Fiscal Year 1972 ORVIS M. KEMP
CERTIFIED PUIUC ACCOUNTANT
615A UNITED STREET
KEY WEST, FLORIDA
MONROE COUNTY MEACHAM AIRPORT
KEY WEST, FLORI DA
AUDIT REPORT
SEPTEMBER 30, 1972
MONROE COUNTY MEACHAM AIRPORT
KEY WEST, FLORIDA
AUDIT REPORT
SEPTEMBER 30, 1972
ORVIS M. KEMP. C.P.A.
ORVIS M. IGEMP
CERTIFIED PUBLIC ACCOUNTANT
AUDITS -SYSTEMS-TAXES
KEY WEST,FLORIDA
February 19, 1973
Board of County Commissioners
Monroe County
Key West, Florida
Gentlemen:
We have examined the Balance Sheet of the Meacham Airport
as of September 30, 1972 and the related Statements of Receipts
and Disbursements for the fiscal year then ended. Our examination
was made in accordance with generally accepted auditing procedures
which we considered necessary.
In our opinion, the accompanying Balance Sheet and Statements
of Receipts and Disbursements fairly present the financial condition
of the Meacham Airport as of September 30, 1972 and the results of
its operations for the fiscal year then ended, in conformity with
generally accepted accoutning principles applied on a basis
consistent with that of previous years.
Respectfully
eeesssppeectful llyy)j�submitted,
Y/MMr " " • . ��� /"
Orvis M. Kemp, L.P.A.
MORROE COUNTY MEACHAM AIRPORT
KEY WEST. FLORIDA
BALANCE SHEET
SEPTEMBER 30, 1972
ASSETS
CURRENT ASSETS
Airport Revenue Fund $ 70,869.35
Airport Operations & Maintenance Fund 12,680.41
Airport Development & Replacement Fund 25,488.97
Airport Interest & Sinkin§ Fund - "Series 1955" 83,873.78
Airport Interest & Sinking Fund - "Series 1956" 1 ,275.00
Airport Reserve Fund - "Series 1956" 41 ,749.86
$ 235,937.37
FIXED ASSETS
Airport Terminal Building $ 595,880.91
Airport Runways 576,814.50
Fire Fighting Apparatus 15,211 .00
1 ,187,906.41
TOTAL ASSETS S 1 ,425,843. 8
LIABILITIES AND SURPLUS
LIABILITIES
Airport Revenue Bonds - "Series 1955" - 3.7% $ 145,000.00
Airport Revenue Bonds - "Series 1956" - 4.25% 60,000.00
Interest Accrued - "Series 1955" Bonds 1 ,788.33
Interest Accrued - "Series 1956" Bonds 850.00
$ 207,638.33
RESERVE FOR DEPRECIATION
Airport Terminal Building $ 214,484.06
Airport Runways 207,651 .20
Fire Fightin Apparatus 15,211.00
437,346.26
SURPLUS 778.859.19
TOTAL LIABILITIES AND SURPLUS S 1 .423.84R.78
ORVIS M. KEMP. C.P.A.
MONROE COUNTY MEACHAM AIRPORT
KEY WEST. FLORIDA
STATEMENT OF RECEIPTS AND EXPENDITURES
OCTOBER 1 , 1971 TO SEPTEMBER 30, 1972
RECEIPTS
Airport operations
Airline Fees and Rentals $ 17, 106.41
Parking Lot 912.58
U-Drive It Lease 37,155.37
Concessions 22,247.32
$ 77,421 .68
Interest on Deposits 6,388.75
Miscellaneous . 10
Total Receipts $ 83,790.53
EXPENDITURES
Airport Operations
Salaries $ 27,862.47
- Matching Funds Social Security
and Pension 2,449.46
Utilities 10,818.58
Insurance 9,747.50
Maintenance 6,573.10
Miscellaneous 3,773.01
Service - Airport Consultant 1750.00
$ 64,974.12
Interest Paid
Series 1955 Revenue Bonds $ 6,327.00
Series 1956 Revenue Bonds 2.890.00
9,217.00
Revenue Bonds Redeemed
Series 1955 $ 26,000.00
Series 1956 8,000.00
34,000.00
108,191.12
EXCESS OF EXPENDITURES OVER REVENUE FOR THE YEAR $ (24,400.59)
TRANSFERS FROM RACE TRACK FUNDS 62,000,00
NET INCREASE IN FUNDS FOR THE FISCAL YEAR 37,594.41
ORVIS M. KEMP. C.P.A.
MONROE COUNTY MEACHAM AIRPORT
KEY WEST. FLORIDA
ANALYSIS OF RECEIPTS AND DISBURSEMENTS
MEACHAM AIRPORT REVENUE FUND
OCTOBER 1 . 1971 TO SEPTEMBER 30. 1972
BALANCE IN FUND OCTOBER 1 , 1971 $ 4%,.569.57
RECEIPTS
Race Track Monies $ 26,000.00
Extra Distribution - 36,000.00
Interest on Time Deposits 1 ,125.00
Airline Fees and Rentals 17, 106.41
Parking Lot Receipts 912.58
U-Drive It Lease 37, 155.37
Concessions and Leases 22,247.32
Miscellaneous .10
140,546.78
----- ------- - -- $ 186, 116.35
DISBURSEMENTS
Transfer to Airport Operations & Maintenance Fund $ 57,000.00
Transfer to Interest & Sinking Fund - Series 1955 32,327.00
Transfer to Interest & Sinking Fund - Series 1956 10,720.00
Transfer to Airport Development & Replacement Fund 15,000.00
Refund - Prior Years 200.00
115,247.00
BALANCE IN FUND SEPTEMBER 30, 1972 $ 70,869.35
BALANCE IN FUND HELD AS FOLLOWS
Cash in Key West State Bank $ 50,809.35
Time Deposit at Florida First National Bank 20,000.00
S 70.869.35
ORVIS M. KEMP. O.P.A.
MONROE COUNTY MEACHAM AIRPORT
KEY WEST. FLORIDA
ANALYSIS OF RECEIPTS,;AND DISBURSEMENTS
OPERATION AND MAINTENANCE FUND
OCTOBER 1, 1971 TO SEPTEMBER 30, 1972
BALANCE IN FUND OCTOBER 1 , 1971 $ 20,454.53
RECEIPTS
Transfer fro Airport Revenue Fund 57,000.00
$ 77,454.53
DISBURSEMENTS
Salaries and Wages $ 27,862.47
Travel and Auto Allowance 949.95
Matching Funds Social Security and Pension 2,449.46
Insurance and Bonds 9,747.50
Comminications 163.83
Audit 450.00
Office Supplies and Expenses 361.95
Other Supplies 263.45
Gasoline, Lubricants, etc. 52.04
Maintenance - Building 5,553.72
Maintenance - Equipment 1 ,019.38
Medical and Surgical Supplies 58.50
Rentals 305.29
Utilities 10,818.58
Service - Airport Consultant 3,750.00
Contracted Services 343.00
Paying Agents Fees 625.00
64,774.12
BALANCE IN FUND SEPTEMBER 30, 1972 S 12.680.41
ORVIS M. KEMP. C.P.A.
MONROE COUNTY MEACHAM AIRPORT
KEY WEST, FLORIDA
ANALYSIS OF RECEIPTS AND DISBURSEMENTS
DEVELOPMENT AND REPLACEMENT FUND
OCTOBER 1 , 1971 .TO SEPTEMBER 30, 1972
BALANCE IN FUND OCTOBER 1 , 1971 $ 10,238.97
RECEIPTS
Interest on Time Deposits $ 250.00
Transfer from Airport Revenue Fund 15,000.00
15,250.00
$ 25,488.97
DISBURSEMENTS "0-
BALANCE IN FUND SEPTEMBER 30, 1972 $ 25 488.97
BALANCE IN FUND HELD AS FOLLOWS:
Cash in Key West State Bank $ 20,488.97
Time Deposit in Key West State Bank . 5,000.00
$ 25.48
ORVIS M. KEMP. C.P.A.
MONROE COUNTY MEACHAM AIRPORT
KEY WEST. FLORIDA
ANALYSIS OF RECEIPTS AND DISBURSEMENTS
INTEREST AND SINKING FUND = SERIES 1955
OCTOBER 1 , 1971. TO SEPTEMBER 30, 1972
BALANCE IN FUND OCTOBER I , 1971 $ 80,580.03
RECEIPTS
Transfer from Airport Revenue Fund $ 32,327.00
Interest on Investments - 3.293.75
35,620.75
$ 116,200,78
DISBURSEMENTS 6,327.00
Interest Paid on Bonds 26,327.00
Redemption of Bonds Outstanding - 32,327.00
BALANCE IN FUND SEPTEMBER 30. 1972 S 83.873.78
BALANCE IN FUND HELD AS FOLLOWS:
Cash $ 5,499.34
U.S. Treasury Bills 78,374.44
$ 83.871.78
U.S. Treasury Bills 78.374_44
$80,000.00 Due 5/31/72 P97.875
ORVIS M. KEMP. C.P.A.
MONROE COUNTY MEACHAM AIRPORT
KEY WEST. FLORIDA
ANALYSIS OF RECEIPTS AND DISBURSEMENTS
INTEREST AND SINKING FUND - SERIES 1956
OCTOBER 1, 1971. TO SEPTEMBER 30, 1972
$ 14,445.00
BALANCE IN FUND OCTOBER I , 1971
RECEIPTS 10,720.00
Transfer from Airport Revenue Fund
$ 12,165.00
DISBURSEMENTS 2,890.00
Interest Paid on Bonds 29000
Redemption of Bonds O�tstandi ng 8,000.00
10,890.00
S . . 1.275.00
BALANCE IN FUND SEPTEMBER 30, 1972
ORV IS M. KEMP. O.P.A.
MONROE COUNTY MEACHAM AIRPORT
KEY WEST, FLORIDA
ANALYSIS OF RECEIPTS AND DISBURSEMENTS
REVENUE BONDS RESERVE FUND .- SERIES 1956
OCTOBER 1 . 1971 TO SEPTEMBER 30, 1972
BALANCE IN FUND OCTOBER 1, 1971 $ 40,049.86
RECEIPTS 1 ,700.00
Interest on Investments
$ 41,749.86
-0-
DISBURSEMENTS
BALANCE IN FUND SEPTEMBER 30, 1972 S 41 .749.86
BALANCE IN FUND HELD AS FOLLOWS:
Cash 2,524.84
Securities
39,225.02
$ 41 .749.86
$40,000.00 U.S. Treaae9Y Bills
Due 11/30/72 Cost ® S 3',225.02
ORV IC M. KEMP. C.P.A.
MONROE COUNTY MEACHAM AIRPORT
KEY WEST, FLORIDA
FUNDED DEBT
SEPTEMBER 30, 1972
AIRPORT REVENUE BONDS - SERIES 1955
INTEREST RATE 3.70%
MATURITY DATE AMOUNT
June 1, 1973 $ 27,000.00
1974 28,000.00
1975 29,000.00
1976 30,000.00
1977 31,000.00
TOTAL $ 145.000.oil
AIRPORT REVENUE BONDS - SERIES 1956
INTEREST RATE 4,25%
MATURITY DATE AMOUNT
June 1 , 973 $ 9,000.00
974 9,000.00
975 10,000.00
976 10,000.00
977 11 ,000.00
978 11,000.00
$ 60.000.00
ORVIS M. KEMP. C.P.A.
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