Fiscal Year 1967 ORVIS M. KEMP
CERTIFIED PUBLIC ACCOUNTANT
615A UNITED STRUT
KEY WEST, FLORIDA
MONROE COUNTY MEACHAM AIRPORT
KEY WEST, FLORIDA
AUDIT REPORT
SEPTEMBER 30, 1967
MONROE COUNTY MEACHAM AIRPORT
KEY WEST, FLORIDA
AUDIT REPORT
SEPTEMBER 30, 1967
ORVIS M. KEMP
CERTIFIED PUBLIC ACCOUNTANT
AUDITS-SYSTEMS •TES
KEY WEST,FLORIDA
January 30, 1968
Board of County Commissioners
Monroe County
Key West, Florida
Gentlemen:
We have examined the Balance Sheet of the Meacham Airport
as of September 30, 1967 and the related Statements of Receipts
and Expenditures for the fiscal year then ended, Our examination
was made in accordance with generally accepted auditing standards
applicable in the circumstances and included a ll auditing procedures
which we considered necessary.
In our opinion, the accompanying Balance Sheet and Statements
of Receipts and Expenditures fairly present the financial condition
of the Meacham Airport as of September 30, 1967, and the results
of its operations for the fiscal year then ended, in conformity
with generally accepted accounting principles applied on a basis
consistent with that of previous years.
Respectfully submitted,Orvis M. Kemp, C. P.A.
MONROE COUNTY MEACHAM AIRPORT
KEY WEST, FLORIDA
BALANCE SHEET
SEPTEMBER 30, 1967
ASSETS
CURRENT ASSETS
Airport Revenue Fund $ 54,742.30
Airport Operations and Maintenance Fund 4,762.33
Airport Development and Replacement Fund 18,758.86
Airport Interest and Sinking Fund -
"Series 1955" 68,476.56
Airport Interest and Sinking Fund -
"Series 1956" 2,061 .25
Airport Reserve Fund "Series 1956" 32, 153,38
$ 180,954.68
FIXED ASSETS
Airport Terminal Building $ 595,880.91
Airport Runways 576,814.50
Fire Fighting Apparatus 15.211 .00
1 , 187.906,41
S 1,368,861,09
LIABILITIES AND SURPLUS
LIABILITIES
Airport Revenue Bonds - "Series 1955" - 3.7% $ 266,000.00
Airport Revenue Bonds - "Series 1956" - 4.25% 97,000.00
Interest Accrued - "Series 1955" 4,921 .00
Interest Accrued - "Series 1956" 1 .374. 17
$ 369,295.17
RESERVE FOR DEPRECIATION
Airport Terminal Building $ 125,114.00
Airport Runways 121 ,129.00
Fire Fighting Apparatus 15,211 ,00
261 ,454.00
SURPLUS 738, 111 .92
_$ 1 .R68.861 .09
ORVIS M. KCMP. C.P.R.
MONROE COUNTY MEACHAM AIRPORT
KEY WEST, FLORIDA
STATEMENT OF RECEIPTS AND EXPENDITURES
ALL FUNDS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 1967
RECEIPTS
Airport Operations
Airline Fees & Rentals $ 22,768.03
Parking Lot 1 ,373.80
Avis U-Drive-It Lease 12,091 .80
Concessions 9,627.61
$ 45,861 .24
Interest on Deposits 5,253.85
Miscellaneous 10,371.35
Total Receipts $ 61 ,486.44
EXPENDITURES
Airport Operations
Salaries_.._ $ 22,980.00
Utilities 10, 116.63
Insurance 7,751 .71
Maintenance 2,885.20
Miscellaneous 738.42
Services - Airport Consultant 6,000.00
$ 50,471 .96
Interest Paid
Series 1955 Revenue Bonds $ 10,656.00
Series 1956 Revenue Bonds 4.420,00
15,076,00
Revenue Bonds Redeemed
Series 1955 $ 22,000.00
Series 1956 7,000.00
29,000.00
Total Expenditures 94,547,96
EXCESS OF EXPENDITURES OVER REVENUES FOR THE YEAR $ (33,061 .52)
TRANSFERS FROM RACE TRACK FUNDS 45,000,00
NET INCREASE IN FUNDS FOR THE FISCAL YEAR $ 11 ,938.48
ONV19 M. KEMP.C.P.A.
MONROE COUNTY MEACHAM AIRPORT
KEY WEST, FLORIDA
ANALYSIS OF RECEIPTS AND DISBURSEMENTS
MEACHAM AIRPORT REVENUE FUND
OCTOBER 1 . 1966 TO SEPTEMBER 30. 1967
BALANCE IN FUND OCTOBER 1 , 1966 $ 48,736.96
RECEIPTS
Interest on Time Deposit $ 700.00
Airline Fees & Rentals 22,768.03
Parking Lot 1 ,373.80
Avis U-Drive-It Lease 12,091 .80
Concessions 9,627.61
Miscellaneous 10,371 .35
Race Track Funds 45.000.00
101 .932.59
$ 150,669.55
DISBURSEMENTS
Transfers to Operations and
Maintenance Fund $ 52,000.00
Transfers to Interest and
Sinking Fund "Series 1955" 32,656.00
Transfers to Interest and
Sinking Fund "Series 1956" 11 ,271 .25
95,927.25
BALANCE IN FUND SEPTEMBER 30. 1967 $ 54.742.30
ORV19 M.KEMP.C.P.A.
MONROE COUNTY MEACHAM AIRPORT
KEY WEST, FLORIDA
ANALYSIS OF RECEIPTS AND DISBURSEMENTS
OPERATION AND MAINTENANCE FUND
OCTOBER 1 , 1966 TO SEPTEMBER 30. 1967
BALANCE IN FUND OCTOBER I , 1966 $ 3,234.29
RECEIPTS
Transfers From Airport Revenue Fund 52,000.00
$ 55,234.29
DISBURSEMENTS
Salaries $ 22,980.00
Utilities 10, 116.63
Insurance 7,751 .71
Maintenance 2,885.20
Other 738.42
Services - Airport Consultant 6,000.00
50,471 .96
BALANCE IN FUND SEPTEMBER 30, 1967 4,_762,11
OPVIS M.Kf MP.O.P.A.
MONROE COUNTY MEACHAM AIRPORT
KEY WEST, FLORIDA
ANALYSIS OF RECEIPTS AND DISBURSEMENTS
DEVELOPMENT AND REPLACEMENT FUND
OCTOBER 1 , 1966 TO SEPTEMBER 30, 1967
BALANCE IN FUND OCTOBER 1 , 1966 $ 18,395.54
RECEIPTS
Interest on Deposits 363,32
$ 18,758.86
DISBURSEMENTS -0-
BALANCE IN FUND SEPTEMBER 30, 1967 18,Zr8 8•
BALANCE IN FUND HELD AS FOLLOWS :
Cash $ 2,281 .50
Time Deposit 16,477.36
S 18,758,8,6
ORVIS M.KEMP.C.P.A.
MONROE COUNTY MEACHAM AIRPORT
KEY WEST. FLORIDA
ANALYSIS OF RECEIPTS AND DISBURSEMENTS
INTEREST AND SINKING FUND "SERIES 195511
OCTOBER 1 , 1966 TO SEPTEMBER 30, 1967
BALANCE IN FUND OCTOBER 1 , 1966 $ 65,809,87
RECEIPTS
Transfers From Airport Revenue Fund $ 32,656,00
Interest on Investments 2.666.69
35.322,62
$ 101 , 132.56
DISBURSEMENTS
Interest Paid on Bonds $ 10,656.00
Redemption of Bonds Outstanding 22,000 00
32.656.00
BALANCE IN FUND SEPTEMBER 30, 1967 $ 681476,;56
BALANCE IN FUND HELD AS FOLLOWS:
Cash $ 761 .40
U.S. Treasury Bills 67,715. 16
6: 46 6
$ 47,000.00 Due 6/30/68 $ 44,744. 16
24,000.00 Due 11/30/67 22,971 .00
$ 67.Z1,5.c16
ORVIB M.KLMP.C.P.A.
MONROE COUNTY MEACHAM AIRPORT
KEY WEST, FLORIDA
ANALYSIS OF RECEIPTS AND DISBURSEMENTS
INTEREST AND SINKING FUND - "SERIES 1956"
OCTOBER I . 1966 TO SEPTEMBER 30, 1967
BALANCE IN FUND OCTOBER 1 , 1966 $ 2,210.00
RECEIPTS
Transfers From Airport Revenue Fund 11 ,271 .25
$ 13,481 .25
DISBURSEMENTS
Interest Paid on Bonds $ 4,420.00
Redemption of Bonds Outstanding 7,000.00
11 .420.00
BALANCE IN FUND SEPTEMBER 30, 1967 .$ 2J61.25
ORVIS M. KEMP.C.P.A.
MONROE COUNTY MEACHAM AIRPORT
KEY WEST,, FLORIDA
ANALYSIS OF RECEIPTS AND DISBURSEMENTS
REVENUE BOND RESERVE FUND - "SERIES 1956"
OCTOBER 1 , 1966 TO SEPTEMBER 30, 1967
BALANCE IN FUND OCTOBER 1 , 1966 $ 30,629.54
RECEIPTS
Interest on Investments 1 ,523.84
$ 32, 153.38
DISBURSEMENTS -0-
BALANCE IN FUND SEPTEMBER 30, 1967 $ 2,1g1,18
BALANCE IN FUND HELD AS FOLLOWS:
Cash $ 737.27
Securities 31 ,416. 11
$ 12, l 1c .8
$ 33,000.00 Due 6/30/68 Cost $ 11.,416,1.1
ORVI$ M. KEMP.C.P.A.
MONROE COUNTY MEACHAM AIRPORT
KEY WEST, FLORIDA
FUNDED DEBT
SEPTEMBER 30, 1967
AIRPORT REVENUE BONDS - "SERIES 1955"
INTEREST RATE 3.70%
MATURITY DATE AMOUNT
April 1 , 968 $ 23,000.00
969 23,000.0o
970 24,000.0o
971 , 25,000.00
972 26,000.00
973 27,000.00
974 28,000.00
975 29,000.00
976 30,000.00
977 31 ,000.00
TOTAL 266,000.00
AIRPORT REVENUE BONDS - "SERIES 1956'2'
INTEREST RATE 4.25%
MATURITY DATE
June 1 , 968. $ 7,000.00
969 7,000.00
970 7,000.00
971 8,00o.00
972 8,000.00
973 9,000.00
974 9,000.00
975 10,000.00
976 10,000.00
977 11 ,000.00
978 11 ,000.00
TOTAL S 97.000 00
ORVIS M. KEMP.O.P.A.
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