Fiscal Year 1972 ORVIS M. KEMP
CHTIFIED PUNIC ACCOUNTANT
617A UNITED STREET
KEY WEST, FLORIDA
CARD SOUND BRIDGE
MONROE COUNTY, FLORIDA
AUDIT REPORT
SEPTEMBER 30, 1972
CARD SOUND BRIDGE
MONROE COUNTY, FLORIDA
AUDIT REPORT
FOR THE FISCAL YEAR ENDED
SEPTEMBER 30, 1972
ORVIS M. KEMP. C.P.A.
INDEX
PAGE
NO.
LETTER OF TRANSMITTAL 1
COMMENTS - OPERATIONS 2
EXHIBIT A - BALANCE SHEET - September 30, 1972 3
EXHIBIT B - STATEMENT OF REVENUES AND EXPENSES 4
October 1 , 1971 to September 30, 1972
EXHIBIT C - ANALYSIS OF SURPLUS
October 1, 1971 .to September 30, 1972 5
EXHIBIT D - ANALYSIS OF FUNDS 6
October 1 , 1971 to September 30, 1972
EXHIBIT E - SCHEDULE OF INSURANCE IN FORCE
September 30, 1972 7
EXHIBIT F - COMPARATIVE STATEMENT OF REVENUE AND EXPENSE
October 1 , 1971 to September 30, 1972 8
ORVIS M. KEMP. C.P.A.
i
ORVIS M. KEMP
CERTIFIED PUBLIC ACCOUNTANT
AUDITS-SYSTEMS -TAXES
KEY WEST,FLORIDA
March 5, 1973
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,. 1972 and the related Statements
of Revenues and Expenses and Analysis of Surplus for the
period October 1, 1971 to September 30, 1972. 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 the Card Sound Bridge at September 30,
1972 and the results of its operations for the period then
ended, in conformity with generally accepted accounting
principles.
Respectfully submitted,
Orvis M. Kemp, Cp.A.'
r
2
COMMENTS
OPERATIONS
Article III , Scetion 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 each 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
table 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 (9-30-72) 73,604.65
Reserve Account Transfer required for the year
($2,708,34 per month) 32,500.00
Renewal and Replacement Fund Transfers required fer
the year ($1 ,250.00 per month) 15,000,00
Total Annual Tabs required to be collected to comply
with Bond Resolution 54-1967 $ 394,646.32
Total Tolls collected during the Fiscal Year ended
September 30, 1972. 250,861.95
Deficiency in Tolls Collected 14$ 3.784.37
OHVIS M. KEMP. C.P.A.
3
CARD SOUND BRIDGE
MONROE COUNTY. FLORIDA
BALANCE SHEET
SEPTEMBER 30, 1972
ASSETS
FIXED ASSETS
Bridge, Toll Plaza, Etc. $ 2,425,707..89
Less: Reserve for Depreciation 157,671 .03
$ 2,268,036.86
FUNDS IN TRUST - FLORIDA NATIONAL BANK
AND TRUST COMPANY AT MIAMI , FLORIDA.
Interest and Sinking Bund (Note I) 172,283.60
CURRENT ASSETS
Revenue Fund
Petty Cash $ 100.00
Cash on Deposit - First National Bank
of Upper Keys 7,373.44
General. Revenue Fund
Operation Reserve Fund 12,575.00
20,048.44
OTHER ASSETS
Unamortized Bond Discount 76,570.00
TOTAL ASSETS
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") (75,519.43)
TOTAL LIABILITIES AND CAPITAL S 2.536. 8.90
EXHIBIT "A"
OKVIB M. KEMP. C.P.A.
4
CARD SOUND BRIDGE
MONROE COUNTY, FLORIDA
STATEMENT OF REVENUES AND EXPENSES
OCTOBER 1 , 1971 TO SEPTEMBER 30, 1972
REVENUES
Tolls and Dockage $ 250,861 .95
EXPENSES
Salaries and Wages 38,483.29
Matching Funds (Social Security and Pension) 3,540.48
Insurance and Bonds 14,265.50
Communications. 1 ,060.36
Office Supplies 1,589.12
Other Supplies 53.15
Gasoline, Lubricants 3.48
Maintenance of Buildings 518.38
Maintenance of Equipment 591.46
Rentals 270.00
Utilities 1 ,157.05
Tools and Implements 1.48
Transportation 1 .60
Contracted Services 11 ,450.89
Paying Agents Fees 447.56
Capital Outlay . 170.85
Road Materials, Minor Repairs 927.45
Interest 149,500.00
Roads Built by Contract 15,931 . 19
239,963.29
NET GAIN FROM OPERATIONS $ 10,898.66
OTHER INCOME
Interest Earned on Investments $ 3,737.00
Profit on Sale of Investments - 3.939.86 7,676.86
NET GAIN FOR THE FISCAL YEAR $ 18.575.52
EXHIBIT "B"
ORVIS M. KEMP. C.P.A.
5
CARD SOUND BRIDGE
MONROE COUNTY, FLORIDA
ANALYSIS OF SURPLUS
OCTOBER I , 1971 TO SEPTEMBER 30, 1972
BALANCE OCTOBER I . 1971 $ (45,580.79)
PROFIT FOR THE FISCAL PERIOD $ 18,575.52
LESS: DEPRECIATION 48,514. 16
(29,938.64)
BALANCE SEPTEMBER 30, 1972 S (75.519.43)
EXHIBIT "C"
ORV IS M. KEMP. O.P.A.
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CARD SOUND BRIDGE
MONROE COUNTY, FLORIDA
COMPARATIVE REVENUE AND EXPENSE
1970 1971 OVER OR
1221 �Z NDE
TOLLS AND DOCKAGE $ 213.271,25 $ 250,861 .95 $ 37.590.70
EXPENSE
Salaries and Wages $ 38,287.10 $ 38,483.29 $ 196.19
Matching Funds 3,313.21 3,540.48 - 227.27
14 365.50 14,265.50 (100.00)
Insurance and Bonds 'Travel and Auto Allowance 93.05 (93.05)
Legal Advertising Expenses 14.04 -0- (14.04)
Commenications 1 ,009.67 1 ,060.36 50.69
Commissions, Fees and Costs 106.50 -0- (106.50)
Office Supplies and Expenses 897.89 1,589.12 691.23
Other Supplies 3.97 53. 15 49.18
Gasoline, Lubricants 1.85 3.48 1.65
Maintenance of Buildings 384.27 518.38 134.11
Maintenance of Equipment 329.74 59.146 261.72
Rentals -0- 270.00 270.00
Utilities 1 ,154.71 1 ,157.05 2.34
Tools and Implements -0- 1 .48 1 .48
Transportation -0- 1 .60 1 .60
Contracted Service 11 ,356.00 11,450.89 94.89
Paying Agents Fees 477.70 447.56 (30.14)
Capital Outlay -o- 170.85 170.85
$ 71,795.20 $ 73,604.65 $ 1,809.45
141 4 6 D 3 177.257.30 S 35.781.25
OTHER EXPENSES - INTEREST & RESERVE FUND
Interest $ 149,500.00 $ 149,500.00 $ -0-
Road Materials - Minor Repairs 92_0- 15,927.45.15 15,927.45
Road Built By Contract
Total Other Expenses $ 149,500.00 $ 166,358.64 $ 16,858.64
$ (8.023:95) $ 10,898.66 $ 18,922.61
OTHER INCOME
Interest Earned on Investments $ 5,558.13 $ 3,737.00 $ (1,821.13)
Profit on Sale of Investments 2,089.05 - 3,939.86 - 1 ,850.81
$ 7.647.18 $ 7,676.86 $ 29.68
NET GAIN OR (LOSS) (3.26.77) S 18 575.52 5 18.952.22
EXHIBIT "F"
ORVIH M. RCMP. O.P.A.