Fiscal Year 1966 •
E R N EST A. RAMSEY
, I , t e • U • l I C ACCOUNTANT
KEY WEST, F L O R I D A
October 31,1966 P.O.Box 1151
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Board of County Commissioners
Monroe County
Key Ylest,Fiorida.
Gentlemen:
I have examined the accounts of Meacham Airport
relative to receipts and disbursements for the fiscal year
ending September 30th,1966. 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 fair-
ly present the financial condition of Meacham Airport for
the fiscal year ending September 30th,1966 and the results
of its ?operation. for the final year then ended,
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Very truly yours,
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'P — Y • irei
Ernest A.Bamsey, CPA.
MONROE COUNTY
MEACHAM AIRPORT
KEY WEST, FLORIDA
SEPTEMBER 30TH,1966
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BALANCE SHEET
CURRENT ASSETS
Airport Revenue Fund $48736.96
Airport Operations and Maintenance Fund 3234.29
Airport Development and Replacemet Fund 18395.54
Airport Interest and Sinking Fund
"Series 1955" 65809.87
Airport Interest and Sinking Fund
"Series 1956" 2210.00
Airport Reserve Fund
"Series 1956" 30629,54 $169016.20
FIXED ASSETS
Airport Terminal Building $595880.91
Airport Runways 576814.50
Fire Fighting Apparatus 15211.00 $1187906.41
TOTAL ASSETS $1356922.61
LTARTT ITIFS
Airport Revenue Bonds "Series 1955" 3.70% 288000,00
Airport Revenue Bonds "Series 1956" 4.25% 104000,00
Interest Due 12-1-66 "Series 1955" 5328.00
Interest Due 12-1-66 "Series 1956" 2210.00 $ 399538,00
DEPRECIATION RESERVE
Airport Terminal Building $107238.00
Airport Runways 103825.00
Fire Fighting Apparatus 15211.00 $ 226724.00
SURPLUS $ 731110.61
TOTAL LIABILITIES $1356922.61
MONROE COUNTY
LMEACRAM AIRPORT
KEY WEST, FLORIDA
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SEPTEMBER 30TH,1966
AIRPORT REVENUE FUND
BALANCE IN FUND OCTOBER 1,1965 $62124.98
RECZkflb
Interest on Deposits $ 600.00
Airline Fees and Rentals 23867.33
Parking Lot 1202.57
Hertz U Drive-It Lease 8000,00
Concessions 8627.43
Other Income 9816,40
Race Track Funds 23500.00 $75613.73
TOTAL $137738.71
DISBURSEMENTS
Transfer to Operations
and Maintenance $45000.00
Transfer to Interest and
Sinking Fund "Series 1955" 32433,00
Transfer to Interest and
Sinking Fund "Series 1956" 11568.75 $ 89001.75
BAT,ANCE IN FUND SEPTEMBER 30TH,1966 $ 48738,96
NOTE:
Cash $28738.96
Special Deposit 20000,00
4-16-66 4%
MONROE COUNTY
MEACHAN AIRPORT
KEY WEST, FLORIDA
SEPTEMBER 30TH,1966
AIRPORT OPERATIONS AND MAINTENANCE FUND
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BALANCE IN FUND OCTOBER 1,1965 $6724.76
RECEIPTS
Transfer From Airport Revenue Fund $45000.00
Cash Performance Bonds 2250.00 47250.00
TOTAL $53974.76
DISBURSEMENTS
Salaries $30601,23
Utilities 9627.42
Insurance 6691.99
Maintenance 3148.35
Other 671.48 50740,47
BALANCE IN FUND SEPTEMBER 30,1966 $ 3234.29
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MONROE COUNTY
MEACHAM AIRPORT
KEY WEST, FLORIDA
• SEPTEMBER 30TH,1966
AIRPORT DEVEIOPXENT AND REPLACEMENT FUND
BALANCE IN FUND OCTOBER 1,1965 $17736.44
RECEIPTS
Interest on Deposits 659.10
TOTAL $18395.54
DISBURSEMENTS -0-
BALANCE IN FUND SEPTEMBER 30TR.1966 $18395.54
Notes
Cash $1918.18
Time Deposit 2-16-66 1688.36 4%
Tiae Deposit 7-14-66 11+789.00 44
MONROE COUNTY
hEACHAN AIRPORT
KEY WEST, FLORIDA
SEPTEN.BER 3OTB,1966
AIRPORT INTEREST AND SINKING FUND
"SERIES 1955"
BALANCE IN FUND OCTOBER 1,1965
Cash $3353.37
U.S.GOVTtSecuritiea 6006?.40 $63420,77
RECEIPTS
Transfer From Airport Revenue Fund $32433.00
Profit on Investments 2389.10 34822.10
TOTAL $982k2.87
DISBURESNENTS
INTEREST PAID $11433,00
BONDS PAID 21000,00 $32433,00
BALANCE IN FUND SEPTEMBER 3OTB,1966 $65809.87
NOTE:
Cash $476.56
U.S.Treasury Bills 65333.31
S45000.00 Due 6-30-67 Cost $42857.10
$23000.00 Due 11-30-66 Coat $22476.21
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rMONROE COUNTY
PEACHAM AIRPORT
KEY WEST, FLORIDA
SEPTEMBER 30TH,1966
AIRPORT INTEREST AND SINKING FUND
"SERIES 1956"
BALANCE IN FUND OCTOBER 1,1965 $2358.75
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RECEIPTS
Transfer From Airport Revenue Fund 11568.75
TOTAL $13927.50
DISBURSEMENTS
Interest Paid $4717,50
Bonds Paid 7000,00 $11717.50
BALANCE IN FUND SEPTEMBER 30TH,1966 2210,00
MONROE COUNTY
MEACHAM AIRPORT
KEY WEST, FLORIDA
SEPTEMBER 3OT11,1966
AIRPORT REVENUE BOND RESERVE
°SERIFS 1956"
BALANCE IN FUND SEPTEMBER 30TR,1965 $29510.14
Cash $1629.54
Securities 27880,00
RECEIPTS
Profit on Investments 1119.40
TOTAL $30629,54
DISBURSEMENTS -0..
BALANCE IN FUND SEPTEBER 30TE,1966 $30629,54
NOTE:
Cash $153.38
Securities 30476.16
U.S.Treasury Bills
$32000,00 Cost $30476.16 6-30-67
N.ONROE COUNTY
FLAGMAN AIRPORT
KEENEST, FLORIDA
SEPTEMBER 30TR,1966
FUNDED DEBT
ISSUE MATURITY DATE AMOUNT
"Series 1955" 3.70% April 1,1967 $22000,00
1968 • 23000.00
1969 23000,00
1970 24000,00
1971 25000,00
1972 26000,00
1973 27000.00
1974 28000.00
1975 29000.00
1976 30000.00
1977 31000.00
TOTAL $288000.00
"Series 1956" 4.25% Juno 1,1967 7000.00
1968 7000,00
1969 7000.00
1970 7000.00
1971 8000,00
1972 8000.00
1973 9000.00
1974 9000.00
1975 10000.00
1976 10000.00
1977 11000.00
1978 11000.00
TOTAL $104000,00
MONROE COUNTY
MEACHAM AIRPORT
KEY WEST, FLORIDA
SEPTEN.BER 30TH,1966
INSURANCE SCHEDULE
American National Fire Insurance Company
Fire and Extended Coverage
Policy No.150-62-54
Expiring 7-1-67 $250000.00
Fireman Fund Insurance Company •
Comprehensive Liability Policy
Policy No.CL7-40841
Expiring 11-22-67 Each Person $100000.00
Each Accident 1000000.00
Property
Damage 500000.00
New Amsterdam Casualty Company
Comprehensive Automobile Policy
Policy No. LAC 321363
Expiring 11-1-66 Each Person $100000.00
Each Accident 300000.00
Property
Damage 5000.00
Security Insurance Group - New Amsterdam Casualty Company
Standard Worlanens Compensation and Eployers Liabilty Policy
Policy No. WC 72-40-60
Expiring 1-8-67
MONROE COUNTY
h ACHAM AIRPORT
KEY WEST, FLORIDA
SEPTEMBER 30TH,1966
RECEIPTS AND DISBURSEMENTS ANALYSIS
RECEIPTS 1965 1966
Airport Operations $48292.57 $51513.73
Interest on Deposits 916.08 1259.10
Profit On Investments 2955.07 3508.5Q
Performance Bonds -0- 2250,00
Race Track Funds 41000.00 23500.00
TOTAL $93164.52 $82031.33
DISBURSEMENTS
Airport Operations $45663.09 $50740.47
Interest and Redemption
"Series 1955" 32173.00 32433,00
Interest and Redemption
"Series 1956" 10972.50 11568.75
TOTAL $88808.59 $94742.22
OPERATING BUDGETS
RECEIPTS 1965-1966 1966-1967
Interest on Time Deposits $ 959.09 $ 615.00
Profit on Investments 3051.40 4190.53
Airline Fees and Rentals 21500,00 23000,00
Parking Lot 1000.00 1000.00
Hertz U Drive-It Lease 8000,00 8000.00
Concessions 7300.00 8000,00
Other Receipts 9000.00 9000.00
Pace Track Funds 5000.00 45000.00
EXPENSES
Salaries $29130,00 $31680.00
Utilities, Insurance and
Maintenence 23000.00 27000,00
Other Expense 1000,00 1000.00
Interest and Redemption
"5eries 1955" 32433.00 32656.00
Interest and Redemption
"Series 1956" 11717.50 11420,00
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COUNTY LICENSE AND RACE TRACK RECEIPTS
1965 1966
Occupational License $ 7735.74 $ 8986.62
Beverage License 45225.22 45103,12
Race Track Funds 131250,00 145000,00