Fiscal Year 1973 ORVIS M. KEMP
CERTIFIED YURN: ACCOUNTANT
61SA UNITED STREET
KEY WEST, FLORIDA
CARD SOUND BRIDGE
MONROE COUNTY, FLORIDA
AUDIT REPORT
FOR THE FISCAL YEAR ENDED
SEPTEMBER 30. 1973
CARD SOUND BRIDGE
MONROE COUNTY. FLORIDA
AUDIT REPORT
FOR THE FISCAL YEAR ENDED
SEPTEMBER 30. 1971
ORVIS M. KEMP. C.P.A.
INDEX
PAGE
NUMBER
LETTER OF TRANSMITTAL 1
COMMENTS - OPERATIONS 2
EXHIBIT A - BALANCE SHEET - SEPTEMBER 30, 1973 3
EXHIBIT B - STATEMENT OF REVENUES AND EXPENDITURES
October 1, 1972 to September 30, 1973 4
EXHIBIT C - ANALYSIS OF SURPLUS
October 1 , 1972 to September 30, 1973 5
EXHIBIT D - ANALYSIS OF FUNDS
October 1, 1972 to September 30, 1973 6
EXHIBIT E - SCHEDULE OF INSURANCE IN FORCE
September 30, 1973 7
EXHIBIT F - COMPARATIVE STATEMENT OF REVENUE AND EXPENSES
October I , 1972 to September 30, 1973 8
ORVIS M. KEMP. C.P.A.
1
ORVIS M. KEMP
CERTIFIED PUBUC ACCOUNTANT
AUDITS-SYSTEMS •TAKES
KEY WEST,FLORIDA
April 20, 1974
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, 1973 and the related statements of income and
retained earnings and changes In financial position for the period
October I, 1972 to September 30, 1973. Our examination was made in
accordance with generally accepted auditing standards and accordingly,
included such tests of the accounting records and such other auditing
procedures that we considered necessary in the clrcunstances.
In our opinion, the accompanying financial statements present
fairly the financial position of the Card Sound Bridge at September 30,
1973 and the results of its operations and changes In its financial
position for the year then ended, in conformity with generally
accepted auditing principles applied on a basis consistent with that
of the preceding year.
Respectfully submitted,
Orvis M. Kemp, L.P.A.
2
Sadfat
OPEMTI ORS
Article ill, Section 3.04 (A), stabs 'That the County
will flx, establish, meintaln end collect such tolls or other charges
and revise the some, from time to time whenever necessary, es will
slways provide revenant sufficient to pay In each year, as the some
shell become due."
Its% of the interest becoming due on such bonds
in each year 02b% of $119,500.00) $ 12I6,1175.00
The annual installment of principal required to
amortise the principal of %aid binds et the
meturity thereof In accordance with standard
table of bond amortisation ($2,600,000.00 for
30 years) 06.666.62
I00% of the cost of operation and maintenance of
such bridge In such year (9-30-73) 75.990.57
Reserve Account Transfer required for the year
($2,7011.34 per month) 32.500.00
Reread and emplacement Fund Transfers required for
the year ($i,250.00per month) ic.oab.00
Total annual tolls required to be collected to somata
with bond resolution 54-1967 $ 397.032.24
Total tolls collected during the fiscal year ended
September 30, 1973 118.294.12
Deficiency In tolls collected s fRsu.oz
ORVIS M. KEMP. C.P.P.
3
CARD SOUND BRIDGFs
MONROE COUNTY. FLORIDA
BALANCE SHEET
SEPTEMBER 30. 1973
ASSETS
FIXED ASSETS
Bridge, Toll Plaza, etc. $2,925,707.89
Less: Reserve for Depreciation 206.185.19
$2,219,522.70
FUNDS IN TRUCT - FLORIDA NATIONAL BANK
AND TRUST COMPANY AT MIAMI. FLORIDA
1.1021v., a..d Sinking Fund (Note 1) 265,839.80
CURRENT ASSETS
Revenue Fund
Petty Cash $ 100.00
Cash on Deposit - First National Bank
of Upper Keys
General Revenue Fund 18,569.14
Operation Reserve Fund 13.070.00
31,739. 14
OTHER ASSETS
Unamortized Bond Discount 76.570,00
TATA, ASSETS $2.593.671.64
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) (18.786.69)
TOTAL LIABILITIES AND CAPITAL S2393.671.64
p 0 ' V EXHIBIT "A"
( ��.ni° j71n • (A / �8
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��`1 .-1 ORVIS M. KEMP. C.P.A
L, .
4
CARD SOUND BRIDGE
MONROE COUNTY. FLORIDA
STATEMENT OF REVENUES AND EXPENDITURES
OCTOBER 1 . 1972 TO SEPTEMBER 30. 1973
REVENUES,
Tolls and Dockage $ 318,796.22
EXPENSES
Salaries and Wages $ 40,114.59
Matching Funds ESocial Security B. Pension) 3,886.12
Insurance and Bonds 15,086.13
Communications 1,053.24
Offiee-Supplies 1,317.54
Other Supplies 91 .67
Maintenance of Buildings 205.65
Maintenance of Equipment 626.76
Utilities 1 ,335.75
Contracted Services 11 ,355.00
Paying Agents Fees 380.50
Capital Outlay 537.62
Interest 149.500.00
225.490.57
NET GAIN FROM OPERATIONS $ 93,305.65
OTHER INCOME,
Interest Earned on Investments $ 10,441 .25
---Insurance Claim Proceeds 1,500.00
11.941,25
NET GAIN FOR THE FISCAL YEAR S 105.246.90
EXHIBIT IIB"
ORVIS M. KEMP. O.P.A.
5
CARD SOUND BRIDGE
MONROE COUNTY. FLORIDA
ANALYSIS OF SURPLUS
OCTOBER 1. 1972 TO SEPTEMBER 30. 1973
BALANCE - OCTOBER 1. 1972 $ (75.519.93)
PROFIT FOR THE FISCAL YEAR ENDED SEPTEMBER 30. 1973 $ 105,246.90
LESS; DEPRECIATION 48.514. 16
56.732.74
BALANCE - SEPTEMBER 30. 1973 S (18.786.691
EXHIBIT "C"
ORVIS M. KEMP. C.P.A.
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CARD SOUND BRIDGE
MONROE COUNTY. FLORIDA
COMPARATIVE REVENUE AND EXPENSE
FISCAL YEARS
OCT. 1. 1971 OCT. I . 1972 INCREASE
TO TO OR
SEPT. 30. 1972 SEPT. 30. 1971 DECREASE
TOLLS AND DOCKAGE $ 250.861,9$ $ 318.796.22 $ 67.934.27
EXPENSE
Salaries and Wages $ 38,483.29 $ 40, 114.59 $ 1 ,631 .30
Matching Funds 3,540.48 3,886. 12 345.64
Insurance and Bonds 14,265.50 15,086. 13 820.63
Communications 1,060.36 1,053.24 (7.12)
Office Supplies and Expense 1 ,589. 12 1,317.54 (271 .58)
Other Supplies 53.15 91 .67 38.52
Gasoline and Lubricants 3.48 -O- (3.48)
Maintenance of Buildings 518.38 205.65 (312.73)
Maintenance of Equipment 591 .46 626.76 35.30
Rentals 270.00 -0- (270.00)
Utilities 1, 157.05 1 ,335.75 178.70
Tools and Implements 1 .48 -0- (1..48)
Transportation 1.60 -0- (1 .60)
Contracted Service 11,450.89 11 ,355.00 (95.89)
Paying Agents Fee 447.56 380.50 (67.06)
Capital Outlay 170.85 537.62 366.77
$ 73.604.65 $ 75.990.57 $ 2.385.92
$ 177.257,30 $ 747.805.65 $ 65,548.35
OTHER EXPENSES - INTEREST S. RESERVE FUND
Interest $ 149,500.00 $ 149,500.00 $ -0-
Road Materials - Minor Repairs 927.45 -0- (927.45)
Road Built by Contract 44 931.19y -0- 1 1 )
Total Other Expenses $ 166,358.64 $ 149,500,00 $ 16,858, )
$ 1o.858,66 $ 93.305.65 $ 82.406.99
OTHER INCOME
Interest Earned on Investments $ 3,737.00 $ 10,441 .25 $ 6,704.25
Insurance Claim -0- 1,500.00 1 ,500.00
Profit on Sale of Investments 3.939.86 -0- (3.919.86)
$ 7.676,86 $ 11 .941.25 $ 4.264,39
NET GAIN OR (LOSS) S 18.575.57 S 105.246 90 S 86.671 .3g
EXHIBIT "P'
ORVIS M. KEMP. C.P.A.