HomeMy WebLinkAboutFY2024 Monroe County
Comprehensive
Plan Land Authority
(A Component Unit of Monroe County, Florida)
Financial Report
September 30, 2024
Contents
Independent auditor's report 1-3
Management's discussion and analysis (Unaudited) 4-8
Basis financial statements
Government-wide financial statements:
Statement of net position 9
Statement of activities 10
Fund financial statements:
Balance sheet—general fund 11
Statement of revenues, expenditures and changes in fund balance—general fund 12
Notes to financial statements 13-32
Required supplementary information (Unaudited)
Schedule of changes in the Authority's total OPEB liability and related ratios 33
Florida Retirement System Pension Plan
Schedule of the Authority's proportionate share of net pension plan liability 34
Schedule of the Authority's contributions to the Florida Retirement System Pension Plan 34
Health Insurance Subsidy Plan
Schedule of the Authority's proportionate share of net pension plan liability 35
Schedule of the Authority's contributions to the Health Insurance Subsidy Plan 35
Schedule of revenues, expenditures and changes in fund balance— budget and
actual—general fund (budgetary basis) 36
Other reports
Report on internal control over financial reporting and on compliance
and other matters based on an audit of financial statements performed in
accordance with Government Auditing Standards 37-38
Summary Schedule of Prior Year Findings 39
Management letter in accordance with Chapter 10.550 Rules of the Auditor General of
the State of Florida 40-41
Independent accountant's report on compliance with Section 218.415, Florida Statutes 42
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Independent Auditor's Report
Governing Board Monroe County Comprehensive Plan Land Authority
Monroe County, Florida
Report on the Audit of the Financial Statements
Opinions
We have audited the accompanying financial statements of the governmental activities and the major
fund of the Monroe County Comprehensive Plan Land Authority(the Authority), a component unit of
Monroe County, Florida, as of and for the fiscal year ended September 30, 2024, and the related notes to
the financial statements, as listed in the table of contents.
In our opinion, the accompanying financial statements referred to above present fairly, in all material
respects, the respective financial position of the governmental activities and the major fund of the
Authority, as of September 30, 2024, and the respective changes in financial position for the year then
ended in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States of
America (GAAS) and the standards applicable to financial audits contained in Government Auditing
Standards, issued by the Comptroller General of the United States (Government Auditing Standards). Our
responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit
of the Financial Statements section of our report. We are required to be independent of the Authority and
to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to
our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our audit opinions.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in
accordance with accounting principles generally accepted in the United States of America, and for the
design, implementation and maintenance of internal control relevant to the preparation and fair
presentation of financial statements that are free from material misstatement, whether due to fraud or
error.
In preparing the financial statements, management is required to evaluate whether there are conditions or
events, considered in the aggregate, that raise substantial doubt about the Authority's ability to continue
as a going concern for 12 months beyond the financial statement date, including any currently known
information that may raise substantial doubt shortly thereafter.
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Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor's report that
includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance
and, therefore, is not a guarantee that an audit conducted in accordance with GAAS and Government
Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a
material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Misstatements are considered material if there is a substantial likelihood that, individually or in the
aggregate, they would influence the judgment made by a reasonable user based on the financial
statements.
In performing an audit in accordance with GAAS and Government Auditing Standards, we
• Exercise professional judgment and maintain professional skepticism throughout the audit.
• Identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, and design and perform audit procedures responsive to those risks. Such procedures
include examining, on a test basis, evidence regarding the amounts and disclosures in the financial
statements.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Authority's internal control. Accordingly, no such opinion is expressed.
• Evaluate the appropriateness of accounting policies used and the reasonableness of significant
accounting estimates made by management, as well as evaluate the overall presentation of the
financial statements.
• Conclude whether, in our judgment, there are conditions or events considered in the aggregate, that
raise substantial doubt about the Authority's ability to continue as a going concern for a reasonable
period of time.
We are required to communicate with those charged with governance regarding, among other matters,
the planned scope and timing of the audit, significant audit findings and certain internal control-related
matters that we identified during the audit.
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management's
discussion and analysis and the pension and other postemployment benefits related schedules as listed
in the table of contents be presented to supplement the basic financial statements. Such information is
the responsibility of management and, although not a part of the basic financial statements, is required by
the Governmental Accounting Standards Board who considers it to be an essential part of financial
reporting for placing the basic financial statements in an appropriate operational, economic, or historical
context. We have applied certain limited procedures to the required supplementary information in
accordance with auditing standards generally accepted in the United States of America, which consisted
of inquiries of management about the methods of preparing the information and comparing the
information for consistency with management's responses to our inquiries, the basic financial statements,
and other knowledge we obtained during our audit of the basic financial statements. We do not express
an opinion or provide any assurance on the information because the limited procedures do not provide us
with sufficient evidence to express an opinion or provide any assurance.
2
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated March 28,
2025, on our consideration of the Authority's Internal control over financial reporting and on our tests of its
compliance with certain provisions of laws, regulations, contracts, grant agreements and other matters.
The purpose of that report is to describe the scope of our testing of internal control over financial reporting
and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the
Authority's internal control over financial reporting or on compliance. That report is an integral part of an
audit performed in accordance with Government Auditing Standards in considering the Authority's internal
control over financial reporting and compliance.
Fort Lauderdale, Florida
March 28, 2025
3
Monroe County Comprehensive Plan Land Authority
(A Component Unit of Monroe County, Florida)
Management's Discussion and Analysis
As management of the Monroe County Comprehensive Plan Land Authority(the Authority), we offer
readers of the Authority's financial statements this narrative overview and analysis of the Authority's
financial activities for the fiscal year ended September 30, 2024.
Overview of the Financial Statements
This discussion and analysis serve as an introduction and guide to the Authority's basic financial
statements. The Authority's basic financial statements consist of three components: 1)government-wide
financial statements, 2)fund financial statements and 3) notes to the financial statements. Following the
notes is the required supplementary information. This section contains funding information about the
Authority's pension plans.
Government-Wide Financial Statements. The government-wide financial statements are designed to
provide readers with a broad overview of the Authority's finances, in a manner similar to a private-sector
business.
The Statement of Net Position presents information on all of the Authority's assets, deferred outflows of
resources, liabilities and deferred inflows of resources, with the difference reported as net position. Over
time, increases or decreases in net position may serve as a useful indicator of whether the financial
position of the Authority is improving or deteriorating.
The Statement of Activities presents information showing how the Authority's net position changed during
the most recent fiscal year. All changes in net position are reported as soon as the underlying event
giving rise to the change occurs, regardless of the timing of related cash flows. Compensated absences,
depreciation expense, and pension and other postemployment benefits (OPEB) related items do not use
current financial resources and, therefore, are not reported as expenditures in the General Fund.
Fund Financial Statements. The General Fund is used to account for essentially the same functions
reported as governmental activities in the government-wide financial statements. However, unlike the
government-wide financial statements, the General Fund financial statements focus on near-term inflows
and outflows of spendable resources, as well as on balances of spendable resources available at the end
of the fiscal year. This information is useful in evaluating the Authority's ability to fund new acquisitions in
the near-term.
Since the focus of the General Fund is narrower than that of the government-wide financial statements, it
is useful to compare the information presented for the General Fund with similar information presented for
governmental activities in the government-wide financial statements. By doing so, readers may better
understand the long-term impact of the government's near-term financing decisions. Both the General
Fund Balance Sheet and the General Fund Statement of Revenues, Expenditures and Changes in Fund
Balance provide a reconciliation to facilitate this comparison between fund level and government-wide
activities.
The Authority adopts an annual appropriated budget. A budgetary comparison statement has been
provided to demonstrate compliance with this budget.
Notes to the Financial Statements. The notes contained in this report provide additional information that
is essential to a full understanding of the data provided. The notes are an integral part of the basic
financial statements.
Other Information. In addition to financial statements and accompanying notes, this report also presents
supplementary information required by the Governmental Accounting Standards Board (GASB).
4
Monroe County Comprehensive Plan Land Authority
(A Component Unit of Monroe County, Florida)
Management's Discussion and Analysis
Government-Wide Financial Analysis
Statement of Net Position. In the Statement of Net Position, the Authority's assets total $98,180,282
and include cash and investments, amounts due from other governments for tourist impact tax and park
surcharge fees, mortgages receivable, deposits, capital assets in the form of acquired land, equipment,
and intangible assets in the form of affordable housing restrictions. The mortgage receivables consist of
ten long-term balloon loans issued for the acquisition of affordable housing sites as described in Note 3,
three of which are forgivable.
Cash and investments are the assets typically of most importance to the Authority's Board of Directors
and to the public, as these assets are the resources most readily available to meet current and future
needs for property acquisition. The Authority's cash and investments total $31,607,356. This amount
compares with $26,360,389 at the end of the previous fiscal year, an increase of$5,246,967. This is
largely due to the current year excess of revenues over expenditures. Approximately 59% of the
Authority's assets consist of land and intangible assets acquired for specific public purposes,
approximately 8% consist of mortgages and approximately 32% are categorized as cash and
investments.
The Authority's current liabilities consist of accounts payable, accrued wages, and compensated
absences (annual leave and sick leave)forecasted to be used during the upcoming year. The Authority's
noncurrent liabilities consist of compensated absences that are forecasted not to be used during the
upcoming year, as well as net pension and total OPEB liabilities. Total liabilities are $1,396,460.
The Authority's resulting net position is categorized as net investment in capital assets, restricted
specifically for the acquisition of land or the activities described in Section 380.0666, Florida Statutes
(listed as restricted), and amounts which may be used for all purposes authorized by the Authority's
enabling legislation (listed as unrestricted). The Authority's total net position is $97,211,921, an increase
of$8,385,782 from prior year. Of this total, $57,938,670 is invested in capital assets, $14,287,421 is
restricted and $24,985,830 is unrestricted.
The following table provides a condensed comparison of the Authority's Statement of Net Position at
year-end for 2024 and 2023:
2024 2023
Cash and investments $ 31,607,356 $ 26,360,389
Other assets 8,634,256 8,607,905
Capital assets 57,938,670 54,762,026
Total assets 98,180,282 89,730,320
Deferred outflows of resources 528,476 435,195
Current liabilities 152,550 86,135
Noncurrent liabilities 1,243,910 1,215,960
Total liabilities 1,396,460 1,302,095
Deferred inflows of resources 100,377 37,281
Net Position:
Investment in capital assets 57,938,670 54,762,026
Restricted 14,287,421 12,550,316
Unrestricted 24,985,830 21,513,797
Total Net Position $ 97,211,921 $ 88,826,139
5
Monroe County Comprehensive Plan Land Authority
(A Component Unit of Monroe County, Florida)
Management's Discussion and Analysis
Statement of Activities. In the Statement of Activities, the Authority's revenues total $12,378,173, and
include intergovernmental revenue consisting of tourist impact tax and park surcharge fees and
investment income consisting of interest on cash and investment accounts. Tourism impact tax
represents a 1% tourist impact tax charged on short term rentals remitted back from the State of Florida
Department of Revenue as a result of areas of critical state concern identified by the State of Florida
within Monroe County. Park surcharge fees are fees that are remitted back from the State of Florida
Department of Environmental Protection as a result of a surcharge for individuals attending state parks in
identified areas of critical state concern within Monroe County, as enacted by Florida Statute 380.0685.
The Authority's general revenues decreased by$1,597,954, compared to the prior year. The decrease in
revenues from 2024 to 2023, was due primarily to decreased miscellaneous income resulting from less
proceeds from land sales compared to fiscal year 2023.
The program expenses in the Statement of Activities total $3,992,391, and consist of amounts paid as a
result of general government expenses and land purchases. The $1,198,758 in general government
expenses includes the Authority's personnel and operating expenses plus the amount by which
compensated absences, pension and OPEB increased during the current year. Total program expenses
for fiscal year 2024 compared to fiscal year 2023, decreased by$3,996,327, compared to the prior year.
The following table provides a condensed comparison of the Authority's governmental activities at year-
end for 2024 and 2023:
2024 2023
General revenues:
Intergovernmental $ 8,439,345 $ 8,395,062
Investment income 1,507,234 1,087,457
Miscellaneous income 2,431,594 4,490,558
Land contributions - 3,050
Total general revenues 12,378,173 13,976,127
Program expenses:
General government 1,198,758 2,443,102
Costs of land sold 2,402,864 5,071,658
Land contribution conveyances 390,769 473,958
Total program expenses 3,992,391 7,988,718
Increase in net position 8,385,782 5,987,409
Net Position, beginning of year 88,826,139 82,838,730
Net Position, end of year $ 97,211,921 $ 88,826,139
6
Monroe County Comprehensive Plan Land Authority
(A Component Unit of Monroe County, Florida)
Management's Discussion and Analysis
Financial Analysis of the General Fund
As noted previously, the Authority uses fund accounting to ensure and demonstrate compliance with
finance-related legal requirements.
The Authority's General Fund financial statements provide information on near-term inflows, outflows and
balances of spendable resources. This information can be useful in assessing the Authority's ability to
fund new acquisitions in the near-term.
Balance Sheet. The General Fund Balance Sheet lists the Authority's assets and liabilities in a manner
similar to the government-wide Statement of Net Position. However, since the General Fund Balance
Sheet is a fund-level presentation providing a near-term perspective, the assets section excludes the
Authority's capital assets, the liability section excludes compensated absences and net pension and
OPEB liabilities and deferred outflows, and inflows related to pensions and OPEB are excluded.
Presented in this manner, the Authority's assets are $40,241,612, and its liabilities are $70,518.
This statement identifies $40,171,094 of total fund balance. Of this total, $7,419,025 is attributable to
funds the Authority may receive in the future from the repayment of mortgage loans and is, therefore,
classified as nonspendable; $14,287,421 is attributable to funds restricted for land acquisition and is,
therefore, classified as restricted; $4,293,248 is attributable to funds assigned for reserves; and
$14,171,400 is attributable to funds which may be used for all purposes authorized by the Authority's
enabling legislation and is, therefore, classified as unassigned. The Authority budgets its assigned for
reserves fund balance based on contingency needs, end of year cash balance and Rate of Growth
Ordinance (ROGO)Administrative Relief.
Statement of Revenues, Expenditures and Changes in Fund Balance. The General Fund Statement
of Revenues, Expenditures and Changes in Fund Balance lists the Authority's revenues and expenditures
in a manner similar to the government-wide Statement of Activities. However, in this format the
expenditures include land purchases (as capital outlay)and excludes pension related items, and
compensated absences. Presented in this manner, the Authority's revenues are $12,378,173, and its
expenditures are $7,120,465.
General Fund Budgetary Highlights. The Authority budgets its revenues and expenditures on the same
basis of accounting as presented in the basic financial statements of the General Fund, except that
mortgage assistance cash outlays and receipts are budgeted as operating activities and compensated
absences are not budgeted in personnel expenditures. In fiscal year 2024, the budget for personnel
services was increased by$152,500 and capital outlay was reduced by$30,643 resulting in a total
increase of$121,857.
As shown in the Budget and Actual schedule, the Authority operated within the limits established by its
adopted budget. Actual revenues were more than the budgeted amount by$526,833, while actual
expenditures are $27,419,535 less than budget. Most of the revenue surplus consists of an increase in
intergovernmental revenue and interest income offset by a decrease in miscellaneous income due to less
proceeds from land sales. The investment income of$1,507,234 consists of interest. The majority of the
expenditure surplus is due to fewer land acquisitions than budgeted. The schedule's positive expenditure
variance includes budgeted reserves held for specific acquisition projects.
7
Monroe County Comprehensive Plan Land Authority
(A Component Unit of Monroe County, Florida)
Management's Discussion and Analysis
Capital Asset Administration
As shown in Note 4, the Authority's investment in capital assets amounts to $57,938,670, an increase of
$3,176,644, compared to the prior year. The increase was the net result of land and intangible asset
acquisitions less depreciation, conveyances, contributions, and write offs.
Long-Term Debt. The Authority's long-term debt consists of compensated absences, pension, and
OPEB liabilities. During the year, the Authority's long-term debt increased by$78,755, primarily due to an
increase in the net pension liability.
Requests for Information
This financial report is designed to provide a general overview of the Authority's finances for all those with
an interest in the government's finances. Questions concerning any of the information should be
addressed to the Authority's Executive Director at 1200 Truman Avenue, Suite 207, Key West, FL 33040.
8
BASIC FINANCIAL STATEMENTS
Monroe County Comprehensive Plan Land Authority
(A Component Unit of Monroe County, Florida)
Statement of Net Position
September 30, 2024
Assets and Deferred Outflows of Resources
Assets:
Cash and investments $ 31,607,356
Due from BOCC 985,507
Due from State of Florida 50,224
Mortgages receivable, net of allowance 7,419,025
Deposits 179,500
Capital assets —equipment, net of accumulated depreciation 9,322
Capital assets—land 40,924,414
Intangible assets 17,004,934
Total assets 98,180,282
Deferred outflows of resources:
Pension related items 513,153
Other postemployment benefits related items 15,323
Total deferred outflows 528,476
Liabilities, Deferred Inflows of Resource and Net Position
Current liabilities:
Accounts payable 12,557
Accrued wages 57,961
Compensated absences 82,032
Total current liabilities 152,550
Noncurrent liabilities:
Compensated absences 127,198
Net pension liability 1,040,071
Other postemployment benefits liability 76,641
Total noncurrent liabilities 1,243,910
Total liabilities 1,396,460
Deferred inflows of resources:
Pension related items 80,826
Other postemployment benefits related items 19,551
Total deferred inflows 100,377
Net position:
Net investment in capital assets 57,938,670
Restricted, land acquisition 14,287,421
Unrestricted 24,985,830
Total net position $ 97,211,921
The accompanying notes to the financial statements are an integral part of this statement.
9
Monroe County Comprehensive Plan Land Authority
(A Component Unit of Monroe County, Florida)
Statement of Activities
Fiscal Year Ended September 30, 2024
General revenues:
Intergovernmental $ 8,439,345
Investment income 1,507,234
Miscellaneous income 2,431,594
Total general revenues 12,378,173
Program expenses:
General government 1,198,758
Cost of land sold 2,402,864
Land contribution conveyances 390,769
Total program expenses 3,992,391
Change in net position 8,385,782
Net position, beginning of year 88,826,139
Net position, end of year $ 97,211,921
The accompanying notes to the financial statements are an integral part of this statement.
10
Monroe County Comprehensive Plan Land Authority
(A Component Unit of Monroe County, Florida)
Balance Sheet—General Fund
September 30, 2024
Assets
Cash and investments $ 31,607,356
Due from BOCC 985,507
Due from State of Florida 50,224
Mortgages receivable, net of allowance 7,419,025
Deposits 179,500
Total assets $ 40,241,612
Liabilities and Fund Balance
Liabilities:
Accounts payable $ 12,557
Accrued wages 57,961
Total liabilities 70,518
Fund balance:
Nonspendable, mortgage loans 7,419,025
Restricted, land acquisition 14,287,421
Assigned, reserves 4,293,248
Unassigned 14,171,400
Total fund balance 40,171,094
Total liabilities and fund balance $ 40,241,612
Amounts reported in the statement of net position differ from amounts
reported above as follows:
Fund balance—total governmental funds $ 40,171,094
Capital assets used in governmental activities are not financial resources and,
therefore,are not reported above 57,938,670
Deferred outflows of resources related to pensions 513,153
Deferred outflows of resources related to other postemployment benefits 15,323
Compensated absences are not due and payable in the current period and,therefore,
are not reported in the governmental funds (209,230)
Net pension liability (1,040,071)
Other postemployment benefits liability (76,641)
Deferred inflows of resources related to pensions (80,826)
Deferred inflows of resources related to other postemployment benefits (19,551)
Net position of governmental activities $ 97,211,921
The accompanying notes to the financial statements are an integral part of this statement.
11
Monroe County Comprehensive Plan Land Authority
(A Component Unit of Monroe County, Florida)
Statement of Revenues, Expenditures and Changes in Fund Balance—General Fund
Fiscal Year Ended September 30, 2024
Revenues:
Intergovernmental $ 8,439,345
Miscellaneous income 2,431,594
Investment income 1,507,234
Total revenues 12,378,173
Expenditures:
Current:
Personnel 920,620
Operating 225,424
Capital outlay 5,974,421
Total expenditures 7,120,465
Net change in fund balance 5,257,708
Fund balance, beginning of year 34,913,386
Fund balance, end of year $ 40,171,094
Amounts reported for governmental activities in the statement of activities are
different because:
Net change in fund balance-total general fund $ 5,257,708
General fund reports capital outlays as expenditures. However, in the statement
of activities, the cost of those assets is capitalized net of accumulated depreciation
of$4,144 5,970,277
Land contributions, conveyances and sales are not reported in the general fund;
this is the amount of land conveyances, land contributions
and land sold during the fiscal year 2024 (2,793,633)
Some expenses do not use current financial resources and, therefore, are not
reported as expenditures in the general fund:
Compensated absences 43,040
Change in pension balances (86,295)
Change in other postemployment benefits balances (5,315)
Change in net position of governmental activities $ 8,385,782
The accompanying notes to the financial statements are an integral part of this statement.
12
Monroe County Comprehensive Plan Land Authority
(A Component Unit of Monroe County, Florida)
Notes to Financial Statements
Note 1. Nature of Organization and Significant Accounting Policies
Reporting Entity—The Monroe County Comprehensive Plan Land Authority(the Authority) is a legally
separate entity from Monroe County, Florida (the County). However, the Monroe County Board of County
Commissioners serves as the governing board of the Authority; therefore, for financial reporting purposes,
the Authority is considered a component unit of Monroe County, Florida. The financial statements of the
Authority are included as a discretely presented component unit in the Monroe County, Florida Annual
Comprehensive Financial Report.
The Authority was established under Monroe County, Florida Ordinance 031-1986 pursuant to Florida
Statute 380. Its purpose is to operate a land acquisition program in the County, to implement the Monroe
County Comprehensive Plan and address issues created by it.
Basis of Accounting—Government fund financial statements are organized for reporting purposes on the
basis of a General Fund, the Authority's major fund, which accounts for all activities of the Authority and is
accounted for using the modified accrual basis of accounting. Revenues are recognized when they
become measurable and available. "Measurable" means the amount of the transaction can be determined
and available means collectible within the current period or soon enough thereafter to pay liabilities of the
current period. The Authority considers all revenues available if collected within 60 days after year-end.
Expenditures are recognized when the related fund liability is incurred.
The government-wide financial statements are reported using the economic resources measurement
focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are
recorded when a liability is incurred, regardless of the timing of related cash flows.
Budget—Prior to, or on September 30, the Authority's budget is legally enacted through passage of a
resolution. Budgeted to Actual Expenditure reports are employed as a management control device during
the year for the fund. The budget is adopted on a basis consistent with accounting principles generally
accepted in the United States of America (U.S. GAAP), except that mortgage assistance cash outlays
and receipts are budgeted as operating activities and compensation accruals are not budgeted.
Capital Assets—Capital assets are defined by the Authority as land and those assets with an initial,
individual cost of$1,000 or more and an estimated useful life in excess of two years. Such assets consist
of land and equipment which, when purchased, are recorded at the Authority's cost. Where land was
acquired by donation on or prior to September 30, 2010, the asset was recorded at the Authority's
transaction cost plus the higher of the tax assessed value at the time of donation or 115% of the 1986 tax
assessed value. Where land was acquired by donation after September 30, 2010, the asset is recorded at
estimated acquisition cost, derived from the Authority's transaction cost plus the tax assessed value at
the time of donation. Land is not depreciated since it does not have a determinable useful life. Equipment
is depreciated using the straight-line method over the useful life of the equipment which is typically five to
ten years.
13
Monroe County Comprehensive Plan Land Authority
(A Component Unit of Monroe County, Florida)
Notes to Financial Statements
Note 1. Nature of Organization and Significant Accounting Policies (Continued)
Deferred Outflows and Inflows of Resources— In addition to assets, the statement of financial position will
sometimes report a separate section for deferred outflows of resources. This separate financial statement
element, deferred outflows of resources, represents a consumption of net position that applies to a future
period and so will not be recognized as an expense or expenditure until then. The Authority has several
items that meet this criterion— pension and OPEB related deferrals and contributions made to the plans
subsequent to the measurement date. The statement of financial position also reports a separate section
for deferred inflows of resources. This separate financial statement element, deferred inflows of
resources, represents an acquisition of net position that applies to a future period and so will not be
recognized as revenue until then. The Authority has several items that meet this criterion — pension and
OPEB related deferrals.
Long-Term Obligations— In the government-wide financial statements, long-term debt and other long-
term obligations are reported as liabilities in the applicable governmental activities.
Compensated Absences—The Authority's policy grants employees annual leave and sick leave in
varying amounts. Upon termination of employment, employees with six months or more of credited
service can receive payment for accumulated annual leave. In general, sick leave payments are granted
upon termination of employment to employees with five years or more of credited service. The maximum
payment is subject to percentage and maximum hour limitations. The amount of vested accumulated
compensated absences payable based on the Authority's annual and sick leave policies, is reported as a
liability in the government-wide financial statements. That liability includes earned but unused vacation
and sick leave. Vacation leave is accrued based on length of employment. Sick time is paid out based on
length of employment up to one half of all accrued sick leave, with a maximum of 120 days with 15 or
more years of service.
Net Position— Net position in the government-wide fund financial statements is classified as net
investment in capital assets; restricted and unrestricted. Restricted net position represents constraints on
resources that are either externally imposed by creditors, grantors, contributors or laws or regulations of
other governments imposed by law through state statute.
Fund Balances— In the governmental fund financial statements, fund balance is composed of five
classifications designated to disclose the hierarchy of constraints placed on how fund balance can be
spent. The government fund types classify fund balances as follows:
Nonspendable— Include amounts that cannot be spent because they are either not in spendable
form, or for legal or contractual reasons, must be kept intact. This classification includes inventories,
prepaid amounts, assets held for sale and long-term receivables.
Restricted—Constraints placed on the use of these resources are either externally imposed by
creditors (such as through debt covenants), grantors, contributors or other governments; or are
imposed by law (through constitutional provisions or enabling legislation).
Committed—Amounts that can only be used for specific purposes because of formal action
(resolution or ordinance) by the government's highest level of decision-making authority.
14
Monroe County Comprehensive Plan Land Authority
(A Component Unit of Monroe County, Florida)
Notes to Financial Statements
Note 1. Nature of Organization and Significant Accounting Policies (Continued)
Assigned—Amounts that are constrained by the Authority's intent to be used for specific purposes,
but do not meet the criteria to be classified as restricted or committed. Intent can be stipulated by the
governing body, another body (such as a Finance Committee), or by the Executive Director to whom
that authority has been given.
Unassigned—This is the residual classification of the General Fund.
Cash and Investments—The Authority's cash and investments consist of demand deposits and highly
liquid investments with maturities of 90 days or less when purchased.
Use of Estimates—The preparation of financial statements in conformity with accounting principles
generally accepted in the United States requires management to make estimates and assumptions that
affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the
date of the financial statements and the reported amounts of revenues and expenditures during the
reporting period. Actual results could differ from estimates.
Subsequent Events—The Authority has evaluated subsequent events through March 28, 2025, in
connection with the preparation of these financial statements, which is the date the financial statements
were available to be issued.
New Governmental Accounting Standards Board(GASB)pronouncements—
GASB Statement No. 101, Compensated Absences. The objective of this statement is to better meet the
information needs of financial statement users by updating the recognition and measurement guidance
for compensated absences. That objective is achieved by aligning the recognition and measurement
guidance under a unified model and by amending certain previously required disclosures. Effective Date:
The requirements of this statement are effective for fiscal years beginning after December 15, 2023, and
all reporting periods thereafter. The adoption of this statement did not have a material effect on the
Authority's financials.
The following are new accounting pronouncements that have been issued but are not yet effective:
GASB Statement No. 102, Credit Risk Disclosures. The state and local governments face a variety of
risks that could negatively affect the level of service they provide or their ability to meet obligations as
they come due. Although governments are required to disclose information about their exposure to some
of those risks, essential information about other risks that are prevalent among state and local
governments is not routinely disclosed because it is not explicitly required. The objective of this statement
is to provide users of government financial statements with essential information about risks related to a
government's vulnerabilities due to certain concentrations or constraints. This statement defines a
concentration as a lack of diversity related to an aspect of a significant inflow of resources or outflow of
resources. A constrain is a limitation imposed on a government by an external party or by formal action of
the government's highest level of decision-making authority. Concentrations and constraints may limit a
government's ability to acquire resources or control spending. Effective Date: The requirements of this
statement are effective for fiscal years beginning after June 15, 2024, and all reporting periods thereafter.
GASB Statement No. 103, Financial Reporting Model Improvements. The objective of this statement is to
improve key components of the financial reporting model to enhance its effectiveness in providing
information that is essential for decision making and assessing a government's accountability. This
statement also addresses certain application issues. The requirements of this statement are effective for
fiscal years beginning after June 15, 2025, and all reporting periods thereafter. Earlier application is
permitted.
15
Monroe County Comprehensive Plan Land Authority
(A Component Unit of Monroe County, Florida)
Notes to Financial Statements
Note 1. Nature of Organization and Significant Accounting Policies (Continued)
GASB Statement No. 104, Disclosure of Certain Capital Assets. The objective of this Statement provides
disclosure requirements for certain types of capital assets. This Statement also establishes criteria for
governments to evaluate whether capital assets are capital assets held for sale. The requirements of this
Statement are effective for fiscal years beginning after June 15, 2025, and all reporting periods thereafter.
Management is in the process of determining what impact, if any, implementation of the above
statements may have on the financial statements of the Authority.
Note 2. Deposits and Investments
As of September 30, 2024, the Authority has the following deposits and investments:
Demand deposits $ 2,325,755
Local Governmental Surplus Trust—Florida PRIME 29,281,601
Total deposits and investments $ 31,607,356
The Authority places its cash and investments on deposit with financial institutions in the United States.
The Federal Deposit Insurance Corporation (FDIC)covers $250,000 for substantially all depository
accounts. The Authority, from time to time, may have amounts on deposit in excess of the insured limits
and the remaining balances are insured 100% by the State of Florida collateral pool, a multiple-financial
institution pool with the ability to assess its members for collateral shortfalls if a member institution fails.
As of September 30, 2024, the demand deposits have a bank balance of$2,337,305.
The Authority's investment policy is in accordance with Florida Statute 218.415. This policy authorizes
investments in demand deposits, the Local Government Surplus Trust Fund, money market funds with
the highest credit quality rating from a nationally recognized agency, or direct obligations of the United
States Treasury.
As of September 30, 2024, the Authority had $29,281,601 invested in the Local Government Surplus
Trust Fund, all of which is invested in Florida PRIME. Florida PRIME is a qualifying external investment
pool presented at amortized cost, which approximates fair value. There are no restrictions or limitations
on withdrawals; however, Florida PRIME may, on the occurrence of an event that has a material impact
on liquidity or operations, impose restrictions on withdrawals for up to 48 hours.
The Florida PRIME is rated by Standard & Poor's. The current rating is AAAm. The weighted average
days to maturity (WAM)of the Florida PRIME at September 30, 2024, is 39 days. Next interest rate reset
days for floating rate securities are used in the calculation of the WAM. The weighted average life (WAL)
of Florida PRIME at September 30, 2024, is 74 days. The Florida PRIME was not exposed to any foreign
currency risk during the period from October 1, 2023, through September 30, 2024. The Florida PRIME
did not participate in any securities lending program in the period October 1, 2023 through September 30,
2024.
16
Monroe County Comprehensive Plan Land Authority
(A Component Unit of Monroe County, Florida)
Notes to Financial Statements
Note 3. Mortgages Receivable
Mortgages receivable as of September 30, 2024, are as follows:
Second mortgage due from governmental agency, collateralized by land, payable
in full November 2034, interest free (OR 1697-2076) and (as amended at
OR 2442-1497). $ 1,500,000
Second mortgage due from governmental agency, collateralized by land, payable
in full January 2034, interest free (OR 1965-1039). 2,210,000
First mortgage due from governmental agency, collateralized by land, payable
in full September 2045, interest free (OR 1395-1409). 59,025
Third mortgage due from private company, collateralized by land, payable in full
May 2050, interest free (OR 2967-1276). 1,089,000
Third mortgage due from private company, collateralized by land, payable in full
September 2053, interest free (OR 1939-405). 1,500,000
Second mortgage due from governmental agency, collateralized by land, payable in
full July 2040, interest free (OR 2475-1762). 836,000
Third mortgage due from governmental agency, collateralized by land, forgivable
July 2040, interest free (OR 2475-1767). 800,000
Second mortgage due from governmental agency, collateralized by land, payable
in full November 2041, interest free (OR 2541-877/884). 225,000
Third mortgage due from governmental agency, collateralized by land, forgivable
November 2041, interest free (OR 2541-885/895). 550,000
First mortgage due from private company, collateralized by land and building,
forgivable June 2027, interest free (OR 3177-673/677) 400,000
Total mortgages receivable 9,169,025
Allowance for forgivable mortgages receivable (1,750,000)
Total mortgages receivables, net 7,419,025
The mortgages receivable are presented as nonspendable fund balance, which indicates they do not
constitute "available spendable resources," even though they are a component of total assets.
17
Monroe County Comprehensive Plan Land Authority
(A Component Unit of Monroe County, Florida)
Notes to Financial Statements
Note 4. Capital Assets
A summary of changes in capital assets is as follows:
Balance Balance
September 30, September 30,
2023 Additions Deductions 2024
Capital assets, not depreciated:
Land $ 39,048,754 $ 4,669,293 $ (2,793,633) $ 40,924,414
Intangible assets 15,699,806 1,305,128 - 17,004,934
Total capital assets, not depreciated 54,748,560 5,974,421 (2,793,633) 57,929,348
Capital assets, depreciated:
Equipment 28,708 - - 28,708
Total capital assets, depreciated 28,708 - - 28,708
Less accumulated (15,242) (4,144) - (19,386)
Total capital assets, depreciated, net 13,466 (4,144) - 9,322
Total capital assets, net $ 54,762,026 $ 5,970,277 $ (2,793,633) $ 57,938,670
Monroe County provides the Authority's office space at no rental cost; however, the Authority pays for
utilities. The intangible assets referenced in the above table consist of affordable housing restrictions that
run in favor of the Authority.
Note 5. Long-Term Debt
The following is a summary of changes in the Authority's long-term obligations for the fiscal year ended
September 30, 2024:
Balance Current
October 1, September 30, Portion
2023 Increases Decreases 2024 of Balance
Compensated absences $ 252,270 $ 70,088 $ (113,128) $ 209,230 $ 82,032
Net pension liability 929,746 248,370 (138,045) 1,040,071 -
Total OPEB liability 65,171 11,470 - 76,641 -
$ 1,247,187 $ 329,928 $ (251,173) $ 1,325,942 $ 82,032
18
Monroe County Comprehensive Plan Land Authority
(A Component Unit of Monroe County, Florida)
Notes to Financial Statements
Note 6. Other Postemployment Benefits (OPEB) Plan
General Information about the Other Postemployment Benefits:
Plan Description—The Authority participates in the single-employer, defined benefits healthcare plan (the
Plan)administered by Monroe County, Florida, (the County). Section 112.0801, Florida Statutes, requires
the Authority to provide retirees and their eligible dependents with the option to participate in the Plan if
the Authority provides health insurance to its active employees and their eligible dependents. The Plan
provides medical coverage, prescription drug benefits, and life insurance to both active and eligible retired
employees. The Plan does not issue a publicly available financial report. No assets are accumulated in a
trust that meets the criteria as set forth in GASB Statement No. 75, Accounting and Financial Reporting
for Postemployment Benefits Other than Pensions.
The County may amend the Plan design, with changes to the benefits, premiums and/or levels of
participant contribution at any time. In an open session, on at least an annual basis and prior to the
annual enrollment process, the County approves the rates for the coming calendar year for the retiree
and Authority contributions.
The Authority is responsible for funding all obligations and the following disclosures are based on the
Authority's total OPEB liability.
Benefits Provided—Employees who retire as active participants in the Plan and were hired on or after
October 1, 2002, may continue to participate in the Plan by paying the monthly premium established
annually by the County. Employees who retire as active participants in the Plan, were hired before
October 1, 2002, have at least 10 years of full-time service with the Authority and meet the retirement
criteria of the Florida Retirement System (FRS) but are not eligible for Medicare, may maintain group
insurance benefits with the Authority following retirement, provided the retiring employee pays the retiree
contributions based on their years of service with Monroe County. Pre-Medicare retirees with at least 25
years of service who satisfy the rule of 70 pay the FRS subsidy for coverage, which is $7.50 per year of
service month with a maximum of$225 per month. For those with 10 or more years of service, the
retirees will pay flat amounts based on their respective medical plan election as shown in the following
table.
Pre-Medicare Retiree Contribution
Years of Service Traditional High Deductible
Health Plan Health Plan
10-19 $517 $433
20-24 259 216
25+ FRS Subsidy 56
Retirees who have met the requirements for early retirement, have not achieved age 60, and whose age
and years of service do not equal 70 (rule of 70), must pay the standard monthly premium until the age
criteria or the rule of 70 is met. At that time, the retiree's cost of participation will be based on the
preceding table. Surviving spouses and dependents of participating retirees may continue in the Plan if
eligibility criteria specific to those classes are met.
19
Monroe County Comprehensive Plan Land Authority
(A Component Unit of Monroe County, Florida)
Notes to Financial Statements
Note 6. Other Postemployment Benefits (OPEB) Plan (Continued)
An employee who retires as an active participant in the Plan, was hired prior to October 1, 2001, has at
least 10 years of full-time service with the Authority, meets the retirement criteria of the FRS, and is
eligible for Medicare at the time of retirement or becomes eligible for Medicare following retirement, may
maintain group health insurance benefits with the Authority following retirement, provided the retiring
employee contributes the Actuarial Rate for Medicare retirees as determined by the actuarial firm
engaged by the County, less a $250 per month Authority subsidy. Alternatively, retirees meeting these
criteria may elect to leave the Authority health plan and receive a $250 per month payment from the
Authority, payable for the lifetime of the retiree.
Employees Covered by Benefit Terms—Eligibility for postemployment participation in the Plan is limited
to full-time employees of the Authority. At September 30, 2024, there were no terminated employees
entitled to deferred benefits. The membership of the Authority's medical plan as of the actuarial valuation
date of September 30, 2024, consisted of:
Active employees 6
Retirees and beneficiaries currently receiving benefit -
Total memberships 6
Contributions—The County establishes, and may amend, the contribution requirements of Plan
members. The required contribution is based on pay-as-you-go financing requirements, net of member
contributions.
Total OPEB Liability:
The Authority's total OPEB liability of$76,641 was measured as of September 30, 2024, and was
determined by an actuarial valuation as of September 30, 2024. The valuation incorporated updated
census information and current plan cost information including retiree premiums and contributions. In
addition, the discount rate changed from 4.06%to 3.81%, the trend rates were updated to an initial rate of
7.75% grading down to an ultimate rate of 4.00%. The initial rate and the grade down period is extended
to account for recent inflationary pressures and price increases over the next couple years.
Actuarial Methods and Assumptions—The valuation dated September 30, 2024, was prepared using
generally accepted actuarial principles and practices, and relied on unaudited census data and medical
claims data reported by the County.
The total OPEB liability for the Authority in the September 30, 2024, actuarial valuation was determined
using the following actuarial assumptions and other inputs, applied to all periods included in the
measurement, unless otherwise specified:
20
Monroe County Comprehensive Plan Land Authority
(A Component Unit of Monroe County, Florida)
Notes to Financial Statements
Note 6. Other Postemployment Benefits (OPEB) Plan (Continued)
Actuarial Cost Method Entry Age Normal based on level of percentage of projected salary.
Salary Increase Rate 3.00% per annum
Discount Rate 4.06% per annum (Beginning of Year)
3.81% per annum (End of Year)
Source: Bond Buyer 20-Bond GO index
Marriage Rate The assumed percentage of married participants at retirement is 25%
and is based on the current retired population of the Authority.
Spouse Age Spouse dates of birth were provided by the Authority. Where this
information was missing, male spouses were assumed to be three
years older than female spouses.
Medicare Eligibility All current and future retirees were assumed to be eligible for
Medicare at age 65.
Amortization Method Experience/Assumptions gains and losses were amortized over a
closed period of 3.6 years starting the current fiscal year, equal to
the average remaining service of active and inactive plan members
(who have no future service).
Plan Participation Percentage The assumptions for participation of eligible retirees in the
Authority's postemployment benefit plan are:
Retirees with 25+Years of Service: 100%
Retirees with 20-24 Years of Service: 75%
Retirees with <20 Years of Service: 50%
The health care trend assumptions are used to project the cost of health care in future years. The
actuarial assumptions include health care cost trend assumptions rates of 7.75% initially, reduced by
decrements of 0.30%for ten years and 0.10% thereafter to an ultimate rate of 4.0%. The assumptions
included a discount rate tied to the return expected on the funds used to pay the benefits, and assumes
for an unfunded plan, that the benefits continue to be funded on a pay-as-you-go basis.
Mortality rates were based on the Pub-2010 weighted base mortality table, projected generationally using
Scale MP-2021, applied on a gender-specific and job class basis (teacher, safety, or general, as
applicable).
Expected retiree claim costs were developed using 24 months historical claim experience through
September 2024.
21
Monroe County Comprehensive Plan Land Authority
(A Component Unit of Monroe County, Florida)
Notes to Financial Statements
Note 6. Other Postemployment Benefits (OPEB) Plan (Continued)
Changes in the Total OPEB Liability:
Total OPEB
Liability
Balance at the beginning of the year $ 65,171
Changes for the year:
Service cost 3,017
Interest cost 2,789
Changes in benefit terms 12,481
Difference between expected and actual experience (18,392)
Changes in assumptions or other inputs 11,575
Benefit payment -
Net change in total OPEB liability 11,470
Balance at the end of the year $ 76,641
Sensitivity of the Total OPEB Liability to Changes in the Discount Rate—The following presents the total
OPEB liability of the Authority, as well as what the Authority's total OPEB liability would be If it were
calculated using a discount rate that Is 1-percentage-point lower(2.81%)or 1-percentage-point higher
(4.81%)than the current discount rate:
Current
1% Decrease Discount Rate 1% Increase
2.81% 3.81% 4.81%
Total OPEB liability $ 88,000 $ 77,000 $ 67,000
Sensitivity of the Total OPEB Liability to Changes in the Healthcare Cost Trend Rates—The following
presents the total OPEB liability of the Authority, as well as what the Authority's total OPEB liability would
be if it were calculated using a healthcare cost trend rates that are one-percentage-point lower (6.75%
decreasing to 3%)or one-percentage-point higher(8.75% decreasing to 5%)than the current healthcare
cost trend rates:
1% Decrease Current Trend 1% Increase
(6.75% Decreasing (7.75% Decreasing (8.75% Decreasing
to 3.0%) to 4.0%) to 5%)
Total OPEB liability $ 76,000 $ 77,000 $ 78,000
22
Monroe County Comprehensive Plan Land Authority
(A Component Unit of Monroe County, Florida)
Notes to Financial Statements
Note 6. Other Postemployment Benefits (OPEB) Plan (Continued)
OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to
OPEB
For the year ended September 30, 2024, the Authority recognized a credit to OPEB expense of$5,315.
At September 30, 2024, the Authority reported deferred outflows of resources and deferred inflows of
resources related to OPEB from the following sources:
Deferred Deferred
Outflows of Inflows of
Resources Resources
Differences between expected and actual experience $ 3,088 $ 13,421
Changes of assumptions or other inputs 12,235 6,130
$ 15,323 $ 19,551
The amounts reported as deferred outflows of resources and deferred inflows of resources related to
OPEB will be recognized in OPEB expense as follows:
OPEB Amount
Years ending June 30:
2025 $ (1,597)
2026 (1,662)
2027 (706)
2028 (248)
2029 (15)
Thereafter -
$ (4,228)
Note 7. Florida Retirement System Retirement Plans
General Information—All of the Authority's employees participate in the FRS. As provided by Chapters
121 and 112, Florida Statute, the FRS provides two cost-sharing, multiple-employer defined benefit plans
administered by the Florida Department of Management Services, Division of Retirement including the
FRS Pension Plan (Pension Plan), and the Retiree Health Insurance Subsidy(HIS Plan). Under Section
121.4501, Florida Statutes, the FRS also provides a defined contribution plan (Investment Plan)
alternative to the FRS Pension Plan, which is administered by the State Board of Administration (SBA).
As a general rule, membership in the FRS is compulsory for all employees working in a regularly
established position for a state agency, county government, district school board, state university,
community college or a participating city or special district within the state of Florida. The FRS provides
retirement and disability benefits, annual cost-of-living adjustments and death benefits to plan members
and beneficiaries.
Benefits are established by Chapter 121, Florida Statute, and Chapter 60S, Florida Administrative Code.
Amendments to the law can be made only by an act of the Florida State Legislature.
23
Monroe County Comprehensive Plan Land Authority
(A Component Unit of Monroe County, Florida)
Notes to Financial Statements
Note 7. Florida Retirement System Retirement Plans (Continued)
The State of Florida annually issues a publicly available financial report that includes financial statements
and required supplementary information for the FRS. The latest available report may be obtained by
writing to the State of Florida Division of Retirement, Department of Management Services, P.O. Box
9000, Tallahassee, Florida 32315-9000, or from the Web site: www.dms.myflorida.com/workforce
operations/retirement/publications.
Pension Plan:
Plan Description—The Pension Plan is a cost-sharing, multiple-employer defined benefit pension plan,
with a Deferred Retirement Option Program (DROP)for eligible employees.
Benefits Provided—Benefits under the Pension Plan are computed on the basis of age, average final
compensation, and service credit. For Pension Plan members enrolled before July 1, 2011, Regular class
members who retire at or after age 62 with at least six years of credited service or 30 years of service
regardless of age are entitled to a retirement benefit payable monthly for life, equal to 1.6% of their final
average compensation based on the five highest years of salary, for each year of credited service. Vested
members with less than 30 years of service may retire before age 62 and receive reduced retirement
benefits.
Special Risk Administrative Support class members who retire at or after age 55 with at least six years of
credited service or 25 years of service regardless of age are entitled to a retirement benefit payable
monthly for life, equal to 1.6% of their final average compensation based on the five highest years of
salary, for each year of credited service. Special Risk class members (sworn law enforcement officers,
firefighters, and correctional officers)who retire at or after age 55 with at least six years of credited
service, or with 25 years of service regardless of age, are entitled to a retirement benefit payable monthly
for life, equal to 3.0%of their final average compensation based on the five highest years of salary for
each year of credited service.
Senior Management Service class members who retire at or after age 62 with at least six years of
credited service or 30 years of service regardless of age are entitled to a retirement benefit payable
monthly for life, equal to 2.0% of their final average compensation based on the five highest years of
salary for each year of credited service.
Elected Officers class members who retire at or after age 62 with at least six years of credited service or
30 years of service regardless of age are entitled to a retirement benefit payable monthly for life, equal to
3.0% (3.33%for judges and justices)of their final average compensation based on the five highest years
of salary for each year of credited service.
For Plan members enrolled on or after July 1, 2011, the vesting requirement is extended to eight years of
credited service for all these members and increasing normal retirement to age 65 or 33 years of service
regardless of age for Regular, Senior Management Service, and Elected Officers class members, and to
age 60 or 30 years of service regardless of age for Special Risk and Special Risk Administrative Support
class members. Also, the final average compensation for all these members will be based on the eight
highest years of salary.
24
Monroe County Comprehensive Plan Land Authority
(A Component Unit of Monroe County, Florida)
Notes to Financial Statements
Note 7. Florida Retirement System Retirement Plans (Continued)
As provided in Section 121.101, Florida Statutes, if the member is initially enrolled in the Pension Plan
before July 1, 2011, and all service credit was accrued before July 1, 2011, the annual cost-of-living
adjustment is 3% per year. If the member is initially enrolled before July 1, 2011, and has service credit
on or after July 1, 2011, there is an individually calculated cost-of-living adjustment. The annual cost-of-
living adjustment is a proportion of 3 %determined by dividing the sum of the pre-July 2011 service credit
by the total service credit at retirement multiplied by 3%. Plan members initially enrolled on or after July 1,
2011, will not have a cost-of-living adjustment after retirement.
In addition to the above benefits, the DROP program allows eligible members to defer receipt of monthly
retirement benefit payments while continuing employment with an FRS employer for a period not to
exceed 96 months after electing to participate. Deferred monthly benefits are held in the FRS Trust Fund
and accrue interest. There are no required contributions by DROP participants.
Contributions-Effective July 1, 2011, all enrolled members of the FRS, other than DROP participants,
are required to contribute 3% of their salary to the FRS. In addition to member contributions,
governmental employers are required to make contributions to the FRS based on state-wide contribution
rates established by the Florida Legislature. These rates are updated as of July 1 of each year. The
employer contribution rates by job class for the periods from October 1, 2023 through June 30, 2024, and
from July 1, 2024 through September 30, 2024, respectively, were as follows: Regular-13.57% and
13.63%; Special Risk Administrative Support-39.82% and 39.82%; Special Risk-32.67% and 32.79%;
Senior Management Service-34.52% and 34.52%; Elected Officers-58.68% and 58.68%; and DROP
participants-21.13% and 21.13%. These employer contribution rates include 2.00% and 2.00% HIS Plan
subsidy for the periods October 1, 2023 through June 30, 2024, and from July 1, 2024 through
September 30, 2024, respectively.
The Authority's contributions to the Pension Plan totaled $121,190 for the fiscal year ended
September 30, 2024.
Pension Liability, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of
Resources Related to Pensions-At September 30, 2024, the Authority reported a liability of$827,920 for
its proportionate share of the Pension Plan's net pension liability. The net pension liability was measured
as of June 30, 2024, and the total pension liability used to calculate the net pension liability as determined
by an actuarial valuation as of July 1, 2024. The Authority's proportionate share of the net pension liability
was based on the Authority's fiscal year 2024 contributions relative to the fiscal year 2024 contributions of
all participating members. At June 30, 2024, the Authority's proportionate share was 0.0002140%, which
was an increase of.0002491%from its proportionate share measured as of June 30, 2023.
25
Monroe County Comprehensive Plan Land Authority
(A Component Unit of Monroe County, Florida)
Notes to Financial Statements
Note 7. Florida Retirement System Retirement Plans (Continued)
For the fiscal year ended September 30, 2024, the Authority recognized pension expense of$202,691. In
addition, the Authority reported deferred outflows of resources and deferred inflows of resources related
to pensions from the following sources:
Deferred Deferred
Outflows of Inflows of
Description Resources Resources
Differences between expected and actual experience $ 83,643 $ -
Changes of assumptions 113,473 -
Net difference between projected and actual earnings on
Pension Plan investments - 55,028
Changes in proportion and differences between Authority Pension
Plan contributions and proportionate share of contributions 218,287 -
Authority Pension Plan contributions subsequent to the
measurement date 29,805 -
$ 445,208 $ 55,028
The deferred outflows of resources related to the Pension Plan, totaling $29,805, resulting from Authority
contributions to the Plan subsequent to the measurement date, will be recognized as a reduction of the
net pension liability in the fiscal year ended September 30, 2025. Other amounts reported as deferred
outflows of resources and deferred Inflows of resources related to the Pension Plan will be recognized in
pension expense as follows:
Years ending June 30:
2025 $ 61,475
2026 206,567
2027 59,594
2028 20,748
2029 11,991
Thereafter -
$ 360,375
Actuarial Assumptions—The total pension liability in the June 30, 2024, actuarial valuation was
determined using the following actuarial assumptions, applied to all periods included in the measurement:
Inflation 2.40%
Salary increases 3.50.%, average, including inflation
Investment rate of return 6.70%, net of Pension Plan investment expense, including inflation
Mortality rates were based on the PUB2010, base table varies by member category and sex, projected
generationally with Scale MP-2021. The actuarial assumptions used in the July 1, 2023, valuation were
based on the results of an actuarial experience study for the period July 1, 2018, through June 30, 2023,
and were the assumptions used to determine the total pension liability as of June 30, 2024.
26
Monroe County Comprehensive Plan Land Authority
(A Component Unit of Monroe County, Florida)
Notes to Financial Statements
Note 7. Florida Retirement System Retirement Plans (Continued)
The long-term expected rate of return on Pension Plan investments was not based on historical returns
but instead is based on a forward-looking capital market economic model. The allocation policy's
description of each asset class was used to map the target allocation to the asset classes shown below.
Each asset class assumption is based on a consistent set of underlying assumptions and includes an
adjustment for the inflation assumption. The target allocation and best estimates of arithmetic and
geometric real rates of return for each major asset class are summarized in the following table:
Compound
Annual Annual
Target Arithmetic (Geometric) Standard
Asset Class Allocation Return Return Deviation
Cash 1.0% 3.3% 3.3% 1.1%
Fixed income 29.0% 5.7% 5.6% 3.9%
Global equity 45.0% 8.6% 7.0% 18.1%
Real estate (property) 12.0% 8.1% 6.8% 16.6%
Private equity 11.0% 12.4% 8.8% 28.4%
Strategic investments 2.0% 6.6% 6.2% 8.7%
100.0%
(')Assumed inflation—Mean 2.4% 1.5%
Discount Rate—The discount rate used to measure the total pension liability was 6.70%. The Pension
Plan's fiduciary net position was projected to be available to make all projected future benefit payments of
current active and inactive employees. Therefore, the discount rate for calculation of the total pension
liability is equal to the long-term expected rate of return.
Sensitivity of the Authority's Proportionate Share of the Net Position Liability to Changes in the Discount
Rate—The following represents the Authority's proportionate share of the net pension liability calculated
using the discount rate of 6.70%, as well as what the Authority's proportionate share of the net pension
liability would be if it were calculated using a discount rate that is one-percentage-point lower(5.70%)or
one-percentage-point higher(7.70%)than the current rate:
Current
1% Decrease Discount Rate 1% Increase
5.70% 6.70% 7.70%
$ 1,456,282 $ 827,920 $ 301,533
Pension Plan Fiduciary Net Position—Detailed information regarding the Pension Plan's fiduciary net
position is available in the separately issued FRS Pension Plan and Other State-Administered Systems
Annual Comprehensive Financial Report.
27
Monroe County Comprehensive Plan Land Authority
(A Component Unit of Monroe County, Florida)
Notes to Financial Statements
Note 7. Florida Retirement System Retirement Plans (Continued)
HIS Plan:
Plan Description—The HIS Plan is a cost-sharing, multiple-employer defined benefit pension plan
established under Section 112.363, Florida Statutes, and may be amended by the Florida Legislature at
any time. The benefit is a monthly payment to assist retirees of state-administered retirement systems in
paying their health insurance costs and is administered by the Florida Department of Management
Services, Division of Retirement.
Benefits Provided— For the fiscal year ended September 30, 2024, eligible retirees and beneficiaries
received a monthly HIS payment of$7.50 for each year of creditable service completed at the time of
retirement, with a minimum HIS payment of$45 and a maximum HIS payment of$225 per month. To be
eligible to receive these benefits, a retiree under a state-administered retirement system must provide
proof of health insurance coverage, which may include Medicare.
Contributions—The HIS Plan is funded by required contributions from FRS participating employers as set
by the Florida Legislature. Employer contributions are a percentage of gross compensation for all active
FRS members. For the fiscal year ended September 30, 2024, the HIS contribution for the period
October 1, 2023 through September 30, 2024, was 2.0%. The Authority contributed 100% of its statutorily
required contributions for the current and preceding three years. HIS Plan contributions are deposited in a
separate trust fund from which payments are authorized. HIS Plan benefits are not guaranteed and are
subject to annual legislative appropriation. In the event legislative appropriation or available funds fall to
provide full subsidy benefits to all participants, benefits may be reduced or cancelled.
The Authority's contributions to the HIS Plan totaled $11,973 for the fiscal year ended September 30,
2024.
Pension Liability Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of
Resources Related to Pensions—At September 30, 2024, the Authority reported a liability of$212,151 for
its proportionate share of the HIS Plan's net pension liability. The net pension liability was measured as of
June 30, 2024, and the total pension liability used to calculate the net pension liability was determined by
an actuarial valuation as of July 1, 2024. The Authority's proportionate share of the net pension liability
was based on the Authority's 2024 fiscal year contributions relative to the 2024 fiscal year contributions of
all participating members. At June 30, 2024, the Authority's proportionate share was 0.001414%, which
was an increase of 0.000305%from its proportionate share measured as of June 30, 2024.
28
Monroe County Comprehensive Plan Land Authority
(A Component Unit of Monroe County, Florida)
Notes to Financial Statements
Note 7. Florida Retirement System Retirement Plans (Continued)
For the fiscal year ended September 30, 2024, the Authority recognized pension expense of$21,649. In
addition, the Authority reported deferred outflows of resources and deferred inflows of resources related
to pensions from the following sources:
Deferred Deferred
Outflows of Inflows of
Resources Resources
Differences between expected and actual experience $ 2,049 $ 407
Changes of assumptions 3,754 25,116
Net difference between projected and actual earnings on
Pension Plan investments - 76
Changes in proportion and differences between Authority Pension
Plan contributions and proportionate share of contributions 59,017 199
Authority Pension Plan contributions subsequent to the
measurement date 3,124 -
$ 67,944 $ 25,798
The deferred outflows of resources related to the HIS Plan, totaling $3,124, resulting from Authority
contributions to the HIS Plan subsequent to the measurement date, will be recognized as a reduction of
the net pension liability in the fiscal year ended September 30, 2025.
Other amounts reported as deferred outflows of resources and deferred inflows of resources related to
the HIS Plan will be recognized in pension expense as follows:
Years ending June 30:
2025 $ 9,127
2026 8,301
2027 6,271
2028 6,962
2029 6,554
Thereafter 1,807
$ 39,022
Actuarial Assumptions—The total pension liability in the July 1, 2024, actuarial valuation was determined
using the following actuarial assumptions, applied to all periods included in the measurement:
Inflation 2.40%
Salary increases 3.50% average, including inflation
Municipal bond rate 3.93%
The actuarial assumptions used in the July 1, 2024, valuation were based on the results of an actuarial
experience study for the period July 1, 2018, through June 30, 2023. The municipal rate used to
determine total pension liability increased from 3.65%to 3.93%.
29
Monroe County Comprehensive Plan Land Authority
(A Component Unit of Monroe County, Florida)
Notes to Financial Statements
Note 7. Florida Retirement System Retirement Plans (Continued)
Discount Rate—The discount rate used to measure the total pension liability was 3.93%. In general, the
discount rate for calculating the total pension liability is equal to the single rate equivalent to discounting
at the long-term expected rate of return for benefit payments prior to the projected depletion date.
Because the HIS benefit is essentially funded on a pay-as-you-go basis, the depletion date is considered
to be immediate, and the single equivalent discount rate is equal to the municipal bond rate selected by
the HIS Plan sponsor. The Bond Buyer General Obligation 20-Bond Municipal Bond Index was adopted
as the applicable municipal bond index.
Sensitivity of the Authority's Proportionate Share of the Net Position Liability to Changes in the Discount
Rate—The following represents the Authority's proportionate share of the HIS net pension liability
calculated using the discount rate of 3.93%, as well as what the Authority's proportionate share of the HIS
net pension liability would be if it were calculated using a discount rate that is one-percentage-point lower
(2.93%)or one-percentage-point higher (4.93%)than the current rate:
Current
1% Decrease Discount Rate 1% Increase
2.93% 3.93% 4.93%
$ 241,507 $ 212,151 $ 187,781
HIS Plan Fiduciary Net Position —Detailed information regarding the HIS Plan's fiduciary net position is
available in the separately issued FRS Pension Plan and Other State-Administered Systems Annual
Comprehensive Financial Report.
Investment Plan:
The SBA administers the defined contribution plan officially titled the FRS Investment Plan. The
Investment Plan is reported in the SBA's annual financial statements and in the state of Florida Annual
Comprehensive Financial Report.
As provided in Section 121.4501, Florida Statutes, eligible FRS members may elect to participate in the
Investment Plan in lieu of the FRS defined benefit plan. Authority employees participating in DROP are
not eligible to participate in the Investment Plan. Employer and employee contributions including amounts
contributed to individual member's accounts, are defined by law, but the ultimate benefit depends in part
on the performance of investment funds. Benefit terms, including contribution requirements, for the
Investment Plan are established and may be amended by the Florida Legislature. The Investment Plan is
funded with the same employer and employee contribution rates that are based on salary and
membership class (Regular Class, Elected Authority Officers, etc.)as the Pension Plan. Contributions are
directed to individual member accounts, and the individual members allocate contributions and account
balances among various approved investment choices. Costs of administering the Investment Plan,
including the FRS Financial Guidance Program, are funded through an employer contribution of 0.06%of
payroll and by forfeited benefits of plan members for the period October 1, 2023, through September 30,
2024. Allocations to the investment member's accounts for the periods from October 1, 2023 through
June 30, 2024 and from July 1, 2024 through September 30, 2024, respectively, as established by
Section 121.72, Florida Statutes, are based on a percentage of gross compensation, by class, as follows:
Regular class 11.30%; Special Risk Administrative Support class 12.95%; Special Risk class 19.00%;
Senior Management Service class 12.67% and Authority Elected Officers class 16.34%.
30
Monroe County Comprehensive Plan Land Authority
(A Component Unit of Monroe County, Florida)
Notes to Financial Statements
Note 7. Florida Retirement System Retirement Plans (Continued)
For all membership classes, employees are immediately vested in their own contributions and are vested
after one year of service for employer contributions and investment earnings. If an accumulated benefit
obligation for service credit originally earned under the Pension Plan is transferred to the Investment
Plan, the member must have the years of service required for Pension Plan vesting (including the service
credit represented by the transferred funds)to be vested for these funds and the earnings on the funds.
Nonvested employer contributions are placed in a suspense account for up to five years. If the employee
returns to FRS-covered employment within the five-year period, the employee will regain control over their
account. If the employee does not return within the five-year period, the employee will forfeit the
accumulated account balance. For the fiscal year ended September 30, 2024, the information for the
amount of forfeitures was unavailable from the SBA; however, management believes these amounts, if
any, would be immaterial to the Authority.
After termination and applying to receive benefits, the member may rollover vested funds to another
qualified plan, structure a periodic payment under the Investment Plan, receive a lump-sum distribution,
leave the funds invested for future distribution, or any combination of these options. Disability coverage is
provided; the member may either transfer the account balance to the Pension Plan when approved for
disability retirement to receive guaranteed lifetime monthly benefits under the Pension Plan or remain in
the Investment Plan and rely upon that account balance for retirement income.
The Authority's Investment Plan pension expense totaled $5,812 for the fiscal year ended September 30,
2024.
Note 8. Fund Balance
As a general rule, the Executive Director will select the most restricted resource permissible and available
to fund a given activity. This practice will generally track the following hierarchy: miscellaneous funds
consisting of grants restricted for specific purposes, State Park and Tourist Impact Tax funds, and lastly
unrestricted sources such as interest income and unrestricted miscellaneous funds. In terms of fund
balance classification, expenditures are generally to be spent from restricted fund balance first, followed
in order by committed fund balance, assigned fund balance, and lastly unassigned fund balance as
applicable. The Executive Director has the authority to deviate from this practice if it is in the best interest
of the Authority.
The following schedule provides management and citizens with information on the position of the General
Fund balance that is available for appropriation.
Total fund balance—General Fund $ 40,171,094
Less:
Nonspendable, mortgage loans 7,419,025
Restricted for land acquisition and affordable housing 14,287,421
Assigned, reserves 4,293,248
Unassigned fund balance $ 14,171,400
31
Monroe County Comprehensive Plan Land Authority
(A Component Unit of Monroe County, Florida)
Notes to Financial Statements
Note 9. Risk Management
The Authority is exposed to various risks of loss related to tort; theft of, damage to, and destruction of
assets; errors and omissions; injuries to employees; and natural disasters. The Authority participates in
the coverage provided by the County for Workers' Compensation, Group Insurance, and Risk
Management internal service funds. Under these programs, workers' compensation provides $500,000
coverage per claim for regular employees. Workers' compensation claims in excess of the self-insured
coverage are covered by an excess insurance policy. Risk management has a $5,000,000 excess
insurance policy for general liability claims with a $200,000 self-insured retention and building property
damage is covered for the actual value of the buildings with a deductible of$50,000. Deductibles for
windstorm and flood vary by location. The County purchases commercial insurance for claims in excess
of coverage provided by the funds and for all other risks of loss. Settled claims have not exceeded this
commercial coverage in any of the past three years. The Authority makes payments to the Workers'
Compensation, Group Insurance, and Risk Management Funds based on estimates of the amounts
needed to pay prior and current year claims.
Note 10. Commitments
The Authority had $4,045,82 of commitments to acquire various properties as of September 30, 2024.
32
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Monroe County Comprehensive Plan Land Authority
(A Component Unit of Monroe County, Florida)
Required Supplementary Information (Unaudited)
Schedule of Revenues, Expenditures and Changes in Fund Balance
Budget and Actual—General Fund (Budgetary Basis)
Fiscal Year Ended September 30, 2024
Variance
Budget with Final
Original Final Actual Budget
Revenues:
Intergovernmental $ 6,992,070 $ 6,992,070 $ 8,439,345 $ 1,447,275
Miscellaneous income 4,481,000 4,609,270 2,431,594 (2,177,676)
Investment income 250,000 250,000 1,507,234 1,257,234
Total revenues 11,723,070 11,851,340 12,378,173 526,833
Expenditures:
Personnel 844,000 996,500 920,620 75,880
Operating 308,000 308,000 225,424 82,576
Capital outlay 33,266,143 33,235,500 5,974,421 27,261,079
Total expenditures 34,418,143 34,540,000 7,120,465 27,419,535
Excess(deficiency)of revenues
over(under)expenditures (22,695,073) (22,688,660) 5,257,708 27,946,368
Fund balance, beginning of year 27,537,401
Fund balance,end of year 32,795,109
Reconciliation of budgetary to full accrual basis:
Reconciling items:
Mortgages receivables 7,419,025
Compensation accrual (43,040)
Fund balance, end of year(full accrual) $ 40 171,094
36
OTHER REPORTS
1,11'sim
IRS111A US III..JII..J11P
Report on Internal Control Over Financial Reporting and on Compliance
and Other Matters Based on an Audit of Financial Statements Performed in
Accordance With Government Auditing Standards
Governing Board Monroe County Comprehensive Plan Land Authority
Monroe County, FL
We have audited, in accordance with the auditing standards generally accepted in the United States of
America and the standards applicable to financial audits contained in Government Auditing Standards,
issued by the Comptroller General of the United States (Government Auditing Standards), the financial
statements of the governmental activities and the major fund of the Monroe County Comprehensive Plan
Land Authority(the Authority), a component unit of Monroe County, Florida, as of and for the year ended
September 30, 2024, and the related notes to the financial statements, and have issued our report
thereon dated March 28, 2025.
Report on Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered the Authority's internal
control over financial reporting (internal control) as a basis for designing audit procedures that are
appropriate in the circumstances for the purpose of expressing our opinions on the financial statements,
but not for the purpose of expressing an opinion on the effectiveness of the Authority's internal control.
Accordingly, we do not express an opinion on the effectiveness of the Authority's internal control.
A deficiency in internal control exists when the design or operation of a control does not allow
management or employees, in the normal course of performing their assigned functions, to prevent, or
detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a
combination of deficiencies in internal control such that there is a reasonable possibility that a material
misstatement of the entity's financial statements will not be prevented, or detected and corrected, on a
timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control
that is less severe than a material weakness, yet important enough to merit attention by those charged
with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of this
section and was not designed to identify all deficiencies in internal control that might be material
weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any
deficiencies in internal control that we consider to be material weaknesses. However, material
weaknesses or significant deficiencies may exist that were not identified.
Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether the Authority's financial statements are free of
material misstatement, we performed tests of its compliance with certain provisions of laws, regulations,
contracts and grant agreements, noncompliance with which could have a direct and material effect on the
financial statements. However, providing an opinion on compliance with those provisions was not an
objective of our audit and, accordingly, we do not express such an opinion. The results of our tests
disclosed no instances of noncompliance or other matters that are required to be reported under
Government Auditing Standards.
IIIIIIII ow IIIIIIII III'Z O III'° IIIIII IIIIIIII III 4 G III4 III': IIIIIIII IIIZ S"'"'O O
ASS VJIIrAI III i..AX C0NSVJ NG 37
kS61M0',111I"Hi��0"Veml gtoIII('IP2`M11)((q]A!(IIA �s�l lkllwiwirk('Ilwkapniwlenkf iu�I +X'gId orri Ili u)s�(urns,
V1s1TI;IIIII',:oIm/,dI,I I((I,,I,I In ol !I)ioYI m f(I on I("?3I:111 lf�l ,11AI"III V 1 I''"M I[I 'lll a do I),d,
........ ......... ..... ,,,,, ,,,,, ..... ...... ...... ..... ...... ...... ....,.
Purpose of This Report
The purpose of this report is solely to describe the scope of our testing of internal control and compliance
and the results of that testing, and not to provide an opinion on the effectiveness of the entity's internal
control or on compliance. This report is an integral part of an audit performed in accordance with
Government Auditing Standards in considering the entity's internal control and compliance. Accordingly,
this communication is not suitable for any other purpose.
Fort Lauderdale, Florida
March 28, 2025
38
Monroe County, Florida
Comprehensive Plan Land Authority
(A Component Unit of Monroe County, Florida)
Summary Schedule of Prior Year Findings
Status of Prior Year Audit Finding
None noted.
39
1,11'sim
IRS111A US III..JII..J11P
Management Letter in Accordance with
Chapter 10.550, Rules of the Auditor General of the State of Florida
Governing Board Monroe County Comprehensive Plan Land Authority
Monroe County, Florida
Report on the Financial Statements
We have audited the financial statements of the Monroe County Comprehensive Plan Land Authority(the
Authority), a component unit of Monroe County, Florida, as of and for the fiscal year ended
September 30, 2024, and have issued our report thereon dated March 28, 2025.
Auditor's Responsibility
We conducted our audit in accordance with auditing standards generally accepted in the United States of
America; the standards applicable to financial audits contained in Government Auditing Standards, issued
by the Comptroller General of the United States; and Chapter 10.550, Rules of the Auditor General.
Other Reporting Requirements
We have issued our Independent Auditor's Report on Internal Control over Financial Reporting and on
Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with
Government Auditing Standards and our Independent Accountant's Report on an examination conducted
in accordance with AICPA Professional Standards, AT-C Section 315, regarding compliance
requirements in accordance with Chapter 10.550, Rules of the Auditor General. Disclosures in those
reports, which are dated March 28, 2025, should be considered in conjunction with this management
letter.
Prior Audit Findings
Section 10.554(1)(i)l., Rules of the Auditor General, requires that we determine whether or not corrective
actions have been taken to address findings and recommendations made in the preceding annual
financial audit report. There were no findings and recommendations made in the preceding financial audit
report.
Official Title and Legal Authority
Section 10.554(1)(i)4., Rules of the Auditor General, requires that the name or official title and legal
authority for the primary government and each component unit of the reporting entity be disclosed in the
management letter, unless disclosed in the notes to the financial statements. The legal authority is
disclosed in Note 1 to the financial statements.
Financial Condition and Management
Sections 10.554(1)(i)5.a. and 10.556(7), Rules of the Auditor General, require us to apply appropriate
procedures and communicate the results of our determination as to whether or not the Authority met one
or more of the conditions described in Section 218.503(1), Florida Statutes, and to identify the specific
condition(s) met. In connection with our audit, we determined that the Authority did not meet any of the
conditions described in Section 218.503(1), Florida Statutes.
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Pursuant to Sections 10.554(1)(i)5.b. and 10.556(8), Rules of the Auditor General, we applied financial
condition assessment procedures for the Authority. It is management's responsibility to monitor the
Authority's financial condition, and our financial condition assessment was based in part on
representations made by management and review of financial information provided by same.
Section 10.554(1)(i)2., Rules of the Auditor General, requires that we communicate any
recommendations to improve financial management. In connection with our audit, we did not have any
such recommendations.
Specific Information
As required by Section 218.39(3)(c), Florida Statutes, and Section 10.554(1)(i)6, Rules of the Auditor
General, the Authority reported (unaudited):
a. The total number of Authority employees compensated in the last pay period of the Authority's fiscal
year was 6.
b. The total number of independent contractors to whom nonemployee compensation was paid in the
last month of the Authority's fiscal year was 7.
c. All compensation earned by or awarded to employees, whether paid or accrued, regardless of
contingency was $830,602.
d. All compensation earned by or awarded to nonemployee independent contractors, whether paid or
accrued, regardless of contingency was $157,788.
e. There is no construction project with a total cost of at least$65,000 approved by the Authority that is
scheduled to begin on or after October 1 of the fiscal year being reported.
f. A budget variance based on the budget adopted under Section 189.016(4), Florida Statutes, before
the beginning of the fiscal year being reported if the Authority amends a final adopted budget under
Section 189.016(6), Florida Statutes. This is disclosed as required supplementary information in the
Authority's September 30, 2024, financial statements.
Additional Matters
Section 10.554(1)(i)3., Rules of the Auditor General, requires us to communicate noncompliance with
provisions of contracts or grant agreements, or abuse, that have occurred, or are likely to have occurred,
that have an effect on the financial statements that is less than material but which warrants the attention
of those charged with governance. In connection with our audit, we did not note any such findings.
Purpose of this Letter
Our management letter is intended solely for the information and use of the Legislative Auditing
Committee, members of the Florida Senate and Florida House of Representatives, the Florida Auditor
General, Federal and other granting agencies, Monroe County, the Authority, and applicable
management, and is not intended to be and should not be used by anyone other than these specified
parties.
Fort Lauderdale, Florida
March 28, 2025
41
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Independent Accountant's Report on Compliance
With Section 218.415, Florida Statutes
Governing Board Monroe County Comprehensive Plan Land Authority
Monroe County, Florida
We have examined the Monroe County Comprehensive Plan Land Authority's (the Authority), a
component unit of Monroe County, Florida, compliance with Section 218.415, Florida Statutes (the
specified requirements), during the period of October 1, 2023 to September 30, 2024. Management of the
Authority is responsible for the Authority's compliance with the specified requirements. Our responsibility
is to express an opinion on the Authority's compliance with the specified requirements based on our
examination.
Our examination was conducted in accordance with attestation standards established by the AICPA.
Those standards require that we plan and perform the examination to obtain reasonable assurance about
whether the Authority complied, in all material respects, with the specified requirements referenced
above. An examination involves performing procedures to obtain evidence about whether the Authority
complied with the specified requirements. The nature, timing, and extent of the procedures selected
depend on our judgment, including an assessment of the risks of material noncompliance, whether due to
fraud or error. We believe that the evidence we obtained is sufficient and appropriate to provide a
reasonable basis for our opinion.
Our examination does not provide a legal determination on the Authority's compliance with the specified
requirements.
We are required to be independent and to meet our other ethical responsibilities in accordance with
relevant ethical requirements relating to the engagement.
In our opinion, the Authority complied, in all material respects, with the specified requirements, during the
period of October 1, 2023 to September 30, 2024.
This report is intended solely for the information and use of the Florida Auditor General, the Authority, and
applicable management and is not intended to be, and should not be, used by anyone other than these
specified parties.
1.417
Fort Lauderdale, Florida
March 28, 2025
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