Fiscal Year 1975 ORVIS M. KEMP
CERTIFIED PUBLIC ACCOUNTANT
61SA UNITED STREET
KEY WEST, RORIDA
MONROE COUNTY MEACHAM AIRPORT
AUDIT REPORT
SEPTEMBER 30, 1975
MONROE COUNTY MAMAS AIRPORT
AUDIT REPORT
SEPTEN R 30• 1975
ORVIS M KEMP. C.P.A.
ORVIS M. KEMP
CERTIFIED PUBLIC ACCOUNTANT
615-A UNITED STREET
KEY WEST,FLORIDA
Juno 15. 1976
Board of County Commissioners
Monroe County
Key West, Florida 33040
Dear Commissioners:
We have examined the Balance Sheet of the Monroe County
Mechem Airport as of September 30. 1975, and the related
Statements of Receipts and Expenditures 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 end 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
Mechem Airport es of September 30, 1975 and the results of
Its operations and 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 proceeding year,
Respectfully submitted,
Orvis N. Kemp, C.P.A.
110NROI COMITY MEMOIR AIRPORT
REY WEST. FLORID
*LANCE SHEET
WW2LUlas.1221
Arun
MAW ASSITS
Airport Revenue Fend 1 59,821.95
Airport Operation 6 Nalntenrroe Fund 3.656.87
Airport Develessent 6 Nrplasenset Fund 59.554.83
Airport interest 6 Slaking Fund - Series 1955 102,847.03
Airport interest s Slaking Fund - Series 1956 680.00
Airport Reserve Fund - Series 1956 51.566.61
$ 311,167.33
/Yta Win
'Airport frrsini gutiding 1 595.890.91
Airport Says 516.814.50
Fire Fighting Apparatus 15.211.08
1.18/.106.41
TOTAL ASSETS $1.494.071.24
�[}S0�(LL�I,TT LIABILITIES AND SURPLUS
Revenue Sands - Series 1955 - 3.7% $ 61,000.00
Airport *avenue ands - Series 1956 - 4.25% 12,000.00
Interest Accrued - Series 1955 Seeds 752.33
Interest Accrued - Series 1956 Sends 451.33
$ 94.205.66
RESERVE FOR OEPRECIATIq!
Airport Terminal Building $ 259,964.52
35
Airport Rnuye
Fire Fighting Apparatus 14.211.00
542,888.87
Waal 861.9/9.21
T@TAi. tu�lITIES AND sMaLN2 sIA9gau3
ORVIS M KEMP. C.P.A.
MONROE COUNTY MEACMAM AIRPORT
KEY NEST. FLORIDA
STATEMENT OF RECEIPTS AMD EXPENDITURES
ALL FUNDS
OCTOBER 1. 1974 TO SE►TEMBER 30. 1975
RECEIPTS
Airport Operations
Airline Fees i Rentals $ 25,709.59
Parking Lot 1.636.50
0-0rise It Lease 341693.98
Concessions s Leases 35,966.73
FM Planning a Lighting Grants 134,558.64
State Planning t Lighting Grants 26.171.0q
$ 258,936.44
- -tftereferon Deposits 12.710.99
TOTAL RECEi►TS 271.647.43
EXPENDITURES
Airport Operations
Solaria $ 40.907.16
Matching Funds Social Security
a Pension 4.029.61
Utilities 19.876.03
insurance 14,283.49
Maintenance 5,462.69
Miscellaneous 18,140.35
Service - Airport Consultant 3,000.00
Contractual Services 171.544114
$ 269.244.07
interest Paid
Series 1955 Revenue Bands $ 3,330.00
Series 1956 Revenue Bonds 1.785.10
5,115.00
Revenue Bends Redacted
Series 1955 $ 29,000.00
Series 1956 10.000.00
39.000.00
313.359.07
EXCESS OF EXPENDITURES OVER REVENUE FOR YEAR $ (41,711.64)
TRANSFERS Foal RACE TRACK FUNDS 73.000.00
MET INCREASE IN FUNDS FOR FISCAL YEAR $ 31.118.36
ORVIS M KEMP. C.P.A.
MONROE COUNTY MEACHAM MUM
REY PEST. FLORIDA
ANALYSIS OF RECEIPTS AIM: DISMEENENTE
W[AQOYf AIRPORT RRYDNE FOND
OCTO0R4 I. 1971 TO S#PTEMSER SO. 1971
MANCE IN FYIN - OCTOOER I. 19741 $ 71,377.117
RECEIPTS $ 73.000.00
Race Task Monies 1.000.00
Interest en Time Deposit 21,065.67
Airline Fees and Remelt 1,709.59
59
Perking tot Receipts 1,656.90
_a•Nrire It Leese g_693.98
Concessions end Leases
172.072.47
$ 285.450.14
OISOMISIIMENTS
Transfer to Airport Operations a Maintenance Fund $ 124,725.69
Transfer to interest i Sinking Fund • Series 1955 32,330.00
Transfer to Interest a Sinking Fund • Series 1956 11,572.50
Transfer to Development S Replacement Fund 15.000.00
181-628.11
9ALANCE IN FUND • amass 30. 1975 S S^•„ 9
on
SAIAMCE IN FIND MELO AS FOLLOWS: 31.97
Cask In E 33.D
Rey West Stet* Ronk 55.051.97
Time Deposit - Florida First National Oink 0,000.00
Aceoants Receivable - Airport Rentals
59.821.95
ORVIS M KEMP.C.P.A.
MONROE COUNTY MEACHAM A►KNET
KEY WEST. FLORIDA
ANALYSIS OF RECEIPTS AND DISNINSENENTS
IFERATION A00 MAINTENANCE FUIW
OCTDEEN 1. 19711 TO SIPTEMOE1110. 1972
BALANCE IN FUND - OCTOBER 1. 1974 $ 9,630.51
Transfer from Airport Revenue Fund 124.725.62
$ 134,356.20
DIaINE[ KTS
Srlarles end Wages $ 40.907.16
Trawl A Auto Allowance 1,106.20
Matching Funds - Social Security a Pension 4,029.61
Insurance and Bends 12,636.00
Camwulcations 399.34
Audit 600.00
Office Supplies s Expenses 533.92
Tools a Smell Equipment 19.75
Gasoline a Lubricants. Etc. 125.24
Maintenance • Building 4.814.78
Maintenance • Equipment 647.91
Rentals 479.55
Utilities 19,876.03
Service - Airport Consultant 3,000.00
Clothing 202.40
Capital Outlay Equipment 4,640.95
Other Debts $ Service Costs 500.00
Group Insurance 1.647.49
Workmen,' Cagensatian 1 513.00
97.699.11
BALANCE IN FUND - SEPTEMBER 30. 117% $ 16.656.87
Cash in Key West State Dark $ 36.871.87
Less: Asserw for Encumbrances 214.412
Oelance In Fund - September 30. 1975 $ 36.646.87
ORVIS M KEMP. C.P.A.
MONROE COUNTY MEACHAM AIRPORT
KEY WEST. FLORIDA
ANALYSIS OF RECEIPTS AND DISBORSIINENTS
DEVELOPMENT AND REPLACEMENT FUND
OCTOBER 1. 1974 TO SEPTEMBER 30. 1975
NONCE IN FUND - OCTOBER 1. 1974 $ 53.1339.35
RECEIPTS
Interest on Time Deposit $ 1.370.58
Regular Budgeted Transfer 15,000.00
FM Phoning Grant 9.970.00
FM Lighting Grant 124,588.64
State Planning Grant 5,607.00
State Lighting Grant 20.76.00
177.100.22
$ 231,139.57
DISOURSEMENTS
Contractual Services - FM Grant $ 16,822.50
Contractual Services 146,894.16
Contractual Services - Engineering 7.E28.08
171.544.74
BALANCE IN FU10 - SEPTEMBER30. 1975 $ 59 594.E
BALANCE IN FUND HELD AS FOLLOWS:
Cash In Key West State Bank $ 54,591.74
Due From Other Governmental Oodles $ 73.600.68
Less: Contracts Payable 60.597.59
5.001.09
59 594.83
ORVIS M KEMP.C.P.A.
MONROE COUNTY MEACHAM AIRPORT
REM WEST. FLORIDA
ANALYSIS OF RECEIPTS AND OISOMR$EIRNTS
INTEREST AND SIMKINS FUND - SERIES 1955
OCTOPI.* I. 1974 TO SWIMMER 30. 1975
N UANCE IN FURS - OCTOPIR I. 1974 S 96.0S0.31
• 1
urns er from Airport Revenue Fund $ 32.330.00
Interest on Investments 4.766.71
f9,096.n
$ 135.177.0$
01SntirnNt
Interest S
td as Sands $ 3.330.00
Redemption of Ponds Outstanding to.00O.00
32_3410.60
must IM FUND - SEFTEMPER 30. 1971 AJSMIL111
RACIN F NttD AS FOLLOWS:
A INS $ 1.249.17
U. S. Treasury Silts 99.179.55
Annoyed Interest Receivable on Investments 2.393.91
Annwed Interest on investments Purclmed 1.90
Osemmrtised Protium on Investments 22a
S I72t
O. TREASURY S►LL%
$65.000.00 due 11/15/75 $ 63.000.00
3.000.00 due 11/15/75 3.000.00
2.000.00 dye 11/15/75 2.000.00
30.000.00 due 11/28/75 29.179.51
S 99_t79_4c
ORVIS M KEMP. C.P.A.
MONROE COUNTY NEAQ$N AIRPORT
KEY WEST. FLORIDA
ANALYSIS OF RECEIPTS AND DISOURSENENTS
INTEREST AND SINKING FIND - SERIES 1956
OCTO@ER I. 1974 TO SEPTENOER 90. 1975
MIAICE IN FUND - OCTOOER I. 1974 $ 092.50
RECEIPTS
Transfer from Airport Revenue Fund 11.572.50
$ 12,465.00
DISSORSENENTS
Interest Paid on Sends $ 1,705.00
Redemption of Sands Outstanding 10.000.00
11.7ES.00
SAIANCE IN FUND - SEPTENSER 30. 1971 4 6E0.00
OPVIS M KEMP.C.P.A.
MONROE COUNTY MEACHAM AIRPORT
REY WEST. FLORIDA
ANALYSIS OF RECEIPTS AID DISBURSEMENTS
WORM DONS RESERVE FWID - SERIES 1956
OCTOSER I. 1974 TO SEPTEMDER 30. 1975
BALANCE IN FUND - OCTOSER 1. 1974 $ 40.058.63
RECEIPTS 3.508.02
Interest end Profits on Investments
$ 51.566.65
OISENENTS -0-
BALANCE IN FUND - SEPTEMIER 30. 1971 $ 51.$66.6s
BALANCE IN FUND HELD AS FOLLOWS: $ 230.32
Cosh
Securities - U.S. Treasury 11111s S0.W0.00
Interest Receivable an Investments 1,311.93
Accrued Interest on Investments Purchased 1.90
UnemortIzed Premium on Investments 22.50
$ 51.566.6S
U S. TREASURY NOTES$45,000.00 due 11/15/75 $ 5.000000.00
3.000.00 due 11/15/75 2.000.00
2,000.00 due 11/15/75
S SOMA
ORVIS M KEMP.C.P.A.
NONCE COUNTY MACMRM AIRPORT
KEY WEST. FLORIDA
FUNDED DEBT
UflD R f0. 19T5
AIRPORT REVENUE Saps - SERIES 1955
algREfT MTII - 3.70%
MATURITY DATE
June I, 1976 $ 30,00O.00
Jun I. 1977 111.eN.N
T TAL ; 61.O0O.0Q
AIRPORT REVENUE NONSS - SERIES 1956
IMttgEaT MTE - M.2K
MATURITY DATE MEI
jump 1, nit $ 10,000.00
Jew 1, In? 11,000.00
Jw I, 19TO 11.O112.N
TOTAL LJAARIL22
ORVIS M KEMP. C.P.A.
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