Fiscal Year 1968 & 1969 ORVIS M. KEMP
CERTIFIED PUBLIC ACCOUNTANT
61SA UNITED STREET
KEY WEST, FLORIDA
CARD SOUND BRIDGE
MONROE COUNTY, FLORIDA
AUDIT REPORT
FOR THE FISCAL YEARS ENDED
SEPTEMBER 30, 1968 - 1969
CARO SOUND BRIM
MONROE COUNTY. FLORIDA
AUDIT REPORT
FOR THE FISCAL MYEAIAS ENDED
SEPTEMBER 30. 1968 - 146/
ORVIS M. KEMP.C.P.A.
INDEX
RAGE
NO•
LETTER OF TRANSMITTAL 1
NOTES TO FINANCIAL STATEMENTS 2
EXHIBIT A - Balance Sheet - September 30, 1969 3
EXHIBIT B - Statement of Revenues and Expenses
October 1, 1967 to September 30, 1969 4
EXHIBIT C - Analysis of Surplus
October 1, 1967 to September 30, 1969 5
EXHIBIT 0 - Analysts of Funds
October 1, 1967 to September 30, 1968 6
EXHIBIT E - Analysis of Funds
October I, 1968 to September 30, 1969 7
ORVIS M. KEMP.C.P.A.
1
ORVIS M. KEMP
CERTIFIED PUBLIC ACCOUNTANT
AUDITS •SYSTEMS •TAXES
KEY WEST,FLORIDA
January 14, 1970
Board of County Commissioners
Monroe County
Key West, Florida
Gentlemen:
We have examined the Balance Sheet of the Card Sound
Bridge as of September 30, 1969 and the related Statements
of Revenues and Expenses and Analysis of Surplus for the
period October 1, 1967 to September 30, 1969. Our
examination was made in accordance with generally accepted
auditing standards, and accordingly included such tests of
the accounting records and all other auditing procedures
that we considered necessary in the circumstances.
In our opinion, the accompanying balance sheet and
statements of revenues and surplus present fairly the
financial position of Card Sound Bridge at September 30,
1969 and the results of ks operations for the period then
ended, in conformity with generally accepted accounting
principles.
Respectfully submitted,
Orvis M. Kemp, C.P.A.
2
NOTES TO FINANCIAL STATEMENTS
Note 1.
The construction of the Card Sound Bridge was authorized by Monroe
County, Florida Resolution No. 54-1967 dated November 14, 1967.
The total cost of the Bridge as shown on the balance sheet was
computed as folios:
Cost of Construction $ 1 ,958,651 .23
Design and Engineering 245,845.86
Fiscal Agents Fee 52,000.00
Paying Agents Fee 607.90
Interest on Bonds During Construction 168.602.90
Total Cost S 2.425.707 89
Note 2.
The rate of depreciation for the Bridge was set at 2%. The amount
of depreciation charged for the period and reflected In the Reserve for
Depreciation account on the balance sheet was computed at this rate
from July I to September 30, 1969. The charge Is made directly against
Surplus, and not flown on the Statement of Revenues and Expenses because
it is not a cash expenditure and distorts the cash flow picture shown
by this statement.
Mat_IA
The Bridge Revenue Bonds dated September I, 1967 bear interest at
the rate of 5 3/4%. The interest is due and payable March 1 and
September 1.
These bonds were authorized by Monroe County, Florida Resolution
No. 54-1967. The bonds are subject to redemption in part on September 1,
1977 or on any Interest date thereafter, by lot, from money available
In the Bond Redemption Account.
COMMENTS - OPERATIONS
As of the end of the fiscal year, September 30, 1969, the County
hes not yet created the following funds and accounts required by
Article III, Section 3.04 of County Resolution No, Eh-1967.
OPERATING RESERVE FUND
SINKING FUND- RESERVE ACCOUNT
RENEWAL AND REPLACEMENT FUND
BONG REDEMPTION ACCOUNT
It is understood that when sufficient revenues are remaining in
the Revenue Fund, these above listed funds and accounts will be
established by the County.
OPVIS M. KEMP.C.P.A.
3
CARD SOUND BRIDGE
MONROE COUNTY. FLORIDA
BALANCE SHEET
SEPTEMBER 30. 1969
ASSETS
FIXED ASSETS
Bridge, Toll Plaza, etc, (Note I) $ 2,425,707.89
Less: Reserve for Depreciation (Note 2) 12.126.55
$ 2,413,579.34
FUNDS IN TRUST - FLORIDA NATIONAL BANK
AND TRUST COMPANY OF MIAMI . FLORIDA
Interest and Slaking Fund 166,631 .02
CURRENT ASSETS
Revenue Fund
Petty Cash $ 100.00
Cash on Deposit - First National Bank
of Upper Keys 17.291.56
17.391 .56
OTHER ASSETS
Unemortized Bond Discount 76.570.00
TOTAL ASSETS S 2.674.171 .9a
LIABILITIES AND CAPITAL,
FUNDED DEBT
Bridge Revenue Bonds Dated September 1 ,
1967 (Note 3) $ 2,600,000.00
CURRENT LIABILITIES
Accrued Interest 12,458.33
SURPLUS
Surplus (Exhibit "C") 61.713.59
TOTAL LIABILITIES AND CAPITAL S 2.674 171 9,
EXHIBIT "A"
ORVIS M. KCMP.O.P.A.
4
CARD SOUND BRIDGE
STATEMENT OF REVENUES AND EXPENSES
OCTOBER 1. 1967 TO SEPTEMBER 30. 1969
REVENUES
Tolls and Dockage $ 50,315.40
(July I to September 30, 1969)
EXPENSES
Communications $ 222.95
Contracted Services 2,700.00
Insurance and Bonds 13,694.43
Interest 37.374.99
Maintenance 53.05
Matching Funds (Social Security i Retirement) 821 .89
Miscellaneous 897.17
Office Supplies 179.30
Rentals 14.00
Salaries 10,119.10
Supplies 92.00
Utilities 351.97
66.520.85
NET LOSS FROM OPERATIONS $(16,205.45)
OTHER INCOME
Interest Earned on Investments Made From Funds
From Date of Bond Sale - May 15, 1968 to
September 30, 1969
Construction Fund $ 74,636.89
Interest and Sinking Fund 3,874.03
Profit on Sale of Investments - Interest
end Sinking Fund 11.516.67
90.047.59
NET PROFIT FOR THE PERIOD S 73.842.14
EXHIBIT "B"
ORVI9 M. KEMP.C.P.P.
5
cARo SOUND emu
NONROE COUNTY. FLORIDA
ANALYSIS OF SURFtAIS
oCTOuEi I. 1967 TO SEFTEMOER 10. 1969
SACK WOOER I. 1967 3 _0.
AEI
Net Profit For the Period 71.842.tk
$ 73,842.14
Depreciation 12.120.11
BALANCE SIMMER 10. 1969 s 61.713 59
ExrIaIT "C"
ORV IS M. KEMP.C.P.A.
6
CARD SOUND BRIDGE
MONROE COUNTY. FLORIDA
ANALYSIS OF FUNDS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30. 1968
CONSTRUCTION INTEREST AND
TRUST SINKING
TOTAL FUND FUND
BALANCE IN FUNDS OCTOBER I. 1967 $ -0- $ -0- $ -0-
RECEIPTS
Sale of Bridge Revenue Bonds
Dated 9/1/67 2,554,160.44 2,255,160.44 299,000.00
Interest Earned on Investments 7.537.34 3.661.11 3.874.09
Total $ 2.561 .697.7g $ 2.258.823.75 $ 302.874.01
DISBURSEMENTS
Fiscal Agents Fee $ 52,000.00 $ 52,000.00 $ -0-
Interest Paid on Bridge Revenue Bonds 74,750.00 -0- 74,750.00
Design and Engineering 193,810.00 193,810.00 -0-
Costs of Construction During Period 255.855.06 255.855.06 -0-
Total Disbursements $ 576.415.0§ $ 501 .665,06 $ 74.750.00
BALANCE IN FUNDS SEPTEMBER 30. 1968 t 1.9R5 282.7Z $ 1.757_158.64 4798 12401
EXHIBIT "D"
ORVIS M. KEMP.C.P.A.