Fiscal Year 1983 & 1984 $
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MONtOE COUNTY, FLOR IDA
TOURIST DEVELOPMENT TRUST FUN)
1 FINAN;IAL STATEMENTS
YEARS ENDED SEPTEMBER 30, 1984 AN) 1983
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KEEP 8 ROSASCO
CERTIFIED PUBLIC ACCOUNTANTS
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CONTENTS
Page
[ Independent Auditors' Opinion i
` Financial Statements:
Balance Sheets 2
Statements of Revenues, Expenditures and Fund Balance 3
Statement of Revenues, Expenditures and Changes in Fund 4
Balance - Budget and Actual
Notes to Financial Statements 5
Management Letter 6-7
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KEMP f4 ROSASCO
Certified Public Accountants
1438 KENNEDY DR.
#12 LUANI PLAZA • P. O. BOX 309
r KEY WEST, FL 33041-0309
L ORVIS M. KEMP, C.P.A. (305) 294-2581 MEMBER OF AMERICAN INSTITUTE
WM. O. KEMP, C.P.A. AND FLORIDA INSTITUTE OF
PETER L. ROSASCO, Jr., C.P.A. CERTIFIED PUBLIC ACCOUNTANTS
MARVA E. GREEN, C.P.A.
DEREK PARKER, C.P.A.
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Honorable Members of the Board
of County Commissioners
Monroe County, Florida
We have examined the financial statements of the Monroe County, Florida
Tourist Development Trust Fund as of September 30, 1984 and 1983 and for the
years then ended listed in the accompanying table of contents. Our examina-
tion was made in accordance with generally accepted auditing standards and,
accordingly, included such tests of the accounting records and such other
auditing procedures as we considered necessary in the circumstances.
In our opinion, the financial statements referred to above present fairly the
financial position of the Monroe County, Florida Tourist Development Trust
Fund as of September 30, 1984 and 1983 and the results of its operations and
changes in fund balance for the years then ended, in conformity with generally
accepted accounting principles.
Kemp 8 Kosasc �
Certified Public Accountants
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February 14, 1985
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MONROE COUNTY, FLORIDA
TOURIST DEVELOPMENT TRUST FUND
BALANCE SHEETS
SEPTEMBER 30, 1984 AND 1983
1984 _ 1983
Assets:
Cash $ 98,942 $ 56,381
Investments 105,084 -
LDue from other governments 205,832 45,868
Total Assets $ 409,858 $ 102,249
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Liabilities - Vouchers Payable $ 54,495 $ 20,390
Fund Balance:
Reserved for encumbrances - 3,306
Unreserved 355,363 78,553
Total Fund Balance 355,363 81,859
Total Liabilities and Fund Balance $ 409,858 $ 102,249
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The accompanying notes are an integral
part of these financial statements
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EMONROE COUNTY, FLORIDA
TOURIST DEVELOPMENT TRUST FUND
LSTATEMENTS OF REVENUES, EXPENDITURES AND FUND BALANCE
FOR THE YEARS ENDED SEPTEMBER 30, 1984 AND 1983
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i 1984 1983
Revenues:
Tourist Tax Proceeds $ 966,019 $ 628,362
Interest Income 1 ,536 3,265
■ Total Revenues 967,555 631 ,627
LExpenditures:
Promotional Advertising 437,153 353,660
Promotional Events:
Cultural Events 59,030 43,000
Other promotional events 4241 42 67,985
5,922
Power Boat Association
L Tennessee Williams Fine Arts Council Events 30,587 27,000
Chamber of Commerce 24,763 33,150
Hemingway Days Festival 16,925 19,774
Fishing Tournament 16,686 -
Conch Republic Boat Race 15,000 -
Fantasy Fest 10,082 85,206
Administrative - 284
ITotal Expenditures 694,051 635,981
IExcess of Revenues Over (Under) Expenditures 273,504 (4,354)
Fund Balance, October 1 81 ,859 86,213
Fund Balance, September 30 $ 355,363 $ 81,859
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part of these financial statements
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EMONROE COUNTY, FLORIDA
TOURIST DEVELOPMENT TRUST FUND
L STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND
BALANCE - BUDGET AND ACTUAL
EFOR THE YEAR ENDED SEPTEMBER 30, 1984
■ VARIANCE
FAVORABLE
LBUDGET ACTUAL (UNFAVORABLE)
Revenues:
Tourist Tax Proceeds $ 720,881 $ 966,019 $ 245,138
EInterest Income - 1,536 1 ,536
�` Total Revenues 720,881 967,555 246,674
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Expenditures:
LPromotional Advertising 463,960 437,153 26,807
Promotional Events:
Fantasy Fest 10,082 10,082 -
E Power Boat Association 41,403 41 ,403
Cultural Events 92,612 59,030 3-
3,582
Chamber of Commerce 25,850 24,763 1 ,087
E Tennessee Williams Fine Arts
Council Events 30,587 30,587
Hemingway Days Festival 17,867 16,925 942
Fishing Tournament 28,730 16,686 12,044
I Conch Republic Boat Race 15,000 15,000
Other Promotional Events 44,204 42,422 1,782
ETotal Expenditures 770,295 a 76,244
Excess of Revenues Over (Under)
tExpenditures $ (49,414) 273,504 $ 322,918
Fund Balance, October 1 81 ,859
EFund Balance, September 30 $ 355,363
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IThe accompanying notes are an integral
part of these financial statements
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MONROE COUNTY, FLORIDA
TOURIST DEVELOPMENT TRUST FUND
LNOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1984 AND 1983
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NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Description and Purpose The Monroe County, Florida Tourist Development Trust
Fund ("T.D.T.F.") is a special revenue fund administered by the Monroe County
Tourist Development Council. The sole purpose of the TDTF is to promote
tourism in Monroe County. The TDTF receives Its principal funding from the 2%
local option tourist development tax collected by the State of Florida.
Basis of Accounting The TDTF follows the modified accrual basis of
accounting. Under the modified accrual basis, revenues are recorded as
received in cash except for the revenues susceptible to accrual and revenues
of a material amount that have not been received at the normal time of
receipt. Expenditures are recorded when obligations are incurred or when
benefits are received, except for Interest on general obligation bonds which
is recorded in the accounting period in which payment becomes due.
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KEMP Ed ROSASCO
Certified Public Accountants
1438 KENNEDY DR.
#12 LUANI PLAZA • P. O. BOX 309
r KEY WEST, FL 33041-0309
EORVIS M. KEMP, C.P.A. (305) 294-2581 MEMBER OF AMERICAN INSTITUTE
i WM. O. KEMP, C.P.A. AND FLORIDA INSTITUTE OF
PETER L. ROSASCO, Jr., C.P.A. CERTIFIED PUBLIC ACCOUNTANTS
MARVA E. GREEN, C.P.A.
DEREK PARKER, C.P.A.
�! Mr. Danny L. Kohlage
i Clerk Ex Officio
Board of County Commissioners
Monroe County, Florida
Key West, Florida 33040
Dear Sir:
We have examined the financial statements of Monroe County Tourist Development
Trust Fund (the "TDTF") for the years ended September 30, 1984 and 1983 and
have issued our report thereon dated February 14, 1985. As part of our exami-
nation, we made a study and evaluation of the TDTF's system of internal
accounting control to the extent we considered necessary to evaluate the
system as required by generally accepted auditing standards. The purpose of
our study and evaluation was to determine the nature, timing, and extent of
the auditing procedures necessary for expressing an opinion of the County's
financial statements. Our study and evaluation was more limited than would be
E necessary to express an opinion on the system of internal accounting control
taken as a whole.
The observations reported herein should be considered in the context of the
responsibility of management for establishing and maintaining a system of
internal accounting control , the objectives of and inherent limitations on
such a system, and the definition of a material weakness for purposes of this
report, which are described in the Appendix to this report.
Our study and evaluation made for the limited purpose described in the first
paragraph would not necessarily disclose all material weaknesses in the
system. Accordingly, we do not express an opinion on the system of internal
accounting control of TDTF taken as a whole. However, our study and eva-
luation disclosed no condition that we believe is a material weakness.
We appreciate the cooperation extended to us during the course of our examina-
tion. We would be pleased to discuss these matters further with you at your
convenience.
Sincere! ,
Kemp 8 Rosasco
Certified Public Accountants
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APPENDIX
MANAGEMENT'S RESPONSIBILITY FOR, AND THE OBJECTIVES AND LIMITATIONS OF,
INTERNAL ACCOUNTING CONTROL AND THE DEFINITION OF A MATERIAL WEAKNESS
The following comments concerning management's responsibility for internal
accounting control , the objectives of and the inherent limitations on a system
of internal accounting control , and the definition of a material weakness are
excerpts from Statements on Auditing Standards of the American Institute of
Certified Public Accountants.
Management's Responsibility
Management . .. is responsible for establishing and maintaining a system of
internal accounting control. In fulfilling this responsibility, estimates and
judgements by management are required to assess the expected benefits and
related costs of control procedures.
rObjectives
r The objectives of a system are to provide management with reasonable, but not
absolute, assurance that assets are safeguarded against loss from unauthorized
use or disposition, and that transactions are executed in accordance with
management's authorization and recorded properly to permit the preparation of
financial statements in accordance with generally accepted accounting
principles.
Limitations
Because of inherent limitations in any system of internal accounting control ,
errors or Irregularities nevertheless may occur and not be detected. Also,
projection of any evaluation of the system to future periods is subject to the
risk that procedures may become Inadequate because of changes in conditions or
that the degree of compliance with procedures may deteriorate.
Material Weakness
A material weakness (for the auditor's purpose) is a condition in which the
specific control procedures, or the degree of compliance with them, do not (in
the auditor's judgement) reduce to a relatively low level the risk that errors
or irregularities in amounts that would be material in relation to the finan-
cial statements being audited may occur and not be detected within a timely
period by employees In the normal course of performing their assigned func-
tions. These criteria may be broader than those that may be appropriate for
evaluating weaknesses In accounting control for management or other purposes.
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