Fiscal Year 1980 & 1981 Dalaitte
Haskins- 1-Sells
Certified Public Accountants
MONROE COUNTY CARD SOUND ROAD AND
BRIDGE TOLL FACILITY
Financial Statements for the Years
Ended September 30 , 1980 and 1979
and Accountants ' Opinion
24
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Deloitte
Haskins+Sells
Certified Public Accountants One Southeast Third Avenue
Miami, Florida 33131
(305)358-4141
Telex 518814
Honorable Members of the
Board of County Commissioners
Monroe County , Florida :
We have examined the balance sheets of Monroe County Card Sound
Road and Bridge Toll Facility as of September 30 , 1980 and 1979
and the related statements of revenues , expenses , and fund
equity and of changes in financial position for the years then
ended. Our examinations were made in accordance with generally
accepted auditing standards and , accordingly, included such
tests of the accounting records and such other auditing
procedures as we considered necessary in the circumstances .
In our opinion , the financial statements present fairly the
financial position of Monroe County Card Sound Road and Bridge
Toll Facility at September 30, 1980 and 1979 and the results of
its operations and the changes in its financial position for
the years then ended , in conformity with generally accepted
accounting principles applied on a consistent basis .
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MONROE COUNTY CARD SOUND ROAD AND BRIDGE TOLL FACILITY
STATEMENTS OF REVENUES, EXPENSES AND FUND EQUITY
FOR THE YEARS ENDED SEPTEMBER 30, 1980 AND 1979
1980 1979
OPERATING REVENUES - Tolls $ 362 ,904 $ 399 , 593
OPERATING EXPENSES:
Salaries and wages 92 , 839 72 , 587
Professional services 15 ,125 16 , 330
Repairs and maintenance 1 , 994 52 , 450
Insurance 10 , 141 14 ,135
General and administrative 6, 119 6, 346
Total operating expenses 126 , 218 161 ,848
OPERATING INCOME BEFORE DEPRECIATION 236, 686 237 , 745
LtrwrulATION - - 66 ,483 66, 502
OPERATING INCOME 170, 203 171 ,243
NONOPERAIING REVENUE (EXPENSE) :
Interest 18 , 960 16, 636
Interest on revenue bonds (104 ,055 ) (114 , 553)
Other 7 , 788 (1 ,155 )
Total nonoperating revenue (expense) (7/ , 30f) (99 , 072 )
NET INCOME 92 , 896 72, 171
FUND EQUITY, OCTOBER 1 359 , 797 287 , 626
FUND EQUITY, SEPTEMBER 30 452 693 $ 359, 797
See accompanying notes to financial statements .
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MONROE COUNTY CARD SOUND ROAD AND BRIDGE TOLL FACILITY
STATEMENTS OF CHANGES IN FINANCIAL POSITION
FOR THE YEARS ENDED SEPTEMBER 30, 1980 AND 1979
1980 1979
WORKING CAPITAL PROVIDED:
Operations :
Net income $ 92, 896 $ 72, 171
Items not requiring current outlay of
working capital - depreciation 66, 483 66, 502
Amortization of discount on bonds sold 1 , 813 _ 5, 191
Total provided by operations 161 , 192 143, 864
Decrease in net restricted assets 25,979
Total- - - - - - - - 161 , 192 169, 843
WORKING CAPITAL APPLIED:
Reduction of revenue bonds 150, 000 170, 000
Increase in net restricted assets 10 ,802
Property additions 404
Total 161 ,206 170 , 000
(DECREASE) IN WORKING CAPITAL $ (14 ) $ __(157)
SUMMARY OF INCREASES (DECREASES) IN
WORKING CAPITAL:
Cash $ 2 , 059 $ (4 , 706)
Current liabilities ( 2 , 073) _ 4,549
(DECREASE) IN WORKING CAPITAL $ ( 14 ) $ (157)
See accompanying notes to financial statements .
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MONROE COUNTY CARD SOUND ROAD AND BRIDGE TOLL FACILITY
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED SEPTEMBER 30, 1980 AND 1979
1 . SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
General - The Monroe County Card Sound Road and Bridge Toll
Facility ( the "Bridge" ) is an instrumentality of Monroe County
(the "County") authorized to own and operate the Monroe County
Card Sound Bridge .
Basis of Accounting - The Bridge follows the accrual basis of
accounting .
Restricted Assets - Assets that are designated for specified
purposes under revenue bond provisions ( Note 2) are included in
the accompanying balance sheets as restricted assets .
Depreciation - Depreciation is provided using the straight -line
method and the following estimated useful lives :
Description Years
Roads and bridges 50
- - - - - Equipment 5-10
Discounts on Bonds Payable - Discounts on revenue bonds payable
are amortized using the straight -line method over the maturities
of the related bonds .
2 . REVENUE BONDS
The Bridge is authorized to issue revenue bonds for the purpose of
constructing and improving Card Sound Road and Bridge . Such
revenue bonds are payable solely from the revenues generated by
the Bridge and do not constitute a general obligation of the
County.
An interest rate of 5. 85% per annum is payable semiannually on the
entire term bond issue , which matures September 1 , 1997 .
Under the terms of the trust agreement relating to the revenue
bonds , the Bridge is required to establish and collect tolls which
will be sufficient at all times to (a) pay 125% of the interest
becoming due on such bonds in such year, (b) pay the annual
instalment of principal required to amortize the principal of
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such bonds according to a standard table of bond amortization , lc )
create and maintain reserves for such purposes , and Id ) pay the
costs of maintaining and operating Card Sound Road and Bridge.
Any excess revenues must be set aside to repurchase bonds prior to
maturity.
3. PENSION PLAN
The County participates in the Florida Retirement System lthe
"System" ) which covers substantially all of the County ' s full -time
employees . Presently, the System does not require contributions
from covered employees . Pension costs for Bridge employees for
the years ended September 30, 1980 and 1979, as required and
defined by the System , approximated $6 ,500 and $4 ,700,
respectively.
Contributions of all participating agencies throughout the State
of Florida are pooled to fund accrued benefits under the System.
System officials have reported that the System has an actuarially
computed unfunded past service liability of approximately $3 . 5
billion as of July 1 , 1977, the latest valuation date of the
plan . This amount represents an obligation of the System and not
of the participating agencies . The most recent actuarial study
indicates that , if certain actuarial assumptions are realized and
certain increases to the contribution rates are made, this
unfunded past service liability will be liquidated within 30 years .
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