Fiscal Year 1976 ORVIS M. KEMP
CERTIFIED PUBLIC ACCOUNTANT
61SA UNITED STREET
KEY WEST, FLORIDA
MONROE COUNTY MEACHAM AIRPORT
AUDIT REPORT
FOR THE FISCAL YEAR ENDED
SEPTEMBER 30, 1976
MONROE COUNTY MEACHAM AIRPORT
AUDIT REPORT
FOR THE FISCAL YEAR ENDED
SEPTEMBER 30, 1976
OPVIP M KILMP. C.P.A.
ORVIS M. KEMP
CERTIFIED PUBLIC ACCOUNTANT
615-A UNITED STREET
KEY WEST, FLORIDA
June 30, 1977
Board of County Commissioners
Monroe County
Key West, Florida 33040
Dear Commissioners:
We have examined the Balance Sheet of the Monroe County
Meacham Airport as of September 30, 1976 and the related
Statements of Receipts and Expenditures and changes in finan-
cial position for the fiscal year then ended. Our examination
was made in accordance with generally accepted auditing stand-
ards 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, 1976, and the results of
its operations and changes in its financial position for the
year then ended, in conformity with generally accepted account-
ing principles applied on a basis consistent with that of the
preceding year.
(�RReessspectfully submitted,
Orvis M. Kemp, C. P. A.
OMK/cas
MONROE COUNTY MEACHAM AIRPORT
KEY WEST, FLORIDA
BALANCE SHEET
SEPTEMBER 30, 1976
ASSETS
CURRENT ASSETS
Airport Revenue Fund $ 53,046.35
Airport Operations and Maintenance Fund 33,114.51
Airport Development and Replacement Fund 52,728.22
Airport Interest and Sinking Fund - Series 1955 109,317.65
Airport Interest and Sinking Fund - Series 1956 467.50
Airport Reserve Fund - Series 1956 54,878.13
$ 303,552.36
FIXED ASSETS
Airport Terminal Building $ 595,880.91
Airport Runways 576,814.50
Fire Fighting Apparatus 15,211.00
Equipment 4,456.33
1 ,192,362.74
TOTAL ASSETS $1,495.915.10
LIABILITIES AND SURPLUS
LIABILITIES
Airport Revenue Bonds Series 1955 - 3.7% $ 31 ,000.00
Airport Revenue Bonds Series 1956 - 4.25% 22,000.00
Interest Accrued Series 1955 Bonds 573.50
Interest Accrued Series 1956 Bonds 311.66
$ 53,885.16
RESERVE FOR DEPRECIATION
Airport Terminal Building $ 285,989.78
Airport Runways 276,868.96
Fire Fighting Apparatus 15,211.00
578,069.74
SURPLUS 863,960.20
TOTAL LIABILITIES AND SURPLUS $1 ,495,415.10
ORVES M KEMP.C.P.A.
MONROE COUNTY MEACHAM AIRPORT
KEY WEST, FLORIDA
STATEMENT OF RECEIPTS AND EXPENDITURES
OCTOBER 1 , 1975 TO SEPTEMBER 30, 1976
RECEIPTS
Airport Operations
Airline Fees and Rentals $ 37,248.25
Parking Lot 1 ,007.40
U-Drive it Lease 34, 177.21
Concessions and Leases 22,630.08
FAA Planning and Lighting Grants 146.18
State Planning and Lighting Grants 25.14
$ 95,234.26
Interest on Deposits 12,593.95
TOTAL RECEIPTS $ 107,828.21
EXPENDITURES
Airport Operations
Salaries $ 41 ,689.31
Matching Funds, Social Security
and Pension 6,191.22
Utilities 22,294.37
Insurance 11 ,670.30
Maintenance 10,413. 13
Miscellaneous 7,292.01
Service-Airport Consultant 3,000.00
Contractual Services 8,034.51
Capital Outlays - Equipment 4,456.33
$ 115,041. 18
Interest Paid
Series 1955 Revenue Bonds $ 2,257.00
Series 1956 Revenue Bonds 1 ,360.00
3,617.00
Revenue Bonds Redeemed
Series 1955 $ 30,000.00
Series 1956 10,000.00
40000.00
TOTAL EXPENDITURES 158,658.18
EXCESS OF EXPENDITURES OVER REVENUE FOR YEAR $ (50,829.97)
TRANSFERS FROM RACE TRACK FUNDS 43,000.00
NET DECREASE IN FUNDS FOR THE FISCAL YEAR $ (7,829.97)
ORVIS M 1(6MP. C.P.A.
MONROE COUNTY MEACHAM AIRPORT
KEY WEST, FLORIDA
ANALYSIS OF RECEIPTS AND DISBURSEMENTS
MEACHAM AIRPORT REVENUE FUND
OCTOBER 1 , 1975 TO SEPTEMBER 30, 1976
BALANCE IN FUND - OCTOBER 1 , 1975 $ 59,821.95
RECEIPTS
Race Track Monies $ 43,000.00
Interest on Time Deposit 1 ,565.96
Airline Fees and Rentals 37,248.25
Parking Lot Receipts 1 ,007.40
U-Drive It Lease 34,177.21
Concessions and Leases 22,630.08
139,628.90
$ 199,450.85
DISBURSEMENTS
Transfer to Airport Operations and Maintenance Fund $ 103,000.00
Transfer to Interest and Sinking Fund - Series 1955 32,257.00
Transfer to Interest and Sinking Fund - Series 1956 11 ,147.50
146,404.50
BALANCE IN FUND - SEPTEMBER 30, 1976 $ 53.046.35
BALANCE IN FUND HELD AS FOLLOWS:
Cash in Key West State Bank $ 11 ,720.86
Time Deposit - Key West State Bank 20,000.00
Time Deposit - Florida First National Bank 20,000.00
Accounts Receivable - Airport Revenue 2,068.43
$ 53,789.29
Less:
State Tax $ 6,00
Deposits In Escrow 736.94
742.94
$ 53.046.35
OPVIB M KAMP.C.P.A.
MONROE COUNTY MEACHAM AIRPORT
KEY WEST, FLORIDA
ANALYSIS OF RECEIPTS AND DISBURSEMENTS
OPERATION AND MAINTENANCE FUND
OCOTOBER 1 , 1975 TO SEPTEMBER 30, 1976
BALANCE IN FUND - OCTOBER 1 , 1975 $ 36,871.87
RECEIPTS
Transfer from Airport Revenue Fund $ 103,000.00
Interest on Time Deposit 249.31
103,249.31
$ 140,121. 18
DISBURSEMENTS
Salaries and .Wages $ 41 ,689.39
Travel and Auto Allowance 354.20
Matching Funds, Social Security and Pension 6,191.22
Insurance and Bonds 11 ,670.30
Communication 945.12
Audit 600.00
Office Supplies and Expenses 391 .49
Tools and Small Implements 98.96
Gasoline and Lubricants, etc. 221.77
Maintenance - Building 9,343.09
Maintenance - Equipment 1 ,070.04
Rentals 266.99
Utilities 22,294.37
Service - Airport Consultant 3,000.00
Clothing 470. 17
Capttat Outlay Equipment 4,456.33
Other Debts and Service Costs 500.00
Group Insurance 1 ,499. 10
Workman's Compensation 1 ,273.06
Materials 92.77
Miscellaneous 494.34
Dues and Memberships and Subscriptions 77.36
Advertising 6.6o
107,006.67
BALANCE IN FUND - SEPTEMBER 30, 1976 $ 33, 114.51
Cash in Key West State Bank $ 33,203. 11
Less: Reserve for Encumbrances $ 71 .85
Due to Other Funds 16.75
88.6o
BALANCE IN FUND - SEPTEMBER 30, 1976 $ 33,. 114,51
ORVIS M KEMP.C.P.A.
MONROE COUNTY MEACHAM AIRPORT
KEY WEST, FLORIDA
ANALYSIS OF RECEIPTS AND DISBURSEMENTS
DEVELOPMENT AND REPLACEMENT FUND
OCTOBER 1 , 1975 TO SEPTEMBER 30, 1976
BALANCE IN FUND - OCTOBER 1 , 1975 $ 59,594.83
RECEIPTS
Interest on Time Deposit $ 996.58
FAA lighting Grant 146.18
State Lighting Grant 25.14
1 ,167.90
$ 60,762.73
DISBURSEMENTS
Contractual Services - Construction 8,034.51
BALANCE IN FUND - SEPTEMBER 30, 1976 $ 52,728.22
BALANCE IN FUND HELD AS FOLLOWS:
Cash in Key West State Bank $ 123.04
Time Deposit at Key West State Bank 40,000.00
Due From Other Governmental Bodies 12,605. 18
-- - - -- - - $ 52,728,22
ORVIS M KEMP.C.P.C.P.A.
MONROE COUNTY MEACHAM AIRPORT
KEY WEST, FLORIDA
ANALYSIS OF RECEIPTS AND DISBURSEMENTS
INTEREST AND SINKING FUND - SERIES 1955
OCTOBER 1 , 1975 TO SEPTEMBER 30, 1976
BALANCE IN FUND - OCTOBER 1 , 1975 $ 102,847.03
RECEIPTS
Transfer from Airport Revenue Fund $ 32,257.00
Interest on Investments 6,470.62
38,727.62
$ 141 ,574.65
DISBURSEMENTS
SEMEN S
Interest Paid on Bonds $ 2,257.00
Redemption of Bonds Outstanding 30,000.00
32,257.00
BALANCE IN FUND - SEPTEMBER 30, 1976 $ 109.317.65
BALANCE IN FUND HELD AS FOLLOWS
Cash $ 2,821 .76
United States Treasury Bills 104,115.50
Accrued Interest Receivable on Investments 2,378.40
Accrued Interest on Investments Purchased 1.36
Unamortized Premium on Investments .63
$ lO4 317.65
U. S. TREASURY BILLS
$73,000.00 Due November 15, 1976 $ 73,000.00
2,000.00 Due November 15, 1976 2,000.00
30,000.00 Due November 15, 1976 29,115.50
$ 104 115.50
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 , 1975 TO SEPTEMBER 30, 1976
BALANCE IN FUND - OCTOBER 1 , 1975 $ 680.00
RECEIPTS 11,147.50
Transfer from Airport Revenue Fund
11 ,827.50
DISBURSEMENTS 1 ,360.00
Interest Paid on Bonds $
Redemption of Bonds Outstanding 10,000.00
11 ,360.00
BALANCE IN FUND - SEPTEMBER 30, 1976 $ 467.50
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 , 1975 TO SEPTEMBER 30, 1976
BALANCE IN FUND - OCTOBER 1 , 1975 $ 51 ,566.65
RECEIPTS 3,311.48
Interest
$ 54,878.13
DISBURSEMENTS -O
BALANCE IN FUND - SEPTEMBER 30, 1976 $ 54,878.11
BALANCE IN FUND HELD AS FOLLOWS
Cash $ 625.50
Securities - U. S. Treasury Bills 53,000.00
Interest Receivable on Investments 1 ,250.64
Accrued Interest on Investments Purchased 1.36
Unamortized Premium on Investments .63
$ 54.878.13
U. S. TREASURY NOTES
$51 ,000.00 Due November 15, 1976 $ 51 ,000.00
2,000.00 Due November 15, 1976 2,000.00
$ 53,000.00
ORVIS M KEMP.C.P.A.
MONROE COUNTY MEACHAM AIRPORT
KEY WEST, FLORIDA
FUNDED DEBT
SEPTEMBER 30, 1976
AIRPORT REVENUE BONDS - SERIES 1955
INTEREST RATE 3.70%
MATURITY DATE AMOUNT
June 1 , 1977 $ 31 ,000.00
TOTAL $___31 0�0 OO
AIRPORT REVENUE BONDS - SERIES 1956
INTEREST RATE 4.25%
MATURITY DATE AMOUNT
June 1 , 1977 $ 11 ,000.00
June 1 , 1978 11,000.00
TOTAL --- $ 22.000.00
ORVI6 M KEMP.C.P.A.
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