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Fiscal Year 1960 r AUDIT MEACHAM AIRPORT COUNTY OF MONROE KEY WEST, FLORIDA SEPTEMBER 30TH, 1960 L J L iv 1.• 11 tt tl tt III tt Itt tl ti 1 I 1i01r11s • A . eAManr OCR d Y WEST. ► t s e..P e A December 2, 1960 Beard of County Commissioners Monroe County Key west, Florida Gentlemen: I have examined the account.: of the Meacham Airport t*Ltln to receipts mad expenditures fay the final year ending 30 Aap*niber l%0. The examination was made in ancordaace with generally accepted sating Msadards, and included such tests of the *scooting records considered necessary in the circumstances. The records indicate all airport receipts and expenditures properly accounted for. Total receipts for the fiscal year were $77,729.69, 1 decrease of$26,796.65 from the previous year. Operations, malateaeaiRe and Road Resolution Requirements were Sill,522.25, or a deficit is tetel operations of $3,792.56. It is acted that $45,000.00 of racing funds have been budgeted tor the current fiscal year. For receipts to equal disbursements, it appears that some km of retrenchment will be necessary in addition to the above amount of racing funds. 1 During the past fiscal year the Cooty received from the sale of occupational license., $6,574. 10; from the sale of beverage licenses, $29,047.50; and from racing fads, $94,350. 00. In my..opisian, the accompanying statements fairly present the financial position of the Meacham Airport Operations for the year ending 30 September 1960, in conformity with generally accepted priacipin. Very truly yours, Ernest A. Ramsey, C.P. r {ll: MONROE COUNTY MEACHAM AIRPORT REVENUE FUND KEY WEST, FLORIDA FISCAL YEAR BEGINNING OCTOBER 1, 1959 ENDING SEPTEMBER 30TH, 1960. Balance In Fund 9-30-59 $23,438. 72 Income Airline Fee and Rentals $42,332. 55 Parking Lot 10,835. 70 Couture U Drive It 9,487. 77 Fixed Base Operator 642. 82 Concessions 4,454.42 Tour Desk Rentals 1,365. 00 Miscellaneous 7,439. 59 interest on Bank Accounts 371. 84 Performance Bond 1, 000. 00 $77,929. 69 Total $101,368. 41 Disbursements Transfer to 1955 Interest & Sinking Fund $32,466. 00 1956 Interest & Sinking Fund 11,056. 25 Operations & Maintenance Fund 38, 000. 00 $81,522. 25 Balance In Fund 9-30-60 $19,846. 16 II 3 MONROE COUNTY MEACHAM AIRPORT OPERATIONS & MALNTENANCE FUND KEY WEST, FLORIDA FISCAL YEAR BEGINNING OCTOBER 1, 1959 ENDING SEPTEMBER 30TH, 1960. Balance In Fund 9-30-59 $25, 881. 46 Income Transfer from Airport Revenue Fund $38, 000. 00 Total $63, 881. 46 Disbursements — Salaries $31 , 008. 00 11110 Insurance 5,803. 87 Utilities 12, 648. 04 Furnishings 114. 53 Miscellaneous 644. 61 Maintenance 4, 479. 79 $54, 698. 84 Balance In Fund 9-30-60 $9, 182. 62 4 i • MONROE COUNTY 4 MEACHAM AIRPORT CONSTRUCTION FUND KEY WEST, FLORIDA FISCAL YEAR BEGINNING OCTOBER 1, 1959 ENDING SEPTEMBER 30TH, 1960. Balance In Fund September 30, 1959 $1, 688.36 Receipts "None" Disbursements Transfer to Airport Development and Replacement Fund $1, 688. 36 Balance In Fund September 30, 1960 None MONROE COUNTY MEACHAM AIRPORT DEVELOPMENT AND REPLACEMENT FUND KEY WEST, FLORIDA Balance In Fund September 30, 1959 $14,789. 00 Receipts • Transfer From Construction Fund $1, 688.36 Total $16,477. 36 • Disbursements • "None" Balance In Fund September 30, 1960 $16,477. 36 3 a.Y.. _ • MONROE COUNTY MEACHAM AIRPORT INTEREST & SINKING FUND SERIES 1955 KEY WEST, FLORIDA FISCAL YEAR BEGINNING OCTOBER 1, 1959 ENDING SEPTEMBER 30TH, 1960. Balance In Fund September 30th, 1959 $52,557. 93 Receipts • Transfer From Airport Revenue Fund $32, 466. 00 Interest 2,290. 86 $34,756. 86 Total $87,314. 79 Disbursements Bond Payment $17,000. 00 Interest Payments 15,466. 00 $32,466. 00 li Balance In Fund $54, 848. 79 Cash $4,848. 79 Securities $50, 000. 00i, U. S. Treasury Certificate of Indebtedness due 8-1-61 3. 125% Interest $32, 000. 00 U. S. Treasury Certificate of Indebtedness due 11-15-60 4. 75% $18,000. 00 ry MONROE COUNTY MEACHAM AIRPORT REVENUE BONDS KEY WEST, FLORIDA SERIES 1956 j RESERVE FUND Ir I FISCAL YEAR BEGINNING OCTOBER 1, 1959 ENDING SEPTEMBER 30TH, 1960. �I II j Balance In Fund September 30th, 1959 $24,344.44 Receipts Interest on U. S. Securities $1,085.41 Total ;25,429. 85 Ii Mabareemeate Balance In Fund 9-30-60 $25,429. 85 it Cash $3,429.85 I, Securities 22,000.00 �I U. S. Treasury Certificate of Indebtedness due 8-1-61 3. 125% $22,000.00 , I t MONROE COUNTY MEACHAM AIRPORT REVENUE BONDS KEY WEST, FLORIDA SERIES 1956 INTEREST AND SINKING FUND 'I 1956 BOND FUND FISCAL YEAR BEGINNING OCTOBER 1, 1959 ENDING SEPTEMBER 30TH, 1960. Balance In Fund September 30th, 1959 $3, 081. 25 Receipts Airport Revenue Fund $11,056. 25 Total $14, 137. 50 Disbursements 4110— Bonds Redeemed $5, 000. 00 Interest Paid $6, 162. 50 $11, 162. 50 Balance In Fund 9-30-60 $2, 975. 00 II Q N v a MONROE COUNTY MEACHAM AIRPORT REVENUE BONDS KEY WEST, FLORIDA FUNDED DEBT Meacham Airport Revenue Bonds 4. 25% Maturity "1956 Series" Date June let 1959 $5,000. 00 Redeemed 6-1-59 1960 5,000. 00 Redeemed 6-1-60 1961 5,000. 00 1962 6,000. 00 1963 6,000. 00 1964 6, 000. 00 1965 6, 000. 00 1966 7,000. 00 1967 7,000. 00 1968 7,000. 00 1969 7,000. 00 1970 7, 000. 00 1971 8,000. 00 1972 8,000. 00 1973 9,000. 00 1974 9,000. 00 1975 10,000. 00 1976 10, 000. 00 1977 11, 000. 00 1978 11,000. 00 Total $150,000. 00 Outstanding 9-30-60 $140, 000. 00 MONROE COUNTY MEACHAM AIRPORT REVENUE BONDS KEY WEST, FLORIDA FUNDED DEBT Meacham Airport Revenue Bonds 3. 7% Maturity "1955 Series" Date Redeemed April 1st 1958 $16, 000. 00 4-1 -58 1959 16, 000. 00 4-1-59 1960 17, 000. 00 4-1-60 1961 17, 000. 00 1962 18, 000. 00 1963 18, 000. 00 1964 19, 000. 00 1965 20, 000. 00 1966 21, 000. 00 1967 22, 000. 00 1968 23, 000. 00 1969 23, 000. 00 1970 24, 000. 00 1971 25, 000. 00 1972 26, 000. 00 1973 27, 000. 00 1974 28,000. 00 1975 29, 000. 00 1976 30, 000. 00 1977 31, 000. 00 Total $450, 000. 00 Outstanding 9-30-60 $401, 000. 00 L - 3 MONROE COUNTY MEACHAM AIRPORT KEY WEST, FLORIDA INSURANCE SCHEDULE AS OF SEPTEMBER 30TH, 1960 Employers Casualty Company Policy SPF No. 73 -05-22C Expiring 3-28-61 Neon Sign $1, 582. 00 National Security Corporation Comprehensive Liability Policy No. CL7-53-51 Bodily Injury $100, 000. 00 Each Person $1, 000, 000. 00 Each Accident Property Damage $500, 000. 00 Each Accident Expiring 11-22-01 Birmingham Fire Insurance Company Combination Automobile Policy No. AC 2882 50 A Bodily Injury $100, 000. 00 Each Policy $300, 000. 00 Each Accident Property Damage $5, 000. 00 Expiring 11-1 -61 New Amsterdam Casualty Company Standard Workmen's Compensation and Employers Liability Policy No. SC 63 00 13 Expiring I -8-61 Rochester American Insurance Company Fire & Lightening, Extended Coverage Policy No. 19-96-68 Expiring 7-1 -61 Airport Terminal Building $500, 000. 00 MONROE COUNTY :: '. MEACHAM AIRPORT �I KEY WEST, FLORIDA BALANCE SHEET AS OF SEPTEMBER 30TH, 1960. Assets Meacham Airport Revenue Fund $19, 846. 16 Yr Meacham Airport Operations and Maintenance Fund 9, 182. 62 Meacham Airport Development and Replacement Fund 16,477. 36 Meacham Airport Interest & Sinking Fund "1955 Series" 54,848. 79 Meacham Airport Interest & Sinkingi, Fund "1956 Series" 2,975. 00 Meacham Airport Reserve Fund "1956 Series" 25, 429. 85 $128, 759. 78 Airport Terminal 595,880. 91 Airport Runways 576, 814. 50 �1 4110— Fire Fighting Apparatus 15, 211. 00 $1, 187,906,41 Total Assets $1,316, 666. 19 Liabilities it Funded Debt Meacham Airport Revenue Bonds "Series 1955" 3. 7% (6-1-55) $401, 000. 00 Meacham Airport Revenue Bonds "Series 1956" 4. 25% (6-1-56) $140, 000. 00 Interest Due 12-1 -60 55 Series $7,418. 50 Interest Due 12-1-60 56 Series $2,975. 00 $551,393. 50 Surplus $765,272. 69 Total Liabilities $1,316,666. 19 rlif jl f k i liil il 11 h II li II l 1 ir il I1 I 1 i III 1 11 II 1I