net Change in Fund Balances (128,275) (128,275) 4,939 133,214 Fund Balances -October 1 128,275 128,275 132,676 4,401 Fund Balances -September 30 $ - $ - $ 137,615 $ 137,615 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, 2023 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Licenses and Permits $ 13,700 $ 13,700 $ 7,866 $ (5,834) Investment Income 131 131 6,092 5,961 Total Revenues 13,831 13,831 13,958 127 EXPENDITURES: Current: Public Safety: District 1 Fire & EMS Project 82,735 82,735 - 82,735 District 2 Fire & EMS Project 6,060 6,060 - 6,060 District 3 Fire & EMS Project 100,415 100,415 - 100,415 Key Colony Beach Fire & EMS 1,268 1,268 - 1,268 Total Expenditures 190,478 190,478 - 190,478 Excess/Deficiency of Revenues Over (Under) Expenditures (176,647) (176,647) 13,958 190,605 Net Change in Fund Balances (176,647) (176,647) 13,958 190,605 Fund Balances -October 1 176,647 176,647 180,840 4,193 Fund Balances -September 30 $ - $ - $ 194,798 $ 194,798 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, 2023 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Taxes $ 15,038,405 $ 15,038,405 $ 14,488,020 $ (550,385) Intergovernmental 35,000 35,000 124,782 89,782 Charges for Services 650,000 650,000 1,179,129 529,129 Investment Income 83,000 83,000 468,423 385,423 Miscellaneous - 121,588 325,460 203,872 Total Revenues 15,806,405 15,927,993 16,585,814 657,821 EXPENDITURES: Current: Public Safety: Fire Rescue - Central 14,201,648 14,510,717 14,104,317 406,400 Total Public Safety 14,201,648 14,510,717 14,104,317 406,400 Debt Service: Principal - - 507 (507) Interest - - 8 (8) Total Debt Service - - 515 (515) Total Expenditures 14,201,648 14,510,717 14,104,832 405,885 Excess/Deficiency of Revenues Over (Under) Expenditures 1,604,757 1,417,276 2,480,982 1,063,706 Other Financing Sources (Uses): Reserve for Contingencies (250,000) (16,519) - 16,519 Reserve for Cash Balance (845,697) (845,697) - 845,697 Transfers to Other Funds (1,906,388) (1,952,388) (1,901,444) 50,944 Transfers from Other Funds 180,000 180,000 258,332 78,332 Total Other Financing Sources (Uses) (2,822,085) (2,634,604) (1,643,112) 991,492 Net Change in Fund Balances (1,217,328) (1,217,328) 837,870 2,055,198 Fund Balances -October 1 1,217,328 1,217,328 6,460,945 5,243,617 Fund Balances -September 30 $ - $ - $ 7,298,815 $ 7,298,815 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, 2023 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Taxes $ 2,881,391 $ 2,881,391 $ 2,778,922 $ (102,469) Intergovernmental 1,655,533 1,655,533 841,795 (813,738) Charges for Services 75,000 75,000 137,655 62,655 Investment Income 6,000 6,000 119,635 113,635 Miscellaneous 30,000 30,000 32,569 2,569 Total Revenues 4,647,924 4,647,924 3,910,576 (737,348) EXPENDITURES: Current: Culture and Recreation: Parks and Beaches Unincorporated 3,446,763 3,920,615 3,469,778 450,837 Jacob's Aquatic Center 192,600 212,600 188,182 24,418 School Board Interlocal 32,000 32,000 32,000 - Total Expenditures 3,671,363 4,165,215 3,689,960 475,255 Excess/Deficiency of Revenues Over (Under) Expenditures 976,561 482,709 220,616 (262,093) Other Financing Sources (Uses): Reserve for Contingencies (90,000) (46,148) - 46,148 Reserve for Cash Balance (308,342) (308,342) - 308,342 Transfers to Other Funds (417,993) (417,993) (413,084) 4,909 Transfers from Other Funds - - 35,616 35,616 Total Other Financing Sources (Uses) (816,335) (772,483) (377,468) 395,015 Net Change in Fund Balances 160,226 (289,774) (156,852) 132,922 Fund Balances -October 1 (160,226) 289,774 1,879,743 1,589,969 Fund Balances -September 30 $ - $ - $ 1,722,891 $ 1,722,891 H-39 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, 2023 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Taxes $ 438,423 $ 438,423 $ 677,826 $ 239,403 License and Permits - - - - Intergovernmental 4,635,494 4,635,494 2,841,488 (1,794,006) Charges for Services 2,986,445 2,986,445 4,253,014 1,266,569 Fines and Forfeitures 2,400,000 2,400,000 1,428,205 (971,795) Investment Income 20,000 20,000 308,678 288,678 Miscellaneous - - 1,229 1,229 Total Revenues 10,480,362 10,480,362 9,510,440 (969,922) Expenditures: Current: General Government: Affordable Housing 130,454 130,454 130,000 454 Planning Department 3,022,909 3,041,847 2,812,400 229,447 Planning Commission 27,402 31,132 79,449 (48,317) Planning Legal 1,059,113 1,109,113 1,042,021 67,092 Planning Building Refunds - - 31,058 (31,058) Total General Government 4,239,878 4,312,546 4,094,928 217,618 Public Safety: Code Enforcement 2,352,378 2,329,512 1,585,758 743,754 Fire and Rescue Coordinator 1,422,005 1,466,123 1,409,020 57,103 Fire Marshall 1,093,574 1,102,374 888,638 213,736 Total Public Safety 4,867,957 4,898,009 3,883,416 1,014,593 Physical Environment: Environmental Resources 1,189,045 1,251,256 989,332 261,924 Total Physical Environment 1,189,045 1,251,256 989,332 261,924 Debt Service: Principal - - 15,309 (15,309) Interest - - 475 (475) Total Debt Service - - 15,784 (15,784) Total Expenditures 10,296,880 10,461,811 8,983,460 1,478,351 Excess/Deficiency of Revenues Over (Under) Expenditures 183,482 18,551 526,980 508,429 (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, 2023 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) Other Financing Sources (Uses): Reserve for Contingencies (188,921) (23,990) - 23,990 Reserve for Cash Balance (662,976) (662,976) - 662,976 Lease Financing - - 28,881 28,881 Transfers to Other Funds (1,444,182) (1,444,182) (1,462,172) (17,990) Transfers from Other Funds 10,000 10,000 13,930 3,930 Total Other Financing Sources (Uses) (2,286,079) (2,121,148) (1,419,361) 701,787 Net Change in Fund Balances (2,102,597) (2,102,597) (892,381) 1,210,216 Fund Balances -October 1 2,102,597 2,102,597 6,291,197 4,188,600 Fund Balances -September 30 $ - $ - $ 5,398,816 $ 5,398,816 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, 2023 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Taxes $ 5,672,500 $ 5,672,500 $ 5,471,260 $ (201,240) Charges for Services 5,031,612 5,031,612 5,039,156 7,544 Investment Income 21,000 21,000 135,112 114,112 Total Revenues 10,725,112 10,725,112 10,645,528 (79,584) EXPENDITURES: Current: Public Safety: Insurance Unincorporated and Layton 649,973 649,973 600,226 49,747 Insurance Islamorada 297,913 297,913 274,878 23,035 Insurance Marathon 276,834 276,834 254,546 22,288 Total Expenditures 1,224,720 1,224,720 1,129,650 95,070 Excess/Deficiency of Revenues Over (Under) Expenditures 9,500,392 9,500,392 9,515,878 15,486 Other Financing Sources (Uses): Reserve for Contingencies (100,000) (88,000) - 88,000 Reserve for Cash Balance (916,160) (916,160) - 916,160 Transfers to Other Funds (9,608,490) (9,620,490) (9,607,568) 12,922 Transfers from Other Funds 355,000 355,000 405,147 50,147 Total Other Financing Sources (Uses) (10,269,650) (10,269,650) (9,202,421) 1,067,229 Net Change in Fund Balances (769,258) (769,258) 313,457 1,082,715 Fund Balances -October 1 769,258 769,258 2,210,114 1,440,856 Fund Balances -September 30 $ - $ - $ 2,523,571 $ 2,523,571 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, 2023 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Licenses and Permits $ 118,596 $ 118,596 $ 119,459 $ 863 Investment Income 4,500 4,500 14,622 10,122 Total Revenues 123,096 123,096 134,081 10,985 EXPENDITURES: Current: Public Safety: Island Security 174,660 174,660 110,570 64,090 Total Expenditures 174,660 174,660 110,570 64,090 Excess/Deficiency of Revenues Over (Under) Expenditures (51,564) (51,564) 23,511 75,075 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) (973) 127 Transfers from Other Funds - - 438 438 Total Other Financing Sources (Uses) (46,100) (46,100) (535) 45,565 Net Change in Fund Balances (97,664) (97,664) 22,976 120,640 Fund Balances -October 1 97,664 97,664 345,273 247,609 Fund Balances -September 30 $ - $ - $ 368,249 $ 368,249 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, 2023 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Intergovernmental $ 475,000 $ 475,000 $ 1,068,564 $ 593,564 Investment Income 10,000 10,000 104,346 94,346 Miscellaneous 180,000 180,000 758,779 578,779 Total Revenues 665,000 665,000 1,931,689 1,266,689 EXPENDITURES: Current: Economic Environment: Homeowner Assistance 1,459,549 1,459,549 817,800 641,749 Total Expenditures 1,459,549 1,459,549 817,800 641,749 Excess/Deficiency of Revenues Over (Under) Expenditures (794,549) (794,549) 1,113,889 1,908,438 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) 1,113,889 1,938,438 Fund Balances -October 1 824,549 824,549 2,395,084 1,570,535 Fund Balances -September 30 $ - $ - $ 3,508,973 $ 3,508,973 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, 2023 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Licenses and Permits $ - $ - $ 43,024 $ 43,024 Investment Income - - 713 713 Total Revenues - - 43,737 43,737 EXPENDITURES: Current: Economic Environment: Affordable Housing 15,232 15,232 - 15,232 Total Expenditures 15,232 15,232 - 15,232 Excess/Deficiency of Revenues Over (Under) Expenditures (15,232) (15,232) 43,737 58,969 Net Change in Fund Balances (15,232) (15,232) 43,737 58,969 Fund Balances -October 1 15,232 15,232 15,232 - Fund Balances -September 30 $ - $ - $ 58,969 $ 58,969 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, 2023 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Charges for Services $ 755,000 $ 755,000 $ 755,157 $ 157 Investment Income 40,000 40,000 124,925 84,925 Total Revenues 795,000 795,000 880,082 85,082 EXPENDITURES: Current: Physical Environment: Boating Improvement 638,913 638,913 145,336 493,577 Boating Imp Fees/Retained Vessel 551,203 555,665 505,116 50,549 Total Expenditures 1,190,116 1,194,578 650,452 544,126 Excess/Deficiency of Revenues Over (Under) Expenditures (395,116) (399,578) 229,630 629,208 Other Financing Sources (Uses): Reserve for Contingencies (200,000) (182,013) - 182,013 Reserve for Cash Balance (269,248) (269,248) - 269,248 Transfers to Other Funds - (13,525) (7,363) 6,162 Total Other Financing Sources (Uses) (469,248) (464,786) (7,363) 457,423 Net Change in Fund Balances (864,364) (864,364) 222,267 1,086,631 Fund Balances -October 1 864,364 864,364 3,289,416 2,425,052 Fund Balances -September 30 $ - $ - $ 3,511,683 $ 3,511,683 H-46 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL MISCELLANEOUS SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2023 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Licenses and Permits $ - $ - $ 46,048 $ 46,048 Charges for Services - 24,000 1,074,274 1,050,274 Fines and Forfeitures - - 298,611 298,611 Investment Income - - 159,273 159,273 Miscellaneous - 602,717 315,678 (287,039) Total Revenues - 626,717 1,893,884 1,267,167 EXPENDITURES: Current: General Government: Legal Scholar Program - - 100 (100) Total General Government - - 100 (100) Public Safety: Education-Building Department 88,400 88,400 45,639 42,761 Environmental Resource Education 51,680 51,680 35,637 16,043 Fire and Rescue Bldg Education 5,000 5,000 - 51000 Crime Prevention Program 507000 507000 - 507000 Opiod Settlements - 787101 - 787101 Total Public Safety 1957080 2737181 817276 1917905 Economic Environment: Municipality Mobile LIDAR Services - 5007434 2237796 2767638 Total Culture and Recreation - 5007434 2237796 2767638 Human Services: FL Keys Council for the Handicapped 37000 37000 - 37000 Bayshore Donations 17557 17557 - 17557 Traffic Education, Ord 021-2002 507000 877369 877369 - Legal Aid - 427950 537540 (107590) Total Human Services 547557 1347876 1407909 (67033) Culture and Recreation: Settler's Park Landscaping 27633 27633 - 27633 Summer Camp Program - 287736 750 277986 Library Special Programs 307000 307000 - 307000 Library Donations 2507000 3597084 2697571 897513 Total Culture and Recreation 2827633 4207453 2707321 1507132 (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, 2023 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) Court Related: Ord 016-2004 St Court Sup 26,200 26,200 22,398 3,802 SA Ct Tech FS28.24(12)(E) 310,000 310,000 140,557 169,443 PD Ct Tech FS28.24(12)(E) 145,000 145,000 46,514 98,486 J Ct Tech FS28.24(12)(E) 123,888 123,888 98,051 25,837 Total Court Related 605,088 605,088 307,520 297,568 Debt Service: Principal - - 16,861 (16,861) Interest - - 1,332 (1,332) Total Debt Service - - 18,193 (18,193) Total Expenditures 1,137,358 1,934,032 1,042,115 891,917 Excess/Deficiency of Revenues Over (Under) Expenditures (1,137,358) (1,307,315) 851,769 2,159,084 Other Financing Sources (Uses): Reserve for Contingencies (1,245,213) (1,122,522) - 1,122,522 Transfers to Other Funds (140,000) (177,636) (235,337) (57,701) Transfers from Other Funds - 84,902 83,183 (1,719) Total Other Financing Sources (Uses) (1,385,213) (1,215,256) (152,154) 1,063,102 Net Change in Fund Balances (2,522,571) (2,522,571) 699,615 3,222,186 Fund Balances -October 1 2,522,571 2,522,571 3,882,326 1,359,755 Fund Balances -September 30 $ - $ - $ 4,581,941 $ 4,581,941 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, 2023 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Charges for Services $ - $ - $ - $ - Fines and Forfeitures 650,000 650,000 2,852,600 2,202,600 Investment Income 15,000 15,000 217,620 202,620 Total Revenues 665,000 665,000 3,070,220 2,405,220 EXPENDITURES: Current: Physical Environment: Environmental Restoration 1,423,544 1,428,260 539,262 888,998 Total Environmental Restoration 1,423,544 1,428,260 539,262 888,998 Culture and Recreation: Settler's Park 9,083 9,083 6,597 2,486 Total Culture and Recreation 9,083 9,083 6,597 2,486 Total Expenditures 1,432,627 1,437,343 545,859 891,484 Excess/Deficiency of Revenues Over (Under) Expenditures (767,627) (772,343) 2,524,361 3,296,704 Other Financing Sources (Uses): Reserve for Contingencies (130,036) (95,320) - 95,320 Reserve for Cash Balance (120,664) (120,664) - 120,664 Transfers to Other Funds - (30,000) (2,449) 27,551 Total Other Financing Sources (Uses) (250,700) (245,984) (2,449) 243,535 Net Change in Fund Balances (1,018,327) (1,018,327) 2,521,912 3,540,239 Fund Balances -October 1 1,018,327 1,018,327 5,416,314 4,397,987 Fund Balances -September 30 $ - $ - $ 7,938,226 $ 7,938,226 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, 2023 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Charges for Services $ 450,000 $ 450,000 $ 616,666 $ 166,666 Investment Income 40,000 40,000 177,851 137,851 Total Revenues 490,000 490,000 794,517 304,517 EXPENDITURES: Current: Court Related: Court Facility 826,922 826,922 301,199 525,723 Total Expenditures 826,922 826,922 301,199 525,723 Excess/Deficiency of Revenues Over (Under) Expenditures (336,922) (336,922) 493,318 830,240 Other Financing Sources (Uses): Reserve for Contingencies (50,000) (50,000) - 50,000 Reserve for Cash Balance (41,542) (41,542) - 41,542 Total Other Financing Sources (Uses) (91,542) (91,542) - 91,542 Net Change in Fund Balances (428,464) (428,464) 493,318 921,782 Fund Balances -October 1 428,464 428,464 4,686,473 4,258,009 Fund Balances -September 30 $ - $ - $ 5,179,791 $ 5,179,791 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, 2023 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Charges for Services $ 30,000 $ 30,000 $ 45,221 $ 15,221 Investment Income 1,000 1,000 1,832 832 Total Revenues 31,000 31,000 47,053 16,053 EXPENDITURES: Current: Human Services: Children's Shelter - 14,321 14,298 (23) Florida Keys Outreach Coalition - 17,934 4,936 12,998 Samuel's House - - 12,998 (12,998) Heron/Peacock - 22,745 22,745 - Total Expenditures - 55,000 54,977 (23) Excess/Deficiency of Revenues Over (Under) Expenditures 31,000 (24,000) (7,924) 16,076 Other Financing Sources (Uses): Reserve for Contingencies (5,000) (5,000) - 5,000 Reserve for Cash Balance (5,000) (5,000) - 5,000 Total Other Financing Sources (Uses) (10,000) (10,000) - 10,000 Net Change in Fund Balances 21,000 (34,000) (7,924) 26,076 Fund Balances -October 1 34,000 34,000 44,595 10,595 Fund Balances -September 30 $ 55,000 $ - $ 36,671 $ 36,671 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, 2023 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Taxes $ - $ - $ - $ - Total Revenues - - - - 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) - 2,000 Other Financing Sources (Uses): Transfers to Other Funds (300) (300) (2,736) (2,436) Reserve for Contingencies (275) (275) - 275 Total Other Financing Sources (Uses) (575) (575) (2,736) (2,161) Net Change in Fund Balances (2,575) (2,575) (2,736) (161) Fund Balances -October 1 2,575 2,575 2,736 161 Fund Balances -September 30 $ - $ - $ - $ - 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, 2023 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Taxes $ 2,625,381 $ 2,625,381 $ 2,507,643 $ (117,738) Investment Income 800 800 4,092 3,292 Total Revenues 2,626,181 2,626,181 2,511,735 (114,446) EXPENDITURES: Current: Human Services: Middle Keys Health Care 2,328,364 2,328,364 2,328,364 - Total Expenditures 2,328,364 2,328,364 2,328,364 - Excess/Deficiency of Revenues Over (Under) Expenditures 297,817 297,817 183,371 (114,446) Other Financing Sources (Uses): Reserve for Contingencies (75,000) (73,000) - 73,000 Transfers to Other Funds (122,509) (124,509) (118,055) 6,454 Transfers from Other Funds 31,000 31,000 44,662 13,662 Total Other Financing Sources (Uses) (166,509) (166,509) (73,393) 93,116 Net Change in Fund Balances 131,308 131,308 109,978 (21,330) Fund Balances -October 1 (131,308) (131,308) 112,647 243,955 Fund Balances -September 30 $ - $ - $ 222,625 $ 222,625 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, 2023 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Investment Income $ - $ - $ - $ - Total Revenues - - - - EXPENDITURES: Current: Physical Environment: Bay Point Wastewater 46,121 46,121 - 46,121 Total Expenditures 46,121 46,121 - 46,121 Excess/Deficiency of Revenues Over (Under) Expenditures (46,121) (46,121) - 46,121 Other Financing Sources (Uses): Reserve for Contingencies (2,000) (2,000) - 2,000 Reserve for Cash Balance - - - - Transfers To Other Funds - - (48,024) (48,024) Total Other Financing Sources (Uses) (2,000) (2,000) (48,024) (46,024) Net Change in Fund Balances (48,121) (48,121) (48,024) 97 Fund Balances -October 1 48,121 48,121 48,024 (97) Fund Balances -September 30 $ - $ - $ - $ - 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, 2023 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Taxes $ - $ - $ - $ - Total Revenues - - - - EXPENDITURES: Current: Physical Environment: Big Coppitt Wastewater 400 400 - 400 Total Expenditures 400 400 - 400 Excess/Deficiency of Revenues Over (Under) Expenditures (400) (400) - 400 Other Financing Sources (Uses): Reserve for Cash Balance - - - - Reserve for Contingencies (85) (85) - 85 Transfers To Other Funds - - (531) (531) Total Other Financing Sources (Uses) (85) (85) (531) (446) Net Change in Fund Balances (485) (485) (531) (46) Fund Balances -October 1 485 485 531 46 Fund Balances -September 30 $ - $ - $ - $ - 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, 2023 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Taxes $ - $ - $ - $ - Investment Income - - - - Total Revenues - - - - EXPENDITURES: Current: Physical Environment: Key Largo Wastewater 8,624 8,624 - 8,624 Total Expenditures 8,624 8,624 - 8,624 Excess/Deficiency of Revenues Over (Under) Expenditures (8,624) (8,624) - 8,624 Other Financing Sources (Uses): Reserve for Contingencies (500) (500) - 500 Transfers To Other Funds - - (9,119) (9,119) Total Other Financing Sources (Uses) (500) (500) (9,119) (8,619) Net Change in Fund Balances (9,124) (9,124) (9,119) 5 Fund Balances -October 1 9,124 9,124 9,119 (5) Fund Balances -September 30 $ - $ - $ - $ - 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, 2023 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Licenses and Permits $ 120,000 $ 120,000 $ - $ (120,000) Investment Income 15,000 15,000 - (15,000) Total Revenues 135,000 135,000 - (135,000) EXPENDITURES: Current: Physical Environment: Stock Island Wastewater 400,000 400,000 - 400,000 Total Expenditures 400,000 400,000 - 400,000 Excess/Deficiency of Revenues Over (Under) Expenditures (265,000) (265,000) - 265,000 Other Financing Sources (Uses): Reserve for Contingencies (30,000) (30,000) - 30,000 Transfers to Other Funds (5,000) (5,000) (1,375,831) (1,370,831) Transfers from Other Funds 400 400 - (400) Total Other Financing Sources (Uses) (34,600) (34,600) (1,375,831) (1,341,231) Net Change in Fund Balances (299,600) (299,600) (1,375,831) (1,076,231) Fund Balances -October 1 299,600 299,600 1,375,831 1,076,231 Fund Balances -September 30 $ - $ - $ - $ - 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, 2023 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Investment Income $ - $ - $ - $ - Total Revenues - - - - EXPENDITURES: Current: Physical Environment: Conch Key MSTU 501 501 - 501 Total Expenditures 501 501 - 501 Excess/Deficiency of Revenues Over (Under) Expenditures (501) (501) - 501 Other Financing Sources/(Uses): Reserve for Contingencies (100) (100) - 100 Transfer To Other Funds - - (595) (595) Total Other Financing Sources/(Uses) (100) (100) (595) (495) Net Change in Fund Balances (601) (601) (595) 6 Fund Balances -October 1 601 601 595 (6) Fund Balances -September 30 $ - $ - $ - $ - 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, 2023 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Licenses and Permits $ - $ - $ - $ - Total Revenues - - - - EXPENDITURES: Current: Physical Environment: Long Key-Layton Wastewater 220,227 220,227 - 220,227 Total Expenditures 220,227 220,227 - 220,227 Excess/Deficiency of Revenues Over (Under) Expenditures (220,227) (220,227) - 220,227 Other Financing Sources (Uses): Reserve for Contingencies (10,000) (10,000) - 10,000 Reserve for Cash Balance (30,000) (30,000) - 30,000 Transfer To Other Funds - - (261,727) (261,727) Total Other Financing Sources (Uses) (40,000) (40,000) (261,727) (221,727) Net Change in Fund Balances (260,227) (260,227) (261,727) (1,500) Fund Balances -October 1 260,227 260,227 261,727 1,500 Fund Balances -September 30 $ - $ - $ - $ - 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, 2023 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Investment Income $ - $ - $ - $ - Total Revenues - - - - EXPENDITURES: Current: Physical Environment: Duck Key Wastewater 43,211 43,211 - 43,211 Total Expenditures 43,211 43,211 - 43,211 Excess/Deficiency of Revenues Over (Under) Expenditures (43,211) (43,211) - 43,211 Other Financing Sources (Uses): Reserve for Contingencies (3,000) (3,000) - 3,000 Transfer To Other Funds - - (45,760) (45,760) Total Other Financing Sources (Uses) (3,000) (3,000) (45,760) (42,760) Net Change in Fund Balances (46,211) (46,211) (45,760) 451 Fund Balances -October 1 46,211 46,211 45,760 (451) Fund Balances -September 30 $ - $ - $ - $ - H-60 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL CANAL SPECIAL ASSESSMENTS SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2023 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Licenses and Permits $ 34,943 $ 34,943 $ 28,873 $ (6,070) Investment Income - - 2,600 2,600 Total Revenues 34,943 34,943 31,473 (3,470) EXPENDITURES: Current: Physical Environment: Canal #266 58,404 58,404 17,687 40,717 Total Expenditures 58,404 58,404 17,687 40,717 Excess/Deficiency of Revenues Over (Under) Expenditures (23,461) (23,461) 13,786 37,247 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 (39,509) (39,509) 13,786 53,295 Fund Balances -October 1 39,509 39,509 54,023 14,514 Fund Balances -September 30 $ - $ - $ 67,809 $ 67,809 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, 2023 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Licenses and Permits $ 5,600,000 $ 5,660,000 $ 6,619,766 $ 959,766 Charges for Services 120,000 120,000 150,766 30,766 Investment Income 40,000 40,000 182,856 142,856 Miscellaneous 33,000 33,000 20,578 (12,422) Total Revenues 5,793,000 5,853,000 6,973,966 1,120,966 EXPENDITURES: Current: Public Safety Building Department 6,405,779 6,404,779 5,966,822 437,957 Building Department Legal 41,787 42,787 42,375 412 Building Refunds 60,000 150,000 137,437 12,563 Total Public Safety 6,507,566 6,597,566 6,146,634 450,932 Debt Service: Principal - - 8,549 (8,549) Interest - - 572 (572) Total Debt Service - - 9,121 (9,121) Total Expenditures 6,507,566 6,597,566 6,155,755 441,811 Excess/Deficiency of Revenues Over (Under) Expenditures (714,566) (744,566) 818,211 1,562,777 Other Financing Sources (Uses): Reserve for Contingencies (30,000) - - - Reserve for Cash Balance (62,840) (62,840) - 62,840 Transfer to Other Funds (538,659) (538,659) (538,659) - Total Other Financing Sources (Uses) (631,499) (601,499) (538,659) 62,840 Net Change in Fund Balances (1,346,065) (1,346,065) 279,552 1,625,617 Fund Balances -October 1 1,346,065 1,346,065 3,241,585 1,895,520 Fund Balances -September 30 $ - $ - $ 3,521,137 $ 3,521,137 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, 2023 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Investment Income $ - $ - $ - $ - Total Revenues - - - - EXPENDITURES: Capital Projects- Buildings 500,000 900,000 - 900,000 Total Expenditures 500,000 900,000 - 900,000 Excess/Deficiency of Revenues Over(Under) Expenditures (500,000) (900,000) - 900,000 OTHER FINANCING SOURCES (USES): Reserve for Contingencies (297,976) (297,976) - 297,976 Transfers to Other Funds - - (1,538,160) (1,538,160) Total Other Financing Sources (Uses) (297,976) (297,976) (1,538,160) (1,240,184) Net Change in Fund Balances (797,976) (1,197,976) (1,538,160) (340,184) Fund Balances -October 1 797,976 1,197,976 1,538,160 340,184 Fund Balances -September 30 $ - $ - $ - $ - 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, 2023 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Investment Income $ - $ - $ 816 $ 816 Total Revenues - - 816 816 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) 816 100,816 Net Change in Fund Balances (100,000) (100,000) 816 100,816 Fund Balances -October 1 100,000 100,000 112,598 12,598 Fund Balances -September 30 $ - $ - $ 113,414 $ 113,414 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, 2023 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 - (186,086) (186,086) - Total Other Financing Sources (Uses) - (186,086) (186,086) - Net Change in Fund Balances - (186,086) (186,086) - Fund Balances -October 1 - 186,086 186,086 - Fund Balances -September 30 $ - $ - $ - $ - 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, 2023 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Licenses and Permits $ 330,000 $ 330,000 $ - $ (330,000) Investment Income 5,000 5,000 - (5,000) Total Revenues 335,000 335,000 - (335,000) EXPENDITURES: Current: Capital Outlay: Big Coppitt Special Assessment 51,680 51,680 - 51,680 Total Physical Environment 51,680 51,680 - 51,680 Total Capital Outlay Expenditures 51,680 51,680 - 51,680 Excess/Deficiency of Revenues Over(Under) Expenditures 283,320 283,320 - (283,320) Other Financing Sources (Uses): Transfers from Other Funds 350,000 350,000 - (350,000) Transfers to Other Funds (682,000) (682,000) (126,536) 555,464 Total Other Financing Sources (Uses) (332,000) (332,000) (126,536) 205,464 Net Change in Fund Balances (48,680) (48,680) (126,536) (77,856) Fund Balances -October 1 48,680 48,680 126,536 77,856 Fund Balances -September 30 $ - $ - $ - $ - 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, 2023 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Licenses and Permits $ 80,000 $ 80,000 $ - $ (80,000) Investment Income 2,500 2,500 - (2,500) Total Revenues 82,500 82,500 - (82,500) EXPENDITURES: Capital Projects 31,000 31,000 - 31,000 Total Expenditures 31,000 31,000 - 31,000 Excess/Deficiency of Revenues Over (Under) Expenditures 51,500 51,500 - (51,500) Other Financing Sources (Uses): Reserve for Contingencies (10,000) (10,000) - 10,000 Reserve for Cash Balance (17,375) (17,375) - 17,375 Transfer to Other Funds (45,000) (45,000) (664,405) (619,405) Total Other Financing Sources (Uses) (72,375) (72,375) (664,405) (592,030) Net Change in Fund Balances (20,875) (20,875) (664,405) (643,530) Fund Balances -October 1 20,875 20,875 664,405 643,530 Fund Balances -September 30 $ - $ - $ - $ - H-67 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, 2023 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Licenses and Permits $ 2,343,905 $ 2,343,905 $ - $ (2,343,905) Total Revenues 2,343,905 2,343,905 - (2,343,905) EXPENDITURES: Cudjoe Regional Wastewater Project Special Assessment Refunds 25,000 25,000 - 25,000 Special Assessments 711,243 711,243 - 711,243 Total Physical Environment 736,243 736,243 - 736,243 Total Capital Outlay Expenditures 736,243 736,243 - 736,243 Excess/Deficiency of Revenues Over(Under) Expenditures 1,607,662 1,607,662 - (1,607,662) OTHER FINANCING SOURCES (USES): Reserve for Contingencies (96,218) (96,218) - 96,218 Transfers to Other Funds (2,125,740) (2,125,740) (4,128,796) (2,003,056) Total Other Financing Sources (Uses) (2,221,958) (2,221,958) (4,128,796) (1,906,838) Net Change in Fund Balances (614,296) (614,296) (4,128,796) (3,514,500) Fund Balances -October 1 614,296 614,296 4,128,796 3,514,500 Fund Balances -September 30 $ - $ - $ - $ - H-68 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, 2023 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 (1,115) (398,299) (398,300) (1) Total Other Financing Sources (Uses) (1,115) (398,299) (398,300) (1) Net Change in Fund Balances (1,115) (398,299) (398,300) (1) Fund Balances -October 1 1,115 398,299 398,300 1 Fund Balances -September 30 $ - $ - $ - $ - H-69 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, 2023 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Intergovernmental Revenue $ - $ - $ 70,970 $ 70,970 Investment Income 5,000 5,000 37,691 32,691 Miscellaneous Income - - 60,775 60,775 Total Revenues 5,000 5,000 169,436 164,436 EXPENDITURES: Capital Projects 762,508 1,536,623 379,905 1,156,718 Total Expenditures 762,508 1,536,623 379,905 1,156,718 Excess/Deficiency of Revenues Over (Under) Expenditures (757,508) (1,531,623) (210,469) 1,321,154 Other Financing Sources (Uses): Reserve for Contingencies - (150,000) - 150,000 Transfer From Other Funds 500,000 500,000 - (500,000) Total Other Financing Sources (Uses) 500,000 350,000 - (350,000) Net Change in Fund Balances (257,508) (1,181,623) (210,469) 971,154 Fund Balances -October 1 257,508 1,181,623 1,181,874 251 Fund Balances -September 30 $ - $ - $ 971,405 $ 971,405 H-70 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, 2023 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Charges for Services $ 60,000 $ 65,000 $ 63,138 $ (1,862) Total Revenues 60,000 65,000 63,138 (1,862) EXPENDITURES: Current: Public Safety 55,000 38,000 32,959 5,041 Excess/(Deficiency) of Revenues Over/(Under) Expenditures 5,000 27,000 30,179 3,179 Net Change in Fund Balances 5,000 27,000 30,179 3,179 Fund Balances -October 1 7,939 7,939 7,939 - Fund Balances -September 30 $ 12,939 $ 34,939 $ 38,118 $ 3,179 H-71 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, 2023 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Investment Income $ 12,445 $ 12,445 $ 37,801 $ 25,356 Miscellaneous Income - - 140,142 140,142 Total Revenues 12,445 12,445 177,943 165,498 EXPENDITURES: Current: Public Safety: Law Enforcement 2,066,945 2,095,497 535,727 1,559,770 Excess/(Deficiency) of Revenues Over/(Under) Expenditures (2,054,500) (2,083,052) (357,784) 1,725,268 Other Financing Sources/(Uses): Resrve for Contingencies (3,111) (3,111) - 3,111 Reserve forCash Balance (8,712) (8,712) - 8,712 Transfers from Other Funds 8,945 7,497 3 (7,494) Total Other Financing Resources (2,878) (4,326) 3 4,329 Net Change in Fund Balances (2,057,378) (2,087,378) (357,781) 1,729,597 Fund Balances -October 1 - - 2,568,412 - Fund Balances -September 30 $ (2,057,378) $ (2,087,378) $ 2,210,631 $ 1,729,597 H-72 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, 2023 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Intergovernmental $ - $ - $ 197,088 $ 197,088 Fines and Forfeitures 62,000 40,000 37,857 (2,143) Investment Income 13,555 14,055 157,177 143,122 Miscellaneous Income - - 531,820 531,820 Total Revenues 75,555 54,055 923,942 869,887 EXPENDITURES: Current: Public Safety: Law Enforcement 1,713,004 1,725,004 10,000 1,715,004 Total Expenditures 1,713,004 1,725,004 10,000 1,715,004 Excess/(Deficiency) of Revenues Over/(Under) Expenditures (1,637,449) (1,670,949) 913,942 (845,117) Other Financing Sources/(Uses): Resrve for Contingencies (3,139) (3,139) - 3,139 Reserve for Cash Balance (8,788) (8,788) - 8,788 Transfers to Other Funds - - (28,803) (28,803) Total Other Financing Resources (11,927) (11,927) (28,803) (16,876) Net Change in Fund Balances (1,649,376) (1,670,949) 885,139 (861,993) Fund Balances -October 1 - - 1,345,027 1,345,027 Fund Balances -September 30 $ (1,649,376) $ (1,670,949) $ 2,230,166 $ 483,034 H-73 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, 2023 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Intergovernmental $ 1,305,000 $ 1,490,000 $ 1,472,113 $ (17,887) Charges for Services 3,610,000 4,335,000 4,323,740 (11,260) Investment Income 10,000 40,000 39,956 (44) Total Revenues 4,925,000 5,865,000 5,835,809 (29,191) EXPENDITURES: Current: Public Safety 5,038,150 5,646,000 5,630,403 15,597 Total Expenditures 5,038,150 5,646,000 5,630,403 15,597 Excess/(Deficiency) of Revenues Over/(Under) Expenditures (113,150) 219,000 205,406 (13,594) Other Financing Sources/(Uses): Transfers from Other Funds - - 16,268 16,268 Total other financing sources (uses) - - 16,268 16,268 Net Change in Fund Balances (113,150) 219,000 221,674 2,674 Fund Balances -October 1 1,230,521 1,230,521 1,230,521 - Fund Balances -September 30 $ 1,117,371 $ 1,449,521 $ 1,452,195 $ 2,674 H-74 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, 2023 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Charges for Services $ 624,000 $ 760,000 $ 756,065 $ (3,935) Investment Income 9,000 50,000 45,424 (4,576) Miscellaneous 42,000 50,000 47,600 (2,400) Total Revenues 675,000 860,000 849,089 (10,911) EXPENDITURES: Current: Public Safety 625,000 630,000 614,239 15,761 Excess/(Deficiency) of Revenues Over/(Under) Expenditures 50,000 230,000 234,850 4,850 Net Change in Fund Balances 50,000 230,000 234,850 4,850 Fund Balances -October 1 1,263,520 1,263,520 1,263,520 - Fund Balances -September 30 $ 1,313,520 $ 1,493,520 $ 1,498,370 $ 4,850 H-75 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, 2023 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Charges for Services $ 35,000 $ 30,000 $ 22,086 $ (7,914) Investment Income 5,500 5,000 3,748 (1,252) Total Revenues 40,500 35,000 25,834 (9,166) EXPENDITURES: Current: Public Safety 425,000 355,000 331,810 23,190 Total Expenditures 425,000 355,000 331,810 23,190 Excess/(Deficiency) of Revenues Over/(Under) Expenditures (384,500) (320,000) (305,976) 14,024 Other Financing Sources/(Uses): Transfers from Other Funds 194,500 200,000 191,853 (8,147) Net Change in Fund Balances (190,000) (120,000) (114,123) 5,877 Fund Balances -October 1 214,150 214,150 214,150 - Fund Balances -September 30 $ 24,150 $ 94,150 $ 100,027 $ 5,877 H-76 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, 2023 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Miscellaneous $ - $ - $ - $ - Total Revenues - - - - EXPENDITURES: Current: Public Safety $ 5,955,363 $ 5,955,363 $ 5,416,689 $ 538,674 Excess/(Deficiency) of Revenues Over/(Under) Expenditures (5,955,363) (5,955,363) (5,416,689) 538,674 Other Financing Sources/(Uses): Transfers from Other Funds 5,955,363 5,955,363 5,955,363 - Transfers to Other Funds - - (538,674) (538,674) Total Other Financing Sources/Uses 5,955,363 51955,363 5,416,689 (538,674) 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 RADIO COMMUNICATIONS SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2023 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Charges for Services $ - $ - $ 63,118 $ 63,118 EXPENDITURES: Current: Public Safety 793,248 1,043,248 1,031,202 12,046 Excess/(Deficiency) of Revenues Over/(Under) Expenditures (793,248) (1,043,248) (968,084) 75,164 Other Financing Sources/(Uses): Transfers from Other Funds 793,248 1,043,248 980,130 (63,118) Transfers to Other Funds - - (12,046) (12,046) Total Other Financing Sources/Uses 793,248 11043,248 968,084 (75,164) Net Change in Fund Balances - - - - Fund Balances -October 1 - - - - Fund Balances -September 30 $ - $ - $ - $ - H-78 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, 2023 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Intergovernmental $ 908,000 $ 765,000 $ 718,267 $ (46,733) Miscellaneous - - - - Total Revenues 908,000 765,000 718,267 (46,733) EXPENDITURES: Current: Public Safety 945,000 1,020,000 1,000,479 19,521 Grants and Aid - - - - Total Expenditures 945,000 11020,000 1,000,479 19,521 Excess/(Deficiency) of Revenues Over/(Under) Expenditures (37,000) (255,000) (282,212) (27,212) Other Financing Sources/(Uses): Transfers to Other Funds - - (23,846) (23,846) Transfers from Other Funds 175,000 180,000 315,453 135,453 Total Other Financing Sources/Uses 175,000 180,000 291,607 111,607 Net Change in Fund Balances 138,000 (75,000) 9,395 84,395 Fund Balances -October 1 - - (367,629) (367,629) Fund Balances -September 30 $ 138,000 $ (75,000) $ (358,234) $ (283,234) H-79 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, 2023 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Investment Income $ 120,000 $ 160,000 $ 153,578 $ (6,422) Total Revenues 120,000 160,000 153,578 (6,422) EXPENDITURES: Current: Public Safety: Law Enforcement 155,300 120,300 117,081 3,219 Total Expenditures 155,300 120,300 117,081 3,219 Excess/Deficiency of Revenues Over (Under) Expenditures (35,300) 39,700 36,497 3,203 Net Change in Fund Balances (35,300) 39,700 36,497 3,203 Fund Balances -October 1 4,573,389 4,573,389 4,573,389 - Fund Balances -September 30 $ 4,538,089 $ 4,613,089 $ 4,609,886 $ 3,203 H-80 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, 2023 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Charges for Services $ 565,000 $ 565,000 $ 555,116 $ (9,884) Investment Income 11,000 55,000 51,901 (3,099) Total Revenues 576,000 620,000 607,017 (12,983) EXPENDITURES: Current: Public Safety 570,000 480,000 449,215 30,785 Total Expenditures 570,000 480,000 449,215 30,785 Excess/Deficiency of Revenues Over (Under) Expenditures 6,000 140,000 157,802 (17,802) Net Change in Fund Balances 6,000 140,000 157,802 (17,802) Fund Balances -October 1 1,466,154 1,466,154 1,466,154 - Fund Balances -September 30 $ 1,472,154 $ 1,606,154 $ 1,623,956 $ 17,802 H-81 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, 2023 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Charges for Services $ 285,000 $ 285,000 $ 243,114 $ (41,886) Investment Income 35,000 35,000 174,138 139,138 Total Revenues 320,000 320,000 417,252 97,252 EXPENDITURES: Current: Court Related: Modernization Trust 320,000 750,000 571,873 178,127 Excess/Deficiency of Revenues Over (Under) Expenditures - (430,000) (154,621) 275,379 Net Change in Fund Balances - (430,000) (154,621) 275,379 Fund Balances -October 1 - 430,000 3,663,950 3,233,950 Fund Balances -September 30 $ - $ - $ 3,509,329 $ 3,509,329 H-82 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, 2023 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Intergovernmental $ 1,420,418 $ 1,420,418 $ 1,691,208 $ 270,790 Charges for Services 920,360 920,360 868,862 (51,498) Fines and Forfeitures 1,461,951 1,461,951 2,109,720 647,769 Investment Income 25,000 25,000 78,897 53,897 Miscellaneous - - 2,372 2,372 Total Revenues 3,827,729 3,827,729 4,751,059 923,330 EXPENDITURES: Current: Court Related: Clerk Administration 1,557,350 1,294,350 901,015 393,335 Clerk Records Management 44,150 46,650 45,893 757 Clerk Jury Management 133,400 270,400 266,342 4,058 Clerk Circuit Court Criminal 655,850 550,675 519,600 31,075 Clerk Circuit Court Civil 518,250 478,250 423,421 54,829 Clerk Court Information Systems 640,654 823,654 776,675 46,979 Clerk Circuit Court Family 166,105 167,405 167,353 52 Clerk Circuit Court Juvenile 213,350 167,350 156,165 11,185 Clerk Circuit Court Probate 164,400 216,525 216,513 12 Clerk County Court Criminal 613,320 598,320 581,694 16,626 Clerk County Court Civil 270,100 294,100 294,057 43 Clerk County Court Traffic 747,500 816,750 816,619 131 Total Expenditures 5,724,429 5,724,429 5,165,347 559,082 Excess/(Deficiency) of Revenues Over/(Under) Expenditures (1,896,700) (1,896,700) (414,288) 1,482,412 OTHER FINANCING SOURCES/(USES): Lease Financing - - - - Transfer from Other Funds 1,896,700 1,896,700 1,896,700 - Transfer to Other funds - - (766,610) (766,610) Transfer to Florida Department of Revenue - - (715,802) (715,802) Total Other Financing Sources/(Uses) 1,896,700 1,896,700 414,288 (1,482,412) Net Change in Fund Balances - - - - Fund Balances -October 1 - - - - Fund Balances -September 30 $ - $ - $ - $ - 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, 2023 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Taxes $ 31,542,441 $ 31,542,441 $ 32,729,351 $ 1,186,910 Licenses and Permits - - 1,946,090 1,946,090 Investment Income 50,000 50,000 1,927,187 1,877,187 Miscellaneous - - 451,568 451,568 Total Revenues 31,592,441 31,592,441 37,054,196 5,461,755 EXPENDITURES: Current: Capital Outlay: General Government 9,090,200 9,505,187 6,081,509 3,423,678 Public Safety 8,852,518 58,699,060 660,537 58,038,523 Physical Environment 1,357,714 3,682,030 1,184,305 2,497,725 Transportation: Const. Mgmt. 12,348,175 15,339,033 6,551,305 8,787,728 Culture and Recreation 3,132,866 3,464,616 1,400,663 2,063,953 Total Capital Outlay Expenditures 34,781,473 90,689,926 15,878,319 74,811,607 Debt Service: Principal - - 11,696 (11,696) Interest - - 9,261 (9,261) Total Debt Service - - 20,957 (20,957) Total Expenditures 34,781,473 90,689,926 15,899,276 74,790,650 Excess/Deficiency of Revenues Over(Under) Expenditures (3,189,032) (59,097,485) 21,154,920 80,252,405 OTHER FINANCING SOURCES (USES): Reserve for Contingencies (500,000) (4,656) - 4,656 Reserve for Cash Balance (4,182,551) (4,182,551) - 4,182,551 Lease &SBITA Financing - 53,000,000 52,003,731 (996,269) Transfers from Other Funds 645,292 4,273,357 8,934,524 4,661,167 Transfers to Other Funds (16,161,844) (20,307,489) (22,921,648) (2,614,159) Total Other Financing Sources (Uses) (20,199,103) 32,778,661 38,016,607 5,237,946 Net Change in Fund Balances (23,388,135) (26,318,824) 59,171,527 85,490,351 Fund Balances -October 1 23,388,135 26,318,824 31,983,319 5,664,495 Fund Balances -September 30 $ - $ - $ 91,154,846 $ 91,154,846 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, 2023 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) REVENUES: Investment Income $ 15,000 $ 15,000 $ 408,349 $ 393,349 Total Revenues 15,000 15,000 408,349 393,349 EXPENDITURES: Current: Clean Water SRF Loan Principal 10,061,482 10,061,482 6,694,107 3,367,375 Interest - - 3,367,313 (3,367,313) Total Clean Water SRF Loan 10,061,482 10,061,482 10,061,420 62 2014 Revenue Bonds Principal 4,280,172 4,280,172 4,085,000 195,172 Interest - - 195,172 (195,172) Total 2014 Revenue Bonds 4,280,172 4,280,172 4,280,172 - 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 1,119,053 1,119,053 910,000 209,053 Interest - - 208,673 (208,673) Total 2016 Revenue Bonds 1,119,053 1,119,053 1,118,673 380 (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, 2023 Variance with Final Budget Original Final Positive Budget Budget Actual (Negative) 2020 Revenue Note Principal 914,804 914,804 885,000 29,804 Interest - - 29,804 (29,804) Total 2018 PNC Line of Credit 914,804 914,804 914,804 - Total Expenditures 18,500,511 18,500,511 18,500,069 442 Excess/Deficiency of Revenues Over(Under) Expenditures (18,485,511) (18,485,511) (18,091,720) 393,791 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 18,500,511 18,500,511 18,444,619 (55,892) Total Other Financing Sources (Uses) 17,500,511 17,500,511 18,444,619 944,108 Net Change in Fund Balances (985,000) (985,000) 352,899 1,337,899 Fund Balances -October 1 985,000 985,000 3,178,166 2,193,166 Fund Balances -September 30 $ - $ - $ 3,531,065 $ 3,531,065 H-86 MONROE COUNTY, FLORIDA COMBINING STATEMENT OF NET POSITION INTERNAL SERVICE FUNDS SEPTEMBER 30,2023 Worker's Group Risk Compensation Insurance Management Fund Fund Fund ASSETS Current Assets: Cash and Cash Equivalents $ 440,987 $ 1,230,006 $ 405,947 Investments 4,767,377 16,601,921 5,664,188 Accounts Receivable, Net 47,706 306,889 6,992 Due from Other Funds 18,872 186,516 21,552 Due from Other Governmental Units 190 102,645 - Interest Receivable 15,275 53,194 18,148 Total Current Assets 5,290,407 18,481,171 6,116,827 Noncurrent Assets: Land and Other Nondepreciable Assets - - 1,372,683 Capital Assets, Net of Accum. Depreciation 325 9,113 56,066 Right-To-Use Leased Assets, Net of Amortization - - - Total Noncurrent Assets 325 9,113 1,428,749 Total Assets 5,290,732 18,490,284 7,545,576 DEFERRED OUTFLOWS OF RESOURCES Related to Pensions 55,136 83,346 120,425 Related to OPEB 1,000 15,100 113,200 Total Deferred Outflows of Resources 56,136 98,446 233,625 LIABILITIES Current Liabilities: Accounts Payable 2,425 1,106,915 22,655 Accrued Wages and Benefits Payable 6,637 14,784 17,900 Claims and Judgments Payable 2,195,900 815,091 226,795 Due to Other Funds - 35 - Due to Other Governmental Units 6,828 - - Leases Payable - - - Unearned Revenues - 400 - Other Current Liabilities - - - Accrued Comp.Absences Payable 5,231 9,847 11,323 Total Current Liabilities 2,217,021 1,947,072 278,673 Noncurrent Liabilities: Accrued Comp.Absences Payable 20,922 39,390 45,294 Leases Payable - - - Total OPEB Liability 8,000 49,000 255,000 Net Pension Liability 239,495 321,874 348,685 Total Noncurrent Liabilities 268,417 410,264 648,979 Total Liabilities 2,485,438 2,357,336 927,652 DEFERRED INFLOWS OF RESOURCES Related to Pensions 13,650 20,558 28,089 Related to OPEB 700 5,100 12,100 Total Deferred Inflows of Resources 14,350 25,658 40,189 NET POSITION Net Investment in Capital Assets 325 9,113 1,428,749 Unrestricted 2,846,755 16,196,623 5,382,611 Total Net Position $ 2,847,080 $ 16,205,736 $ 6,811,360 H-87 Fleet Management Fund Total $ 122,609 $ 2,199,549 1,865,257 28,898,743 - 361,587 - 226,940 27,609 130,444 5,976 92,593 2,021,451 31,909,856 54,000 1,426,683 697,612 763,116 311,312 311,312 1,062,924 2,501,111 3,084,375 34,410,967 517,064 775,971 271,200 400,500 788,264 1,176,471 347,869 1,479,864 101,786 141,107 - 3,237,786 - 35 - 6,828 131,420 131,420 - 400 793 793 41,319 67,720 623,187 5,065,953 165,278 270,884 199,096 199,096 713,000 1,025,000 1,511,525 2,421,579 2,588,899 3,916,559 3,212,086 8,982,512 125,865 188,162 42,400 60,300 168,265 248,462 732,408 2,170,595 (240,120) 24,185,869 $ 492,288 $ 26,356,464 H-88 MONROE COUNTY, FLORIDA COMBINING STATEMENT OF REVENUES, EXPENSES,AND CHANGES IN NET POSITION INTERNAL SERVICE FUNDS FOR THE YEAR ENDED SEPTEMBER 30,2023 Worker's Group Risk Compensation Insurance Management Fund Fund Fund Operating Revenues: Charges for Services $ 2,508,172 $ 21,257,153 $ 9,234,066 Miscellaneous 342,345 1,060,735 - Total Operating Revenues 2,850,517 22,317,888 9,234,066 Operating Expenses: Personnel Services 669,848 481,970 692,107 Operations 1,428,956 2,495,068 6,318,340 Depreciation and Amortization 1,109 6,415 14,616 Asserted and Paid Claims(Adjustments) 309,503 17,537,474 (1,324,571) Total Operating Expenses 2,409,416 20,520,927 5,700,492 Operating Income(Loss) 441,101 1,796,961 3,533,574 Non-Operating Revenues(Expenses): Investment Income 172,401 701,661 228,518 Insurance Recoveries - - 119,604 Gain on Disposition of Assets - - 2,273 Total Non-Operating Revenues(Expenses) 172,401 701,661 350,395 Income(Loss) Before Transfers 613,502 2,498,622 3,883,969 Transfers: Transfers to Other Funds (69,064) (127,936) (133,720) Total Transfers (69,064) (127,936) (133,720) Change in Net Position 544,438 2,370,686 3,750,249 Total Net Position-October 1 2,302,642 13,835,050 3,061,111 Total Net Position-September 30 $ 2,847,080 $ 16,205,736 $ 6,811,360 H-89 Fleet Management Fund Total $ 4,307,973 $ 37,307,364 58,913 1,461,993 4,366,886 38,769,357 3,111,184 4,955,109 1,961,327 12,203,691 198,477 220,617 - 16,522,406 5,270,988 33,901,823 (904,102) 4,867,534 124,195 1,226,775 - 119,604 59,899 62,172 184,094 1,408,551 (720,008) 6,276,085 (529,439) (860,159) (529,439) (860,159) (1,249,447) 5,415,926 1,741,735 20,940,538 $ 492,288 $ 26,356,464 H-90 MONROE COUNTY, FLORIDA COMBINING STATEMENT OF CASH FLOWS INTERNAL SERVICE FUNDS FOR THE YEAR ENDED SEPTEMBER 30,2023 Worker's Group Risk Compensation Insurance Management Fund Fund Fund Operating Activities: Cash Received for Services $ 2,463,816 $ 21,219,441 $ 9,233,941 Cash Received from Insurance Recoveries - - 119,604 Cash Payments to Suppliers for Goods and Services (1,428,580) (2,746,053) (6,620,785) Cash Payments for Employee Services (623,507) (398,732) (509,499) Cash Payments for Claims - (17,509,247) (193,414) Cash Received from(Paid to)Other Sources 8,200 90,715 (21,552) Other Operating Revenue 333,305 1,028,352 (11,228) Net Cash Provided by (Used in) Operating Activities 753,234 1,684,476 1,997,067 Noncapital Financing Activities: Transfers to Other Funds (69,064) (127,936) (133,720) Net Cash Provided by (Used in) Noncapital Financing Activities (69,064) (127,936) (133,720) Capital and Related Financing Activities: Acquisition of Capital Assets (860) (860) (702,621) Proceeeds from Sale of Capital Assets - - 2,273 Net Cash Provided by (Used in)Capital and Related Financing Activities (860) (860) (700,348) Investing Activities: Investment Income(Losses) 172,401 701,661 228,518 Proceeds from Sales and Maturities of Investments 5,761,948 19,104,511 6,325,661 Purchase of Investment Securities (6,858,702) (23,453,906) (7,915,679) Net Cash Provided by (Used in) Investing Activities (924,353) (3,647,734) (1,361,500) Net Increase(Decrease) in Cash and Cash Equivalents (241,043) (2,092,054) (198,501) Cash and Cash Equivalents: October 1 682,030 3,322,060 604,448 September 30 $ 440,987 $ 1,230,006 $ 405,947 H-91 Fleet Management Fund Total $ 4,307,973 $ 37,225,171 - 119,604 (1,655,188) (12,450,606) (2,439,010) (3,970,748) - (17,702,661) (24,601) 52,762 56,736 1,407,165 245,910 4,680,687 (529,439) (860,159) (529,439) (860,159) (318,048) (1,022,389) 59,899 62,172 (258,149) (960,217) 124,195 1,226,775 3,705,824 34,897,944 (3,334,289) (41,562,576) 495,730 (5,437,857) (45,948) (2,577,546) 168,557 4,777,095 $ 122,609 $ 2,199,549 (Continued) H-92 MONROE COUNTY, FLORIDA COMBINING STATEMENT OF CASH FLOWS(CONTINUED) INTERNAL SERVICE FUNDS FOR THE YEAR ENDED SEPTEMBER 30,2023 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) $ 441,101 $ 1,796,961 $ 3,533,574 Adjustments to Reconcile Operating Income(Loss) to Net Cash Provided by(Used in)Operating Activities: Depreciation and Amortization 1,109 6,415 14,616 Nonoperating Income- Insurance Recoveries - - 119,604 Change in Assets, Liabilities,and Deferrals: (Increase) Decrease in Accounts Receivable (44,356) (37,712) (125) (Increase) Decrease in Due from Other Gov't Units 98 3,756 - (Increase) Decrease in Due from Other Funds 6,708 88,620 (21,552) (Increase) Decrease in Interest Receivable (9,040) (32,383) (11,228) Increase(Decrease)in Accounts Payable 376 (251,385) (302,445) Increase(Decrease)in Accrued Wages/Benefits (5,572) (2,751) (1,977) Increase(Decrease)in Claims/Judgments Payable 309,503 28,227 (1,517,985) Increase(Decrease)in Other Current Liabilities - - - Increase(Decrease)in Due to Other Funds - (1,661) - Increase(Decrease)in Due to Other Gov't Units 1,394 - - Increase(Decrease)in Comp.Absences Payable 2,704 11,418 16,087 Increase(Decrease)in Unearned Revenue - 400 - Increase(Decrease)in OPEB Liability 2,000 - (20,000) Increase(Decrease)in Pension Liability 55,145 83,099 114,758 Increase(Decrease)in Deferred Outflows (854) 3,529 97,899 Increase(Decrease)in Deferred Inflows (7,082) (12,057) (24,159) Total Adjustments 312,133 (112,485) (1,536,507) Net Cash Provided by(Used in) Operating Activities $ 753,234 $ 1,684,476 $ 1,997,067 Cash Reconciliation: Unrestricted $ 440,987 $ 1,230,006 $ 405,947 H-93 Fleet Management Fund Total $ (904,102) $ 4,867,534 198,477 220,617 - 119,604 - (82,193) (8,416) (4,562) 300 74,076 (2,177) (54,828) 306,326 (247,128) (4,987) (15,287) - (1,180,255) (187) (187) (16,485) (18,146) - 1,394 37,794 68,003 - 400 (27,000) (45,000) 510,029 763,031 255,986 356,560 (99,648) (142,946) 1,150,012 (186,847) $ 245,910 $ 4,680,687 $ 122,609 $ 2,199,549 H-94 MONROE COUNTY, FLORIDA COMBINING STATEMENT OF FIDUCIARY NET POSITION ALL CUSTODIAL FUNDS SEPTEMBER 30, 2023 Clerk's Sheriff's Tag General General and Custodial Custodial License ASSETS Cash and Cash Equivalents $ 5,773,253 $ 1,058,004 $ 296,590 Accounts Receivable 3,028,699 11,095 - Total Assets $ 8,801,952 $ 1,069,099 $ 296,590 LIABILITIES Accounts Payable $ 507,320 $ 26,990 $ 424 Undistributed Collections - - 296,166 Due to Other Governmental Units 1,790,009 - - Total Liabilities $ 2,297,329 $ 26,9 00 $ 296,590 NET POSITION Restricted for Individuals, Organizations, and Other Governments $ 6,504,623 $ 1,042,109 $ - H-95 Property Tax Totals $ 1,427,350 $ 8,555,197 4,641 3,044,435 $ 1,431,991 $ 11,599,632 $ 192,977 $ 727,711 1,239,014 1,535,180 - 1,790,009 $ 1,431,991 $ 4,052,900 $ - $ 7,546,732 H-96 MONROE COUNTY, FLORIDA COMBINING STATEMENT OF FIDUCIARY NET POSITION ALL CUSTODIAL FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 2023 Clerk's Sheriff's Tag General General and Custodial Custodial License ADDITIONS Payments made by litigants $ 41,645,808 $ - $ - Payments made to bond accounts - 698,213 - Payments made to inmate accounts - 1,221,213 - Property taxes and fees collected - - - Licenses and tag fees collected - - 39,207,922 Charges for services 1,418,597 - - Fines and forfeitures 94,954 - - Other collections 60,100 - - Total Additions $ 43,219,459 $ 1,919,426 $ 39,207,922 DEDUCTIONS Payments to litigants $ 43,150,870 $ - $ - Payments to depositors - 1,198,379 - Payments of inmate services - 978,675 - Payments of inmate release funds - 245,557 - Property taxes and fees paid - - - Licenses and tag fees paid - - 39,207,922 Other collections - - - Total Deductions $ 43,150,870 $ 2,422,611 $ 39,207,922 Net increase (decrease) in fiduciary net position 68,589 (503,185) - Net position, beginning of year 6,436,034 1,545,294 Net position, end of year 6,504,623 1,042,109 - H-97 Property Tax Totals $ - $ 41,645,808 698,213 1,221,213 889,260,428 889,260,428 - 39,207,922 - 1,418,597 - 94,954 - 60,100 $ 889,260,428 $ 973,607,235 $ - $ 43,150,870 - 1,198,379 - 978,675 - 245,557 889,260,428 889,260,428 - 39,207,922 $ 889,260,428 $ 974,041,831 (434,596) 7,981,328 7,546,732 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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Keys Electric Co-Op 157,999,073 7 9.56% 109,036,722 2 14.11% Key Largo Hospitality 124,864,867 8 7.55% Key West 2016 LLC 120,513,145 9 7.29% Seaboard Associates 111,516,137 10 6.75% Southeast Housing LLC 140,324,382 1 18.16% Galleon Condominium Assoc Inc 0.00% 64,894,805 7 8.40% Winward Pinte 11 LLC 56,504,227 9 7.31% NWCL LLC 0.00% 58,542,906 8 7.58% City of Key West 49,688,504 10 6.43% $ 1,652,894,391 100.00% $ 772,793,242 100.00% Source: Monroe County Property Appraiser 1-13 m J d 0 0 0 0 0 0 0 0 0 0 0 0 rl- Cl) •- O O O O O O O 0 C (O (O O d7 N d = L O W ++ 0. 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U M aD L 2 y �t LO w r— co O O M E O O O CD O O O O O O In W r N N N N N N N N N N U CL i U. d cn O U) 1-14 \ 2 z z z z z z z z z Q k § < 7 7 7 7 7 7 7 7 7 © 0 0 2 z z z z z z z z z ( � � a o — { / 3 S / S / \ \ / / / § V : 7 � 0 o T ( 0 7 § / 2 \ LO / ^ CO 2 ;D- 0 2 \ \ � / / \ ® 2 � a a & a a \ a . r- % . � \ IT \ ! a ¥ \ o / $ � § a 3 3 ƒ > z /S / 2 2 . a C j e . . . c S 0') 0') / .g ca ® . q y \ / § � ƒ / 2 / / 3 (n ) § � � \ k 0 ; e « « a 6 c o 2 a k ca o - / / § . , , , , , , , , , / \ \ k 2 3 = E ƒ � / \ § a 2 = § , o 0 0 0 0 0 0 0 « § 2 . . 7 / / / / / \ \ Q ° f f = 3 3 3 w 3 o w w \ .g \ 0 > LO / / O 2 ƒ 2 g e Ca 2 a 2 2 2 % ƒ ( Q M 2 { / ® j 3 LO / ? \ 7 2 ] 2 ° w » 2 \ 2 w n = = o c § = 3 w = w n w w 3 w (n .g § [ 0 V- V- 3 / IT 7 \ / 7 2 k $ Q 2 ƒ / \ LO \ 2 2 2 0) 6 © 0 a w = o 0 0 0 0 0 0 § . & % 2 3 / / / / / / C » c = 3 3 w w 3 w 3 3 3 w y = . c = IT 0) _ = n « « _ m ƒ © � $ J \ §(D 0) V- o LO $ \& o « n nn a a \/ a = < $ = f % « o = w = _ \ & % \ z 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 2014-2023 1-16 Monroe County, Florida Direct and Overlapping Governmental Activities Debt September 30, 2023 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, 2023. 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 2014-2023 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 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 2023 34,996,624 18,367,177 4,999,341 23,366,518 1.50 Note: Details regarding the County's outstanding debt can be found in the notes to the financial statements. 1-19 q / \ q _ % \ \ ( \ \ � § » \ / 2 « « « < q < < Q) 0 ■ u zzzzzzz4zz } \ \ ) - / / § / „ \ 7 / a � M k q ) / / f a ^ c . \ u O g e , , , , , , , , , , ± % q $ > m E w o - § § 7 \ C14- \ coz_ 0) m ^ 0 o ^ ± 7 7 z c n = _ 2 a / „ { / / / m c = 2 m ) co S \ ƒ $ 2 2 e a m (Uui - 0 ® 2 § t ) \ 2h o , , , , , , , = O _ « - CL q u / \ § _ @ $ amik $ w < 2 // \ \ g / ) wu � u L c am m > z z - > // a m g an � / _ > w § 'm o 5 m m $ a e 7 % / ) 2 2 _ w + 0 .@ k § � « m z , , , , , , , GSm 0 / + q = � a «R % = m@ �$ ) ) \f /z f a / 'It 7 §/ 2 u - § U / m/\ c Oƒ, , , , , , , § q / ) 9 �� § 3 � z J w $ % // e%« « 22 QmR g = # E / 7 f \ k / \ fk C / � emweoo � Nn % a f .2 ® # ° w GGGGGGRRRR $ 2 % / / m � � a ¥ y £ = O / / $ .§ \ 0 \ \ / \ \ ƒ / '\ / \ O y @ - % } ƒ Igo m >,= o 0 0 0 0 0 0 0 0 0 ++ I� CO N LO Cr M LO LO CO O M M M M CV N C* N N d _ M_ d.d O O d 0 M N � 0) I� co � N 0) m E � v O 00 00 00 00 00 co co 0) co co _ W V O � M � M O O Q r � a f� r.+ C L L u O d M 0') M co 0') N M (0 coLL 0 a) O O N — (0 CO M M LQ Cq' M M N V .a; O U G� Q O E 0) ch O co N CO O O Q r— U cn a m L o 10 � (0 co 0') O O O z 00j � U- Ua c � m = m ;_ OV ~ EO = M rn o Q m -a O cr O Ln c0 cr co O M U J d O � O M M m O M O 4— L y V M co M CY ch ch Il- Ln O a1 N coLn a) I- O (0 r— IT O N — — r— (0M d = E K r— Lo Lo Lo CO CO I- � 000) E0 O d M Q '� N d C +N cn cn O z Q (6 o CL ocu E _ uj 0 :5 U_ Cl p E O M 04 O O p co � - N C I- - O (0 m U T O O O Il- co r— r O W = I- 1-7 O 1- Ln CO N N Q O I- � � � � � co co coU O L Z O U (0 >Z r � U E O O m r c6 c6 U cn a W � p tin c6 m 4- cn U a) Q ry o cu c N � Z U o cC L ch Ln O � CO O O N Cl) to N i U O p II N N N N � � N O O O O O O O O O O O + m FL Q >- N N N N N N N N N N (6 o � � � � z 1-21 $ $ $ $ $ $ $ $ $ $ / ƒ) f 3 p p + 7 & 2 Cl) \ 2 G E Cl) \ \ a a k a a a ) \ k 2ow - ) a Cl) w r NT _ = c / / 3 Cl) % G R \ 2 3 p ? 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U CL Q = U U U z 1-24 d M d7 00 M O O O N M 00 d - fI- LO �- M 00 O N O LO M �- N �- d M - O � N d d d7 00 M O O O N 00 It - f- LO �- N O - O N O LO M �- N �- d M �- O � N It It 0) 00 M O O O N 00 M LO f- LO d7 CO - O N CO LO M N �- d M �- O � N d O d7 00 M O O O N N M LO It LO O O �- O N - O LO M �- N �- d M �- O �- N d f- d7 00 M O O O N M M LO f- LO O CA ti - O N CO LO M �- N d M �- O �- N C O V LO (.0 O �- M O (.0 (.0 N ' d M LO d �- fI- LO CD u 00M �- �- �- CD N �- CO LO M �- N C �- d M �- L L O O N W (A U LO O O M O CO CO N LO M LO CO LO O a' U M �- �- d O N �- O LO M �- C N N ti O cC W N d7 U U) Q) a) y �- 0 N ++ O N d � O CN M O O N N �- � M LO d LO M LO O 7; O d7 Q N U d LO O N M O f- O N M M d d CO d LO (D Lf) O N M M �- O � N LO O O d7 M O f- O N LO M f- d O CO LO O N O O (N 0) LO �- � O N N � 0) E Q. 0) a 0) N -_ C � O C U O p U 0) N E N (� N C 0) � N O " U N O O C N O C ` O U '� O M (6 = N m 0) C '� C 6 p� J C O U -O U E p (6 W (n N co 0) C "2 (n Q 0) 0) U- N O N O U) (6 � c6 Q m 0) O O m C cn 0) `-2 U W 0) m W' U � cn iiQ � � � � amQi- E `� ammO -j � U U)c Q Q O U- 0- 0- - I- = U U 1-25 COMPLIANCE SECTION Illl�lll��� ��1��111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111 RSM RSM US q,,LP 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, 2023, the cash flows for the year then ended 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 28, 2024. Our report included an emphasis of matter paragraph related to the implementation of Governmental Accounting Standards Board (GASB)Statement No.96, Subscription-Based Information Technology Arrangements. Our opinions are not modified with respect to this matter. 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 opinion 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. 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 and therefore, material weaknesses or significant deficiencies may exist that were not identified. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. We identified a certain deficiency in internal control, described in the accompanying schedule of findings and questioned costs as item IC 2023-001, that we consider to be a significant deficiency. 714E POVIE"R 01i BE0f1 G UNDERS"I'04(Xii /�JJI b� l l 1 X I aC0f . L f l fIV"11 J-1 zf':'_MWY Ii "_1.1„W" - „I.H h,,Ax UH[a IWM'% 0 ,I-,I,al r�,�i .nP �i�f rf✓;m�r60 ✓siYimw�r, r Ak Ii h" Ian r;-ri ;arli Y;-ri:1l" 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. The County's Response to Finding Government Auditing Standards requires the auditor to perform limited procedures on the County's response to the finding identified in our audit and described in the accompanying schedule of findings and questioned costs. The County's response was not subjected to the other auditing procedures applied in the audit of the financial statements and, accordingly, we express no opinion on the response. 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 entity'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 entity's internal control and compliance. Accordingly, this communication is not suitable for any other purpose. Fort Lauderdale, Florida March 28, 2024 J-2 Illl�lll��� ��1��111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111 RSM Report on Compliance for Each Major Federal Program and State Financial Assistance Project; S S.G",.t P Report on Internal Control Over Compliance 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, 2023. 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 the major federal programs and state financial assistance projects for the year ended September 30, 2023. 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. 1 S I C 0�1,I. Lh i f IV"11 J-3 zf':'-MWY Ii "_1.f„W" - „I.H h-,,Ax UH[a IWM'% 0 ,I-,I,al r�,�i .nP �i�f rf✓;m�r60 ✓s,Wmw� �,m Ak Ii h" Ian r;-ri ;arli Y;-ri:1l" 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 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. J-4 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. �P-s,q vs ,.4P Fort Lauderdale, Florida March 28, 2024 J-5 Monroe County,Florida Schedule of Expenditures of Federal Awards and State Financial Assistance Projects For The Year Ended September 30,2023 Federal Federal/State Agency, Assistance Contract/Grant/Pass- Pass-through Entity Listing through Entity Total Federal Provided to Federal Program/State Projects Number Identifying Number Expenditures Subrecipients Department of Health and Human Services: Passed through Florida Department of Elder Affairs and Alliance for the Aging: Aging Cluster: Special Programs for Aging,Title III,Part B,Grants for Supportive Services and Senior Centers: Title IIIB Grants for Supportive Services&Senior Centers-2022 93.044 AA-2229 $ 13,435 $ Title IIIB Grants for Supportive Services&Senior Centers-2023 93.044 AA-2329 119,060 Total Program 132,495 93.045 Special Programs for the Aging,Title III,Part C,Nutrition Services: Title IIIC1 Nutrition Services(Home Delivered Meals)2022 93.045 AA-2229 20,682 Title IIIC1 Nutrition Services(Home Delivered Meals)2023 93.045 AA-2329 32,177 Title IIIC2 Nutrition Services(Home Delivered Meals)2022 93.045 AA-2229 29,475 Title IIIC2 Nutrition Services(Home Delivered Meals)2023 93.045 AA-2329 55,895 Total Program 138,229 Total Aging Cluster 270,724 National Family Caregiver Support,Title III,Part E: Title I I I E Caregiver Support Services-2022 93.052 AA-2229 47,687 Title I I I E Caregiver Support Services-2023 93.052 AA-2329 87,314 Total Program 135,001 Passed through Florida Department of Revenue,Agency for Children and Families,and Office of Child Support Enforcement: Child Support Services: Child Support Enforcement Title IV-D 93.563 COC44 237,940 Total Program 237,940 Passed through Florida Department of Economic Opportunity: Low Income Home Energy Assistance Program 93.568 E2012 282,548 Total Program 282,548 Total Federal Agency 926,213 Department of Energy: Passed through Florida Department of Economic Opportunity: Weatherization Assistance for Low-Income Persons: Low Income Home Energy Assistance Program/WAP-2017 81.042 E2012 73,708 Total Federal Agency 73,708 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 30,2023 Federal Federal/State Agency, Assistance Contract/Grant/Pass- Pass-through Entity Listing through Entity Identifying Total Federal Provided to Federal Program/State Projects Number Number Expenditures Subrecipients Department of Justice: Direct Program: Bulletproof Vest Partnership Program: Bureau of Justice Assistance: Bulletproof Vest Program 16.607 2020BUBX20020159 34,263 BJA FY2021 Edward Byrne Memorial Justice Assistance Grant 16.738 O-BJA-2021-135004 14,691 Edward Byrne Memorial Justice Assistance Grant Program: 16.738 2021-DJ-JAGC-2-3B-1 49 Edward Byrne Memorial Justice Assistance Grant Program: 16.738 15PBJA-22-FF-02843-JAGX 15,028 Total Program 63,982 Passed through Office of the Attorney General: Crime Victim Assistance: Victims of Crime Acts 16.575 0-00728 347,473 Total Program 347,473 Passed through Florida Department of Law Enforcement: Residential Substance Abuse Treatment for State Prisoners: Edward Byrne Memorial Residential Substance Abuse Treatment: 16.593 2020-J2-BX-0021 67,877 Total Program 67,877 Total Federal Agency 479,332 Executive Office of the President: Direct Program: High Intensity Drug Trafficking Areas Program: High Intensity Drug Trafficking Areas 95.001 G18AC0005A 19,840 High Intensity Drug Trafficking Areas 95.001 G20AC0005A 133,482 High Intensity Drug Trafficking Areas 95.001 G20MI0001A 229,189 High Intensity Drug Trafficking Areas 95.001 G20PR0001A 1,005,846 High Intensity Drug Trafficking Areas 95.001 G21PR0001A 1,196,267 High Intensity Drug Trafficking Areas 95.001 G21AC0005A 452,155 High Intensity Drug Trafficking Areas 95.001 G21MI0001A 1,924,911 High Intensity Drug Trafficking Areas 95.001 G22AC0005A 2,372,409 High Intensity Drug Trafficking Areas 95.001 G22MI0001A 6,287,696 High Intensity Drug Trafficking Areas 95.001 G22PR0001A 3,465,465 High Intensity Drug Trafficking Areas 95.001 G23AC0005A 1,418,841 High Intensity Drug Trafficking Areas 95.001 G23MI0001A 2,372,109 High Intensity Drug Trafficking Areas 95.001 G23PR0001A 1,830,618 Total Program 22,708,828 Total Federal Agency 22,708,828 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 30,2023 Federal Federal/State Agency, Assistance Contract/Grant/Pass- Pass-through Entity Listing through Entity Total Federal Provided to Federal Program/State Projects Number Identifying Number Expenditures Subrecipients Department of Transportation: Direct Program: Federal Aviation Administration-Airport Improvement Program: Key WestAIP-3760 20.106 3-12-0037-060-2019 289,602 Key WestAIP-3761 20.106 3-12-0037-061-2020 54,705 Key WestAIP-3764 20.106 3-12-0037-064-2021 70,558 Key WestAIP-3765 20.106 3-12-0037-065-2021 718 Key WestAIP-3767 20.106 3-12-0037-067-2021 20,295 Key WestAIP-3768 20.106 3-12-0037-068-2022 1,138,488 Key WestAIP-3771 20.106 3-12-0037-071-2022 3,320,509 Key WestAIP-3772 20.106 3-12-0037-072-2022 14,294 Key WestAIP-3770 20.106 3-12-0037-070-2022 146,347 Key WestAIP-3775 20.106 3-12-0037-075-2023 6,702,813 Key WestAIP-3776 20.106 3-12-0037-076-2023 9,226,629 Key WestAIP-3777 20.106 3-12-0037-077-2023 6,941 Marathon AIP-4436 20.106 3-12-0044-036-2020 84,318 Marathon AIP-4438 20.106 3-12-0044-038-2021 23,000 Marathon AIP-4439 20.106 3-12-0044-039-2022 59,000 Marathon AIP-4440 20.106 3-12-0044-040-2022 1,544,379 Marathon AIP-4441 20.106 3-12-0044-041-2023 15,098 Marathon AIP-4442 20.106 3-12-0044-042-2023 7,082 Total Program 22,724,776 Federal Highway Administration: Passed through Florida Department of Transportation: Highway Planning and Construction Transportation Planning Program 2012 20.205 25222811408/G1A71 158,776 Florida Keys Heritage Trail Connection at Cudjoe Gardens 20.205 G2442 329,936 Card Sound Road at Mosquito Creek Bridge#904984 20.205 G21399 456,738 Card Sound Road at Tubbys Creek Bridge#904982 20.205 G2C00 455,658 Total Program 1,401,108 National Highway Traffic Safety Administration: Highway Safety Cluster Passed through Florida Department of Transportation: State and Community Highway Safety: Keys to Safe Biking&Hiking 20.600 G2A92 29,531 Distracted Driving Grant 20.600 G2D83 100,008 Motorcycle Safety Grant 20.600 G2D04 100,013 Total Highway Safety Cluster 229,552 Total Federal Agency 24,355,436 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 30,2023 Federal Federal/State Agency, Assistance Contract/Grant/Pass- Pass-through Entity Listing through Entity Identifying Total Federal Provided to Federal Program/State Projects Number Number Expenditures Subrecipients Department of Homeland Security: Staffing for Adequate Fire and Emergency Response(SAFER) 97.083 EMW-2020-FF-01440 2,102,397 Total Program 2,102,397 Passed through Florida Executive Office of the Governor: Emergency Management Performance Grant FY20-21 97.042 G0158 67,337 Emergency Management Performance Grant FY21-22 97.042 G0278 18,788 Emergency Management Performance Grant FY21-22 ARPA Compe 97.042 G0365 49,055 Disaster Grants-Public Assistance(Presidentially Declared Disaster 97.036 4673/Z73369 13,993 Disaster Grants-Public Assistance(Presidentially Declared Disaster 97.036 4486 49,115 Disaster Grants-Public Assistance(Presidentially Declared Disaster 97.036 4337/Z0002 1,077,330 Hazard Mitigation Grant 97.039 H0703 437,115 Hazard Mitigation Grant-Generators Phase 1 97.039 H0820 64,350 Hazard Mitigation Grant 97.039 H0847 3,112,885 Watershed Management Plan Update 97.039 H0856 15,966 Total Program 4,905,934 Passed through the City of Miami: Homeland Security Grant Program: Homeland Security Grant Program-2017 97.067 R0075 132,417 UASI 20 GE2108 97.067 GE2108 51,457 UAS121 RO521 97.067 R0521 151,261 Total Program 335,135 Total Federal Agency 7,343,466 Department of Housing and Urban Development: Passed through Florida Department of Community Affairs: Community Development Block Grants/State's program and Non- Entitlement Grants in Hawaii: Community Development Block Grant-Rock Harbor Jetty Key Largo 14.228 IR036 Community Development Block Grant-MIT Tavernier Fire Station 14.228 10157 28,328 Community Development Block Grant-CV Rowell's Park 14.228 H2474 16,800 Community Development Block Grant-Voluntary Home Buy Out 14.228 10092 4,115,165 Total Federal Agency 4,160,293 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 30,2023 Federal Federal/State Agency, Assistance Contract/Grant/Pass- Pass-through Entity Listing through Entity Total Federal Provided to Federal Program/State Projects Number Identifying Number Expenditures Subrecipients Environmental Protection Agency: Surveys,Studies,Investigations,Demonstrations,and Training Grants and Cooperative Agreements-Section 104(b)(3)of the Clean Water Act: MC Canal Management Master Plan 66.436 X7-02D01921 94,002 Total Federal Agency 94,002 United States Treasury Department: Equitable Sharing: Equitable Sharing Agreement 21.016 346,138 COVID-19-CORONAVIRUS STATE AND LOCAL FISCAL RECOVERYFUNDS COVID-19 State and Local Fiscal Recovery Funds ARPA 21.027 (CLFRF 3,764,875 Resources and Ecosystems Sustainability,Tourist Opportunities,and Revived Economies of the Gulf Coast States: RESTORE Coral Reef Restoration 21.015 RDCGR170068-01-00 120,842 RESTORE Coral Reef Restoration 21.015 RDCGR170099-01-00 892,699 Total Federal Agency 5,124,554 Total Expenditures of Federal Awards $ 65,265,832 $ 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 30,2023 Catalog of Federal/State Agency, State Financial Contract/Grant/Pass- Pass-through Entity Assistance through Entity State Federal Program/State Projects Number Identifying Number Expenditures Florida Executive Office of the Governor: Emergency Management Programs FY21-FY22 31.063 A0193 Emergency Management Programs FY22-FY23 31.063 A0280 $ 105,806 Total Department 105,806 Florida Department of Elder Affairs: Passed through The Alliance for Aging: Alzheimer's Respite Services: Alzheimer's Disease Initiative-2021 65.004 KZ2297 67,360 Alzheimer's Disease Initiative-2022 65.004 KZ2397 18,868 Total Department 86,228 Florida Department of Health: County Grant Awards: EMS County Award 64.005 C1044 43,563 Total Department 43,563 Florida Department of Environmental Protection: Statewide Surface Water Restoration Projects: Canal#28#259#291#475 Restoration 37.039 LPA0249 2,887,306 Canal#28&90 Backfill Restoration 37.039 LPA0241 2,101,737 Harry Harris Park Resilient Redesign 37.039 22FRP64 66,606 Total Program 5,055,649 Florida Keys National Marine Sanctuary Support: MC Canal#292 BPK Organic Removal 37.088 SD001 98,500 Resiliant Florida Program: MC Comprehensive Vulnerability Assessment Update and CompliE 37.098 22PLN66 3,500 MC Canal Restoration Work Plan Implementation 37.098 LPA0428 140,057 MC Natural Resources Adaption Plan 37.098 22PLN67 5,178 Key Colony Beach and Layton Comprehensive Vulnerability Asses 37.098 23PLN97 3,500 250,735 Total Department 5,306,384 The accompanying notes are an integral part of this schedule. (Continued) J-11 Monroe County,Florida Schedule of Expenditures of Federal Awards and State Financial Assistance Projects For The Year Ended September 30,2023 Catalog of Federal/State Agency, State Financial Contract/Grant/Pass- Pass-through Entity Assistance through Entity State Federal Program/State Projects Number Identifying Number Expenditures Florida Department of Juvenile Justice: Diversion Services: Intensive Delinquency Diversion Service 80.022 10634 193,667 Total Department 193,667 Florida Department of State: State Aid to Libraries-2020-2021 45.030 21-ST-35 59,164 Division of Historical Resources: Acquisition,Restoration of Historic Properties: Historic MC Courthouse Exterior Masonry Restoration 45.032 23.h.sc.100.044 59,290 Total Department 118,454 Department of Economic Opportunity Growth Management Implementation: Growth Management Implementation-Community Planning 40.024 P0467 50,000 Total Department 50,000 Florida Department of Transportation: Aviation Grant Programs: Key West Airport 55.004 43928529401/G1Q04 310,516 Key West Airport 55.004 43866629401/G1V31 181,628 Key West Airport 55.004 4413819401/GOR04 191,843 Key West Airport 55.004 44138329401/G1P33 200,813 Key West Airport 55.004 44241919401/G1007 133,723 Key West Airport 55.004 44241929401/G2E62 119,624 Key West Airport 55.004 44797819401/G1Q91 23,306 Key West Airport 55.004 44797919401/G1Q92 384,847 Key West Airport 55.004 44791119401/G2090 11,157,247 Key West Airport 55.004 45054019401/G2A61 109,663 Marathon Airport 55.004 43868029401/G1V30 138,620 Marathon Airport 55.004 43928629401/G1Q05 69,858 Marathon Airport 55.004 43959119401/GOU78 94,098 Marathon Airport 55.004 44242219401/G1009 6,313,689 Marathon Airport 55.004 44242119401/G1238 45,585 Marathon Airport 55.004 44241719401/G1237 16,062 Marathon Airport 55.004 44136329401/G1P50 4,439 Total Program 19,495,561 The accompanying notes are an integral part of this schedule. (Continued) J-12 Monroe County,Florida Schedule of Expenditures of Federal Awards and State Financial Assistance Projects For The Year Ended September 30,2023 Catalog of Federal/State Agency, State Financial Contract/Grant/Pass- Pass-through Entity Assistance through Entity State Federal Program/State Projects Number Identifying Number Expenditures Small County Outreach Program(SCOP): 1st Street and Bertha Roadway Improvements 55.009 44195915401/G1M93 544,506 Card Sound Road Mill and Resurface 55.009 44969315401/G1D13 225,381 Total Program 769,887 Total Department 20,265,448 Florida Fish&Wildlife Conservation Commission: Derelict Vessel Removal Program: Monroe County Derelict Vessel Removal 77.005 22107 78,656 Monroe County Derelict Vessel Removal 77.005 22085 92,362 Monroe County Derelict Vessel Removal 77.005 22143 180,000 Monroe County Derelict Vessel Removal 77.005 22160 111,334 Monroe County Derelict Vessel Removal 77.005 22269 62,175 Monroe County Derelict Vessel Removal 77.005 22293 170,168 Monroe County Regulatory and Information Buoy Replacement 77.006 FWC22028 22,088 Total Department 716,783 Passed through Department of Environmental Protection Monroe County Exotic Plant Removal Maintenance NA 13101-FK-177 100,000 Monroe County Exotic Plant Removal Maintenance NA 13101-FK-179 48,978 Total Department 148,978 Florida Housing Finance Corporation: State Housing Initiative Partnership Program(SHIP): State Housing Initiative Partnership Program 2021-2022 40.901 SHIP 20-23 FY21 FUNDS 18,867 State Housing Initiative Partnership Program 2022-2023 40.901 SHIP 20-23 FY22 FUNDS 479,066 State Housing Initiative Partnership Program 2023-2024 40.901 SHIP 20-24 FY23 FUNDS 319,865 Total Department 817,798 Total Expenditures of State Financial Assistance $ 27,853,109 The accompanying notes are an integral part of this schedule. (Continued) J-13 Monroe County, Florida Notes to Schedule of Expenditures of Federal Awards and State Financial Assistance Projects For the Year Ended September 30, 2023 Note 1. Basis of Presentation The accompanying schedule of expenditures of federal awards and state financial assistance (the Schedule) includes the federal and state grant activity of the Monroe County, Florida (County) under programs of the federal and state government for the year ended September 30, 2023. The information in this 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), and Chapter 10.650, Rules of the Florida Auditor General. Because the Schedule presents only a selected portion of the operations of the County, it is not intended to and does not present the financial position, and changes in net position or cash flows of the County. 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 Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance,wherein certain types of expenditures are not allowable or are limited as to reimbursement. Note 3. Subrecipients The County did not make sub-awards of federal awards or state financial assistance during the year ended September 30, 2023. Note 4. Indirect Cost Rate The County has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. Note 5. 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. J-14 Note 6. Fiscal Year Obligations From Disaster Grants At September 30, 2023, the Department of Homeland Security's Federal Emergency Management Agency (FEMA) had outstanding obligations totaling $3,423,083 for Monroe County under its Disaster Grants—Public Assistance Grant Program (ASL#97.036)for the County's recovery from Hurricane Irma. J-15 Monroe County, Florida Schedule of Findings and Questioned Costs For The Year Ended September 30, 2023 I. 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? x Yes _No 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 21.027 COVID-19 Coronavirus State and Local Fiscal Recovery Funds 95.001 High Intensity Drug Trafficking Areas Program 97.039 Hazard Mitigation Grant 97.083 Staffing for Adequate Fire and Emergency Response(SAFER) 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 55.004 Aviation Grant Programs Dollar threshold used to distinguish between type A and type B programs: Federal $1,957,975 State $835,593 Auditee qualified as low-risk auditee? Yes x No (Continued) J-16 Monroe County, Florida Schedule of Findings and Questioned Costs For the Year Ended September 30, 2023 II. Financial Statement Findings A. Internal Control IC 2023-001 —Financial Reporting Criteria: Management is responsible for the preparation and fair presentation of financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Internal control policies and procedures should provide reasonable assurance regarding the reliability of the financial reporting and disclosure of lease balances. Condition: We noted that management did not detect errors in reporting its lease related balances when implementing Governmental Accounting Standards Board Statement No. 87, Leases, (GASB 87) in the prior year. During the current year completeness review of their rental income accounts, we noted that a lessor lease with a third party was not previously identified and recorded with the adoption of GASB 87 in the prior year. This resulted in the understatement of the lease receivable and related deferred inflows of resources of approximately $1.1 million. Context: The condition relates to the proper accounting and financial reporting for leases on an ongoing basis and appears to be an isolated incident. Cause: The Airport has multiple leases with the third party and inadvertently missed the recognition of one lease during the implementation of GASB 87. Effect: See condition above. Current Year Recommendation: We recommend that management perform an annual completeness review of all lease balances, which should include a reconciliation of the detail listing of lease accounts to the general ledger and a review of governing board minutes to ensure that all leases are captured. Views of Responsible Officials and Planned Corrective Action: Management acknowledges that in FY 2022 one of the Airport's leases from 2012 was inadvertently missed during the implementation of GASB Statement No. 87. This was corrected during FY 2023. While the revenue from this lease was appropriately recognized and accounted for in the Airport's Statement of Revenues, Expenses, and Changes in Net Position, the lease was not included on the Statement of Net Position as a Lease Receivable and Deferred Inflows Related to Leases. Management will conduct another review of board minutes to ensure all lease arrangements that should be recognized are appropriately recognized. J-17 Monroe County, Florida Schedule of Findings and Questioned Costs For the Year Ended September 30, 2023 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-18 Monroe County, Florida Summary Schedule of Prior-Year Audit Findings For the Year Ended September 30, 2023 1— Financial Statement Findings No matters to report II—Federal Award and State Financial Assistance Findings and Questioned Costs No matters to report J-19 IIIIII�IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII RSM RrYMUSLLP, Management Letter in Accordance with the Rules of the Auditor General of the State of Florida 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, 2023, and have issued our report thereon dated March 28, 2024. Our report also included an emphasis of matter paragraph for the adoption of Government Accounting Standards Board (GASB)Statement No. 96, Subscription-Based Information Technology Arrangements, effective October 1, 2022. 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. There were no findings and recommendations made in the preceding annual financial audit report. Official Title and Legal Authority Section 10.554(1)(i)4., Rules of the Auditor General, requires that the name or official title and legal authority for the primary government and each component unit of the reporting entity be disclosed in the management letter, unless disclosed in the notes to the financial statements. The legal authority is disclosed in Note 1 to the financial statements. `I4E ��IOWIF4,I OF BV NtIG UNTO '4 II O(M; A�J Lr I'C J .I,. X K-1 Vr':A P Al i ,III^m. i,f I!,^A, .. tnr. t ,.. 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 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 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. Special District Component Units Section 10.554(1)(i)5.c, Rules of the Auditor General, requires, if appropriate, that we communicate the failure of a special district that is a component unit of a county, municipality or special district, to provide the financial information necessary for proper reporting of the component unit within the audited financial statements of the county, municipality or special district in accordance with Section 218.39(3)(b), Florida Statutes. In connection with our audit, we did not note any special district component units that failed to provide the necessary information for proper reporting in accordance with Section 218.39(3)(b), Florida Statutes. The County has one discrete component unit. The required information for the Monroe County Comprehensive Plan Land Authority(the Authority) is fulfilled by inclusion of such information in separately presented stand-alone audit reports. As required by Section 218.39(3)(c), Florida Statutes and Section 10.554(1)(i)6, Rules of the Auditor General, each dependent special district reported (unaudited): a. The total number of Authority employees compensated in the last pay period of the Authority's fiscal year as 4. 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 $478,069. d. All compensation earned by or awarded to nonemployee independent contractors,whether paid or accrued, regardless of contingency as $97,555. e. There were no 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. 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. This information is disclosed as required supplementary information in the Authority's September 30, 2023 financial statements. 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. K-2 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 note any such findings. 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. Fort Lauderdale, Florida March 28, 2024 K-3 IIIIII�IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII RSM RrYMUSLLP, Independent Accountant's Report on Compliance With Section 218.415, Florida Statutes Honorable Mayor and Board of County Commissioners Monroe County, Florida We have examined Monroe County Florida's (the County) compliance with Section 218.415, Florida Statutes, Local Government Investment Policies(the specified requirements)during the period October 1, 2022 to September 30, 2023. Management of the County is responsible for 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 AICPA. 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 specified requirements during the period October 1, 2022 to September 30, 2023. 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. V Fort Lauderdale, Florida March 28, 2024 `I4 E C�IOWIF4,I OF BE NIP G U IN O '4 III (N; A U Lr 1'C J .I,. X K-4 Vr':A P Al i ,III^m. i,f I!,^A, r ,°: , d i, ui draif .. tnr. t ,.. IIIIII�IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII RSM RrYMUSLLP, Independent Accountant's Report in Accordance with Section 365.172 and 365.173, Florida Statutes Honorable Members of the Board of County Commissioners Monroe County, 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 NumberE911 System Fund(the specified requirements)during the period October 1, 2022 to September 30, 2023. Management of the County is responsible for 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 AICPA. 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 specified requirements during the period October 1, 2022 to September 30, 2023. 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. Fort Lauderdale, Florida March 28, 2024 `I4E POWIP4 F BEPAG DRIP h U'4 III (N; A U Lr 1'C J .I,. X K-5 Vr':A P Al i ,III^m. i,f I!,^A, r ,°: , d i, ui draif .. tnr. t ,.. OTHER INFORMATION MONROE COUNTY, FLORIDA SCHEDULE OF RECEIPTS AND EXPENDITURES OF FUNDS RELATED TO THE DEEPWATER HORIZON OIL SPILL FOR THE YEAR ENDED SEPTEMBER 30,2023 Amount Amount Received in the Expended 2022-23 in the 2022-23 Source Fiscal Year Fiscal Year Environmental Clean Up Consortium: British Petroleum Agreement No. 140596 $ 36,286 $ - $ 36,286 $ - 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 2023, the County earned $36,286 in interest earnings on the settlement funds received from British Petroleum. From FY 2016 through FY 2023, the County earned $99,610 in interest earnings on these settlement funds bringing the total settlment and earnings to$1,207,557. L-1