Fiscal Year 1961 MONROE COUNTY
MEACHAM AIRPORT
STATEMENT OF OPERATIONS
30 SEPTEMBER 1961
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11 December 1961 K s r w c e ., PLO . IDA
Board of County Commissioners
Monroe County
Key West, Florida
Gentlemen:
I have examined the accounts of Meacham Airport relative to
receipts and expenditures for the fiscal year ending 30 September
1961. The examination was made in accordance with generally
accepted auditing standards, and included such tests of the account-
ing records considered necessary in the circumstances.
The records indicate all airport receipts and expenditures properly
accounted for. Total receipts from airport operations amounted to $48,
272. 40; Interest on investments, $2, 213. 97; Profit on exchanges or re-
demption of securities, $143. 44; making total receipts of $50, 629. 81.
Expenditures for operations and maintenance were $43,752. 13;
Interest Payments, $20, 787. 00; Bond Payments, $22, 000. 00; or total
expenditures of $86, 539. 13, which was $35, 909. 32 in excess of airport
receipts. The sum of $45, 000. 00 of race track receipts were deposited
to the Airport Revenue Fundtto prevent deficit spending.
During the fiscal year the County received from the sale of occupa-
tional licenses, $7, 595. 47; from the sale of beverage licenses, $30, 151.
88 and from racing funds, $93, 800. 00. It is noted that $56, 000. 00 of
racing funds have been budgeted for the current fiscal year.
For the past year $16, 477. 36 has remained inactive in the Develop-
ment and Replacement Fund. It is suggested these funds be invested in
short term U. S. Government Securities.
In my opinion, the accompanying statements fairly present the financial
position of the Meacham Airport Operations for the year ending 30 September
1961.
Very truly yours,
Ernest A. Ramsey, C. P.K
MONROE COUNTY •
MEACHAM AIRPORT REVENUE FUND
KEY WEST, FLORIDA
FISCAL YEAR BEGINNING OCTOBER 1,
11
1960 ENDING SEPTEMBER 30TH, 1961.
Balance In Fund 9-30-60 $19,846. 16
Income
Interest on Deposits $718. 68
Airline Fees and Rentals 24, 164. 86
Parking Lot 1,850. 83
Hertz, U-Drive It 8,734. 40 •
Concessions 2, 851. 62
Tour Desk Rentals 106. 00
Miscellaneous 9, 846. 01
Race Track Funds 45,000. 00 $93,272. 40
Total $113, 118. 56
II Disbursements
Transfer To
Operations and Maintenance Fund $50, 000. 00 ;^
Interest and Sinking Fund "1955 Afy
Series" 31,837. 00
Interest and Sinking Fund "1956 '3
Series" 10, 843. 75 F
$92, 680. 75 .•
' Balance In Fund 30 September 1961 $20,437. 81
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MONROE COUNTY
MEACHAM AIRPORT OPERATIONS AND MAINTENANCE FUND
KEY WEST, FLORIDA
FISCAL YEAR BEGINNING OCTOBER 1, •
1960 ENDING SEPTEMBER 30TH, 1961.
Balance In Fund 30 September 1960 $9, 182. 62
• Income
Transfer From Airport Revenue Fund $50,000. 00
Total $59, 182. 62
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Disbursements
Salaries $23, 034. 77•
Furnishings and Equipment 309. 00
Insurance 9,475. 72
Utilities • 8,972. 06
Maintenance 1, 655. 58
Miscellaneous 305. 00 $43, 752. 13
Balance In Fund 30 September 1961 $15,430. 49
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MONROE COUNTY
jl MEACHAM AIRPORT DEVELOPMENT AND REPLACEMENT FUND I!
KEY WEST, FLORIDA
FISCAL YEAR BEGINNING OCTOBER 1,
1960 ENDING SEPTEMBER 30TH, 1961.
Balance In Fund 9-30-60 - $16,477.36
No Transactions
Balance In Fund 30 September 1961 $16,477. 36
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MEACHAM AIRPORT CONSTRUCTION FUND •
II KEY WEST, FLORIDA
Balance In Fund 9-30-69 None j'
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inactive
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MONROE COUNTY
MEACHAM AIRPORT INTEREST & SINKING FUND •I
SERIES 1955
KEY WEST, FLORIDA
FISCAL YEAR BEGINNING OCTOBER 1,
1960 ENDING SEPTEMBER 30TH, 1961.
Balance In Fund September 30th, 1960
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Gash $4, 848. 79
Bonds $50, 000. 00 $54, 848. 79
Receipts I�
Interest on Investments $1,577. 31
Profit on Investments 85. 00 Fli
Transfer From Airport Revenue Fund 31,837. 00 $33,499. 31
Total
$88,348. 10
Disbursements
Interest Payments $14, 837. 00
v.• Bond Payment 17,000. 00 $31,837. 00
Balance In Fund 30 September 1961 $56,511. 10 Ij
Cash $7,477.09
Securities 49, 034. 01'
$56, 511. 10 - �I
Redeemed
U. S. Treasury Certificates
of Indebtedness 11-15-60 $18, 000. 00 Sale. - $18, 000. 00,
U. S. Treasury Certificates
of Indebtedness 8-1-61 $32, 000. 00 Sale - $32,085. 00
Cost $50, 000..00 Sale - $50,085. 00
Profit - $85. 00
Purchased
(32, 000. 00) U. S. Treasury
Bills due 7-15-62 $31, 101. 51
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(18,000. 00) U. S. Treasury iessals
Certificates of Indebtedness
due 11-15-61 $17,932. 50isiganiggaisiiasitinatans
' troll -arc. c., •.•;VFW
MONROE COUNTY II
MEACHAM AIRPORT REVENUE BONDS
KEY WEST, FLORIDA
SERIES 1956
RESERVE FUND
II
FISCAL YEAR BEGINNING OCTOBER 1, II
1960 ENDING SEPTEMBER 30TH, 1961.
Balance In Fund September 30th, 1960
Cash 53,429. 85 •
Bonds 22,000. 00 525,429.85
Receipts
Interest on Investments ;636. 66
Profit on Investments 58. 44 5695. 10 , �+
Total
;26, 124.g5 •
Disbursements INS
ry
"None" q n
Balance In Fund 30 September 1961 $26, 124. 95
Cash $4,742. 66
Bonds $21,382. 29
Redeemed jl
U. S. Treasury Certificates I;4
of Indebtedness due 8-1-61
$22,000. 00 $22,058. 44 '.
Cost 22,000. 00
Profit $58. 44
Purchased
U. S. Treasury Bills (522,000. 00)
Due 7-15-62 $21,382.29
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MEACHAM AIRPORT REVENUE BONDS
KEY WEST, FLORIDA
SERIES 1956
INTEREST AND SINKING FUND
1956 BOND FUND
FISCAL YEAR BEGINNING OCTOBER 1,
1960 ENDING SEPTEMBER 30TH, 1961.
Balance In Fund September 30th, 1960 $2,975. 00
Receipts
Transfers From Airport Revenue Fund $10,843.75
Total $13,818. 75
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Disbursements
Interest Payment. $5,950. 00
Bonds Redeemed 5,000.00 $10,950. 00
Balance In Fund 30 September 1961 $2,868.75
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MONROE COUNTY
MEACHAM AIRPORT REVENUE BONDS
KEY WEST, FLORIDA ,
FUNDED DEBT
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Meacham Airport Revenue
Bonds 4. 25% Maturity
"1956 Series" Date Amount Redeemed
June 1st 1959 - $5,000. 00 6-1-59 i
1960 5,000. 00 6-1-60 ,+
1961 5, 000. 00 6-1-60
1962 6,000. 00 • .,a
1963 6, 000. 00 _ -
1964 6, 000. 00
1965 6,000. 00
1966 7,000. 00
1967 7, 000. 00 I
1968 7,000. 00 -
1969 7, 000. 00
1970 7, 000. 00
1971 8,000.00 i •f>
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.
Total Outstanding $135,000. 00
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• MONROE COUNTY
MEACHAM AIRPORT REVENUE BONDS
KEY WEST, FLORIDA
FUNDED DEBT
ii Meacham Airport Revenue •
Bonds 3. 7% Maturity
"1955 Series" Date Amount Redeemed
INI April 1st 1958 $16,000. 00 4-1-58
1959 16, 000. 00 4-1-59.
ii 1960 17, 000. 00 4-1-60
1961 17,000. 00 4-1-61
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 I J
1974 28, 000. 00
1975 29,000. 00
1976 30, 000. 00
1977 31,000. 00
Total $450, 000. 00
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Total Outstanding $384, 000. 00
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MONROE COUNTY
MEACHAM AIRPORT
KEY WEST, FLORIDA
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INSURANCE SCHEDULE AS OF SEPTEMBER 30TH, 1961.
I Employers Casualty Company
Policy SPF No. 80-89-71C
Expiring 3-28-62
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 11-22-62
Birmingham Fire Insurance Company
Combination Automobile Policy •
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No. AC 28 82 50 A ?
Bodily Injury $100,000. 00 Each Person
$300, 000. 00 Each Accident
Property Damage $5,000. 00 Each Accident
New Amsterdam Casualty Company
Workmen's Compensation and
Employer's Liability Policy
No. SC 631377
Expiring 1-8-62
American National Fire Insurance Company
Fire, Lightening, Extended Coverage - N
Policy No. 19 96 68
Expiring 7-1-62 •
Airport Terminal Building
$500, 000. 00
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MONROE COUNTY •
• MEACHAM AIRPORT
KEY WEST, FLORIDA
BALANCE SHEET AS OF SEPTEMBER 30TH, 1961.
Assets
Meacham Airport Revenue Fund $20,437. 81
Meacham Airport Operations
and Maintenance Fund 15,430. 49
Meacham Airport Development
and Replacement Fund 16,477.36
Meacham Airport Interest and
Sinking Fund "1955 Series" 56,511. 10
Meacham Airport Interest and
Sinking Fund "1956 Series" - 2,868.75
Meacham Airport Reserve Fund
"1956 Series" 26, 124. 95
Airport Terminal 593,880.91
Airport Runways 576,814. 50
s Fire Fighting Apparatus 15,211. 00
Total Assets $1,325,756. 87
Liabilities
Funded Debt
Meacham Airport Revenue B onds
"Series 1955" 3. 7% (6-1-55) $384, 000. 00
Meacham Airport Revenue Bonds
"Series 1956" 4. 25% (6-1-56) $135, 000. 00
Interest Due 12-1-61 55 Series $7, 104. 00
Interest Due 12-1-61 56 Series $2,868.75 ryyl
Reserve, Depreciation Airport Terminal $17,876. 00
Reserve, Depreciation Airport Runways $17,384. 00 1�
Reserve, Depreciation Fire Fighting .{
Apparatus $3,042. 00 :d
Surplus $758,482. 12 j1
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Total Liabilities $1,325,756.87
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