Fiscal Year 1974 ORVIS M. KEMP
CERTIFIED PUBLIC ACCOUNTANT
615A UNITED STREET
KEY WEST, FLORIDA
CARD SOUND BRIDGE - MONROE COUNTY, FLORIDA
AUDIT REPORT
FOR THE FISCAL YEAR ENDED
SEPTEMBER 30, 1974
CARO SOUND ERIDOE
MONROE COUNTY. FLORIDA
AUDIT REPORT
FOR THE FISCAL YEAR ENDED
SEPTEMBER 30. 1974
ORVIS M. KEMP. C.P.A.
S
LETTER OF TRANSMITTAL 1
COMMENTS - OPERATIONS E - 3
EXHIBIT A • BALANCE FEET - SE'TEMBER 30, 1974 4 - S
EXHIBIT B - STATEMENT OF REVENUES AND EXPENDITURES
October I, 1973 to September 30, 1974 6
EXHIBIT C • ANALYSIS OF SURPLUS
October I, 1973 to September 30, 1974 7
EXHIBIT D - ANALYSIS OF FUNDS
October 1, 1973 to September 36, 1974 8
EXHIBIT E - $OSWLE OF INSURANCE IN FORCE
September 30, 1974 9
EXHIBIT F - COMPARATIVE STATEMENT OF MVEINS AND EXPENSE
For the Fiscal Veen Ended
September 30, 1973 - 1974 10
ORVIS M. KEMP. C.P.A.
1
ORVIS M. KEMP
CERTIFIED PUBLIC ACCOUNTANT
AUDITS-SYSTEMS-TAXES
KEY WEST, FLORIDA
April 28, 19$5
board of County Commissioners
Menem County
Rey West, florid,
Dear Commissioners;
We ►euc examined the Selena Shest of the
Card Sand bridge es of September S0. 19$ and the related
Statsemn+ts of Revenues and trpenditures and ciengn in its
financial petition for the period October!. INS to
September SO. 19}i. Our awsninetIan ems mode In accordance
_with generally incepted *wilting standards and accordingly.
Included a di tests of the accounting remade end such other
auditing preaodufes as me considered necessary in the
circumstances.
Is our opiniaq, the accompanying financial statements
present fairly the financial position of the Card lard Bridge
as of September SI, 19S, and the results of its speretions and
the changes In its financial position for the year then ended.
In conformity with generally accepted aecometing principles applied
on a basis consistent with that ef the proceeding year.
Respectfully
submitted.
es
Orvis N. Rap, C. P. A.
2
COMMENTS
OPERATIONS
Article Ill, Section 3.04 (A) states as follows:
"That the County shall fix, establis, maintain end
collect such tolls or other charges end revise the saes from time to
time, whenever necessary, as will always provide revenues sufficient
to pay in each year. as the same shall besoma due":
125% of the interest becoming due on such
bonds In each year (125%bf $149,500.00) $ 166,875.00
The annual installment of principal required
to amortize the principal of said bonds at
the maturity threof in accordance with
standard tables of amortization
($2,600,000 for 3o year) 86,666.87
100% of the cost of operation and maintenance of
such bridge In such year (9/30/74) 71,969.10
Reserve Account Transfer required for the year
($2,208.34) per month 32,500.00
Renewal and Replacement Fund Transfers required
for the year $1,250.00 per month) 15.000.00
$ 393,010.05
Total Annual Tolls required to be collected to comply with
Bond Resolution 54-1967 $_93.010.115
Deficiency in Tolls Collected During the Year S 104.625.5g
ORVIS M. KEMP. C.P,A.
3
awn
OPERATIONS
The following Is a schedule of the deficiency In tolls collected
each year since the Card Sound Bridge as opened:
FISCAL TSAR ENDED AMOUNT a DEFICIENCY
9/30/70 $ 192.887.02
9/30/71 179.565.62
9/30/72 143,784.37
9/50/73 70,236.01
9/30/74 100.625.50
Total Deficiency to Date S 704.098.5>:
In view of the above schedule which shows a deficiency In tolls
for each year that the bridge hes been in operationt it is suggested
that the County Commission amply with paragraph (A) Section 3.04.
age IS of Resolution Number 54-1967 and adjust the bridge tolls
accordingly.
ORVIS M. KEMP. C.P.A.
4
CARD SOUND BRIDGE
MONROE COUNTY. FLORIDA
BALANCE SHEET
SEPTEMBER 30. 1974
ASSETS
FIXED ASSETS
Bridge, Toll Plaza, Roads, Etc. $ 2,425,707.89
Less: Reserve for Depreciation 253.289.97
$ 2,172,417.92
Equipment S 3.335.48
Less: Reserve for Depreciation 1.725.84
1.609.64
TOTAL FIXED ASSETS S 2,174,027.56
FUNDS FOR TRUST - FLORIDA NATIONAL BANK
AND TRUST COMPANY AT MIAMI. FLORIDA
Interest and Sinking Fund
interest Account - Cash in Bank S 108,413.48
Reserve Account
Cash in Bank $ 11,341.31
Interest Receivable on Investments 2,119.88
Accrued Interest on Investments
Purchased 297.18
Investments 132.811.25
146,589.62
Renewal and Reolaament Account
Cash in Bank S 8,619.92
Interest Receivable on Investments 1,125.85
Accrued Interest on Investments
Purchased 81.37
Investments 09.193.16
99,220.30
Duo from Reserve Fund 14.478.15
Total Funds in Trust 368,701.53
CURRENT ASSETS
Reserve Fund
Petty Cash $ 150.00
Cash on Deposit - First National Bank of
Upper Keys
General Revenue Fund 14,328.15
Operating Reserve Fund 15.164.00
TOTAL CURRENT ASSETS 29,642.15
OTHER ASSETS
Unamortized Bond Discount 76.570.00
TOTAL ASSETS S 2.648.941.24
EXHIBIT "A"
CRVI6 M. KEMP. C.P.A.
5
CARD SOUND BRIDGE
MONROE COUNTY. FLORIDA
BALANCE SHEET
BE►TIMBER 30. I97k
LIABILITIES MD CAPITAL
FUNDED DEBT
Bridge Revenue Bonds Dated September I, 1967 $ 1,600,000.00
CURRENT LIABILITIES
Accrued Interest on Revenue Bonds S 12,438.33
Due to Interest end Sinking Fab 14.478.15
26,936.48
Surplus (Exhibit "C") 72.004.76
TOTAL LIABILITIES AND CAPITAL } 2.6168.941.24
EXHIBIT "A"
ORV IS M. KEMP. C.P.A.
6
um SOUND BRIDGE
MONROE COUNTY. FLORIDA
STATEMEOT OF REVENUES AND EXPENDITURES
OCTOBER 1. 1971 TO BErTENBER 30. 1974
NMI
Tolls and Dockage $ 283.385.35
Penni
Salaries $ 42.320.16
Matching Costs 4,106.07
Group Insurance 1.054.29
Weloons Cepenntlon 942.00
Gas 2.00
Miscellaneous Supplies 144.13
Office Supplies 1.629.19
Tools and Smelt Implements 88.08
Insurance end beds 4.955.00
12.00
Commissions and Fees 6.50
Cemeinicetlons 1,140.64
Maintenance of Buildings 1,665.76
Maintenance of Equipment 566.17
Utilities 1.231.74
Contractual Services 11,380.00
Paying Agents Fee 725.45
interest 149.500.OQ
221.469.18
NET GAIN FROM OPERATIONS $ 61,916.17
OTHER INCGIOt
Interest earned on Investments 25.449.92
NET GAIN FOR FISCAL YEAR L 8T_t66_09
EXHIBIT 'b"
ORVIS M. KEMP. C.P.A.
7
CARD SOUND BRIDGE
MONROE COUNTY. FLORIDA
ANALYSIS OF SURPLUS
9CTORER I. 1973 TO SEPTEMBER 30. 1974
BALANCE - OCTOBER I. 1973 $ (18,788.89)
PROFIT FOR INC FISCAL YEAR ENDED SEPTEMBER 30. 1974 $ 87,368.09
LESS: DEPRECIATION _ 48.830.82
38.515.47
0y X t $ 19,748.78
A N:M S*jTt 411:11ffWICEE SMELTED AS CAPITAL, OUTLAYS -
2.255.98
BALANCE - SEPTEMBER 30. 1974 $ 22.004.76
EXHIBIT "C"
ORVIS M. KEMP. C.P.A.
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;ARO SOWID BRIDGE
CONROE COUNTY. FLORIDA
CORPORATIVE STATEMENT OF REVME AND EXPENSES
FJXAL YEARS ENDED SEFTEMIER 30. 1973Y19-1974
OC_ TBQ�R I. _AC$IER i.-I9n INCREASE
To
'EFT. 1100. 1971 SIFT. 10. 1974 (DEC SE)
TOLLS AND 0OCXAGi $ 318.7964& ) 281_1185.3s $ (35.418.87)
EXPENSES
S larles and lags, $ 40,114.59 $ 42,320.16 $ 2,205.57
Matching Funds 3,886.12 4,106.07 219.95
!nsurancs and Bonds 15,086.13 6,951.29 (8,134.84)
Communications 1,053.14 1,140.64 87.40
Office Supplies and Expenses 1,317.54 1,629.19 311.65
Other Supplies 91.67 144.13 52.46
Gasoline and Other Lubricants -0- 2.00 2.00
falvt.M.nc. of Buildings 205.65 1,665.76 1.460.11
Maintenance of Equipment 626.76 566.17 (60.59)
Rentals -0- 12.00 12.00
Commissions and Fees -0- 6.50 6.50
Utilities 1,335.75 1,231.74 (104.01)
Tools and Implements -0- 88.08 88.08
Cemtroctual Services 11,355.00 11.380.00 25.00
Paying Agents Fes 380.50 725.45 344.95
Capital Outlay 517.62 -0- , (537.62)
$ 75 996.57 1 71.969.18 S (4.021.13)
$ 262.605.65 $ 111.416.17 ) (11.189.48)
OTHER EXPENSES - INTEREST & RESERVE FUND
Interest $ 149.500.00 $ 149.500.OQ $ -0-
$ 93.305.65 ) 61.916.17 $ (31.389.48)
OTHER INCOME
Interest Earned on Investments $ 10,441.25 $ 25,449.92 $ 15,008.67
Insurance Claims 1.500.0Q _ -0- _ (1.50040
$ 11.041.11 ) 2s.449.91 S 11.508.67
NIT GAIN FOR PERIOD L1 ,Q .1-11LIIii.92 1 (17.8W.81)
EXHIBIT "T"
ORVIS M. KEMP. C.P.A.