Fiscal Year 1982 & 1983 4
MONROE COUNTY, FLORIDA
' CARD SOUND ROAD AND BRIDGE TOLL FACILITY
FINANCIAL STATEMENTS
SEPTEMBER 30, 1983 AND 1982
Y
KEMP 8 ROSASCO
CERTIFIED PUBLIC ACCOUNTANTS
4
CONTENTS
Page
i Independent Auditors' Opinion 1
Financial Statements:
Balance Sheets 2
Statements of Revenues, Expenses and Fund Equity 3
Statements of Changes in Financial Position 4
Notes to Financial Statements 5-6
Supplemental Schedule -
Computations of Toll Requirements 7
bond Compliance Letter 8
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KEMP f4 ROSASCO
Certified Public Accountants
1438 KENtJE DV DR. MEMBER OF AMERICAN INSTITUTE
ORVIS M. KEMP, C.P.A. #12 LUANl PLAZA 1• P. O. BOX 309 AND FLORIDA INSTITUTE OF
WM. O. KEMP, C.P.A. KEY WEST, FL 33041 0309 CERTIFIED PUBLIC ACCOUNTANTS
PETER L. ROSASCO, Jr., C.P.A. (305) 294.2581
MARVA E. GREEN, C.P.A.
Honorable Members of the
Board of County Commissioners
Monroe County, Florida:
We have examined the Balance Sheets of Monroe County Card Sound Road and
Bridge Toll Facility as of September 30, 1983 and 1982, and the related State-
ments of Revenues, Expenses, and Fund Equity, and Changes in Financial Posi-
tion for the years then ended. Our examination was made in accordance with
generally accepted auditing standards and, accordingly, included such tests of
the accounting records and such other auditing procedures as we considered
necessary in the circumstances.
In our opinion, the financial statements referred to above, present fairly the
financial position of Monroe County Card Sound Road and Bridge Toll Facility
as of September 30, 1983 and 1982, and the results of its operations and
changes in its financial position for the years then ended, in conformity with
generally accepted accounting principles applied on a basis consistent with
that of the preceding year.
Our examination was made for the purpose of forming an opinion on the finan-
'y cial statements taken as a whole. The supplemental schedule of Computations
of Toll Requirements is presented for additional analysis and is not a
required part of the financial statements. Such information has been sub-
jected to the auditing procedures applied in the examination of the financial
statements and, in our opinion, is fairly stated in all material respects in
relation to the financial statements taken as a whole.
Kemp & Rosasco
Certified Public Accountants
February 10, 1984
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MONROE COUNTY, FLORIDA
CARD SOUND ROAD AND BRIDGE TOLL FACILITY
STATEMENTS OF REVENUES, EXPENSES AND FUND EQUITY
FOR THE YEARS ENDED SEPTEMBER 30, 1983 AND 1982
1983 1982
Operating Revenues - Tolls $ 396,223 $ 377,465
Operating Expenses:
Personal services 122,806 113,631
Professional services 34,078 32,759
Repairs and maintenance 3,519 91,034
Depreciation 66, 145 66,219
Total Operating Expenses 226,548 303,643
Operating Income 169,675 73,822
Nonoperating Revenue ( Expense) :
Interest income 20,734 22,060
Interest expense & paying agent fees (83,032) (88, 171)
Other 5,669 28,813
Total Nonoperating Revenue (Expense) (56,629) (37,298)
Net Income 113,046 36,524
'
Fund Equity, October 1 576,246 539,722
Fund Equity, September 30 $ 689,292 $ 576,246
•
The accompanying notes are an integral
part of these financial statements.
i
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MONROE COUNTY, FLORIDA
CARD SOUND ROAD AND TOLL BRIDGE FACILITY
STATEMENTS OF CHANGES IN FINANCIAL POSITION
FOR THE YEARS ENDED SEPTEMBER 30, 1983 AND 1982
1983 1982
Sources of Working Capital :
Operations:Net Income $ 113,046 $ 36,524
Items not requiring current outlay of
working capital :
Depreciation 66, 145 66,219
Amortization of discounts on bonds 1,908 3,290
Working Capital Provided By Operations 181 ,099 106,033
Decrease in working capital - 1
Total Sources of Working Capital $ 181,099 $ 106,034
Uses of Working Capital :
Decrease in liabilities payable from
restricted assets:
Interest $ 239 $ 767
Revenue bonds 55,000 155,000
Total Decrease in Liabilities
Payable from Restricted Assets 55,239 155,767
Increase (Decrease) in restricted assets 125,860 (49,791)
Property additions - 58
Total Uses of Working Capital 8 181 ,099 $ 106,034
Increase (Decrease) In Components of
Working Capital :
Cash S 2, 525 $ 394
Accounts payable (2,525) 395
(Decrease) In Working Capital $ - $ ( 1)
The accompanying notes are an integral
part of these financial statements.
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MONROE COUNTY, FLORIDA
CARD SOUND ROAD AND BRIDGE TOLL FACILITY
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1983 AND 1982
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
General - The Monroe County Card Sound Road and Bridge Toll Facility (the
"Bridge") is an instrumentality of Monroe County (the "County") authorized
to own and operate the Monroe County Card Sound Bridge.
Basis of Accounting - The Bridge follows the accrual basis of accounting.
Restricted Assets - Assets that are designated for specified purposes
under revenue bond provisions (Note 2) are included in the accompanying
balance sheets as restricted assets.
Depreciation - Depreciation is provided using the straight-line method and
the following estimated useful lives:
Description Years
Roads and bridges 50
Equipment 5-10
Discount on Bonds Payable - Discounts on revenue bonds payable are amor-
tized using the straight-line method over the maturities of the related
bonds.
NOTE 2 - LONG-TERM DEBT
The Bridge is authorized to issue revenue bonds for the purpose of
constructing and improving Card Sound Road and Bridge. Such revenue bonds
are payable solely from the revenue generated by the Bridge and do not
constitute a general obligation of the County.
An interest rate of 5.75% per annum is payable semi -annually on the entire
- term bond issue, which matures September 1 , 1997.
Under the terms of the trust agreement relating to the revenue bonds, the
Bridge is required to establish and collect tolls which will be sufficient
at all times to pay 125% of the interest becoming due on such bonds in
such year, pay the annual installment of principal required to amortize
• the principal of such bonds according to a standard table of bond amor-
tization, create and maintain reserves for such purposes, and pay the
costs of maintaining and operating Card Sound Road and Bridge. Any excess
revenues must be set aside to repurchase bonds prior to maturity.
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MONROE COUNTY, FLORIDA
CARD SOUND ROAD AND BRIDGE TOLL FACILITY
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1983 AND 1982
• NOTE 3 - PENSION PLAN
The County participates in the Florida Retirement System (the ^System")
which covers substantially all of the County's full-time employees.
Presently, the System does not require contributions from covered
employees. Pension costs for Bridge employees for the years ended
September 30, 1983 and 1982, as required and defined by the System,
approximated $ 10,662 and $ 9,992 respectively .
Contributions of all participating agencies throughout the State of
Florida are pooled to fund accrued benefits under the System. System
officials have reported that the System has an actuarially computed
unfunded past service liability of approximately $4.3 billion as of July
1, 1980, the latest valuation date of the plan. This amount represents an
obligation of the System and not of the participating agencies. The most
recent actuarial study Indicates that, if certain assumptions are realized
and certain increases to the contribution rates are made, this unfunded
past service will be liquidated within 30 years.
1
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MONROE COUNTY, FLORIDA
CARD SOUND ROAD AND BRIDGE TOLL FACILITY
COMPUTATIONS OF TOLL REQUIREMENTS PURSUANT TO INDENTURE AGREEMENT
DATED JUNE 17, 1967, ARTICLE 111, SECTION 3.04 (A)
FOR THE YEARS ENDED SEPTEMBER 30, 1983 AND 1932
1983 1982
125% of Interest expense $ 103,790 $ 110,214
Bond principal amortization requirements 98,571 153,253
Cost of operations and maintenance 160,403 237,424
Renewal and replacement fund transfer 15,000 15,000
Annual tolls required 377,764 515,891
Actual collections 396,223 377,465
Excess (Deficiency) for the year 18,459 ( 138,426)
Cumulative deficiency, October 1 1 ,011,794 873,368
Cumulative deficiency, September 30 $ 993,335 $ 1 ,011,794
_7_
KEMP £4 ROSASCO
Certified Public Accountants
1438 KENNEDY DR. MEMBER OF AMERICAN INSTITUTE
ORVIS M. KEMP, C.P.A. #12 LUANI PLAZA • P. O. BOX 309
WM. O. KEMP, C.P.A. KEY WEST, FL 33041-0309 AND FLORIDA INSTITUTE OF
PETER L. ROSASCO, Jr., C.P.A. (305) 294-2581 CERTIFIED PUBLIC ACCOUNTANTS
MARVA E. GREEN, C.P.A.
Honorable Members of the
Board of County Commissioners
Monroe County, Florida
Dear Sirs:
We have examined the balance sheets of Monroe County Card Sound Road and
Bridge Toll Facility (the "Bridge") as of September 30, 1983 and 1982 and the
related statements of revenues and expenses and fund equity and of changes in
financial position for the years then ended and have rendered our opinion
thereon dated February 10, 1984. Our examination was made in accordance with
generally accepted auditing standards and, accordingly, included such tests of
the accounting records and such other auditing procedures as we considered
necessary in the circumstances.
In connection with our examination and with the exception of the item men-
tioned below, nothing came to our attention that caused us to believe that the
Bridge was not in compliance with any of the terms covenants, provisions or
conditions of Section 3.04, Article 111 , of the Indenture Agreement dated June
17, 1967, relating to the Bridge Revenue Bonds. However, it should be noted
that our examination was not conducted primarily towards obtaining knowledge
of such noncompliance.
Pursuant to Section 3.04(A) , Article 111 of the Indenture Agreement, we have
examined the accompanying computation of toll requirements for the years ended
September 30, 1983 and 1982. In our opinion, the computation has been made in
accordance with relevant provision of the Indenture Agreement, and such com-
putation shows a deficiency in the amount of toll collections at the Bridge
for the year ended September 30, 1982. However, it should be noted that toll
rates have been increased in accordance with the recommendation of the con-
sulting engineers so as to correct the delticiency.
40isirdelleerI
• Kemp 8 Rosasco
Certified Public Accountants
February 10, 1984