Fiscal Year 2000 MONROE 'COUNTY FLORIDA
PROPERTY APPRAISER
FINANCIAL STATEMENTS
SEPTEMBER 30 . 2000
KEMP & GREEN, P.A.
CERTIFIED PUBLIC ACCOUNTANTS
CONTENTS
Page
Independent ditrs@. pnrt - -
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Financial Statements:
Combined Balan Sheet All Fund Types and Account Groups 3
Statement of-Reverides, Expenditures, `and Changes .iIn Fund
BI-al ante m Gen6ral Fund, 4
Statement of Revenues, Expenditures and Changes- in Fund
Balance E and Actual. , g tar,yBasis) General
'Fund
Notes to Financial. Statements
Other Reports
Independent Auditors' Report on Compliance and, on Internal'
Control over Financial Reporting 1m1
Independent Auditors" Management getter 1 -14
GREEN,-
Certified Public Accountants
1438 KENNEDY DRIVE
P. O. BOX 1529
KEY WEST, FLORIDA 33 41-1529 MEMBER OF AMERICAN INSTITUTE
0< KEMP, C.P.A. (305) 4-2 A AND FLORIDA INSTITUTE OF
RVA E. GREEN, C.P.A. ' FAX (305) 294a477$ CERTIFIED 3CI ACCOUNTANTS
INDEPENDENT AUDITORS' REPORT
r. Ervin H. H ggs � ,
Property Appraiser
onroe- County, Florida
-We have audited the financial statements of the Property Appraiser of Monroe
County Florida "Property Appra serA� as,--of-.September , and for the
year then ended, , as listed 11 n the accdmpan ing table of 1 ..contents. These
financial sateren are. the responsibility of I the ,Property Appraiser. Our
res onsibi1ity. is to express an opinion on these financial statements based on
our audit. ,
e conducted our audit in accordance 'with generally accepted auditing
standards and Gdvernment Auditing standards, issued by the comptroller General
of ,the United States., These standards require that we plan :and perform the
audit .%to obtain reasonable assurance about whether the financial statements
are free', of material misstatement. n audit ncl odes examining, on a test;
basis evidence supporting .the amounts and disclosures in the financial
statements. -audit also includes assessing the 'accounting principles dace
and significant estimates .Made by management; as well as evaluating the
overall financial statement pre ntatibn. We believe that our audit provides
a reasonable-basis for-our opinion.
As discussed i,n Note 1, the fin ncIIal statements present only the. Property
Appraiser and are not intended to present fairly the financial position of
Monroe County, , Florida and the results of operations and cash flows of its
proprietary fund; types in conformity with generally accepted -a ounting
ri rnci pl es a
In our opinion, the financial statements referred tb,,abovd resent fairly, in
all. atrial respects, the financial ,position of the Property Appraiser as of
September 30,, ,2 00, and the results of its o erations ' fd - he year then ended
inconformity with generally accepted accounting principles.
In accordance with Government Auditing Standards,, we have also issued our
report dated January 25, 2001 on our consideration of the Prop rt,y Apprais r®.s
internal control over financial reporting, and our tests of its compliance
with certain provisions of laws, regulations; contracts and grants. That
report is an integral part of an audit performed i n,accordance with Government
Auditing, Standards. and should be read in conjunction with this report in.
considering our, results of our audit.
rCk
Kemp & Greens PEA
Certified PUblic Accountants
' January 25, 2001
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° MONROE. COUNTY FLORIDA
PROPERTY APPRAISER
COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUPS
SEPTEBER,30 2000
Governmental Account
Fund Tvp Group. Total
Long-Tern ( m ran-
n ral. Debt -dum onjjj
Assets:
Cash and Investments 0 g715: 0 ,'7 5
Accounts Receivable , 696 69
- Prepaid Expenses 15,640 - 1 , 0
Amount ,to:be Provided 1 , 8 , '116 1
Total Assets 521 051 118L 7�
Liabilities:
Accounts PayabTe 3,597 $ - 3,697
Accrued" ages.
And Benefits- Payable 0,421 - 60,421
'u . to ther,'Govern dr'ts, 77�2 - 77.,209
Long-Term Debt" 11 189 11:6,18
Total Liabilities 1 .2 7 116,189 257,416
Fund Balance 379 g 824' 37 ,82
Total Liabilities and
-Fund Balance 52 11o8 637. 0
The accompanying notes are ad integral
part ofthese financial statements.
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_MONROE COUNTY. FLORIDA
PROPERTY APPRAISER
" STATEHENT' OF REVENUES EXPENDITURES, AND -CHANGES
N FUND BALANCE a GENERAL FUND
FOR THE YEAR ENDED SEPTEMBLRL30 2000
Revenues:
Board of County Commissioners g94m7B
Other Taxing i'str° cts 3 s 35
Interest Income 23',567
_Miscellaneous .24660
Total Revenues 377$
Expenditures: _
Current-
General -Government: -
Personal Services' 1g 71.3, 5
Operating Expenses 459,52
Capital Outlay 2, 34
Total. Expenditures 2, 5: 8
Expenditures in Excess of Revenue 112,292
Fund Balances Beginning of Year 25 �532
Fund Balance, Endof,Yen 379.824
The accompanying notes are an integral
part of these financial statements
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MONROE COUNTY FLORIDA
PROPERTY APPRAISER
STATEMENT OF REVENUES AND EXPENDITURES AND CHANCES IN
FUND BALANCE - BUDGET AND ACTUAL_(BUDGETARY BASIS GENERAL FUND
-FOR THE YEAR ENDED SEPTEMBER 30 2000
Actual Variance
(Budgetary Favorabl,e
Budget Basis) (Unfacrable)
Revenues:
Board of County Commissioners $ 2,222,329, 1,954,,79 (267,5 1)
Other Taxing Districts 451,744 387,563 (64,181)
Interest Income 23,567 23,567
Miscellaneous 24.660 24,660
Total Revenues 2,674 073 2.39O 588 _ (2B3 4 5)
Expenditures:
Current:
General Governments
Personal Services L 915,894 1.70 ,068 207>826
Operating Expenses 568Q679 448B736 119,949
Capital Outlay 44 500 224 (47,734)
Total Expenditures . 2,529,073 2a249,032 280.0 1
Excess of Revenues'Overf
(Under) Expenditures 1450000 1456 (3, 4)
Other' Financing (Uses):
Reserve for Contingencies {145 000) 145.000
Excess of Revenues (Under)
Expenditures and ' t er Uses 141,556 141,556
Adjustments:
° o Adjust Expenditures for
Accrual's (10 6) (16,236)
To Adjust Revenues for Accruals S13 02B) (1 ,028)
Excess of Expenditures Over Revenues®
GAAP Basis of Accounting - 112,292 112,292
Fund Balance, Beginning of Year 267.11 532 267,532
Fu1nd Balance, End of Year $ 267y 32 $ 3790 24 Ii.2 292
The accompanying notes are an integral
part of these financial statements.
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d
O R E COUNTYFLORIDA
PROPER APPRAISER
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER-30, 2qOO
NOTE I SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of the signifip t accounting principles and
policies used in-the preparation of these-'financial statements.
rain Entity The Property Appraiser f MonroeCounty® Florida ("Property
Appraiser") is a separate C nstituti nal Officer as provided :by the laws cif
the Stag f Florida, For financial reporting pur os s, it i decried to be a
part of the County's primary government, and therefore is included as such in
the Monroe County Comprehensive Annual , inancial Report.
asis of Presentation - These financial Statements have been prepared in`
conformity with the a ountin prin ipl s- nd reporting i lines established
by the Governmental ' Accounting Standards card® The Property Appraiser,
utilizes the following fund t s 'and, aocnunt groups®
Governmental Fund Type:
The General, Fund - ,This fund is used to account for all revenue and
expenditures applicable to the general operations of the Prpdrty .Arasr
that'. are not required either 'legally or,'by. generally accepted accounting
principles to be accounted for in` anthr-fund.
Account, Group.
General. Lon -Term Debt Account Grain e i:s; ao nunt group is- established t
account for the long-term debt of _the Property Appraiser financed from
governmental funds.,
Oasis of Agobunt, The modified, accrual basis of -acccunting is followed b
the General Fund® Under the modified accrual -basis- of accounting, `revenues
are recorded when received or when susceptible to accrual , that is, measurable
and available to finance the Property Appraiser's ' operations. Expenditures
are recorded when the liability is incurred except fr ' acumulated sick, pay
and Vacation pay which is net recorded as n. expenditure. Budgets are
prepared on the dash basis®
MONROE COUNTY , FLORIDA
PROPERTY APPRAISER
NOTES TO FINANCIAL STATEMENTS
SPTE E 2000,
NOTE I w SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
add t ry Rom i ror ont xpondi turns are controlled by- appropriations in
accordance with the budget requirements -sot- forth in the Florida Statutes
The budgeted 'revenues and expenditures in the. accompanying financial
statements reflect all approved amendments.
General Fixed Assets - The tangible personal property used by theProperty', :
Appraiser in its operations is. s own in the General Fixed Assets Account Group.
of the Board of County Commissioners. In addition, the office space and
certain other expenditure items used in the Property Appraiser®s operations
are pro i,dod at nd'cost by the Board of County Commissioners.
Undistributed Excess Fees Florida Statutes rovide` that assessed fee revenue
collected by the Property Appraiser in excess. of expenditures ", shall be
retained and applied next year®s operating costs. The aourit of
undistributed excess fees , t the end of each -year applicable to 'the Board of
County Commissioners f Monroe County is reported as fund balance,
ern ensatod Absences - The-Property Appraiser's policy grants-employees annual .
leave and sick leave in varying amounts. Upon termination of emplo ent,
employees with six months ,or more of credited service can receive payment for
accumulated annual leave. In general , sick leave payments are granted ,upon
termination of, employment ent .to employees with five years or more, of credited
services The maximum payment is subject to percentages andmaximum' hour
limitations. A u u t d sick leave is accrued to the extent that such
amount*s . w ul normally be liquidated - with expendable available, financial
resources.. The remaining liability-is reflected in the General Lohg-Terlm Debt
Account Group.
Total Columns on' Combined Statements -'The column entitled "Totals (Memorandum'
Only)" of this report is. inclu ed for informational purposes only® This dotal
column is not comparable:. to consolidated financial information, as `the basic.
reporting entity is by fund type, and the various fun s: use different- bases of
accounting. In addition, interfund .ty e eliminations have not been, made in
arriving at the amounts included in this column.
dew
' MONROE COUNTY FLORIDA
PROPERTY APPRAISER
NOTES TO FT ANCTL STATEMENTS
EPTEM ER 30 2000
NOTE 2 CASH AND INVESTMENTS
Cash and investments at September 30, 2000 consist of the following;
Demand Deposits : 4 1
Demand and time deposits are fully insured in- accordance with Florida Statute
280, which established the multiply financial institution 'collateral pool .
Legallyperm-i ssi bl investments- 'are defined by Florida, Statute 125.31 and
primarily consist- of Federal and State securities,
NOTE 3 =. LONG.TERM DEBT
The following is a summary of changes in long,-term debt for the year ended
September 30, 2000.
Accrued
Compensated
Absences
Long Tara Debt, Beginning of Year 111® 7 .
Debt Issued 4®917
Long Term Debt, Enid of Year 11
COTE LEASE OBLIGATIONS
The Property Appraiser pays rent under c'ancelable perating leases for office
equipment. Rental expense for the current year amounted t 14,500.
OOE COUNTY FLORIDA
PROPERDLAPPRAISER
NOIESJO FINANCIAL STATEMENTS
SEPTEMBER 30 2000
NOTE'NOTE '5 RETIREMENT PLAN
Substantially allfull -time Property Appraiser employees are participants' i
the Florida, Retirement 'System ("The- System") , a. multipl - mpl yer® cost
sharing' public retirement system. The System, which is controlled , by, the
State L gislat r and administered y State of `Florida Department of
AdminIstration, ' Division of Retirement, covers approximately 591,>9 0 full -time
employees of various- governmental units within-the Stag of Florida
The System provides for vesting of, benefits after 10 years of creditable
service. Normal retirement ,benefits and available to employees' who retire at
or after 'age wit `10 or more years of srvigy early retirement i
available- after 10 years service with a '5 reduction of, benefits for each
year prier to normal retirement age Retirement benefits are, based upon age,
average compensation and years-of-service credit wher average compensation is
computed as the average of an individual 's five highest years of earnings
Employees are riot required to contribute to the System.
The Property Appraiser has n .resppnsib lity to the System other than to make
the periodic, payments required by state statutes. The Florida Division of
Retirement issues a publicly available ' finanl report that - includes
financial statement's and -required supplementary information for the System. '
The 'report may be obtained by writing to' Florida Division of Retirement, 2639
Monroe Street Building C® Tallahassee, FL 32399-1560.
Participating _,employer contributions are based 'upon ' state-wide rates
established :by the Stag : f l rida. These . rags `are applied to employee`.
salaries as follows: regular employees® 9p15 , special risk employees, 20m29 ,
and elected officials, 16.99 & . The Property Appraisgre"s contributions made
during the years ended Septemb r 30, 2000, 1999 and 1998 were $151,4 0,
16,000 and $235,406, respectively, ' equal to the actuarially determined
contribution requirements for each year®
NOTE 6 - DEFERRED COMPENSATION PLAN
The, Property Appraiser offers its employees 'a deferred compensation plan
created in accordance 'with Internal Revenue Code Section 457. The plan9
O ROE COUNTY FLORIDA
PROPERTY APPRAISER
TES TO FINANCIAL STATE E TS
SEPTEMBER 30 2000
NOTE 6 DEFER-REDCOMPENSATION P (Continue
available to all Property praiser mpl'oy os, permits them to, of r a portion
of thi r salary unti 1 future ears® arti;ci pati n._ in the Plan is optional .
The deferred compensation is net available to employees" until termination,
retirement, death, or unforeseeable emergencies.
Federal legislation converted the Section 457 deferred doensation assets
from the Property Appraiser assets to employee assets s a result of these
changes, plan assets are o longer subject to the claims of the Property
'Appraiser's eneral.. re itrm
NOTE 7 LITIGATION
The Property Appraiser 'is a defendant in various lawsuits and is involved in
other disputes wherein substantial amounts ar cla meda In the opinion , f. t e,
Property Appraiser, these suits and claims should not result in, judgments or
settlements which, in- aggregate, would have -a 'material effect on the' Property
raiser's financial ositio .
NOTE 8 w RISK MANAGEMENT
The Property Appraiser s exposed to various risks o -loss related t tort;
theft of, damage to, and destruction of assets, errors and omissions, injuries
to employees; and natural disasters. The Property Appraiser participates in
the coverage provided by the Board of County;Commissioners of Monroe County
for Workers Compensation, Group Insurance, and Risk Management internal
service funds. Under these programs, the Worker's Compensation Fund provides
$250, 00 coverage per claim for ,regular employees. The- Group Insurance Fund
provides coverage up to 35, 0 or -each medical claim. Risk Management
provides 10 ,000 for each general liability claim and 1100 000 for most
property damage claims. Windstorm; Flood and Property amage insurance excess
coverage- 'varies y individual property. The County purchases commercial
insurance for claims in excess of coverage r v ded by the funds an& for, all
other risks of loss® Settled claims have not exceeded this commercial coverage
in any of -the past three ,years. The Property Appraiser makes payments to the
Worker's Compensation, Group Insurance and Risk Management, Funds based on
estimates of the .amounts, needed to pay prior and current year claims.
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Certified Public Accountants
1438 ICNY DRIVE
P. 0. BOX 1529
KEY WEST, FLORIDA 3�3041-1529 MEMBER MERICAN INSTITUTE
YW o, P, C.P.A. (3 5) 294-2551 AND FLORIDA INSTITUTE of
MARVA_E. GREEN, C.P.A. FAX # (305) 94-4778 CERTIFIED PIUELIC ACCOI NTANTS
DEPENDENT AUDITORS® REPOT ON CO LIA C AND ON INTERNAL CONTROL OVER,
FINANCIAL REPORTING
Mr. Ervin H. Hi gs
Property Appraiser
Monroe-County® ,Florida
have audited the financial statements of the Property Appraiser of Monroe
Count , Florida ("Property Apprai's r") as of and for the year ended September
0 2000, and have, issued our report -thereon dated January 25, 0 1a We
conducted our audit .in accordance with generally accepted auditing standards
and' the standards applicable to financial 'audits contained in Government
Auditing Standards, issued- by tho .Co ptroll r General of:t o . nit d States
Compliance
s part of obtaining reasonable assurance about whether the Property'
Apprai sdr's financial - statements are free . of', material ' i sstatement, we
performed tests of its compliance , with certain provisions of laws
regulations, contracts .and grants, noncompliance with, which could have a
direct and material affect n the determination of `financial statement
amounts. However, prodding are 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 that
are required to be reported udder GoVernment Auditing Stan ar se
Internal Control Over Financial Re ortind
In planning and performing our audits we considers the Property Appraiser's
internal control over financial reporting in order to determine our auditing
procedures for the purpose of expressing. our opinion on the financial
statements and not to provide assurance on the internal control over financial
reporting. Our consideration of the internal control over financial 'reporting
would not n dessaril;y di'sdl so .all matters- in the . internal control over
financial reporting ,-that t might- be material weaknesses. Iaterial .wea ness is
a condition A which the design or, operation of one or more of the 'internal'
control components does, 'not reduce to a relatively low, level the risk that
misstatements in amounts that would be material in rel ati do to the financial
statements being audited may occur and not be detected within timely period
1
by employees .in the normal course of performing their assigned functions. . We
noted no matters involving .the internal control over financial reporting -and
its operation that we consider to be material weaknesses.
This4, report is intended solely .for the information and use of the Property
'Appraiser and members of the County and .State governments and is not intended .
to b and should not be used by anyone other than these sp ifi d .part s,
Kemp & Grp; P.Aa
Certified Public Accountants
January , . 1
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KEMP GREEN, *A.
-Certified Public Accountants
1438 KENNEDY DRIVE
P. 0. BOX 1529
KEY WEST, FLORIDA' 33 41-1529 MEMBER ERI A 114STITUTE
. 0. KEMP, C.P.A. -( 5).29 .25 1 AND FLORIDA INSTITUTE OF
MARVA E: GREEN, C.P.A. FAX # (3 5) 294-47713 CERTIFIED UEtiC ACCOUNTANTS
INDEPENDENT AUDITORS' MANAGEMENTIETTER
r. Ervin A. Higgs
PrbpertyAprfsr
Monroe County, -Florida
In planning and performing' our audit of the financial statements of the
:Property Appraiser of Monroe. C dnty Florida Appra sir°&} for the
year ended September 30, 2 .0 e considered the Property Appraiser's internal ,
control in order° to determine "our auditing, procedures for the purpose of
expressing our opinion on theL financial statements. Although our audit was
rent -deigned to provide 'assurance on internal control and its operations® we
`noted certain ratters involving internal control and its operation, .and ' ar
s bmitting for your consideration related r commendati hs., designed to help the
Property Appraiser flake improvements and achieve operational 'efficiencies.
Our, comments reflect our desire to o of donti n n asi stars to to Property
Appraiser.
pond i n Pri or� Year H s anagent Lttr Not 11t l dented
There were ,no recommendations and: suggested accounting procedures as outlined
in the-,Maln'agemeht Letter for the ;year ended S pt l b r _30 s 1999.
Current Year Findings
None.
OTHER REQUIRED RE -
Marva Green was the Auditor n,.Chargo for the audit of the Property Appraiser.
We attest that 'the Auditor i n Charge met the educational requirements pursuant
Jo Chapter 11.45, Florida Statutes. .
The Property Appraiser was not in a -stag of financial emergency as described
n Florida Statutes, Section 21 .5 3(l) .
e have reviewed, the- annual report filed with the Department of Banking and
Finance for Monroe County, Florida pursuant to Section 218.32, Florida
Statutes. This, report is in agreementwith, the annual audit report whi ch
mw incorporates the financial statements of the Property A ' aisere
R quirements,relative to Public Records Modernization Trust, money do not apply
-to the Property Appra sere
Thi s report is intended solely for' the 'information and use of the Property
Ap r�ai er .and members of the County and State governments and is not intended
tn .be and should not be used by anyone other than these specified 'parties
FA-
'Kemp & Green, P.A. .
Certified Public Accountants
January 25„ 200
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ZHE
4Qk 10
M ON�ROE COUNTY PROPERTY APPRAISER,
cc 2 r"
COUNTY COURTHOUSE
CO PO. BOX 1176
KEY WEST, FLORIDA 33041
CFA PHONE (305) 292-3420
ERVIN A. HIGGS, C.F.A.-CRA
Tuesday February 22, 2001.
Honorable Charles L. Lester
Auditor General
PO Box 1735
Tallahassee, Florida 32302
RE: Management Audit Response
Dear Mr. Lester:
In response to the Auditors Report on internal control for fiscal year 1999-2000, please
find the following:
There were no findings for the fiscal year 1999-2000
If you require any further information, please feel free to contact our office.
Sincerely,
ERVIN A. HIGGS, C.F.A.
MONROE COUNTY PROPERTY APPRAISER
EAH/j1k
MEMBER
PROFESSIONAL APPRAISERS ASSOCIATION OF FLORIDA
FLORIDA ASSOCIATION OF PROPERTY APPRAISERS-INTERNATIONAL ASSOCIATION OF ASSESSING OFFICERS
NATIONAL ASSOCIATION OF REVIEW APPRAISERS