Fiscal Year 1963 ERNEST A. RAMSEY
CERTIFIED PUOLIC ACCOUNTANT KEY WEST, FLOPIOA
November 18, 1963
Board of County Commissioners
Monroe County
Key West, Florida
[[ Gentlemen:
11/ I have examined the accounts of Meacham
Airport relative to receipts and expense for the fiscal year ending
30 September 1963. The examination was made in accordance with
generally accepted auditing standards applicable in the circumstances
and included all auditing procedures which I considered necessary.
In my opinion, the accompanying statements
fairly present the financial condition of the Meacham Airport for the
fiscal year ending 30 September 1963, and the results of its operations
for the fiscal year then ended.
Very truly yours,
Ernest A. Ramsey,
EAR:nh
RECEIPTS AND DISBURSEMENTS ANALYSIS
RECEIPTS 1963 1962
Airport Operation $37,734.70 $31,271.53
Interest on Deposits 1,042.20 906.50
Profit on Investments 2,616.81 1,583.70
Race Track Funds 55,500.00 56,000.00
Federal Aid 3,000.00
Total $99,893.71 $89,761.63
DISBURSEMENTS
Airport Operations $41,140.67 $36,273.49
Interest and Redemption
"1955 Series" 31,542.00 32,208.00
Interest and Redemption
"1956 Series" 11,482.50 11,737.50
Total $84,165.17 $80,218.99
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Occupational License for 1963 was $7,383.47; Beverage License $45,021.87; Race
Track Fund $103,400.00
OPERATING BUDGET FOR 1964; RECEIPTS
Interest on Time Deposits $ 600.00
Profit on Investments 1,300.00
Airline Fees and Rentals 15,420.00
Parking Lot 300.00
Hertz U Drive It Lease 8,000.00
Concession 4,800.00
Miscellaneous 7,000.00
Race Track Fund 56,000.00
OPERATING BUDGET FOR 1964; EXPENSES
Salaries $22,200.00
Public Utilities, Insurance and Maintenance 21,000.00
Miscellaneous 1,000.00
"Series 1955" Bonds -
Interest and Redemption 31,876.00
"Series 1956" Bonds -
Lir Interest and Redemption 11,227.50
MONROE COUNTY
MEACHAM AIRPORT REVENUE FUND
KEY WEST, FLORIDA
FISCAL YEAR BEGINNING OCTOBER 1,
1962 ENDING SEPTEMBER 30TH, 1963
Balance in Fund October 1, 1962 $ 34,572.84
INCOME
Interest on Deposits $ 1,042.20
Airline Fees and Rentals 15,844.65
Parking Lot 266.20
Hertz U Drive It Lease 7,999.92
Concession 3,211.14
Miscellaneous 10,412.49
Race Track Funds 55,500.00
Federal Aid 3,000.00 $ 97,276.60
$131,849.44
DISBURSEMENTS
Transfer to Operations and Management $43,000.00
Interest and Sinking Fund
"1955 Series" 31,542.00
Interest and Sinking Fund
"1956 Series" 11,355.00 $ 85,897.00
Balance in Fund 30 September 1963 $ 45,952.44
Mnre•
$10,000.00 Special Deposit
$35,952.44 Regular Deposit
The Florida National Bank at Key West
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MONROE COUNTY
MEACHAM AIRPORT OPERATIONS AND MAINTENANCE FUND
KEY WEST, FLORIDA
FISCAL YFAR BEGINNING OCTOBER 1,
1962,ENDING SEPTEMBER 30TH, 1963
Balance in Fund October 1, 1962 $ 9,157.00
RECEIPTS
Transfer from Airport Revenue Fund $43,000.00
TOTAL $52,157.00
DISBURSEMENTS
Salaries $22,254.36
4161, Utilities 7,301.17
Insurance 6,266.09
Maintenance 1,802.05
Miscellaneous 517.00
Capital Outlay 3,000.00 $41,140.67
(Taxi and Runways $2,200.00)
(Tie Downs 800.00)
Balance in Fund 30 September 1963 $11,016.33
MONROE COUNTY
MEACHAM AIRPORT DEVELOPMENT AND REPLACEMENT FUND
KEY WEST, FLORIDA
FISCAL YEAR BEGINNING OCTOBER 1,
1962 ENDING SEPTEMBER 30th, 1963
Balance in Fund October 1, 1962 $16,477.36
RECEIPTS _0_
DISBURSEMENTS -0-
Balance in Fund 30 September 1963 $16,477.36
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Note:
$1,688.36 Special Deposit at 3% Interest
$14,789.00 Special Deposit at 47, Interest
The Florida National Bank at Key West
MONROE COUNTY
MEACHAM AIRPORT INTEREST & SINKING FUND
SERIES 1955
FISCAL YEAR BEGINNING OCTOBER 1,
1962 ENDING SEPTEMBER 30TH, 1963
Balance in Fund October 1, 1962
Cash $ 8,352.66
Bonds 49,349.43 $57,702.09
RECEIPTS
Profits on Investments $ 1,873.51
Transfer from Airport Revenue Fund 31,542.00 $33,415.51
Total $91,117.60
DISBURSEMENTS
Interest Paid $13,542.00
Bonds Redeemed 18,000.00 $31,542.00
416.
Balance in Fund 30 September 1963
Cash $ 342.76
Bonds 59,232.84 $59,575.60
SECURITIES REDEEMED
Cost Sale Price Profit
U. S. Treasury Certificate 1/15/63 $18,406.07 $19,000.00 $ 593.93
U. S. Treasury Bills 7/15/63 30,943.36 32,000.00 1,056.64
U. S. Treasury Bills 7/15/63 * 5,980.12 6,000.00 19.88
U. S. Treasury Certificate 5/31/63 * 18,796.40 19,000.00 203.06
SECURITIES PURCHASED
U. S. Treasury Certificate 11/29/63 $ 6,954.54
of Indebtness - Due 4/15/64 13,719.32
U. S. Treasury Bill Due 7/15/64 36,616.04
U. S. Treasury Bill Due 7/15/64 1,942.94
U. S. Treasury Bill Due 7/15/64 * 5,980.12
U. S. Treasury Certificate
of Indebtnese 5/31/63 * 18,796.94
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MONROE COUNTY
MEACHAM AIRPORT REVENUE BONDS
KEY WEST, FLORIDA
"SERIES 1956"
FISCAL YEAR BEGINNING OCTOBER 1,
1962 ENDING SEPTEMBER 30TH, 1963
Balance in Fund October 1, 1962
Cash $ 5,469.10
Bonds 21,293.56 $26,742.66
RECEIPTS
Profit Sale Secruities $ 743.30
Total $27,485.96
Balance in Fund September 30th, 1963
Cash $ 1,469.30
Bonds 26,016.66 $27,485.96 ..S
SECURITIES REDEEMED
Coat Sale Price Profit
U. S. Treasury Bill due 7/15/63 $21,273.56 $22,000.00 $ 726.44
U. S. Treasury Bill due 7/15/63* 4,983.14 5,000.00 16.86
SECURITIES PURCHASED
U. S. Treasury Bill due 7/15/63* $ 4,983.14
U. S. Treasury Bill due 7/15/64 26,016.66
MONROE COUNTY
MEACHAM AIRPORT REVENUE BONDS
KEY WEST, FLORIDA
"SERIES 1956"
INTEREST AND SINKING FUND
FISCAL YEAR BEGINNING OCTOBER 1,
1962 ENDING SEPTEMBER 30TH, 1963
Balance in Fund October 1, 1962 $ 2,741.25
RECEIPTS
Transfer from Airport Revenue Fund $11,355.00
Total $14,096.25
DISBURSEMENTS
Interest Paid $ 5,482.50
Bonds Redeemed 6,000.00 $11,482.50
Balance in Fund 30 September 1963 $ 2,613.75
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MONROE COUNTY
MEACHAM AIRPORT REVENUE BONDS
KEY WEST, FLORIDA
FUNDED DEBT
"1955 Series" 3.70%
Date of Issue Maturity Date Amount - Redeemed
April 1st, 1955 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 4-1-61
1962 18,000.00 4-1-62
1963 18,000.00 4-1-63
1964 19,000.00 4-1-63
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
Total Outstanding $348,000.00
MONROE COUNTY
MEACHAM AIRPORT REVENUE BONDS
KEY WEST, FLORIDA
FUNDED DEBT
"1956 Series" 4.25%
Date of Issue Maturity Date Amount Redeemed
June 1st, 1956 1959 $ 5,000.00 6-1-59
1960 5,000.00 6-1-60
1961 5,000.00 6-1-61
1962 6,000.00 6-1-62
1963 6,000.00 6-1-63
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
Total Outstanding $123,000.00
MONROE COUNTY
MEACHAM AIRPORT
KEY WEST, FLORIDA
BALANCE SHEET AS OF SEPTEMBER 30TH, 1963
CURRENT ASSETS
Airport Revenue Fund $ 45,952.44
Airport Operations and Maintenance Fund 11,016.33
Airport Development and Replacement Fund 16,477.36
Airport Interest and Sinking Fund
"1955 Series" 59,575.60
Airport Interest and Sinking Fund
"1956 Series" 2,613.75
Airport Reserve Fund "1956 Series" 27,485.96 $163,121.44
FIXED ASSETS
Airport Terminal $595,880.91
Airport Runways 576,814.50
Fire Fighting Apparatus 15,211.00 $1,187,906.41
Total Assets $1,351,027.85
LIABILITIES
Funded Debt
Airport Revenue Bonds "Series 1955" 3.7%
(6-1-55) $348,000.00
Airport Revenue Bonds "Series 1956"
4.25% (6-1-56) 123,000.00
Interest Due 12-1-63 - "Series 1955" 6,438.00
Interest Due 12-1-63 - "Series 1956" 2,613.75 $480,051.75
Depreciation Reserves
Airport Terminal $ 53,628.00
Airport Runways 51,913.00
Fire Fighting Apparatus 9,126.00 $114,667.00
SURPLUS $756,309.10
Total Liabilities $1,351,027.85 j
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MONROE COUNTY
MEACHAM AIRPORT
KEY WEST, FLORIDA
INSURANCE SCHEDULE AS OF SEPTEMBER 30TH, 1963
American National Fire Insurance Company
Fire and Lightening Extended Coverage
Policy No. 150-62-54
Expiring 7-1-64
Airport Terminal Building $ 500,000.00
National Surety Corporation
Comprehensive Liability
Policy No. CL7-5351
Expiring 11-22-63
Bodily Injury $ 100,000.00 each person
$1,000,000.00 each accident
Property Damage $ 500,000.00 each accident
The Employer's Liability Assurance Corporation, Limited
`. Policy No. SP 13-31-64
Expiring 3-28-63
Neon Sign $ 1,582.00
New Amsterdam Casualty Company
Comprehensive Automobile Liability Policy
Policy No. LAC 993475
Expiring 11-1-63
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
Policy No. SC-712414
Expiring 1-8-63
New Amsterdam Casualty Company
Name Schedule Bond
Policy No. 34-05-76
Expiring 10-9-63 (renewed)
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