HomeMy WebLinkAboutFiscal Year 2024 MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
FINANCIAL STATEMENTS
As of and for the Year Ended September 30, 2024
And Report of Independent Auditor
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Financial Statements
For The Fiscal Year Ended September 30, 2024
TABLE OF CONTENTS
PAGE
Table of Contents A-1
Basic Financial Statements
Independent Auditor's Report B-1
Fund Financial Statements:
Balance Sheet-Governmental Funds C-1
Statement of Revenues, Expenditures,and Changes in Fund Balances-
Governmental Funds C-3
Statement of Revenues, Expenditures,and Changes in Fund Balances-Budget and Actual
Major Governmental Funds:
General Fund C-5
Fine and Forfeiture Fund C-8
Governmental Grants Fund C-10
Tourist Development,Administration and Promotional Two Cent Fund C-12
Statement of Net Position-Proprietary Funds C-13
Statement of Revenues, Expenses and Changes in Net Position-Proprietary Funds C-17
Statement of Cash Flows-Proprietary Funds C-19
Notes to Financial Statements D-1
Required Supplementary Information (Unaudited):
Florida Retirement System
Schedule of the Board's Proportionate Share of Net Pension Liability-
Florida Retirement System E-1
Schedule of the Board's Contributions-Florida Retirement System E-3
Schedule of the Board's Proportionate Share of Net Pension Liability-
Health Insurance Subsidy Program E-5
Schedule of the Board's Contributions
Health Insurance Subsidy Program E-7
Pension Plan for Volunteer Firefighters and Emergency Medical Services
Schedule of Changes in the Board's Net Pension Liability and Related Ratios E-9
Schedule of Employer Contributions E-11
Post Employment Benefits Other Than Pension
Schedule of Changes in the Board's Total OPEB Liability and Related Ratios E-13
Combininq and Individual Fund Statements and Schedules:
Schedules of Revenues, Expenditures,and Changes in Fund Balances-Budget and Actual
One Cent Infrastructure Surtax Capital Project Fund F-1
All Debt Service Funds F-2
Combininq and Individual Fund Statements and Schedules:
Combining Balance Sheet-Nonmajor Governmental Funds G-1
Combining Statement of Revenues, Expenditures,and Changes in Fund Balances-
Nonmajor Governmental Funds G-8
(Continued)
A-1
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Financial Statements
For The Fiscal Year Ended September 30, 2024
TABLE OF CONTENTS (continued)
Combininq and Individual Fund Statements and Schedules(continued): PAGE
Schedules of Revenues, Expenditures,and Changes in Fund Balances-Budget and Actual
Special Revenue Funds:
Affordable Housing Programs G-15
Roads and Bridges Fund G-16
Middle Keys Health Care Municipal Service Taxing Unit G-17
Tourist Development,All Districts,Two Cent G-18
Tourist Development, District One G-19
Tourist Development, District Two G-20
Tourist Development, District Three G-21
Tourist Development, District Four G-22
Tourist Development, District Five G-23
Impact Fees-Roadways G-24
Impact Fees-Parks and Recreation G-25
Impact Fees-Solid Waste G-26
Impact Fees-Fire and EMS G-27
Fire and Ambulance, District#1 -Lower and Middle Keys G-28
Unincorporated Area Service District-Parks and Recreation G-29
Unincorporated Area Service District-Planning, Building&Zoning G-30
Municipal Policing G-32
911 Enhancement Fees G-33
Duck Key Security District G-34
Local Housing Assistance G-35
Affordable Housing Initiatives G-36
Boating Improvement G-37
Miscellaneous Special Revenue G-38
Environmental Restoration G-40
Law Enforcement Trust G-41
Court Facility Fees G-42
Drug Abuse Trust G-43
Canal Special Assessments G-44
Building Fund G-45
Clerk's Revenue Note Capital Projects Fund G-46
Land Acquisition Fund Capital Projects Fund G-47
Combining Statement of Net Position-Internal Service Funds H-1
Combining Statement of Revenues, Expenses,and Changes in Net Position-
Internal Service Funds H-3
Combining Statement of Cash Flows-Internal Service Funds H-5
COMPONENT UNIT
Comprehensive Plan Land Authority-Statement of Net Position 1-1
Comprehensive Plan Land Authority-Statement of Activities 1-2
(Continued)
A-2
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
Financial Statements
For The Fiscal Year Ended September 30, 2024
TABLE OF CONTENTS (continued)
OTHER REPORTS PAGE
Report of Independent Auditor 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 J-1
Schedule of Findings and Recommendations J-3
Corrective Action Plan J-4
Independent Auditor's Management Letter J-5
Report of Independent Accountant on Compliance with Local Government Investment J-7
Policies
A-3
1,11'sim
IRS111A US III..JII..J11P
Independent Auditor's Report
Honorable Mayor and Board of County Commissioners
Monroe County, Florida
Report on the Audit of the Financial Statements
Opinions
We have audited the financial statements of each major fund and the aggregate remaining fund
information of the Board of County Commissioners (the Board)of Monroe County, Florida (the County),
as of and for the 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 each major fund and the aggregate remaining fund
information of the Board of the County Commissioners as of September 30, 2024, and the respective
changes in financial position, and, where applicable, cash flows thereof and the respective budgetary
comparison statements for the General Fund, Fine and Forfeiture Special Revenue Fund, Governmental
Grants Special Revenue Fund, and the Tourist Development Administration and Promotional Two Cent
Special Revenue Fund, 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 Board 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.
Emphasis of Matter
As discussed in Note 22 to the financial statements, the October 1, 2023 beginning net position and
beginning balances for leases and interest receivable and deferred inflow of resources for the Key West
Airport Fund and Marathon Airport Fund have been restated to correct errors. Our opinions are not
modified with respect to this matter.
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.
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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 Board'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.
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 that the pension
and other post-employment benefit plans related information, 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.
Management has omitted the management's discussion and analysis that accounting principles generally
accepted in the United States of America require to be presented to supplement the basic financial
statements. Such missing information, 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. Our opinions on the basic financial statements are not affected by this missing information.
I:3 2
Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise the Board's basic financial statements. The combining and individual fund statements and
schedules are presented for purposes of additional analysis and are not a required part of the basic
financial statements. Such information is the responsibility of management and was derived from and
relates directly to the underlying accounting and other records used to prepare the basic financial
statements. The information has been subjected to the auditing procedures applied in the audit of the
basic financial statements and certain additional procedures, including comparing and reconciling such
information directly to the underlying accounting and other records used to prepare the basic financial
statements or to the basic financial statements themselves, and other additional procedures in
accordance with auditing standards generally accepted in the United States of America. In our opinion,
the combining and individual fund statements and schedules are fairly stated, in all material respects, in
relation to the basic financial statements as a whole.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated April 9, 2025,
on our consideration of the Board's internal control over financial reporting and on our tests of its
compliance with certain provisions of laws, regulations, contracts and grant agreements and other
matters. The purpose of that report is solely 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 Board'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
Board's internal control over financial reporting and compliance.
Fort Lauderdale, Florida
April 9, 2025
133
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MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
BALANCE SHEET
GOVERNMENTAL FUNDS
SEPTEMBER 30, 2024
Fine& Governmental
General Forfeiture Grants
Assets
Cash and Cash Equivalents $ 7,338,703 $ 1,828,273 $ 2,665,577
Cash with Fiscal Agent - - -
Investments 23,334,104 18,381,240 -
Accounts Receivable, Net 32,418 5,739,395 125,821
Assessments Receivable - - -
Due from Other Funds 10,000,000 - -
Due from Other Governmental Units 660,120 30,367 27,479,514
Due from Constitutional Officers 10,755,331 2,959,008 -
Mortgages/Notes Receivable - - 106,351
Allowance for Mortgages/Notes Receivable - - (106,351)
Lease Receivable 3,424,926 - -
Prepaid Items 9,748 - -
Interest Receivable 100,000 69,899 -
Total Assets $ 55,655,350 $ 29,008,182 $ 30,270,912
Liabilities, Deferred Inflows of
Resources and Fund Balances
Liabilities:
Accounts Payable $ 1,557,472 $ 148,734 $ 2,401,572
Retainage Payable - - 135,972
Accrued Wages and Benefits Payable 1,189,849 210,397 180,751
Due to Other Funds - - 10,000,000
Due to Other Governmental Units 1,492,570 694 688
Due to Constitutional Officers 9,318 20,657 -
Unearned Revenues - - 120,285
Deposits in Escrow 152,924 - -
Total Liabilities 4,402,133 380,482 12,839,268
Deferred Inflows of Resources:
Leases 3,328,536 - -
Unavailable Revenues 975 - 16,594,949
Total Deferred Inflows of Resources 3,329,511 - 16,594,949
Fund Balances/(Deficits):
Nonspendable 9,748 - -
Restricted - 28,627,700 836,695
Committed 10,000,000 - -
Assigned 44,626 - -
Unassigned 37,869,332 -
Total Fund Balances 47,923,706 28,627,700 836,695
Total Liabilities, Deferred Inflows of
Resources, and Fund Balances $ 55,655,350 $ 29,008,182 $ 30,270,912
The notes to the financial statements are an integral part of these statements.
C-1
Tourist
Development One Cent Debt Nonmajor Total
Admin & Promo Infrastructure Service Governmental Governmental
Two Cent Surtax Fund Funds Funds
$ 3,358,572 $ 4,506,899 $ 936,979 $ 17,748,228 $ 38,383,231
- 38,243,200 - - 38,243,200
34,335,357 35,992,046 3,154,355 141,365,442 256,562,544
6,459 - - 854,766 6,758,859
- 18,655,727 - - 18,655,727
- - - - 10,000,000
- 2,826,163 - 1,248,204 32,244,368
2,070,105 5,805 - 5,394,459 21,184,708
- - - 9,982,533 10,088,884
- - - (9,982,533) (10,088,884)
- - - - 3,424,926
2,263 - - 3,835 15,846
138,943 151,284 12,763 581,266 1,054,155
$ 39,911,699 $ 100,381,124 $ 4,104,097 $ 167,196,200 $ 426,527,564
$ 1,770,198 $ 2,192,610 $ - $ 2,701,852 $ 10,772,438
- 334,896 - 149,558 620,426
- 85,253 - 1,526,121 3,192,371
- - - - 10,000,000
- - - 511,974 2,005,926
- - - 71,867 101,842
- - - - 120,285
- - - 286,932 439,856
1,770,198 2,612,759 - 5,248,304 27,253,144
- - - - 3,328,536
- 18,865,332 - - 35,461,256
- 18,865,332 - - 38,789,792
2,263 - - 3,835 15,846
38,139,238 78,903,033 4,104,097 143,683,870 294,294,633
- - - 9,581,176 19,581,176
- - - 8,679,015 8,723,641
- - - - 37,869,332
38,141,501 78,903,033 4,104,097 161,947,896 360,484,628
$ 39,911,699 $ 100,381,124 $ 4,104,097 $ 167,196,200 $ 426,527,564
C-2
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES
GOVERNMENTALFUNDS
FOR THE YEAR ENDED SEPTEMBER 30,2024
Fine& Governmental
General Forfeiture Grants
Revenues:
Taxes $ 44,290,317 $ 72,214,380 $ -
Licenses and Permits - - -
Intergovernmental 15,732,447 74,946 22,497,082
Charges for Services 672,849 9,061,777 176,296
Fines and Forfeitures 127 105,639 -
Investment Income 2,385,333 4,756,036 147,069
Miscellaneous 770,840 357,557 117,201
Total Revenues 63,851,913 86,570,335 22,937,648
Expenditures:
Current:
General Government 47,152,177 1,737,588 2,702,621
Public Safety 2,659,148 78,314,444 5,735,643
Physical Environment 863,397 - 14,140,009
Transportation 541,379 - 3,298,316
Economic Environment 1,067,317 - 32,967
Human Services 8,838,933 - 1,946,553
Culture and Recreation 5,707,311 - 2,574,264
Court-Related 6,007,342 3,114,608 -
Capital Outlay - - -
Debt Service:
Principal 694,099 17,013 -
Interest 61,374 3 -
Total Expenditures 73,592,477 83,183,656 30,430,373
Excess/Deficiency of Revenues
Over(Under)Expenditures (9,740,564) 3,386,679 (7,492,725)
Other Financing Sources(Uses):
Transfers from Other Funds 5,099,754 - 4,548,883
Transfers to Other Funds (870,636) - (107,127)
Lease &SBITA Financing 229,483 47,018 -
Transfers from Constitutional Officers 8,946,154 2,933,562 -
Total Other Financing Sources(Uses) 13,404,755 2,980,580 4,441,756
Net Change in Fund Balances 3,664,191 6,367,259 (3,050,969)
Fund Balances/(Deficits)-October 1 44,259,515 22,260,441 3,887,664
Fund Balances/(Deficits)-September 30 $ 47,923,706 $ 28,627,700 $ 836,695
The notes to the financial statements are an integral part of these statements.
C-3
Tourist
Development One Cent Debt Nonmajor Total
Admin& Promo Infrastructure Service Governmental Governmental
Two Cent Surtax Fund Funds Funds
$ 20,728,398 $ 32,599,393 $ - $ 72,252,821 $ 242,085,309
- 1,689,195 - 7,223,587 8,912,782
- - - 11,175,791 49,480,266
- - - 14,258,761 24,169,683
- - - 2,681,239 2,787,005
2,067,941 2,081,618 572,585 7,898,765 19,909,347
- 441,321 - 1,845,748 3,532,667
22,796,339 36,811,527 572,585 117,336,712 350,877,059
- - - 5,619,561 57,211,947
- - - 38,333,057 125,042,292
- - - 2,234,653 17,238,059
- - - 7,210,783 11,050,478
28,538,185 - - 28,518,616 58,157,085
- - - 2,771,142 13,556,628
- - - 5,238,879 13,520,454
- - - 634,015 9,755,965
- 24,179,147 - 1,874,579 26,053,726
95,737 49,579 19,508,524 56,544 20,421,496
18,863 20,765 3,501,944 1,633 3,604,582
28,652,785 24,249,491 23,010,468 92,493,462 355,612,712
(5,856,446) 12,562,036 (22,437,883) 24,843,250 (4,735,653)
- 113,414 22,095,935 1,219,333 33,077,319
(114,278) (24,970,816) - (4,012,201) (30,075,058)
- 38,320 - 84,918 399,739
214,697 5,233 914,980 1,590,063 14,604,689
100,419 (24,813,849) 23,010,915 (1,117,887) 18,006,689
(5,756,027) (12,251,813) 573,032 23,725,363 13,271,036
43,897,528 91,154,846 3,531,065 138,222,533 347,213,592
$ 38,141,501 $ 78,903,033 $ 4,104,097 $ 161,947,896 $ 360,484,628
C-4
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
GENERALFUND
FOR THE YEAR ENDED SEPTEMBER 30, 2024
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Taxes $ 45,280,306 $ 45,280,306 $ 44,290,317 $ (989,989)
Intergovernmental 15,028,242 15,028,242 15,732,447 704,205
Charges for Services 670,000 670,000 672,849 2,849
Fines and Forfeitures 5,000 5,000 127 (4,873)
Investment Income 335,000 352,300 2,385,333 2,033,033
Miscellaneous 477,000 592,635 770,840 178,205
Total Revenues 61,795,548 61,928,483 63,851,913 1,923,430
EXPENDITURES:
Cu rrent:
General Government:
Board of County Commissioners $ 2,342,757 $ 2,342,756 $ 2,004,248 $ 338,508
County Administrator 1,063,209 1,063,209 949,199 114,010
County Attorney 2,176,495 2,176,495 1,672,626 503,869
Legislative Affairs 682,452 682,452 681,352 1,100
County Administration 9,585,228 8,268,162 6,342,364 1,925,798
Public Works & Facilities Maintenance 13,709,131 13,713,281 11,996,310 1,716,971
Tax Collector 7,619,420 9,048,464 8,733,478 314,986
Clerk of Court&Comptroller 6,168,500 6,168,500 6,168,500 -
Property Appraiser 5,877,989 5,877,990 5,568,989 309,001
Supervisor of Elections 3,152,039 3,152,039 3,035,111 116,928
Total General Government 52,377,220 52,493,348 47,152,177 5,341,171
Public Safety:
Emergency Management 1,360,728 1,663,904 1,186,721 477,183
Medical Examiner 912,501 912,501 755,118 157,383
Juvenile Detention 1,172,723 - - -
Fire Academy 1,057,372 1,057,372 717,309 340,063
Total Public Safety 4,503,324 3,633,777 2,659,148 974,629
Physical Environment:
Extension Service 286,482 286,482 269,334 17,148
Sustainability 984,961 984,961 594,063 390,898
Total Physical Environment 1,271,443 1,271,443 863,397 408,046
Transportation:
County Engineer 250,775 250,775 222,042 28,733
Mass Transit 751,262 751,262 319,337 431,925
Total Transportation 1,002,037 1,002,037 541,379 460,658
(Continued)
The notes to the financial statements are an integral part of these statements.
C-5
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL(CONTINUED)
GENERALFUND
FOR THE YEAR ENDED SEPTEMBER 30, 2024
Original Final Variance with
Budget Budget Actual Final Budget
Economic Environment:
Veterans Affairs 838,926 850,326 849,916 410
Veterans Affairs Transportation 215,323 218,323 217,401 922
Total Economic Environment 1,054,249 1,068,649 1,067,317 1,332
Human Services:
Welfare Administration 812,096 812,096 823,327 (11,231)
Welfare Services 1,092,264 1,029,702 970,830 58,872
Key West Housing Authority Agreement 741,497 741,497 656,057 85,440
Social Service Transportation 1,308,785 1,389,127 1,289,222 99,905
Animal Shelters 1,882,237 1,882,238 1,833,433 48,805
Human Services Organizations 2,274,722 3,397,443 3,266,064 131,379
Total Human Services 8,111,601 9,252,103 8,838,933 413,170
Culture and Recreation:
Fine Arts Council 87,800 87,800 87,800 -
American Association of Retired Persons 16,500 16,500 7,649 8,851
Higgs Beach Maintenance 176,729 176,729 94,241 82,488
Monroe County Public Libraries 6,161,610 6,157,617 5,517,621 639,996
Total Culture and Recreation 6,442,639 6,438,646 5,707,311 731,335
Court-Related:
Law Library 28,009 32,004 115,638 (83,634)
Guardian Ad Litem 321,783 321,783 235,367 86,416
Clerk of the Court 2,791,315 2,791,315 2,791,315 -
State Attorney 828,867 828,867 492,157 336,710
Public Defender 693,821 693,821 312,388 381,433
Court Administration 2,486,188 2,486,188 2,060,477 425,711
Total Court Related 7,149,983 7,153,978 6,007,342 1,146,636
Debt Service:
Principal - - 694,099 (694,099)
Interest - - 61,374 (61,374)
Total Debt Service - - 755,473 (755,473)
Total Expenditures 81,912,496 82,313,981 73,592,477 8,721,504
Excess/Deficiency of Revenues
Over(Under) Expenditures (20,116,948) (20,385,498) (9,740,564) 10,644,934
(Continued)
The notes to the financial statements are an integral part of these statements.
C-6
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL(CONTINUED)
GENERALFUND
FUND BALANCES -BUDGET AND ACTUAL(CONTINUED)
Original Final Variance with
Budget Budget Actual Final Budget
Other Financing Sources (Uses):
Reserve for Contingencies (481,500) (212,950) - 212,950
Reserve for Cash Balance (3,142,950) (3,142,950) - 3,142,950
Lease Financing - - 229,483 229,483
Transfers from Other Funds 4,966,034 4,966,034 5,099,754 133,720
Transfers to Other Funds (10,200,000) (10,200,000) (870,636) 9,329,364
Transfers from Constitutional Officers 5,250,000 5,250,000 8,946,154 3,696,154
Total Other Financing Sources (Uses) (3,608,416) (3,339,866) 13,404,755 16,744,621
Net Change in Fund Balances (23,725,364) (23,725,364) 3,664,191 27,389,555
Fund Balances-October 1 23,725,364 23,725,364 44,259,515 20,534,151
Fund Balances-September 30 $ - $ - $ 47,923,706 $ 47,923,706
The notes to the financial statements are an integral part of these statements.
C-7
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MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
FINE AND FORFEITURE SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2024
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Taxes $ 74,198,900 $ 74,198,900 $ 72,214,380 $ (1,984,520)
Intergovernmental - - 74,946 74,946
Charges for Services 10,390,500 10,390,500 9,061,777 (1,328,723)
Fines and Forfeitures 82,500 82,500 105,639 23,139
Investment Income 105,000 105,000 4,756,036 4,651,036
Miscellaneous 120,000 1,250,745 357,557 (893,188)
Total Revenues 84,896,900 86,027,645 86,570,335 542,690
EXPENDITURES:
Current:
General Government:
Tax Increment Payment 1,500,000 1,737,588 1,737,588 -
Total General Government 1,500,000 1,737,588 1,737,588 -
Public Safety:
Sheriff Law Enforcement 31,398,619 32,504,364 31,112,710 1,391,654
Sheriff Corrections 32,957,256 32,957,256 32,309,659 647,597
Law Enforcement Education Assistance 75,000 75,000 75,000 -
Correction Facilities 3,406,307 3,461,307 3,414,118 47,189
Medical Air Transport 10,442,235 10,442,235 10,260,855 181,380
Interagency Communications 946,525 946,525 938,041 8,484
Juvenile Detention Cost Share 250,000 213,820 204,061 9,759
Total Public Safety 79,475,942 80,600,507 78,314,444 2,286,063
Court-Related:
Sheriff Extradition 200,000 261,180 261,180 -
Sheriff Court Security 2,898,911 2,898,911 2,853,428 45,483
Total Court Related 3,098,911 3,160,091 3,114,608 45,483
Debt Service:
Principal - - 17,013 (17,013)
Interest - - 3 (3)
Total Debt Service - - 17,016 (17,016)
Total Expenditures 84,074,853 85,498,186 83,183,656 2,314,530
Excess/Deficiency of Revenues
Over (Under) Expenditures 822,047 529,459 3,386,679 2,857,220
(Continued)
The notes to the financial statements are an integral part of these statements.
C-8
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL(CONTINUED)
FINE AND FORFEITURE SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2024
Original Final Variance with
Budget Budget Actual Final Budget
Other Financing Sources (Uses):
Reserve for Contingencies (440,000) (147,412) - 147,412
Reserve for Cash Balance (3,729,529) (3,729,529) - 3,729,529
Lease Financing - - 47,018 47,018
Transfers to Other Funds (33,334) (33,334) - 33,334
Transfers from Constitutional Officers 1,500,000 1,500,000 2,933,562 1,433,562
Total Other Financing Sources (Uses) (2,702,863) (2,410,275) 2,980,580 5,390,855
Net Change in Fund Balances (1,880,816) (1,880,816) 6,367,259 8,248,075
Fund Balances-October 1 1,880,816 1,880,816 22,260,441 20,379,625
Fund Balances-September 30 $ - $ - $ 28,627,700 $ 28,627,700
The notes to the financial statements are an integral part of these statements.
C-9
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
GOVERNMENTAL GRANTS SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2024
Original Final Variance with
Budget Budget Actual Final Budget
Revenues:
Intergovernmental $ - $ 91,321,523 $ 22,497,082 $ (68,824,441)
Charges for Services - 435,643 176,296 (259,347)
Investment Income - - 147,069 147,069
Miscellaneous - - 117,201 117,201
Total Revenues - 91,757,166 22,937,648 (68,819,518)
Expenditures:
Current:
General Government:
America Rescue Plan Act - 3,669,907 2,702,621 967,286
Total General Government - 3,669,907 2,702,621 967,286
Public Safety:
Hurricane Recovery - 13,684,815 485,006 13,199,809
America Rescue Plan Act - 3,893,768 2,330,450 1,563,318
Emergency Management - 1,302,748 581,731 721,017
Fire Rescue - 2,852,739 2,338,456 514,283
Total Public Safety - 21,734,070 5,735,643 15,998,427
Physical Environment:
Sustainability Programs 414,008 24,828,609 11,009,838 13,818,771
Conservation Resource Management - 588,234 202,593 385,641
Disaster Mitigation - 430,880 416,747 14,133
Removal of Vessels - 16,723,481 2,510,831 14,212,650
Total Physical Environment 414,008 42,571,204 14,140,009 28,431,195
Transportation:
Bridge Repair - 2,415,945 1,698,630 717,315
Roadway Projects - 5,459,430 1,305,118 4,154,312
Transportation Planning - 1,300,728 124,893 1,175,835
Mass Transit - 426,000 169,675 256,325
Total Transportation - 9,602,103 3,298,316 6,303,787
Economic Environment:
Community Development Block Grant - 3,602,429 32,967 3,569,462
Total Economic Environment - 3,602,429 32,967 3,569,462
(Continued)
The notes to the financial statements are an integral part of these statements.
C-10
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL (CONTINUED)
GOVERNMENTAL GRANTS SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2024
Original Final Variance with
Budget Budget Actual Final Budget
Human Services:
Title III-B Supportive Services - 731,903 442,515 289,388
Title III-C1 Congregate Meals - 228,793 169,022 59,771
Title III-C2 Home Delivered Meals - 269,018 249,033 19,985
Title III-E Caregiver Support Services - 270,148 251,767 18,381
Low Income Home Energy Program - 311,300 291,734 19,566
Alzheimer's Disease Initiative - 138,758 119,210 19,548
Weatherization Assistance Program - 57,844 40,390 17,454
Older Americans Act - 513,515 216,153 297,362
Other Social Services Grant Programs - 1,152,528 166,729 985,799
Total Human Services - 3,673,807 1,946,553 1,727,254
Culture and Recreation:
State Aid to Libraries - 125,757 59,512 66,245
Rowell's Park - 2,939,734 28,800 2,910,934
Harry Harris Park Boat Ramp - 482,550 143,862 338,688
Other Culture & Recreation Programs - 4,851,864 2,342,090 2,509,774
Total Culture and Recreation - 8,399,905 2,574,264 5,825,641
Total Expenditures 414,008 93,253,425 30,430,373 62,823,052
Excess/Deficiency of Revenues
Over(Under) Expenditures (414,008) (1,496,259) (7,492,725) (5,996,466)
Other Financing Sources (Uses):
Transfers from Other Funds - 1,082,251 4,548,883 3,466,632
Transfers to Other Funds - - (107,127) (107,127)
Total Other Financing Sources (Uses) - 11082,251 4,441,756 3,359,505
Net Change in Fund Balances (414,008) (414,008) (3,050,969) (2,636,961)
Fund Balances (Deficits)-October 1 414,008 414,008 3,887,664 3,473,656
Fund Balances (Deficits)-September 30 $ - $ - $ 836,695 $ 836,695
The notes to the financial statements are an integral part of these statements.
C-11
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
TOURIST DEVELOPMENT,ADMINISTRATION AND PROMOTIONAL,
TWO CENT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2024
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Taxes $ 20,909,500 $ 20,909,500 $ 20,728,398 $ (181,102)
Investment Income - - 2,067,941 2,067,941
Total Revenues 20,909,500 20,909,500 22,796,339 1,886,839
EXPENDITURES:
Current:
Economic Environment:
Advertising and Promotion 15,598,734 15,598,734 11,602,223 3,996,511
Administrative Services 2,623,787 2,623,787 1,091,435 1,532,352
Catastrophic Emergency 6,825,000 6,825,000 - 6,825,000
Special Projects 15,946,281 15,946,281 15,844,527 101,754
Total Economic Environment 40,993,802 40,993,802 28,538,185 12,455,617
Debt Service:
Principal - - 95,737 (95,737)
Interest - - 18,863 (18,863)
Total Debt Service - - 114,600 (114,600)
Total Expenditures 40,993,802 40,993,802 28,652,785 12,341,017
Excess/Deficiency of Revenues
Over (Under) Expenditures (20,084,302) (20,084,302) (5,856,446) 14,227,856
Other Financing Sources (Uses):
Transfers to Other Funds (114,278) (114,278) (114,278) -
Transfers from Constitutional Officers - - 214,697 214,697
Total Other Financing Sources (Uses) (114,278) (114,278) 100,419 214,697
Net Change in Fund Balances (20,198,580) (20,198,580) (5,756,027) 14,442,553
Fund Balances-October 1 20,198,580 20,198,580 43,897,528 23,698,948
Fund Balances-September 30 $ - $ - $ 38,141,501 $ 38,141,501
C-12
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MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF NET POSITION
PROPRIETARY FUNDS
SEPTEMBER 30, 2024
Business-Type Activities Enterprise Funds
Major Funds
Municipal Card Key
Service District Sound West
Waste Bridge Airport
ASSETS
Current Assets:
Cash and Cash Equivalents $ 2,061,974 $ 779,138 $ 5,259,236
Investments 21,371,271 7,611,975 32,422,039
Accounts Receivable, Net 745,311 500 994,969
Leases Receivable - - 3,767,342
Due from Other Funds - - -
Due from Other Governmental Units 332,273 52,829 2,189,359
Due from Constitutional Officers 7,393 - 301,327
Interest Receivable 86,661 31,198 173,587
Total Current Assets 24,604,883 8,475,640 45,107,859
Noncurrent Assets:
Restricted Cash and Cash Equivalents - - 27,970,253
Leases Receivable, Noncurrent - - 12,777,460
Capital Assets not being Depreciated 3,761,620 1,506,860 117,119,309
Capital Assets, Net of Accumulated
Depreciation and Amortization 1,620,984 7,587,455 77,408,557
Total Noncurrent Assets 5,382,604 9,094,315 235,275,579
Total Assets 29,987,487 17,569,955 280,383,438
DEFERRED OUTFLOWS OF RESOURCES
Related to Pensions 319,406 67,004 1,426,411
Related to OPEB 49,300 51,700 263,200
Total Deferred Outflows of Resources 368,706 118,704 1,689,611
LIABILITIES
Current Liabilities:
Accounts Payable 1,712,527 177,764 6,122,921
Retainage Payable - - 2,909,036
Accrued Wages and Benefits Payable 70,952 4,417 266,701
Claims and Judgments Payable - - -
Due to Other Funds - - 328,000
Due to Other Governmental Units 1,308 - 33,621
Due to Constitutional Officers - - -
Accrued Compensated Absences Payable 22,554 924 122,473
Unearned Revenues - - 105,273
Leases and Subscriptions Payable - - 2,502
Other Current Liabilities - - 52
Deposits in Escrow 93,252 - -
Total Current Liabilities 1,900,593 183,105 9,890,579
The notes to the financial statements are an integral part of these statements.
C-13
Governmental
Major Funds Activities
Internal
Marathon Service
Airport Total Funds
$ 712,543 $ 8,812,891 $ 3,218,359
7,385,812 68,791,097 32,634,956
157,412 1,898,192 526,058
323,242 4,090,584 -
- - 328,000
4,501,658 7,076,119 119,813
- 308,720 30,429
32,018 323,464 132,535
13,112,685 91,301,067 36,990,150
171,453 28,141,706 -
658,243 13,435,703 -
40,099,444 162,487,233 1,961,240
16,618,177 103,235,173 994,225
57,547,317 307,299,815 2,955,465
70,660,002 398,600,882 39,945,615
98,626 1,911,447 795,357
34,800 399,000 133,000
133,426 2,310,447 928,357
905,069 8,918,281 1,157,057
105,011 3,014,047 -
21,941 364,011 175,503
- - 3,554,785
- 328,000 -
7,997 42,926 602
- - 2,883
6,272 152,223 85,981
72,503 177,776 2,473
- 2,502 172,404
- 52 1,076
6,306 99,558 -
1,125,099 13,099,376 5,152,764
(Continued)
C-14
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF NET POSITION (CONTINUED)
PROPRIETARY FUNDS
SEPTEMBER 30, 2024
Business-Type Activities Enterprise Funds
Major Funds
Municipal Card Key
Service District Sound West
Waste Bridge Airport
Noncurrent Liabilities:
Accrued Compensated Absences Payable $ 90,214 $ 3,696 $ 489,891
Claims &Judgments Payable - - -
Leases and Subscriptions Payable - - -
Revenue Bonds Payable - - 42,459,929
Revenue Notes Payable - - 10,000,000
Total OPEB Liability 297,000 141,000 1,083,000
Net Pension Liability 1,376,625 652,089 4,999,531
Total Noncurrent Liabilities 1,763,839 796,785 59,032,351
Total Liabilities 3,664,432 979,890 68,922,930
DEFERRED INFLOWS OF RESOURCES
Related to Leases - - 16,099,137
Related to Pensions 126,446 26,258 509,167
Related to OPEB 47,100 12,500 45,500
Total Deferred Inflows of Resources 173,546 38,758 16,653,804
NET POSITION
Net Investment in Capital Assets 5,382,604 8,958,225 165,931,899
Restricted for:
Passenger Facility Charges - - 6,145,647
Customs Service Operations - - -
Unrestricted 21,135,611 7,711,786 24,418,769
Total Net Position $ 26,518,215 $ 16,670,011 $ 196,496,315
The notes to the financial statements are an integral part of these statements.
C-15
Governmental
Major Funds Activities
Internal
Marathon Service
Airport Total Funds
$ 25,087 $ 608,888 $ 343,922
- - 112,051
- 42,459,929 -
- 10,000,000 -
135,000 1,656,000 1,034,000
459,895 7,488,140 2,363,384
619,982 62,212,957 3,853,357
1,745,081 75,312,333 9,006,121
953,581 17,052,718 -
39,575 701,446 317,062
20,100 125,200 98,500
1,013,256 17,879,364 415,562
55,689,930 235,962,658 2,671,010
- 6,145,647 -
171,453 171,453 -
12,173,708 65,439,874 28,781,279
$ 68,035,091 $ 307,719,632 $ 31,452,289
C-16
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF REVENUES, EXPENSES,AND CHANGES IN NET POSITION
PROPRIETARY FUNDS
FOR THE YEAR ENDED SEPTEMBER 30,2024
Business-Type Activities Enterprise Funds
Major Funds
Municipal Card Key
Service District Sound West
Waste Bridge Airport
Operating Revenues:
Franchise Fees $ 887,626 $ - $ -
Charges for Services 26,412,150 2,562,547 17,969,771
Miscellaneous 62,921 - 20,416
Total Operating Revenues 27,362,697 2,562,547 17,990,187
Operating Expenses:
Personnel Services 1,721,939 300,421 5,529,822
Operations 22,938,711 373,320 9,153,093
Depreciation and Amortization 221,059 400,668 3,893,149
Asserted and Paid Claims(Adjustments) - - -
Total Operating Expenses 24,881,709 1,074,409 18,576,064
Operating Income (Loss) 2,480,988 1,488,138 (585,877)
Nonoperating Revenues (Expenses):
Operating Grants 187,500 - 557,035
Investment Income 1,343,405 370,072 3,820,128
Insurance Recoveries - - 1,866,885
Debt Service Costs - - (2,172,290)
Gain (Loss)on Disposition of Assets - - 197,951
Total Non-Operating Revenues(Expenses) 1,530,905 370,072 4,269,709
Income (Loss)Before Transfers 4,011,893 1,858,210 3,683,832
Total Capital Contributions and Transfers:
Capital Contributions - - 21,619,882
Transfers from Other Funds - - -
Transfers to Other Funds (1,447,661) (79,776) (805,280)
Transfers from Constitutional Officers 4,187 - -
Total Capital Contributions and Transfers (1,443,474) (79,776) 20,814,602
Change in Net Position 2,568,419 1,778,434 24,498,434
Net Position-October 1 23,949,796 14,891,577 172,097,405
Restatement-Prior Period Adjustment - - (99,524)
Net Position-October 1, restated 23,949,796 14,891,577 171,997,881
Net Position-September 30 $ 26,518,215 $ 16,670,011 $ 196,496,315
The notes to the financial statements are an integral part of these statements.
C-17
Governmental
Major Funds Activities
Internal
Marathon Service
Airport Total Funds
$ - $ 887,626 $ -
1,847,232 48,791,700 38,106,836
112,100 195,437 2,648,953
1,959,332 49,874,763 40,755,789
542,455 8,094,637 4,708,805
1,498,664 33,963,788 12,700,974
962,518 5,477,394 242,656
- - 19,376,904
3,003,637 47,535,819 37,029,339
(1,044,305) 2,338,944 3,726,450
10,920,684 11,665,219 -
432,410 5,966,015 1,827,045
- 1,866,885 56,856
- (2,172,290) -
(97,945) 100,006 17,633
11,255,149 17,425,835 1,901,534
10,210,844 19,764,779 5,627,984
7,764,966 29,384,848 -
- - 328,000
(137,385) (2,470,102) (860,159)
- 4,187 -
7,627,581 26,918,933 (532,159)
17,838,425 46,683,712 5,095,825
50,309,780 261,248,558 26,356,464
(113,114) (212,638) -
50,196,666 261,035,920 26,356,464
$ 68,035,091 $ 307,719,632 $ 31,452,289
C-18
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
FOR THE YEAR ENDED SEPTEMBER 30,2024
Business-Type Activities Enterprise Funds
Major Funds
Municipal Card Key
Service District Sound West
Waste Bridge Airport
Operating Activities:
Cash Received for Services $ 26,909,939 $ 2,562,047 $ 18,704,260
Cash Payments to Suppliers for Goods and Services (22,147,187) (435,624) (6,101,581)
Cash Payments for Employee Services (1,652,454) (318,910) (5,195,244)
Cash Payments for Claims - - -
Cash Received from(Paid to)Other Sources (21,072) (5,144) 3,933,748
Other Miscellaneous Revenue 37,444 (9,523) 13,258
Net Cash Provided by(Used in)
Operating Activities 3,126,670 1,792,846 11,354,441
Noncapital Financing Activities:
Operating Grants Received 187,500 - 557,035
Insurance Recoveries Received - - 1,866,885
Transfers from Other Funds - - -
Transfers to Other Funds (1,447,661) (79,776) (805,280)
Transfers from Constitutional Officers 4,187 - -
Net Cash Provided by(Used in)Noncapital
Financing Activities (1,255,974) (79,776) 1,618,640
Capital and Related Financing Activities:
Proceeds from Capital Grants - - 21,619,882
Acquisition of Capital Assets (114,713) 1,137 (3,893,149)
Purchase and Construction of Capital Assets (132,000) (936,689) (44,020,753)
Proceeds from Issuance of Capital Debt - - 7,827,710
Gain/(Loss)from Sale of Capital Assets - - 197,951
Net Cash Provided by(Used in)Capital and
Related Financing Activities (246,713) (935,552) (18,268,359)
Investing Activities:
Investment Income (Losses) 1,343,405 370,072 3,820,128
Proceeds from Sales and Maturities of Investments 21,754,545 6,558,404 20,022,368
Purchase of Investment Securities (24,029,870) (7,405,294) (26,999,934)
Net Cash Provided by(Used in) Investing Activities (931,920) (476,818) (3,157,438)
Net Change in Cash and
Cash Equivalents 692,063 300,700 (8,452,716)
Cash and Cash Equivalents:
October 1 1,369,911 478,438 41,682,205
September30 $ 2,061,974 $ 779,138 $ 33,229,489
The notes to the financial statements are an integral part of these statements.
C-19
Governmental
Major Funds Activities
Internal
Marathon Service
Airport Total Funds
$ 1,920,849 $ 50,097,095 $ 37,942,365
(3,117,864) (31,802,256) (13,067,486)
(488,093) (7,654,701) (4,217,091)
- - (19,059,905)
1,048,073 4,955,605 (122,123)
104,127 145,306 2,609,011
(532,908) 15,741,049 4,084,771
10,920,684 11,665,219 -
- 1,866,885 56,856
- - 328,000
(137,385) (2,470,102) (860,159)
- 4,187 -
10,783,299 11,066,189 (475,303)
7,764,966 29,384,848 -
(962,518) (4,969,243) (697,010)
(13,134,999) (58,224,441) -
- 7,827,710 -
(97,945) 100,006 17,633
(6,430,496) (25,881,120) (679,377)
432,410 5,966,015 1,827,045
1,954,043 50,289,360 28,845,631
(5,792,849) (64,227,947) (32,581,844)
(3,406,396) (7,972,572) (1,909,168)
413,499 (7,046,454) 1,020,923
470,497 44,001,051 2,197,436
$ 883,996 $ 36,954,597 $ 3,218,359
(Continued)
C-20
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF CASH FLOWS (CONTINUED)
PROPRIETARY FUNDS
FOR THE YEAR ENDED SEPTEMBER 30,2024
Business-Type Activities Enterprise Funds
Major Funds
Municipal Card Key
Service District Sound West
Waste Bridge Airport
Reconciliation of Operating Income(Loss)
to Net Cash Provided by (Used in)Operating
Activities:
Operating Income (Loss) $ 2,480,988 $ 1,488,138 $ (585,877)
Adjustments to Reconcile Operating Income (Loss)
to Net Cash Provided by(Used in)Operating
Activities:
Depreciation and Amortization 221,059 400,668 3,893,149
Change in Assets, Liabilities, and Deferrals:
(Increase) Decrease in Accounts Receivable (389,837) (500) 1,029,438
(Increase) Decrease in Leases Receivable - - 6,705,148
(Increase) Decrease in Due from Other Funds - - -
(Increase) Decrease in Due from Other Gov't Units (21,377) (5,144) 3,897,243
(Increase) Decrease in Due from Constitutional Ofcrs (1,003) - (291,421)
(Increase) Decrease in Interest Receivable (25,477) (9,523) (7,158)
Increase (Decrease)in Accounts Payable 788,324 (51,419) 1,343,247
Increase (Decrease)in Retainage Payable - (10,885) 1,713,877
Increase (Decrease)in Accrued Wages/Benefits 11,150 (3,317) 69,258
Increase (Decrease)in Claims/Judgments Payable - - -
Increase (Decrease)in Other Current Liabilities - - 33
Increase (Decrease)in Due to Other Funds - - 328,000
Increase (Decrease)in Due to Other Gov't Units 1,308 - (74)
Increase (Decrease)in Comp.Absences Payable 8,772 (6,827) 19,624
Increase (Decrease)in Deposits in Escrow 3,200 - -
Increase (Decrease)in Leases Payable - - (5,645)
Increase (Decrease)in Unearned Revenue - - (32,978)
Increase (Decrease)in OPEB Liability 4,000 34,000 301,000
Increase (Decrease)in Pension Liability (22,883) (4,654) (71,567)
Increase (Decrease)in Deferred Inflows Leases - - (6,967,119)
Increase (Decrease)in Deferred Outflows (12,055) (32,113) (199,288)
Increase (Decrease)in Deferred Inflows Pensions/OPEB 80,501 (5,578) 215,551
Total Adjustments 645,682 304,708 11,940,318
Net Cash Provided by(Used in)
Operating Activities $ 3,126,670 $ 1,792,846 $ 11,354,441
Noncash Investing, Capital,and Financing Activities:
Gain on Disposition of Assets $ - $ - $ (2,113)
Noncash Investing, Capital, and Financing Activities $ - $ - $ (2,113)
Cash Reconciliation:
Unrestricted $ 2,061,974 $ 779,138 $ 5,259,236
Restricted - - 27,970,253
Total $ 2,061,974 $ 779,138 $ 33,229,489
The notes to the financial statements are an integral part of these statements.
C-21
Governmental
Major Funds Activities
Internal
Marathon Service
Airport Total Funds
$ (1,044,305) $ 2,338,944 $ 3,726,450
962,518 5,477,394 242,656
64,738 703,839 (164,471)
4,128,475 10,833,623 -
- - (328,000)
1,046,667 4,917,389 10,631
- (292,424) 198,624
(7,973) (50,131) (39,942)
(1,048,153) 1,031,999 (322,807)
(570,582) 1,132,410 -
3,431 80,522 34,396
- - 316,999
- 33 283
- 328,000 -
1,406 2,640 (3,378)
(4,980) 16,589 91,299
- 3,200 -
(465) (6,110) (46,061)
25,393 (7,585) 2,073
12,000 351,000 9,000
(7,358) (106,462) (58,195)
(4,144,989) (11,112,108) -
29,262 (214,194) 248,114
22,007 312,481 167,100
511,397 13,402,105 358,321
$ (532,908) $ 15,741,049 $ 4,084,771
$ 10,726 $ 8,613 $ -
$ 10,726 $ 8,613 $ -
$ 712,543 $ 8,812,891 $ 3,218,359
171,453 28,141,706 -
$ 883,996 $ 36,954,597 $ 3,218,359
C-22
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MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2024
NOTE 1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The following summary of the more significant accounting policies of the Monroe County, Florida
Board of County Commissioners (Board) is presented to assist the reader in interpreting these financial
statements and should be viewed as an integral part of this report.
Reporting Entity:
Monroe County, Florida (County) is a Non-Charter County established as provided by Article VIII
Section 1 of the Florida Constitution and Chapter 125, Florida Statutes. The primary government of the
County is comprised of the Board of County Commissioners and five "constitutional officers": Clerk of
the Circuit Court & Comptroller (Clerk), Property Appraiser, Sheriff, Supervisor of Elections, and Tax
Collector.
Entity status for financial reporting purposes is governed by Statement No. 14, as amended, of the
Governmental Accounting Standards Board (GASB) and Rules of the Auditor General, State of Florida.
The GASB is the standard-setting body for the establishment of accounting principles generally
accepted in the United States of America (GAAP) for governmental entities. The financial statements of
the Board, when combined with all of its blended component units and the constitutional officers,
constitute the "primary government" of Monroe County according to GAAP. The primary government
constitutes the complete GAAP basis financial reporting entity of the County, presented in the Monroe
County, Florida Annual Comprehensive Financial Report.
Since this report excludes the constitutional officers, these Board financial statements do not purport to
reflect the financial position or the results of operations of Monroe County, Florida taken as a whole.
Rather, they have been prepared to provide information at this level of detail greater than what is
available in the County's financial statements. These statements are presented to comply with Section
218.39 Florida Statutes and Section 10.556(4) Rules of the Auditor General for Local Government
Entity Audits.
The Board, composed of five members, is the legislative body for Monroe County and, as such, budgets
and provides the funding used by the separate Constitutional Offices with the exception of fees collected
by the Clerk and the Tax Collector. Under the direction of the Clerk, the Monroe County Finance
Department maintains the accounting system for the Board's operations, excluding those of the Clerk,
Property Appraiser, Sheriff, Supervisor of Elections, and Tax Collector, each of which maintains its own
respective accounting system.
Services provided by the Board and accounted for within these financial statements include police
services for unincorporated areas of the County; health and social services; emergency medical services;
cultural and recreational programs; solid waste services and other governmental services.
These financial statements include all funds of the Board and its blended component units, if material.
"Component units" are legally separate entities for which operational or financial responsibility rests
with the Board or for which the nature and significance of their relationship to the Board is such that
exclusion would cause the financial statements to be misleading or incomplete.
D-1
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2024
NOTE 1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Blended component units are legally separate entities that are, in substance, part of the Board's
operation, as they either have governing bodies that are substantively the same as the Board or they
provide their services exclusively, or almost exclusively, to the Board. The financial transactions of the
component unit are merged with similar transactions of the Board as part of the primary government.
The blended component unit of the Board is as follows:
Monroe County Industrial Development Authority (MCIDA) — The MCIDA was created by
Monroe County, Florida Resolution, pursuant to Chapter 159, Florida Statutes. The MCIDA
serves to assist in financing and refinancing capital projects, which will foster economic
development in the County. The Board serves as the governing board and MCIDA provides
services within the County. Therefore, the MCIDA, for financial reporting purposes, is
considered a blended component unit of Monroe County, Florida. The MCIDA is not legally
required to adopt a budget; however, the Board must authorize the issuance of bonded debt.
Neither the MCIDA nor the Board has any legal obligation for repayment of the revenue bonds
of the MCIDA. As an issuer of"conduit" debt obligations, the MCIDA has no assets, liabilities,
or transactions during the current year.
Discretely presented component units are legally separate entities which do not meet the criteria for
blending. They are reported in separately issued financial statements to emphasize their legal separation
from the Board. The following is a discretely presented component unit of the Board:
Monroe County, Florida Comprehensive Plan Land Authority (MCLA) — The MCLA was
created by Monroe County, Florida Ordinance 031-1986 pursuant to Chapter 380, Florida
Statutes and is considered a legally separate entity from Monroe County. The objectives of the
entity are to operate a land acquisition program in Monroe County, implement the Monroe
County Comprehensive Plan and address issues created by it. The Board serves as the governing
board; however, there is no financial benefit or burden relationship. Therefore, the MCLA, for
financial reporting purposes, is considered a discretely presented component unit of Monroe
County, Florida and is presented in a separate section of the County's financial statements.
Complete financial statements for MCLA can be obtained from MCLA's administrative office at
1200 Truman Avenue, Suite 207, Key West, Florida 33040.
Basis of Presentation:
The Board's financial statements are prepared in accordance with Chapter 10.550, Rules of the Auditor
General Local Governmental Entity Audits (Rules), which do not require separate financial statements
for the Board but specify certain requirements if such financial statements are presented. Requirements
include presentation of fund-level and component unit financial statements. Government-wide financial
statements, related disclosures and management's discussion and analysis are not required by the Rules
and are not presented. As such, these statements present information about the Board's funds, but do not
present a complete presentation of the Board's financial position and changes in financial position.
Separate columns are presented for each major governmental fund and for each major enterprise fund.
D-2
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2024
NOTE 1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
The following are reported as major governmental funds:
General Fund — The General Fund is the general operating fund of the Board. All general tax
revenues and other receipts not required either legally or by accounting principles generally
accepted in the United States of America to be accounted for in other funds, are accounted for in
the General Fund.
Fine and Forfeiture Special Revenue Fund— The Fine and Forfeiture Fund is used to account for
revenues received from fines and forfeitures imposed from the commission of statutory offenses,
ad valorem taxes transferred to the Sheriff and to account for operations of the County's court
system.
Governmental Grants Special Revenue Fund—The Governmental Grant Fund is used to account
for operating revenues and expenditures for governmental activity of federal and state grants.
Tourist Development Admin & Promo Two Cent — The Tourist Development Admin & Promo
Two Cent Fund is a special revenue fund used to account for the expenditures of advertising,
promotions, and special events of the County Tourist Development Council. The major funding
for this fund is the Bed Tax. The fund is being presented as a major fund for consistency and
public interest.
One Cent Infrastructure Surtax Capital Project Fund — The One Cent Infrastructure Surtax Fund
is used to account for capital improvements funded by the One Cent Infrastructure Surtax.
Debt Service Fund — The Debt Service Fund is used to account for accumulation of resources
for, and payment of, interest and principal on the long-term debt incurred in the issuance of
various revenue bonds and notes.
The following are reported as major enterprise funds:
Municipal Service District Waste — The Municipal Service District Waste Fund is used to
account for the operations of solid waste collection, disposal, and recycling activities. This fund
has been deemed a major fund for public interest purposes.
Card Sound Bridge — The Card Sound Bridge Fund is used to account for the operations of
Monroe County's Card Sound Toll Bridge. This fund has been deemed a major fund for public
interest purposes.
Key West Airport—The Key West Airport Fund is used to account for the operations of Monroe
County's Key West International Airport.
Marathon Airport—The Marathon Airport Fund is used to account for the operations of Monroe
County's Florida Keys Marathon International Airport. This fund has been deemed a major fund
for public interest purposes.
D-3
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2023
NOTE 1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
The Board also reports the following fund types:
Internal Service Funds — Internal service funds are used to account for the financing of
workers' compensation insurance, health insurance, general liability insurance, and fleet
maintenance services provided by one department to other departments of the Board or to other
governmental units on a cost reimbursement basis.
Measurement Focus and Basis of Accounting:
Governmental fund financial statements are reported using the current financial resources measurement
focus and the modified accrual basis of accounting. Revenues are recognized when they become
susceptible to accrual; that is, when they become both "measurable" and "available" to finance
expenditures of the current period. The Board considers amounts collected within 60 days after year end
to be available and thus recognizes them as revenues of the current year, except for property taxes since
such taxes are collected to finance expenditures of the subsequent period for which they have been
levied. Further, the Board recognizes revenue for Fire Rescue billings if they are expected to be
collected within a year.
Expenditures are recognized in the accounting period in which the related fund liability is incurred, if
measurable. Principal and interest on general long-term debt are recorded as fund liabilities when due or
when amounts have been accumulated in the debt service fund for payments to be made early in the
following year. In addition, expenditures related to compensated absences are recorded only when leave
has been taken. Expenditures related to leases and subscription-based information technology
arrangements (SBITA),pension and OPEB are recorded only when incurred.
Revenues of the Board, which are susceptible to accrual under the modified accrual basis of accounting,
include property taxes, gas taxes, sales taxes, interest revenue, and charges for services. In applying the
susceptibility-to-accrual concept to intergovernmental revenues, the legal and contractual requirements
of the numerous individual programs are used as guidance. There are, however, essentially two types of
these revenues. In one type, monies must be expended for the specific purpose or project before any
amounts will be paid to the Board; therefore, revenues are recognized based upon the expenditures
recorded. In the other type, monies are virtually unrestricted as to purpose of expenditure and
substantially irrevocable; i.e., revocable only for failure to comply with prescribed compliance
requirements, such as with equal employment opportunity. These resources are reflected as revenues at
the time of receipt or earlier if they meet the availability criterion. If revenues are expected to be
received later than 60 days following the end of the fiscal year, then a receivable is recorded, along with
deferred inflows of resources. Once the funds are received, revenue and cash are recorded and the
receivable and deferred inflows of resources are eliminated.
The proprietary fund statements use a flow of economic resources measurement focus and the accrual
basis of accounting. Revenues are recognized when earned and expenses are recognized when incurred,
regardless of when the related cash flows take place.
Non-exchange transactions, in which the Board gives (or receives) value without directly receiving (or
giving) equal value in exchange, include grants. On an accrual basis, revenue from grants is recognized
in the fiscal year in which all eligibility requirements have been satisfied.
D-4
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2024
NOTE 1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
The Board has chosen to fund the Volunteer Firefighter and Emergency Medical Services Length of
Service Award Pension Plan (LOSAP) on a pay-as-you-go basis. Pension expenditures are made from
the General Fund, which is maintained on a modified accrual basis of accounting. Benefits and refunds
are recognized when due and payable in accordance with the terms of the LOSAP Plan.
The LOSAP has no assets accumulated in a trust that meets the following criteria, outlined in GASB
Statement Nos. 67 and 68:
• Contributions to the pension plan and earnings on those contributions are irrevocable.
• Pension plan assets are dedicated to providing benefits to plan members.
• Pension plan assets are legally protected from the creditors or employers.
Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating
revenues and expenses generally result from providing services and producing and delivering goods in
connection with a proprietary fund's principal ongoing operations. The principal operating revenues of
the Board's enterprise funds are charges to customers for sales and services. Operating expenses for
enterprise funds include the cost of sales and services, administrative expenses, and depreciation and
amortization on capital assets, right-to-use leased assets, and SBITA. All revenues and expenses not
meeting this definition are reported as nonoperating revenues and expenses.
Budgets and Bud2etary Data:
Listed below are the statutory procedures followed by the Board of County Commissioners in
establishing the budget for Monroe County:
1) On or before June 1 of each year, the Sheriff, the Clerk, the Property Appraiser, the Tax
Collector, and the Supervisor of Elections shall each submit to the Board a tentative budget for
their respective offices for the ensuing fiscal year.
2) Within fifteen days after certification of the ad valorem tax roll by the Property Appraiser, the
County Administrator submits to the Board a proposed budget for the fiscal year commencing
the following October 1. The budget includes proposed expenditures and the means of financing
said expenditures.
3) By Board resolution, a tentative budget is submitted to the public. Public hearings are held to
obtain taxpayer comments.
4) Fifteen days after adoption of the tentative budget, a final budget is submitted for review and
adoption at a final public hearing.
5) Prior to, or on September 30, the Board's budget is legally enacted through passage of a
resolution. Accordingly, all fund types have an adopted budget, as required by Section 129.03,
Florida Statutes. All funds have legally adopted budgets.
D-5
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2024
NOTE 1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
6) Throughout the fiscal year, the County Administrator acts on intradepartmental budget changes
that do not alter the total revenue or expenditures budgeted to a cost center. A cost center
represents a particular area of Board operations or a department. All other budget changes
(whether they are transfers between cost centers or alterations of total revenues and expenditure
in a fund) are approved by the Board. Supplemental appropriations were necessary and the
budgetary data presented herein was amended by the Board during the year.
7) Chapter 129, Section VII, Florida Statutes as amended in 1978, provides that only expenditures
in excess of total fund budgets are unlawful. However, because the Board acts on all budget
changes between cost centers, this becomes the level of control.
8) Budgeted to actual expenditure reports are employed as a management control device during the
year for all fund types.
9) Budgets for all funds are adopted on a basis consistent with GAAP for that fund type.
10) All appropriations lapse at year-end.
Use of Estimates:
The presentation of financial statements in conformity with accounting principles generally accepted in
the United States of America, as applicable to governmental units, requires management to make use of
estimates that affect the reported amounts in the financial statements. Actual results could differ from
estimates. Actual results could differ from these estimates.
Encumbrances:
Encumbrance accounting is used, under which purchase orders, contracts and other commitments for the
expenditure of moneys are recorded as assigned fund balance and is employed as an extension of the
statutorily required budgetary process. Under Florida Statutes, appropriations, even if encumbered, lapse
at fiscal year-end. The Board's intention is to substantially honor these encumbrances under authority
provided in the subsequent year's budget.
Cash and Cash Equivalents:
Cash balances from the majority of funds are pooled for investment purposes. Earnings from such
investments are allocated to the respective funds based on applicable cash participation by each fund.
The investment pools are managed such that all participating funds have the ability to deposit and
withdraw cash as if they were demand deposit accounts. Therefore, all balances representing
participants' equity in the investment pools are classified as cash equivalents for purposes of these
statements. For investments, held separately from the pools, and are highly liquid (including restricted
assets)with an original or remaining maturity of 90 days or less, are considered cash equivalents.
D-6
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2024
NOTE 1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Investments:
Section 218.415, Florida Statutes, authorizes local governments to invest its funds pursuant to a written
investment plan. Monroe County's written plan allows investment of surplus funds in the following:
1) U.S. Treasury & Government Guaranteed — U.S. Treasury obligations, and obligations the
principal and interest of which are backed or guaranteed by the full faith and credit of the U.S.
Government.
2) Federal Agency/Government Sponsored Enterprise (GSE) — Debt obligations, participations or
other instruments issued or fully guaranteed by any U.S. Federal agency, instrumentality or GSE.
3) Supranationals — U.S. dollar denominated debt obligations of a multilateral organization of
governments where the U.S. is a shareholder and voting member.
4) Corporates —U.S. dollar denominated corporate notes, bonds, or other debt obligations issued or
guaranteed by a domestic corporation, financial institution, non-profit, or other entity.
5) Municipals — Obligations, including both taxable and tax-exempt, issued or guaranteed by any
State, territory, or possession of the U.S., political subdivision, public corporation, authority,
agency board, instrumentality or other unit of local government of any state or territory.
6) Agency Mortgage Backed Securities (MBS) — MBS are backed by residential, multi-family or
commercial mortgages, that are issued or fully guaranteed as to principal and interest by a U.S.
Federal agency or government sponsored enterprise, including but not limited to pass-throughs,
collateralized mortgage obligations (CMOs) and real estate mortgage investment conduits.
7) Asset-Backed Securities —Asset-backed securities (ABS) whose underlying collateral consists of
loans, leases, or receivables, including but not limited to auto loans/leases, credit card
receivables, student loans, equipment loans/leases, or home-equity loans.
8) Non-Negotiable Certificate of Deposit and Savings Accounts —Non-negotiable interest bearing
time certificates of deposit, or savings accounts in banks organized under the laws of the State of
Florida or in national banks organized under the laws of the United States and doing business in
Florida, provided that any such deposits are secured by the Florida Security for Public Deposits
Act, Chapter 280, Florida Statutes.
9) Commercial Paper — U.S. dollar denominated commercial paper issued or guaranteed by a
domestic corporation, company, financial institution, trust or other entity, only unsecured debt
permitted.
10) Bankers' Acceptances —Bankers' acceptances issued, drawn on, or guaranteed by a U.S. bank or
U.S. branch of a foreign bank.
D-7
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2024
NOTE 1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
11) Repurchase Agreements — Repurchase agreements that meet specific requirements listed in
Monroe County Resolution 032-2019.
12) Money Market Funds — Shares in open-end and no-load money market mutual funds, provided
such funds are registered under the Investment Company Act of 1940 and operate in accordance
with Rule 2a-7.
13) Intergovernmental Investment Pools — Intergovernmental Investment Pools that are authorized
pursuant to the Florida Interlocal Cooperation Act, as provided in Section 163.01, Florida
Statutes.
All investments are stated at fair value or at amortized cost, which approximates fair value.
Accounts Receivable:
Amounts due from private individuals, organizations, or other governments, which pertain to charges for
services rendered by Board departments, are reported as accounts receivable. Receivables are reviewed
periodically to establish or update the provisions for uncollectible amounts. These provisions are
estimated based on an analysis of the age of the various accounts.
Leases Receivable:
The Board's lease receivable is measured at the present value of lease payments expected to be received
during the lease term. Under the lease agreement, the Board may receive variable lease payments that
are dependent upon the lessee's revenue. The variable payments are recorded as an inflow of resources
in the period the payment is received.
A deferred inflow of resources is recorded for the lease. The deferred inflow of resources is recorded at
the initiation of the lease in an amount equal to the initial recording of the lease receivable. The deferred
inflow of resources is amortized on a straight-line basis over the term of the lease.
Interfund Balances and Activity:
As part of its normal operations, the Board performs transactions between funds. Examples of these
transactions include providing services, constructing assets, matching grants or servicing debt. These
transactions are generally recorded as interfund transfers, except for internal service fund charges, which
are reflected as revenues to internal service funds and expenses/expenditures to the funds receiving the
services. Additionally, short-term interfund loans are recorded as cash flow needs arise. As of fiscal
year-end, any unpaid amounts related to these transactions are reported as "due from other funds" or
"due to other funds" on the fund financial statements. Interfund balances and transfers are consolidated
for government-wide financial reporting, and residual balances between governmental activities and
business-type activities, if any, are reported on the government-wide statements of the County.
D-8
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2024
NOTE 1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Prepaid Items:
Prepaid items are recorded using the consumption method of accounting. Under the consumption
method, services paid for in advance are reported as an asset until the period in which the services are
actually consumed.
Capital Assets:
Capital assets of the Board include property, buildings, equipment, and infrastructure assets (e.g. roads,
bridges, curbs and gutters, streets and sidewalks, drainage systems and lighting systems). Constructed or
purchased assets are recorded at historical or estimated historical cost at the time of purchase. Donated
or contributed capital assets are recorded at estimated acquisition cost at the date of donation.
Capital assets associated with business-type activities and the internal service funds are presented in the
Board's basic financial statements. Capital assets associated with the Board's governmental activities
are presented on the government-wide financial statements of the County, rather than on the financial
statements of the Board.
The Board maintains a $1,000 threshold for additions to equipment with an estimated useful life in
excess of two years. Buildings are capitalized when the value is $15,000 or greater. Public domain and
infrastructure assets represent major expenditures for such items as roads, water and sewer treatment
plants and lines, landfill improvements, parks, and drainage systems. Additions and improvements for
roads, water, sewer, landfill, and drainage infrastructure are capitalized when the cost amounts to
$250,000, while park additions and improvements are capitalized at$25,000.
Depreciation has been provided using the straight-line method. The estimated useful lives of the various
classes of depreciable capital assets are as follows:
Life-Years
Buildings 10-50
Equipment 5-10
Intangible Assets 10-15
Infrastructure 10-50
Public Domain Infrastructure 20-50
Capacity Rights 99
Capacity rights represent an intangible asset that arose from a contract with a private wastewater
operator that includes wastewater processing capacity for 1,500 equivalent dwelling units for a period of
99 years.
D-9
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2024
NOTE 1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Leased Assets and Subscription-Based Software:
The Board is the lessee for leases of equipment and property. When the term for the leased equipment or
property exceeds 12 months and has a value of $50,000 or more, the Board recognizes intangible right-
to-use leased assets (leased assets) in the financial statements. Similarly, the Board recognizes SBITA
for the right-to-use information technology software if the subscription term exceeds one year and has a
a value greater than or equal to $50,000.
The leased assets and SBITA are measured at the start of the lease or subscription as the initial amount
of the lease or subscription liability, adjusted for lease or subscription payments made at or before the
lease or subscription commencement date, plus certain initial direct costs. Subsequently, the lease asset
or SIBTA is amortized on a straight-line basis over its useful life.
Key estimates and judgments related to leases and SBITA include how the Board determines the
discount rate it uses to discount the expected lease payments or subscription payments to present value,
lease term and lease payments. The Board uses the interest rate charged by the lessor as the discount
rate. When the interest rate is not provided, the Board uses its estimated incremental borrowing rate as
the discount rate for leases and SBITA. The lease term or subscription term includes the noncancellable
period of the lease or subscription. Lease payments or subscription payments included in the
measurement of the lease liability or SBITA are composed of fixed payments and a purchase price
option that the Board is reasonably certain to exercise.
The Board monitors changes in circumstances that would require remeasurement of its leases or SBITA
and will remeasure the leased asset, SBITA, and liability if certain changes occur that are expected to
significantly affect the amount of the lease or SBITA liability. Leased assets and SBITA for the Board's
enterprise and internal service funds are reported with capital assets on the statement of net position.
Compensated Absences:
Board policy permits employees to accumulate a limited amount of annual and sick leave, which will be
paid to employees upon termination of employment. Accumulated annual and sick leave is accrued
when earned in the proprietary fund financial statements. For the proprietary funds, an expense and a
liability are recorded as the leave is earned. Compensated absences associated with the Board's
governmental activities are presented on the government-wide financial statements of the County, rather
than on the financial statements of the Board.
Restricted Assets:
The use of certain assets of enterprise funds is restricted by specific provisions of resolutions and
agreements with various parties. Assets so designated are identified as restricted assets on the balance
sheet. When both restricted and unrestricted resources are available for use, the hierarchy of enterprise
fund spending is to use restricted resources first, followed by unrestricted resources, as they are needed.
Restricted assets are classified as noncurrent if they are for acquisition or construction of capital assets,
for liquidation of long-term debt, or are for other than current operations.
D-10
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2024
NOTE 1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Deferred Inflows of Resources:
Deferred inflows of resources represent an acquisition of net position that applies to a future period and
therefore will not be recognized as an inflow of resources until that time. The Board has five items that
qualify for reporting in this category: (1) Unavailable revenues; (2) Advances from Other Governments;
(3) Pension-related items; (4) Other Post-Employment Benefits; and (5) Leases. The advances from
other governments are grants received in advance of meeting the timing requirements for revenue
recognition in governmental funds. The governmental funds report unavailable revenues where receipts
are not within the 60-day time frame for revenue recognition. The enterprise and internal service funds
report deferred inflows for pension-related and other post-employment benefit items as actuarially
determined.
Deferred Outflows of Resources:
Deferred outflows of resources represents a consumption of net position that applies to a future period
and therefore will not be recognized as an outflow of resources (expense) until that future time. The
enterprise and internal service funds report deferred outflows for pension-related and other post-
employment benefit items as actuarially determined.
Lone-Term Obligations:
Long-term obligations are reported as a liability in the proprietary fund statement of net position. Long-
term debt associated with the Board's governmental activities is presented on the government-wide
financial statements of the County, rather than on the financial statements of the Board. In the Board's
governmental fund financial statements, the face amount of debt issued is reported as another financing
source, while principal payments are reported as expenditures.
Property Taxes:
Property taxes, based on assessed values at January 1, are levied and become due and payable on
November 1st of each year. A 4% discount is allowed if the taxes are paid in November, with the
discount declining by 1% each month thereafter. Taxes become delinquent on April 1st of each year, and
tax certificates for the full amount of any unpaid taxes and assessments must be sold not later than June
1 st of each year. No accrual for the property tax levy becoming due in November of 2024 is included in
the accompanying financial statements, since such taxes are collected to finance expenditures of the
subsequent period.
Investment Income:
Investment income is interest income received plus any realized and unrealized gains or losses on
investments during the fiscal year.
D-11
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2024
NOTE 1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Fund Balance Policies:
The focus of fund balance reporting is to clearly communicate the constraints imposed upon resources in
governmental funds. The fund balance classifications indicate the level of constraints placed upon how
resources can be spent and identify the sources of those constraints. The following five classifications:
non-spendable, restricted, committed, assigned, and unassigned, serve to inform readers of the financial
statements of the extent to which the Board is bound to honor constraints on the specific purposes for
which resources in a fund can be spent.
Fund balances of governmental type funds are classified as follows:
Non-spendable — 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 inventory.
Restricted—Include amounts that can be spent only for specific purposes because of constitutional
provisions or enabling legislation, or because of constraints externally imposed by creditors,
grantors, contributors or the laws or regulations of other governments.
Committed — Include amounts that can be used only for the specific purposes determined by a
formal action in the form of a resolution of the Board, the County's highest level of decision-
making authority. Commitments may be changed or lifted only by the Board taking the same
formal action that imposed the constraint originally.
Assigned—Include amounts intended by the Board to be used for specific purposes determined by
a formal action in the form of a resolution but are neither restricted nor committed. The Board's
policy authorizes the County Administrator to assign fund balance based on intentions for use of
fund balance communicated by the Board.
Unassigned — The residual classification of the General Fund. Only the General Fund reports a
positive unassigned fund balance. Other governmental funds might report a negative balance in
this classification, as the result of overspending for specific purposes for which amounts had been
restricted, committed, or assigned. Unassigned fund balance does not necessarily represent the
amount of fund balance that can be appropriated.
The Board has committed $10 million in the General Fund's disaster reserve funds to ensure adequate
cash flow is available for post-disaster situations.
The Board has defined unrestricted General Fund balance as the amount of fund balance that the Board
has placed constraints on its use (committed or assigned fund balance) plus the fund balance that does
not have any specific purpose identified for the use of those net resources (unassigned fund balance).
The Board's policy on unrestricted general fund balance is to achieve and maintain an unrestricted
General Fund balance equal to four months of budgeted expenditures. The Board considers a balance of
less than four months to be a cause for concern, barring unusual or deliberate circumstances, and a
balance of more than six months as excessive. Since this is a plan for accumulating resources rather than
a limitation on how existing resources can be spent, the fund balance policy does not affect the
classification of fund balance and is included in the unrestricted fund balance.
D-12
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2024
NOTE 1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
The Board spends restricted amounts first, when both restricted and unrestricted fund balance is
available, unless prohibited by legal documents, grant agreements or contracts. Additionally, the Board
uses committed fund balance, followed by assigned fund balance and then unassigned fund balance
when expenditures are incurred for purposes for which amounts in any of the unrestricted fund balance
classifications could be used.
The Board adopts an annual budget for the General Fund at their September meeting preceding the fiscal
year end. All annual appropriations lapse at the fiscal year end. Mid-year and year-end amendments are
made to the budget as necessary. The budget is prepared and controlled at the cost center level. The
Board's budget for the General Fund is prepared under a budgetary basis and adjustments necessary to
convert the results of operations to the modified accrual basis of accounting are made at year-end if
necessary.
Net Position:
Net position in the proprietary fund financial statements is classified as net investment in capital assets,
restricted, and unrestricted. Restricted net position of $6,317,100 indicates constraints on resources that
are either externally imposed by creditors, grantors, contributors, or laws or regulations of other
governments or imposed by law through state statute.
New Accounting Pronouncements:
Effective October 1, 2023, the Board adopted the provisions of 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. Note 14 to the Board's financial statements provides
information regarding the Board's compensated absences as of September 30, 2024.
The following are new accounting pronouncements that have been issued but are not yet effective:
GASB Statement No. 102, Certain 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 constraint 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. The requirements of this Statement are effective for the County beginning with its year ending
September 30, 2025.
D-13
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2024
NOTE 1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
GASB Statement No. 103, Financial Reporting Model Improvements - The requirements of GASB 103
should improve the effectiveness of the financial statements in communicating essential information to
financial statement users. The new definition of nonoperating revenues and expenses, for example, will
greatly reduce diversity in practice among governments and enable users to better evaluate the results
from operations for proprietary funds. The replacing of extraordinary items and special items with
unusual or infrequent items should provide more value to stakeholders as the definition of "unusual in
nature" and "infrequent in occurrence" is consistent with GASB 62. Changes to management's
discussion and analysis will benefit users through the avoidance of unnecessary duplication and
"boilerplate" discussion and placing a greater emphasis on providing a detailed analysis of a
government's financial activities. The requirements of this Statement are effective for the County
beginning with its year ending September 30, 2026.
GASB Statement No. 104, Disclosure of Certain Capital Assets - State and local governments are
required to provide detailed information about capital assets in notes to financial statements. Statement
No. 34, Basic Financial Statements and Management's Discussion and Analysis for State and Local
Governments, requires certain information regarding capital assets to be presented by major class. The
objective of this Statement is to provide users of government financial statements with essential
information about certain types of capital assets. This Statement also requires additional disclosures for
capital assets held for sale. A capital asset is a capital asset held for sale if (a) the government has
decided to pursue the sale of the capital asset and (b) it is probable that the sale will be finalized within
one year of the financial statement date. Governments should consider relevant factors to evaluate the
likelihood of the capital asset being sold within the established time frame. This Statement requires that
capital assets held for sale be evaluated each reporting period. The requirements of this Statement are
effective for the County beginning with its year ending September 30, 2026.
Management is in the process of determining what impact, if any, implementation of the above
statements may have on the financial statements of the Board.
NOTE 2 —CASH, CASH EQUIVALENTS,AND INVESTMENTS
The Board maintains a cash and investment pool available for use by all funds except those whose cash
and investments must be segregated due to bond covenants or other legal restrictions.
As of September 30, 2024, the carrying value of the Board's deposits and investments, with their
respective credit ratings and years to maturity, are as follows:
Vahxation 6 Months
Credit Measrsement Less than to 1 to 5 Over 5
Brvestment Type Rating Method Value 6 Months 1 Year Years Years
Demand Deposits N/A N/A $ 116,799,387 $ 116,799,387 $ - $ - $ -
FL CLASS Investments AAAra Amortized Cost 45,536,607 45,536,607 - - -
FLFisedIncomeTrust&TerraPooled AAAf/S1 Amortized Cost 83,814,177 83,814,177 - - -
Asset-Backed Secnsity(ABS) Aaa Fair Value-Level 12,198,377 495,640 2,868,124 8,834,613 Corporate Note Al Fair Vahxe-Level 2 19,441,364 6,273,896 2,485,405 10,682,063 -
Federal Agency Mortgage-Backed Seciuity(MBS) Aaa Fair Value-Level 6,200,057 - 776,568 5,423,489 -
U.S.Treasury Aaa Fair Value-Level 190,798,015 92,607,425 68,726,106 29,464,484 -
Totals $ 474,787,984 $ 345,527,132 $ 74,856,203 $ 54,404,649 $ -
D-14
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2024
NOTE 2 —CASH, CASH EQUIVALENTS,AND INVESTMENTS (continued)
The Board categorizes its fair value measurements within the fair value hierarchy established by GAAP.
The hierarchy is based on the valuation inputs used to measure the fair value of the asset. Level 1 inputs
are unadjusted quoted prices in active markets for identical assets. Level 2 inputs are either directly or
indirectly observable for an asset(including quoted prices for similar assets), which may include inputs
in markets that are not considered active. Level 3 inputs securities are significant unobservable inputs.
Securities classified in Level 2 are evaluated prices from the custodian bank's primary external pricing
vendors. The pricing methodology involves the use of evaluation models such as matrix pricing which is
based on the securities' relationship to benchmark quoted prices. Other evaluation models use actual
trade data, collateral attributes, broker bids, new issue pricings and other observable market information.
There are no restrictions or limitations on withdrawals; however, FLCLASS 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.
Credit Risk and Concentration of Credit Risk — The Board approved and adopted its Investment Policy
(Policy) in January 2019. The Policy outlines permitted investments, and establishes limitations on
portfolio composition, by both investment type and by issuer, to control concentration of credit risk. The
following table identifies the investment requirements and allocation limits on security types, issuers,
and maturities as established by the County.
Under the Policy, the Clerk has the option to further restrict investment percentages from time to time
based on market conditions, risk, and diversification strategies. The percentage allocation requirements
for investment types and issuers are calculated based on the original cost at the time of purchase of each
investment.
Portfolio Per Issuer
Investment Maximum Maximum Minimum Ratings Maximum
Type (%) (%) Requirement' Maturity
U.S.Treasury 100% 5.50 Years
GNMA 40% (5.50 Years
Other U.S. Government 100% N/A avg. life'
Guaranteed(e.g.AID,GTC) 10% for
GNMA
Federal Agency/GSE:
FNMA,FHLMC, 40%1
FHLB,FFCBS 75% N/A 5.5 Years
Federal Agency/GSE 10%
other than those above
Supranationals Highest ST or Highest LT Rating
where U.S.is a shareholder 25% 10% Categories 5.5 Years
and voting member (A-1/P-1,AAA/Aaa,orequivalent)
Highest ST or Highest LT Rating
Corporates 50%1 5% Categories 5.5 Years
(A-1/P-1,AAA/Aaa,orequivalent)
D-15
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2024
NOTE 2 —CASH, CASH EQUIVALENTS,AND INVESTMENTS (continued)
Portfolio Per Issuer
Investment Maximum Maximum Minimum Ratings Maximum
Type % % Requirement' Maturity
Highest ST or Three Highest
Municipals 25% 5% LT Rating Categories 5.50 Years
SP-1/MIG 1,A-/A3,orequivalent)
Agency Mortgage-Backed 25% 40%3 N/A 5.50 Years
Securities MBS Avg.Life'
Highest ST or LT Rating 5.50 Asset-Backed Securities 25% 5% (A-1+/P-1,AAA/Aaa,or Avg.Life'
Years
(ABS) equivalent)
Avg
Non-Negotiable o None,if fully
Collateralized Bank Deposits 50% collateralized None,if fully collateralized. 2 Years
or Savings Accounts
Commercial Paper(CP) 50%1 5% Highest ST Rating Category 270 Days
(A-1/P-1,orequivalent)
Bankers' Acceptances(BAs) 10%, 5% Highest ST Rating Category 180 Days
A-1/P-1,orequivalent)
Highest Fund Quality and Volatility
Intergovernmental Pools 50% 25% Rating Categories by all NRSROs N/A
(LGIPs) who rate the LGIP,
AAAm/AAAf, S1,orequivalent)
Counterparty(or if the counterparty
is not rated by an NRSRO,then the
Repurchase Agreements o counterparty's parent)must be rated
(Repo or RP) 40/0 20/o in the Highest ST Rating Category 1 Year
(A-1/P-1,or equivalent)
If the counterparty is a Federal
Reserve Bank,no rating is required
Money Market Funds o o Highest Fund Rating by all
(MMFs) 50% 25/o NRSROs who rate the fund N/A
AAAm/Aaa-mf,orequivalent)
Florida Local Government Highest Fund Rating by all
Surplus Funds Trust Funds 25% N/A NRSROs who rate the fund N/A
Florida Prime AAAm/Aaa-mf,orequivalent)
Notes:
'Rating by at least one SEC-registered Nationally Recognized Statistical Rating Organization(NRSRO),unless otherwise noted.
ST=Short-terns;LT=Long-teinl.
'Maximum allocation to all corporate and bank credit instruments is 50%combined.
3Maximum exposure to any one Federal agency,including the combined holdings of Agency debt and Agency MBS,is 40%
'The maturity limit for MBS and ABS is based on the expected average life at time of settlement,measured using Bloomberg or
other industry standard methods.
5Fedral National Mortgage Association(FNMA);Federal Home Loan Mortgage Corporation(FHLMC);Federal Home Loan Bank
or its District banks(FHLB;Federal Farm Credit Bank(FFCB).
D-16
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2024
NOTE 2 —CASH, CASH EQUIVALENTS,AND INVESTMENTS (continued)
At September 30, 2024, 1.73 percent of the Board's investment portfolio was invested in Federal
instrumentalities in the form of Federal Agency Mortgage-Backed Securities (MBS).
Custodial Credit Risk — The Policy requires bank deposits to be secured as provided by Chapter 280,
Florida Statutes. This law requires local governments to deposit funds only in financial institutions
designated as qualified public depositories by the Chief Financial Officer of the State of Florida.
Demand and time deposits are fully insured by the Federal Deposit Insurance Corporation for the first
$250,000 at each institution and the remaining balances are insured 100% by the State of Florida
collateral pool, a multiple institution pool with the ability to assess its members for collateral shortfalls if
a member institution fails.
The Policy requires execution of a third-party custodial safekeeping agreement for all purchased
securities and requires that securities be held in the Board's name. As of September 30, 2024, all of the
Board's investments are held in a bank's trust department in the Board's name.
Interest Rate Risk — The Policy limits the investment of three months of operating expenditures to 24
months. The Policy limits the investment of noncurrent operating funds to 5.50 years.
Restricted Cash and Cash Equivalents — The Board has the following unrestricted and restricted cash
and cash equivalents at September 30, 2024:
Demand
Cash and Cash Equivalents Deposits
Governmental Activities
Governmental Funds $ 76,626,431
Internal Service Funds 3,218,359
Business-Type Activities 8,812,891
Total Unrestricted Cash and Cash Equivalents 88,657,681
Restricted Cash and Cash Equivalents
Business-Type Activities 28,141,706
Total Cash and Cash Equivalents $116,799,387
D-17
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2024
NOTE 3 —RESTRICTED ASSETS
Restricted assets in the Enterprise Funds include those assets created by resolutions adopted by the
Board for the Airport's unspent bond proceeds, passenger facility charges, and customs service
operations. Total restricted assets as of September 30, 2024 are as follows:
Cash and Cash
Equivalents
Key West Airport Passenger Facility Charges $ 6,145,647
Key West Airport Unspent Bond Proceeds 21,824,606
Marathon Airport Customs Service Operations 171,453
Total Restricted Assets $28,141,706
NOTE 4 —ACCOUNTS RECEIVABLE
Accounts receivable, in the accompanying fund financial statements, are shown net of the allowance for
doubtful accounts. The accounts receivable and the allowance balances are as follows:
Allowance for
Accounts Uncollectible Accounts
Service Provided Receivable Accounts Receivable,Net
Governmental Funds:
General Fund Misc $ 36,794 $ (4,376) $ 32,418
Fine&Forfeiture Fund Air Amb Svc 29,231,702 (23,492,307) 5,739,395
Governmental Grants Misc 126,488 (667) 125,821
TDC Admin&Promo Two Travel Advance 6,459 - 6,459
C ent
Nonmajor Funds:
Fire&Amb Dist 1 Fund Ground Amb Svc 2,701,088 (1,988,451) 712,637
Other Nonmajor Funds Misc 146,966 (4,837) 142,129
Internal Service Funds Misc 529,030 (2,972) 526,058
Total Governmental Funds 32,778,527 (25,493,610) 7,284,917
Enterprise Funds:
MSD-Waste Fund: Tipping Fees 768,665 (23,354) 745,311
Card Sound Bridge Misc 500 - 500
Key West Airport Rent,Misc 1,386,140 (391,171) 994,969
Marathon Airport Rent,Misc 157,412 - 157,412
Total Enterprise Funds 2,312,717 (414,525) 1,898,192
Total Accounts Receivable $ 35,091,244 $(25,908,135) $ 9,183,109
D-18
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2024
NOTE 5 —ASSESSMENTS RECEIVABLE
The County has been improving water quality by replacing cesspits and septic systems with a series of
central wastewater collection and treatment systems. The Board has funded these projects with state
grants and loans, local infrastructure sales surtax, and special assessments levied on the property owners.
The property owners have the option of paying their special assessments up front or on an installment
basis added to their real estate tax bills. Revenue is recognized on the modified accrual basis.
Any remaining assessment owed is recorded as a receivable with an offset to deferred inflows of
resources in the governmental funds for those amounts that are not available.
NOTE 6—MORTGAGES RECEIVABLE
Mortgages receivable at September 30, 2024 consist of the following:
Major Governmental Funds —Governmental Grants Fund: Mortgage
Receivable
Second Mortgages Receivable from individuals, collateralized by personal
residences. Payment of principal deferred for 10 years from date of note.
Principal is amortized in equal monthly amounts starting in year 6 until 10 at
which time the loan is fully forgiven. In event of sale/transfer of property or
occupancy, the prorated principal balance is due in full within 30 days of
sale/transfer or cessation of primary residence. $ 106,351
Nonmajor Governmental Funds—Local Housing Assistance:
Second Mortgages Receivable from individuals, collateralized by personal
residences. Principal payments shall be deferred for the term of the first
mortgage loan, or until the date the last payment is due on the first mortgage.
Interest is not charged on the mortgages unless the mortgagor is in default, in
which case the interest rate is 12% per annum from the date when payment of
the second is due. The entire balance of the loan is intended to be forgiven.
However, in the event the home is sold, transferred, rented, refinanced or the
first mortgage loan is satisfied,the entire mortgage balance is due. 7,943,907
Second Mortgages Receivable from individuals, collateralized by personal
residences. The entire balance of the mortgages will be forgiven upon maturity,
provided that the mortgagor complies with the mortgage covenants. The
mortgages are interest free. 401,147
Florida Homebuyer Opportunity Tax Credit, Second Mortgages Receivable
from individuals, collateralized by personal residences. Interest is 6% per
annum, except if paid in full within first 18 months of repayment period then
interest rate shall be 0% from the date when the first payment is due. 24,000
D-19
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2024
NOTE 6-MORTGAGES RECEIVABLE (continued)
Second Mortgages Receivable from individuals, collateralized by personal
residences. The entire balance of the mortgages will be forgiven upon maturity,
provided that the mortgagor complies with the mortgage covenants. The
mortgages are interest free. 137,008
Disaster Mitigation Loans that will be deferred for a period of ten years with a
0% interest rate. The entire balance of the mortgages will be forgiven at a rate of
20% per year upon maturity, provided that the mortgagor complies with the
mortgage covenants. The mortgages are interest free. 1,476,471
Total Nonmajor Governmental Funds-Local Housing Assistance-Gross 9,982,533
Total Mortgages Receivable - Gross $10,088,884
The mortgages receivable associated with the governmental grants are offset by an allowance for
uncollectible accounts of $106,351. As the mortgages receivable associated with the Local Housing
Assistance fund are intended to ultimately be forgiven, an allowance for uncollectible accounts of
$9,982,533 has been established.
NOTE 7-LEASES RECEIVABLE
The Board, acting as lessor, has entered into lease agreements for its governmental funds for buildings
and office space and for its enterprise funds involving airport facilities. For the governmental funds, the
total lease receivable balance at September 30, 2024 is $3,424,926. For its enterprise funds, the total
lease receivable at September 30, 2024 is $17,526,287.
For the governmental funds, the total amount of inflows of resources, including lease revenue and
interest revenue, recognized during FY 2024 was $391,374. Similarly, for its enterprise funds, the total
amount of inflows of resources during FY 2024 was $4,794,066.
Year Ending Governmental Fund-General Fund
September 30 Principal Interest Total
2025 $ 171,214 $ 153,491 $ 324,705
2026 161,727 147,028 308,755
2027 172,505 140,430 312,935
2028 118,642 134,887 253,529
2029 70,780 130,634 201,414
2030-2034 386,052 604,032 990,084
2035-2039 494,391 505,069 999,460
2040-2044 548,783 382,973 931,756
2045-2049 659,920 240,080 900,000
Thereafter 640,912 64,089 705,001
Total $ 3,424,926 $ 2,502,713 $ 5,927,639
D-20
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2024
NOTE 7-LEASES RECEIVABLE (continued)
Year Ending Business Type Activity-Key West Airport Business Type Activity-Marathon Airport
September 30 Principal Interest Total Principal Interest Total
2025 $ 3,767,342 $ 507,886 $ 4,275,228 $ 322,972 $ 25,187 $ 348,159
2026 3,900,228 375,001 4,275,229 332,797 15,361 348,158
2027 4,037,825 237,403 4,275,228 120,691 7,188 127,879
2028 1,226,470 129,230 1,355,700 11,560 6,179 17,739
2029 269,260 113,264 382,524 11,929 5,810 17,739
2030-2034 1,213,707 413,865 1,627,572 65,299 23,394 88,693
2035-2039 948,551 251,449 1,200,000 46,955 14,880 61,835
2040-2044 1,101,916 98,084 1,200,000 54,018 7,362 61,380
2045-2049 79,503 498 80,001 15,264 578 15,842
Total $ 16,544,802 $ 2,126,680 $ 18,671,482 $ 981,485 $ 105,939 $ 1,087,424
In addition, the Board has entered into lease agreements with various aeronautical users for the use of
hangar space, air cargo space, and aircraft aprons for its business-type activities. These leases are
classified as regulated leases under GASB Statement No. 87, Leases, as they are subject to external
regulations by the Federal Aviation Administration (FAA), which limits lease rates to a reasonable
amount as determined by federal guidelines. The Board has applied the regulated lease provisions of
GASB 87, which do not require recognition of a lease receivable and deferred inflow of resources for
these arrangements. Instead, inflows of resources are recognized based on the payment provisions of the
lease contracts (see also Note 22).
As of September 30, 2024, the Board entered into 21 leases with multiple aeronautical users under
exclusive and preferential user agreements. The agreements range in term from 5 to 30 years, with
options to extend subject to FAA approval and mutual consent.
For FY 2024, the County recognized total inflows from regulated leases of $10,085,360 consisting of
$1,927,735 in base lease revenue and $8,157,625 in variable payments. The variable payments relate to
payments for utilities, fuel flow, landing, and security fees, all of which are not included in the
measurement of a lease receivable under standard GASB 87 provisions. These amounts are reported in
the statement of revenues, expenses, and changes in net position. The following table presents the
undiscounted cash flows expected to be received from regulated leases as of September 30, 2024 based
on the fixed payment provisions in the lease contracts.
Year Ending
September 30 Amount
2025 $ 1,488,297
2026 1,481,063
2027 931,782
2028 943,308
2029 914,986
2030-2034 2,752,071
2035-2039 1,857,109
2040-2044 835,995
2045-2049 182,389
Thereafter 14,658
Total $ 11,401,658
Variable payments tied to regulated leases are excluded from the analysis due to their contingent nature
and are recognized as revenue when earned.
D-21
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2024
NOTE 8 —CAPITAL ASSETS
Amounts associated with the Board's governmental activities' capital assets, related accumulated
depreciation and depreciation expense are reported on the government-wide financial statements of the
County, rather than on the financial statements of the Board. Amounts associated with the Board's
business-type activities' and internal service funds' capital assets, related accumulated depreciation and
depreciation expense are reported on the proprietary fund financial statements of the Board.
Internal service fund capital asset information is included in the governmental activities on the
government-wide financial statements because the internal service funds predominately serve those
activities. Capital asset activity for the year ended September 30, 2024 is shown in the following table:
Beginning Additions/ Reductions/ Ending
Balance Transfers Transfers Balance
Governmental Activities:
Capital assets not depreciated:
Land $ 105,789,293 $ 6,160,246 $ (9,278,229) $ 102,671,310
Land Development Rights 1,806,167 1,414,167 - 3,220,334
Construction in progress 38,206,754 34,159,818 (16,269,132) 56,097,440
Total capital assets not depreciated 145,802,214 41,734,231 (25,547,361) 161,989,084
Capital assets depreciated or amortized:
Buildings 231,371,334 10,074,228 - 241,445,562
Equipment 42,089,356 6,854,984 (1,979,897) 46,964,443
Infrastructure 160,674,724 2,936,581 - 163,611,305
Intangible Assets 7,984,393 - - 7,984,393
Total capital assets depreciated 442,119,807 19,865,793 (1,979,897) 460,005,703
Right-to-use leased assets and SBITAs:
Right-To-Use Leased Land 36,572 - (36,572) -
Right-To-Use Leased Buildings 5,209,077
- (2,138,326) 3,070,751
Right-To-Use Leased Equip&SBITAs 556,484 664,849 (265,591) 955,742
Total right-to-use leased assets amortized 5,802,133 664,849 (2,440,489) 4,026,493
Less accumulated depreciation for:
Buildings (86,708,085) (5,017,582) 64,702 (91,660,965)
Equipment (31,222,067) (4,411,905) 1,873,427 (33,760,545)
Infrastructure (55,010,199) (5,847,196) - (60,857,395)
Intangible Assets (2,957,593) ( 998,697) - (3,956,290)
Total accumulated depreciation (175,897,944) (16,275,380) 1,938,129 (190,235,195)
Less accumulated amortization for Right-
To-Use Leased Assets and SBITAs:
Right-To-Use Leased Land (16,880) - 16,880 -
Right-To-Use Leased Buildings (1,509,172) (729,692) 660,211 (1,578,653)
Right-To-Use Leased Equip&SBITAs (220,347) (248380) 140,380 (328,347)
Total accumulated amortization (1,746,399) (978:072) 817,471 (1,907,000)
Total accumulated depreciation and
amortization (177,644,343) $(17,253,452) $ 2,755,600 (192,142,195)
Total capital assets
depreciated/amortized,net 270,277,597 271,890,001
Governmental activities,
capital assets,net $ 416,079,811 $ 433,879,085
D-22
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2024
NOTE 8 —CAPITAL ASSETS (continued)
Beginning Additions/ Reductions Ending
Balance Transfers Transfers Balance
Business-Type Activities:
Capital assets not depreciated:
Land $ 15,404,257 $ - $ - $ 15,404,257
Construction in progress 86,448,200 62,373,058 (1,738,282) 147,082,976
Total capital assets not depreciated 101,852,457 62,373,058 (1,738,282) 162,487,233
Capital assets depreciated or amortized:
Land improvements 212,925 - - 212,925
Buildings 83,713,193 1,385,887 - 85,099,080
Equipment 8,352,665 1,203,660 (144,221) 9,412,104
Infrastructure 84,796,759 - - 84,796,759
Right-to-use leased assets—equipment 14,333 4,970 (14,333) 4,970
Total assets depreciated 177,089,875 2,594,517 (158,554) 179,525,838
Less accumulated
depreciation/amortization for:
Land Improvements (212,925) - - (212,925)
Buildings (26,907,716) (2,361,716) - (29,269,432)
Equipment (5,734,329) (776,380) 130,875 (6,379,834)
Infrastructure (38,075,308) (2,351,716) - (40,427,024)
Right-to-use leased assets—equipment (5,938) (1,450) 5,938 (1,450)
Total accumulated depreciation or
amortization (70,936,216) $ (5,491,262) $ 136,813 (76,290,665)
Total capital assets depreciated/amortized,net 106,153,659 103,235,173
Business-type activities,capital assets,net $ 208,006,116 $ 265,722.406
Depreciation and amortization was charged to functions/programs on the government-wide statement of
activities of the County as follows:
Governmental Activities: Business-Tyne Activities:
General Government $ 5,433,519 Municipal Service District-Waste $ 221,057
Public Safety 3,557,624 Card Sound Bridge 400,668
Physical Environment 2,089,089 Key West Airport 3,907,022
Transportation 3,323,105 Marathon Airport 962,515
Economic Environment 258,666
Human Services 248,673 Total Business-Type Activities $5,491,262
Culture and Recreation 1,787,210
Court-Related 555,566
Total Governmental Activities $17,253,452
D-23
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2024
NOTE 9 —POST EMPLOYMENT BENEFITS OTHER THAN PENSION
General Information about the Other Post-Employment Benefits:
Plan Description — The Board administers a single-employer defined benefits healthcare plan (Plan).
Section 112.0801, Florida Statutes, requires the County to provide retirees and their eligible dependents
with the option to participate in the Plan if the County 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.
The Board 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 Board approves the rates for the coming calendar year for the retiree and
County contributions.
The Plan includes participants from the Board and each Constitutional Officer. The Board is responsible
for funding all obligations not funded on a pay-as-you-go basis by Constitutional Officers. However, the
following disclosures are based on the Board's enterprise and internal service funds' share of the net
Other Post-Employment Benefits (OPEB) obligation.
Benefits Provided — Employees who retire as active participants in the Plan and were hired on or after
October 1, 2001, may continue to participate in the Plan by paying the monthly premium established
annually by the Board. Employees who retire as active participants in the Plan, were hired before
October 1, 2001, have at least ten years of full-time service with the Board and meet the retirement
criteria of the Florida Retirement System (FRS) but are not eligible for Medicare, may maintain group
insurance benefits with the Board following retirement, provided that 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 Traditional High Deductible
Service 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.
D-24
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2024
NOTE 9 —POST EMPLOYMENT BENEFITS OTHER THAN PENSION (continued)
An employee who retires as an active participant in the Plan, was hired prior to October 1, 2001, has at
least ten years of full-time service with the County, and 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 County 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 County subsidy. Alternatively, retirees meeting these
criteria may elect to leave the County health plan and receive a $250 per month payment from the
County,payable for the lifetime of the retiree.
Spouses and retirees who do not have at least ten years of service with the County or whose age at
retirement plus years of service do not equal at least 70 must pay the full monthly premium for
coverage.
Employees Covered by Benefit Terms — Eligibility for post-employment participation in the Plan is
limited to full-time employees of the County and the Constitutional Officers. At September 30, 2024,
there were no terminated employees entitled to deferred benefits. The membership of the Board's
medical plan consisted of:
Active Employees 604
Retirees and Beneficiaries Currently Receiving Benefits 489
Total Membership 1,093
Contributions —The Board 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 Board's enterprise and internal service funds total OPEB liabilities of $2,690,000 was measured as
of September 30, 2024, and was determined by an actuarial evaluation issued on November 22, 2024.
Actuarial Methods and Assumptions —The valuation as of September 30, 2024, issued on November 22,
2024, was prepared using generally accepted actuarial principles and practices, and relied on unaudited
census data and medical claims data reported by the Board.
The total OPEB liability for the Board's enterprise and internal service funds in the November 22, 2024
actuarial valuation was determined using the following actuarial assumptions and other inputs, applied
to all periods included in the measurement, unless otherwise specified:
D-25
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2024
NOTE 9 —POST EMPLOYMENT BENEFITS OTHER THAN PENSION (continued)
Actuarial Cost Method Entry Age Normal based on level of
percentage of projected salary.
Salary Increase Rate 3.0%per annum
Discount Rate 4.09%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 Board.
Spouse Age Spouse dates of birth were provided by the
County. 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 9.4 years
starting on October 1, 2023, 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 County's postemployment
benefit plan are:
Retirees with 25+Years of Service: 100%
Retirees with 20—24 Years of Service: 75%
Retirees with 10— 19 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).
D-26
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2024
NOTE 9 —POST EMPLOYMENT BENEFITS OTHER THAN PENSION (continued)
Changes in the Total OPEB Liability For the Board's Enterprise and Internal Service Funds:
Total OPEB
Liability
Balance at the beginning of the year $ 2,330,000
Changes for the year:
Service cost 87,100
Interest cost 95,500
Changes of benefit terms 97,800
Differences between expect and actual experiences 19,300
Changes in assumptions or other inputs 214,300
Benefit payments (154,000)
Net change in total OPEB liability 360,000
Balance at the end of the year $ 2,690,000
Sensitivity of the Total OPEB Liability to Changes in the Discount Rate — The following presents the
total OPEB liability of the Board's enterprise and internal service funds, as well as what the total OPEB
liability for the Board's enterprise and internal service funds 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 Discount
1% Decrease Rate 1% Increase
(2.81%) (3.81%) (4.81%)
Total OPEB Liability $2,989,100 $2,690,000 $2,436,400
Sensitivity of the Total OPEB Liability to Changes in the Healthcare Cost Trend Rates — The following
presents the total OPEB liability of the Board's enterprise and internal service funds, as well as what the
total OPEB liability would be for the Board's enterprise and internal service funds if it were calculated
using a healthcare cost trend rates that are 1-percentage-point lower (6.75% decreasing to 3.0%) or 1-
percentage-point higher(8.75% decreasing to 5.0%)than the current healthcare cost trend rates:
Healthcare Cost Trend Rates
1% Decrease Current Trend 1% Increase
(6.75%decreasing to (7.75%decreasing to (8.75%decreasing to
3.0%) 4.0%) 5.0%)
Total OPEB Liability $2,554,800 $2,690,000 $2,855,600
D-27
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2024
NOTE 9 —POST EMPLOYMENT BENEFITS OTHER THAN PENSION (continued)
OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to
OPEB
For the year ended September 30, 2024, the Board's enterprise and internal service funds recognized an
OPEB expense of $546,100. At September 30, 2024, the Board's enterprise and internal service funds
reported deferred outflows of resources and deferred inflows of resources related to the OPEB from the
following sources:
Deferred Deferred
Outflows of Inflows of
Resources Resources
Changes of Assumptions or Other Inputs $ 532,000 $ (223,700)
The amounts the Board's enterprise and internal service funds reported as deferred outflows of resources
and deferred inflows of resources related to OPEB will be recognized in OPEB expense as follows:
OPEB
For Fiscal Year: Amount
2025 $ 32,300
2026 42,300
2027 46,900
2028 46,900
2029 46,600
Thereafter 93,300
Total $ 308,300
D-28
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2024
NOTE 10 —FLORIDA RETIREMENT SYSTEM RETIREMENT PLANS
General Information:
The Board's employees participate in FRS. As provided by Chapters 121 and 112, Florida Statutes, 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 Statutes, and Chapter 60S, Florida Administrative Code.
Amendments to the law can be made only by an act of the Florida State Legislature.
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:
vww i ntryflglida;,cone/wort icrcc ..c cr t:i ��s/r:ct:ireaie�t/p ubli,catiotis.
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.
D-29
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2024
NOTE 10 —FLORIDA RETIREMENT SYSTEM RETIREMENT PLANS (continued)
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.
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 a 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: Regular13.57% and
13.63%; Special Risk Administrative Support 39.82% and 39.82%; Special Risk32.67% and
32.79%; Senior Management Service34.52% and 34.52%; Elected Officers' 58.68% and 58.68%;
and DROP participants21.13% and 21.13%. These employer contribution rates include 2.00% HIS
Plan subsidy for the periods October 1, 2023, through September 30, 2024.
D-30
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2024
NOTE 10 —FLORIDA RETIREMENT SYSTEM RETIREMENT PLANS (continued)
The Board's contributions, including employee contributions, to the Pension Plan for its business-type
activities, totaled $736,318 for the fiscal year ended September 30, 2024.
Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of
Resources Related to Pensions — The Board's governmental funds, which use the current resources
measurement basis of accounting, generally recognize pension expense as amounts are paid. Pension
liabilities are recognized at the fund level only to the extent expected to be liquidated with expendable
available financial resources. Amounts associated with long-term pension liabilities and related deferred
outflows of resources and deferred inflows of resources are reported on the government-wide financial
statements of the County, rather than the financial statements of the Board.
The Board's enterprise and internal service funds recognize pension liabilities, pension expense and
deferred outflows of resources and deferred inflows of resources related to pensions on the accrual basis
of accounting. At September 30, 2024, the Board's enterprise and internal service funds reported a
liability of $6,994,350 for their 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 was determined by an actuarial valuation as of July 1, 2024. The Board's
proportionate share of the net pension liability was based on the Board's FY 2024 contributions relative
to the FY 2024 contributions of all participating members. At June 30, 2024, the Board's proportionate
share for all funds was 0.13808%, which was an increase of 0.004341% from its proportionate share
measured as of June 30, 2023. Approximately 13.09% of the Board's proportionate share of the net
pension liability was allocated to the enterprise and internal service funds of the Board based on their
proportionate share of the Board's Pension Plan contributions.
For the fiscal year ended September 30, 2024, the Board's enterprise and internal service funds
recognized pension benefit of $1,175,427. In addition, these activities reported deferred outflows of
resources and deferred inflows of resources related to pensions from the following sources:
FRS Pension
Deferred Deferred
Outflows of Inflows of
Resources Resources
Differences Between Expected and Actual Experience $ 692,696 $ -
Changes of Assumptions 939,753 -
Net Difference Between Projected and Actual
Earnings on Pension Plan Investments - 455,723
Changes in Proportion and Differences Between
Pension Plan Contributions and Proportionate Share
of Contributions 503,434 147,995
Pension Plan Contributions Subsequent to
the Measurement Date 242,807 -
Total $ 2,378,690 $ 603,718
D-31
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2024
NOTE 10 —FLORIDA RETIREMENT SYSTEM RETIREMENT PLANS (continued)
The Pension Plan's deferred outflows of resources related to the Board's enterprise and internal service
funds contributions to the Pension Plan subsequent to the measurement date, totaling $242,807, 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 of the enterprise and internal service funds as
follows:
FRS
For Fiscal Year: Amount
2025 $ (135,719)
2026 1,474,383
2027 107,481
2028 5,084
2029 80,936
Total $ 1,532,165
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
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 details in the valuation report.
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 and were the assumptions used to
determine the total pension liability as of June 30, 2024.
The long-term expected rate of return remained at 6.70%, and the active member mortality assumption
was updated.
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:
D-32
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2024
NOTE 10 -FLORIDA RETIREMENT SYSTEM RETIREMENT PLANS (continued)
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%
Total 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 Board's Proportionate Share of the Net Position Liability to Changes in the Discount
Rate -The following represents the Board's enterprise and internal service funds proportionate share of
the net pension liability calculated using the discount rate of 6.70%, as well as what the 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:
FRS Net Pension Liability
Current Discount
1% Decrease Rate 1% Increase
(5.70%) (6.70%) (7.70%)
Enterprise and Internal Service
Funds Proportionate Share of the
Net Pension Plan Liability $12,302,552 $ 6,994,350 $ 2,547,328
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.
D-33
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2024
NOTE 10 —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 June 30, 2024 and from July 1, 2024 through September 30, 2024 was 2.0%
and 2.0%, respectively. The Board 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 fail to provide full
subsidy benefits to all participants,benefits may be reduced or cancelled.
The Board's contributions to the HIS Plan for its business-type activities totaled $108,470 for the fiscal
year ended September 30, 2024.
Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of
Resources Related to Pensions —The basis of accounting and financial reporting of the Board's HIS Plan
is identical to that of the Board's Pension Plan. At September 30, 2024, the Board's enterprise and
internal service funds reported a liability of$2,857,174 for their proportionate share of the Board's 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 Board's proportionate share of the net pension liability was based on the Board's FY
2024 contributions relative to the FY 2024 contributions of all participating members. At June 30, 2024,
the Board's proportionate share of all funds was 0.12667%, which was an decrease of 0.00048% from
its proportionate share measured as of June 30, 2023. Approximately 15.04% of the Board's
proportionate share of the net pension liability was allocated to the enterprise and internal service funds
of the Board based on their proportionate share of the Board's HIS Plan contributions.
D-34
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2024
NOTE 10 —FLORIDA RETIREMENT SYSTEM RETIREMENT PLANS (continued)
For the fiscal year ended September 30, 2024, the Board's enterprise and internal service funds
recognized HIS pension expense of$183,812. In addition, these activities reported deferred outflows of
resources and deferred inflows of resources related to pensions from the following sources:
HIS Pension
Deferred Deferred
Outflows of Inflows of
Resources Resources
Differences Between Expected and Actual Experience $ 27,824 $ 5,531
Changes of Assumptions 50,999 341,149
Net Difference Between Projected and Actual
Earnings on HIS Plan Investments - 1,043
Changes in Proportion and Differences Between
HIS Plan Contributions and Proportionate Share
of Contributions 210,376 67,067
HIS Plan Contributions Subsequent to
the Measurement Date 38,915 -
Total $ 328,114 $ 414,790
The deferred outflows of resources related to the HIS Plan resulting from the Board's enterprise and
internal service funds contributions to the HIS Plan subsequent to the measurement date, totaling
$38,915, 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 as pension expense in the enterprise and internal service funds
as follows:
HIS
For Fiscal Year: Amount
2025 $ (20,375)
2026 (25,140)
2027 (36,622)
2028 (25,606)
2029 (13,952)
Thereafter (3,896)
Total $ (125,591)
D-35
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2024
NOTE 10 —FLORIDA RETIREMENT SYSTEM RETIREMENT PLANS (continued)
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%
Mortality rates were based on the Generational RP-2010 with Projection Scale MP-2021 tables.
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%.
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 Board's Proportionate Share of the Net Position Liability to Changes in the Discount
Rate —The following represents the Board's enterprise and internal service funds proportionate share of
the net pension liability calculated using the discount rate of 3.93%, as well as what the proportionate
share of the net pension liability would be if it were calculated using a discount rate that is 1-percentage
point lower(2.93%) or 1-percentage point higher(4.93%)than the current rate:
HIS Net Pension Liability
Current Discount
1% Decrease Rate 1% Increase
(2.93%) (3.93%) (4.93%)
Enterprise and Internal Service
Funds Proportionate Share
of the Net HIS Plan Liability $ 3,252,527 $ 2,857,174 $ 2,528,970
D-36
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2024
NOTE 10 —FLORIDA RETIREMENT SYSTEM RETIREMENT PLANS (continued)
Pension 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. County 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 County 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 0.04% and 0.06% of payroll and by forfeited benefits of plan members
for the periods October 1, 2023 through June 30, 2024 and from July 1, 2024 through September 30,
2024, respectively. Allocations to the investment member's accounts during FY 2024, 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 County Elected Officers class 16.34%.
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. Non-vested 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 that these amounts, if any, would be immaterial to the Board.
D-37
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2024
NOTE 10 —FLORIDA RETIREMENT SYSTEM RETIREMENT PLANS (continued)
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 hump slum
distribution, leave the fiends 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 Board's Investment Plan pension expense for its business-type activities totaled $193,862 for the
fiscal year ended September 30, 2024.
NOTE 11 — PENSION PLAN FOR VOLUNTEER FIREFIGHTERS AND EMERGENCY
MEDICAL SERVICES
General Information about the Pension Plan:
Plan Description —The Monroe County, Florida Volunteer Firefighter and Emergency Medical Services
Length of Service Award Plan (LOSAP) is a single-employer public employee retirement system
defined benefit pension plan created in 1999 and administered by the Board. LOSAP provides
retirement and death benefits to plan members and beneficiaries. Monroe County Ordinance 026-1999
defines the authority under which contribution and benefit provisions may be amended. This authority is
presently held by the Board. LOSAP shall be administered in accordance with the requirements of
Chapter 112, Part VII, Florida Statutes. Amounts associated with the Board's LOSAP program are
reported on the government-wide financial statements of the County, rather than on the financial
statements of the Board.
Benefits Provided — Only Volunteer Firefighters and EMS Volunteers (Volunteers) are eligible at the
sole discretion of the Plan Administrator. Any Volunteer who was age 60 or older on January 1, 1999
shall not be eligible to participate. In addition, any Volunteers who are age 60 or older at the time they
commence volunteer service, or who commence service at a time that will not permit them to earn ten
years of service by their Normal Retirement Age, shall not be eligible to participate in this Plan.
Volunteer Firefighters must attain the rank of Structural Firefighter, Non-Structural Firefighter and or
Emergency Vehicle Driver-Operator prior to being credited with ten years of service. EMS Volunteers
must meet all requirements as defined by the State of Florida necessary to drive an emergency medical
care and transportation vehicle (ambulance) and/or attain certification as an Emergency Medical
Technician or Paramedic prior to being credited with ten years of service. Eligibility for vesting is
completion of ten years of service. The Plan shall be administered in accordance with the requirements
of Chapter 112, Part VII, Florida Statutes.
D-38
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2024
NOTE 11 — PENSION PLAN FOR VOLUNTEER FIREFIGHTERS AND EMERGENCY
MEDICAL SERVICES (continued)
For each year of volunteer service, a participant will accrue a year of benefit accrual if the participant
was enrolled as a member of the nonprofit corporation or municipal service taxing unit(MSTU) and was
eligible for and received reimbursement of expenses for nine or more months of the year. Volunteers are
vested after completion of ten years of service prior to attainment of normal retirement age. Eligible
volunteers can receive an annual benefit of $1,800 for ten years of service up to $4,500 for 25 years of
service.
Employees Covered by Benefit Terms — LOSAP had 21 participants, of which 2 are active, 6 are
terminated with deferred benefits, and 13 are retired members for the plan year ended December 31,
2023 and the County's fiscal year ending September 30, 2024. Separate, stand-alone financial statements
for LOSAP are not provided.
Contributions — Actuarially determined contribution rates are calculated as of January 1, which is nine
months prior to the end of the fiscal year in which contributions are reported.
For each Plan Year, the Board shall appropriate funds from the budgets of the various fire/rescue
Municipal Service Taxing Units. These funds will be applied as a contribution to the LOSAP trust
account in an amount as determined by the Plan Administrator as is necessary to fund the accrued or
prospective benefits for Participants on an actuarially sound basis and in accordance with Part VII of
Chapter 112, Florida Statutes. There are no participant contribution requirements. The authority under
which those obligations are established is the Monroe County Ordinance No. 026-1999.
Net Pension Liability:
The Board's net pension liability was measured as of January 1, 2023 and the total pension liability used
to calculate the net pension liability was determined by an actuarial valuation as of that date.
Actuarial Assumptions —The actuarial assumptions used to compute the total pension liability, applied
to all periods included in the measurement date were:
Discount Rate: Funding—3.80%
GASB —3.77%
Inflation 2.5%
Compensation Increases: 2.5% (required for entry age normal cost method); equal to inflation
assumption, as prescribed by GASB No. 73, since benefits are not based
on compensation
2023 Salary: $30,000 (the plan is not pay-related, so salary information was not
provided by the County. The assumed pay is used for the entry age
normal, level percent of pay cost method.
D-39
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2024
NOTE 11 — PENSION PLAN FOR VOLUNTEER FIREFIGHTERS AND EMERGENCY
MEDICAL SERVICES (continued)
Mortality: Male - Pub-2010 Headcount Weighted Below Median Safety Employee
Mortality Tables, set forward one year, with fully generational projected
mortality improvements using Scale MP-2018.
Female — Pub-2010 Headcount Weighted Safety Employee Mortality
Tables set forward one year, with fully generational projected mortality
improvements using Scale MP-2018.
Retirement: Ultimate rates from Godwin's Table 1, V Select& Ultimate Table
Termination: Godwin's Table 1, V Select & Ultimate Table, w/50% termination
probability for years of service <1
Benefit Commencement
Age for Deferred Vested: Age 60
Administrative Expenses: $24,000
Funding Policy: The County's funding policy is to contribute at least the actuarially
determined contribution, as mandated by ordinance.
Summary of Significant Accounting Policies — The financial statements of LOSAP are prepared using
the modified accrual basis of accounting. The contributions are recognized when they become
susceptible to accrual; when they become both measurable and available. Benefits are recognized in the
accounting period in which the related fund liability is incurred in accordance with the terms of LOSAP.
Administrative costs are paid by the Board. Actuarial valuation costs are paid by LOSAP. All plan
investments are reported at fair value.
The resources in the LOSAP fund have been set aside to pay future obligations of the LOSAP but are
not held in a trust that meets the criteria outlined in GASB Statement No. 67, paragraph 3 and GASB
Statement No. 68,paragraph 4.
Investments — Investments are pooled with all Board investments and are held in accordance to the
investment policy included in Note 1. All plan investments consist of U.S. Government and U.S.
Government-guaranteed obligations which represent more than 5.0% of the net position available for
benefits. There are no investments in, loans to or leases with any public employee retirement system
official, government employer official, party related to a public employee retirement system official or
government employer official, nonemployee contributor or organization included in the reporting entity.
D-40
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2024
NOTE 11 —PENSION PLAN FOR VOLUNTEER FIREFIGHTERS AND EMERGENCY
MEDICAL SERVICES (continued)
Discount Rate — The discount rate was revised from 4.05% as of December 31, 2022, to 3.77% as of
December 31, 2023, based on a 20-year, tax-exempt general obligation municipal bond index with a
rating of AA/Aa or higher, as required by GASB Statement No. 73.
The projection of cash flows used to determine the discount rate assumed that plan member
contributions will be made at the applicable current contribution rates and that Board contribution will
be made at rates equal to the difference between actuarially determined contributions and member
contributions. Based on those assumptions, the fiduciary net position for the LOSAP pension plans was
projected to be available to make all projected future benefit payments of current plan members.
Therefore, the long-term expected rate of return on LOSAP's investments was applied to all periods of
projected benefit payments to determine the total pension liability for each plan.
Changes in Total LOSAP Pension Liability:
Total LOSAP
Pension Liability
Balance at September 30, 2023 $ 352,370
Changes for the year:
Service cost 1,527
Interest cost 13,647
Differences Between Expected and Actual Experience (6,258)
Changes of assumptions or other inputs 4,764
Benefit payments (33,870)
Net change in total LOSAP pension liability (20,190)
Balance at September 30, 2024 $ 332,180
Sensitivity of the Net Pension Liability to Changes in the Discount Rate — The following presents the
total pension liability of LOSAP, calculated using the discount rate of 3.77%, as well as what LOSAP's
total pension liability would be if it were calculated using a discount rate of 1-percentage point lower
(2.77%) or 1-percentage point higher(4.77%)than the current rate.
Current
1% Decrease Discount Rate 1% Increase
(2.77) (3.77) (4.77)
Net LOSAP Pension Liability $ 353,759 $ 332,180 $ 309,344
D-41
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2024
NOTE 11 —PENSION PLAN FOR VOLUNTEER FIREFIGHTERS AND EMERGENCY
MEDICAL SERVICES (continued)
Pension Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related
to Pensions:
For the year ended September 30, 2024, the Board recognized pension expense of $33,870. At
September 30, 2024, the Board reported deferred outflows of resources and deferred inflows of
resources related to pensions from the following sources, which will be amortized in future periods on
substantially a straight-line basis:
Deferred Deferred
Outflows of Inflows of
Resources Resources
Net Difference Between Projected and Actual Earnings on
LOSAP Pension Plan Investments $ 17,064 $ -
NOTE 12 —CAPITAL AND OTHER SIGNIFICANT COMMITMENTS
Construction projects and significant commitments, excluding encumbrances reported below, under
present contractual agreements as of September 30, 2024 are as follows:
Key West Airport Concourse A Terminal $ 55,134,909
Key West Airport Apron and Mitigation 21,379,462
Twin Lakes Flood Mitigation 20,490,203
Sugarloaf Volunteer Fire Department 9,013,582
Key West Airport Taxiway Extension and Mitigation 8,025,475
Customs and Border Protection Facility 5,479,650
Harbour Drive Bridge 4,665,475
Seaview Bridge Replacement 3,401,421
Key West Airport Outbound Baggage Handling System 2,357,098
Key Largo III Roadway 1,972,207
Old Marathon Tax Collector Seawall 1,272,000
Sea Level Rise Project 1,106,075
Non-Aeronautical Building/Emergency Operations Center 1,088,908
Key West Airport Noise Improvement Project 996,027
Stillwright Point Road Elevation 921,964
Big Pine North of Watson Blvd Project 845,373
No Name key Bridge Repairs 726,317
Gato Building Spalling Repairs 725,333
Other Projects (less than $600,000) 5,617,823
Total $ 145,219,302
D-42
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2024
NOTE 12 —CAPITAL AND OTHER SIGNIFICANT COMMITMENTS (continued)
Significant encumbrance commitments at September 30, 2024 are as follows:
Encumbrances
Governmental Activities:
General Fund $ 74,145
Fine & Forfeiture Fund 51,077
Governmental Grants Fund 4,806,164
One Cent Infrastructure Surtax 1,426,529
Nonmajor Governmental Funds 1,287,367
Total Governmental Activities 7,645,282
Business-Type Activities:
Municipal Service District Waste 1,436,245
Key West Airport 1,199,878
Marathon Airport 191,477
Total Business-Type Activities 2,827,600
Total Encumbrances $ 10,472,882
NOTE 13 —LEASE AND SBITA OBLIGATIONS
The Board leases various office equipment that qualify as other than short-term leases under GASB
Statement No. 87 and, therefore, have been recorded at the present value of the future minimum lease
payments as of the date of their inception.
The Board has also entered into noncancelable agreements that qualify as subscription-based
information technology arrangements (SBITA) under GASB Statement No. 96 and, therefore, have been
recorded at the present value of the future minimum SBITA payments as of the date of their inception.
The Board has nine lease agreements and six SBITA for the year ending September 30, 2024. The future
principal and interest payments as of September 30, 2024, were as follows:
Year Ending
September 30 Principal Interest Total
2025 $ 784,610 $ 61,162 $ 845,772
2026 592,169 34,496 626,665
2027 152,218 20,279 172,497
2028 94,979 15,663 110,642
2029 100,620 11,614 112,234
2030-2033 193,129 18,069 211,198
Totals $ 1,917,725 $ 161,283 $ 2,079,008
D-43
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2024
NOTE 14 —LONG-TERM DEBT
Long-term debt activity for the year ended September 30, 2024, is as follows:
Current Portion
Bqilraitig Ending, of Long-temi
Balances Additions Payments Balances Liabilities
Revenue Bonds Front Direct Borrowings S 15,645,000 S S 5,110,000 S 10,535,000 S 5,2125,000
Revenue Notes From Dirft-t BorroNkings 124,569,887 7,766,511 116,803,3375 7,958,666
Leave,Purchase of Triuma Star Helicopters 53,000,000 3,010,000 49,991D,0100 2,875,000
Mayfield Agreement(KLWTD) 4,625,000 2,1215,000 21,500,000 2,125,000
Old 7 Nfile Bridge Restoration sinking Fund 10,314,314 355,666 9,958,648 355,666
Accrued Comp.Absences 6,251,593 5,109,6821 4,4185,198 7,076,077 1,415,216
Lease and SBITA Liabilities 4,166,297 542,125 2,793,199 1,915,223 782,109
OPEB Liability 30,336,000 5,384,400 300,400 35,4140,000 -
Pension Liability-FRS&HIS 65,891,368 7,317,574 8,2177,693 64,931,249
Pension Liability-LOSAP 352,370 19,938 40,128 332,180
Total Govenunental Activities S '315,15 1,S29 S 18,373,719 S 34,063,795 _S 299,461,752 _S 20,736,657
Busitiess-Type Activities:
Revenue Bonds S 42,459,929 S S S 4411,459,929 S -
Reveitue Notes - 10,0100,000 10,000,000
Accrued Comp.Absences 744,522 533,221 516,632 761,111 152,223
Lease and SBITA Liabilities 8,612 4,970 11,0SO 2,522 2,502
OPEB Liability 1,305,000 406,900 55,900 1,656,0100
Pension Liability-FRS&HIS 7,594,602 _739,326 944,783 7,488,140
Total Business-Type Activities 52,112,665 11,683,417 1,428,400 62367,682 154,725
Total Long-Tenn Debt S 367.264,494 S 30,057,136 S 35,492,195 5361,829,434 S 20,891,382
The Board has outstanding revenue bonds and revenue notes from direct borrowings related to
governmental activities totaling $127,338,375 at fiscal year-end. The Board has pledged non-ad valorem
tax revenue to repay these borrowings. The Board cannot be compelled to use its ad valorem taxing
power to repay the principal or interest of the revenue bonds or revenue notes and these obligations do
not create any liens on Board property.
Two of the Board's four Revenue Notes are direct borrowings from the State of Florida's Clean Water
State Revolving Fund Construction Loan Program for the Board's wastewater projects. In the event of a
default of either of these two notes, the Board has agreed to an accelerated repayment schedule or an
increased financing rate on the unpaid principal as determined by the State.
Amounts associated with the Board's governmental activities long-term liabilities are reported on the
government-wide financial statements of the County rather than on the financial statements of the
Board. Amounts associated with the Board's business-type activities and internal service funds long-
term liabilities are reported on the proprietary fund financial statements of the Board. Internal service
fund long-term debt information is included in the governmental activities on the government-wide
financial statements, because the internal service funds predominately serve those activities.
D-44
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2024
NOTE 14 —LONG-TERM DEBT (continued)
Governmental activities' compensated absences are liquidated by the funds to which the employee
services are related.
The Group Insurance Internal Service Fund assesses a monthly premium per employee in each fund. The
monthly premiums paid by the various funds provide the resources necessary to liquidate the other
postemployment benefit obligations paid in the current year by the Group Insurance Internal Service
Fund.
The following summary reflects the Board's bonds and notes as of September 30, 2024:
Governmental Activities
Revenue Bonds From Direct Borrowings:
Infrastructure Sales Surtax Refunding Bond, Series 2016 $ 10,535,000
Revenue Notes From Direct Borrowings:
Clean Water State Revolving Fund Construction Loan Agreement 2010 3,462,820
Clean Water State Revolving Fund Construction Loan Agreement 2014 112,435,555
Special Obligation Refunding Revenue Note, Series 2020 Project 905,000
Total Revenue Notes From Direct Borrowings 116,803,375
Lease Purchase Trauma Star Helicopters 49,990,000
Mayfield Agreement—Key Largo Wastewater Treatment District 2,500,000
Old 7 Mile Bridge Restoration Sinking Fund 9,958,648
Total Government Debt $ 189,787,023
Business-Type Activities
Revenue Bonds:
Key West International Airport Revenue Bonds, Series 2022 $ 41,340,000
Unamortized Original Issue Premium, Series 2022 1,119,929
Total Revenue Bonds 42,459,929
Revenue Notes:
PNC Line of Credit Taxable Master Airport Revenue Note 10,000,000
Total Business-Type Activities Debt $ 52,459,929
D-45
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2024
NOTE 14 —LONG-TERM DEBT (continued)
Debt Service Funding Requirements — The total annual debt service requirements for bonds and notes
outstanding at September 30, 2024 are as follows:
Governmental Activities- Business-Type Activities
PI-hicipal Interest Total Principal Interest Total
2025 18,539,332 4,825,063 23,364,395 2,589,689 2,589,65
2026 16,001,366 4,445,979 20,447,345 8,230,00,0 2,575,975 10,805,975
2027 10,978,412 4,067,403 15,045,815 2,855,000 2,168,850 5,023,850
2028 11,275,606 3,770,318 15,045,924 50s,000 2,024,225 2,529,225
2029 11,458,083 3,464,689 14,922,772 530,000 1,998,350 2,i28,350
2030-2034 58,942,466 12,593,364 71,535,830 4,840,000 9,344,250 14,184,250
2035-2039 57,968,100 4,030,024 61,998,124 6,185,000 7,972,375 14,157,375
2040-2044 1,778,330 - 1,778,330 7,895,000 6,218,456 14,113,456
2045-2049 1,778,330 1,778,330 10,1-50,0,0C) 3,899,294 14,049,294
2050-2054 1,066,08 - 1,066,998 10,150,000 1,045,750 11,195,750
Total Required Debt Service S 189,787,023 S 37,196,840 $ 226,983,863 $ 51,340,000 S 39,837,214 S 91,177,214
Unarnortized Orignial Issue
Premium on Series 2022 Bonds 1,119,929
Total Business Debt Service S 52,459,929
Long-term debt at September 30, 2024 is composed of the following issues:
$19,500,540 Clean Water State Revolving Fund Construction Loan Agreement
• Type: General Government Revenue Notes
• Dated: April 2010
• Final maturity: Year 2030
• Principal payment date: March 15 and September 15
• Interest payment dates: March 15 and September 15
• Interest rate: 2.71%
• Amount outstanding at September 30th: $3,462,820
• Reserve requirement: None
• Revenue pledged: Non-Ad Valorem Revenues in the General Fund, the Fine and Forfeiture Fund
and the Unincorporated Area Service District Funds. The total principal and interest remaining to
be paid is $3,750,660. For the fiscal year, principal and interest paid was $681,938 and total
pledged revenue was $46,735,806.
• Purpose: Refund temporary financing for wastewater capital improvements.
• Call provisions: None
D-46
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2024
NOTE 14 —LONG-TERM DEBT (continued)
Clean Water State Revolving Fund Construction Loan Agreement
• The State awarded a total of $127,200,000 (original award plus seven amendment awards) for
collection, transmission and treatment facilities under the State Revolving Fund loan program.
• Interest rate: various interest rates (2.35% - 3.07%) as of September 30, 2024
• Final maturity: Year 2038
• Principal payment dates: June 15 and December 15
• Interest payment dates: June 15 and December 15
• Amount outstanding as of September 30th: $112,435,555
• Reserve requirement: None
• Revenue pledged: One Cent Local Government Infrastructure Sales Surtax and Cudjoe Regional
Wastewater special assessments. The total principal and interest remaining to be paid is
$136,002,470. For the fiscal year, principal and interest paid was $9,379,481 and total pledged
revenue was $37,263,526.
• Purpose: Financing for wastewater capital improvements.
• Call provisions: None
$16,065,000 Infrastructure Sales Surtax Refunding Revenue Bond, Series 2016
• Type: General Government Refunding Revenue Bond
• Dated: September 2016
• Final maturity: Year 2026
• Principal payment date: April 1
• Interest payment dates: April 1 and October 1
• Interest rate: 1.69%
• Amount outstanding at September 30th: $10,535,000
• Reserve requirement: None; MBIA insured.
• Revenue pledged: All of the One Cent Local Government Infrastructure Sales Surtax accruing to
Monroe County. The total principal and interest remaining to be paid is $10,802,781. For the
fiscal year, principal and interest paid was $1,118,290 and total pledged revenue was
$35,005,681.
• Purpose: To construct and acquire equipment and capital improvements.
• Call provisions: None
$17,000,000 Mayfield Interlocal Agreement
• Type: Interlocal Agreement
• Dated: May 2015
• Final maturity: Year 2026
• Principal payment date: April 1
• Interest payment dates: April 1
• Interest rate: N/A
• Amount outstanding at September 30th: $2,500,000
D-47
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2024
NOTE 14 —LONG-TERM DEBT (continued)
$17,000,000 Mayfield Interlocal Agreement
• Reserve requirement: None
• Revenue pledged: One Cent Local Government Infrastructure Sales Surtax. The total principal
remaining to be paid is $2,500,000. For the fiscal year, principal paid was $2,125,000 total
pledged revenue was $35,005,681.
• Purpose: Capital improvements with respect to Cudjoe Regional Wastewater Project
• Call provisions: None
• See Note 15 for additional information related to this agreement.
Series 2020 Special Obligation Refunding Revenue Note
• Final maturity: Year 2025
• Principal payment date: April 1
• Interest payment dates: April 1 and October 1
• Interest rate: 1.11%
• Amount outstanding at September 30th: $905,000
• Reserve requirement: None
• Revenue pledged: Non-Ad Valorem Revenues in the General Fund, the Fine and Forfeiture
Fund, the Unincorporated Area Service District Funds. The total principal and interest remaining
to be paid is $915,046. For the fiscal year, principal and interest paid was $914,980, and total
pledged revenue was $46,735,806.
• Purpose: Acquisition, installation, and implementation of an Enterprise Resources Planning
(ERP) system.
• Call provisions: None
Old 7 Mile Bridge Restoration Sinking Fund
• Type: Sinking Fund to cover annual maintenance costs as stated in Resolution 060-2014
• Dated: November 2022
• Final maturity: Year 2051
• Principal payment date: Annual funding required to be paid by last day of November each year.
• Interest payment dates: none
• Interest rate: none
• Amount outstanding at September 30th: $9,958,648
• Reserve requirement: None
• Revenue pledged: Non-Ad Valorem Revenues in the General Fund, the Fine and Forfeiture Fund
and the Unincorporated Area Service District Funds. The total remaining to be paid is
$9,958,648. For the fiscal year, the amount set aside in the sinking fund was $355,666 and total
pledged revenue was $46,735,806.
D-48
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2024
NOTE 14 —LONG-TERM DEBT (continued)
Old 7 Mile Bridge Restoration Sinking Fund (continued)
• Purpose: In 2017, the Board provided an initial $2.7 million for refurbishment to the Florida
Department of Transportation. Once refurbishment of the bridge was completed in September
2022, the Board agreed to pay $355,666 annually for 30 years as fixed capital outlay to be paid
in year 30 of the agreement with the Florida Department of Transportation.
• Call provisions: None
$53,000,000 Lease Purchase Financing of Trauma Star Helicopters
• Final maturity: Year 2038
• Principal payment date: April 1
• Interest payment dates: April 1 and October 1
• Interest rate: 3.2591%
• Amount outstanding at September 30th: $49,990,000
• Reserve requirement: None
• Revenue pledged: None. The rental payments are to be made only from legally available
revenues appropriated on an annual basis. Should the required lease payments not be made as
scheduled, the lease shall be deemed terminated and the County agrees to cease use of the
helicopters and return them to the lessor. The total principal and interest remaining to be paid is
$63,054,265. For the fiscal year,principal and interest paid was $4,507,013.
• Purpose: Lease purchase of three Trauma Star helicopters.
• Call provisions: None
Series 2022 Monroe County, Florida Key West International Airport(Airport) Revenue Bonds
• Final maturity: October 1, 2052
• Principal payment date: October 1 with first principal payment due October 1, 2025.
• Interest payment dates: April 1 and October 1,with the first payment date being April 1, 2023.
• Interest rate: 5.000% for maturities from October 1, 2025, through October 1, 2042; 5.250%
interest rate apples to term bonds due on October 1, 2047; 5.000% applies to term bonds due on
October 1, 2052.
• Capitalized Interest Fund was established in the amount of $4,275,138, with one installment of
$1,138,488 paid on April 1, 2023, and three more installments of $1,045,550 to be paid over
each of the next three six-month periods.
• Amount outstanding at September 30, 2024: $41,340,000.
• Reserve requirement: Reserve Fund was established in the initial amount of$2,573,827.
• Revenue pledged: Eligible PFC Revenues in accordance with the PFC regulation.
• Purpose: Provide Key West Airport funding for the costs related to the Concourse A expansion
proj ect.
• Call provisions: Bonds maturing on or after October 1, 2033, may be redeemed at par at the
option of the Board on or after October 1, 2032.
D-49
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2024
NOTE 14 —LONG-TERM DEBT (continued)
PNC Line of Credit for Monroe County, Florida Taxable Master Airport Revenue Note Series 2022
• Final maturity: July 1, 2027
• Principal payment date: Principal of all draws are due and payable on the final maturity date.
Minimum draw amounts are $100,000 and must be in denomination of $10,000. Principal
amount shall be in an amount equal to not exceeding $10,000,000; Provided, however, the
aggregate principal amount of draws that may be made against the Tax-exempt Master Note may
not exceed $8,660,000, unless and until the public approval requirements are met to the
Noteholder's satisfaction with respect to the issuance by the County of tax-exempt debt in excess
thereof for the Project.
• Interest payment dates: Payable quarterly in arrears on the first business day of January, April,
July, and October of each year.
• Non-Use Fee: Beginning January 1, 2023, when the total principal drawn is less than 100% of
$10 million, Key West International Airport will be charged a non-use fee of 0.12% annual of
the principal amount not yet drawn. Non-use fees paid in FY 2024 totaled $7,273.
• Interest rate: The tax-exempt rate equals 79% of Term Secured Overnight Financing Rate
(SOFR)plus 0.73%per annum. The taxable rate equals Term SOFR pls 0.79%per annum.
• Amount outstanding at September 30, 2024: $10,000,000
• Reserve requirement: None
• Revenue pledged: A Senior Lien will be placed on all Airport Improvement Program (AIP)
Entitlement Grants for Fiscal Years 2026, 2027, and 2028; Federal Fiscal Year 2026 Bipartisan
Infrastructure Law (BIL) Entitlement Grant; and any BIL Discretionary Grant received in fiscal
years 2024, 2025, 2026, 2027, and 2028. The Airport cannot use these grant proceeds for any
other purpose than to repay the PNC Line of Credit unless they obtain prior written consent from
PNC. If there is not sufficient grant receipts to pay quarterly interest payments or to repay
principal balances due, the expectation is that the Board will pay PNC from the Airport's net
revenues or eligible PFC. However, paying PNC Line of Credit with net revenues or PFC is
subordinate to repaying the Airport's revenue bonds.
• Purpose: Acquire, construct and equip various capital improvements at the Airport in connection
with the Concourse A Expansion.
D-50
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2024
NOTE 15 —INTERLOCAL AGREEMENT EXPENSE
Administered by the Florida Department of Environmental Protection (FDEP), the Mayfield Grant is the
result of the State of Florida authorizing up to $200 million in grant funding to assist the Keys'
wastewater entities to complete central sewer and related projects. In May 2015, Monroe County and
Key Largo Wastewater Treatment District (KLWTD) entered into an interlocal agreement (ILA)
whereby KLWTD "assigned" its Mayfield grant allocation funding to Monroe County in exchange for
the County repaying those funds over a 10-year period.
As a result of the signed ILA in 2015 between Monroe County and KLWTD, FDEP sent Monroe
County an amendment to the Mayfield Grant in FY 2014-15 to add the $17 million reallocated funds to
the grant agreement between FDEP and Monroe County. The amendment: (1) provided the County an
additional $17 million in Mayfield grant funding; (2) reallocated the project budget and; (3) extended
the date of the completion of the project.
Similarly, during the 2016 legislative session, the Florida Legislature appropriated $5 million for water
quality projects under the Florida Keys Stewardship Act. Of the $5 million, $1.25 million was awarded
to the KLWTD and they subsequently voted to have Monroe County use its 2016 allotment. In turn,
FDEP sent Monroe County an amendment to the Mayfield Grant in FY 2016-17 to add the $1.25 million
reallocated fund to the grant agreement between FDEP and Monroe County. Monroe County entered
into the grant agreement with FDEP in FY 2016-17 and received the $1.25 million in FY 2017-18.
The ILA created transactions with two separate parts 1) a grant between FDEP and Monroe County and
2) a long-term liability payable to KLWTD from Monroe County. For part one, Monroe County
recorded grant revenue, which was a reimbursement for capital expenditures already incurred in the
Cudjoe Regional Wastewater fund. For part two, the County recorded a long-term liability on the
government-wide financial statements, which represents funding the County is obligated to pay
KLWTD. The offset to this liability was an interlocal agreement expense which represents the value of
Monroe County's "right"to receive the Mayfield Grant revenue forfeited by KLWTD.
D-51
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2024
NOTE 16—INTERFUND TRANSFERS
Interfund transfers at September 30, 2024 are as follows:
Transfers to General Fund from:
One Cent Infrastructure Surtax Fund $ 533,877
Tourist Development Admin&Promo Two Cent Fund 114,278
Municipal Service District—Waste 235,202
Card Sound Bridge Fund 79,776
Marathon Airport 137,385
Key West Airport 477,280
Internal Service Funds 860,159
Nonmajor Governmental Funds 2,661,797
Total Transfers to General Fund 5,099,754
Transfers to Governmental Grant Fund from:
General Fund 870,636
One Cent Infrastructure Surtax Fund 2,341,004
Municipal Service District—Waste 1,212,459
Nonmajor Governmental Funds 124,784
Total Transfers to Governmental Grant Fund 4,548,883
Transfers to One Cent Infrastructure Surtax Fund from:
Nonmajor Funds 113,414
Total Transfers to One Cent Infrastructure Fund 113,414
Transfers to Debt Service Fund from:
One Cent Infrastructure Surtax Fund 22,095,935
Total Transfers to Debt Service Fund 22,095,935
Transfers to Nonmajor Funds from:
Governmental Grant Fund 107,127
Other Nonmajor Funds 1,112,206
Total Transfers to Nonmajor Funds 1,219,333
Transfers to Fleet Management Internal Service Fund from:
Key West Airport 328,000
Total Transfers to Internal Service Funds 328,000
Total Interfund Transfers $ 33,405,319
The One Cent Infrastructure Surtax Fund transferred $22,095,935 to the Debt Service Fund to repay the
Board's Infrastructure Sales Surtax Improvement Series 2014 Revenue Bond, the Infrastructure Sales
Surtax Series 2016 Revenue Bond, the Clean Water State Revolving Fund Construction Loans for both
the Big Coppitt Wastewater Project and the Cudjoe Regional Wastewater Project, the debt related to the
Mayfield Interlocal Agreement, and payment on the lease purchase of three Trauma Star helicopters.
During FY 2024, Monroe County closed one capital project fund that was no longer in use. The fund
balance of the closed fund was transferred to the One Cent Infrastructure Sales Surtax Fund. The total
transferred was $113,414. Similarly, Monroe County moved fees collected for planning and
conservation land purchase totaling $1,112,206 from its Miscellaneous Special Revenue Fund to its
Land Acquisition Capital Project Fund.
D-52
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2024
NOTE 16—INTERFUND TRANSFERS (continued)
Transfers were made to the Governmental Grants Fund of $4,548,883 during the fiscal year. The
General Fund transferred $794,358 to meet grant match requirements: $572,926 for Hurricane Irma;
$24,000 for the Harry Harris Park Resilient Redesign grant project; $75,000 for the Natural Resources
Adaption Plan grant; and $122,432 for Social Services-related grants. In addition, the General Fund
transferred $76,278 to cover the cost of Social Services-related expenditures that were subsequently
determined not to grant-eligible.
The One Cent Infrastructure Surtax Fund transferred $2,341,004 to meet match requirements for various
grant projects: $249,671 for the resurfacing of Card Sound Road; $1,351,536 for the Twin Lakes
Subdivision mitigation project; $458,828 for the Stillwright Point Road elevation and stormwater design
project; $132,911 for the Key Largo III road project; and $148,058 for other on-going mitigation
projects. Funds were also transferred to the Governmental Grants Fund to meet match requirements. The
Municipal Service District-Waste Fund transferred $1,212,459 for Hurricane Irma match. The
Unincorporated Area Services District Planning/Building/Zoning Fund transferred $99,854 to the
Governmental Grants Fund to fund county match requirements related to the long-range transportation
planning grant. The Environmental Restoration Fund transferred $24,930 in match to the Governmental
Grants Fund for the exotic plant removal grant.
As required by its agreement with the State of Florida Division of Emergency Management, the County
also transferred $107,127 during the fiscal year from the Governmental Grants Fund to the Tourist
Development District One Fund to fund the sargassum clean-up program. In FY 2024, the County
received an appraisal assessing the fair market value of the Fleet Management Fund's fuel point at
$328,000 that was transferred to the Key West Airport.
The remaining transfers are related to supporting the County's operations.
NOTE 17—INTERFUND BALANCES
The General Fund loaned the Governmental Grant $10 million due to delayed timing of the receipt of
grant funds related to canal management and Hurricane Irma. In addition, based on an appraisal received
in FY 24, $328,000 was due from the Key West Airport to the Fleet Management Fund for a fuel point
asset.
Receivable Fund Payable Funds Amount
General Fund Governmental Grants Fund $10,000,000
Fleet Management Fund Key West Airport 328,000
Total $10,328,000
D-53
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2024
NOTE 18 —GOVERNMENTAL FUND BALANCE CLASSIFICATIONS
Fund Balances are presented in the following categories; non-spendable, restricted, committed, assigned
and unassigned (see Note 1 for a description of these categories). A detailed schedule of governmental
fund balances at September 30, 2024 is presented below:
Tourist
Development
Admin&
Fine& Governmental Promo Two
General Forfeiture Grants Cent
Fund Balance:
Non-spendable:
Prepaid Items $9,748 $ - $ - $ 2,263
Total Non-spendable 9,748 - - 2,263
Restricted for:
Law Enforcement - 28,627,700 - -
Fire&Ambulance - - - -
Public Safety - - - -
Physical Environment - - - -
Transportation - - - -
Housing Programs - - - -
Tourist Development - - - 38,139,238
Human Services - - - -
Library Donations - - - -
Culture&Recreation - - - -
Court Programs - - - -
Comprehensive Planning - - - -
Federal&State Grants - - 836,695 -
Other Purposes - - - -
Debt Service - - - -
Capital Projects - - - -
Total Restricted - 28,627,700 836,695 38,139,238
Committed to:
Disaster Recovery 10,000,000 - - -
Physical Environment - - - -
Beach Re-nourishment - - - -
Health Care - - - -
Total Committed 10,000,000 - - -
Assigned to:
Other Purposes 74,145 - - -
Fire&Ambulance - - - -
Subsequent Year Expenditures (29,519) - - -
Total Assigned 44,626 - - -
Unassigned 37,869,332 - - -
Total Fund Balances $ 47,923,706 $ 28,627,700 $ 836,695 $ 38,141,501
D-54
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2024
NOTE 18 —GOVERNMENTAL FUND BALANCE CLASSIFICATIONS (continued)
One Cent Debt Nonmajor Total
Infrastructure Service Governmental Governmental
Surtax Fund Funds Funds
Fund Balance:
Non-spendable:
Inventory $ - $ - $ 3,835 $ 15,846
Total Non-spendable - - 3,835 15,846
Restricted for:
Law Enforcement - - 8,045,556 36,673,256
Fire&Ambulance - - 1,292,965 1,292,965
Public Safety - - 5,680,793 5,680,793
Physical Environment - - 4,569,952 4,569,952
Transportation - - 8,484,933 8,484,933
Housing Programs - - 3,774,084 3,774,084
Tourist Development - - 94,875,766 133,015,004
Human Services - - 87,044 87,044
Library Donations - - 445,693 445,693
Culture&Recreation - - 2,719,892 2,719,892
Court Programs - - 8,480,235 8,480,235
Comprehensive Planning - - 3,733,364 3,733,364
Federal&State Grants - - - 836,695
Other Purposes - - 1,215,131 1,215,131
Debt Service - 4,104,097 - 4,104,097
Capital Projects 78,903,033 - 278,462 79,181,495
Total Restricted 78,903,033 4,104,097 143,683,870 294,294,633
Committed to:
Disaster Recovery - - - 10,000,000
Physical Environment - - 8,909,714 8,909,714
Beach Re-nourishment - - 245,509 245,509
Health Care - - 425,953 425,953
Total Committed - - 9,581,176 19,581,176
Assigned to:
Other Purposes - - - 74,145
Fire&Ambulance - - 8,679,015 8,679,015
Subsequent Year Expenditures - - - (29,519)
Total Assigned - - 8,679,015 8,723,641
Unassigned - - - 37,869,332
Total Fund Balances $78,903,033 $ 4,104,097 $ 161,947,896 $ 360,484,628
D-55
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2024
NOTE 19 —RISK MANAGEMENT
The Board 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. During the fiscal years ended
1976, 1984, and 1988, the County established the Workers' Compensation, Group Insurance, and Risk
Management Funds, respectively, as internal service funds to account for and finance its uninsured risks
of loss.
Under these programs, the Workers' Compensation has self-insured coverage up to the first $500,000
per claim for regular employees. Workers' Compensation claims in excess of the self-insured coverage
of$500,000 are covered by an excess insurance policy. The Group Insurance Fund provides self-insured
excess claims. 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 building with a deductible of $50,000. Deductibles for windstorm and flood vary by location. The
Board 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.
All funds of the Board participate in the programs and make payments to the Workers' Compensation,
Group Insurance, and Risk Management Funds based on management's estimates of the amounts needed
to pay prior and current year claims. The claims liabilities reported are based on the requirements of
Governmental Accounting Standards Board Statement Nos. 10 and 62, which requires that a liability for
claims be reported if information prior to the issuance of the financial statements indicates that it is
probable that a liability has been incurred at the date of the financial statements and the amount of the
loss can be reasonably estimated. These claim liabilities have not been discounted.
Changes in the claim liability amounts in fiscal years 2024 and 2023 were:
Workers' Group Risk
Compensation Insurance Management Total
Unpaid Claims at Sept. 30, 2022 $ 1,886,397 $ 786,864 $ 1,744,780 $ 4,418,041
Incurred Claims
(Including IBNR) 1,694,454 17,537,474 (1,273,615) 17,958,313
Claim Payments (1,384,951) (17,509,247) (244,370) (19,138,568)
Unpaid Claims at Sept. 30, 2023 2,195,900 815,091 226,795 3,237,786
Incurred Claims
(Including IBNR) 1,547,053 18,953,096 735,232 21,235,381
Claim Payments (1,688,037) (18,918,512) (311,833) (20,918,382)
Unpaid Claims at Sept. 30, 2024 $ 2,054,916 $ 849,675 $ 650,194 $ 3,554,785
D-56
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2024
NOTE 20 —LITIGATION AND CLAIMS
The County is a defendant in various lawsuits and is involved in other disputes wherein substantial
amounts are claimed. The County vigorously defends itself with respect to these matters. The County's
practice is to provide for these claims when a loss is probable and a loss becomes fixed or determinable
in amount. The County is involved in a handful of lawsuits. Most claims have been defeated to date, but
three merit mention.
The first claim, John Bemke et. al. vs. Monroe County, involves property owners in a gated community
suing Monroe County for inverse condemnation due to the County's interpretation of its vacation rental
ordinance that was subsequently challenged and overturned on appeal. The property owners are suing
over lost vacation rental income, fines paid, and diminished property values for not being able to rent
their properties short-term despite being able to rent the properties on a long-term basis, occupy the
properties, and sell the properties. Monroe County assesses the claim as not only having a remote
possibility of success but also as frivolous and will defend the claim vigorously.
The second claim, Stacey Mitchell vs. 3406 North Roosevelt Blvd., Corp., Monroe County, et. al. is a
whistleblower suit filed by the former executive director of the contracted firm to administer the
County's Tourist Development Council. The Plaintiff's termination resulted from her refusal to
participate in a critical audit. The claim seeks lost wages, reinstatement to her contracted position,
attorney fees, and costs. Monroe County assesses the claim as having a remote possibility of success.
The co-defendant which employed the Plaintiff has insurance coverage to cover the losses and the
corporation is being represented independent from the County.
The final claim, Galleon Bay vs. Monroe County and the State of Florida, involved the property owners
suing the County and the State for inverse condemnation. After extended litigation, a final judgement
was entered in favor of the property owner in the amount of$480,512, as of June 1, 2016, plus statutory
post judgment interest. After the judgment was affirmed on appeal, the Board deposited $531,391 in the
Court Registry to satisfy the judgment and the Clerk issued a Satisfaction of Judgment. The State of
Florida subsequently reimbursed the County for its 50 percent share of the final judgement. On
December 23, 2023, the Court issued an Order Approving Settlement and Release Agreement on
Attorneys' Fees and Costs. On January 10, 2024, the Court ordered the Clerk to disburse the funds from
the Court Registry. On October 25, 2024, the Property Owner filed a Motion to Correct Clerical Mistake
and set aside the Satisfaction arguing that the Clerk had miscalculated the interest due when the County
deposited $531,391 into the Court Registry. At the time of the filing, the Property Owner asserts that she
is entitled to an additional $34,665 plus statutory interest from 2016. The County disputes this latest
motion.
In the opinion of the County, it is reasonably possible that there are other open suits and claims that
could result in judgements or settlements, which, in aggregate, would have a material adverse effect on
the Board's financial condition. Based on the uncertainty at this point of the proceedings, an estimate of
the amount or range of potential losses cannot be determined.
D-57
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2024
NOTE 21 —COMMITMENTS AND CONTINGENCIES
Grant Programs — The Board participates in a number of federal and state grant programs that are
governed by various rules and regulations of the grantor agencies. Amounts received or receivable from
grant agencies are subject to financial and compliance audits by the grantors or their representatives.
Any disallowed claims, including amounts already collected, may constitute a liability of the applicable
funds. The amount, if any, which may be disallowed by the grantor, cannot be determined at this time,
although the Board expects such amounts, if any,to be immaterial.
Impact Fee Refunds — Unexpended or unencumbered funds arising from the collection of impact fees
may be refunded within one year following the end of the sixth year from the date on which the impact
fee was paid or within three months of the non-commencement of construction, subject to certain
conditions.
NOTE 22 —RESTATEMENT
During the year ended September 30, 2024, management discovered misstated leases related to
regulated leases previously reported as leases receivable, interest receivable, and deferred inflow of
resources that should not have been reported as such. In addition, management discovered minimum
annual guaranteed concession fees were not recorded for three Marathon Airport car rental leases which
impacted leases receivable, interest receivable, and deferred inflow of resources under GASB Statement
No. 87. In accordance with GASB Statement No. 100, Accounting Changes and Error Corrections, the
County restated the FY 2024 financial statements to correct the errors. Beginning net position, change in
net position, and beginning balances for leases and interest receivables and deferred inflow of resources
have been restated as follows:
Key West Airport Marathon
Fund Airport Fund
Net Position at October 1,2023 $ 172,097,405 $ 50,309,780
Restatement (99,524) (113,114)
Net Position at October 1,2023,as restated $ 171,997,881 $ 50,196,666
Change in Net Position at October 1,2023 $ 37,898,393 $ 25,815,645
Restatement (99,524) (113,114)
Change in Net Position at October 1,2023,as restated $ 37,798,869 $ 25,702,531
Short-Term Lease Receivable at October 1,2023 $ 4,032,383 $ 374,865
Restatement (385,803) (37,253)
Short-Term Lease Receivable at October 1,2023,
as restated $ 3,646,580 $ 337,612
Long-Term Lease Receivable at October 1,2023 $ 19,317,091 $ 4,848,209
Restatement (2,767,531) (3,841,854)
Long-Term Lease Receivable at October 1,2023,
as restated $ 16,549,560 $ 1,006,355
Interest Receivable at October 1,2023 $ 166,429 $ 24,045
Restatement (29,747) (9,382)
Interest Receivable at October 1,2023,as restated $ 136,682 $ 14,663
Deferred Inflow of Resources-Leases at October 1,2023 $ 23,066,256 $ 5,098,570
Restatement (3,083,557) (3,775,375)
Deferred Inflow of Resources-Leases at October 1,2023,as
restated $ 19,982,699 $ 1,323,195
D-58
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
Notes To Financial Statements
For the Year Ended September 30, 2024
NOTE 23 —SUBSEQUENT EVENTS
In January 2025 several executive orders were signed by President Trump that could impact federal
financial assistance. Federal agencies have been tasked with reviewing their federal programs to ensure
they align with the President's policy priorities. The County receives various federal grants and
payments that could be subject to the abovementioned executive orders. The County does not believe
any loss of funding would be material to its financial statements, however the implication of these
executive orders is not fully known at the date these financial statements were issued. Total federal
funding as of September 30, 2024 was approximately $55,198,000. As of September 30, 2024, accounts
receivable related to federal grants totaled approximately $12,300,000 and are recorded in the
Governmental Grants fund. These receivables, due from the Department of Homeland Security
for disaster recovery, remain outstanding as of April 10, 2025.
D-59
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REQUIRED
SUPPLEMENTARY INFORMATION
(Unaudited)
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF THE BOARD'S PROPORTIONATE SHARE OF NET PENSION LIABILITY
FLORIDA RETIREMENT SYSTEM PENSION PLAN
LAST TEN FISCAL YEARS*
2024 2023 2022
Board's proportion of the net pension liability 0.138081728% 0.1 33741 1 37% 0.1 1 91 02640%
Board's proportionate share of the net pension liability $ 53,417,658 $ 53,292,762 $ 44,316,905
Board's covered payroll $ 53,610,355 $ 50,500,089 $ 41,413,339
Board's proportionate share of the net pension liability as a
percentage of its covered payroll 99.64% 105.53% 107.01%
Plan fiduciary net position as a percentage of the total pension liability 83.70% 82.38% 82.89%
"The amounts presented for each fiscal year were determined as of June 30.
E-1
2021 2020 2019 2018 2017 2016 2015
0.127201763% 0.127836047% 0.122381778% 0.129013726% 0.1 1 041 61 95% 0.107471975% 0.103158114%
$ 9,609,799 $ 55,407,179 $ 42,146,581 $ 38,859,603 $ 32,660,370 $ 27,136,758 $ 13,324,254
$ 42,082,080 $ 40,912,184 $ 36,840,027 $ 37,018,101 $ 31,567,083 $ 29,517,681 $ 28,496,269
22.84% 135.43% 114.40% 104.97% 103.46% 91.93% 46.76%
96.40% 78.85% 82.61% 84.26% 83.89% 84.88% 92.00%
E-2
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF THE BOARD'S CONTRIBUTIONS
FLORIDA RETIREMENT SYSTEM PENSION PLAN
LAST TEN FISCAL YEARS*
2024 2023 2022
Contractually required contribution $ 8,026,314 $ 6,544,287 $ 5,499,309
Contributions in relation to the contractually required contributions (8,026,314) (6,544,287) (5,499,309)
Contribution deficiency(excess) $ - $ - $ -
Board's covered payroll $ 54,692,220 $ 50,133,219 $ 44,175,166
Contributions as a percentage of covered payroll 14.68% 13.05% 12.45%
*The amounts presented for each fiscal year were determined as of September 30.
E-3
2021 2020 2019 2018 2017 2016 2015
$ 4,755,272 $ 4,418,540 $ 3,552,282 $ 3,545,505 $ 3,169,065 $ 2,620,875 $ 2,515,082
(4,755,272) (4,418,540) (3,552,282) (3,545,505) (3,169,065) (2,620,875) (2,515,082)
$ 31,198,127 $ 32,741,086 $ 30,285,349 $ 31,178,120 $ 26,245,139 $ 29,517,681 $ 29,097,726
15.24% 13.50% 11.73% 11.37% 12.07% 8.88% 8.64%
E-4
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF THE BOARD'S PROPORTIONATE SHARE OF NET PENSION LIABILITY
HEALTH INSURANCE SUBSIDY PROGRAM
LAST TEN FISCAL YEARS*
2024 2023 2022
Board's proportion of the net pension liability 0.126670029% 0.127150648% 0.113535555%
Board's proportionate share of the net pension liability $ 19,001,731 $ 20,193,219 $ 12,025,218
Board's covered payroll $ 53,610,355 $ 50,500,089 $ 41,413,339
Board's proportionate share of the net pension liability as a
percentage of its covered payroll 35.44% 39.99% 29.04%
Plan fiduciary net position as a percentage of the total pension liability 4.80% 4.12% 4.81%
"The amounts presented for each fiscal year were determined as of June 30.
E-5
2021 2020 2019 2018 2017 2016 2015
0.118822592% 0.117668137% 0.110141787% 0.113326095% 0.098952229% 0.095343347% 0.093902398%
$ 14,575,366 $ 14,367,077 $ 12,323,764 $ 11,994,561 $ 10,580,429 $ 11,111,872 $ 9,576,567
$ 42,082,080 $ 40,912,184 $ 36,840,027 $ 37,018,101 $ 31,567,083 $ 29,517,681 $ 28,496,269
34.64% 35.12% 33.45% 32.40% 33.52% 37.64% 33.61%
3.56% 3.00% 2.63% 2.15% 1.64% 0.97% 0.50%
E-6
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF THE BOARD'S CONTRIBUTIONS
HEALTH INSURANCE SUBSIDY PROGRAM
LAST TEN FISCAL YEARS*
2024 2023 2022
Contractually required contribution $ 1,096,167 $ 868,274 $ 732,868
Contributions in relation to the contractually required contributions (1,096,167) (868,274) (732,868)
Contribution deficiency(excess) $ - $ - $ -
Board's covered payroll $ 54,692,220 $ 50,133,219 $ 44,175,166
Contributions as a percentage of covered payroll 2.00% 1.73% 1.66%
"The amounts presented for each fiscal year were determined as of September 30.
E-7
2021 2020 2019 2018 2017 2016 2015
$ 672,957 $ 689,830 $ 621,670 $ 628,246 $ 435,699 $ 488,695 $ 358,953
(672,957) (689,830) (621,670) (628,246) (435,699) (488,695) (358,953)
$ 31,198,127 $ 32,741,086 $ 30,285,349 $ 31,178,120 $ 26,245,139 $ 29,517,681 $ 29,097,726
2.16% 2.11% 2.05% 2.02% 1.66% 1.66% 1.23%
E-8
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF CHANGES IN THE BOARD'S NET PENSION LIABILITY AND RELATED RATIOS
PENSION PLAN FOR VOLUNTEER FIREFIGHTERS AND EMERGENCY MEDICAL SERVICES
LAST TEN FISCAL YEARS*
(Dollar amounts in thousands)
2024 2023 2022
Total pension liability
Service cost $ 1,527 $ 2,772 $ 1,819
Interest 13,647 8,721 5,939
Differences between expected and actual experience (6,258) (66,343) (65,332)
Changes of assumptions or other inputs 4,764 (46,344) (33,348)
Benefit payments,including refunds of employee contributions (33,870) (35,295) (24,570)
Net change in total pension liability (20,190) (136,489) (115,492)
Total pension liability-beginning 352,370 488,859 604,351
Total pension liability-ending $ 332,180 $ 352,370 $ 488,859
Covered-employee payroll N/A N/A N/A
County's total pension liability as a percentage of covered payroll N/A N/A N/A
Notes to Schedule:
There are no assets accumulated in a trust,as defined by Statement of Governmental Accounting Standards No.73,to pay benefits.
E-9
2021 2020 2019 2018 2017 2016 2015
$ (24,610) $ (11,774) $ (6,170) $ 12,761 $ 22,937 $ 16,394 $ 16,455
6,890 8,130 8,724 9,146 9,146 8,895 8,054
(61,382) (50,828) (35,295) 182 (39,039) 33,108 89,397
(34,680) (30,945) (31,680) (32,265) (32,265) (28,365) (30,855)
(113,782) (85,417) (64,421) (10,176) (39,221) 30,032 83,051
718,133 803,550 867,971 878,147 917,368 887,336 804,285
$ 604,351 $ 718,133 $ 803,550 $ 867,971 $ 878,147 $ 917,368 $ 887,336
N/A N/A N/A N/A N/A N/A N/A
N/A N/A N/A N/A N/A N/A N/A
E-10
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
REQUIRED SUPPLEMENTARY INFORMATION
TEN YEAR SCHEDULE OF EMPLOYER CONTRIBUTIONS
PENSION PLAN FOR VOLUNTEER FIREFIGHTERS AND EMERGENCY MEDICAL SERVICES
Year Ending December 31, 2023 2022 2021 2020
Actuarially determined contribution $ - $ - $ - $ 3,265
Contributions in relation to the actuarially
determined contribution 95,500 - - 3,265
Contribution deficiency(excess) $ (95,500) $ - $ - $ -
Covered-employee payroll $ - $ - $ - $ -
Contributions as a percentage of covered
payroll N/A N/A N/A N/A
Notes to Schedule:
Actuarially determined contribution rates are calculated as of January 1,which is nine months prior to the end of the fiscal year in
which contributions are reported.
Contributions in relation to the actuarially determined contribution is the amount equal to the contributions to the plan during the
plan year shown.
The actuarial cost method used is the Aggregate Cost Method.
The remaining amortization period used for 2023 is 3.564 years.This was determined by individual district using average future
service for districts with active particpants and average remaining life expectancy for districts with only inactives.
The asset valuation method used is the market value of assets held by Monroe County for the LOSAP program.
There was no increase in inflation as benefits are based on a flat amount per year of service.
Discount rate/investment rate of return was 3.60%for 2023, net of pension plan investment expenses, including inflation.
Male: Pub-2010 Headcount Weighted Safety Below Median Employee Tables,set forward one year,with fully generational
projected mortality improvements using Scale MP-2018.
Female: Pub-2010 Headcount Weighted Safety Employee Tables,set forward one year,with fully generational projected mortality
improvements using Scale MP-2018
The above funding assumptions are for the 2023 plan year.The 2022 plan year assumptions are those stated in the prior
actuary's 2022 Actuarial Valuation Report.
E-11
2019 2018 2017 2016 2015 2014
$ 5,200 $ 3,265 $ 61,388 $ 39,899 $ 39,899 $ 30,304
5,200 3,265 61,388 39,899 39,899 30,304
N/A N/A N/A N/A N/A N/A
E-12
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF CHANGES IN THE BOARD'S TOTAL OPEB LIABILITY AND RELATED RATIOS
LAST TEN FISCAL YEARS*
2024 2023 2022 2021
Total OPEB liability
Service cost $ 993,000 $ 962,000 $ 3,291,000 $ 971,000
Interest 1,288,000 1,274,000 743,000 719,000
Changes of benefit terms 2,231,000 - 2,355,000 -
Differences between expected and actual experience 266,000 (414,000) -
Changes in assumptions or other inputs 2,953,000 (118,000) (4,260,000) 189,000
Benefit payments (2,296,900) (2,420,000) (2,091,000) (2,225,000)
Net change in total OPEB liability 5,434,100 (302,000) (376,000) (346,000)
TotalOPEBliability-BeginningofYear 31,641,900 31,943,900 32,319,900 32,665,900
TotalOPEBliability-End of Year $ 37,076,000 $ 31,641,900 $ 31,943,900 $ 32,319,900
Covered-employee payroll $ 47,872,000 $ 45,115,000 $ 43,801,000 $ 36,493,000
Total OPEB liability as a percentage of covered-employee payroll 77.45% 70.14% 72.93% 88.56%
Notes to Schedule:
No assets are accumulated in a trust that meets the criteria in paragraph 4 of GASB Statement No.75.
Effective January 1,2018,the County implemented cost-saving benefit changes for its other postemployment benefit plan.These included
premium rates that are calculated based on expected retiree costs for Medicare retirees and lower premium subsidies for eligible retirees.
During the fiscal year,the discount rate changed from 3.81%at the beginning of the year to 4.09%at the end of the year.Also during the
year,the Plan's benefit terms changed resulting in a$6.7 million change to the plan's liability.
*This schedule should present information for the last ten years. However,until a full ten years of information can be compiled,information will
be presented for as many years as are available.
E-13
2020 2019 2018
$ 650,000 $ 496,958 $ 1,067,439
678,000 932,494 1,695,315
- - (17,266,329)
7,549,000 3,431,990 (1,964,239)
(2,110,000) (1,549,168) (868,434)
6,767,000 3,312,274 (17,336,248)
25,898,900 22,586,638 39,922,886
$ 32,665,900 $ 25,898,912 $ 22,586,638
$ 35,430,000 $ 32,520,000 $ 31,420,000
92.20% 79.64% 71.89%
E-14
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
ONE CENT INFRASTRUCTURE SURTAX CAPITAL PROJECT FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2024
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Taxes $ 32,119,391 $ 32,119,391 $ 32,599,393 $ 480,002
Licenses and Permits 2,785,400 2,785,400 1,689,195 (1,096,205)
Investment Income 50,000 50,000 2,081,618 2,031,618
Miscellaneous - 149,100 441,321 292,221
Total Revenues 34,954,791 35,103,891 36,811,527 1,707,636
EXPENDITURES:
Current:
Capital Outlay:
General Government 7,187,721 9,203,914 5,488,196 3,715,718
Public Safety 24,683,255 24,090,665 14,888,953 9,201,712
Physical Environment 866,126 866,125 283,608 582,517
Transportation: Const. Mgmt. 12,393,569 18,271,603 3,476,875 14,794,728
Economic Environment - 1,679,000 - 1,679,000
Culture and Recreation 1,981,030 2,086,840 41,515 2,045,325
Total Capital Outlay Expenditures 47,111,701 56,198,147 24,179,147 32,019,000
Debt Service:
Principal - - 49,579 (49,579)
Interest - - 20,765 (20,765)
Total Debt Service - - 70,344 (70,344)
Total Expenditures 47,111,701 56,198,147 24,249,491 31,948,656
Excess/Deficiency of Revenues
Over(Under) Expenditures (12,156,910) (21,094,256) 12,562,036 33,656,292
Other Financing Sources (Uses):
Reserve for Contingencies (1,000,000) (136,401) - 136,401
Reserve for Cash Balance (2,548,024) (2,548,024) - 2,548,024
Lease Financing - - 38,320 38,320
Debt Proceeds 13,306,800 13,306,800 - (13,306,800)
Transfers from Other Funds 4,645,645 4,759,059 113,414 (4,645,645)
Transfers from Constitutional Officers - - 5,233 5,233
Transfers to Other Funds (22,629,813) (22,656,520) (24,970,816) (2,314,296)
Total Other Financing Sources (Uses) (8,225,392) (7,275,086) (24,813,849) (17,538,763)
Net Change in Fund Balances (20,382,302) (28,369,342) (12,251,813) 16,117,529
Fund Balances-October 1 20,382,302 28,369,342 91,154,846 62,785,504
Fund Balances-September 30 $ - $ - $ 78,903,033 $ 78,903,033
F-1
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MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
DEBT SERVICE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2024
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Investment Income $ 15,000 $ 15,000 $ 572,585 $ 557,585
Total Revenues 15,000 15,000 572,585 557,585
EXPENDITURES:
Current:
Clean Water SRF Loans
Principal 6,783,458 6,783,458 6,871,511 (88,053)
Interest 3,278,024 3,278,024 3,189,908 88,116
Total Clean Water SRF Loan 10,061,482 10,061,482 10,061,419 63
2014 Revenue Bonds
Principal 4,088,594 4,088,594 4,185,000 (96,406)
Interest 195,172 195,172 98,766 96,406
Total 2014 Revenue Bonds 4,283,766 4,283,766 4,283,766 -
Mayfield Loan
Principal 2,125,000 2,125,000 2,125,000 -
Total Mayfield Loan 2,125,000 2,125,000 2,125,000 -
2016 Revenue Bonds
Principal 910,001 910,001 925,000 (14,999)
Interest 208,673 208,673 193,290 15,383
Total2016 Revenue Bonds 1,118,674 1,118,674 1,118,290 384
(Continued)
F-2
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL(CONTINUED)
DEBT SERVICE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2024
Original Final Variance with
Budget Budget Actual Final Budget
2020 Revenue Note
Principal 885,178 885,178 895,000 (9,822)
Interest 29,804 29,804 19,980 9,824
Total 2020 Revenue Note 914,982 914,982 914,980 2
Trauma Star Helicopters
Principal 3,010,001 3,010,001 3,010,000 1
Interest 1,497,013 1,497,013 1,497,013 -
Total Key West Airport Line of Credit 4,507,014 4,507,014 4,507,013 1
Total Expenditures 23,010,918 23,010,918 23,010,468 450
Excess/Deficiency of Revenues
Over(Under) Expenditures (22,995,918) (22,995,918) (22,437,883) 558,035
Other Financing Sources (Uses):
Reserve for Contingencies (500,000) (500,000) - 500,000
Reserve for Cash Balance (500,000) (500,000) - 500,000
Transfers from Other Funds 22,095,936 22,095,936 22,095,935 (1)
Transfers from Constitutional Officers 914,982 914,982 914,980 (2)
Total Other Financing Sources (Uses) 22,010,918 22,010,918 23,010,915 999,997
Net Change in Fund Balances (985,000) (985,000) 573,032 1,558,032
Fund Balances-October 1 985,000 985,000 3,531,065 2,546,065
Fund Balances-September 30 $ - $ - $ 4,104,097 $ 4,104,097
F-3
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
SEPTEMBER 30,2024
SPECIAL
Tourist
Affordable Middle Keys Development
Housing Roads and Health Care All Districts
Programs Bridges MSTU Two Cent
ASSETS
Cash and Cash Equivalents $ 39,682 $ 573,009 $ 33,016 $ 2,117,045
Investments 405,311 6,723,495 337,224 21,623,534
Accounts Receivable, Net - 22,747 - -
Due from Other Governmental Units - 668,173 - -
Due from Constitutional Officers - - 54,349 1,010,988
Mortgages/Notes Receivable - - - -
Allowance for Mortgages/Notes Receivable - - - -
Prepaid Items - - - -
Interest Receivable 1,640 27,595 1,364 87,493
Total Assets $ 446,633 $ 8,015,019 $ 425,953 $ 24,839,060
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts Payable $ - $ 159 $ - $ 822,768
Retainage Payable - 115,008 - -
Accrued Wages and Benefits Payable - 194,143 - -
Due to Other Governmental Units - 154,269 - -
Due to Constitutional Officers - - - -
Deposits in Escrow - - - -
Total Liabilities - 463,579 - 822,768
Fund Balances:
Nonspendable - - - -
Restricted 446,633 7,551,440 - 24,016,292
Committed - - 425,953 -
Assigned - - - -
Total Fund Balances 446,633 7,551,440 425,953 24,016,292
Total Liabilities and Fund Balances $ 446,633 $ 8,015,019 $ 425,953 $ 24,839,060
G-1
REVENUE FUNDS
Tourist Tourist Tourist Tourist Tourist
Development Development Development Development Development Impact Fees,
District One District Two District Three District Four District Five Roadways
$ 2,900,687 $ 444,849 $ 1,225,470 $ 712,840 $ 912,564 $ 84,222
29,664,939 4,573,265 12,516,973 7,280,969 9,395,922 860,250
1,452,667 246,521 540,202 322,873 518,830 -
120,053 18,522 50,646 29,460 38,042 3,481
$ 34,138,346 $ 5,283,157 $ 14,333,291 $ 8,346,142 $ 10,865,358 $ 947,953
$ 824,820 $ 99,777 $ 201,865 $ 69,765 $ 310,589 $ -
- - - - - 14,460
8,130 6,381 - - 14,086 -
325,898 - - - - -
1,158,848 106,158 201,865 69,765 324,675 14,460
32,733,989 5,176,999 14,131,426 8,276,377 10,540,683 933,493
245,509 - - - - -
32,979,498 5,176,999 14,131,426 8,276,377 10,540,683 933,493
$ 34,138,346 $ 5,283,157 $ 14,333,291 $ 8,346,142 $ 10,865,358 $ 947,953
(Continued)
G-2
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING BALANCE SHEET(CONTINUED)
NONMAJOR GOVERNMENTAL FUNDS
SEPTEMBER 30,2024
SPECIAL
Fire&Amb
Impact Fees, District#1,
Parks, and Impact Fees, Impact Fees, Lower and
Recreation Solid Waste Fire& EMS Middle Keys
ASSETS
Cash and Cash Equivalents $ 43,081 $ 12,810 $ 19,135 $ 854,710
Investments 440,030 130,844 195,447 7,425,481
Accounts Receivable, Net - - - 712,637
Due from Other Governmental Units - - - -
Due from Constitutional Officers - - - 285,014
Mortgages/Notes Receivable - - - -
Allowance for Mortgages/Notes Receivable - - - -
Prepaid Items - - - -
Interest Receivable 1,780 529 791 36,501
Total Assets $ 484,891 $ 144,183 $ 215,373 $ 9,314,343
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts Payable $ - $ - $ - $ 98,155
Retainage Payable 20,090 - - -
Accrued Wages and Benefits Payable - - - 535,914
Due to Other Governmental Units - - - 1,259
Due to Constitutional Officers - - - -
Deposits in Escrow - - - -
Total Liabilities 20,090 - - 635,328
Fund Balances:
Nonspendable - - - -
Restricted 464,801 144,183 215,373 -
Committed - - - -
Assigned - - - 8,679,015
Total Fund Balances 464,801 144,183 215,373 8,679,015
Total Liabilities and Fund Balances $ 484,891 $ 144,183 $ 215,373 $ 9,314,343
G-3
REVENUE FUNDS
Unincorp. Unincorp.
Area Service Area Service 911 Duck Key Local
District, Dist. Planning Municipal Enhancement Security Housing
Parks& Rec. Bldg &Zoning Policing Fees District Assistance
$ 164,736 $ 620,641 $ 229,837 $ 48,666 $ 36,297 $ 261,998
2,096,353 6,028,824 2,347,564 - 370,746 2,736,687
244 18,495 - - - 45,000
110,540 397,986 - 45,289 - -
53,165 11,197 742,932 - 548 -
- - - - - 9,982,533
- - - - - (9,982,533)
3,325 - - - - -
8,703 25,751 9,499 - 1,500 11,095
$ 2,437,066 $ 7,102,894 $ 3,329,832 $ 93,955 $ 409,091 $ 3,054,780
$ 83,944 $ 54,726 $ - $ - $ 8,867 $ -
88,483 407,160 - - - 6,637
- 719 - - - 67
- - - 45,534 - -
5,713 273,109 - - - -
178,140 735,714 - 45,534 8,867 6,704
3,325 - - - - -
2,255,601 6,367,180 3,329,832 48,421 400,224 3,048,076
2,258,926 6,367,180 3,329,832 48,421 400,224 3,048,076
$ 2,437,066 $ 7,102,894 $ 3,329,832 $ 93,955 $ 409,091 $ 3,054,780
(Continued)
G-4
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING BALANCE SHEET(CONTINUED)
NONMAJOR GOVERNMENTAL FUNDS
SEPTEMBER 30,2024
SPECIAL
Affordable Miscellaneous
Housing Boating Special Environmental
Initiatives Improvement Revenue Restoration
ASSETS
Cash and Cash Equivalents $ 24,821 $ 365,372 $ 413,320 $ 774,233
Investments 253,528 3,759,884 4,180,922 7,932,364
Accounts Receivable, Net - - 55,151 172
Due from Other Governmental Units - - 24,916 -
Due from Constitutional Officers - 47,489 54,541 -
Mortgages/Notes Receivable - - - -
Allowance for Mortgages/Notes Receivable - - - -
Prepaid Items - - - -
Interest Receivable 1,026 15,229 16,917 32,210
Total Assets $ 279,375 $ 4,187,974 $ 4,745,767 $ 8,738,979
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts Payable $ - $ 3,322 $ 102,046 $ 2,020
Retainage Payable - - - -
Accrued Wages and Benefits Payable - 5,983 - 5,313
Due to Other Governmental Units - - - 118
Due to Constitutional Officers - - 26,333 -
Deposits in Escrow - - - -
Total Liabilities - 9,305 128,379 7,451
Fund Balances:
Nonspendable - - - -
Restricted 279,375 4,178,669 4,617,388 -
Committed - - - 8,731,528
Assigned - - - -
Total Fund Balances 279,375 4,178,669 4,617,388 8,731,528
Total Liabilities and Fund Balances $ 279,375 $ 4,187,974 $ 4,745,767 $ 8,738,979
G-5
REVENUE FUNDS
Law Court Drug Canal Total Nonmajor
Enforcement Facility Abuse Special Building Special Rev
Trust Fees Trust Assessments Fund Funds
$ 3,892,805 $ 500,720 $ 7,338 $ 16,017 $ 393,653 $ 17,723,574
771,359 5,164,431 74,947 163,594 3,658,741 141,113,628
- - - - 320 854,766
- - - - - 1,246,904
18 47,073 4,456 1,596 - 5,394,459
- - - - - 9,982,533
- - - - - (9,982,533)
- - - - 510 3,835
3,121 20,911 303 662 15,423 580,247
$ 4,667,303 $ 5,733,135 $ 87,044 $ 181,869 $ 4,068,647 $ 166,917,413
$ - $ 135 $ - $ 3,683 $ 14,886 $ 2,701,527
- - - - - 149,558
- 11,371 - - 242,520 1,526,121
- - - - 29,644 511,974
- - - - - 71,867
- - - - 8,110 286,932
- 11,506 - 3,683 295,160 5,247,979
- - - - 510 3,835
4,667,303 5,721,629 87,044 - 3,772,977 143,405,408
- - - 178,186 - 9,581,176
- - - - - 8,679,015
4,667,303 5,721,629 87,044 178,186 3,773,487 161,669,434
$ 4,667,303 $ 5,733,135 $ 87,044 $ 181,869 $ 4,068,647 $ 166,917,413
(Continued)
G-6
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING BALANCE SHEET(CONTINUED)
NONMAJOR GOVERNMENTAL FUNDS
SEPTEMBER 30,2024
CAPITAL PROJECT FUNDS
Total
Clerk's Land Nonmajor
Revenue Acquisition Governmental
Note Fund Funds
ASSETS
Cash and Cash Equivalents $ - $ 24,654 $ 17,748,228
Investments - 251,814 141,365,442
Accounts Receivable, Net - - 854,766
Due from Other Governmental Units - 1,300 1,248,204
Due from Constitutional Officers - - 5,394,459
Mortgages/Notes Receivable - - 9,982,533
Allowance for Mortgages/Notes Receivable - - (9,982,533)
Prepaid Items - - 3,835
Interest Receivable - 1,019 581,266
Total Assets $ - $ 278,787 $ 167,196,200
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts Payable $ - $ 325 $ 2,701,852
Retainage Payable - - 149,558
Accrued Wages and Benefits Payable - - 1,526,121
Due to Other Governmental Units - - 511,974
Due to Constitutional Officers - - 71,867
Deposits in Escrow - - 286,932
Total Liabilities - 325 5,248,304
Fund Balances:
Nonspendable - - 3,835
Restricted - 278,462 143,683,870
Committed - - 9,581,176
Assigned - - 8,679,015
Total Fund Balances - 278,462 161,947,896
Total Liabilities and Fund Balances $ - $ 278,787 $ 167,196,200
G-7
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MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
FOR THE YEAR ENDED SEPTEMBER 30,2024
SPECIAL
Tourist
Affordable Middle Keys Development
Housing Roads and Health Care All Districts
Programs Bridges MSTU Two Cent
Revenues:
Taxes $ - $ 3,310,276 $ 2,899,762 $ 10,003,105
Licenses and Permits - - - -
Intergovernmental - 4,103,202 - -
Charges for Services - 4,681 - -
Fines and Forfeitures - - - -
Investment Income 20,694 371,296 6,873 1,131,263
Miscellaneous - 21,406 - -
Total Revenues 20,694 7,810,861 2,906,635 11,134,368
Expenditures:
Current:
General Government - - 130,103 -
Public Safety - - - -
Physical Environment - - - -
Transportation - 7,210,783 - -
Economic Environment - - - 9,420,013
Human Services - - 2,626,948 -
Culture and Recreation - - - -
Court Related - - - -
Capital Outlay - - - -
Debt Service:
Principal - 9,260 - -
Interest - 740 - -
Total Expenditures - 7,220,783 2,757,051 9,420,013
Excess/Deficiency of Revenues
Over(Under)Expenditures 20,694 590,078 149,584 1,714,355
Other Financing Sources(Uses):
Transfers from Other Funds - - - -
Transfers to Other Funds - (408,919) - (72,713)
Lease &SBITA Financing - - - -
Transfers from Constitutional Officers - - 53,744 115,606
Total Other Financing Sources(Uses) - (408,919) 53,744 42,893
Net Change in Fund Balances 20,694 181,159 203,328 1,757,248
Fund Balances-October 1 425,939 7,370,281 222,625 22,259,044
Fund Balances-September 30 $ 446,633 $ 7,551,440 $ 425,953 $ 24,016,292
G-8
REVENUE FUNDS
Tourist Tourist Tourist Tourist Tourist
Development Development Development Development Development Impact Fees,
District One District Two District Three District Four District Five Roadways
$ 14,471,184 $ 2,615,660 $ 5,626,859 $ 3,057,606 $ 4,960,195 $ -
- - - - - 97,961
1,421,191 207,654 576,518 357,898 459,870 41,442
15,892,375 2,823,314 6,203,377 3,415,504 5,420,065 139,403
8,931,002 1,309,008 2,401,986 1,819,282 3,198,823 -
8,931,002 1,309,008 2,401,986 1,819,282 3,198,823 -
6,961,373 1,514,306 3,801,391 1,596,222 2,221,242 139,403
107,127 - - - - -
(54,392) (14,975) (13,595) (13,002) (26,318) -
166,175 28,604 55,028 30,223 50,272 -
218,910 13,629 41,433 17,221 23,954 -
7,180,283 1,527,935 3,842,824 1,613,443 2,245,196 139,403
25,799,215 3,649,064 10,288,602 6,662,934 8,295,487 794,090
$ 32,979,498 $ 5,176,999 $ 14,131,426 $ 8,276,377 $ 10,540,683 $ 933,493
(Continued)
G-9
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES (CONTINUED)
NONMAJOR GOVERNMENTAL FUNDS
FOR THE YEAR ENDED SEPTEMBER 30,2024
SPECIAL
Fire&Amb
Impact Fees, District#1,
Parks, and Impact Fees, Impact Fees, Lower and
Recreation Solid Waste Fire and EMS Middle Keys
Revenues:
Taxes $ - $ - $ - $ 15,244,498
Licenses and Permits 22,100 - 10,765 -
Intergovernmental - - - 140,574
Charges for Services - - - 1,234,380
Fines and Forfeitures - - - -
Investment Income 34,398 6,568 9,810 789,715
Miscellaneous - - - 339,080
Total Revenues 56,498 6,568 20,575 17,748,247
Expenditures:
Current:
General Government - - - 682,941
Public Safety - - - 14,815,118
Physical Environment - - - -
Transportation - - - -
Economic Environment - - - -
Human Services - - - -
Culture and Recreation 469,143 - - -
Court Related - - - -
Capital Outlay - - - -
Debt Service:
Principal - - - 20,670
Interest - - - -
Total Expenditures 469,143 - - 15,518,729
Excess/Deficiency of Revenues
Over(Under)Expenditures (412,645) 6,568 20,575 2,229,518
Other Financing Sources(Uses):
Transfers from Other Funds - - - -
Transfers to Other Funds - - - (1,173,110)
Lease &SBITA Financing - - - 41,627
Transfers from Constitutional Officers - - - 282,165
Total Other Financing Sources(Uses) - - - (849,318)
Net Change in Fund Balances (412,645) 6,568 20,575 1,380,200
Fund Balances-October 1 877,446 137,615 194,798 7,298,815
Fund Balances-September 30 $ 464,801 $ 144,183 $ 215,373 $ 8,679,015
G-10
REVENUE FUNDS
Unincorp. Unincorp.
Area Service Area Service 911 Duck Key Local
District, Dist. Planning Municipal Enhancement Security Housing
Parks& Rec. Bldg &Zoning Policing Fees District Assistance
$ 3,441,096 $ 543,072 $ 6,079,508 $ - $ - $ -
- 190 - - 120,608 -
1,624,630 5,175,735 - - - -
125,090 3,820,455 5,478,011 931,694 - -
- 1,352,058 - - - -
177,378 332,414 181,773 4,346 20,472 149,708
347 1,004 - - - 629,596
5,368,541 11,224,928 11,739,292 936,040 141,080 779,304
- 4,532,242 273,275 - 1,000 -
- 4,514,100 11,387,618 889,854 108,628 -
- 1,113,683 - - - -
- - - - - 1,240,201
4,579,202 - - - - -
12,598 12,080 - - - -
- 773 - - - -
4,591,800 10,172,878 11,660,893 889,854 109,628 1,240,201
776,741 1,052,050 78,399 46,186 31,452 (460,897)
(331,776) (99,854) (14,338) - - -
38,320 4,971 - - - -
52,750 11,197 742,200 - 523 -
(240,706) (83,686) 727,862 - 523 -
536,035 968,364 806,261 46,186 31,975 (460,897)
1,722,891 5,398,816 2,523,571 2,235 368,249 3,508,973
$ 2,258,926 $ 6,367,180 $ 3,329,832 $ 48,421 $ 400,224 $ 3,048,076
(Continued)
G-11
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES (CONTINUED)
NONMAJOR GOVERNMENTAL FUNDS
FOR THE YEAR ENDED SEPTEMBER 30,2024
SPECIAL
Affordable Miscellaneous
Housing Boating Special Environmental
Initiatives Improvement Revenue Restoration
Revenues:
Taxes $ - $ - $ - $ -
Licenses and Permits 214,136 - 36,827 -
Intergovernmental - 98,000 - -
Charges for Services - 798,245 1,041,078 -
Fines and Forfeitures - - 309,958 1,019,223
Investment Income 6,270 182,062 227,278 409,736
Miscellaneous - - 759,150 -
Total Revenues 220,406 1,078,307 2,374,291 1,428,959
Expenditures:
Current:
General Government - - - -
Public Safety - - 341,880 -
Physical Environment - 411,321 77,733 606,059
Transportation - - - -
Economic Environment - - 198,301 -
Human Services - - 144,194 -
Culture and Recreation - - 185,866 4,668
Court Related - - 277,286 -
Capital Outlay - - - -
Debt Service:
Principal - - 1,294 -
Interest - - 84 -
Total Expenditures - 411,321 1,226,638 610,727
Excess/Deficiency of Revenues
Over(Under)Expenditures 220,406 666,986 1,147,653 818,232
Other Financing Sources(Uses):
Transfers from Other Funds - - - -
Transfers to Other Funds - - (1,112,206) (24,930)
Lease &SBITA Financing - - - -
Transfers from Constitutional Officers - - - -
Total Other Financing Sources(Uses) - - (1,112,206) (24,930)
Net Change in Fund Balances 220,406 666,986 35,447 793,302
Fund Balances-October 1 58,969 3,511,683 4,581,941 7,938,226
Fund Balances-September 30 $ 279,375 $ 4,178,669 $ 4,617,388 $ 8,731,528
G-12
REVENUE FUNDS
Law Court Drug Canal Total Nonmajor
Enforcement Facility Abuse Special Building Special Rev
Trust Fees Trust Assessments Fund Funds
$ - $ - $ - $ - $ - $ 72,252,821
- - - 126,448 6,594,552 7,223,587
- - - - - 11,142,141
- 639,830 47,147 - 138,150 14,258,761
- - - - - 2,681,239
250,084 258,737 3,226 8,216 216,095 7,862,985
72,241 - - - 22,924 1,845,748
322,325 898,567 50,373 134,664 6,971,721 117,267,282
- - - - - 5,619,561
95,825 - - - 6,180,034 38,333,057
- - - 25,857 - 21234,653
- - - - - 7,210,783
- - - - - 28,518,616
- - - - - 2,771,142
- - - - - 5,238,879
- 356,729 - - - 634,015
- - - - 642 56,544
- - - - 36 1,633
95,825 356,729 - 25,857 6,180,712 90,618,883
226,500 541,838 50,373 108,807 791,009 26,648,399
- - - - - 107,127
- - - - (538,659) (3,898,787)
- - - - - 84,918
6 - - 1,570 - 1,590,063
6 - - 1,570 (538,659) (2,116,679)
226,506 541,838 50,373 110,377 252,350 24,531,720
4,440,797 5,179,791 36,671 67,809 3,521,137 137,137,714
$ 4,667,303 $ 5,721,629 $ 87,044 $ 178,186 $ 3,773,487 $ 161,669,434
(Continued)
G-13
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES (CONTINUED)
NONMAJOR GOVERNMENTAL FUNDS
FOR THE YEAR ENDED SEPTEMBER 30,2024
CAPITAL PROJECT FUNDS
Total
Clerk's Land Nonmajor
Revenue Acquisition Governmental
Note Fund Funds
Revenues:
Taxes $ - $ - $ 72,252,821
Licenses and Permits - - 7,223,587
Intergovernmental - 33,650 11,175,791
Charges for Services - - 14,258,761
Fines and Forfeitures - - 2,681,239
Investment Income - 35,780 7,898,765
Miscellaneous - - 1,845,748
Total Revenues - 69,430 117,336,712
Expenditures:
Current:
General Government - - 5,619,561
Public Safety - - 38,333,057
Physical Environment - - 2,234,653
Transportation - - 7,210,783
Economic Environment - - 28,518,616
Human Services - - 2,771,142
Culture and Recreation - - 5,238,879
Court Related - - 634,015
Capital Outlay - 1,874,579 1,874,579
Debt Service:
Principal - - 56,544
Interest - - 1,633
Total Expenditures - 1,874,579 92,493,462
Excess/Deficiency of Revenues
Over(Under)Expenditures - (1,805,149) 24,843,250
Other Financing Sources(Uses):
Transfers from Other Funds - 1,112,206 1,219,333
Transfers to Other Funds (113,414) - (4,012,201)
Lease &SBITA Financing - - 84,918
Transfers from Constitutional Officers - - 1,590,063
Total Other Financing Sources(Uses) (113,414) 1,112,206 (1,117,887)
Net Change in Fund Balances (113,414) (692,943) 23,725,363
Fund Balances-October 1 113,414 971,405 138,222,533
Fund Balances-September 30 $ - $ 278,462 $ 161,947,896
G-14
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MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
AFFORDABLE HOUSING PROGRAMS SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2024
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Investment Income $ 3,000 $ 3,000 $ 20,694 $ 17,694
Total Revenues 3,000 3,000 20,694 17,694
EXPENDITURES:
Current:
Economic Environment:
Affordable Housing Initiatives 290,000 290,000 - 290,000
Total Expenditures 290,000 290,000 - 290,000
Excess/Deficiency of Revenues
Over (Under) Expenditures (287,000) (287,000) 20,694 307,694
Other Financing Sources (Uses):
Reserve for Contingencies (12,850) (12,850) - 12,850
Reserve for Cash Balance (15,000) (15,000) - 15,000
Total Other Financing Sources (Uses) (27,850) (27,850) - 27,850
Net Change in Fund Balances (314,850) (314,850) 20,694 335,544
Fund Balances-October 1 314,850 314,850 425,939 111,089
Fund Balances-September 30 $ - $ - $ 446,633 $ 446,633
G-15
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
ROAD AND BRIDGE SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2024
Original Final Variance with
Budget Budget Actual Final Budget
Revenues:
Taxes $ 2,975,000 $ 2,975,000 $ 3,310,276 $ 335,276
Intergovernmental 3,765,000 3,765,000 4,103,202 338,202
Charges for Services 3,700 3,700 4,681 981
Investment Income 150,000 150,000 371,296 221,296
Miscellaneous - - 21,406 21,406
Total Revenues 6,893,700 6,893,700 7,810,861 917,161
Expenditures:
Current:
Transportation:
Road Department 6,278,303 6,278,303 5,313,054 965,249
County Engineer Road and Bridge 1,117,091 1,117,090 1,017,657 99,433
Street Lighting 212,041 212,041 159,348 52,693
Local Option Gas Tax Projects 612,583 612,584 543,317 69,267
80% Gas Tax 650,000 650,000 150,986 499,014
Roadway Projects - - 11,747 (11,747)
Sustainability Roads 100,000 100,000 14,674 85,326
Total Transportation 8,970,018 8,970,018 7,210,783 1,759,235
Debt Service:
Principal - - 9,260 (9,260)
Interest - - 740 (740)
Total Debt Service - - 10,000 (10,000)
Total Expenditures 8,970,018 8,970,018 7,220,783 1,749,235
Excess/Deficiency of Revenues
Over(Under) Expenditures (2,076,318) (2,076,318) 590,078 2,666,396
Other Financing Sources (Uses):
Reserve for Contingencies (448,239) (448,239) - 448,239
Reserve for Cash Balance (1,787,718) (1,787,718) - 1,787,718
Transfers to Other Funds (408,919) (408,919) (408,919) -
Total Other Financing Sources (Uses) (2,644,876) (2,644,876) (408,919) 2,235,957
Net Change in Fund Balances (4,721,194) (4,721,194) 181,159 4,902,353
Fund Balances-October 1 4,721,194 4,721,194 7,370,281 2,649,087
Fund Balances-September 30 $ - $ - $ 7,551,440 $ 7,551,440
G-16
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
MIDDLE KEYS HEALTHCARE MUNICIPAL SERVICE TAXING UNIT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2024
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Taxes $ 2,955,186 $ 2,955,186 $ 2,899,762 $ (55,424)
Investment Income 800 800 6,873 6,073
Total Revenues 2,955,986 2,955,986 2,906,635 (49,351)
EXPENDITURES:
Current:
General Government:
Property Appraiser 48,613 48,613 45,458 3,155
Tax Collector 88,626 88,626 84,645 3,981
Total General Government 137,239 137,239 130,103 7,136
Human Services:
Middle Keys Health Care 2,626,948 2,626,948 2,626,948 -
Total Expenditures 2,764,187 2,764,187 2,757,051 7,136
Excess/Deficiency of Revenues
Over (Under) Expenditures 191,799 191,799 149,584 (42,215)
Other Financing Sources (Uses):
Reserve for Contingencies (75,000) (75,000) - 75,000
Transfers from Constitutional Officers 31,000 31,000 53,744 22,744
Total Other Financing Sources (Uses) (44,000) (44,000) 53,744 97,744
Net Change in Fund Balances 147,799 147,799 203,328 55,529
Fund Balances-October 1 (147,799) (147,799) 222,625 370,424
Fund Balances-September 30 $ - $ - $ 425,953 $ 425,953
G-17
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
TOURIST DEVELOPMENT,ALL DISTRICTS, TWO CENT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2024
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Taxes $ 10,090,500 $ 10,090,500 $ 10,003,105 $ (87,395)
Investment Income - - 1,131,263 1,131,263
Total Revenues 10,090,500 10,090,500 11,134,368 1,043,868
EXPENDITURES:
Current:
Economic Environment:
Cultural Umbrella 1,687,797 1,687,797 1,327,255 360,542
Fishing Umbrella 1,568,999 1,644,999 1,365,134 279,865
Dive Umbrella 1,500,000 1,500,000 1,461,286 38,714
Operations- Events 9,000,474 8,799,059 2,642,654 6,156,405
Catastrophic Emergency 1,081,783 1,081,783 - 1,081,783
Special Projects 6,168,162 6,293,577 2,623,684 3,669,893
Total Expenditures 21,007,215 21,007,215 9,420,013 11,587,202
Excess/Deficiency of Revenues
Over (Under) Expenditures (10,916,715) (10,916,715) 1,714,355 12,631,070
Other Financing Sources (Uses):
Transfers to Other Funds (72,713) (72,713) (72,713) -
Transfers from Constitutional Officers - - 115,606 115,606
Total Other Financing Sources (Uses) (72,713) (72,713) 42,893 115,606
Net Change in Fund Balances (10,989,428) (10,989,428) 1,757,248 12,746,676
Fund Balances-October 1 10,989,428 10,989,428 22,259,044 11,269,616
Fund Balances-September 30 $ - $ - $ 24,016,292 $ 24,016,292
G-18
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
TOURIST DEVELOPMENT, DISTRICT ONE SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2024
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Taxes $ 14,845,900 $ 14,845,900 $ 14,471,184 $ (374,716)
Investment Income - - 1,421,191 1,421,191
Total Revenues 14,845,900 14,845,900 15,892,375 1,046,475
EXPENDITURES:
Current:
Economic Environment:
Advertising and Promotion 4,593,116 4,593,116 4,093,100 500,016
Administrative Services 866,358 866,358 110,854 755,504
Special Events 1,193,699 1,193,699 122,316 1,071,383
Bricks and Mortar 12,083,659 12,083,659 4,254,188 7,829,471
Information Services 350,450 350,450 350,449 1
Beaches 314,047 314,047 95 313,952
Total Expenditures 19,401,329 19,401,329 8,931,002 10,470,327
Excess/Deficiency of Revenues
Over (Under) Expenditures (4,555,429) (4,555,429) 6,961,373 11,516,802
Other Financing Sources (Uses):
Transfers from Other Funds - - 107,127 107,127
Transfers to Other Funds (11,649,225) (11,649,225) (54,392) 11,594,833
Transfers from Constitutional Officers - - 166,175 166,175
Total Other Financing Sources (Uses) (11,649,225) (11,649,225) 218,910 11,868,135
Net Change in Fund Balances (16,204,654) (16,204,654) 7,180,283 23,384,937
Fund Balances-October 1 16,204,654 16,204,654 25,799,215 9,594,561
Fund Balances-September 30 $ - $ - $ 32,979,498 $ 32,979,498
G-19
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
TOURIST DEVELOPMENT, DISTRICT TWO SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2024
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Taxes $ 2,464,500 $ 2,464,500 $ 2,615,660 $ 151,160
Investment Income - - 207,654 207,654
Total Revenues 2,464,500 2,464,500 2,823,314 358,814
EXPENDITURES:
Current:
Economic Environment:
Advertising and Promotion 760,468 760,468 660,148 100,320
Administrative Services 109,657 109,657 20,587 89,070
Special Events 2,600 2,600 2,600 -
Bricks and Mortar 1,538,314 1,538,314 525,125 1,013,189
Information Services 100,548 100,548 100,548 -
Total Expenditures 2,511,587 2,511,587 1,309,008 1,202,579
Excess/Deficiency of Revenues
Over (Under) Expenditures (47,087) (47,087) 1,514,306 1,561,393
Other Financing Sources (Uses):
Transfers to Other Funds (1,642,800) (1,642,800) (14,975) 1,627,825
Transfers from Constitutional Officers - - 28,604 28,604
Total Other Financing Sources (Uses) (1,642,800) (1,642,800) 13,629 1,656,429
Net Change in Fund Balances (1,689,887) (1,689,887) 1,527,935 3,217,822
Fund Balances-October 1 1,689,887 1,689,887 3,649,064 1,959,177
Fund Balances-September 30 $ - $ - $ 5,176,999 $ 5,176,999
G-20
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
TOURIST DEVELOPMENT, DISTRICT THREE SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2024
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Taxes $ 5,558,300 $ 5,558,300 $ 5,626,859 $ 68,559
Investment Income - - 576,518 576,518
Total Revenues 5,558,300 5,558,300 6,203,377 645,077
EXPENDITURES:
Current:
Economic Environment:
Advertising and Promotion 1,642,231 1,642,231 1,275,496 366,735
Administrative Services 352,224 352,224 45,122 307,102
Bricks and Mortar 4,253,706 4,253,706 904,968 3,348,738
Information Services 176,400 176,400 176,400 -
Total Expenditures 6,424,561 6,424,561 2,401,986 4,022,575
Excess/Deficiency of Revenues
Over (Under) Expenditures (866,261) (866,261) 3,801,391 4,667,652
Other Financing Sources (Uses):
Transfers to Other Funds (5,769,399) (5,769,399) (13,595) 5,755,804
Transfers from Constitutional Officers - - 55,028 55,028
Total Other Financing Sources (Uses) (5,769,399) (5,769,399) 41,433 5,810,832
Net Change in Fund Balances (6,635,660) (6,635,660) 3,842,824 10,478,484
Fund Balances-October 1 6,635,660 6,635,660 10,288,602 3,652,942
Fund Balances-September30 $ - $ - $ 14,131,426 $ 14,131,426
G-21
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
TOURIST DEVELOPMENT, DISTRICT FOUR SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2024
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Taxes $ 3,310,800 $ 3,310,800 $ 3,057,606 $ (253,194)
Investment Income - - 357,898 357,898
Total Revenues 3,310,800 3,310,800 3,415,504 104,704
EXPENDITURES:
Current:
Economic Environment:
Advertising and Promotion 785,615 785,615 698,185 87,430
Administrative Services 196,723 196,723 28,377 168,346
Special Events 50,000 50,000 - 50,000
Bricks and Mortar 2,783,727 2,783,727 927,345 1,856,382
Information Services 165,375 165,375 165,375 -
Total Expenditures 3,981,440 3,981,440 1,819,282 2,162,158
Excess/Deficiency of Revenues
Over (Under) Expenditures (670,640) (670,640) 1,596,222 2,266,862
Other Financing Sources (Uses):
Transfers to Other Funds (3,009,379) (3,009,379) (13,002) 2,996,377
Transfers from Constitutional Officers - - 30,223 30,223
Total Other Financing Sources (Uses) (3,009,379) (3,009,379) 17,221 3,026,600
Net Change in Fund Balances (3,680,019) (3,680,019) 1,613,443 5,293,462
Fund Balances-October 1 3,680,019 3,680,019 6,662,934 2,982,915
Fund Balances-September 30 $ - $ - $ 8,276,377 $ 8,276,377
G-22
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
TOURIST DEVELOPMENT, DISTRICT FIVE SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2024
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Taxes $ 4,820,500 $ 4,820,500 $ 4,960,195 $ 139,695
Investment Income - - 459,870 459,870
Total Revenues 4,820,500 4,820,500 5,420,065 599,565
EXPENDITURES:
Current:
Economic Environment:
Advertising and Promotion 1,496,906 1,496,906 1,188,396 308,510
Administrative Services 247,142 247,142 38,312 208,830
Bricks and Mortar 4,422,392 4,422,392 1,815,560 2,606,832
Information Services 156,555 156,555 156,555 -
Total Expenditures 6,322,995 6,322,995 3,198,823 3,124,172
Excess/Deficiency of Revenues
Over (Under) Expenditures (1,502,495) (1,502,495) 2,221,242 3,723,737
Other Financing Sources (Uses):
Transfers to Other Funds (3,051,479) (3,051,479) (26,318) 3,025,161
Transfers from Constitutional Officers - - 50,272 50,272
Total Other Financing Sources (Uses) (3,051,479) (3,051,479) 23,954 3,075,433
Net Change in Fund Balances (4,553,974) (4,553,974) 2,245,196 6,799,170
Fund Balances-October 1 4,553,974 4,553,974 8,295,487 3,741,513
Fund Balances-September 30 $ - $ - $ 10,540,683 $ 10,540,683
G-23
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
IMPACT FEES - ROADWAYS SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2024
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Licenses and Permits $ 42,500 $ 42,500 $ 97,961 $ 55,461
Investment Income 10,500 10,500 41,442 30,942
Total Revenues 53,000 53,000 139,403 86,403
EXPENDITURES:
Current:
Transportation:
Roadway Projects 676,164 676,164 - 676,164
Key Colony Beach Road Project 44,028 44,028 - 44,028
Total Expenditures 720,192 720,192 - 720,192
Excess/Deficiency of Revenues
Over (Under) Expenditures (667,192) (667,192) 139,403 806,595
Net Change in Fund Balances (667,192) (667,192) 139,403 806,595
Fund Balances-October 1 667,192 667,192 794,090 126,898
Fund Balances-September 30 $ - $ - $ 933,493 $ 933,493
G-24
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
IMPACT FEES - PARKS AND RECREATION SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2024
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Licenses and Permits $ 21,000 $ 21,000 $ 22,100 $ 1,100
Investment Income - - 34,398 34,398
Total Revenues 21,000 21,000 56,498 35,498
EXPENDITURES:
Current:
Culture and Recreation:
District 1 Projects 302,124 302,124 - 302,124
District 2 Projects 305,763 305,763 220,702 85,061
District 3 Projects 74,621 - - -
Key Largo Pickleball 177,851 252,472 248,441 4,031
Total Expenditures 860,359 860,359 469,143 391,216
Excess/Deficiency of Revenues
Over (Under) Expenditures (839,359) (839,359) (412,645) 426,714
Net Change in Fund Balances (839,359) (839,359) (412,645) 426,714
Fund Balances-October 1 839,359 839,359 877,446 38,087
Fund Balances-September 30 $ - $ - $ 464,801 $ 464,801
G-25
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
IMPACT FEES -SOLID WASTE SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2024
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Investment Income $ 300 $ 300 $ 6,568 $ 6,268
Total Revenues 300 300 6,568 6,268
EXPENDITURES:
Current:
Physical Environment:
County-wide Solid Waste Projects 135,285 135,285 - 135,285
Total Expenditures 135,285 135,285 - 135,285
Excess/Deficiency of Revenues
Over (Under) Expenditures (134,985) (134,985) 6,568 141,553
Net Change in Fund Balances (134,985) (134,985) 6,568 141,553
Fund Balances-October 1 134,985 134,985 137,615 2,630
Fund Balances-September 30 $ - $ - $ 144,183 $ 144,183
G-26
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
IMPACT FEES - FIRE AND EMS SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2024
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Licenses and Permits $ 13,700 $ 13,700 $ 10,765 $ (2,935)
Investment Income 131 131 9,810 9,679
Total Revenues 13,831 13,831 20,575 6,744
EXPENDITURES:
Current:
Public Safety:
District 1 Fire & EMS Project 83,227 83,227 - 83,227
District 2 Fire & EMS Project 6,695 6,695 - 6,695
District 3 Fire & EMS Project 100,711 100,711 - 100,711
Key Colony Beach Fire & EMS 1,106 1,106 - 1,106
Total Expenditures 191,739 191,739 - 191,739
Excess/Deficiency of Revenues
Over (Under) Expenditures (177,908) (177,908) 20,575 198,483
Net Change in Fund Balances (177,908) (177,908) 20,575 198,483
Fund Balances-October 1 177,908 177,908 194,798 16,890
Fund Balances-September 30 $ - $ - $ 215,373 $ 215,373
G-27
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
FIRE AND AMBULANCE, DISTRICT#1 - LOWER AND MIDDLE KEYS SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2024
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Taxes $ 15,697,012 $ 15,697,012 $ 15,244,498 $ (452,514)
Intergovernmental 35,000 35,000 140,574 105,574
Charges for Services 850,000 850,000 1,234,380 384,380
Investment Income 83,000 83,000 789,715 706,715
Miscellaneous - 216,820 339,080 122,260
Total Revenues 16,665,012 16,881,832 17,748,247 866,415
EXPENDITURES:
Current:
General Government:
Tax Collector 470,685 470,685 444,481 26,204
Property Appraiser 279,599 279,599 238,460 41,139
Total General Government 750,284 750,284 682,941 67,343
Public Safety:
Fire Rescue- Central 14,931,629 15,148,449 14,815,118 333,331
Total Public Safety 14,931,629 15,148,449 14,815,118 333,331
Debt Service:
Principal - - 20,670 (20,670)
Total Debt Service - - 20,670 (20,670)
Total Expenditures 15,681,913 15,898,733 15,518,729 380,004
Excess/Deficiency of Revenues
Over (Under) Expenditures 983,099 983,099 2,229,518 1,246,419
Other Financing Sources (Uses):
Reserve for Contingencies (400,143) (400,143) - 400,143
Reserve for Cash Balance (877,525) (877,525) - 877,525
Lease Financing - - 41,627 41,627
Transfers to Other Funds (1,173,110) (1,173,110) (1,173,110) -
Transfers from Constitutional Officers 180,000 180,000 282,165 102,165
Total Other Financing Sources (Uses) (2,270,778) (2,270,778) (849,318) 1,421,460
Net Change in Fund Balances (1,287,679) (1,287,679) 1,380,200 2,667,879
Fund Balances-October 1 1,287,679 1,287,679 7,298,815 6,011,136
Fund Balances-September 30 $ - $ - $ 8,679,015 $ 8,679,015
G-28
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
UNINCORPORATED AREA SERVICE DISTRICT-
PARKS AND RECREATION SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2024
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Taxes $ 3,548,891 $ 3,548,891 $ 3,441,096 $ (107,795)
Intergovernmental 1,655,533 1,658,339 1,624,630 (33,709)
Charges for Services 75,000 75,000 125,090 50,090
Investment Income 17,500 17,500 177,378 159,878
Miscellaneous 25,000 25,000 347 (24,653)
Total Revenues 5,321,924 5,324,730 5,368,541 43,811
EXPENDITURES:
Current:
General Government:
Tax Collector 106,437 106,437 100,791 5,646
Culture and Recreation:
Parks and Beaches Unincorporated 4,263,725 4,266,531 3,809,784 456,747
Jacob's Aquatic Center 500,000 500,000 349,440 150,560
Recreation 509,313 509,313 287,187 222,126
School Board Interlocal 32,000 32,000 32,000 -
Total Culture and Recreation 5,305,038 5,307,844 4,478,411 829,433
Debt Service:
Principal - - 12,598 (12,598)
Total Debt Service - - 12,598 (12,598)
Total Expenditures 5,411,475 5,414,281 4,591,800 822,481
Excess/Deficiency of Revenues
Over (Under) Expenditures (89,551) (89,551) 776,741 866,292
Other Financing Sources (Uses):
Reserve for Contingencies (109,931) (109,931) - 109,931
Reserve for Cash Balance (132,770) (132,770) - 132,770
Lease Liabilities Issued - - 38,320 38,320
Transfers to Other Funds (331,776) (331,776) (331,776) -
Transfers from Constitutional Officers - - 52,750 52,750
Total Other Financing Sources (Uses) (574,477) (574,477) (240,706) 333,771
Net Change in Fund Balances (664,028) (664,028) 536,035 1,200,063
Fund Balances-October 1 664,028 664,028 1,722,891 1,058,863
Fund Balances-September 30 $ - $ - $ 2,258,926 $ 2,258,926
G-29
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MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL
UNINCORPORATED AREA SERVICE DISTRICT-PLANNING,
BUILDING AND ZONING SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2024
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Taxes $ 500,000 $ 500,000 $ 543,072 $ 43,072
Licenses and Permits - - 190 190
Intergovernmental 5,335,494 5,335,494 5,175,735 (159,759)
Charges for Services 3,622,978 3,622,978 3,820,455 197,477
Fines and Forfeitures 1,400,000 1,400,000 1,352,058 (47,942)
Investment Income 50,000 50,000 332,414 282,414
Miscellaneous - - 1,004 1,004
Total Revenues 10,908,472 10,908,472 11,224,928 316,456
Expenditures:
Current:
General Government:
Property Appraiser 53,731 53,892 53,892 -
Affordable Housing 139,040 141,088 141,087 1
Planning Department 3,345,855 3,345,855 3,097,973 247,882
Planning Commission 30,209 88,347 87,041 1,306
Planning Legal 1,126,368 1,159,301 1,132,438 26,863
Planning Building Refunds - - 19,811 (19,811)
Total General Government 4,695,203 4,788,483 4,532,242 256,241
Public Safety:
Code Enforcement 2,620,025 2,620,025 2,055,431 564,594
Fire & Rescue Coordinator 1,773,559 1,773,559 1,631,243 142,316
Fire Marshall 1,092,294 1,092,294 827,426 264,868
Total Public Safety 5,485,878 5,485,878 4,514,100 971,778
Physical Environment:
Environmental Resources 1,408,766 1,408,766 1,113,683 295,083
Total Physical Environment 1,408,766 1,408,766 1,113,683 295,083
(Continued)
G-30
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES -BUDGET AND ACTUAL(CONTINUED)
UNINCORPORATED AREA SERVICE DISTRICT-PLANNING,
BUILDING AND ZONING SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2024
Original Final Variance with
Budget Budget Actual Final Budget
Debt Service:
Principal - - 12,080 (12,080)
Interest - - 773 (773)
Total Debt Service - - 12,853 (12,853)
Total Expenditures 11,589,847 11,683,127 10,172,878 1,510,249
Excess/Deficiency of Revenues
Over(Under) Expenditures (681,375) (774,655) 1,052,050 1,826,705
Other Financing Sources (Uses):
Reserve for Contingencies (237,604) (144,324) - 144,324
Reserve for Cash Balance (458,514) (458,514) - 458,514
Lease Financing - - 4,971 4,971
Transfers to Other Funds - - (99,854) (99,854)
Transfers from Constitutional Officers - - 11,197 11,197
Total Other Financing Sources (Uses) (696,118) (602,838) (83,686) 519,152
Net Change in Fund Balances (1,377,493) (1,377,493) 968,364 2,345,857
Fund Balances-October 1 1,377,493 1,377,493 5,398,816 4,021,323
Fund Balances-September 30 $ - $ - $ 6,367,180 $ 6,367,180
G-31
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
MUNICIPAL POLICING SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2024
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Taxes $ 6,270,825 $ 6,270,825 $ 6,079,508 $ (191,317)
Charges for Services 5,474,291 5,474,291 5,478,011 3,720
Investment Income 40,000 40,000 181,773 141,773
Total Revenues 11,785,116 11,785,116 11,739,292 (45,824)
EXPENDITURES:
Current:
General Government:
Tax Collector 187,975 187,975 178,071 9,904
Property Appraiser 105,776 105,776 95,204 10,572
Total General Government 293,751 293,751 273,275 20,476
Public Safety:
Insurance Unincorporated & Layton 673,009 673,009 625,249 47,760
Insurance Islamorada 308,946 308,946 287,454 21,492
Insurance Marathon 285,903 285,903 265,605 20,298
Sheriff Unincorporated & Layton 5,329,868 5,329,868 5,329,868 -
Sheriff Islamorada 2,616,487 2,616,487 2,616,487 -
Sheriff Marathon 2,262,955 2,262,955 2,262,955 -
Total Public Safety 11,477,168 11,477,168 11,387,618 89,550
Total Expenditures 11,770,919 11,770,919 11,660,893 110,026
Excess/Deficiency of Revenues
Over (Under) Expenditures 14,197 14,197 78,399 64,202
Other Financing Sources (Uses):
Reserve for Contingencies (100,000) (100,000) - 100,000
Reserve for Cash Balance (908,564) (908,564) - 908,564
Transfers to Other Funds (14,338) (14,338) (14,338) -
Transfers from Constitutional Officers 85,000 85,000 742,200 657,200
Total Other Financing Sources (Uses) (937,902) (937,902) 727,862 1,665,764
Net Change in Fund Balances (923,705) (923,705) 806,261 1,729,966
Fund Balances-October 1 923,705 923,705 2,523,571 1,599,866
Fund Balances-September 30 $ - $ - $ 3,329,832 $ 3,329,832
G-32
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
911 ENHANCEMENT FEES SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2024
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Charges for Services $ 565,000 $ 972,267 $ 931,694 $ (40,573)
Investment Income 300 300 4,346 4,046
Miscellaneous - - - -
Total Revenues 565,300 972,567 936,040 (36,527)
EXPENDITURES:
Current:
Public Safety:
911 Enhancement Fund 197,703 197,703 131,858 65,845
911 Wireless 375,195 782,462 757,996 24,466
Total Expenditures 572,898 980,165 889,854 90,311
Excess/Deficiency of Revenues
Over (Under) Expenditures (7,598) (7,598) 46,186 53,784
Net Change in Fund Balances (7,598) (7,598) 46,186 53,784
Fund Balances-October 1 7,598 7,598 2,235 (5,363)
Fund Balances-September 30 $ - $ - $ 48,421 $ 48,421
G-33
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
DUCK KEY SECURITY DISTRICT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2024
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Licenses and Permits $ 118,596 $ 118,596 $ 120,608 $ 2,012
Investment Income 4,500 4,500 20,472 15,972
Total Revenues 123,096 123,096 141,080 17,984
EXPENDITURES:
Current:
General Government:
Tax Collector 1,100 1,100 1,000 100
Public Safety:
Island Security 115,000 115,000 108,628 6,372
Total Expenditures 116,100 116,100 109,628 6,472
Excess/Deficiency of Revenues
Over (Under) Expenditures 6,996 6,996 31,452 24,456
Other Financing Sources (Uses):
Reserve for Contingencies (15,000) (15,000) - 15,000
Reserve for Cash Balance (30,000) (30,000) - 30,000
Transfers from Constitutional Officers - - 523 523
Total Other Financing Sources (Uses) (45,000) (45,000) 523 45,523
Net Change in Fund Balances (38,004) (38,004) 31,975 69,979
Fund Balances-October 1 38,004 38,004 368,249 330,245
Fund Balances-September 30 $ - $ - $ 400,224 $ 400,224
G-34
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
LOCAL HOUSING ASSISTANCE
FOR THE YEAR ENDED SEPTEMBER 30, 2024
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Intergovernmental $ 475,000 $ 475,000 $ - $ (475,000)
Investment Income 10,000 10,000 149,708 139,708
Miscellaneous 180,000 180,000 629,596 449,596
Total Revenues 665,000 665,000 779,304 114,304
EXPENDITURES:
Current:
Economic Environment:
Homeowner Assistance 2,303,591 2,303,591 1,240,201 1,063,390
Total Expenditures 2,303,591 2,303,591 1,240,201 1,063,390
Excess/Deficiency of Revenues
Over (Under) Expenditures (1,638,591) (1,638,591) (460,897) 1,177,694
Other Financing Sources (Uses):
Reserve for Contingencies (15,000) (15,000) - 15,000
Reserve for Cash Balance (15,000) (15,000) - 15,000
Total Other Financing Sources (Uses) (30,000) (30,000) - 30,000
Net Change in Fund Balances (1,668,591) (1,668,591) (460,897) 1,207,694
Fund Balances-October 1 1,668,591 1,668,591 3,508,973 1,840,382
Fund Balances-September 30 $ - $ - $ 3,048,076 $ 3,048,076
G-35
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
AFFORDABLE HOUSING INITIATIVES SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2024
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Licenses and Permits $ - $ - $ 214,136 $ 214,136
Investment Income - - 6,270 6,270
Total Revenues - - 220,406 220,406
EXPENDITURES:
Current:
Economic Environment:
Affordable Housing 15,232 15,232 - 15,232
Total Expenditures 15,232 15,232 - 15,232
Excess/Deficiency of Revenues
Over (Under) Expenditures (15,232) (15,232) 220,406 235,638
Net Change in Fund Balances (15,232) (15,232) 220,406 235,638
Fund Balances-October 1 15,232 15,232 58,969 43,737
Fund Balances-September 30 $ - $ - $ 279,375 $ 279,375
G-36
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
BOATING IMPROVEMENT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2024
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Charges for Services $ 755,000 $ 755,000 $ 798,245 $ 43,245
Intergovernmental - 98,000 98,000 -
Investment Income 40,000 40,000 182,062 142,062
Total Revenues 795,000 893,000 1,078,307 185,307
EXPENDITURES:
Current:
Physical Environment:
Boating Improvement 612,116 710,116 274,516 435,600
Boating Imp Fees/Retained Vessel 580,369 580,369 136,805 443,564
Total Expenditures 1,192,485 1,290,485 411,321 879,164
Excess/Deficiency of Revenues
Over (Under) Expenditures (397,485) (397,485) 666,986 1,064,471
Other Financing Sources (Uses):
Reserve for Contingencies (200,000) (200,000) - 200,000
Reserve for Cash Balance (275,000) (275,000) - 275,000
Total Other Financing Sources (Uses) (475,000) (475,000) - 475,000
Net Change in Fund Balances (872,485) (872,485) 666,986 1,539,471
Fund Balances-October 1 872,485 872,485 3,511,683 2,639,198
Fund Balances-September 30 $ - $ - $ 4,178,669 $ 4,178,669
G-37
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
MISCELLANEOUS SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2024
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Licenses and Permits $ - $ - $ 36,827 $ 36,827
Charges for Services - - 1,041,078 1,041,078
Fines and Forfeitures - - 309,958 309,958
Investment Income - - 227,278 227,278
Miscellaneous - 1,722,417 759,150 (963,267)
Total Revenues - 1,722,417 2,374,291 651,874
EXPENDITURES:
Public Safety:
Interagency Communications 140,000 186,224 200,058 (13,834)
Education-Building Department 70,000 70,000 31,765 38,235
Environmental Resource Education 53,500 53,500 32,057 21,443
Fire and Rescue Bldg Educ 5,000 5,000 - 5,000
Crime Prevention Program 50,000 50,000 - 50,000
Opioid Settlements - 249,152 78,000 171,152
Total Public Safety 318,500 613,876 341,880 271,996
Physical Environment:
Derelict Vessel Removal - 350,000 77,733 272,267
Total Economic Environment - 350,000 77,733 272,267
Economic Environment:
Climate Leadership Summit 56,715 139,105 426 138,679
Municipality Mobile LIDAR Services - 1,218,896 197,875 1,021,021
Total Economic Environment 56,715 1,358,001 198,301 1,159,700
Human Services:
FL Keys Council for the Handicapped 3,000 3,000 - 3,000
Bayshore Donations 1,557 1,557 - 1,557
Traffic Education 50,000 102,781 102,781 -
Legal Aid - 48,726 41,413 7,313
Total Human Services 54,557 156,064 144,194 11,870
(Continued)
G-38
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL(CONTINUED)
MISCELLANEOUS SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2024
Original Final Variance with
Budget Budget Actual Final Budget
Culture and Recreation:
Settler's Park Landscaping 2,600 2,600 179 2,421
School Break Program - 4,736 1,866 2,870
Smatlak Trust Fund - 126,718 - 126,718
Library Special Programs 30,000 30,000 - 30,000
Library Donations 198,864 248,767 183,821 64,946
Total Culture and Recreation 231,464 412,821 185,866 226,955
Court Related:
Teen Court - 44,177 41,413 2,764
State Court Support 26,900 26,900 11,425 15,475
State Attorney Court Technology 150,000 120,559 67,156 53,403
Public Defender Court Technology 146,000 146,000 55,119 90,881
Judicial Court Technology 119,755 119,755 102,173 17,582
Total Court Related 442,655 457,391 277,286 180,105
Debt Service:
Principal - - 1,294 (1,294)
Interest - - 84 (84)
Total Debt Service - - 1,378 (1,378)
Total Expenditures 1,103,891 3,348,153 1,226,638 2,121,515
Excess/Deficiency of Revenues
Over (Under) Expenditures (1,103,891) (1,625,736) 1,147,653 2,773,389
Other Financing Sources (Uses):
Reserve for Contingencies (1,252,117) (730,272) - 730,272
Transfers to Other Funds (1,112,206) (1,112,206) (1,112,206) -
Total Other Financing Sources (Uses) (2,364,323) (1,842,478) (1,112,206) 730,272
Net Change in Fund Balances (3,468,214) (3,468,214) 35,447 3,503,661
Fund Balances-October 1 3,468,214 3,468,214 4,581,941 1,113,727
Fund Balances-September 30 $ - $ - $ 4,617,388 $ 4,617,388
G-39
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
ENVIRONMENTAL RESTORATION SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2024
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Fines and Forfeitures $ 650,000 $ 650,000 $ 1,019,223 $ 369,223
Investment Income 15,000 15,000 409,736 394,736
Total Revenues 665,000 665,000 1,428,959 763,959
EXPENDITURES:
Current:
Physical Environment:
Environmental Restoration 1,606,323 1,606,323 606,059 1,000,264
Total Physical Environment 1,606,323 1,606,323 606,059 1,000,264
Culture and Recreation:
Settler's Park 11,483 11,483 4,668 6,815
Total Culture and Recreation 11,483 11,483 4,668 6,815
Total Expenditures 1,617,806 1,617,806 610,727 1,007,079
Excess/Deficiency of Revenues
Over (Under) Expenditures (952,806) (952,806) 818,232 1,771,038
Other Financing Sources (Uses):
Reserve for Contingencies (130,036) (105,036) - 105,036
Reserve for Cash Balance (120,664) (120,664) - 120,664
Transfers to Other Funds - (25,000) (24,930) 70
Total Other Financing Sources (Uses) (250,700) (250,700) (24,930) 225,770
Net Change in Fund Balances (1,203,506) (1,203,506) 793,302 1,996,808
Fund Balances-October 1 1,203,506 1,203,506 7,938,226 6,734,720
Fund Balances-September 30 $ - $ - $ 8,731,528 $ 8,731,528
G-40
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
LAW ENFORCEMENT TRUST SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2024
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Investment Income $ 25,000 $ 25,000 $ 250,084 $ 225,084
Miscellaneous - - 72,241 72,241
Total Revenues 25,000 25,000 322,325 297,325
EXPENDITURES:
Current:
Public Safety:
Law Enforcement 3,181,004 3,181,004 95,825 3,085,179
Total Expenditures 3,181,004 3,181,004 95,825 3,085,179
Excess/Deficiency of Revenues
Over (Under) Expenditures (3,156,004) (3,156,004) 226,500 3,382,504
Other Financing Sources (Uses):
Reserve for Contingencies (6,250) (6,250) - 6,250
Reserve for Cash Balance (17,500) (17,500) - 17,500
Transfers from Constitutional Officers - - 6 6
Total Other Financing Sources (Uses) (23,750) (23,750) 6 23,756
Net Change in Fund Balances (3,179,754) (3,179,754) 226,506 3,406,260
Fund Balances-October 1 3,179,754 3,179,754 4,440,797 1,261,043
Fund Balances-September 30 $ - $ - $ 4,667,303 $ 4,667,303
G-41
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
COURT FACILITY FEES SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2024
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Charges for Services $ 450,000 $ 450,000 $ 639,830 $ 189,830
Investment Income 40,000 40,000 258,737 218,737
Total Revenues 490,000 490,000 898,567 408,567
EXPENDITURES:
Current:
Court Related:
Court Facility 846,608 846,608 356,729 489,879
Total Expenditures 846,608 846,608 356,729 489,879
Excess/Deficiency of Revenues
Over (Under) Expenditures (356,608) (356,608) 541,838 898,446
Other Financing Sources (Uses):
Reserve for Contingencies (45,000) (45,000) - 45,000
Reserve for Cash Balance (50,000) (50,000) - 50,000
Total Other Financing Sources (Uses) (95,000) (95,000) - 95,000
Net Change in Fund Balances (451,608) (451,608) 541,838 993,446
Fund Balances-October 1 451,608 451,608 5,179,791 4,728,183
Fund Balances-September 30 $ - $ - $ 5,721,629 $ 5,721,629
G-42
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
DRUG ABUSE TRUST SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2024
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Charges for Services $ 30,000 $ 30,000 $ 47,147 $ 17,147
Investment Income 1,000 1,000 3,226 2,226
Total Revenues 31,000 31,000 50,373 19,373
EXPENDITURES:
Current:
Human Services:
Drug Abuse Trust Fund 55,000 55,000 - 55,000
Total Expenditures 55,000 55,000 - 55,000
Excess/Deficiency of Revenues
Over (Under) Expenditures (24,000) (24,000) 50,373 74,373
Other Financing Sources (Uses):
Reserve for Contingencies (5,000) (5,000) - 5,000
Reserve for Cash Balance (5,000) (5,000) - 5,000
Total Other Financing Sources (Uses) (10,000) (10,000) - 10,000
Net Change in Fund Balances (34,000) (34,000) 50,373 84,373
Fund Balances-October 1 34,000 34,000 36,671 2,671
Fund Balances-September 30 $ - $ - $ 87,044 $ 87,044
G-43
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
CANAL SPECIAL ASSESSMENTS SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2024
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Licenses and Permits $ 34,943 $ 35,880 $ 126,448 $ 90,568
Investment Income - - 8,216 8,216
Total Revenues 34,943 35,880 134,664 98,784
EXPENDITURES:
Current:
General Government:
Tax Collector 1,048 1,048 - 1,048
Physical Environment:
Canal#266 62,200 67,637 25,857 41,780
Total Expenditures 63,248 68,685 25,857 42,828
Excess/Deficiency of Revenues
Over (Under) Expenditures (28,305) (32,805) 108,807 141,612
Other Financing Sources (Uses):
Reserve for Contingencies (5,000) (500) - 500
Reserve for Cash Balance (10,000) (10,000) - 10,000
Transfers from Constitutional Officers - - 1,570 1,570
Total Other Financing Sources (Uses) (15,000) (10,500) 1,570 12,070
Net Change in Fund Balances (43,305) (43,305) 110,377 153,682
Fund Balances-October 1 43,305 43,305 67,809 24,504
Fund Balances-September 30 $ - $ - $ 178,186 $ 178,186
G-44
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
BUILDING SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2024
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Licenses and Permits $ 5,520,000 $ 5,520,000 $ 6,594,552 $ 1,074,552
Charges for Services 120,000 120,000 138,150 18,150
Investment Income 40,000 40,000 216,095 176,095
Miscellaneous 25,000 25,000 22,924 (2,076)
Total Revenues 5,705,000 5,705,000 6,971,721 1,266,721
EXPENDITURES:
Current:
Public Safety
Building Department 6,675,453 6,622,489 6,010,947 611,542
Building Legal 45,978 48,942 48,541 401
Building Refunds 30,000 130,000 120,546 9,454
Total Public Safety 6,751,431 6,801,431 6,180,034 621,397
Debt Service:
Principal - - 642 (642)
Interest - - 36 (36)
Total Debt Service - - 678 (678)
Total Expenditures 6,751,431 6,801,431 6,180,712 620,719
Excess/Deficiency of Revenues
Over (Under) Expenditures (1,046,431) (1,096,431) 791,009 1,887,440
Other Financing Sources (Uses):
Reserve for Contingencies (50,000) - - -
Reserve for Cash Balance (50,000) (50,000) - 50,000
Transfer to Other Funds (538,659) (538,659) (538,659) -
Total Other Financing Sources (Uses) (638,659) (588,659) (538,659) 50,000
Net Change in Fund Balances (1,685,090) (1,685,090) 252,350 1,937,440
Fund Balances-October 1 1,685,090 1,685,090 3,521,137 1,836,047
Fund Balances-September 30 $ - $ - $ 3,773,487 $ 3,773,487
G-45
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
CLERK'S REVENUE NOTE CAPITAL PROJECTS FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2024
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Investment Income $ - $ - $ - $ -
Total Revenues - - - -
EXPENDITURES:
Capital Projects 100,000 - - -
Total Expenditures 100,000 - - -
Excess/Deficiency of Revenues
Over (Under) Expenditures (100,000) - - -
Net Change in Fund Balances (100,000) (100,000) (113,414) (13,414)
Fund Balances-October 1 100,000 100,000 113,414 13,414
Fund Balances-September 30 $ - $ - $ - $ -
G-46
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - BUDGET AND ACTUAL
LAND ACQUISITION FUND CAPITAL PROJECTS FUND
FOR THE YEAR ENDED SEPTEMBER 30, 2024
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:
Intergovernmental Revenue $ - $ - $ 33,650 $ 33,650
Investment Income 5,000 5,000 35,780 30,780
Total Revenues 5,000 5,000 69,430 64,430
EXPENDITURES:
Capital Projects 1,936,857 1,936,857 1,874,579 62,278
Total Expenditures 1,936,857 1,936,857 1,874,579 62,278
Excess/Deficiency of Revenues
Over (Under) Expenditures (1,931,857) (1,931,857) (1,805,149) 126,708
Other Financing Sources (Uses):
Reserve for Contingencies (150,000) (150,000) - 150,000
Transfer From Other Funds 1,112,206 1,112,206 1,112,206 -
Total Other Financing Sources (Uses) 962,206 962,206 1,112,206 150,000
Net Change in Fund Balances (969,651) (969,651) (692,943) 276,708
Fund Balances-October 1 969,651 969,651 971,405 1,754
Fund Balances-September 30 $ - $ - $ 278,462 $ 278,462
G-47
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING STATEMENT OF NET POSITION
INTERNAL SERVICE FUNDS
SEPTEMBER 30,2024
Workers' Group Risk
Compensation Insurance Management
Fund Fund Fund
ASSETS
Current Assets:
Cash and Cash Equivalents $ 665,850 $ 1,800,851 $ 660,582
Investments 5,775,613 18,488,612 6,887,342
Accounts Receivable, Net 87,918 430,957 7,116
Due from Other Funds - - -
Due from Other Governmental Units 261 88,606 14,325
Due from Constitutional Officers 21,823 8,123 -
Interest Receivable 23,397 74,866 27,945
Total Current Assets 6,574,862 20,892,015 7,597,310
Noncurrent Assets:
Capital Assets not being Depreciated - - 1,907,240
Capital Assets, Net of Accumulated
Depreciation and Amortization 65 4,327 209,736
Total Noncurrent Assets 65 4,327 2,116,976
Total Assets 6,574,927 20,896,342 9,714,286
DEFERRED OUTFLOWS OF RESOURCES
Related to Pensions 50,441 97,978 136,026
Related to OPEB 900 9,000 14,000
Total Deferred Outflows of Resources 51,341 106,978 150,026
LIABILITIES
Current Liabilities:
Accounts Payable 7,774 950,610 108,851
Accrued Compensated Absences Payable 15,388 14,707 21,163
Claims and Judgments Payable 2,054,916 849,675 650,194
Due to Other Governmental Units - - 184
Due to Constitutional Officers - 2,883 -
Unearned Revenues - 2,473 -
Leases and Subscriptions Payable - - 41,306
Other Current Liabilities - - 597
Accrued Comp.Absences Payable 7,940 11,485 13,908
Total Current Liabilities 2,086,018 1,831,833 836,203
Noncurrent Liabilities:
Accrued Compensated Absences Payable 31,760 45,940 55,630
Leases and Subscriptions Payable - - 44,994
Total OPEB Liability 12,000 10,000 275,000
Net Pension Liability 235,732 314,473 339,492
Total Noncurrent Liabilities 279,492 370,413 715,116
Total Liabilities 2,365,510 2,202,246 1,551,319
DEFERRED INFLOWS OF RESOURCES
Related to Pensions 20,237 39,478 52,851
Related to OPEB 1,400 44,500 10,100
Total Deferred Inflows of Resources 21,637 83,978 62,951
NET POSITION
Net Investment in Capital Assets 65 4,327 2,030,676
Unrestricted 4,239,056 18,712,769 6,219,366
Total Net Position $ 4,239,121 $ 18,717,096 $ 8,250,042
The notes to the financial statements are an integral part of these statements.
H-1
Fleet
Management
Fund Total
$ 91,076 $ 3,218,359
1,483,389 32,634,956
67 526,058
328,000 328,000
16,621 119,813
483 30,429
6,327 132,535
1,925,963 36,990,150
54,000 1,961,240
780,097 994,225
834,097 2,955,465
2,760,060 39,945,615
510,912 795,357
109,100 133,000
620,012 928,357
89,822 1,157,057
124,245 175,503
- 3,554,785
418 602
- 2,883
- 2,473
131,098 172,404
479 1,076
52,648 85,981
398,710 5,152,764
210,592 343,922
67,057 112,051
737,000 1,034,000
1,473,687 2,363,384
2,488,336 3,853,357
2,887,046 9,006,121
204,496 317,062
42,500 98,500
246,996 415,562
635,942 2,671,010
(389,912) 28,781,279
$ 246,030 $ 31,452,289
H-2
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING STATEMENT OF REVENUES, EXPENSES, AND
CHANGES IN NET POSITION
INTERNAL SERVICE FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2024
Workers' Group Risk
Compensation Insurance Management
Fund Fund Fund
Operating Revenues:
Charges for Services $ 2,642,514 $ 21,944,118 $ 8,923,224
Miscellaneous 929,727 1,673,267 97
Total Operating Revenues 3,572,241 23,617,385 8,923,321
Operating Expenses:
Personnel Services 538,365 506,088 750,215
Operations 1,853,162 2,541,179 6,572,280
Depreciation and Amortization 260 5,659 27,357
Asserted and Paid Claims - 18,953,096 423,808
Total Operating Expenses 2,391,787 22,006,022 7,773,660
Operating Income (Loss) 1,180,454 1,611,363 1,149,661
Other Financing Sources (Uses):
Investment Income 280,651 1,027,060 370,467
Insurance Recoveries - - 56,856
Gain/(Loss) on Disposition of Assets - 873 (4,582)
Total Other Financing Sources (Uses): 280,651 1,027,933 422,741
Income (Loss) Before Transfers 1,461,105 2,639,296 1,572,402
Total Transfers:
Transfers from Other Funds - - -
Transfers to Other Funds (69,064) (127,936) (133,720)
Total Transfers (69,064) (127,936) (133,720)
Change in Net Position 1,392,041 2,511,360 1,438,682
Net Position-October 1 2,847,080 16,205,736 6,811,360
Net Position-September 30 $ 4,239,121 $ 18,717,096 $ 8,250,042
The notes to the financial statements are an integral part of these statements.
H-3
Fleet
Management
Fund Total
$ 4,596,980 $ 38,106,836
45,862 2,648,953
4,642,842 40,755,789
2,914,137 4,708,805
1,734,353 12,700,974
209,380 242,656
- 19,376,904
4,857,870 37,029,339
(215,028) 3,726,450
148,867 1,827,045
- 56,856
21,342 17,633
170,209 1,901,534
(44,819) 5,627,984
328,000 328,000
(529,439) (860,159)
(201,439) (532,159)
(246,258) 5,095,825
492,288 26,356,464
$ 246,030 $ 31,452,289
H-4
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2024
Workers' Group Risk
Compensation Insurance Management
Fund Fund Fund
Operating Activities:
Cash Received for Services $ 2,602,302 $ 21,820,050 $ 8,923,100
Cash Payments to Suppliers for Goods and Svcs (1,847,813) (2,695,411) (6,399,187)
Cash Payments for Employee Services (503,748) (494,590) (616,863)
Cash Payments for Claims (140,984) (18,918,512) (409)
Cash Received from (Paid to)Other Sources (9,850) 197,393 7,411
Other Operating Revenue 921,605 1,651,595 (9,700)
Net Cash Provided by(Used in)
Operating Activities 1,021,512 1,560,525 1,904,352
Noncapital Financing Activities:
Transfers from Other Funds - - -
Transfers to Other Funds (69,064) (127,936) (133,720)
Insurance Recoveries Received - - 56,856
Net Cash Provided by(Used in) Noncapital
Financing Activities (69,064) (127,936) (76,864)
Capital and Related Financing Activities:
Acquisition of Capital Assets - (873) (715,584)
Proceeds from Sale of Capital Assets - 873 (4,582)
Net Cash Provided by(Used in) Capital and
Related Financing Activities - - (720,166)
Investing Activities:
Investment Income (Losses) 280,651 1,027,060 370,467
Proceeds from Sales and Maturities of Investments 4,601,041 16,367,728 5,285,910
Purchase of Investment Securities (5,609,277) (18,254,419) (6,509,064)
Net Cash Provided by(Used in) Investing Activities (727,585) (859,631) (852,687)
Net Change in Cash and
Cash Equivalents 224,863 572,958 254,635
Cash and Cash Equivalents:
October 1 440,987 1,227,893 405,947
September 30 $ 665,850 $ 1,800,851 $ 660,582
The notes to the financial statements are an integral part of these statements.
H-5
Fleet
Management
Fund Total
$ 4,596,913 $ 37,942,365
(2,125,075) (13,067,486)
(2,601,890) (4,217,091)
- (19,059,905)
(317,077) (122,123)
45,511 2,609,011
(401,618) 4,084,771
328,000 328,000
(529,439) (860,159)
- 56,856
(201,439) (475,303)
19,447 (697,010)
21,342 17,633
40,789 (679,377)
148,867 1,827,045
2,590,952 28,845,631
(2,209,084) (32,581,844)
530,735 (1,909,168)
(31,533) 1,020,923
122,609 2,197,436
$ 91,076 $ 3,218,359
(Continued)
H-6
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING STATEMENT OF CASH FLOWS (CONTINUED)
INTERNAL SERVICE FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2024
Workers' Group Risk
Compensation Insurance Management
Fund Fund Fund
Reconciliation of Operating Income (Loss)
to Net Cash Provided by(Used in)
Operating Activities:
Operating Income (Loss) $ 1,180,454 $ 1,611,363 $ 1,149,661
Adjustments to Reconcile Operating Income (Loss)
to Net Cash Provided by(Used in)Operating
activities:
Depreciation and Amortization 260 5,659 27,357
Change in Assets, Liabilities, and Deferrals:
(Increase) Decrease in Accounts Receivable (40,212) (124,068) (124)
(Increase) Decrease in Due from Other Funds - - -
(Increase) Decrease in Due from Other Gov't Units (71) 14,039 (14,325)
(Increase) Decrease in Due fm Constitutional Ofcrs (2,951) 180,506 21,552
(Increase) Decrease in Interest Receivable (8,122) (21,672) (9,797)
Increase (Decrease) in Accounts Payable 5,349 (156,305) 86,196
Increase (Decrease) in Accrued Wages/Benefits 8,751 (77) 3,263
Increase (Decrease) in Claims/Judgments Payable (140,984) 34,584 423,399
Increase (Decrease) in Other Current Liabilities - - 597
Increase (Decrease) in Due to Other Gov't Units (6,828) 2,848 184
Increase (Decrease) in Comp.Absences Payable 13,547 8,188 12,921
Increase (Decrease) in Leases Payable - - 86,300
Increase (Decrease) in Unearned Revenue - 2,073 -
Increase (Decrease) in OPEB Liability 4,000 (39,000) 20,000
Increase (Decrease) in Pension Liability (3,763) (7,401) (9,193)
Increase (Decrease) in Deferred Outflows 4,795 (8,532) 83,599
Increase (Decrease) in Deferred Inflows Pensions/OPEB 7,287 58,320 22,762
Total Adjustments (158,942) (50,838) 754,691
Net Cash Provided by(Used in)
Operating Activities $ 1,021,512 $ 1,560,525 $ 1,904,352
Cash Reconciliation:
Unrestricted $ 665,850 $ 1,800,851 $ 660,582
The notes to the financial statements are an integral part of these statements.
H-7
Fleet
Management
Fund Total
$ (215,028) $ 3,726,450
209,380 242,656
(67) (164,471)
(328,000) (328,000)
10,988 10,631
(483) 198,624
(351) (39,942)
(258,047) (322,807)
22,459 34,396
- 316,999
(314) 283
418 (3,378)
56,643 91,299
(132,361) (46,061)
- 2,073
24,000 9,000
(37,838) (58,195)
168,252 248,114
78,731 167,100
(186,590) 358,321
$ (401,618) $ 4,084,771
$ 91,076 $ 3,218,359
H-8
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.
1-1
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.
1-2
1,11'sim
SIIIU 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
Independent Auditor's Report
Honorable Mayor and Board of County Commissioners
Monroe County, Florida
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 each major fund and the aggregate remaining fund information of the Board of County
Commissioners (the Board)of Monroe County, Florida (the County) as of and for the year ended
September 30, 2024, and the related notes to the financial statements, which collectively comprise the
Board's basic financial statements, and have issued our report thereon dated April 9, 2025. The Board's
financial statements include an emphasis of matter paragraph related to the restatement of the beginning
net position and beginning balances for leases and interest receivable and deferred inflow of resources
for the Key West Airport Fund and Marathon Airport Fund as of October 1, 2023. Our report was not
modified with respect to this matter.
Report on Internal Control over Financial Reporting
In planning and performing our audit of the financial statements, we considered the Board's internal
control over financial reporting (internal control) as a basis for designing the 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 Board's internal control.
Accordingly, we do not express an opinion on the effectiveness of the Board'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 and therefore, material weaknesses or significant deficiencies may
exist that were not identified. We identified a certain deficiency in internal control, described in the
accompanying schedule of findings and questioned costs as item IC 2024-001 that we consider to be a
material weakness.
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Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether the Board'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.
Board's Response to Finding
Government Auditing Standards requires the auditor to perform limited procedures on the Board's
response to the finding identified in our audit and described in the accompanying schedule of findings and
questioned costs. The Board's response was not subjected to the other auditing procedures applied in the
audit of the financial statements and, accordingly, we express no opinion on the response.
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.
VS
Fort Lauderdale, Florida
April 9, 2025
J-2
Monroe County, Florida Board of County Commissioners
Schedules of Findings and Questioned Costs
Financial Statement Finding
IC 2024-001 —Restatement of Regulated Leases and Recording of Minimum Annual Guarantees
Criteria: Management is responsible for the preparation and fair presentation of financial statements in
accordance with accounting principles generally accepted in the United States of America; this includes
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. Internal control policies and procedures should provide reasonable assurance regarding the
reliability of the financial reporting and disclosure of lease balances.
Condition: We noted that material accounting adjustments were made to the financial statements for
lease related balances in the Key West Airport enterprise fund and the Marathon Airport enterprise fund
(the Airports). During the current year, management discovered regulated leases primarily related to
fixed-base operators that were previously reported as leases receivable and deferred inflow of resources
that should not have been reported in accordance with Governmental Accounting Standards Board
Statement No. 87, Leases (GASB 87). In addition, we noted minimum annual guaranteed concession
fees were not recorded for three Marathon Airport car rental leases that should have been recorded.
This resulted in the restatement of beginning net position and beginning balances for leases receivable,
interest receivable and deferred inflow of resources for the Airports.
Context: The condition relates to the proper accounting and financial reporting for regulated leases by the
Airports on an ongoing basis. The condition also related to the three rental car concession agreements at
Marathon Airport.
Cause: The Airports have multiple leases with various third parties and inadvertently recognized
regulated leases that are excluded from GASB 87. Also, through an oversight error the minimum annual
guaranteed concession fees were inadvertently excluded from the lease receivables recorded for the
three Marathon Airport rental car concession agreements.
Effect: The October 1, 2023 net position and beginning balances for leases receivable, interest
receivable and deferred inflow of resources were restated.
Current Year Recommendation: We recommend that management review the design of established
controls and implement the changes necessary to allow for the accurate recording and disclosure of accounting
transactions on an ongoing basis.
Views of Responsible Officials and Planned Corrective Action: We agree with the finding. The
County will conduct a review of all Airport lease agreements to verify proper classification of leases as
regulated or non-regulated. As part of this review, the County will also review all the County's leases that
meet the requirements for financial statement reporting under GASB Statement No. 87, Leases to verify
that all minimal annual guarantees as well as other detailed provisions that could impact the calculation of
lease receivables, deferred inflow of resources, and interest receivable are appropriately captured in the
software program used for recording leases.
J-3
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e°A Kevin Madok, CPA
�o ........ � Clerk of the Circuit Court& Comptroller— Monroe County, Florida
�Ro.co.NSy
CORRECTIVE ACTION PLAN
Material Weakness
Finding IC 2024-001 —Restatement of Regulated Leases and Recording of Minimum
Annual Guarantees
Name of Contact Person: Pam Radloff, Finance Director
Corrective Action: The County will conduct a review of all Airport lease agreements to verify
proper classification of leases as regulated or non-regulated. As part of this review, the County
will also review all the County's leases that meet the requirements for financial statement reporting
under GASB Statement No. 87,Leases to verify that all minimal annual guarantees as well as other
detailed provisions that could impact the calculation of lease receivables, deferred inflow of
resources, and interest receivable are appropriately captured in the software program used for
recording leases.
Proposed Completion Date: Immediately
KEY WEST MARATHON PLANTATION KEY
500 Whitehead Street 3117 Overseas Highway 88770 Overseas Highway
Key West, Florida 33040 Marathon, Florida 33050 Plantation Key, Florida 33070
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Management Letter in Accordance with the
Rules of the Auditor General of the State of Florida
Honorable Mayor and Board of County Commissioners
Monroe County, Florida
Report on the Financial Statements
We have audited the financial statements of each major fund and the aggregate remaining fund
information of the Board of County Commissioners (the Board)of Monroe County, Florida (the County) as
of and for the year ended September 30, 2024, and have issued our report thereon dated April 9, 2025.
Our report included an emphasis of matter paragraph to reflect that these financial statements reflect the
transactions attributable to the Board and do not represent a complete presentation of the financial
statements of the County. Our report also included an emphasis of matter paragraph for the restatement
of the beginning net position and beginning balances for leases and interest receivable and deferred
inflow of resources for the Key West Airport Fund and Marathon Airport Fund as of October 1, 2023.
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 Reports
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 the Financial Statements Performed in Accordance
with Government Auditing Standards and 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 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 noted in the preceding annual 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
this management letter, unless disclosed in the notes to the financial statements. The legal authority is
disclosed in Note 1 to the financial statements.
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Financial Condition and Management
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.
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 have 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 the Florida House of Representatives, the Florida Auditor
General, Federal and other granting agencies and applicable management, and is not intended to be and
should not be used by anyone other than these specified parties.
S
Fort Lauderdale, Florida
April 9, 2025
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Independent Accountant's Report on Compliance
With Section 218.415, Florida Statutes
Honorable Mayor and Board of County Commissioners
Monroe County, Florida
We have examined Monroe County Florida's (the County)compliance with Section 218.415, Florida
Statutes, Local Government Investment Policies(the specified requirements)during the period October 1,
2023 to September 30, 2024. Management of the County is responsible for compliance with the specified
requirements. Our responsibility is to express an opinion on the County'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 County complied, in all material respects, with the specified requirements referenced above.
An examination involves performing procedures to obtain evidence about whether the County 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.
We are required to be independent and to meet our other ethical responsibilities in accordance with
relevant ethical requirements relating to the engagement.
Our examination does not provide a legal determination on the County's compliance with the specified
requirements.
In our opinion, the County complied, in all material respects, with the specified requirements during the
period October 1, 2023 to September 30, 2024.
This report is intended solely for the information and use of the Florida Auditor General, the County and
applicable management and is not intended to be, and should not be, used by anyone other than these
parties.
Fort Lauderdale, Florida
April 9, 2025
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