Fiscal Year 1974 ORVIS M. KEMP
CERTIFIED PUBLIC ACCOUNTANT
615A UNITED STRUT
KEY WEST, FLORIDA
MONROE COUNTY MEACHAM AIRPORT
KEY WEST, FLORIDA
AUDIT REPORT
FISCAL YEAR ENDED SEPTEMBER 30, 1974
MONROE COUNTY MEACHAM AIRPORT
AUDIT REPORT
SEPTEMBER 30, 1974
ORVIS M. KEMP. C.P.A.
ORVIS M. KEMP
CERTIFIED PUBLIC ACCOUNTANT
AUDITS-SYSTEMS -TAXES
KEY WEST,FLORIDA
April 30, 1975
Board of County Commissioners
Monroe County, Florida
Key West, Florida
Dear Commissioners:
We have examined the Balance Sheet of the Monroe County
Meacham Airport ad of September 30, 1974 and the related Statements
of Receipts and Expenditures and changes in its 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 as of September 30, 1974 and the results of its operations
and changes in its financial position foe the year then ended, in
conformity with generally accepted accounting principles applied on
a basis consistent with that of the preceeding year.
Respectfully submitted,
Ory i s M. Kemp, C. P. A.
MONROE COUNTY MEACHAM AIRPORT
KEY WEST, FLORIDA
BALANCE SHEET
SEPTEMBER 30, 1974
ASSETS
CURRENT ASSETS
Airport Revenue Fund $ 71,377.67
Airport Operations & Maintenance Fund 9,630.51
Airport Development & Replacement Fund 53,839.35
Airport Interest & Sinking Fund - Series 1955 96,080.31
Airport Interest & Sinking Fund - Series 1956 892.50
Airport Reserve Fund - Series 1956 48,058,63
$ 279,878.97
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 a,467.785.38
LIABILITIES AND SURPLUS
LIABILITIES
Airport Revenue Bonds - Series 1955 - 3.7% $ 90,000.00
Airport Revenue Bonds - Series 1956 - 4.25% 42,000.00
Interest Accrued - Series 1955 Bonds 1,110,00
Interest Accrued - Series 1956 Bonds 595.00
$ 133,705.00
RESERVE FOR DEPRECIATION
Airport Terminal . Building $ 250,236.92
Airport Runways 242 260.08
Fire FightingApparatus 15,211.00
507,708.00
SURPLUS 826,372.38
TOTAL LIABILITIES AND SURPLUS $L467.785.38
ORVIS M. KEMP. C.P.A.
MONROE COUNTY MEACHAM AIRPORT
KEY WEST, FLORIDA
STATEMENT OF RECEIPTS AND EXPENDITURES
OCTOBER I , 1973 TO SEPTEMBER 30, 1974
ALL FUNDS
RECEIPTS
Airport Operations
Airline Fees and Rentals $ 17,279.21
Parking Lot 956.40
U-Drive It Lease 28,070.79
Concessions 31 ,627. 12
FHA Planning Grant 12,460.00
State Aid to Airports 2,489.Y8
$ 92,882.80
Interest on Deposits $ 15,028.25
Miscellaneous (10.20)
Total Receipts 15,018.05
$ 107,900.85
EXPENDITURES
Airport Operations
Salaries $ 36,701. 19
Matching Funds Social Security
and Pension 3,578.02
Utilities 17,433.58
Insurance 10, 152,09
Maintenance 9,505.82
Miscellaneous 3,487.43
Service - Airport Consultant 3,000.00
Contractual Services 29,583.00
Interest Paid $ 113,441. 13
Series 1955 Revenue Bonds $ 4,366.00
Series 1956 Revenue Bonds _ 2, 167.50
A
Revenue Bonds Redeemed 6,533.50
Series 1955 $ 28,000.00
Series 1956 9.000,00
37,000.00
156,974.63
EXCESS OF EXPENDITURES OVER REVENUE FOR THE YEAR $ (49,073.78)
TRANSFERS FROM RACE TRACK FUNDS 71 ,000.00
NET INCREASE IN FUNDS FOR THE FISCAL YEAR $ 21 ,962.22
ORVIS M. KEMP. C.P.A.
MONROE COUNTY MEACHAM AIRPORT
KEY WEST, FLORIDA
ANALYSIS OF RECEIPTS AND DISBURSEMENTS
MEACHAM AIRPORT REVENUE FUND
OCTOBER 1 , 1973 TO SEPTEMBER 30, 1974
BALANCE IN FUND - OCTOBER 1 , 1973 $ 89,228.58
RECEIPTS
Race Track Monies $ 64,750.00
Interest on Time Deposits 1,646.42
Airline Fees & Rentals 17,279 21
Parking Lot Receipts 956.40
U-Drive It Lease 28,070.79
Concessions & Leases 31,627. 12
Miscellaneous _ (10.20)
144,319.74
$ 233,548.32
DISBURSEMENTS
Transfer to Airport Operation & Maintenance Fund $ 84,095.40
Transfer to Interest & Sinking Fund - Series 1955 32,366.00
Transfer to Interest & Sinking Fund - Series 1956 10,976.25
Transfer to Development & Replacement Fund 34,733.00
162, 170.65
BALANCE IN FUND - SEPTEMBER 30, 1974 $ 71,377.67
BALANCE IN FUND HELD AS FOLLOWS:
Cash in Key West State Bank $ 51 ,377.67
Time Deposit - Florida First National Bank 20,000.00
$ 1 ,377.67
ORVIS M. KEMP. C.P.A.
MONROE COUNTY MEACHAM AIRPORT
KEY WEST, FLORIDA
ANALYSIS OF RECEIPTS AND EXPENDITURES
OPERATION AND MAINTENANCE FUND
OCTOBER 1 , 1973 TO SEPTEMBER 30, 1974
BALANCE IN FUND - OCTOBER 1 , 1973 $ 5,550. 18
RECEIPTS
Transfer from Airport Revenue Fund 84,095.40
$ 89,645.58
DISBURSEMENTS
Salaries and Wages $ 36,701. 19
Travel and Auto Allowance 639.82
Matching Funds Social Security and Pension 3,578.02
Insurance and Bonds 7,278.00
Communications 283.42
Audit 500.00
Office Supplies and Expenses 313.92
Tools and Small Implements 3.95
Gasoline, Lubricants, etc. 14.73
Maintenance - Building 4,515.06
Maintenance - Equipment 612.20
Rentals 405.96
Utilities 17,433.58
Service - Airport Consultant 3,000.00
Contractual Services 535.50
Subscriptions 69.35
Capital Outlay Equipment 756.28
Other Debts and Service Costs 500.00
Group Insurance 1 ,275.09
Workmens Compensation 1 ,599.00
80,015.07
BALANCE IN FUND - SEPTEMBER 30, 1974 $ 9.630.51
ORVIS M. KEMP. C.P.A.
MONROE COUNTY MEACHAM AIRPORT
KEY WEST, FLORIDA
ANALYSIS OF RECEIPTS AND DISBURSEMENTS
DEVELOPMENT AND REPLACEMENT FUND
OCTOBER 1 , 1973 TO SEPTEMBER 30, 1974
BALANCE IN FUND - OCTOBER 1, 1973 $ 30,913.97
RECEIPTS
Interest on Time Deposits $ 419. 16
Regular Budgeted Transfer 34,733.00
FAA Planning Grant 12,460.00
Racing Monies 6,250.00
State Aid to Airport 2,489.28
56,351.44
----- ---.. _.. $ 87,265.41
DISBURSEMENTS
Contractual Services $ 29,047.50
Maintenance of Buildings 4,378.56
33,426.06
BALANCE IN FUND - SEPTEMBER 30, 1974 $ 53.839a3q
BALANCE IN FUND HELD AS FOLLOWS:
Cash in Key West State Bank $ 48,839.35
Time Deposit - Key West State Bank 5,000.00
$ 53.839.35
ORVIS M. KEMP. O.P.A.
MONROE COUNTY MEACHAM AIRPORT
KEY WEST, FLORIDA
ANALYSIS OF RECEIPTS AND DISBURSEMENTS
INTEREST AND SINKING FUND - SERIES 1955
OCTOBER I , 1973 TO SEPTEMBER 30, 1974
BALANCE IN FUND - OCTOBER 1 , 1973 $ 87,642.76
RECEIPTS
Transfer from Airport Revenue Fund $ 32,366.00
Interest on Investments 8,437.55
40,803.55
$ 128,446.31
DISBURSEMENTS
interest Paid on Bonds $ 4,366.00
Redemption of Bonds Outstanding 28,000.00
32,366.00
BALANCE IN FUND - SEPTEMBER 30, 1974 $ 96,080.31
BALANCE IN FUND HELD AS FOLLOWS:
Cash $ 1 ,446.48
U.S. Treasury Bills 92,449.01
Accrued Interest Receivable 2, 184.82
$ '6.080.31
U.S. TREASURY BILLS
$65,000.00 Due 12/17/74 @ 95.54 $ 62,098. 17
3,000.00 Due 12/31/74 @ 99. 19 2,975.63
25,000.00 Due 11/29/74 @ 97.55 24,386.46
3,000.00 Due 11/15/74 @ 99.63 2,988.75
92,449.01
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, 1973 TO SEPTEMBER 30, 1974
BALANCE IN FUND - OCTOBER 1, 1973 $ 1 ,083.75
RECEI PTS
Transfer from Airport Revenue Fund 10,976.25
$ 12,060.00
DISBURSEMENTS
Interest Paid on Bonds $ 2, 167.50
Redemption of Bonds Outstanding 9,000.00
11, 167.50
BALANCE IN FUND - SEPTEMBER 30, 1974 $ 892.50
ORVIS M. KEMP. C.P.A.
MONROE COUNTY MEACHAM AIRPORT
KEY WEST, FLORIDA
ANALYSIS OF RECEIPTS AND EXPENDITURES
REVENUE BONDS RESERVE FUND - SERIES 1956
OCTOBER I , 1973 TO SEPTEMBER 30, 1974
BALANCE IN FUND - OCTOBER 1 , 1973 $ 43,533.51
RECEIPTS
Interest and Profits on Investments 4,525. 12
$ 48,058.63
DISBURSEMENTS
-0-
BALANCE IN FUND - SEPTEMBER 30, 1974 $ 48,058.63
BALANCE IN FUND HELD AS FOLLOWS:
Cash $ 812.84
Securities 45,967. 12
Interest Receivable 1278 67
$ 48,058.63
$45,000.00 U.S. Treasury Bills
Due 12/17/74 $ 42,991.50
$ 3,000.00 U.S. Treasury Bills
Due 12/31/74 2,975.62
$ 45,367. 12
ORVIS M. KEMP. C.P.A.
MONROE COUNTY MEACHAM AIRPORT
KEY WEST, FLORIDA
FUNDED DEBT
SEPTEMBER 30, 1974
AIRPORT REVENUE BONDS - SERIES 1955
INTEREST RATE 3,70%
MATURITY DATE AMOUNT
671/75 $ 29,000.00
6/1/76
6/1/77 30,000.00
31 ,000,00
TOTAL
$ 90.000.00
AIRPORT REVENUE BONDS - SERIES 1956
INTEREST RATE 4.25%
MATURITY DATE AMOUNT
1975 $ 10,000.00
1976 10,000.00
1977 11,000.00
1978 11 ,000.00
TOTAL $ 42.000.00
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