Fiscal Year 1973 ORVIS M. KEMP
CERTINED PUBUC ACCOUNTANT
616A UNITED STREET
KEY WEST, FLORIDA
MONROE COUNTY MEACHAM AIRPORT
AUDIT REPORT
SEPTEMBER 30. 1973
MONROE COUNTY MEACHAM AIRPORT
AUDIT REPORT
SEPTEMBER 30, 1973
ORVIS M. KEMP. C.P.A.
ORVIS M. IEMP
CSRTIFIED PUBLIC ACCOUNTANT
AUDITS-SYSTEMS-TAKES
KEY WEST,FLORIDA
April 16, 1974
Board of County Commissioners
Monroe County
Key West, Florida 33040
Gentlemen:
We have examined the Balance Sheet of the Monroe County
Meacham Airport as of September 30, 1973, and the related Statements
of Receipts and Disbursements and changes in financial position for
the fiscal year then ended. Our examination was made in accordance
with generally accepted auditing standards and, accordingly, included
such tests of the accounting records and such other auditing procedures
as we considered necessary in the circumstances.
In our opinion, the aforementioned financial statements
present fairly the financial position of the Monroe County Meacham
Airport at September 30, 1973, and the results of its operations and
the changes in its financial position for the year then ended, in
conformity with generally accepted accounting principles applied on
a basis consistent with that of the preceding year.
Respectfully submitted,it
�—vrc / .der
Orvis M. Kemp, C.P.A.
MONROE COUNTY MEACHAM AIRPORT
KEY WEST. FLORIDA
BALANCE SHEET
SEPTEMBER 30, 1971
ASSETS
CURRENT ASSETS
Airport Revenue Fund $ 89,228.58
Airport Operations & Maintenance Fund 5,550.18
Airport Development & Replacement Fund 30,913.97
Airport Interest & Sinking Fund - "Series 1955" 87,642.76
Airport Interest & Sinking Fund - "Series 1956" 1 ,083.75
Airport Reserve Fund -"Series 1956" 43,533.51
$ 257,952.75
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 S1 .445.859. 16
LIABILITIES AND SURPLUS
LIABILITIES
Airport Revenue Bonds - "Series 1955" - 3.7% $ 118,000.00
Airport Revenue Bonds - "Series 1956" - 4.25% 51 ,000.00
Interest Accrued - "Series 1955" Bonds 1 ,455.33
interest Accrued - "Series 1956" Bonds 722.50
$ 171 , 177.83
RESERVE FOR DEPRECIATION
Airport Terminal Building $ 232,360.49
Airport Runways 224,955.64
Fire Fighting Apparatus 15,211 .00
472,527. 13
SURPLUS 802, 154.20
TOTAL LIABILITIES AND SURPLUS SI 445 859.16
ORVIS M. KEMP. C.P.A.
MONROE COUNTY MEACHAM AIRPORT
KEY WEST. FLORIDA
STATEMENT OF RECEIPTS AND EXPENDITURES
ALL FUNDS
OCTOBER 1 , 1972 TO SEPTEMBER 30. 1971
RECEIPTS
Airport Operations
Airline Fees L Rentals $ 17,536.37
Parking Lot 1 ,016.63,0
U-Drive It Lease 26,936.51
Concessions 24,102,27
$ 89,591 .78
Interest on Deposits 6,477.63
Miscellaneous 66.20 66.20
Total Receipts $ 76,135.61
EXPENDITURES
Airport Operations
Salaries $ 32,756.90
Matching Funds Social Security
and Pension 3,098. 15
Utilities 10,443.28
Insurance 16,095.30
Maintenance 3,292.54
Miscelllaneous 5,519.06
Service - Airport Consultant 3,000.00 $ 74,205.23
Interest Paid
Series 1955 Revenue Bonds $ 5,365.00
5.00
Series 1956 Revenue Bonds
7,915.00
- Revenue Bonds Redeemed
Series 1955 $ 27,000.00
Series 1956 9.000.00
36,000.00
118.120,23
EXCESS OF EXPENDITURES OVER REVENUE FOR THE YEAR $ (41 ,984.62)
TRANSFERS FROM RACE TRACK FUNDS 64.000.00
NET INCREASE IN FUNDS FOR THE FISCAL YEAR S 22.015.38
ORVIS M. KEMP. C.P.A.
MONROE COUNTY MEACHAM AIRPORT
KEY WEST. FLORIDA
ANALYSIS OF RECEIPTS AND DISBURSEMENTS
MEACHAM AIRPORT REVENUE FUND
OCTOBER 1 , 1972 TO SEPTEMBER 30, 1973
BALANCE IN FUND OCTOBER 1 , 1972 $ 70,869.35
RECEIPTS
Race Track Monies $ 32,000.00
Extra Distribution ( Additional Racing Monies) 26,250.00
Interest on Time Deposits 675.00
Airline Fees and Rentals 17,536.37
Parking Lot Receipts 1 ,016.63
U-Drive It Lease 26,936.51
Concessions and Leases 24, 102.27
Miscellaneous 66.20
128,582.98
$ 199,452.33
DISBURSEMENTS
Transfer to Airport Operations &
Maintenance Fund $ 66,500.00
Transfer to Interest & Sinking Fund -
Series 1955 32,365.00
Transfer to Interest & Sinking Fund -
Series 1956 11 .358.75
110,223.75
BALANCE IN FUND SEPTEMBER 30. 1973 1-89.22$'58
Cash in Key West State Bank $ 69,228.58
Time Deposit at Florida First National Bank 20.000.00
S 89.228.58
ONVIS M. KEMP. C.P.A.
MONROE COUNTY MEACHAM AIRPORT
KEY WEST, FLORIDA
ANALYSIS OF RECEIPTS AND DISBURSEMENTS
OPERATION AND MAINTENANCE FUND
OCTOBER 1. 1972 TO SEPTEMBER 30, 1973
BALANCE IN FUND OCTOBER 1 . 1972 $ 12,680.41
RECEIPTS
Transfer from Airport Revenue Fund 66,500.00
$ 79,180.41
DISBURSEMENTS
Salaries and Wages $ 32,756.90
Travel & Auto Allowance 552. 15
Matching Funds - Social Security & Pension 3,098.15
e Bonds 16,095.30
Communications 167.02
Audit 465.00
Office Supplies & Expenses 163.68
Gasoline, Lubricants, etc. 14.24
Maintenance - Building 2,581 .07
Maintenance - Equipment 711 .47
Rentals 364.27
Utilities 10,443.28
Service - Airport Consultant 3,000.00
Contractual Services - Equipment 390.75
Subscriptions 30.00
Capital Outlay 1 ,689.00
Capital Outlay Equipment 732.95
Other Debts & Service Costs 375.00
73,630.21
BALANCE IN FUND SEPTEMBER 30, 1973 S S.550.18
CRVIS M. KEMP. C.P.A.
MONROE COUNTY MEACHAM AIRPORT
KEY WEST, FLORIDA
ANALYSIS OF RECEIPTS AND DISBURSEMENTS
DEVELOPMENT AND REPLACEMENT FUND
OCTOBER 1 , 1972 TO SEPTEMBER 30, 1973
BALANCE IN FUND OCTOBER I , 1972 $ 25,488.97
RECEIPTS
Interest on Time Deposits $ 250.00
Transfer from Airport Revenue Fund -
Racing Monies - Extra Distribution 5,750.00
6.0oo.00
$ 31 ,488.97
DISBURSEMENTS --
Contractual Services 575.00
BALANCE IN FUND SEPTEMBER 30, 1973 Sy 30.912.97
BALANCE IN FUND HELD AS FOLLOWS :
Cash in Key West State Bank $ 25,913.97
Time Deposit in Key West State Bank 5,000.00
$ 30 913 97
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 . 1972 TO SEPTEMBER 30, 1973
BALANCE IN FUND OCTOBER 1 , 1972 $ 83,873.78
RECEIPTS
Transfer from Airport Revenue Fund $ 32,365.00
Interest on Investements .
98
36,133.98
$ 120,007.76
DISBURSEMENTS
InterestPaid on Bonds $ 5,365.00
Redemption of Bonds Outstanding 27,000.00
32,365.00
BALANCE IN FUND SEPTEMBER 30. 1973 S 87.642.76
BALANCE IN FUND HELD AS FOLLOWS: $ 5,583.01
Cash U.S. Treasury Bills 82.059.75
S 87.642 7(�
U.S. TREASURY BILLS:
$60,000.00 Due 11/29/73 @ 96.54 $ 57,924.53
24.53
$25,000.00 Due 11/29/73 @ 96.54
S 82 055.75
WIVES M. KEMP. C.P.A.
MONROE COUNTY MEACHAM AIRPORT
KEY WEST, FLORIDA
ANALYSIS OF RECEIPTS AND DISBURSEMENTS
INTEREST AND SINKING FUND - SERIES 1956
BALANCE IN FUND OCTOBER I , 1972 $ 1 ,275.00
RECEIPTS 11 ,358.75
Transfer from Airport Revenue Fund
$ 12,633.75
DISBURSEMENTS $ 2,550.00
Interest Paid on Bonds 2,550.00
Redemption of Bonds Outstanding
11 ,550.00
BALANCE IN FUND SEPTEMBER 30, 1973 S 1 .083.75
ORVIS M. KEMP. C.P.A.
MONROE COUNTY MEACHAM AIRPORT
KEY WEST. FLORIDA
ANALYSIS OF RECEIPTS AND DISBURSEMENTS
REVENUE BONDS RESERVE FUND - SERIES 1956
OCTOBER 1 . 1972 TO SEPTEMBER 30. 1973
BALANCE IN FUND OCTOBER I , 1972 $ 41 ,749.86
RECEIPTS 1 .783.65
Interest on Investments
$ 43,533.51
-o-
DISBURSEMENTS
_ BALANCE IN FUND SEPTEMBER 30, 1973 Ir43.533.51
BALANCE IN FUND HELD AS FOLLOWS: 90.11
Cash 43.443.40
Securities
S 43.511.51
$4OO11/29/73 CP Treasury
Bills
$96.54
Due S 41.443.40
ORVIS M. KEMP. O.P.A.
MONROE COUNTY MEACHAM AIRPORT
KEY WEST, FLORIDA
FUNDED DEBT
SEPTEMBER 30, 1971
AIRPORT REVENUE BONDS - SERIES 1955
INTEREST RATE 3.70%
MATURITY DATE AMOUNT
June 1 , 1974 $ 28,000.00
1975 29,000.00
1976 30,000.00
1977 31 ,000.00
TOTAL S 118.000.00
AIRPORT REVENUE BONDS - SERIES 1956
INTEREST RATE 4.25%
MATURITY DATE AMOUNT
June 1 , 1974 $ 9,000.00
1975 10,000.00
1976 10,000.00
1977 11 ,000.00
1978 11 .000.00
TOTAL S 51 000 00
ORVIS M. KEMP. O.P.A.
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