Fiscal Year 1971 ORVIS M. KEMP
CERTIFIED PUSUC ACCOUNTANT
615A UNITED STREET
KEY WEST, FLORIDA
CARD SOUND BRIDGE
MONROE COUNTY, FLORIDA
AUDIT REPORT
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 1971
CARD SOUND BRIDGE
MONROE COUNTY. FLORIDA
AUDIT REPORT
FOR THE FISCAL YEAR ENDED
SEPTEMBER 30. 1971
ORVIS M. KEMP. C.P.A.
INDEX
PAGE
N0.
LETTER OF TRANSMITTAL 1.
NOTES TO FINANCIAL STATEMENT 2.
EXHIBIT A - Balance Sheet - September 30. 1971 3.
EXHIBIT B - Statement of Revenue and Expense
October 1, 1970 to September 30, 1971 4.
EXHIBIT C - Analysts of Surplus
October 1, 1970 to September 30, 1971 5.
EXHIBIT D - Analysts of Funds
October 1, 1970 to September 30, 1971 6.
ORVIS M. KEMP. C.P.A.
1
ORVIS M. KEMP
CERTIFIED PUBLIC ACCOUNTANT
AUDITS •SYSTEMS-TAXES
KEY WEST,FLORIDA
April 28, 1972
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, 1971 and the related Statements
of Revenues and Expenses and Analysis of Surplus for the
period October 1, 1970 to September 30, 1971. 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,
1971 and the results of its 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. Interest and Sinking Fund
Article III, Section 3.04 (C) (2) (a) requires that on the
15th day of each month In each fiscal year, an amount equal to
one-sixth (1/6) of the interest which will mature and become due
on said Bonds on the next semi-annual interest payment date shall
be deposited to an account known as the "Interest Account". The
balance In this account on September 30, 1971 exceeded the amount
required to pay the interest on the revenue bonds for the entire
next fiscal year, ending September 30, 1972. Therefore, there
will be no transfers required to be made to this fund during the
entire fiscal year ending September 30, 1972 since the balance
required to be maintained is already in the account.
COMMENTS-OPERATIONS
Article III , Section 3.04 (A) states "That the County will fix,
establish, maintain and collect such tolls or other charges - and
revise the same from time to time whenever necessary, as will
always provide revenues sufficient to pay In each year,
as the same shall become due."
125% of the Interest becoming due on such Bonds
In such year (125% of $149,500.00) $ 186,875.00
The annual installment of principal required to
amortize the principal of said Bonds at the
maturity thereof in accordance with standard
tables of bond amortization ($2,600.000.00 for
30 years) 86,666.67
100% of the cost of operation and maintenance of such
Bridge in such year (9/30/71) 71,795.20
Reserve Account Transfer required for the year
($2,708.34 per month) 32,500.00
Renewal and Replacement Fund Transfers required for
the year ($1,250.00 per month) 15.000.00
Total Annual Tolls required to be collected to comply
with Bond Resolution 54-1967 $ 392,836.87
Total Tolls collected during the Fiscal Year ended
September 30, 1971 213.271 .25
Deficiency in Tolls Collected S 179.565.62
ORVIS M. KEMP. C.P.A.
3
CARD SOUND BRIDGE
MONROE COUNTY. FLORIDA
BALANCE MEET
SEPTEMBER 30. 1971
ASSETS
FIXED ASSETS,
Bridge, Toll Plaza, etc. $ 2,425,707.89
Less: Reserve for Depreciation 109.156.87
$ 2,316,551.02
FUNDS IN TRUST - FLORIDA NATIONAL BANK
AND TRUST COMPANY AT MIAMI . FLORIDA
Interest and Sinking Fund (Note 1) 151 ,752.22
CURRENT ASSETS
Revenue Fund
Petty Cash $ 100.00
Cash on Deposit - First National Bank
of Upper Keys 8,659.30
Operation Reserve Fund 13.245.00
22,004.30
OTHER ASSETS,
Unamortlzed Bond Discount 76.570.00
TOTAL ASSETS $ 2.566.877.54
LIABILITIES AND CAPITAL
FUNDED DEBT
Bridge Revenue Bonds Dated September 1, 1967 $ 2,600,000.00
CURRENT LIABILITIES
Accrued Interest 12,458.33
SURPLUS
Surplus (Exhibit "C") (45.580.78)
TOTAL LIABILITIES AND CAPITAL $ 2.466.877.54
EXHIBIT "A"
ORVIS M. KEMP. C.P.A.
4
CARD SOUND BRIDGE
STATEMENT OF REVENUE AND EXPENSES
OCTOBER 1. 1970 TO SEPTEMBER 30. 1971
REVENUES
Tolls and Dockage $ 213,271.25
EXPENSES
Salaries and Wages $ 38,287.10
Matching Funds, (Social Security & Pension) 3,313.21
insurance and Bonds 14,365.50
Travel a Auto Allowance 93.05
Legal Advertising S. Expenses 14.04
Communications 1,009.67
Commissions Fees and Costs 106.50
Office Supplies a Expenses 897.89
Other Supplies 3.97
Gasoline, Lubricants 1.85
Maintenance of Buildings 384.27
Maintenance of Equipment 329.74
Utilities 1,154.71
Contracted Services 11,356.00
Paying Agents Fees 477.70
Interest 149.500.00
221.295.20
NET (LOSS) FROM OPERATIONS $ (8,023.95)
OTHER INCOME,
Interest Earned on Investments $ 5,558.13
Profit on Sale of Investments 2.089.05
7.647,18
NET (LOSS) FOR THE FISCAL YEAR $ (376.77)
EXHIBIT "B"
ORVIS M. KEMP. C.P.A.
5
CARD SOUND 'RIDGE
MONROE COUNTY. FLORIDA
ANALYSIS OF SURPLUS
OCTOSER 1. 1970 TO SIPTENSER 30. 1971
BALANCE OCTOIIR 1. 1970 S 3,310.14
Ste=
Net Loss for tho Fiscal Period S 376.77
Dproclstion 48.514.16
48.890.93
SALANCt SE►TIMSER 30. 1971 S (45.580.79)
EXNISIT "C"
ORVIS M. KEMP. C.P.A.