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Fiscal Year 2024
�QUV """"""" muuum ullllllllll pI I VVVVV IIIIIIIII���uuul V VVVVV uuu i icy e., I II , 1 I o. ql I i � n 0 l i 0 lour fl uoo,} r v M y � �i / J�,�11J tffilllf III�1»ll�l I �11111��JJ��JIJJJJJJJ��II>1J1111111111JJJ111J1„� ��>�1,ll� �III���Il�1� w i MONROE COUNTY, FLORIDA ANNUAL COMPREHENSIVE FINANCIAL REPORT FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024 KEVIN MADOK, CPA CLERK OF THE CIRCUIT COURT & COMPTROLLER PREPARED BY: CLERK OF THE CIRCUIT COURT FINANCE DEPARTMENT PAM RADLOFF FINANCE DIRECTOR MONROE COUNTY, FLORIDA ANNUAL COMPREHENSIVE FINANCIAL REPORT FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2024 PAGE INTRODUCTORY SECTION(Unaudited) Transmittal Letter of the Clerk of the Circuit Courts and Comptroller A-1 Certificate of Achievement for Excellence in Financial Reporting A-8 List of Elected and Appointed Officials A-9 Organizational Chart A-10 FINANCIAL SECTION Independent Auditor's Report B-1 Management's Discussion and Analysis(Unaudited) C-1 Basic Financial Statements: Government-Wide Financial Statements Statement of Net Position D-1 Statement of Activities D-3 Fund Financial Statements Balance Sheet-Governmental Funds E-1 Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position E-3 Statement of Revenues, Expenditures,and Changes in Fund Balances- Governmental Funds E-4 Reconciliation of the Statement of Revenues, Expenditures,and Changes in Fund Balances of Governmental Funds to the Statement of Activities E-6 Statement of Revenues, Expenditures,and Changes in Fund Balances-Budget and Actual Major Governmental Funds: General Fund E-7 Fine and Forfeiture Special Revenue Fund E-10 HIDTA Grants Special Revenue Fund E-12 Governmental Grants Special Revenue Fund E-13 Tourist Development,Administration and Promotional,Two Cent Fund E-15 Statement of Net Position-Proprietary Funds E-16 Statement of Revenues, Expenses,and Changes in Net Position- Proprietary Funds E-20 Statement of Cash Flows-Proprietary Funds E-22 Statement of Fiduciary Net Position-Fiduciary Funds E-26 Statement of Changes in Fiduciary Net Position-Fiduciary Funds E-27 Notes to Financial Statements F-1 Required Supplementary Information(Unaudited) Schedule of Monroe County Proportionate Share of Net Pension Liability Florida Retirement System Pension Plan G-1 Schedule of Monroe County Contributions Florida Retirement System Pension Plan G-3 Schedule of Monroe County Proportionate Share of Net Pension Liability Health Insurance Subsidy Program G-5 Schedule of Monroe County Contributions Health Insurance Subsidy Program G-7 Schedule of Changes in the County's Net Pension Liability and Related Ratios Pension Plan for Volunteer Firefighters and Emergency Medical Services G-9 Ten Year Schedule of Employer Contributions Pension Plan for Volunteer Firefighters and Emergency Medical Services G-11 Schedule of Changes in the County's Total OPEB Liability and Related Ratios G-13 Combining and Individual Fund Statements and Schedules: Combining Balance Sheet-Nonmajor Governmental Funds H-1 Combining Statement of Revenues, Expenditures,and Changes in Fund H-9 Balances-Nonmajor Governmental Funds MONROE COUNTY, FLORIDA ANNUAL COMPREHENSIVE FINANCIAL REPORT FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2024 PAGE Schedules of Revenues, Expenditures, and Changes in Fund Balances-Budget and Actual Special Revenue Funds and Capital Projects Funds: Affordable Housing Programs H-17 Roads and Bridges H-18 Middle Keys Health Care Municipal Service Taxing Unit H-19 Tourist Development,All Districts,Two Cent H-20 Tourist Development, District One H-21 Tourist Development, District Two H-22 Tourist Development, District Three H-23 Tourist Development, District Four H-24 Tourist Development, District Five H-25 Impact Fees-Roadways H-26 Impact Fees-Parks and Recreation H-27 Impact Fees-Libraries H-28 Impact Fees-Solid Waste H-29 Impact Fees-Fire and EMS H-30 Fire and Ambulance, District#1 -Lower and Middle Keys H-31 Unincorporated Area Service District-Parks and Recreation H-32 Unincorporated Area Service District-Planning, Building,and Zoning H-33 Municipal Policing H-35 Duck Key Security District H-36 Local Housing Assistance H-37 Affordable Housing Initiative H-38 Boating Improvement H-39 Miscellaneous H-40 Environmental Restoration H-41 Court Facility Fees H-42 Drug Abuse Trust H-43 Canal Special Assessments H-44 Building Fund H-45 Clerk's Revenue Note Capital Projects Fund H-46 Land Acquisition Fund Capital Projects Fund H-47 Sheriff's Teen Court H-48 Sheriffs Federal Forfeiture H-49 Sheriff's State Forfeiture H-50 Sheriff's Contract Administrative H-51 Sheriffs Inmate Commissary H-52 Sheriffs Interagency Communications H-53 Sheriffs Trauma Star H-54 Sheriff's Radio Communications H-55 Sheriff's Grants H-56 Sheriffs Shared Asset Forfeiture H-57 Sheriff's E911 H-58 Clerk's Records Modernization H-59 Clerk's Court Related H-60 Schedules of Revenues, Expenditures, and Changes in Fund Balances-Budget and Actual Capital Project Funds: One Cent Infrastructure Surtax Capital Project Fund H-61 All Debt Service Funds H-62 Combining Statement of Net Position-Internal Service Funds H-64 Combining Statement of Revenues, Expenses,and Changes in Net Position- Internal Service Funds H-66 Combining Statement of Cash Flows-Internal Service Funds H-68 Combining Statement of Fiduciary Net Position-All Fiduciary Funds H-72 Combining Statement of Changes in Fiduciary Net Position-All Fiduciary Funds H-74 MONROE COUNTY, FLORIDA ANNUAL COMPREHENSIVE FINANCIAL REPORT FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2024 PAGE STATISTICAL SECTION(Unaudited) Introduction 1-1 Net Position by Component 1-2 Changes in Net Position 1-3 Governmental Activities Tax Revenues By Source 1-6 Fund Balances of Governmental Funds 1-7 Changes in Fund Balances of Governmental Funds 1-8 General Governmental Tax Revenues By Source 1-10 Assessed Value and Estimated Actual Value of Taxable Property 1-11 Direct and Overlapping Governments 1-12 Principal Property Taxpayers 1-13 Property Tax Levies and Collections 1-14 Ratios of Outstanding Debt by Type 1-15 Ratios of General Bonded Debt Outstanding 1-16 Direct and Overlapping Governmental Activities Debt 1-17 Legal Debt Margin Information 1-18 Pledged-Revenue Coverage-Governmental Activities 1-19 Pledged Revenue Bonds and Notes-Business-Type Activities 1-20 Demographic and Economic Statistics 1-21 Principal Employers 1-22 Full-time Equivalent County Government Employees by Function 1-23 Operating Indicators by Function 1-24 Capital Asset Statistics by Function 1-25 SINGLE AUDIT/GRANTS COMPLIANCE SCHEDULES Report of Independent Auditor on Internal Control over Financial Reporting and on J-1 Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards Report of Independent Auditor on Compliance for Each Major Federal Awards J-3 Program and State Financial Assistance Projects and on Internal Control Over Compliance Required by the Uniform Guidance and Chapter 10.550, Rules of the Auditor General Schedule of Expenditures of Federal Awards and State Financial Assistance Projects J-5 Notes to Schedule of Expenditures of Federal Awards and State Financial J-12 Assistance Projects Schedule of Findings and Questioned Costs-Federal Awards Programs and State J-14 Financial Assistance Projects Corrective Action Plan J-17 Summary Schedule of Prior Year Audit Findings-Federal Awards Programs and State J-18 Financial Assistance Projects Independent Auditor's Management Letter K-1 Report of Independent Accountant on Compliance with Local Government Investment Policies and E911 Requirements of Sections 365.172 and 365.173, Florida Statutes K-4 OTHER INFORMATION Schedule of Receipts and Expenditures of Funds Related to the Deepwater Horizon Oil Spill L-1 -L-t. c,,I couRrge o:,� e°A Kevin Madok, CPA �o ........ � Clerk of the Circuit Court& Comptroller— Monroe County, Florida �Ro.co.NSy April 9, 2025 The Honorable Jim Scholl Mayor, Board of County Commissioners Citizens of Monroe County, Florida We are pleased to submit the Annual Comprehensive Financial Report for Monroe County, Florida for the fiscal year(FY) ended September 30, 2024. Monroe County's Annual Comprehensive Report is prepared by the Finance Department under the direction of the Clerk of the Circuit Court & Comptroller (Clerk). Responsibility for both the accuracy of the presented data and the completeness and fairness of the presentation, including all disclosures, rests with the Clerk as Chief Financial Officer of Monroe County, Florida (the County). We assert that, to the best of our knowledge and belief, this financial report is complete and reliable in all material aspects. It is presented in a format designed to fairly present the financial position and results of operations of the County as measured by the financial activity. All disclosures needed to allow the reader to gain a comprehensive understanding of the County's financial activity have been included. The County has established a comprehensive internal control framework that is designed both to protect the County's assets from loss, theft, or misuse and to compile sufficient reliable accounting information for financial statement preparation in conformity with United States generally accepted accounting principles (GAAP) established by the Government Accounting Standards Board. Because the cost of internal controls should not outweigh their benefits, the objective is to provide reasonable rather than absolute assurance that the financial statements will be free of material misstatement. In addition, the Federal Single Audit Act, the Florida Single Audit Act and Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, require an independent auditor to report on the government's internal controls and compliance with legal requirements concerning the administration of federal awards and state financial assistance. The report, Single Audit/Grants Compliance Schedules, is published in this report to fulfill these requirements. Independent Audit In compliance with Florida Statute Chapter 218.39, an independent certified public accountant is to audit the financial statements of counties in the State. The County's auditor, RSM US LLP, has issued unmodified ("clean") opinions on the Monroe County, Florida financial statements for the year ended September 30, 2024. The report of the independent auditor is located at the front of the Financial Section in this report. 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 Management Discussion and Analysis GAAP requires that management provide a narrative introduction, overview, and analysis to accompany the basic financial statements in the form of Management's Discussion and Analysis (MD&A). The MD&A can be found immediately following the report of the independent auditor in this report and fulfills this requirement. This Letter of Transmittal is designed to complement the MD&A and should be read in conjunction with it. Monroe County Profile Basic Information Monroe County was constitutionally formed in 1823. It is comprised of a string of subtropical islands that stretch more than one hundred miles into the Atlantic Ocean. These islands are connected in a chain-like fashion to the mainland by a series of forty-two bridges. The longest bridge, known as the "7 Mile Bridge", connects Knight's Key in the Middle Keys to Little Duck Key in the Lower Keys. It was among the longest bridges in existence when it was initially built from 1909 to 1912. A new bridge was finished in 1982 but the old bridge still remains in place and services, via pedestrians and cyclists, Pigeon Key, the historic island at the center of the bridge. Monroe County is the southernmost county in the United States with only one road, U.S. 1, connecting some of the islands known as the Florida Keys. The Zero Mile Marker for U.S. 1 is outside of the County courthouse in Key West. The majority of U.S. 1 was built on the former right-of-way of Henry Flagler's Florida East Coast Railroad which was destroyed as a direct result of the 1935 hurricane. This road is 2,369 miles from Key West to Fort Kent, Maine, at the Canadian border. The Monroe County section of the road is more commonly known as the "Overseas Highway" and referred to as the Florida Keys Scenic Highway. The corridor extends five miles into the crystal clear waters on each side of the highway. The County seat, Key West, is approximately one hundred and fifty miles southwest of Miami. Havana, Cuba lies a mere ninety miles to the south. The County is identified by the Florida Department of Commerce, Division of Community Planning, Development, and Services as the "Florida Keys Area of Critical State Concern" due the environmental sensitivity of its lands. Moreover, the County's outdoor recreation lands falls under the Florida Forever conservation and recreation program which reviews all growth and development decisions as outlined in comprehensive plans and the land development regulations. Monroe County is a non-charter county established under the Constitution and the laws of the State of Florida. Legislative authority and policy decisions are vested in the Board of County Commissioners (Board) consisting of the mayor and four other members, all of whom are elected. The operation of other specific government functions resides with five Constitutional Officers. These Officers are elective and their titles indicative of their specific function. The positions are the Clerk of the Court and Comptroller, Property Appraiser, Sheriff, Supervisor of Elections, and Tax Collector. Monroe County provides a full range of services including roads, A-2 health and social services, emergency medical services, park and recreational services, solid waste services, airport services, and other governmental services. Reporting Entity_ For financial reporting purposes, the County's primary government consists of the Board of County Commissioners, the Constitutional Officers, and the Monroe County Industrial Development Authority, a blended corporate unit. The Monroe County Comprehensive Plan Land Authority is legally separate and is treated as a discretely-presented component unit. Additional information can be found in Note 1 of the Notes to the Financial Statements. Buffet According to Florida Statutes, Chapter 129, a budget shall be prepared, balanced, approved, adopted, and executed each fiscal year (October 1 through September 30). The Board conducts budget meetings on departmental budgets and Constitutional Officers' requests. A tentative budget is prepared, reviewed, and adopted and the tax levies are calculated and advertised. Three public hearings are held for public input regarding the tentative budgets and proposed tax levies. On the last of the three public hearings a final budget is approved by the Board. Formal budgetary integration is employed as a management control device during the year for all fund types. During the year, the County's Office of Management and Budget acts on intradepartmental cost center budget changes and interdepartmental cost center budget changes are submitted to the Board as a Budget Resolution for approval. A budget amendment is required when alterations are made to a fund's total revenues or expenditures. The Board may adopt the budget amendment after public hearings are held. Budget to Actual Statements are presented in various locations in this report and the budget process is further explained in Note 1 to the Financial Statements. Economic Condition and Outlook Local Economy Monroe County occupies a unique and beautiful corner of the United States. The County has the only living coral barrier reef in the continental United States and includes the Florida Keys National Marine Sanctuary, the largest national marine sanctuary. The Florida Keys outer reefs form the third largest barrier reef system in the world. The Florida Keys offers mild climate year- round and extensive recreational water activities. This makes the Florida Keys and Key West a major domestic and international tourist destination. Monroe County's economy is largely dependent on the tourism and hospitality industries. Seven of the top ten taxpayers in Monroe County are in the hospitality industry. Airplane passenger arrivals increased 9.8% in the past year but the County's bed tax revenues experienced no growth for the same period. A-3 Property values in 2024 increased 12% from the prior year. In comparison, statewide, property values increased 3.9% from 2023 to 2024. Correspondingly, property tax collections increased 20% from the previous fiscal year. Over a ten-year period, tax collections rose 75.5%. Over the same decade, the total assessed value of taxable property in Monroe County increased 144%. The County's unemployment rate of 2.3% as of September 2024 is below the state and national averages of 3.3% and 4.1%, respectively. Long-term Financial Planning Monroe County began construction of its Emergency Operations Center (EOC) during FY 2023 and construction continued throughout FY 2024. Over $37 million in grant funding was secured to fund this capital project. The EOC is located at the Marathon Airport and houses the County's Emergency Management team, Fire Rescue Administration, the County's 911 call center, and an incident command center which also serves as an emergency management training site. In addition, in August 2023, the County was awarded $10 million from the state to start an artificial reef program in the Florida Keys. Artificial reefs assist in taking the pressure off of local natural reefs. The County will continue to pursue grant funding to address the challenging environmental issues. In FY 2024, Monroe County secured $30 million in state and federal appropriations and numerous additional grants for water quality, bridge replacements, and storm risk mitigation. Efforts will also continue to push forward with canal restoration efforts. In FY 2024, Monroe County also increased the Tourist Development Council's budget by 60% to allocate $35 million for public facilities with the goal of developing affordable housing. The County also moved forward with its Transportation/Transit program during FY 2024. The primary goal is to improve the quality of life by providing a public transit system that reduces congestion as well as being reliable and safe. The Transportation/Transit program received a grant from the Florida Department of Transportation to launch a limited on-demand services in the Key West/Stock Island area. The County is balancing the use of ad valorem tax revenues with the maintenance of General Fund reserves to insulate the General Fund from revenue fluctuations due to disasters of any kind and provide adequate working capital for operations. The County provides healthcare coverage for 489 retirees. In the accompanying government- wide financial statements, the County recognizes the present value of projected postemployment benefits (OPEB) to be provided to current and inactive employees attributable to past periods of service. This projection results in a reported long-term liability of over $72.4 million in FY 2024. At September 30, 2024, the County had long-term debt and obligations in the amount of$594.7 million. This debt and obligations are mainly comprised of direct borrowing of revenue bonds and notes secured by pledges of revenues. Revenue-secured debt for governmental activities was $189.8 million and $52.5 million for business type activities. A-4 In September 2022, the County issued Series 2022 Alternative Minimum Tax (AMT) Revenue Bonds totaling $42.5 million to be used to finance and re-finance the costs associated with Key West Airport's Concourse A expansion project. A Taxable Revenue Note, Series 2022 was also secured to provide a non-revolving line of credit not to exceed $10 million to be used to acquire, construct, and equip various capital improvements at the Airport in connection with its terminal expansion project. During FY 2024, the County drew down the full $10 million line of credit for its terminal expansion project. The Airport anticipates opening the new terminal for use in FY 2025 and completing the project in June 2026. Major Initiatives Capital project funding is derived from multiple sources which include impact fees, various grants, One Cent Infrastructure Sales Surtax, state revolving funds, and the issuance of revenue bonds. A large revenue source for capital projects is derived from the One Cent Infrastructure Surtax. The tax, maintained in a separate fund, allows for the imposition on both residents and visitors a one percent tax on most purchases in the County. This revenue source has generated over $579.9 million since its 1990 inception. In FY 2023, Monroe County residents approved a referendum providing an extension of the One Cent Infrastructure Sales Surtax to FY 2048. The County's Capital Improvement Plan (Plan) identifies capital projects that are to be funded from FY 2025 through FY 2029, a five-year period. The adopted annual capital budget represents the first year of the multi-year Plan. The Plan also allows the County to maintain the value of its long-term infrastructure assets such as buildings, roads, bridges, and parks. Some of the highlights from the 2025-2029 Plan to be funded with One Cent Infrastructure Surtax include: • General Government: - $2.0 million for HMGP generators; - $1.9 million for HMGP wind retrofit; and - $7.9 million for the Jefferson Browne/Jackson Square Building. • Public Safety: - $4.3 million for the Sheriff's generator building; - $6.5 million for replacing Sugarloaf Fire Station; and - $38.2 million for the leasing three Trauma Star Helicopters. • Transportation: - $10.3 million for Twin Lakes capital project; - $4.6 million for the Sugarloaf Blvd bridge replacement; and - $9.1 million for Conch Key roads capital project. A-5 The following are major capital projects that were substantially completed in FY 2024: • Higgs Beach restrooms; • Monroe County Historic Jail Museum; • Office spaces for both the State Attorney and State Public Defender; and • Marathon Airport's relocation of automated surface observing system. Relevant Financial Policies The Board strives to adhere to sound financial management principles to ensure that sufficient funds are available to maintain a stable financial base for the County. To achieve a stable financial base, the County budgets to maintain fund balances sufficient to fund the County's cash flow needs, to provide financial reserves for unanticipated expenditures or unexpected revenue shortfalls, to provide funds for the disparity in timing between property tax collection, sales tax distributions as well as other revenues and expenditures, and to secure and maintain investment grade bond ratings. In accordance with Section 218.415, Florida Statutes, the County's investment policy, approved in January 2019, establishes investment objectives, maturity and liquidation requirements, portfolio composition, risk and diversification requirements, and authorized investments. The primary objective of investment activity is the safety of the principal of funds and maintain sufficient liquidity to meet anticipated cash flow needs. A secondary objective is to obtain competitive returns on the investment of the County's surplus funds. The County adheres to Governmental Accounting Standards Board's Statement No. 54 which requires governmental entities to classify a fund balance into one of five categories to indicate the constraints imposed upon these resources: non-spendable, restricted, committed, assigned and unassigned. An unassigned fund balance is the residual classification that includes all spendable amounts not contained within the other four classifications. Unrestricted fund balance is 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). It is the goal of the Board to achieve and maintain an unrestricted General Fund balance equal to four months of budgeted expenditures. To achieve this goal, the Board's Fund Balance policy dictates that the County shall plan to adjust budget resources in the subsequent fiscal years to restore the balance. Appropriation from unrestricted General Fund balance shall require Board approval and shall be only for one-time expenditures, such as capital purchases, and not for ongoing expenditures unless a viable plan designated to sustain the expenditures is simultaneously adopted. The Board has the responsibility of responding to emergency disaster and has $10 million in disaster reserve funds to ensure adequate cash flow is available in post-disaster situations. In the A-6 event these funds fall below the set amount, an action plan to begin replenishment to the appropriate level will be addressed in the ensuing budget year. Awards and Acknowledgments The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to Monroe County, Florida for its Annual Comprehensive Financial Report for the fiscal year ended September 30, 2023. This was the thirty sixth (36 h) consecutive year that Monroe County has achieved this prestigious award. To be awarded a Certificate of Achievement, a government must publish an easily readable and efficiently organized annual comprehensive financial report. This report must satisfy both U.S. generally accepted accounting principles and applicable legal requirements. A Certificate of Achievement is valid for a period of one year only. We believe that our current annual comprehensive financial report continues to meet the Certificate of Achievement Program's requirements and we are submitting it to the GFOA to determine its eligibility for another certificate. Monroe County also received the GFOA's Distinguished Budget Presentation Award for its annual appropriated budget. This was the twenty sixth (26 h) year that Monroe County received this award. To qualify for the Distinguished Budget Presentation Award, the government's budget document was judged to be proficient in several categories including policy documentation, financial planning, and organization. This report is the product of the dedication and hard work of the Finance Department under the direction of Monroe County's Clerk of the Circuit Court & Comptroller, Kevin Madok, CPA as Auditor and Chief Financial Officer to the Board of County Commissioners. We would like to express our appreciation to the entire Finance Department, the Board of County Commissioners and their staff and other Constitutional Officers for their assistance in the preparation of this report. This includes their dedicated support in planning and conducting the financial operations of the County in a responsible and progressive manner throughout the year. We also extend our thanks and appreciation to our independent auditor, RSM US LLP, for their interest and support to us throughout the year. Sincerely, el Kevin Madok, CPA Pam Radloff, CPA Clerk of the Circuit Court& Comptroller Monroe County Chief Financial Officer Finance Director A-7 DO Government Finance Officers Association Certificate of Achievement for Excellence in Financial Reporting Presented to Monroe County Florida For its Annual Comprehensive Financial Report For the Fiscal Year Ended September 30, 2023 P. Executive Director/CEO A-8 MONROE COUNTY, FLORIDA BOARD OF COUNTY COMMISSIONERS JIM SCHOLL DISTRICT 3 CRAIG CATES MICHELLE LINCOLN DISTRICT I DISTRICT 2 DAVID RICE HOLLY RASCHEIN DISTRICT 4 DISTRICT 5 CHRISTINE HURLEY COUNTY ADMINISTRATOR KEVIN MADOK, CPA CLERK OF THE CIRCUIT COURT AND COMPTROLLER A-9 % / k ) ) ! E m E k \ � E5 � k � ) {2 = ) ! ate ! f� ) � # ) � - ; E � m � ! Q � \ , } m Em � 22 { k ® 2§ 2 § | wE» , - a fm ! E5 § /£ au 3 z k § / k} E � w® G _ - 3 - 2 £ t § m ! TTTTT - 3 jE ) § § � uEV m { ) 0 B k § Q m ¥ § � r ) ) ) {/ \txo \/ } } � � \ � w \ / - � ) { k �) - !; ! k \ E k � \ u '6E _ _ E § ) ; w E � ; _ - E g / - - / _ go E ® a o 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 the governmental activities, the business-type activities, the discretely presented component unit, each major fund and the aggregate remaining fund information 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 County's basic financial statements as listed in the table of contents. In our opinion, the accompanying financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, the discretely presented component unit, each major fund and the aggregate remaining fund information of Monroe County, Florida, 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, HIDTA Grants 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 County 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 23 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 business- type activities, 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. IIIIIIII ow IIIIIIII III'Z O III'° IIIIII IIIIIIII III 4 G IU 4 III': IIIIIIII IIIZ S"'"'O O ASS LJIIZW III i..AX 0I�SLJ B-1 k"M0',111IvHill0`amemlIqtoIII('Ik"MII)(IqIIA!(IIAII Is�l lkilIliwirkofaIrka(�IulenkI IIIII +x'gIll ony Ili ar�(urns, V'I51(l`.I I II I'.(:o I11/,d I I III"i"I 111 lII'II11oI I"n,I(I(I)1('s I:11I Ifs 1t`aM I I"I I I III I!I I I l l iIiOnl I ........ ......... ..... ,,,,, ,,,,, ..... ...... ...... ..... ...... ...... ....,. In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the County's ability to continue as a going concern for 12 months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter. 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 County's internal control. Accordingly, no such opinion is expressed. • Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements. • Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the County's ability to continue as a going concern for a reasonable period of time. We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit. Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management's discussion and analysis and the pension and other post-employment benefits 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. B-2 Supplementary Information Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the County's basic financial statements. The combining and individual fund statements and schedules and the Schedule of Receipts and Expenditures of Funds Related to the Deepwater Horizon Oil Spill are presented for purposes of additional analysis and are not a required part of the basic financial statements. The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance Projects is presented for purposes of additional analysis as required by Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, and Chapter 10.550, Rules of the Auditor General, and are also 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, the Schedule of Expenditures of Federal Awards and State Financial Assistance Projects, and the Schedule of Receipts and Expenditures of Funds Related to the Deepwater Horizon Oil Spill are fairly stated, in all material respects, in relation to the basic financial statements as a whole. Other Information Management is responsible for the other information included in the annual comprehensive financial report. The other information comprises the introductory and statistical sections but does not include the basic financial statements and our auditor's report thereon. Our opinions on the basic financial statements do not cover the other information, and we do not express an opinion or any form of assurance thereon. In connection with our audit of the basic financial statements, our responsibility is to read the other information and consider whether a material inconsistency exists between the other information and the basic financial statements, or the other information otherwise appears to be materially misstated. If, based on the work performed, we conclude that an uncorrected material misstatement of the other information exists, we are required to describe it in our report. 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 County'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 County'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 County's internal control over financial reporting and compliance. Fort Lauderdale, Florida April 9, 2025 B-3 Management's Discussion and Analysis As Finance Department management, under the direction of Monroe County's Chief Financial Officer and Clerk of the Circuit Courts and Comptroller, we offer readers this narrative overview and analysis of the financial activities of Monroe County Government(County) for the fiscal year ended September 30, 2024. We encourage readers to consider this information in conjunction with additional information furnished in the letter of transmittal in the Introductory Section of this report and the audited basic financial statements for an overall view of the County's activities. Financial Highlights • The County's total assets and deferred outflows of resources exceeded its total liabilities and deferred inflows of resources at September 30, 2024 by $789.0 million, an increase of $105.7 million compared to the prior fiscal year. Of this amount, $533.6 million represents net investment in capital assets; $349.2 million is restricted for specific purposes (restricted net position); and the remaining portion represents negative unrestricted net position (deficit) of ($93.8) million. Unrestricted net position is negative primarily due to the actuarily-determined long-term liabilities related to the Florida Retirement System pension and other post-employment benefits (OPEB). • Comparing FY 2024 with FY 2023, the results of governmental activities produced an increase in net position of$58.6 million, while in FY 2023 net position increased by $59 million. We discuss key changes in net position later in Management's Discussion & Analysis (MD&A). • Comparing FY 2024 with FY 2023, the results of business-type activities produced an increase in net position of $46.7 million, while in FY 2023 net position increased by $67.8 million. We discuss key changes in net position later in this MD&A. • In FY 2024, the net position of the County's business-type activities was restated for a reduction of($212,638) due to a prior period adjustment. In prior years, regulated leases previously reported leases receivables and deferred inflow of resources and should not have been reported as such. • As of September 30, 2024 and 2023, the County's governmental funds reported combined ending fund balances of $373.5 million and $359.7 million, respectively. Of the combined fund balance, $37.0 million or 9.9% is available for spending at the County's discretion (unassigned balance). • The County's General Fund (primary operating fund) reported a total fund balance of $47.9 million, an increase of $3.7 million from the prior year. This increase is consistent with the increase in collection of ad valorem taxes due to increased assessed property values and increased millage rates from the prior year. • The County reported new debt of $10 million during the fiscal year for financing the Airport's terminal expansion project. Overall, bonded debt and loans of the County decreased $8.4 million in FY 2024 due to continuing repayment on the County's outstanding debt. The County's percentage of bonded debt and loans compared to net position decreased from 36.9% to 30.7%. The other components of long-term debt are discussed in further detail later in this MD&A. C-1 Overview of the Financial Statements This MD&A is intended to serve as an introduction to the County's basic financial statements, which include government-wide financial statements, fund financial statements, as well as notes to the financial statements. This report also contains other supplementary information in addition to the basic financial statements. The chart below illustrates the components of the Annual Comprehensive Financial Report: Components of the Annual Comprehensive Financial Report Letter of Transmittal and Other General Introduction ; Information on the Government Section i Management Discussion and Analysis ; Government-Wide Financial Statements Governmental Fund Financial Statements ; Basic Proprietary Fund Financial Statements Financial ; Financial ; Statements ; Fiduciary Fund Financial Statements Section and RSI ; Notes to the Financial Statements Additional Required Supplementary Information ; Information on Individual Funds and Other Supplementary Information Not Required by GAAP. i Trend Data and Nonfinancial Information Statistical Section Government-Wide Financial Statements The Government-Wide Financial Statements are designed to provide the reader with a broad overview of the financial position of the County, in a manner similar to private-sector business. They include a Statement of Net Position and a Statement of Activities. These statements appear on pages D-1 through D-4 of this report. The Statement of Net Position presents information on all of the County's assets, deferred outflows of resources, liabilities and deferred inflows of resources, with the difference reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the County is improving or deteriorating. The Statement of Activities, which follows the Statement of Net Position, presents information showing how the net position changed during fiscal year 2024. The statement presents all underlying events, which contribute to the change, irrespective of the timing of the related cash flows. Thus, revenues and C-2 expenses are reported in this statement for some items that will only affect cash flows in future fiscal periods (e.g., uncollected taxes, earned but unused vacation and medical leave). Both of the aforementioned government-wide financial statements distinguish functions of the County that are principally supported by taxes and intergovernmental revenues (governmental activities) from other functions that are intended to recover all or a significant portion of their costs through user fees and charges for services (business-type activities). The governmental activities reported in the statements include general government, public safety, physical environment, transportation, economic environment, human services, culture and recreation, court-related, and interest on long-term debt. The business-type activities include the County's two airports, Solid Waste, and the Card Sound Road and Toll Bridge. The government-wide financial statements include not only the County itself (known as the primary government) but also the operations of the Monroe County Comprehensive Plan Land Authority. Financial information for this component unit is reported separately within the government-wide financial statements from the financial information presented for the primary government. Fund Financial Statements A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The County, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. All of the funds of the County can be divided into three general categories: governmental, proprietary, and fiduciary funds. Governmental Funds. Governmental Funds essentially account for the same functions as those reported in the government-wide statements described above. However, unlike the government-wide statements, this set of financial statements focuses on events that produce near-term inflows and outflows of spendable resources available at the end of the fiscal year, which is a narrower focus than the government-wide financial statements. Such information may be useful in evaluating the available spendable resources. These statements appear on pages E-1 through E-15 of this report. It can be useful to compare the information presented for the governmental funds with similar information presented for governmental activities in the government-wide statements. Therefore, reconciliations are provided as a link between both the governmental fund statements and the government-wide statements to assist in this comparison. These statements appear on pages E-3 and E-6 of this report. The governmental fund financial statements present financial information for the County's general, special revenue, debt service and capital project funds. Governmental funds individually presented as major funds in the County's statements include: the General Fund; four special revenue funds: Fine and Forfeiture, High Intensity Drug Trafficking Area (HIDTA) Grants, Governmental Grants, the Tourist Development Council's (TDC) Administration and Promotional Two Cent Fund, Road and Bridges Fund, the Debt Service Fund; in addition to the One Cent Infrastructure Surtax capital project fund. There are many smaller governmental funds in the County. They have been presented in a total column "Nonmajor Governmental Funds." These funds are presented individually in the combining and individual fund statements section of the report. C-3 Proprietary Funds. The County maintains two different types of proprietary funds, enterprise and internal service. The proprietary fund statements appear on E-16 through E-25 of this report. Enterprise funds are used to report business-type activities in the government-wide financial statements. The County maintains four major enterprise funds: Municipal Service District Waste, Card Sound Bridge, Key West International Airport, and the Florida Keys Marathon International Airport. There are no non-major enterprise funds. Internal service funds are used to accumulate and allocate costs among the County's various functions. The County uses internal service funds to account for insurance activities (worker's compensation, group insurance, and risk management) and fleet management activities. Internal service funds are presented in total in the fund financial statements but may be reviewed individually in the combining and individual fund statements section of the report. Because these services predominantly benefit governmental rather than business-type functions, they have been included within the government-wide financial statements as governmental activities. They are also combined into a single, aggregated presentation in the proprietary fund financial statements. Fiduciary Funds. The County uses fiduciary funds to account for resources held for the benefit of parties outside of County government, such as assets held in trust and custodial funds by the County as a custodian for individuals. Fiduciary funds are not reflected in the government-wide financial statements because the resources of those funds are not available to support the County's own programs. The accounting used for fiduciary funds is much like that used for proprietary funds. The fiduciary fund financial statement appears on pages E-26 and E-27 of this report. Notes to the Financial Statements The notes to the financial statements provide additional information that is essential to a full understanding of the data provided in both government-wide and fund financial statements. The notes commence on page F-1 and continue throughout the entire F page section. Other Information Required Supplementary Information includes information for the Florida Retirement System (FRS) and Health Insurance Subsidy (HIS) Pension Plans, the Volunteer Firefighters and Emergency Medical Services Length of Service Awards Program (LOSAP) Pension Plan, and the County's Other Post- Employment Benefits (OPEB)program, as provided on pages G-1 through page G-13. Combining and individual statements and schedules mentioned earlier, which present details of non- major funds used in governmental and enterprise funds, commence on page H-1 and continue throughout the entire H page section. This section also includes the budget to actual schedules, and statements for major capital project, internal service and custodial funds. Additional information about the County can be found under the Statistical Section (Section I), the Single Audit Section (Section J), and Other Information on the expenditures related to the Deepwater Horizon Oil Spill (Section L) of this report. C-4 Government-Wide Financial Analysis The County adopted the government-wide financial statement presentation. This reporting structure and measurement focus using accrual accounting for all of the government's activities was mandated by the Government Accounting Standards Board (GASB) in Statement No. 34, Basic Financial Statements - and Management's Discussion and Analysis - for State and Local Governments. Comparative data for fiscal years ending September 30, 2024 and 2023 is presented. Monroe County Net Position (in thousands) The following is a condensed summary of Net Position compared to the prior year. Governmental Business-type Total Primary Activities Activities Government 2024 2023 2024 2023 2024 2023 Current and Other Assets $ 476,998 $ 451,916 $ 132,893 $ 142,456 $ 609,891 $ 594,372 Capital Assets 498,913 483,128 265,722 208,006 764,635 691,134 Total Assets 975,911 935,044 398,615 350,462 1,374,526 1,285,506 Deferred Outflows of Resources 66,576 48,655 2,310 2,096 68,886 50,751 Current Liabilities 61,720 65,970 12,771 10,525 74,491 76,495 Long-Term Liabilities 457,965 466,266 62,213 51,961 520,178 518,227 Total Liabilities 519,685 532,236 74,984 62,486 594,669 594,722 Deferred Inflows of Resources 41,846 29,535 17,879 28,679 59,725 58,214 Net Position: Net Investment in Capital Assets 297,590 270,233 235,963 179,688 533,553 449,921 Restricted 342,929 271,454 6,317 4,049 349,246 275,503 Unrestricted (159,563) (119,759) 65,782 77,656 (93,781) (42,103) Total Net Position $ 480,956 $ 421,928 $ 308,062 $ 261,393 $ 789,018 $ 683,321 The largest portion of net position for 2024 and 2023 is the County's net investment in capital assets (e.g., land, depreciated buildings, infrastructure and equipment, and amortized right-to-use leased assets, and subscription-based information technology arrangements [SBITA]), less any outstanding debt related to their acquisition. This category represents 67.6% and 65.8% of total primary government net position for fiscal years 2024 and 2023, respectively. The County uses these capital assets to provide services to citizens; consequently, these assets are not available for future spending. Although the County's investment in capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities. C-5 Total primary government net position above also includes restricted net position. Restricted net position is resources subject to external restriction on how they may be used. In FY 2024, 44.3% of the total primary government's net position was restricted compared to 40.3% in FY 2023. The restrictions reported for business-type activities are comprised of the passenger facility charges and custom service operations. Restrictions reported for governmental activities are special purpose funds which report the use of resources as designated by external entities. The remaining component of net position is unrestricted net position. Unrestricted net position may be used to meet the County's ongoing obligations to citizens and creditors. Comparison of Current Assets and Liabilities (in thousands) A comparison of current assets to current liabilities for both governmental and business-type activities can be a good indication of the County's ability to meet its current and existing operational responsibilities. The ratios for the current and prior fiscal years are as follows: Governmental Business-type Activities Activities 2024 2023 2024 2023 Current Assets $ 476,998 $ 451,916 $ 91,316 $ 90,932 Current Liabilities 61,720 65,970 12,771 10,525 Ratio of Current Assets to Current Liabilities 7.73 6.85 7.15 8.64 The schedule above demonstrates that the County continues to have adequate cash flows. The governmental activities ratio of 7.73 and the business-type activities ratio of 7.15 reflect the County's ability to pay back its current liabilities with available current assets. The decrease in the business-type activities ratio reflects the use of cash by the Key West International Airport for the Terminal A expansion project. Monroe County Changes in Net Position (in thousands) The following table summarizes the changes in net position for the current and previous year. Total revenue exceeded total expenses in the current year, resulting in an increase in the County's total net position of $59.0 million in FY 2024 compared to an increase in net position of$44.0 million during FY 2023. The reasons for the overall decrease are explained below in the governmental activities and business-type activities sections. C-6 Governmental Business-type Total Primary Activities Activities Government 2024 2023 2024 2023 2024 2023 Revenues: Charges for Services $ 53,819 $ 45,036 $ 49,679 $ 44,004 $ 103,498 $ 89,040 Operating Grants and Contributions 64,508 26,207 11,665 17,844 76,173 44,051 Capital Grants and Contributions 177 1,081 29,385 39,453 29,562 40,534 Ge ne ral Re v e nue s: Property Taxes 135,917 113,282 - - 135,917 113,282 Other Taxes 126,469 127,195 126,469 127,195 State Revenue Sharing 4,685 7,976 - - 4,685 7,976 Investment Income 21,444 13,350 5,966 4,790 27,410 18,140 Miscellaneous 7,496 5,345 2,162 5,368 9,658 10,713 Total Revenues 414,515 339,472 98,857 111,459 513,372 450,931 Expenses: General Government 54,812 62,873 - - 54,812 62,873 Public Safety 149,334 95,717 149,334 95,717 Physical Environment 37,199 12,918 37,199 12,918 Transportation 10,959 11,155 10,959 11,155 Economic Environment 57,484 53,092 57,484 53,092 Human Services 14,382 14,999 14,382 14,999 Culture and Recreation 12,141 10,922 12,141 10,922 Court Related 15,013 14,423 15,013 14,423 Interest on Long Term Debt 6,629 5,331 - - 6,629 5,331 Municipal Service District waste - - 24,791 24,081 24,791 24,081 Card Sound Bridge 1,073 1,122 1,073 1,122 Key west Airport 20,648 30,012 20,648 30,012 Marathon Airport - - 2,998 2,536 2,998 2,536 Total Expenses 357,953 281,430 49,510 57,751 407,463 339,181 Change in Net Position before transfers 56,562 58,042 49,347 53,708 105,909 111,750 Transfers 2,466 (14,061) (2,466) 14,061 - - Change in Net Position 59,028 43,981 46,881 67,769 105,909 111,750 Total Net Position-October 1 421,928 377,947 261,393 193,624 683,321 571,571 Restatement-Prior Period Adjustment - - (212) - (212) - Net Position-October 1(as Restated) 421,928 377,947 261,181 193,624 683,109 571,571 Net Position-Ending $ 480,956 $ 421,928 $ 308,062 $ 261,393 $ 789,018 $ 683,321 Governmental Activities Highlights for governmental activity revenue and expenses are as follows: Revenues • Property tax revenue increased 20% between FY 2023 and FY 2024. FY 2024 property tax revenue was $135.9 million compared to $113.3 million in FY 2023. This increase reflects the 12% increase of the County's taxable property reported by the Property Appraiser for FY 2024. C-7 • Charges for Services increased by 19.5%between FY 2023 and FY 2024. This increase is partially attributed to new programs implemented by the County including programs expanding the County's transportation services and recreational programs. • Tourist Development revenue FY 2024 remained consistent with FY 2023 revenue totaling $61.5 million. The County's Tourist Development had been impacted by the COVID-19 pandemic throughout FY 2021 and FY 2022 by experiencing record-breaking tourist levels. The stabilization of the revenue in FY 2024 was expected as the County's tourism activity normalizes from the unexpected gains realized during the pandemic. • Sales Taxes (1/2 Cent Sales Tax and One Cent Infrastructure Tax) were $48.8 million in FY 2024 compared to $49.4 million in FY 2023, which was a decrease of $0.6 million or -1.3%. The sales tax revenue was impacted by the lack of growth in tourism during FY 2024. The sales tax revenue decrease between FY 2023 and FY 2024 reflects the expected reduction in tourism activity post- pandemic. • The County is awarded both operating and capital grants to aid in financing its special programs and projects. During FY 2024, Operating Grants and Contributions totaled $76.2 million while Capital Grants and Contributions totaled $29.6 million. Grants are nonrecurring in nature and can fluctuate from year to year. • Investment income continued to experience unrealized investment gains. In FY 2024, investment income increased 60.6% from the previous fiscal year. Expenses • Pension related expenses, resulting from the change of deferred inflow of resources, deferred outflow of resources, and the net pension liabilities, decreased by $20.6 million in FY 2024. • Depreciation and amortization expense reported for governmental activities decreased by $3.8 million in FY 2024. The decrease reflects the aging of the County's assets that are now fully depreciated. • Public safety operational expenses (not capitalized) increased by $53.6 million or 56.0%. While FY 2024 experienced an increase of $6.5 million related to public safety salaries and fringe benefits, most of the change between fiscal years is due to budgeted FY 2023 public safety expenditures being reallocated to the lease purchase of three Trauma Star helicopters which, in turn, materially reduced operating expenditures in FY 2023. The graph below represents a comparison of program revenues to program expenses for governmental activities for fiscal year 2024. It is apparent from these graphs that general revenues were required to cover expenses for most of the functions noted. C-8 Monroe County, FlorWa Gov ernrnentalI Acdv�-di es (in Whons) For the year ended September 30, 2024 160.0 149.3 140.0 120.0 100.0 80.0 54.8 63.0 57.5 60.0 37.2 40.0 23.3 20.0 9.2 2.8 11.0 8.7 14.4 12.1 9.8 15.0 0.7 0.0 uuima - Hill 111]))). 1:0 General Public Safety Physical Transportation "conornic Flurnan Culture& Court Related Government "nvironment "nvironment Services Recreation IIIII Program Revenues IIIII Program Expenses The largest revenue sources for governmental activities in FY 2024 are property taxes in the amount of $135.9 million and all other taxes totaling $126.5 million. Total taxes of $262.4 million amounted to 63.3% of the County's governmental activity revenues excluding transfers. The second largest revenue source, excluding grant funding, is charges for services at $53.8 million or 13.0% of governmental activity revenues excluding transfers. The 2024 graph identifies the largest expense function as public safety, amounting to $163.0 million. This is 45.5% of the total expenses for governmental activities. The public safety function includes the Sheriff along with the County emergency management-related expenses. The next largest functions are general government and economic environment that total $112.3 million or 32.0% of total expenses. The general government expenses include the Tax Collector, Property Appraiser, Clerk of the Circuit Court, and the Supervisor of Elections and the County's Tourist Development Council. The following graph represents a comparison of program revenues to program expenses for governmental activities for FY 2023. C-9 Monroe County, FlorWa Gov ernrnentalI Acdv�-di es (in Whons) For the year ended September 30, 2023 120.0 95.4 100.0 80.0 62.9 60.0 53.1 40.0 18.7 20.8 15.0 14.4 20.0 12*612,9 11.2 9.8 10.9 2.3 0.5 1.2 6.5 0.0 General Public Safety Physical Transportation "conornic Flurnan Culture& Court Related Government "nvironment "nvironment Services Recreation IIIII Prograrn Revenues IIIII Program Expenses The largest revenue sources for governmental activities in FY 2023 are property taxes in the amount of $113.3 million and all other taxes totaling $127.2 million. Total taxes of $240.5 million amounted to 70.8% of the County's governmental activity revenues excluding transfers. The second largest revenue source, excluding grant funding, is charges for services at $45.0 million or 13.3% of governmental activity revenues excluding transfers. The 2023 graph identifies the largest expense function as public safety, amounting to $95.4 million. This is 34.1% of the total expenses for governmental activities. The public safety function includes the Sheriff along with the County emergency management-related expenses. The next largest functions are general government and economic environment that total $116 million or 41.2% of total expenses. The general government expenses include the Tax Collector, Property Appraiser, Clerk of the Circuit Court, and the Supervisor of Elections and the County's Tourist Development Council. Business-Type Activities The purpose of proprietary funds is to recover the majority of costs incurred in providing a service through user fees and charges for that service. Charges for services revenues in FY 2024 amounted to $49.7 million or 50.3% of all business-type activities revenue sources. Other revenue source includes $11.7 million and $29.4 million in operating grants and capital grants respectively. Total expenses (excluding transfers from other funds) were less than total revenues (excluding transfers to other funds)by $49.1 million. C-1 0 Financial Analysis of Monroe County's Funds Governmental Funds Governmental funds provide information on near-term inflows, outflows, and balances of spendable resources. In assessing the County's financing requirements, unassigned fund balance represents the County's net resources available for spending at the end of the fiscal year. The governmental fund types include the General Fund, special revenue, debt service and capital project funds. The County's governmental funds reported combined fund balances of $373.5 million at the end of the current fiscal year. This represents a $13.8 million, or 3.8%, increase from prior year. Governmental funds held non-spendable, restricted, committed or assigned amounts totaling $336.4 million reflect the various constraints placed on those resources for future use. The General Fund is the chief operating fund of the County. At September 30, 2024, the total fund balance in the General Fund was $47.9 million, an increase of$3.7 million, or 8.3% more than the prior year. The unassigned portion of the General Fund's fund balance was $37.7 million. Tax revenue increased by $10.7 million in the General Fund. Intergovernmental revenues decreased by $3.8 million, or by -19.6%. Expenditures increased by $11.8 million or 9.5%. Other Major Fund Information (in thousands) Fine and Forfeiture HIDTA Grants Governmental Grants 2024 2023 2024 2023 2024 2023 Revenues and Other Sources S 89,551 S 79,165 S 22,379 S 22,839 S 27,487 S 44,716 Expenses and Other Uses 83,184 77,137 22,379 22,839 30,538 28,780 Increase/(Decrease)in Fund balance S 6,367 S 2,028 S - S - S (3,051) S 15,936 Tourist Development Admin One Cent and Promo,Two Cent Infrastructure Surtax Debt Service 2024 2023 2024 2023 2024 2023 Revenues and Other Sources S 23,011 S 22,306 S 36,968 S 97,992 S 23,583 S 18,853 Expenses and Other Uses 28,767 11,384 49,220 38,821 23,010 18,500 Increase/(Decrease)in Fund balance S (5,756) S 10,922 S (12,252) S 59,171 S 573 S 353 Fine and Forfeiture Special Revenue Fund. Total revenue and other sources for this fund increased by $10.4 million due to an increase in services provided for emergency medical services. Total operating expenses and transfers to other funds increased by $6.0 million, or 7.84%. C-11 HIDTA Grants Special Revenue Fund. This fund is used to account for reimbursement grants funded by the U.S. Department of Justice to fight drug trafficking. The activity slightly decreased in this fund during FY 2024. Activity decreased by $.5 million or-2.0%. Governmental Grants Special Revenue Fund. The FY 2024 revenue decreased by $17.2 million. During the previous fiscal year, the County received $11.2 million for Hurricane Irma recovery and $8.9 million for pandemic recovery. These grant funds were one-time funding and did not recur in FY 2024. Tourist Development Admin and Promo, Two Cent Fund. This fund accounts for the bed tax received slated for administrative and promotional funds related to expenditures of advertising, promotions, and special events of the County's Tourist Development Council. Total revenue and other sources for this fund increased by $.7 million due to a return to normal tourist activity post-pandemic. Total operating expenses and transfers to other funds increased by $17.4 million due to increased expenditures related to public relations and advertising. One Cent Infrastructure Sales Surtax Capital Project Fund. The County voted during the 2022 general election to extend the surtax expiration date from 2033 to 2048. This is similar to the State shared revenues based on sales tax. While over the past decade this revenue has experienced steady growth, in FY 2024 the One Cent Infrastructure Sales Surtax stayed consistent with the previous year at $32.6 million. In addition, FY 2023 experienced an increase in revenue in this Fund due to the purchase of three helicopters for the County's Trauma Star program. Since the helicopters are to be delivered to the County at a future date, the County placed $53 million with a fiscal agent who will release funding to the manufacturer building the helicopters. The helicopters are expected to be delivered and ready for use some time in 2025. Debt Service. The debt service fund received transfers from other funds to cover $23 million in principal and interest payments on long-term debt. Proprietary Funds Proprietary fund statements provide the same information as in the business-type activities column of the government-wide statements, but in greater detail and on a fund basis for enterprise funds and internal service funds. Municipal Service District-Waste Enterprise Fund. This fund maintains the County's transfer sites. The County continues to outsource the waste haul-out services through a major contract. Revenues for charges for services (special assessments and tipping fees) increased by 5.4% from FY 2023. Card Sound Bridge Enterprise Fund. The Card Sound Bridge is an alternative route to the "Eighteen Mile Stretch." The County uses an electronic tolling system to collect tolls. Toll revenue increased by 15.2% from FY 2023. Key West Airport Enterprise Fund. Compared to FY 2023, revenue increased by $3.3 million in charges for services and operational expenses decreased by $10.4 million in FY 2024. The Key West Airport received $.6 million in operating grants and $21.6 million in capital grants for a myriad of capital projects including the Airport's expansion of its terminal. C-12 Marathon Airport Enterprise Fund. The airport reported an increase of 25.4% in its revenue from charges for services in FY 2024. In addition, the Marathon Airport received almost $7.7 million from other funds to provide needed cash flow for the construction of the County's Emergency Operations Center. The internal service funds include the Worker's Compensation Fund, Group Insurance Fund, Risk Management Fund and the Fleet Management Fund. The self-insurance funds are an important part of the County's operations. Capital Assets The County's financial statements present capital assets in two categories: (1) those assets subject to depreciation or amortization, such as buildings, infrastructure, equipment, intangible assets, right to use leased assets and subscription-based information technology agreements; and (2) those not subject to depreciation such as land, land development rights, and construction in progress. At September 30, 2024, the County has $764.6 million invested in a variety of capital assets, as reflected in the following schedule, which represents a net increase (additions less retirements and depreciation) of$73.5 million or 10.6% from the end of last year. MONROE COUNTY,FLORIDA CAPITAL ASSETS(IN THOUSANDS) NET OF DEPRECIATION Governmental Activities Business-type Activities Total 2024 2023 2024 2023 2024 2023 Land $ 102,671 $ 105,789 $ 15,404 $ 15,404 $ 118,075 $ 121,193 Land Development Rights 3,220 1,806 - - 3,220 1,806 Constniction In Prog. 56,347 38,211 147,083 86,448 203,430 124,659 Bindings 151,331 146,468 55,830 56,805 207,161 203,273 Equipment 36,357 29,418 3,032 2,618 39,389 32,036 Infrastructure 102,754 105,665 44,369 46,721 147,123 152,386 Intangible Assets 4,028 5,027 - - 4,028 5,027 Right-To-Use Leased 42,205 SQ745 4 8 42,209 SQ753 Assets& SBITAs Total $ 498,913 $ 483,129 $ 265,722 $ 208,004 $ 764,635 $ 691,133 The investment in capital assets includes land, land development rights, buildings, improvements, machinery and equipment, plant and equipment, infrastructure, roads, bike paths, sidewalks and right to use leased assets. Major capital asset events during the year included: • Completion of the Monroe County Historic Jail Museum totaling $1.4 million. • Completion of the Higgs Beach restrooms totaling $1.4 million. • Completion of the State Attorney Office in Marathon totaling $1.5 million. • Completion of the State Public Defender's Key West Office totaling $4.5 million. • Completion of the Cudjoe Gardens Trail totaling $.6 million. • Completion of various park upgrades totaling $2.3 million. C-13 Ongoing significant projects include the following: the Jackson Square chiller building, Ellis Building renovation; public safety and security systems; Twin Lakes/Sands Subdivision road elevation; Seaview Avenue, Harbor Drive, and Bimini Drive Bridge replacements; Key West Airport Concourse A terminal expansion project; Marathon Airport relocation of automated surface observing system, and the non- aeronautical building/emergency operations center. Additional information on the County's capital assets can be found in Note 8 on pages F-23 to F-24. Long-Term Debt At September 30, 2024, the County had long-term debt in the amount of $574.8 million. This debt is mainly comprised of direct borrowing of revenue bonds and notes secured by pledges of revenues. Revenue-secured debt for governmental activities was $189.8 million and $52.4 million for business type activities. The County has no general obligation bonds. Net changes to long-term debt consisted of the following: • Decreases in leased liabilities and SBITAs - $5.8 million • Increases to accrued compensated absences - $1.7 million • Increases in the County's proportionate share of FRS and HIS pension liability - $26.3 million • Increases in the other post-employment benefits liability - $15.7 million • Decreases in the County's LOSAP pension liability - $.02 million In FY 2023, the County entered into a $53 million lease-purchase arrangement to purchase three helicopters for the County's Trauma Star Program. At September 30, 2024, $38.2 million was held with a fiscal agent to pay for the building of these aircraft. The helicopters are scheduled to be completed and delivered in FY 2025. Moody's Investors Service rates the County's Infrastructure Sales Surtax Revenue Bonds, Series 2016 as "A1". Standard and Poor's Ratings Services have rated these issues "A+". Further details about long- term debt are available in Note 15 to the financial statements pages F-45 through F-51. Budgetary Highlights There were slight variations from the original budget to the amended budget for miscellaneous revenues and intergovernmental revenue. The more significant variations from the amended budget to the actual budget were the following: • Seaview Drive bridge replacement capital project was provided additional funding of$3 million. • Purchase of Southcliff Estates for affordable housing capital project was provided additional funding of$1.7 million. • Flagler Avenue road paving project was provided additional funding of$1.2 million. • Public Defender's office renovation was provided additional funding totaling $.7 million. • Ocean Reef Building Fire Boat project was provided additional funding of$.7 million. • Fire and Ambulance fire truck purchase was provided additional funding of$.9 million. • Bimini Drive bridge replacement capital project was provided additional funding of$.4 million. C-14 Economic Factors and Next Year's Budgets and Rates The County's short and long-term goals and policies are developed during the budget process each year. The Monroe County Board of County Commissioners discuss trends, capital projects and policy priorities at public meetings held during the budget planning phase. These priorities are further refined, clarified and adopted during the budget preparation. The FY 2024 budget was developed in consideration of the economic stabilization being experienced and the resulting moderate increases to sales tax revenues. The financial outlook for the County remains sound. There is a modest rebounding of property values, slow gains in consumer spending and low unemployment. Revenues from tourism, our main economic resource, are experiencing a slight downturn as the County's tourism industry returns to more normal activity post-pandemic. The FY 2024 budget was developed to meet increased service demands and workload throughout the County. The FY 2024 budget also included an ambitious capital project agenda to complete the County's larger projects. The largest revenue source of the County's General Fund is ad valorem taxes. The aggregate millage rate for FY 2024 is 3.4049 which is 5.3% over the 3.2326 millage rate adopted for FY 2023. The county-wide millage rate was also lowered by 3.6% to 2.5218 from 2.6149 in FY 2024. After property taxes, the Local Government Half-Cent Sales Tax is the largest revenue source in the General Fund; this revenue source was budgeted conservatively at FY 2023 levels. Budgeted expenditures increased in FY 2024 to reflect automatic CPI increases on vendor contracts, state-mandated increases in retirement rates, higher costs for fuel, supplies, and materials, increased utility costs, vehicle replacements, and salary adjustments. The County's budget is developed with a focus on maintaining strong fund balances to ensure a reasonable cushion for unforeseen or increased expenditures and/or revenue shortfalls. The FY 2024 budget included significant capital infrastructure investments including the following: • Emergency Operation Center(funded entirely with State Florida Department of Transportation and legislative appropriation funds, and federal Hazard Mitigation Grant Program funds) • Roadway/Drainage projects (Twin Lakes, Stillwright Point, Burton Drive, and Big Pine Koehn Subdivision) • Bridge projects (Harbour Bridge, Tubby's Creek and Mosquito Bridge, Bimini Drive Bridge, and Seaview Bridge) • Canal restoration projects • New mooring field and establishing an artificial reef program. Requests for Information This financial report is designed to provide a general overview of the County's finances for all those with an interest in its finances. Questions concerning any of the information provided in this report or requests for additional information should be addressed to the Finance Director, Monroe County Clerk of the Courts and Comptroller, 500 Whitehead Street, Key West, Florida 33040. C-15 BASIC FINANCIAL STATEMENTS MONROE COUNTY, FLORIDA STATEMENT OF NET POSITION SEPTEMBER 30,2024 Primary Government Component Unit Monroe County Governmental Business-type Comprehensive Activities Activities Total Plan Land Authority ASSETS Current Assets: Cash and Cash Equivalents $ 79,260,320 $ 8,816,097 $ 88,076,417 $ 31,607,356 Cash with Fiscal Agent 38,243,200 - 38,243,200 - Investments 293,012,429 68,791,097 361,803,526 - Accounts Receivable, Net 7,399,241 1,898,192 9,297,433 - Assessments Receivable 18,655,727 - 18,655,727 - Leases Receivable 3,424,926 4,090,584 7,515,510 - Internal Balances (320,112) 320,112 - - Due from Other Governmental Units 35,947,905 7,076,119 43,024,024 1,035,731 Interest Receivable 1,205,611 323,464 1,529,075 - Inventory 28,959 - 28,959 179,500 Prepaid Items 139,959 - 139,959 - Total Current Assets 476,998,165 91,315,665 568,313,830 32,822,587 Noncurrent Assets: Restricted Cash and Cash Equivalents - 28,141,706 28,141,706 - Mortgage/Notes Receivable 10,088,884 - 10,088,884 7,419,025 Allowance for Mortgage/Notes Receivable (10,088,884) - (10,088,884) - Leases Receivable, Non-Current - 13,435,703 13,435,703 - Capital Assets not being Depreciated 162,238,861 162,487,233 324,726,094 40,924,414 Capital Assets, Net of Accum Depreciation/Amortization 336,674,392 103,235,173 439,909,565 17,014,256 Total Noncurrent Assets 498,913,253 307,299,815 806,213,068 65,357,695 Total Assets 975,911,418 398,615,480 1,374,526,898 98,180,282 DEFERRED OUTFLOWS OF RESOURCES Related to Pensions 44,781,671 1,911,447 46,693,118 513,153 Related to OPEB 21,794,600 399,000 22,193,600 15,323 Total Deferred Outflows of Resources 66,576,271 2,310,447 68,886,718 528,476 LIABILITIES Current Liabilities: Accounts Payable 17,497,662 8,918,281 26,415,943 12,557 Retainage Payable 620,426 3,014,047 3,634,473 - Accrued Wages and Benefits Payable 4,873,497 364,011 5,237,508 57,961 Claims and Judgments Payable 3,554,785 - 3,554,785 - Due to Other Governmental Units 4,672,272 42,926 4,715,198 - Accrued Compensated Absences Payable 3,682,234 152,223 3,834,457 82,032 Other Current Liabilities 1,076 52 1,128 - Deposits in Escrow 439,856 99,558 539,414 - Unearned Revenue 244,052 177,776 421,828 - Accrued Interest Payable 2,723,569 - 2,723,569 - Leases&SBITAs Payable 4,871,588 2,502 4,874,090 - Revenue Notes Payable 7,958,666 - 7,958,666 - Revenue Bonds Payable 5,225,000 - 5,225,000 - Lease Purchase of Trauma Star Helicopters 2,875,000 - 2,875,000 - Interlocal Debt Agreements 2,480,666 - 2,480,666 - Total Current Liabilities 61,720,349 12,771,376 74,491,725 152,550 The notes to the financial statements are an integral part of this statement. (Continued) D-1 MONROE COUNTY, FLORIDA STATEMENT OF NET POSITION -CONTINUED SEPTEMBER 30,2024 Primary Government Component Unit Monroe County Governmental Business-Type Comprehensive Activities Activities Total Plan Land Authority Noncurrent Liabilities: Accrued Compensated Absences Payable 14,728,934 608,888 15,337,822 127,198 Leases&SBITAs Payable 40,391,751 - 40,391,751 Revenue Notes Payable 108,844,709 42,459,929 151,304,638 - Revenue Bonds Payable 5,310,000 10,000,000 15,310,000 - Lease Purchase of Trauma Star Helicopters 47,115,000 - 47,115,000 - Interlocal Debt Agreements 9,977,982 - 9,977,982 - OPEB Liability 70,718,000 1,656,000 72,374,000 76,641 Net Pension Liability 160,878,964 7,488,140 168,367,104 1,040,071 Total Noncurrent Liabilities 457,965,340 62,212,957 520,178,297 1,243,910 Total Liabilities 519,685,689 74,984,333 594,670,022 1,396,460 DEFERRED INFLOWS OF RESOURCES Related to Leases 3,328,536 17,052,718 20,381,254 - Related to Pensions 19,119,575 701,446 19,821,021 80,826 Related to OPEB 19,398,100 125,200 19,523,300 19,551 Advances from Other Governments - - - - Total Deferred Inflows of Resources 41,846,211 17,879,364 59,725,575 100,377 NET POSITION Net Investment in Capital Assets 297,590,310 235,962,658 533,552,968 57,938,670 Restricted: Public Safety 63,107,766 - 63,107,766 - Physical Environment 32,770,230 - 32,770,230 - Transportation 9,347,910 6,317,100 15,665,010 - Economic Environment 133,265,849 - 133,265,849 - Land Authority - - - 14,287,421 Court Programs 11,969,020 - 11,969,020 - Human Services 3,879,069 - 3,879,069 - Cultural and Recreation 3,182,895 - 3,182,895 - General 2,120,491 - 2,120,491 - Capital Projects 79,181,495 - 79,181,495 - Debt Service 4,104,097 - 4,104,097 - Unrestricted (deficit) (159,563,343) 65,782,472 (93,780,871) 24,985,830 Total Net Position $ 480,955,789 $ 308,062,230 $ 789,018,019 $ 97,211,921 D-2 MONROE COUNTY, FLORIDA STATEMENT OF ACTIVITIES FOR THE YEAR ENDED SEPTEMBER 30,2024 Program Revenues Operating Capital Charges for Grants and Grants and Functions/Programs Expenses Services Contributions Contributions Primary government: Governmental activities: General Government $ 54,811,784 $ 21,547,637 $ 1,791,483 $ - Public Safety 149,334,497 21,347,242 41,653,269 - Physical Environment 37,199,639 1,828,343 7,347,342 33,650 Transportation 10,958,637 102,542 2,528,744 143,001 Economic Environment 57,484,328 214,136 8,443,909 - Human Services 14,382,013 17,621 701,465 - Culture and Recreation 12,140,977 929,274 101,231 - Court Related 15,013,055 7,832,206 1,940,922 - Interest on Long-Term Debt 6,628,571 - - - Total governmental activities 357,953,501 53,819,001 64,508,365 176,651 Business-type activities: Municipal Service District Waste 24,790,656 27,299,776 187,500 - Card Sound Bridge 1,073,329 2,562,547 - - Key West Airport 20,648,355 17,969,777 557,035 21,619,882 Marathon Airport 2,998,239 1,847,232 10,920,684 7,764,966 Total business-type activities 49,510,579 49,679,332 11,665,219 29,384,848 Total primary government $ 407,464,080 $ 103,498,333 $ 76,173,584 $ 29,561,499 Component Unit: Monroe County Comprehensive Plan $ 3,992,391 $ - $ - $ - Land Authority General Revenues: Taxes: Ad Valorem Taxes Tourist Impact Tax Gas Tax 1/2 Cent Sales Tax One Cent Infrastructure Tax Tourist Development Tax Other Taxes Other St. Shared Rev, Unrestricted Investment Income Settlements, Insurance Recoveries, Donations, and Other Income Transfers Total General Revenues and Transfers Change in Net Position Total Net Position-October 1 Restatement-Prior Period Adjustment Total Net Position-October 1 (as Restated) Total Net Position-Ending The notes to the financial statements are an integral part of these statements. (Continued) D-3 Net(Expense) Revenue and Changes in Net Position Primary Government Component Unit Monroe County Governmental Business-type Comprehensive Activities Activities Total Plan Land Authority $ (31,472,664) $ - $ (31,472,664) $ - (86,333,986) - (86,333,986) - (27,990,304) - (27,990,304) - (8,184,350) - (8,184,350) - (48,826,283) - (48,826,283) - (13,662,927) - (13,662,927) - (11,110,472) - (11,110,472) - (5,239,927) - (5,239,927) - (6,628,571) - (6,628,571) - (239,449,484) - (239,449,484) - - 2,696,620 2,696,620 - - 1,489,218 1,489,218 - - 19,498,339 19,498,339 - - 17,534,643 17,534,643 - - 41,218,820 41,218,820 - (239,449,484) 41,218,820 (198,230,664) - $ - $ (3,992,391) 135,916,912 - 135,916,912 8,439,345 7,682,876 - 7,682,876 - 7,413,478 - 7,413,478 - 16,196,956 - 16,196,956 - 32,599,393 - 32,599,393 - 61,463,007 - 61,463,007 - 1,112,845 - 1,112,845 - 4,685,038 - 4,685,038 - 21,444,432 5,966,015 27,410,447 1,507,234 7,495,675 2,162,322 9,657,997 2,431,594 2,465,915 (2,465,915) - - 298,476,527 5,662,422 304,138,949 12,378,173 59,027,043 46,881,242 105,908,285 8,385,782 421,928,746 261,393,626 683,322,372 88,826,139 - (212,638) (212,638) - 421,928,746 261,180,988 683,109,734 88,826,139 $ 480,955,789 $ 308,062,230 $ 789,018,019 $ 97,211,921 D-4 MONROE COUNTY, FLORIDA BALANCE SHEET GOVERNMENTALFUNDS SEPTEMBER 30,2024 Fine& HIDTA Governmental General Forfeiture Grants Grants ASSETS Cash and Cash Equivalents $ 24,847,105 $ 1,837,764 $ 1,555,178 $ 2,665,577 Cash with Fiscal Agent - - - - Investments 23,334,104 18,381,240 - - Accounts Receivable, Net 90,725 5,739,395 - 125,821 Assessments Receivable - - - - Due from Other Funds 11,625,320 2,949,517 1,405 - Due from Other Governmental Units 1,183,544 30,367 1,767,219 27,479,514 Mortgages/Notes Receivable - - - 106,351 Allowance for Mortgages/Notes Receivable - - - (106,351) Leases Receivable 3,424,926 - - - Interest Receivable 100,000 69,899 - - Inventory 28,959 - - - Prepaid Items 133,861 - - - Total Assets $ 64,768,544 $ 29,008,182 $ 3,323,802 $ 30,270,912 LIABILITIES, DEFERRED INFLOWS OF RESOURCES,AND FUND BALANCES Liabilities: Accounts Payable $ 6,096,900 $ 148,734 $ 850,977 $ 2,401,572 Retainage Payable - - - 135,972 Accrued Wages and Benefits Payable 2,606,813 210,397 81,022 180,751 Due to Other Funds 2,286,244 : 20,657 1,613,406 10,000,000 Due to Other Governmental Units 2,327,313 694 778,397 688 Unearned Revenues 45,133 - - 120,285 Other Current Liabilities - - - - Deposits in Escrow 152,924 - - - Total Liabilities 13,515,327 380,482 3,323,802 12,839,268 Deferred Inflows of Resources: Leases 3,328,536 - - - Advances from Other Governments - - - - Unavailable Revenues 975 - - 16,594,949 Total Deferred Inflows of Resources 3,329,511 - - 16,594,949 Fund Balances/(Deficits): Nonspendable 162,820 - - - Restricted - 28,627,700 - 836,695 Committed 10,000,000 - - - Assigned 74,145 - - - Unassigned/(Deficits) 37,686,741 - - - Total Fund Balances/(Deficits) 47,923,706 28,627,700 - 836,695 Total Liabilities, Deferred Inflows of Resources, and Fund Balances $ 64,768,544 $ 29,008,182 $ 3,323,802 $ 30,270,912 The notes to the financial statements are an integral part of these statements. E-1 Tourist Development One Cent Debt Nonmajor Total Admin& Promo Infrastructure Service Governmental Governmental Two Cent Surtax Fund Funds Funds $ 5,213,980 $ 4,507,471 $ 936,979 $ 34,477,907 $ 76,041,961 - 38,243,200 - - 38,243,200 34,335,357 35,992,046 3,154,355 145,180,371 260,377,473 6,459 - - 910,783 6,873,183 - 18,655,727 - - 18,655,727 214,697 5,233 - 4,218,387 19,014,559 - 2,826,163 - 2,541,285 35,828,092 - - - 9,982,533 10,088,884 - - - (9,982,533) (10,088,884) - - - - 3,424,926 138,943 151,284 12,763 600,187 1,073,076 - - - - 28,959 2,263 - - 3,835 139,959 $ 39,911,699 $ 100,381,124 $ 4,104,097 $ 187,932,755 $ 459,701,115 $ 1,770,198 $ 2,192,610 $ - $ 2,879,614 $ 16,340,605 - 334,896 - 149,558 620,426 - 85,253 - 1,533,758 4,697,994 - - - 5,427,312 19,347,619 - - - 1,564,578 4,671,670 - - - 76,161 241,579 - - - 286,932 439,856 1,770,198 2,612,759 - 11,917,913 46,359,749 - - - - 3,328,536 - 18,865,332 - 1,081,021 36,542,277 - 18,865,332 - 1,081,021 39,870,813 2,263 - - 3,835 168,918 38,139,238 78,903,033 4,104,097 155,775,782 306,386,545 - - - 11,161,083 21,161,083 - - - 8,679,015 8,753,160 - - - (685,894) 37,000,847 38,141,501 78,903,033 4,104,097 174,933,821 373,470,553 $ 39,911,699 $ 100,381,124 $ 4,104,097 $ 187,932,755 $ 459,701,115 E-2 MONROE COUNTY, FLORIDA RECONCILIATION OF THE BALANCE SHEET OF GOVERNMENTAL FUNDS TO THE STATEMENT OF NET POSITION SEPTEMBER 30, 2024 Amounts reported for governmental activities in the statement of net position are different because: Ending fund balance - governmental funds $ 373,470,553 Capital assets used in governmental activities are not financial resources and, therefore, are not reported in the governmental funds, net of 454,056,826 accumulated depreciation of$227,460,308. Right-to-use leased assets and subscription-based information technology agreements used in governmental activities are not financial resources and, 41,900,962 therefore, are not reported in the governmental funds, net of accumulated amortization of$16,351,514. Deferred outflows related to pension liabilities $ 43,986,314 Deferred outflows related to OPEB 21,661,600 Deferred inflows related to pension liabilities (18,802,513) Deferred inflows related to OPEB liabilities (19,299,600) Total 27,545,801 Unavailable revenue related to wastewater assessment activity are deferred in the 36,542,277 governmental funds but not in the government-wide financial statements. Long-term liabilities are not due and payable in the current period and, therefore, are not reported in the funds. Leases Payable (44,978,884) Revenue Bonds Payable (10,535,000) Revenue Notes Payable (116,803,375) Lease Purchase of Trauma Star Helicopters (49,990,000) Interlocal Debt Agreements (12,458,648) Total OPEB Liability (69,684,000) Net Pension Liability (158,515,580) Accrued Interest Payable (2,723,569) Accrued Compensated Absences (17,981,265) Total (483,670,321) The assets and liabilities of the internal service funds (funds are used to charge the costs of insurance and fleet maintenance activities to individual funds) are not reported in the governmental funds. 31,109,691 Net position of governmental activities $ 480,955,789 The notes to the financial statements are an integral part of this statement. E-3 MONROE COUNTY, FLORIDA STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES GOVERNMENTALFUNDS FOR THE YEAR ENDED SEPTEMBER 30,2024 Fine& HIDTA Governmental General Forfeiture Grants Grants REVENUES: Taxes $ 44,290,317 $ 72,214,380 $ - $ - Licenses and Permits - - - - Intergovernmental 15,742,257 74,946 22,342,602 22,497,082 Charges for Services 5,297,530 9,061,777 - 176,296 Fines and Forfeitures 127 105,639 - - Investment Income 3,108,450 4,756,036 - 147,069 Miscellaneous 1,728,937 357,557 - 117,201 Total Revenues 70,167,618 86,570,335 22,342,602 22,937,648 EXPENDITURES: Current: General Government 41,369,812 1,737,588 - 2,702,621 Public Safety 69,154,425 16,115,184 18,083,362 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 5,673,970 656,665 - - Capital Outlay - - - - Debt Service Principal 1,572,229 17,013 3,031,285 - Interest 174,435 3 1,263,927 - Total Expenditures 134,963,208 18,526,453 22,378,574 30,430,373 Excess/Deficiency of Revenues Over(Under)Expenditures (64,795,590) 68,043,882 (35,972) (7,492,725) OTHER FINANCING SOURCES (USES): Lease&SBITA Financing 430,055 47,018 35,972 - Transfers from Other Funds 72,494,682 2,933,562 - 4,548,883 Transfers to Other Funds (4,464,956) (64,657,203) - (107,127) Total Other Financing Sources(Uses) 68,459,781 (61,676,623) 35,972 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. E-4 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 - 7,588,003 9,277,198 - - - 14,748,539 75,405,426 - - - 20,571,367 35,106,970 - - - 5,020,509 5,126,275 2,067,941 2,081,618 572,585 8,710,733 21,444,432 - 441,321 - 2,620,150 5,265,166 22,796,339 36,811,527 572,585 131,512,122 393,710,776 - - - 4,478,350 50,288,371 - - - 41,479,935 150,568,549 - - - 2,234,653 17,238,059 - - - 7,210,783 11,050,478 28,514,185 - - 28,462,616 58,077,085 - - - 2,771,142 13,556,628 - - - 5,138,088 13,419,663 - - - 7,663,170 13,993,805 - 24,179,147 - 1,874,579 26,053,726 95,737 49,579 19,508,524 57,278 24,331,645 18,863 20,765 3,501,944 1,638 4,981,575 28,628,785 24,249,491 23,010,468 101,372,232 383,559,584 (5,832,446) 12,562,036 (22,437,883) 30,139,890 10,151,192 - 38,320 - 84,918 636,283 214,697 118,647 23,010,915 13,486,266 116,807,652 (138,278) (24,970,816) - (19,471,198) (113,809,578) 76,419 (24,813,849) 23,010,915 (5,900,014) 3,634,357 (5,756,027) (12,251,813) 573,032 24,239,876 13,785,549 43,897,528 91,154,846 3,531,065 150,693,945 359,685,004 $ 38,141,501 $ 78,903,033 $ 4,104,097 $ 174,933,821 $ 373,470,553 E-5 MONROE COUNTY, FLORIDA RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES FOR THE YEAR ENDED SEPTEMBER 30, 2024 Amounts reported for governmental activities in the statement of activities are different because: Net change in fund balances-total governmental funds $ 13,785,549 Governmental funds report capital outlays as expenditures. However, in the statement of activities the cost of those assets is allocated over their estimated useful lives and reported as depreciation expense. This is the amount by which capital outlays of $49,569,394 exceed depreciation of$24,033,964 in the current period.Also include the 15,521,117 net effect of various miscellaneous transactions involving capital assets (i.e., sales and donations). Payment of long-term debt is reported as an expenditure in the Governmental funds as current financial resources are used, but a reduction of long-term liabilities in the 24,331,645 statement of net position. Some expenses reported in the statement of activities and the deferred outflows and inflows of resources related to pensions and OPEB do not require the use of current financial resources and, therefore, are not reported as expenditures in the governmental funds: Change in accrued interest $ (1,646,996) Change in compensated absences (1,607,866) Change in OPEB liability and related deferred outflows and inflows (9,266,000) Change in net pension liability and related deferred outflows and inflows 570,985 (11,949,877) Revenues that do not provide current financial resources are not reported on governmental funds. However, revenues that are earned in the current period are 12,440,314 reported in the statement of activities. The net revenues of internal service funds (funds used to charge the costs of certain activities to individual funds)are reported with governmental activities. 4,898,295 Change in net position of governmental activities $ 59,027,043 The notes to the financial statements are an integral part of this statement. E-6 MONROE COUNTY, FLORIDA 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 15,035,242 15,035,242 15,742,257 707,015 Charges for Services 4,400,735 4,401,906 5,297,530 895,624 Fines and Forfeitures 5,000 5,000 127 (4,873) Investment Income 345,000 362,300 3,108,450 2,746,150 Miscellaneous 477,100 592,735 1,728,937 1,136,202 Total Revenues 65,543,383 65,677,489 70,167,618 4,490,129 EXPENDITURES: Current: 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 7,611,495 9,234,642 5,038,007 4,196,635 Clerk of Circuit Court&Comptroller 7,068,500 7,068,500 4,619,862 2,448,638 Property Appraiser 6,392,624 6,393,796 5,300,504 1,093,292 Supervisor of Elections 3,152,039 3,152,039 2,765,340 386,699 Total General Government 53,783,930 54,095,332 41,369,812 12,725,520 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 - - - Sheriff Law Enforcement and Corrections 64,928,195 64,519,220 66,495,277 (1,976,057) Fire Academy 1,057,372 1,057,372 717,309 340,063 Total Public Safety 69,431,519 68,152,997 69,154,425 (1,001,428) 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 The notes to the financial statements are an integral part of these statements. (Continued) E-7 MONROE COUNTY, FLORIDA 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 Sheriff Court Security 2,457,943 2,457,943 2,457,943 - 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 6,816,611 6,820,606 5,673,970 1,146,636 Debt Service: Principal - - 1,572,229 (1,572,229) Interest - - 174,435 (174,435) Total Debt Service - - 1,746,664 (1,746,664) Total Expenditures 147,914,029 148,101,813 134,963,208 13,138,605 Excess/Deficiency of Revenues Over(Under) Expenditures (82,370,646) (82,424,324) (64,795,590) 17,628,734 The notes to the financial statements are an integral part of these statements. (Continued) E-8 MONROE COUNTY, FLORIDA 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 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&SBITA Financing - - 430,055 430,055 Transfers from Other Funds 75,401,047 75,243,461 72,494,682 (2,748,779) Transfers to Other Funds (13,131,315) (13,188,601) (4,464,956) 8,723,645 Total Other Financing Sources (Uses) 58,645,282 58,698,960 68,459,781 9,760,821 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. E-9 MONROE COUNTY, FLORIDA 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 4,728,992 5,834,737 4,303,083 1,531,654 Sheriff Corrections 4,767,998 4,767,998 4,120,401 647,597 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 3,989,088 3,989,088 3,807,708 181,380 Interagency Communications 59,297 59,297 50,813 8,484 Juvenile Detention Cost Share 250,000 213,820 204,061 9,759 Total Public Safety 17,276,682 18,401,247 15,975,184 2,426,063 Court Related: Sheriff Extradition 200,000 261,180 261,180 - Sheriff Court Security 440,968 440,968 395,485 45,483 Total Court Related 640,968 702,148 656,665 45,483 Debt Service: Principal - - 17,013 (17,013) Interest - - 3 (3) Total Debt Service - - 17,016 (17,016) Total Expenditures 19,417,650 20,840,983 18,386,453 2,454,530 (Continued) The notes to the financial statements are an integral part of these statements. E-10 MONROE COUNTY, FLORIDA 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 Excess/Deficiency of Revenues Over(Under) Expenditures 65,479,250 65,186,662 68,183,882 2,997,220 OTHER FINANCING SOURCES (USES): Reserve for Contingencies (440,000) (147,412) (140,000) 7,412 Reserve for Cash Balance (3,729,529) (3,729,529) - 3,729,529 Lease & SBITA Financing - - 47,018 47,018 Transfers from Other Funds 1,500,000 1,500,000 2,933,562 1,433,562 Transfers to Other Funds (64,690,537) (64,690,537) (64,657,203) 33,334 Total Other Financing Sources (Uses) (67,360,066) (67,067,478) (61,816,623) 5,250,855 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. E-11 MONROE COUNTY, FLORIDA STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL HIDTA GRANTS SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2024 Original Final Variance with Budget Budget Actual Final Budget REVENUES: Intergovernmental $ 22,750,000 $ 22,500,000 $ 22,342,602 $ (157,398) EXPENDITURES: Current: Public Safety: Public Safety 22,750,000 18,175,000 18,083,362 91,638 Debt Service: Principal - 3,050,000 3,031,285 18,715 Interest - 1,275,000 1,263,927 11,073 Total Debt Service - 4,325,000 4,295,212 29,788 Total Expenditures 22,750,000 22,500,000 22,378,574 121,426 Total Expenditures Over(Under) Expenditures - - (35,972) (35,972) OTHER FINANCING SOURCES (USES): Lease & SBITA Financing - - 35,972 35,972 Total Other Financing Sources (Uses) - - 35,972 35,972 Net Change in Fund Balances - - - - Fund Balances -October 1 - - - - Fund Balances -September 30 $ - $ - $ - $ - The notes to the financial statements are an integral part of these statements. E-12 MONROE COUNTY, FLORIDA 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 Public Safety - 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. E-13 MONROE COUNTY, FLORIDA 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-Cl 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 - 21939,734 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) - 1,082,251 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. E-14 MONROE COUNTY, FLORIDA 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 1,067,435 1,556,352 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 28,514,185 12,479,617 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 28,628,785 12,365,017 Excess/Deficiency of Revenues Over (Under) Expenditures (20,084,302) (20,084,302) (5,832,446) 14,251,856 Other Financing Sources (Uses): Transfers to Other Funds (114,278) (114,278) (138,278) (24,000) Transfers from Other Funds - - 214,697 214,697 Total Other Financing Sources (Uses) (114,278) (114,278) 76,419 190,697 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 E-15 MONROE COUNTY, FLORIDA 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 $ 2,065,180 $ 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 4,187 - 301,327 Due from Other Governmental Units 332,273 52,829 2,189,359 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, Non-current - - 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 Accrued Compensated Absences Payable 22,554 924 122,473 Unearned Revenues - - 105,273 Leases 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. E-16 Governmental Major Funds Activities Internal Marathon Service Airport Total Funds $ 712,543 $ 8,816,097 $ 3,218,359 7,385,812 68,791,097 32,634,956 157,412 1,898,192 526,058 323,242 4,090,584 - - 305,514 358,429 4,501,658 7,076,119 119,813 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 2,883 7,997 42,926 602 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) E-17 MONROE COUNTY, FLORIDA 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: Payable from Restricted Assets- Accrued Compensated Absences Payable 90,214 3,696 489,891 Leases 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 Adjustment to reflect the consolidation of internal service activities related to enterprise funds Net Position of Business-type Activities The notes to the financial statements are an integral part of these statements. E-18 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 $ 31,452,289 342,598 $ 308,062,230 E-19 MONROE COUNTY, FLORIDA 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 Debt Service Costs - - (2,172,290) Insurance Recoveries 1,866,885 Gain(Loss)on Disposition of Assets - - 197,951 Total Non-Operating Revenues(Expenses) 1,530,905 370,072 4,269,709 Income(Loss)Before Contributions and Transfers 4,011,893 1,858,210 3,683,832 Capital Contributions - - 21,619,882 Transfers from Other Funds 4,187 - Transfers to Other Funds (1,447,661) (79,776) (805,280) 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 Total Net Position-October 1 23,949,796 14,891,577 172,097,405 Restatement-Prior Period Adjustment - - (99,524) Total Net Position-October 1, restated 23,949,796 14,891,577 171,997,881 Total Net Position-September 30 $ 26,518,215 $ 16,670,011 $ 196,496,315 Change in Net Position Adjustment to reflect the consolidation of internal service activities related to enterprise funds Change in Net Position of Business-Type Activities The notes to the financial statements are an integral part of these statements. E-20 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 - (2,172,290) - 1,866,885 56,856 (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 - - 4,187 328,000 (137,385) (2,470,102) (860,159) 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 46,683,712 197,530 $ 46,881,242 E-21 MONROE COUNTY, FLORIDA 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 Paid to Others (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 (20,752) (5,144) 3,933,748 Other Operating Revenue 37,444 (9,523) 13,258 Net Cash Provided by (Used in) Operating Activities 3,126,990 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 4,187 - - Transfers to Other Funds (1,447,661) (79,776) (805,280) 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 (246,713) 1,137 (3,893,149) Purchase and Construction of Capital Assets - (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 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 692,383 300,700 (8,452,716) Cash and Cash Equivalents: October 1 1,372,797 478,438 41,682,205 September 30 $ 2,065,180 $ 779,138 $ 33,229,489 The notes to the financial statements are an integral part of these statements. E-22 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 4,955,925 (124,236) 104,127 145,306 2,609,011 (532,908) 15,741,369 4,082,658 10,920,684 11,665,219 - - 1,866,885 56,856 - 4,187 328,000 (137,385) (2,470,102) (860,159) 10,783,299 11,066,189 (475,303) 7,764,966 29,384,848 - (962,518) (5,101,243) (701,592) (13,134,999) (58,092,441) - - 7,827,710 - (97,945) 100,006 22,215 (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 (7,046,134) 1,018,810 470,497 44,003,937 2,199,549 $ 883,996 $ 36,957,803 $ 3,218,359 (Continued) E-23 MONROE COUNTY, FLORIDA 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 Gov't Units (21,377) (5,144) 3,897,243 (Increase) Decrease in Due from Other Funds (683) - (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 OPEB&Pension (12,055) (32,113) (199,288) Increase(Decrease)in Deferred Inflows OPEB&Pension 80,501 (5,578) 215,551 Total Adjustments 646,002 304,708 11,940,318 Net Cash Provided by (Used in) Operating Activities $ 3,126,990 $ 1,792,846 $ 11,354,441 Noncash Investing, Capital,and Financing Activities: Gain/(Loss)on Disposition of Assets $ - $ - $ (2,113) Noncash Investing, Capital, and Financing Activities $ - $ - $ (2,113) Cash Reconciliation: Unrestricted $ 2,065,180 $ 779,138 $ 5,259,236 Restricted - - 27,970,253 Total $ 2,065,180 $ 779,138 $ 33,229,489 The notes to the financial statements are an integral part of these statements. E-24 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 - 1,046,667 4,917,389 10,631 - (292,104) (131,489) (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 2,848 1,406 2,640 (6,226) (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 13,402,425 356,208 $ (532,908) $ 15,741,369 $ 4,082,658 $ 10,726 $ 8,613 $ - $ 10,726 $ 8,613 $ - $ 712,543 $ 8,816,097 $ 3,218,359 171,453 28,141,706 - $ 883,996 $ 36,957,803 $ 3,218,359 E-25 MONROE COUNTY, FLORIDA STATEMENT OF FIDUCIARY NET POSITION CUSTODIAL FUNDS SEPTEMBER 30, 2024 Custodial Funds ASSETS Cash and Cash Equivalents $ 8,545,656 Accounts Receivable 19,131 Due from Other Governmental Units 3,033,682 Total Assets $ 11,598,469 LIABILITIES Accounts Payable $ 439,323 Undistributed Collections 2,854,858 Due to Other Governmental Units 1,519,319 Total Liabilities $ 4,813,500 NET POSITION Restricted for Individuals, Organizations, and Other Governments $ 6,784,969 The notes to the financial statements are an integral part of these statements. E-26 MONROE COUNTY, FLORIDA STATEMENT OF CHANGES IN FIDUCIARY NET POSITION CUSTODIAL FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 2024 Custodial Funds ADDITIONS Property taxes and fees collected $ 366,855,964 Payments made by litigants 40,720,935 Licenses and tag fees collected 18,447,933 Payments received for bond and inmate accounts 2,243,136 Charges for services 1,447,993 Fines and forfeitures 94,662 Total Additions $ 429,810,623 DEDUCTIONS Property tax and fees distributions $ 366,855,964 Payments made to litigants 42,865,012 Licenses and tag fees remitted to the State 18,447,933 Other collections 2,403,477 Total Deductions $ 430,572,386 Net increase (decrease) in fiduciary net position (761,763) Net position, beginning of year 7,546,732 Net position, end of year $ 6,784,969 The notes to the financial statements are an integral part of these statements. E-27 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2024 NOTE 1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The financial statements of Monroe County, Florida (County) have been prepared with accounting principles generally accepted in the United States of America (GAAP) as applied to governmental units. The Governmental Accounting Standards Board (GASB) is the accepted standard setting body for establishing governmental accounting and financial reporting principles. The following summary of the more significant accounting policies of the County 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 is a Non-Charter County established as provided by Article VIII Section 1 of the Florida Constitution and Section 125 of the Florida Statutes. The Board of County Commissioners (Board), composed of five members, is the legislative body for the County and, as such, budgets and provides funding used by the separate Constitutional Offices with the exception of fees collected by the Clerk of the Circuit Court & Comptroller (Clerk) and the Tax Collector. The County Administrator serves as the principal executive officer for the Board. In addition, certain designated governmental functions are performed by constitutional officers who are elected at large. The five constitutional officers are: Clerk, Property Appraiser, Sheriff, Supervisor of Elections, and Tax Collector. Although these five officers are operationally autonomous, they do not hold sufficient corporate powers of their own to be considered legally separate component units for financial reporting purposes. Therefore, they are reported together with the Board as part of the primary government. Under the direction of the Clerk, the Monroe County Finance Department maintains the accounting system for the Board's operations, but excludes those of the Clerk, Property Appraiser, Sheriff, Supervisor of Elections, and Tax Collector, each of whom maintains their own accounting system. Services provided by the County 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. Entity status for financial reporting purposes is governed by GASB Statement No. 14, as amended, by GASB Statement No. 61, and Rules of the Auditor General, State of Florida. Determination of the financial reporting entity of the County is founded upon the objective of accountability. Therefore, these financial statements include the County government, the primary government, and the legally separate component units for which operational or financial responsibility rests with the elected officials of the County or for which the nature and significance of their relationship to the County are such that exclusion would cause the financial statements to be misleading or incomplete. All component units of the County have a September 30 fiscal year end. F-1 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2024 NOTE 1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) These financial statements include the County's blended component unit. Blended component units are legally separate entities that are in substance part of the County's operation, as they either have governing bodies that are substantively the same as the County or they provide their services exclusively or almost exclusively to the County. The financial transactions of the component unit are merged in with similar transactions of the County as part of the primary government. The blended component unit of the County is as follows: Monroe County Industrial Development Authority (MCIDA) — The MCIDA was created by Monroe County, Florida Resolution pursuant to Florida Statute 159. The MCIDA serves to assist in financing and refinancing capital projects fostering economic development in the County. The Board serves as the governing board. The MCIDA is not legally required to adopt a budget; however, the County must authorize the issuance of bonded debt. The MCIDA, for financial reporting purposes, is considered a blended component unit of Monroe County, Florida. Neither the MCIDA nor the County 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 a separate column to emphasize that they are legally separate. The following is a discretely-presented component unit of the County: Monroe County, Florida Comprehensive Plan Land Authority (MCLA) — The MCLA was created by Monroe County, Florida Ordinance 031-1986 pursuant to Florida Statute 380 and is considered a legally separate entity from Monroe County. Its purpose is to operate a land acquisition program in Monroe County, to implement the Monroe County Comprehensive Plan and address issues created by it. The Monroe County Board of County Commissioners serves as the governing board but 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 as a separate column in 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: Government-Wide Financial Statements: The statement of net position and the statement of activities report information about the nonfiduciary activities of the primary government. Fiduciary funds of the government are not included in this presentation since these resources are not available for general government funding purposes. These statements provide a consolidated financial picture of the government distinguishing between governmental activities and business-type activities. Governmental activities are primarily financed through taxes and intergovernmental revenues, while business-type activities are primarily financed through charges for services to external parties. F-2 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2024 NOTE 1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) The statement of activities presents a comparison between direct expenses of the program revenues for each function of the County's governmental activities, and for each of the business-type activities. Direct expenses are those that are clearly identified with a specific program or segment. Program revenues include (a) fees, fines, and charges for services, and (b) grants and contributions that are restricted for the operating or capital requirements of a specific program. All taxes and other revenues not meeting the criteria for classification as program revenues are reported as general revenues. Fund Financial Statements: The fund financial statements provide information about the County's funds, including its fiduciary funds and blended component unit. Separate statements for each fund category — governmental, proprietary, and fiduciary — are presented. The emphasis of fund financial statements is on major governmental and enterprise funds, each displayed in a separate column. All remaining governmental and enterprise funds are aggregated and reported as nonmajor funds. Proprietary fund operating revenues, such as charges for services, result from exchange transactions associated with the principal activity of the fund. Exchange transactions are those in which each party receives and gives up essentially equal values. Nonoperating revenues, such as subsidies and investment earnings,result from non-exchange transactions or ancillary activities. The following are reported as major governmental funds: General Fund — The General Fund is the general operating fund of the County. 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 support system. HIDTA Grants Special Revenue Fund—This fund is to account for all revenues and expenditures for the federal Office of National Drug Control Policy's High Intensity Drug Trafficking Areas grant program. Governmental Grants Special Revenue Fund—The Governmental Grant Fund is used to account for operating revenues and expenditures for governmental grant activity. 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. F-3 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2024 NOTE 1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 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. 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 County or to other governmental units on a cost reimbursement basis. Custodial Funds —These funds account for assets held on behalf of third parties and use a flow of economic resources measurement focus. Examples include taxes, fees, and fines collected on behalf of other governments. Measurement Focus and Basis of Accounting: Government-Wide, Custodial, and Proprietary Fund Financial Statements —These 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. F-4 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2023 NOTE 1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Non-exchange transactions, in which the County gives (or receives) value without directly receiving (or giving) equal value in exchange, include property taxes, grants, entitlements, and donations. On an accrual basis, revenue from grants, entitlements, and donations is recognized in the fiscal year in which all eligibility requirements have been satisfied. The County 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 the modified accrual basis of accounting. Benefits and refunds are recognized when due and payable in accordance with the terms of the LOSAP. The LOSAP has no assets accumulated in a trust that meets the following criteria, outlined in GASB Statements 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 County'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 subscription-based information technology arrangements (SBITA). All revenues and expenses not meeting this definition are reported as nonoperating revenues and expenses. Governmental Fund Financial Statements — These statements use a current financial resources measurement focus and are maintained on 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 County 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 County recognizes revenue for Fire Rescue billings if they are expected to be collected within a year. Amounts reported as program revenues include 1) charges to customers or applicants for goods, services, or privileges provided; 2) operating grants and contributions; and 3) capital grants and contributions, including special assessments. Internally dedicated resources are reported as general revenues rather than as program revenues. Likewise, general revenues include all taxes. 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. Expenditures related to compensated absences are recorded only when leave has been taken. Expenditures related to leases, SBITA,pension and OPEB are recorded only when incurred. F-5 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2024 NOTE 1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Revenues of the County, which are susceptible to accrual under the modified accrual basis of accounting, include property taxes, gas taxes, sales taxes, grants, 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, monies must be expended for the specific purpose or project before any amounts will be paid to the County; therefore, revenues are recognized based upon the expenditures recorded. In the other, 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. Deferred inflows of resources also include grant receipts received in advance when time requirements are the only eligibility requirements that have not been met. The proprietary fund financial 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. Under the terms of the grant agreements, the County funds certain programs by a combination of specific cost-reimbursement grants, categorical block grants, and general revenues. Thus when program expenses are incurred, there are both restricted and unrestricted net position available to finance the program. It is the County's policy to first apply cost-reimbursement grant resources to such programs, followed by categorical block grants, and then by general revenues. Budgets and Bud2etary Data: Listed below are the statutory procedures followed by the Board of County Commissioners in establishing the budget for County: 1) On or before June 1 of each year, the Sheriff, the Clerk, the Tax Collector, the Property Appraiser, 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. F-6 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2024 NOTE 1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 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 Florida Statute 129.03. 6) During the 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) Florida Statute 129, Section 7, 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. 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 County'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, highly liquid (including restricted assets) with an original or remaining maturity of 90 days or less are considered cash equivalents. F-7 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2024 NOTE 1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Investments: Florida Statute 218.415 authorizes local governments to invest its funds pursuant to a written investment plan, which 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 and real estate mortgage investment conduits. 7) Asset-Backed Securities (ABS) - 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. 11) Repurchase Agreements — Repurchase agreements that meet specific requirements listed in Monroe County Resolution 032-2019. F-8 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2024 NOTE 1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 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, 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 County'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 County 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: During the course of normal operations, the County has numerous 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. As part of the consolidation process, to avoid distorting financial results, the intrafund activities are eliminated in the General Fund. Interfund activities such as municipal and unincorporated service district's policing, 911, and interagency communications are reported as revenues in the fund that captures the revenue and as an expenditure in the fund which disburses the funds for the service. The offsetting expenditures and revenues are reclassified to interfund transfers. However, interfund security services provided by the Sheriff and used by the airports are not eliminated. F-9 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2024 NOTE 1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 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. Inventory: Inventory in the General Fund consists of certain supplies, which are stated at cost using the moving average cost method. The inventory is determined by an annual physical count. Inventory is reported as a non-spendable classification of fund balance as these amounts are not in spendable form and are not expected to be converted to cash. 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. Restricted Assets: The use of certain assets of enterprise funds is restricted by specific provisions of bond 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, and then 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. Mortme/Notes Receivable: The mortgages receivable associated with the Governmental Grants and the Local Housing Assistance funds are intended to ultimately be forgiven; as such, they are offset by an allowance for uncollectible accounts. Capital Assets: Capital assets are reported in the applicable governmental or business-type activities column in the government-wide financial statements and in the proprietary fund financial statements. Capital assets of the County 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 value at the date of donation. Costs of maintenance and repairs that do not add to the value of assets or extend their useful lives are not capitalized. F-10 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2024 NOTE 1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) The County 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. The MCLA also has intangible assets consisting of affordable rental housing restrictions applicable to Peary Court in Key West. These restrictions require the housing at Peary Court to be rented at or below the levels set by the City of Key West's Workforce Housing Ordinance. Leased Assets and Subscription-Based Information Technolo2y Agreements: The County is the lessee for leases of equipment and property. When the term for the leased equipment or property exceeds one year and has a value of$50,000 or more, the County has recognized intangible right-to-use leased assets (lease assets) in the financial statements. Similarly, the County has recognized SBITA for the right-to-use information technology software if the subscription exceeds one year and has a value of$50,000 or more. 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 leased asset or SBITA is amortized on a straight-line basis over its useful life. F-11 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2024 NOTE 1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Key estimates and judgments related to leases and SBITA include how the County determines the discount rate it uses to discount the expected lease or subscription payments to present value, lease and SBITA term and lease and SBITA payments. The County uses the interest rate charged by the lessor as the discount rate. When the interest rate is not provided, the County uses its estimated incremental borrowing rate as the discount rate for leases or SBITA. The lease or subscription term includes the noncancellable period of the lease or subscription. Lease payments or subscription payments included in the measurement of the lease or SBITA liability are composed of fixed payments and a purchase price option that the County is reasonably certain to exercise. The County monitors changes in circumstances that would require remeasurement of its leases or SBITA and will remeasure related assets and liabilities if certain changes occur that are expected to significantly affect the amount of the lease or SBITA liability. Leased assets for the County are reported with capital assets on the statement of net position and right-to-use SBITA are reported on a separate line on the statement of net position. Compensated Absences: County policy permits employees to accumulate a limited amount of annual and sick leave, which will be paid to employees upon termination of employment. In the government-wide and proprietary fund financial statements, an expense and a liability for compensated absences and the salary-related payments are recorded as the leave is earned. In the governmental funds, an expense is only recorded when leave is taken. Deferred Inflows of Resources: Deferred Inflows of Resources represents an acquisition of net assets that applies to a future period and therefore will not be recognized as an inflow of resources until that time. The County 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 and governmental and business-type activities report deferred inflows for pension related items and other post-employment benefit items as actuarially determined. Deferred Outflows of Resources: Deferred Outflows of Resources represents a consumption of net assets 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 and governmental and business-type activities report deferred outflows for pension-related and other post-employment benefit items as actuarially determined. F-12 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2024 NOTE 1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Lone-Term Obligations: Long-term debt is reported as a liability in the proprietary fund statement of net position and the business-type activities' statement of net position. Long-term debt associated with the County's governmental activities is presented on the government-wide financial statements of the County. In the County'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 2022 is included in the accompanying financial statements, since such taxes are collected to finance expenditures of the subsequent period for which they have been levied. Investment Income: Investment income is interest income received plus any realized and unrealized gains or losses on investments during the fiscal year. 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 and prepaid expenses. 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. F-13 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2024 NOTE 1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 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 the responsibility of responding to emergency disaster and has committed $10 million in the General Fund's disaster reserve funds to ensure adequate cash flow is available in 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. The County spends restricted amounts first, when both restricted and unrestricted fund balance is available, unless prohibited by legal documents, grant agreements or contracts. Additionally, the County 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 County 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 County'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. Fund Deficits: Monroe County reported one fund with a deficit at September 30, 2024: ($685,894) in the Sheriff's Grants Fund. The Sheriff's Grants Fund deficit is due to timing of grant reimbursements. The pending reimbursements resulted in a deferred inflow of unavailable revenues for the fund. F-14 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2024 NOTE 1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 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 15 to the County's financial statements provides information regarding the Board's compensated absences as of September 30, 2024. Adoption of this Statement did not have a significant impact on the County's financial statements. 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. 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. F-15 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2024 NOTE 1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) 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 County. NOTE 2 —CASH, CASH EQUIVALENTS,AND INVESTMENTS The County 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 County's deposits and investments, with their respective credit ratings and years to maturity, are as follows: Valuation 6 Months Credit Measurement Less than to 1 to 5 Over 5 Investment Type Rating Method Value 6 Months 1 Year Years Years Demand and Time Deposits N/A N/A $154,461,323 $154,461,323 $ $ $ FL CLASS Investments AAAm Amortized Cost 45,536,607 45,536,607 FL Fixed Income Trust AAAf/S 1 Amortized Cost 83,814,177 83,814,177 Asset-Backed Security(ABS) Aaa Fair Value-Level 12,198,377 495,640 2,868,124 8,834,613 - MumcipalBonds AaatoAa3 Fair Value-Level 2 3,814,928 2,043,228 244,875 1,101,150 425,675 Corporate Note Al Fair Value-Level 19,441,365 6,273,896 2,485,405 10,682,064 - Federal Agency Mortgage-Backed S ecurity(MBS) Aaa Fair Value-Level 2 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 $516,264,849 $385,232,296 $ 75,101,078 $55,505,800 $ 425,675 The County 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. F-16 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2024 NOTE 2 —CASH, CASH EQUIVALENTS,AND INVESTMENTS (continued) 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, in order 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 Government National o 40% (5.50 Years Mort a e Association 100/o N/A avg.life' Other U.S. Government 10% for GNMA) Guaranteed(e.g.AID,GTC) Federal Agency/GSE: FNMA,FHLMC, 40%' FHLB,FFCBS 75% N/A 5.50 Years Federal Agency/GSE o other than those above 10/o Supranationals Highest ST or Highest LT Rating where U.S.is a shareholder 25% 10% Categories 5.50 Years and voting member (A-1/P-1,AAA/Aaa,or equivalent) Highest ST or Three Highest Corporates 50%1 5% LT Rating Categories 5.50 Years (A-1/P-1,A-/A3 or equivalent) Highest ST or Three Highest Municipals 25% 5% LT Rating Categories 5.50 Years (SP-1/MIG 1,A-/A3,or equivalent) F-17 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2024 NOTE 2 —CASH, CASH EQUIVALENTS,AND INVESTMENTS (continued) Portfolio Per Issuer Investment Maximo Maximum Minimum Ratings Maximum Type m % % Requirement' Maturity 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/o 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 Intergovernmental Pools o o Volatility Rating Categories by all (LGIPs) 50/0 25/o NRSROs who rate the LGIP, N/A (AAAm/AAAf, S1,orequivalent) Counterparty(or if the counterparty is not rated by an NRSRO,then the counterparty's Repurchase Agreements o o parent)must be rated in the (Repo or RP) 40/0 20/o 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) 50/0 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). F-18 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2024 NOTE 2 —CASH, CASH EQUIVALENTS,AND INVESTMENTS (continued) At September 30, 2024, there are no investments in any one issuer that exceeds 5% or more of total investments. 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 County's name. As of September 30, 2024, all of the County's investments are held in a bank's trust department in the County'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 County has the following unrestricted and restricted cash and cash equivalents at September 30, 2024: Demand Cash and Cash Equivalents Deposits Governmental Activities Governmental Funds $ 114,285,161 Internal Service Funds 3,218,359 Business-Type Activities 8,816,097 Total Unrestricted Cash and Cash Equivalents 126,319,617 Restricted Cash and Cash Equivalents Business-Type Activities 28,141,706 Total Cash and Cash Equivalents $ 154,461,323 As of September 30, 2024, the custodial funds had a cash balance totaling $8,545,656 in demand deposits. F-19 MONROE COUNTY, FLORIDA 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 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 Goverrunental Activities:. General Fund N isc S 95,101 S (4,376) 90,725 Fine&Forfeiture Fund Air Atub Svc 29,231„702 (23,492,307) 5„739,395 Goverrunental Grants 'disc 126,488 (66 7) 125,821 TDC Admin&Prorno Two Cent Travel Advance 6,459 - 6,459 Nomnajor Funds.: Fire&Atnb Dist I Fund Ground Axub Svc 2,701,088 (1,988,451) 71.2,637 Other Notunajor Funds Nhsc 202,983 (4,837) 198,146 Internal Service Funds Nfisc 529,030 (2„972) 526,058 Total Govermnental Activities 32,892,851 (25,493,610) 7„399,241. Business-Type Activities: MSD-Waste Fund. Tipping Fees 768,665 (23,354) 745,311. Card Sound Bridge 'Nfisc 500 - 500 Key West Airport Rent„Nfisc 1„386,140 (391,171) 994,969 Marathon Airport Rent,disc 157,412 - 157,412 Total Business-T1pe:Ac6vities 2,312,717 (414,525) 1,898,192 Total Accounts Receivable S 35,205,568 S(25,908,135) S 9,297,433 F-20 MONROE COUNTY, FLORIDA 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 County 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: Mortgages 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 F-21 MONROE COUNTY, FLORIDA 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 County, 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. 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 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 F-22 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2024 NOTE 7—LEASES RECEIVABLE (continued) 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. In addition, the County 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 County 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 23). As of September 30, 2024, the County 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. NOTE 8 —CAPITAL ASSETS Capital asset activity for the year ended September 30, 2024 is shown in the following table. 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. F-23 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2024 NOTE 8 —CAPITAL ASSETS (continued) Beginning Additions/ Reductions/ Ending Balance Transfers Transfers Balance Governmental Activities: Capital assets not depreciated: Land S 105,789,293 S 6,160,246 S (9,278,229) S 102,671,310 Land Development Rights 1,806,167 1,414,167 - 3,220,334 Construction in progress 38,210,903 34,409,672 (16,273,358) 56,347,217 Total capital assets not depreciated 145,806,363 41,984,085 (25,551,587) 162,238,861 Capital assets depreciated: Buildings 234,639,360 10,074,228 (53,426) 244,660,162 Equipment 100,800,427 10,988,675 (3,607,530) 108,181,572 Infrastructure 160,674,724 2,936,581 - 163,611,305 Intangible Assets 7,984,393 - - 7,984,393 Total capital assets depreciated 504,098,904 23,999,484 (3,660,956) 524,437,432 Right-to-use leased assets and SBITA: Right-To-Use Leased Land 36,572 - (36,572) - Right-To-Use Leased Buildings 55,034,740 373,753 (2,672,663) 52,735,830 Right-To-Use Leased Equip& SBITA 5,772,135 965,990 (558,579) 6,179,546 Total right-to-use leased assets and SBITA 60,843,447 1,339,743 (3,267,814) 58,915,376 Total capital assets and right-to-use leased assets&SBITA 564,942,351 25,339,227 (6,928,770) 583,352,808 Less accumulated depreciation for: Buildings (88,171,749) (5,222,077) 64,702 (93,329,124) Equipment (71,382,340) (4,411,905) 3,969,260 (71,824,985) Infrastructure (55,010,199) (5,847,196) - (60,857,395) Intangible assets (2,957,593) (998,697) - (3,956,290) Total accumulated depreciation (217,521,881) (16,479,875) 4,033,962 (229,967,794) Less accumulated amortization for right-to-use leased assets: Right-To-Use Leased Land (16,880) - 16,880 - Right-To-Use Leased Buildings (8,624,187) (6,206,870) 660,211 (14,170,846) Right-To-Use Leased Equip& SBITA (1,457,391) (1,347,219) 264,834 (2,539,776) Total accumulated amortization (10,098,458) (7,554,089) 941,925 (16,710,622) Total accumulated depreciation and amortization (227,620,339) (24,033,964) 4,975,887 (246,678,416) Total capital assets depreciated/ amortized,net 337,322,012 336,674,392 Governmental activities, capital assets,net S 483,128,452 S 498,913,253 F-24 MONROE COUNTY, FLORIDA 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-Tvpe 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 (70,936,216) $ (5,491,262) $ 136,813 (76,290,665) Total capital assets depreciated,net 106,153,659 103,235,173 Business-type activities, capital assets, net $ 208,006,116 $ 265,722,406 Depreciation and amortization were charged to functions/programs on the government-wide statement of activities of the County as follows: Governmental Activities: Business-Type Activities: General Government $ 5,433,520 Municipal Service District-Waste $ 221,059 Public Safety 10,338,136 Card Sound Bridge 400,668 Physical Environment 2,089,088 Key West Airport 3,907,022 Transportation 3,323,105 Marathon Airport 962,518 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 $24,033,964 F-25 MONROE COUNTY, FLORIDA 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, each Constitutional Officer, and the MCLA. The Board is responsible for funding all obligations not funded on a pay-as-you-go basis by Constitutional Officers or the MCLA. However, the following disclosures are based only on the Board's and the Constitutional Officers' (the County's) share of the net Other Post-Employment Benefits (OPEB) obligation since the MCLA's discrete financial statements reports its share of 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 County and meet the retirement criteria of the Florida Retirement System (FRS) but are not eligible for Medicare, may maintain group insurance benefits with the County 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. F-26 MONROE COUNTY, FLORIDA 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 1,328 Retirees and Beneficiaries Currently Receiving Benefits 489 Total Membership 1,817 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 County's total OPEB liability of $72,374,000 was measured as of September 30, 2024, and was determined by an actuarial evaluation as of November 22, 2024. Actuarial Methods and Assumptions — The valuation, dated 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 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: F-27 MONROE COUNTY, FLORIDA 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 County. 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). F-28 MONROE COUNTY, FLORIDA 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: Total OPEB Liability Balance at the beginning of the year $ 56,290,000 Changes for the year: Service cost 2,746,000 Interest cost 2,367,200 Change in Experience 18,400 Changes of benefit terms 6,735,500 Differences between expected and actual (8,232,000) Changes in assumptions or other inputs 14,744,400 Benefit payments (2,295,500) Net change in total OPEB liability 16,084,000 Balance at the end of the year $ 72,374,000 Sensitivity of the Total OPEB Liability to Changes in the Discount Rate — The following presents the total OPEB liability of the Board, as well as what the Board's total OPEB liability would be if it were calculated using a discount rate that is 1-percentage-point lower (2.81 percent) or 1-percentage-point higher(4.81 percent)than the current discount rate: Current Discount 1% Decrease Rate 1% Increase (2.81%) (3.81%) (4.81%) Total OPEB Liability $81,748,000 $72,374,000 $64,444,000 Sensitivity of the Total OPEB Liability to Changes in the Healthcare Cost Trend Rates — The following presents the total OPEB liability of the County, as well as what the County's total OPEB liability would be if it were calculated using a healthcare cost trend rates that are 1-percentage-point lower(6.75 percent decreasing to 3.0 percent) or 1-percentage-point higher (8.75 percent decreasing to 5.0 percent) 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 $65,648,000 $72,374,000 $80,616,000 F-29 MONROE COUNTY, FLORIDA 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 County recognized OPEB expense of $12,120,700. At September 30, 2024, the County reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources: Deferred Deferred Outflows of Inflows of Resources Resources Changes of Assumptions or Other Inputs $22,193,600 $(19,523,300) The amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized in OPEB expense as follows: OPEB For Fiscal Year: Amount 2025 $ 248,200 2026 248,300 2027 256,400 2028 643,800 2029 925,700 Thereafter 347,900 Total $ 2,670,300 F-30 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2024 NOTE 10 —FLORIDA RETIREMENT SYSTEM RETIREMENT PLANS General Information: The County's employees participate in the 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: www.dms.myflorida.com/workforce operations/retirement/publications. Pension Plan: Plan Description — The Pension Plan is a cost-sharing multiple-employer defined benefit pension plan, with a Deferred Retirement Option Program (DROP) for eligible employees. Benefits Provided — Benefits under the Pension Plan are computed on the basis of age, average final compensation, and service credit. For Pension Plan members enrolled before July 1, 2011, Regular class members who retire at or after age 62 with at least six years of credited service or 30 years of service regardless of age are entitled to a retirement benefit payable monthly for life, equal to 1.6% of their final average compensation based on the five highest years of salary, for each year of credited service. Vested members with less than 30 years of service may retire before age 62 and receive reduced retirement benefits. Special Risk Administrative Support class members who retire at or after age 55 with at least six years of credited service or 25 years of service regardless of age are entitled to a retirement benefit payable monthly for life, equal to 1.6% of their final average compensation based on the five highest years of salary, for each year of credited service. Special Risk class members (sworn law enforcement officers, firefighters, and correctional officers) who retire at or after age 55 with at least six years of credited service, or with 25 years of service regardless of age, are entitled to a retirement benefit payable monthly for life, equal to 3.0% of their final average compensation based on the five highest years of salary for each year of credited service. F-31 MONROE COUNTY, FLORIDA 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 three percent 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 three percent determined by dividing the sum of the pre-July 2011 service credit by the total service credit at retirement multiplied by three percent. 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 three percent 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. F-32 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2024 NOTE 10 —FLORIDA RETIREMENT SYSTEM RETIREMENT PLANS (continued) The County's contributions, including employee contributions, to the Pension Plan totaled $19,335,449 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 —At September 30, 2024, the County reported a liability of$128,946,418 for its proportionate share of the Pension Plan's net pension liability. The net pension liability was measured as of June 30, 2024, and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of July 1, 2024. The County's proportionate share of the net pension liability was based on the County's FY 2024 contributions relative to the FY 2024 contributions of all participating members. At June 30, 2024, the County's proportionate share for all funds was 0.3333 percent, which was an increase of 0.0119 percent from its proportionate share measured as of June 30, 2023. The contributions made after the measurement date of the Pension Plan's net pension liability but before the end of the County's fiscal year will be recognized as a reduction of the Pension Plan's net pension liability in the subsequent fiscal period rather than in the current fiscal period. For the year ended September 30, 2024, of the $21,216,215 that the County recognized as a pension expense, of $19,227,650 related to FRS pension expense. In addition, the County 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 $ 13,026,732 $ - Changes of Assumptions 17,672,854 - Net Difference Between Projected and Actual Earnings on Pension Plan Investments - 8,570,241 Changes in Proportion and Differences Between Pension Plan Contributions and Proportionate Share of Contributions 7,299,251 5,481,261 Pension Plan Contributions Subsequent to the Measurement Date 5,096,690 - Total $ 43,095,527 $ 14,051,502 F-33 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2024 NOTE 10 —FLORIDA RETIREMENT SYSTEM RETIREMENT PLANS (continued) The deferred outflows of resources related to the Pension Plan $5,096,690, resulting from County contributions to the Plan subsequent to the measurement date, will be recognized as a reduction of the net pension liability in the fiscal year ended September 30, 2025. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to the Pension Plan will be recognized in pension expense as follows: FRS For Fiscal Year: Amount 2025 $ (2,121,252) 2026 23,044,225 2027 1,679,892 2028 79,456 2029 1,265,014 Total $ 23,947,335 Actuarial Assumptions — The total pension liability in the June 30, 2024 actuarial valuation was determined using the following actuarial assumption, 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 which varies by member category and sex, projected generationally with Scale MP-2021 detail are in the valuation report. The actuarial assumptions used in the July 1, 2023, valuation were based on the results of an actuarial experience study for the period July 1, 2018 through June 30, 2023 and were the assumptions used to determine the total pension liability as of June 30, 2024. The long-term expected rate of return remained at 6.70%, and the active member mortality assumption was updated. F-34 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2024 NOTE 10 -FLORIDA RETIREMENT SYSTEM RETIREMENT PLANS (continued) The long-term expected rate of return on Pension Plan investments was not based on historical returns, but instead is based on a forward-looking capital market economic model. The allocation policy's description of each asset class was used to map the target allocation to the asset classes shown below. Each asset class assumption is based on a consistent set of underlying assumptions and includes an adjustment for the inflation assumption. The target allocation and best estimates of arithmetic and geometric real rates of return for each major asset class are summarized in the following table: Compound Annual Annual Target Arithmetic (Geometric) Standard Asset Class Allocation Return Return Deviation Cash 1.0% 3.3% 3.3% 1.1% Fixed Income 29.0% 5.7% 5.6% 3.9% Global Equity 45.0% 8.6% 7.0% 18.1% Real Estate (Property) 12.0% 8.1% 6.8% 16.6% Private Equity 11.0% 12.4% 8.8% 28.4% Strategic Investments 2.0% 6.6% 6.2% 8.7% 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 County's Proportionate Share of the Net Position Liability to Changes in the Discount Rate - The following represents the County's 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%) County's Proportionate Share of the Net Pension Plan Liability $ 226,806,701 $ 128,946,418 $ 46,961,894 F-35 MONROE COUNTY, FLORIDA 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 Pension Plan's fiduciary net position is available in the separately issued FRS Pension Plan and Other State-Administered Systems Annual Comprehensive Financial Report. 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 County 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 County's contributions to the HIS Plan totaled $2,257,663 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 —At September 30, 2024, the County reported a liability of$39,088,514 for its proportionate share of the County'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 County's proportionate share of the net pension liability was based on the County's FY 2024 contributions relative to the FY 2024 contributions of all participating members. At June 30, 2024, the County's proportionate share was 0.2606 percent, which was an decrease of 0.001666 percent from its proportionate share measured as of June 30, 2023. The contributions made after the measurement date of the HIS Plan's net pension liability but before the end of the County's fiscal year will be recognized as a reduction of the HIS Plan's net pension liability in the subsequent fiscal period rather than in the current fiscal period. F-36 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2024 NOTE 10 —FLORIDA RETIREMENT SYSTEM RETIREMENT PLANS (continued) For the year ended September 30, 2024, of the $21,216,215 that the County recognized as a pension expense, $1,988,565 related to HIS pension expense. In addition, the County 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 $ 377,426 $ 75,056 Changes of Assumptions 691,780 4,627,579 Net Difference Between Projected and Actual Earnings on HIS Plan Investments - 14,137 Changes in Proportion and Differences Between HIS Plan Contributions and Proportionate Share of Contributions 1,929,884 1,052,747 HIS Plan Contributions Subsequent to the Measurement Date 581,437 - Total $ 3,580,527 $ 5,769,519 The deferred outflows of resources related to the HIS Plan, totaling $581,437, resulting from County contributions to the HIS Plan subsequent to the measurement date, will be recognized as a reduction of the net pension liability in the fiscal year ended September 30, 2025. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to the HIS Plan will be recognized as pension expense as follows: HIS For Fiscal Year: Amount 2025 $ (449,458) 2026 (554,566) 2027 (807,859) 2028 (564,838) 2029 (307,762) Thereafter ( 85,946) Total $ (2,770,429) 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% F-37 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2024 NOTE 10 —FLORIDA RETIREMENT SYSTEM RETIREMENT PLANS (continued) 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 County's Proportionate Share of the Net Position Liability to Changes in the Discount Rate — The following represents the County's 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 one percentage point lower (2.93%) or one 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%) County' Proportionate Share of the Net HIS Plan Liability $ 44,497,249 $ 39,088,514 $ 34,598,389 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. F-38 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2024 NOTE 10 —FLORIDA RETIREMENT SYSTEM RETIREMENT PLANS (continued) 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 County. 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 funds invested for future distribution, or any combination of these options. Disability coverage is provided; the member may either transfer the account balance to the Pension Plan when approved for disability retirement to receive guaranteed lifetime monthly benefits under the Pension Plan or remain in the Investment Plan and rely upon that account balance for retirement income. The County's Investment Plan pension expense totaled $4,681,527 for the fiscal year ended September 30, 2024. F-39 MONROE COUNTY, FLORIDA Notes to Financial Statements For the 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. 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. Total contributions for the planned year ending December 31, 2023 was $95,500. F-40 MONROE COUNTY, FLORIDA 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 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: 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. 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 F-41 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2024 NOTE 11 — PENSION PLAN FOR VOLUNTEER FIREFIGHTERS AND EMERGENCY MEDICAL SERVICES (continued) 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, parry related to a public employee retirement system official or government employer official, nonemployee contributor or organization included in the reporting entity. 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. F-42 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2024 NOTE 11 —PENSION PLAN FOR VOLUNTEER FIREFIGHTERS AND EMERGENCY MEDICAL SERVICES (continued) 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 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 $ - F-43 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2024 NOTE 12 —AGGREGATE PENSION AND OPEB COMPONENTS The aggregate amount of net pension and OPEB liabilities, related deferred outflows of resources and deferred inflows of resources and expense for the defined benefit pension plan, the County's length of service award plan for volunteer firefighters and emergency medical services (LOSAP program), and the County's OPEB plan are displayed below: Total for counws Pension SASS L S. P Pension OPEB Plan Plan Plana Pleas PWI 'Total Net liabilities S 128, 46, 10 S 39,088,514 S 332,180 S 565,367,5 S 72,37 , 22 S 242,7 1,104 Deferred outflows 3 2 5,527 3 S 6 6 3 11S 22 of resources 5S2527 57� �33,6� 6S,SS6,�7 � Deferred i if&aows 14,251,522 5,76 ,51 _ S 19,821,021 1 ,523,362 S 39,344,321 of resources . Expense 19,227,652 1,988,565 33,870 S 21,250, 85 12,114,800 S 33,36 ,885 NOTE 13 —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 F-44 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2024 NOTE 13 —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 14 —LEASE AND SBITA OBLIGATIONS The County leases cancelable and noncancelable land, buildings, office space, and 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 County 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 County has 33 lease agreements and 24 SBITA for the year ending September 30, 2024. The future principal and interest payments as of September 30, 2024, are as follows: Year Ending September 30 Principal Interest Total 2025 $ 4,874,090 $ 1,342,107 $ 6,216,197 2026 4,716,193 1,174,811 5,891,004 2027 4,052,477 1,037,051 5,089,528 2028 4,129,819 911,726 5,041,545 2029 3,656,638 778,662 4,435,300 2030-2034 18,880,057 2,196,182 21,076,239 2035-2039 4,436,981 343,391 4,780,372 2040-2044 519,586 7,172 526,758 Totals $ 45,265,841 $ 7,791,102 $ 53,056,943 F-45 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2024 NOTE 15 —LONG-TERM DEBT Long-term debt activity for the year ended September 30, 2024 is as follows: Current Portion Beginning Ending of Long-terns Balances Additions Payments Balances Liabilities Govemnlental Activities: Revenue Bonds From Direct Borrowings S 15,645,000 S $ 5,110,000 S 10,535,000 S 5,225,000 Revenue Notes From Direct Borrowings 124,569,887 7,766,511 116,803,375 7,958,666 Lease Purchase of Helicopters 53,000,000 3,010,000 49,990,000 2,875,000 Mayfield Agreement(KLWTD) 4,625,000 2,125,000 2,500,000 2,125,000 Old 7 Mile Bridge Sinking Fund 10,314,314 355,666 9,958,648 355,666 Accrued Comp.Absences 16,712,003 10,573,410 8,874,245 18,411,168 3,682,234 Lease Liabilities and SBITAs 51,064,787 1,109,336 6,910,784 45,263,339 4,871,588 OPEB Liability 54,985,000 35,462,800 19,729,800 70,718,000 - Pension Liability-FRS&HIS 161,589,211 43,560,913 17,225,997 187,924,127 PensionLiability-LOSAP 352,370 19,938 40,128 332,180 - Total GovernnlentalActivlties 492,857,572 90,726,397 71,148,131 512,435,837 27,093,154 Business-Type Activities: Revenue Bonds S 42,459,929 S - $ $ 42,459,929 S - Revenue Notes - 10,000,000 10,000,000 - Accrued Comp.Absences 744,522 533,221 516,632 761,111 152,223 Lease Liabilities and SBITAs 8,612 4,970 11,080 2,502 2,502 OPEB Liability 1,305,000 406,900 55,900 1,656,000 - Pension Liability-FRS&HIS 7,594,602 738,326 844,788 7,488,140 - Total Business-Type Activities 52,112,665 11,683,417 1,428,400 62,367,682 154,725 Total Long-Tenn Debt $ 544,970,237 S 102,409,814 $ 72,576,531 S574,803,519 S 27,247,879 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. Governmental activities' compensated absences are liquidated by the funds to which the related employee services relate. 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. F-46 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2024 NOTE 15 —LONG-TERM DEBT (continued) The following summary reflects the County'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 of 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 F-47 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2024 NOTE 15 —LONG-TERM DEBT (continued) Debt Service Funding Requirements —The total annual debt service requirements for bonds and notes Long-term debt at September 30, 2024 is composed of the following issues: Governmental Activities Business-Type Activities principal Interest Total plincipal Interest Total 2025 18,539,332 4,825,063 23,364,395 2,589,689 2,589,689 2026 16,001,366 4,445,979 20,447,345 9,230,000 2,575,975 10,805,975 2027 10,978,412 4,067,403 15,045,815 2,855,00,0 2,168,850 5,023,850 2028 11,275,606 3,770,318 15,045,924 505,000 2,024,225 2-529,225 2029 11,458,083 3,464,689 14,922,772 530,000 1,998,350 2,528,350 2030-2034 58,942,466 12,593,364 71,535,830 4,840,000 9,344,250 14,184,250 203,5-2039 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 10,150,000 3,899,294 14,049,294 2050-2054 1,066,998 - 1,066,998 10,150,000 1,045,750 11,195,750 Total Required Debt Service S 189,787,023 $ 37,196,840 226,983,863 $ 51,340,000 $ 39,837„214 S 91,177,214 Unamortized Origirial Issue Premium on Series 2022 Bonds 1,119,929 Total Business Debt Service $ 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 F-48 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2024 NOTE 15 —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 F-49 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2024 NOTE 15 —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. • 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 F-50 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2024 NOTE 15 —LONG-TERM DEBT (continued) $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'': $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. F-51 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2024 NOTE 15 —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'': $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. F-52 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2024 NOTE 16—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 as a result of the ILA. 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. F-53 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2024 NOTE 17—INTERFUND BALANCES During the course of operations, transactions occur which result in amount owed to a particular fund by another fund, other than for goods provided or services rendered. The receivables and payables are due within a year and are classified "Due from other funds/Due to other funds" on the governmental funds balance sheet or proprietary fund statement of net position. Interfund balances as of September 30, 2024 were as follows: Receivable Fund Payable Funds Amount General Fund Governmental Grant Fund $ 10,000,000 Group Insurance 2,523 Nonmajor Governmental 1,622,797 Fine and Forfeiture General Fund 9,503 Nonmajor Governmental 2,940,014 HIDTA Grants General Fund 1,045 Group Insurance 360 Tourist Development Admin General Fund 214,697 &Promotional, Two Cent One Cent Infrastructure Surtax General Fund 5,233 Nonmajor Funds General Fund 2,035,474 Fine and Forfeiture 20,657 HIDTA Grant 1,612,386 Nonmajor Governmental 549,870 Key West International Airport Nonmajor Governmental 301,327 Municipal Service District Waste General Fund 4,187 Internal Service Funds General Fund 16,105 HIDTA Grant 1,020 Nonmajor Governmental 13,304 Key West Airport 328,000 Total $ 19,678,502 F-54 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2024 NOTE 18 —INTERFUND TRANSFERS Interfund transfers at September 30, 2024 are as follows: Transfers to General Fund from: One Cent Infrastructure Surtax Fund $ 533,877 Fine&Forfeiture Fund 53,977,679 Tourist Development Admin&Promo,Two Cent 138,278 Municipal Service District—Waste 235,202 Card Sound Bridge 79,776 Marathon Airport 137,385 Key West International Airport 477,280 Internal Service Funds 860,159 Nonmajor Governmental Funds 16,055,046 Total Transfers to General Fund 72,494,682 Transfers to Fine and Forfeiture Fund from: General Fund 754,400 Nonmajor Governmental Funds 2,179,162 Total Transfers to Fine and Forfeiture Fund 2,933,562 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 Tourist Development Admin&Promo,Two Cent Fund from: General Fund 214,697 Transfers to One Cent Infrastructure Surtax Fund from: General Fund 118,647 Transfers to Debt Service Fund from: General Fund 914,980 One Cent Infrastructure Surtax Fund 22,095,935 Total Transfers to Debt Service Fund 23,010,915 Transfers to Nonmajor Governmental Funds from: General Fund 1,587,409 Governmental Grant Fund 107,127 Fine&Forfeiture Fund 10,679,524 Nonmajor Governmental Funds 1,112,206 Total Transfers to Nonmajor Governmental Funds 13,486,266 Transfers to Municipal Service District Fund from: General Fund 4,187 Transfers to Fleet Management Internal Service Fund from: Key West Airport 328,000 Total Interfund Transfers $ 117,139,839 F-55 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2024 NOTE 18 —INTERFUND TRANSFERS (continued) 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. 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. F-56 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2024 NOTE 19 —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 Fine& Governmental Admin&Promo General Forfeiture Grants Two Cent Fund Balance: Non-spendable: Inventory $ 28,959 - Prepaid Items 133,861 - 2,263 Total Non-spendable 162,820 - - 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 and 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 - - - - Sheriff Contract Administration - - - - Beach Re-nourishment - - - - Health Care - - - - Total Committed 10,000,000 - - - Assigned to: Other Purposes 74,145 - - - Fire&Ambulance - - - - Subsequent Year Expenditures - - - - Total Assigned 74,145 - - - Unassigned 37,686,741 - - - Total Fund Balances(Deficit) $ 47,923,706 $ 28,627,700 $ 836,695 $ 38,141,501 F-57 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2024 NOTE 19 —GOVERNMENTAL FUND BALANCE CLASSIFICATIONS (continued) One Cent Debt Nonmajor Total Infrastructure Service Governmental Governmental Surtax Fund Funds Funds Fund Balance: Non-spendable: Inventory $ - $ - $ - $ 28,959 Prepaid Items 3,835 139,959 Total Non-spendable - - 3,835 168,918 Restricted for: Law Enforcement - - 16,635,955 45,263,655 Fire&Ambulance - - 1,292,965 1,292,965 Public Safety - - 5,680,283 5,680,283 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 - - 94,888,494 133,027,732 Human Services - - 87,044 87,044 Library Donations - - 445,693 445,693 Culture&Recreation - - 2,720,402 2,720,402 Court Programs - - 11,969,020 11,969,020 Comprehensive Planning - - 3,733,364 3,733,364 Federal and 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 4,104,097 155,775,782 306,386,545 Committed to: Disaster Recovery - - - 10,000,000 Physical Environment - - 8,909,714 8,909,714 Sheriff Contract Administration - - 1,592,635 1,592,635 Beach Re-nourishment - - 232,781 232,781 Health Care - - 425,953 425,953 Total Committed - - 11,161,083 21,161,083 Assigned to: Other Purposes - - - 74,145 Fire&Ambulance - - 8,679,015 8,679,015 Subsequent Year Expense - - - - Total Assigned - - 8,679,015 8,753,160 Unassigned - - (685,894) 37,000,847 Total Fund Balances(Deficit) $ 78,903,033 $ 4,104,097 $ 174,933,821 $ 373,470,553 F-58 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2024 NOTE 20 —RISK MANAGEMENT The County 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 F-59 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2024 NOTE 21 —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 one merits mention. The claim, Galleon Bay vs. Monroe County and the State ofFlorida, 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 current status of such proceedings, an estimate of the amount or range of potential losses cannot be determined. NOTE 22 —COMMITMENTS AND CONTINGENCIES Grant Programs — The County 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 County 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. As of the year ended September 30, 2024, management has not determined an estimate of the amounts that could be refunded. However, any unspent impact fees at year end are reported as restricted fund balance and net position in the financial statements. F-60 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2024 NOTE 23 -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: Business Type Activities Enterprise Funds Total Key West Marathon Business Type Airport Fund Airport Fund Activities Net Position at October 1, 2023 $ 172,097,405 $ 50,309,780 $ 261,393,626 Restatement (99,524) (113,114) (212,638) Net Position at October 1, 2023, as restated $ 171,997,881 $ 50,196,666 $ 261,180,988 Change in Net Position at October 1, 2023 $ 37,898,393 $ 25,815,645 $ 67,769,904 Restatement (99,524) (113,114) (212,638) Change in Net Position at October 1, 2023, as restated $ 37,798,869 $ 25,702,531 $ 67,557,266 Lease Receivable (Short-Term) at October 1, 2023 $ 4,032,383 $ 374,865 $ 4,407,248 Restatement (385,803) (37,253) (423,056) Lease Receivable (Short-Term) at October 1, 2023, as restated $ 3,646,580 $ 337,612 $ 3,984,192 Lease Receivable (Long-Term) at October 1, 2023 $ 19,317,091 $ 4,848,209 $ 24,165,300 Restatement (2,767,531) (3,841,854) (6,609,385) Lease Receivable (Long-Term) at October 1, 2023, as restated $ 16,549,560 $ 1,006,355 $ 17,555,915 Interest Receivable at October 1, 2023 $ 166,429 $ 24,045 $ 273,333 Restatement (29,747) (9,382) (39,129) Interest Receivable at October 1, 2023, as restated $ 136,682 $ 14,663 $ 234,204 Deferred Inflow of Resources - Leases at Octoberl, 2023 $ 23,066,256 $ 5,098,570 $ 28,164,826 Restatement (3,083,557) (3,775,375) (6,858,932) Deferred Inflow of Resources - Leases at October 1, 2023, as restated $ 19,982,699 $ 1,323,195 $ 21,305,894 F-61 MONROE COUNTY, FLORIDA Notes to Financial Statements For the Year Ended September 30, 2024 NOTE 24 —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. F-62 REQUIRED SUPPLEMENTARY INFORMATION (Unaudited) MONROE COUNTY,FLORIDA SCHEDULE OF MONROE COUNTY PROPORTIONATE SHARE OF NET PENSION LIABILITY FLORIDA RETIREMENT SYSTEM PENSION PLAN LAST 10 FISCAL YEARS* 2024 2023 2022 2021 Monroe County's proportion of the net pension liability 0.333318502% 0.321387362% 0.309233937% 0.317807066% Monroe County's proportionate share of the net pension liability S 128,946,418 S 128,065,838 S 115,063,021 S 124,009,850 Monroe County's covered payroll S 110,285,581 S 91,419,051 S 79,647,277 S 89,661,449 Monroe County's proportionate share of the net pension liability as a percentage of its covered payroll 116.92% 140.09% 144.47% 138.31% Plan fiduciary net position as a percentage of the total pension liability 83.70% 82.38% 82.89% 78.85% *The amounts presented for each fiscal year were determined as of June 30. G-1 2020 2019 2018 2017 2016 2015 0.345802678% 0.334375037% 0.348561326% 0.328044588% 0.316397501% 0.298789301% $ 149,875,977 $ 115,154,108 $ 104,988,478 $ 97,033,388 $ 79,890,617 $ 38,592,646 $ 81,488,366 $ 82,678,699 $ 84,301,564 $ 74,326,732 $ 70,699,621 $ 70,456,332 183.92% 139.28% 124.54% 130.55% 113.00% 54.78% 78.85% 82.61% 84.26% 83.89% 84.88% 92.00% G-2 MONROE COUNTY,FLORIDA SCHEDULE OF MONROE COUNTY CONTRIBUTIONS FLORIDA RETIREMENT SYSTEM PENSION PLAN LAST 10 FISCAL YEARS* 2024 2023 2022 2021 Contractually required contribution S 19,335,449 $ 16,116,536 $ 14,107,542 $ 12,167,517 Contributions in relation to the contractually required contribution (19,335,449) (16,116,536) (14,107,542) (12,167,517) Contribution deficiency(excess) S - S S S Monroe County's covered payroll S 112,667,148 $ 92,719,298 $ 82,680,982 $ 88,018,382 Contributions as a percentage of covered payroll 17.16% 17.38% 17.06% 13.82% *The amounts presented for each fiscal year were determined as of September 30. G-3 2020 2019 2018 2017 2016 2015 $ 11,694,578 $ 10,642,566 $ 12,427,075 $ 8,317,662 $ 7,715,858 $ 7,284,737 (11,694,578) (10,642,566) (12,427,075) (8,317,662) (7,715,858) (7,284,737) $ 81,243,796 $ 82,678,699 $ 84,301,564 $ 69,003,713 $ 70,699,621 $ 70,133,038 14.39% 12.87% 14.74% 12.05% 10.91% 10.39% G-4 MONROE COUNTY,FLORIDA SCHEDULE OF MONROE COUNTY PROPORTIONATE SHARE OF NET PENSION LIABILITY HEALTH INSURANCE SUBSIDY PROGRAM LAST 10 FISCAL YEARS* 2024 2023 2022 2021 Monroe County's proportion of the net pension liability 0.260573119% 0.258907609% 0.246770662% 0.253015495% Monroe County's proportionate share of the net pension liability S 39,088,514 S 41,117,983 S 26,136,956 S 31,306,155 Monroe County's covered payroll S 110,285,581 S 91,419,051 S 79,647,277 S 89,661,449 Monroe County's proportionate share of the net pension liability as a percentage of its covered payroll 35.44% 44.98% 32.82% 34.92% Plan fiduciary net position as a percentage of the total pension liability 4.80% 4.12% 4.81% 3.56% *The amounts presented for each fiscal year were determined as of June 30. G-5 2020 2019 2018 2017 2016 2015 0.256931327% 0.247210889% 0.254159349% 0.236677851% 0.228042287% 0.228621233% $ 31,370,897 $ 27,660,425 $ 26,900,511 $ 25,306,688 $ 26,577,384 $ 23,315,769 $ 81,488,366 $ 82,678,699 $ 84,301,564 $ 74,326,732 $ 70,699,621 $ 70,133,038 38.50% 33.46% 31.91% 34.05% 37.59% 33.25% 3.00% 2.63% 2.15% 1.64% 0.97% 0.50% G-6 MONROE COUNTY,FLORIDA SCHEDULE OF MONROE COUNTY CONTRIBUTIONS HEALTH INSURANCE SUBSIDY PROGRAM LAST 10 FISCAL YEARS* 2024 2023 2022 2021 Contractually required contribution $ 2,257,663 $ 1,803,912 $ 1,577,450 $ 1,460,189 Contributions in relation to the contractually required contribution (2,257,663) (1,803,912) (1,577,450) (1,460,189) Contribution deficiency(excess) $ - $ - $ - $ - Monroe County's covered payroll $ 112,667,148 $ 92,719,298 $ 82,680,982 $ 88,018,382 Contributions as apercentage of covered payroll 2.00% 1.95% 1.91% 1.66% *The amounts presented for each fiscal year were determined as of September 30. G-7 2020 2019 2018 2017 2016 2015 $ 1,494,692 $ 1,393,010 $ 1,398,691 $ 1,392,250 $ 1,168,862 $ 873,933 (1,494,692) (1,393,010) (1,398,691) (1,392,250) (1,168,862) (873,933) $ 81,243,796 $ 82,678,699 $ 84,301,564 $ 69,003,713 $ 70,699,621 $ 70,133,038 1.84% 1.68% 1.66% 2.02% 1.65% 1.25% G-8 MONROE COUNTY,FLORIDA REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF CHANGES IN THE COUNTY'S NET PENSION LIABILITY AND RELATED RATIOS PENSION PLAN FOR VOLUNTEER FIREFIGHTERS AND EMERGENCY MEDICAL SERVICES LAST 10 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. G-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 G-10 MONROE COUNTY,FLORIDA 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 Contractually required contribution $ - $ - $ - $ 3,265 Contributions in relation to the contractually required contribution 95,500 - - 3,265 Contribution deficiency (excess) $ (95,500) $ - $ - $ - Covered-employee payroll 83.70% $ - $ - $ - 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 3.77%, 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. G-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 G-12 MONROE COUNTY,FLORIDA REQUIRED SUPPLEMENTARY INFORMATION SCHEDULE OF CHANGES IN THE COUNTY'S TOTAL OPEB LIABILITY AND RELATED RATIOS LAST TEN FISCAL YEARS* 2024 2023 2022 2021 Total OPEB liability Service cost 2,746,000 2,661,100 3,287,400 3,177,500 Interest 2,367,200 2,232,500 1,338,800 1,314,800 Changes of benefit terms 6,735,500 500 3,476,500 - Changes in experience 18,400 12,300 (4,113,900) Differences between expected and actual (8,232,000) - - Changes in assumptions or other inputs 14,744,400 (243,100) (7,812,200) 404,700 Benefit payments (2,295,500) (2,493,300) (2,090,600) (2,396,000) Net change in total OPEB liability 16,084,000 2,170,000 (5,914,000) 2,501,000 TotalOPEBliability-BeginningofYear 56,290,000 54,120,000 60,034,000 57,533,000 Total OPEB liability-End of Year $ 72,374,000 $ 56,290,000 $ 54,120,000 $ 60,034,000 Covered-employee payroll $ 100,887,000 $ 95,531,000 $ 92,749,000 $ 81,891,000 Total OPEB liability as a percentage of covered-employee payroll 71.74% 58.92% 58.35% 73.31% 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. G-13 2020 2019 2018 2,513,200 $ 1,893,000 $ 1,817,000 1,305,200 1,651,000 2,885,000 - - (29,384,000) (877,000) 9,107,900 7,321,000 (3,343,000) (2,165,300) (1,663,000) (1,470,000) 9,884,000 9,202,000 (29,495,000) 47,649,000 38,447,000 67,942,000 $ 57,533,000 $ 47,649,000 $ 38,447,000 $ 79,506,000 $ 65,681,000 $ 63,460,551 72.36% 72.55% 60.58% G-14 COMBINING AND INDIVIDUAL FUND STATEMENTS AND SCHEDULES NONMAJOR GOVERNMENTAL FUNDS SPECIAL REVENUE FUNDS AFFORDABLE HOUSING PROGRAMS To account for revenues and expenditures of various low income housing programs. ROADS & BRIDGES To account for revenues and expenditures of the constitutional gas taxes. MIDDLE KEYS HEALTH CARE MUNICIPAL SERVICE To account for revenues and expenditures related to providing indigent health care services and other essential facilities and municipal services. TOURIST DEVELOPMENT DISTRICTS To account for the local option three-cent bed tax in five districts for the expenditures of advertising, promotions, and special events of the County's Tourist Development Council. IMPACT FEES To account for the revenues and expenditures relating to impact fees collected for roadways, parks and recreation, Isolid waste, and fire and EMS. FIRE AND AMBULANCE DISTRICT#1, LOWER AND MIDDLE KEYS To account for revenues and expenditures in District#1 for fire and ambulance services. UNINCORPORATED AREA SERVICE DISTRICTS To account for all revenues and expenditures for planning, building and zoning, and parks and recreation services provided only to the unincorporated area of the County. MUNICIPAL POLICING To account for all revenues and expenditures for local road patrol law enforcement in the City of Marathon, City of Layton, and Islamorada, Village of Islands. DUCK KEY SECURITY DISTRICT To account for the revenues and expenditures in providing security services for the Duck Key District. HOUSING INITIATIVES To account for all revenues and expenditures for County-led housing initiatives. BOATING IMPROVEMENT To account for revenues and expenditures for providing boating-related activities, for removal of vessels and floating structures deemed a hazard to public safety and health, and for manatee and marine mammal protection and recovery. MISCELLANEOUS SPECIAL REVENUE To account for revenues and expenditures earmarked for specific purposes. ENVIRONMENTAL RESTORATION To account for all revenue and expenditures for fines/fees collected and earmarked for environmental protection. COURT FACILITY FEES To account for revenues collected upon the institution of any civil action, suit or proceeding to be used exclusively in providing and maintaining existing and future facilities for the use of the Circuit and County Court systems. (Continued) NONMAJOR GOVERNMENTAL FUNDS SPECIAL REVENUE FUNDS— CONTINUED DRUG ABUSE TRUST To account for assessments collected for drug abuse programs and to disburse assistance grants for drug abuse treatment and/or educational programs which meet the standards for qualification of such programs by the Department of Health and Rehabilitative Services. CANAL SPECIAL ASSESSMENTS To account for the revenues and expenditures relating to the assessments paid by homeowners that are dedicated to maintaining and improving canals. BUILDING FUND To account for the revenues and expenditures relating to building permits and for the administration and enforcement of the building code for the unincorporated area of the County. SHERIFF'S TEEN COURT To account for receipts and disbursements pertaining to a program designed to deter juveniles who are becoming involved in crime. SHERIFF'S FEDERAL FORFEITURE To account for the revenues from the U.S. Departments of Justice and Treasury. Expenditures are made in accordance with the guidelines issued by these agencies. SHERIFF'S STATE FORFEITURE To account for the proceeds from state forfeitures received primarily from the South Florida Drug and Money Laundering Task Force. SHERIFF'S CONTRACT ADMINISTRATIVE To account for the receipts of service fees collected for administering HIDTA, South Florida Law Enforcement Trust Fund, Impact Support, and the NHAC Financial Unit. Expenditures relate to the costs of administering their activities. SHERIFF'S INMATE COMMISSARY To account for the receipts and disbursements of inmate telephone commissions, canteen revenues, and other inmate programs. SHERIFF'S INTERAGENCY COMMUNICATIONS To account for revenues and expenditures allocated for radio communications. SHERIFF'S TRAUMA STAR To account for revenues and expenditures for the Sheriff's operation of the Trauma Star helicopter. SHERIFF'S RADIO COMMUNICATIONS To account for revenues and expenditures from Court fees for radio communications. SHERIFF'S Grants To account for the revenues and expenditures relating to various of the Sheriff's grants. SHERIFF'S SHARED ASSET FORFEITURE To account for the revenues and expenditures of the Sheriff Department's shared asset forfeiture program. (Continued) NONMAJOR GOVERNMENTAL FUNDS SPECIAL REVENUE FUNDS— CONTINUED SHERIFF'S E911 To account for fees levied on each telephone access line in Monroe County for the enhancement of the 911 emergency telephone systems. CLERK'S RECORDS MODERNIZATION TRUST To account for revenue received through an additional recording fee pursuant to Florida Statute 28.24(15)(d) to be used for equipment, equipment maintenance, training, and technical assistance necessary to modernize the Clerk's public records system. CLERK'S COURT RELATED To account for revenues and expenditures for providing court related services under the direction of the Clerk of the Circuit Court. CAPITAL PROJECT FUNDS CLERK'S REVENUE NOTE To account for the Clerk's network system from the Florida Local Government Finance Commission Loan. LAND ACQUISITION FUND To account for the revenues and expenditures related to Land Acquisition. MONROE COUNTY,FLORIDA COMBINING BALANCE SHEET NONMAJOR GOVERNMENTAL FUNDS SEPTEMBER 30,2024 SPECIAL Tourist Affordable Roads Middle Keys Development Tourist Housing and Health Care All Districts Development Programs Bridges MSTU Two Cent District One ASSETS Cash and Cash Equivalents $ 39,682 $ 573,009 $ 33,621 $ 3,012,427 $ 4,187,179 Investments 405,311 6,723,495 337,224 21,623,534 29,664,939 Accounts Receivable, Net - 22,747 - - - Assessments Receivable - - - - - Due from Other Funds - - 53,744 115,606 166,175 Due from Other Governmental Units - 668,173 - - - Mortgages/Notes Receivable - - - - - Allowance for Mortgages/Notes Receivable - - - - - Lease Receivable - - - - - Advances to Other Governments - - - - - Interest Receivable 1,640 27,595 1,364 87,493 120,053 Prepaid Items - - - - - Total Assets $ 446,633 $ 8,015,019 $ 425,953 $ 24,839,060 $ 34,138,346 LIABILITIES, DEFERRED INFLOWS OF RESOURCES,AND FUND BALANCES Liabilities: Accounts Payable $ - $ 159 $ - $ 822,768 $ 824,820 Retainage Payable - 115,008 - - - Accrued Wages and Benefits Payable - 194,143 - - 8,130 Due to Other Funds - - - - - Due to Other Governmental Units - 154,269 - - 325,898 Other Current Liabilities - - - - - Unearned Revenue - - - - - Deposits in Escrow - - - - - Total Liabilities - 463,579 - 822,768 1,158,848 Deferred Inflows of Resources: Leases - - - - - Advances from Other Governments - - - - - Unavailable Revenues - - - - - Total Deferred Inflows of Resources - - - - - Fund Balances/(Deficits): Nonspendable - - - - - Restricted 446,633 7,551,440 - 24,016,292 32,746,717 Committed - - 425,953 - 232,781 Assigned - - - - - Unassigned - - - - - Total Fund Balances/(Deficits) 446,633 7,551,440 425,953 24,016,292 32,979,498 Total Liabilities, Deferred Inflows of Resources and Fund Balances/(Deficits) $ 446,633 $ 8,015,019 $ 425,953 $ 24,839,060 $ 34,138,346 H-1 REVENUE FUNDS Tourist Tourist Tourist Tourist Impact Fees, Development Development Development Development Impact Fees, Parks,and District Two District Three District Four District Five Roadways Recreation $ 662,766 $ 1,710,644 $ 1,005,490 $ 1,381,122 $ 84,222 $ 43,081 4,573,265 12,516,973 7,280,969 9,395,922 860,250 440,030 28,604 55,028 30,223 50,272 - - 18,522 50,646 29,460 38,042 3,481 1,780 $ 5,283,157 $ 14,333,291 $ 8,346,142 $ 10,865,358 $ 947,953 $ 484,891 $ 99,777 $ 201,865 $ 69,765 $ 310,589 $ - $ - - - - - 14,460 20,090 6,381 - - 14,086 - - 106,158 201,865 69,765 324,675 14,460 20,090 5,176,999 14,131,426 8,276,377 10,540,683 933,493 464,801 5,176,999 14,131,426 8,276,377 10,540,683 933,493 464,801 $ 5,283,157 $ 14,333,291 $ 8,346,142 $ 10,865,358 $ 947,953 $ 484,891 (Continued) H-2 MONROE COUNTY,FLORIDA COMBINING BALANCE SHEET(CONTINUED) NONMAJOR GOVERNMENTAL FUNDS SEPTEMBER 30,2024 SPECIAL Fire&Amb Unincorporated Unincorporated District#1, Area Service Area Service Impact Fees, Impact Fees, Lower and District, Dist, Planning Solid Waste Fire and EMS Middle Keys Parks and Rec Bldg and Zoning ASSETS Cash and Cash Equivalents $ 12,810 $ 19,135 $ 857,559 $ 165,151 $ 620,641 Investments 130,844 195,447 7,425,481 2,096,353 6,028,824 Accounts Receivable, Net - - 712,637 244 18,495 Assessments Receivable - - - - - Due from Other Funds - - 282,165 52,750 11,197 Due from Other Governmental Units - - - 110,540 397,986 Mortgages/Notes Receivable - - - - - Allowance for Mortgages/Notes Receivable - - - - - Lease Receivable - - - - - Advances - - - - - Interest Receivable 529 791 36,501 8,703 25,751 Prepaid Items - - - 3,325 - Total Assets $ 144,183 $ 215,373 $ 9,314,343 $ 2,437,066 $ 7,102,894 LIABILITIES, DEFERRED INFLOWS OF RESOURCES,AND FUND BALANCES Liabilities: Accounts Payable $ - $ - $ 98,155 $ 83,944 $ 54,726 Retainage Payable - - - - - Accrued Wages and Benefits Payable - - 535,914 88,483 407,160 Due to Other Funds - - - - - Due to Other Governmental Units - - 1,259 - 719 Other Current Liabilities - - - - - Unearned Revenue - - - - - Deposits in Escrow - - - 5,713 273,109 Total Liabilities - - 635,328 178,140 735,714 Deferred Inflows of Resources: Leases - - - - - Advances from Other Governments - - - - - Unavailable Revenues - - - - - Total Deferred Inflows of Resources - - - - - Fund Balances/(Deficits): Nonspendable - - - 3,325 - Restricted 144,183 215,373 - 2,255,601 6,367,180 Committed - - - - - Assigned - - 8,679,015 - - Unassigned - - - - - Total Fund Balances/(Deficits) 144,183 215,373 8,679,015 2,258,926 6,367,180 Total Liabilities, Deferred Inflows of Resources and Fund Balances/(Deficits) $ 144,183 $ 215,373 $ 9,314,343 $ 2,437,066 $ 7,102,894 H-3 REVENUE FUNDS Duck Key Local Affordable Miscellaneous Municipal Security Housing Housing Boating Special Policing District Assistance Initiatives Improvement Revenue $ 230,569 $ 36,322 $ 261,998 $ 24,821 $ 365,372 $ 413,320 2,347,564 370,746 2,736,687 253,528 3,759,884 4,180,922 - - 45,000 - - 55,151 742,200 523 - - 47,489 54,541 - - - - - 24,916 - - 9,982,533 - - - - - (9,982,533) - - - 9,499 1,500 11,095 1,026 15,229 16,917 $ 3,329,832 $ 409,091 $ 3,054,780 $ 279,375 $ 4,187,974 $ 4,745,767 $ - $ 8,867 $ - $ - $ 3,322 $ 102,046 - - 6,637 - 5,983 - - - - - - 26,333 - - 67 - - - - 8,867 6,704 - 9,305 128,379 3,329,832 400,224 3,048,076 279,375 4,178,669 4,617,388 3,329,832 400,224 3,048,076 279,375 4,178,669 4,617,388 $ 3,329,832 $ 409,091 $ 3,054,780 $ 279,375 $ 4,187,974 $ 4,745,767 (Continued) H-4 MONROE COUNTY,FLORIDA COMBINING BALANCE SHEET(CONTINUED) NONMAJOR GOVERNMENTAL FUNDS SEPTEMBER 30,2024 SPECIAL Court Drug Canal Environmental Facility Abuse Special Building Restoration Fees Trust Assessments Fund ASSETS Cash and Cash Equivalents $ 774,233 $ 500,720 $ 7,338 $ 16,043 $ 393,653 Investments 7,932,364 5,164,431 74,947 163,594 3,658,741 Accounts Receivable, Net 172 - - - 320 Assessments Receivable - - - - - Due from Other Funds - 47,073 4,456 1,570 - Due from Other Governmental Units - - - - - Mortgages/Notes Receivable - - - - Allowance for Mortgages/Notes Receivable - - - - - Lease Receivable - - - - - Advances - - - - - Interest Receivable 32,210 20,911 303 662 15,423 Prepaid Items - - - - 510 Total Assets $ 8,738,979 $ 5,733,135 $ 87,044 $ 181,869 $ 4,068,647 LIABILITIES, DEFERRED INFLOWS OF RESOURCES,AND FUND BALANCES Liabilities: Accounts Payable $ 2,020 $ 135 $ - $ 3,683 $ 14,886 Retainage Payable - - - - - Accrued Wages and Benefits Payable 5,313 11,371 - - 242,520 Due to Other Funds - - - - - Due to Other Governmental Units 118 - - - 29,644 Other Current Liabilities - - - - - Unearned Revenue - - - - - Deposits in Escrow - - - - 8,110 Total Liabilities 7,451 11,506 - 3,683 295,160 Deferred Inflows of Resources: Leases - - - - - Advances from Other Governments - - - - - Unavailable Revenues - - - - - Total Deferred Inflows of Resources - - - - - Fund Balances/(Deficits): Nonspendable - - - - 510 Restricted - 5,721,629 87,044 - 3,772,977 Committed 8,731,528 - - 178,186 - Assigned - - - - - Unassigned - - - - - Total Fund Balances/(Deficits) 8,731,528 5,721,629 87,044 178,186 3,773,487 Total Liabilities, Deferred Inflows of Resources and Fund Balances/(Deficits) $ 8,738,979 $ 5,733,135 $ 87,044 $ 181,869 $ 4,068,647 H-5 REVENUE FUNDS Sheriffs Sheriffs Sheriffs Sheriffs Sheriffs Sheriffs Teen Federal State Contract Inmate Interagency Court Forfeiture Forfeiture Administrative Commissary Communications $ - $ 1,910,175 $ 2,033,666 $ - $ 1,675,012 $ 193,559 - 314,235 457,124 - - - - - - - 54,417 - 60,389 42,621 9 1,885,070 3,316 13,835 4,746 - - 83,871 - - - 1,590 1,531 - - - $ 65,135 $ 2,268,621 $ 2,492,330 $ 1,968,941 $ 1,732,745 $ 207,394 $ - $ 42,624 $ - $ - $ 61,407 $ 3,567 - - - - 4,293 - - - 51,024 313,727 15,910 309 - - - 6,405 50,000 - - - - 56,174 - 19,987 - 42,624 51,024 376,306 131,610 23,863 65,135 2,225,997 2,441,306 - 1,601,135 183,531 - - - 1,592,635 - - 65,135 2,225,997 2,441,306 1,592,635 1,601,135 183,531 $ 65,135 $ 2,268,621 $ 2,492,330 $ 1,968,941 $ 1,732,745 $ 207,394 (Continued) H-6 MONROE COUNTY,FLORIDA COMBINING BALANCE SHEET(CONTINUED) NONMAJOR GOVERNMENTAL FUNDS SEPTEMBER 30,2024 SPECIAL Sheriffs Sheriffs Sheriffs Trauma Radio Sheriffs Shared Asset Sheriffs Star Communication Grants Forfeiture E911 ASSETS Cash and Cash Equivalents $ 2,170,765 $ 4,736 $ - $ 971,872 $ 1,961,030 Investments - - - 3,814,929 - Accounts Receivable, Net - - - - 1,120 Assessments Receivable - - - - - Due from Other Funds - - 452,914 - 15,821 Due from Other Governmental Units - - 1,169,288 - 45,250 Mortgages/Notes Receivable - - - - Allowance for Mortgages/Notes Receivable - - - - - Lease Receivable - - - - - Advances - - - - - Interest Receivable - - - 18,921 - Prepaid Items - - - - - Total Assets $ 2,170,765 $ 4,736 $ 1,622,202 $ 4,805,722 $ 2,023,221 LIABILITIES, DEFERRED INFLOWS OF RESOURCES AND FUND BALANCES Liabilities: Accounts Payable $ - $ - $ - $ 26,765 $ 7,755 Retainage Payable - - - - - Accrued Wages and Benefits Payable - - - - 3,344 Due to Other Funds 2,170,765 4,736 1,227,075 - 2,060 Due to Other Governmental Units - - - - - Other Current Liabilities - - - - - Unearned Revenue - - - - - Deposits in Escrow - - - - - Total Liabilities 2,170,765 4,736 1,227,075 26,765 13,159 Deferred Inflows of Resources: Leases - - - - - Advances from Other Governments - - - - - Unavailable Revenues - - 1,081,021 - - Total Deferred Inflows of Resources - - 1,081,021 - - Fund Balances/(Deficits): Nonspendable - - - - - Restricted - - - 4,778,957 2,010,062 Committed - - - - - Assigned - - - - - Unassigned - - (685,894) - - Total Fund Balances/(Deficits) - - (685,894) 4,778,957 2,010,062 Total Liabilities, Deferred Inflows of Resources and Fund Balances/(Deficits) $ 2,170,765 $ 4,736 $ 1,622,202 $ 4,805,722 $ 2,023,221 H-7 REVENUE FUNDS CAPITAL PROJECT FUNDS Total Clerk's Clerk's Total Nonmajor Clerk's Land Nonmajor Records Court Special Rev Revenue Acquisition Governmental Modernization Related Funds Note Fund Funds $ 3,495,863 $ 2,603,647 $ 34,453,253 $ - $ 24,654 $ 34,477,907 - - 144,928,557 - 251,814 145,180,371 - 480 910,783 - - 910,783 - 796 4,218,387 - - 4,218,387 - 35,215 2,539,985 - 1,300 2,541,285 - - 9,982,533 - - 9,982,533 - - (9,982,533) - - (9,982,533) - - 599,168 - 1,019 600,187 - - 3,835 - - 3,835 $ 3,495,863 $ 2,640,138 $ 187,653,968 $ - $ 278,787 $ 187,932,755 $ - $ 35,644 2,879,289 $ - $ 325 $ 2,879,614 - - 149,558 - - 149,558 - - 1,533,758 - - 1,533,758 7,078 1,608,295 5,427,312 - - 5,427,312 - 996,199 1,564,578 - - 1,564,578 - - 76,161 - - 76,161 - - 286,932 - - 286,932 7,078 2,640,138 11,917,588 - 325 11,917,913 - - 1,081,021 - - 1,081,021 - - 1,081,021 - - 1,081,021 - - 3,835 - - 3,835 3,488,785 - 155,497,320 - 278,462 155,775,782 - - 11,161,083 - - 11,161,083 - - 8,679,015 - - 8,679,015 - - (685,894) - - (685,894) 3,488,785 - 174,655,359 - 278,462 174,933,821 $ 3,495,863 $ 2,640,138 $ 187,653,968 $ - $ 278,787 $ 187,932,755 H-8 MONROE COUNTY,FLORIDA 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 Tourist Housing Roads and Health Care All Districts Development Programs Bridges MSTU Two Cent District One REVENUES: Taxes $ - $ 3,310,276 $ 2,899,762 $ 10,003,105 $ 14,471,184 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 1,421,191 Miscellaneous - 21,406 - - - Total Revenues 20,694 7,810,861 2,906,635 11,134,368 15,892,375 EXPENDITURES: Current: General Government - - - - - Public Safety - - - - - Physical Environment - - - - - Transportation - 7,210,783 - - - Economic Environment - - - 9,364,013 8,931,002 Human Services - - 2,626,948 - - Culture and Recreation - - - - - Court Related - - - - - Capital Outlay - - - - - Debt Service Principal - 9,260 - - - Interest - 740 - - - Total Expenditures - 7,220,783 2,626,948 9,364,013 8,931,002 Excess/Deficiency of Revenues Over(Under)Expenditures 20,694 590,078 279,687 1,770,355 6,961,373 OTHER FINANCING SOURCES(USES): Lease&SBITA Financing - - - - - Transfers from Other Funds - - 53,744 115,606 273,302 Transfers to Other Funds - (408,919) (130,103) (128,713) (54,392) Issuance of Debt - - - - - Total Other Financing Sources(Uses) - (408,919) (76,359) (13,107) 218,910 Net Change in Fund Balances 20,694 181,159 203,328 1,757,248 7,180,283 Fund Balances/(Deficits)-October 1 425,939 7,370,281 222,625 22,259,044 25,799,215 Fund Balances/(Deficits)-September 30 $ 446,633 $ 7,551,440 $ 425,953 $ 24,016,292 $ 32,979,498 H-9 REVENUE FUNDS Tourist Tourist Tourist Tourist Impact Fees, Development Development Development Development Impact Fees, Parks,and District Two District Three District Four District Five Roadways Recreation $ 2,615,660 $ 5,626,859 $ 3,057,606 $ 4,960,195 $ - $ - - - - - 97,961 22,100 207,654 576,518 357,898 459,870 41,442 34,398 2,823,314 6,203,377 3,415,504 5,420,065 139,403 56,498 1,309,008 2,401,986 1,819,282 3,198,823 - - - - - - - 469,143 1,309,008 2,401,986 1,819,282 3,198,823 - 469,143 1,514,306 3,801,391 1,596,222 2,221,242 139,403 (412,645) 28,604 55,028 30,223 50,272 - - (14,975) (13,595) (13,002) (26,318) - - 13,629 41,433 17,221 23,954 - - 1,527,935 3,842,824 1,613,443 2,245,196 139,403 (412,645) 3,649,064 10,288,602 6,662,934 8,295,487 794,090 877,446 $ 5,176,999 $ 14,131,426 $ 8,276,377 $ 10,540,683 $ 933,493 $ 464,801 (Continued) H-10 MONROE COUNTY,FLORIDA COMBINING STATEMENT OF REVENUES,EXPENDITURES, AND CHANGES IN FUND BALANCES(CONTINUED) NONMAJOR GOVERNMENTAL FUNDS FOR THE YEAR ENDED SEPTEMBER 30,2024 SPECIAL Fire&Amb Unincorporated Unincorporated District#1, Area Service Area Service Impact Fees, Impact Fees, Lower and District, Dist, Planning Solid Waste Fire and EMS Middle Keys Parks and Rec Bldg and Zoning REVENUES: Taxes $ - $ - $ 15,244,498 $ 3,441,096 $ 543,072 Licenses and Permits - 10,765 - - 190 Intergovernmental - - 140,574 1,624,630 5,175,735 Charges for Services - - 1,234,380 125,090 3,820,455 Fines and Forfeitures - - - - 1,352,058 Investment Income 6,568 9,810 789,715 177,378 332,414 Miscellaneous - - 339,080 347 1,004 Total Revenues 6,568 20,575 17,748,247 5,368,541 11,224,928 EXPENDITURES: Current: General Government - - - - 4,478,350 Public Safety - - 14,815,118 - 4,514,100 Physical Environment - - - - 1,113,683 Transportation - - - - - Economic Environment - - - - - Human Services - - - - - Culture and Recreation - - - 4,478,411 - Court Related - - - - - Capital Outlay - - - - - Debt Service Principal - - 20,670 12,598 12,080 Interest - - - - 773 Total Expenditures - - 14,835,788 4,491,009 10,118,986 Excess/Deficiency of Revenues Over(Under)Expenditures 6,568 20,575 2,912,459 877,532 1,105,942 OTHER FINANCING SOURCES(USES): Lease&SBITA Financing - - 41,627 38,320 4,971 Transfers from Other Funds - - 282,165 52,750 11,197 Transfers to Other Funds - - (1,856,051) (432,567) (153,746) Issuance of Debt - - - - - Total Other Financing Sources(Uses) - - (1,532,259) (341,497) (137,578) Net Change in Fund Balances 6,568 20,575 1,380,200 536,035 968,364 Fund Balances/(Deficits)-October 1 137,615 194,798 7,298,815 1,722,891 5,398,816 Fund Balances/(Deficits)-September 30 $ 144,183 $ 215,373 $ 8,679,015 $ 2,258,926 $ 6,367,180 H-11 REVENUE FUNDS Duck Key Local Affordable Miscellaneous Municipal Security Housing Housing Boating Special Policing District Assistance Initiatives Improvement Revenue $ 6,079,508 $ - $ - $ - $ - $ - - 120,608 - 214,136 - 36,827 - - - - 98,000 - 5,478,011 - - - 798,245 1,041,078 - - - - - 309,958 181,773 20,472 149,708 6,270 182,062 227,278 - - 629,596 - - 759,150 11,739,292 141,080 779,304 220,406 1,078,307 2,374,291 1,178,308 108,628 - - - 100,409 - - - - 411,321 77,733 - - 1,240,201 - - 198,301 - - - - - 144,194 - - - - - 185,866 - - - - - 277,286 - - - - - 1,294 - - - - - 84 1,178,308 108,628 1,240,201 - 411,321 985,167 10,560,984 32,452 (460,897) 220,406 666,986 1,389,124 742,200 523 - - - - (10,496,923) (1,000) - - - (1,353,677) (9,754,723) (477) - - - (1,353,677) 806,261 31,975 (460,897) 220,406 666,986 35,447 2,523,571 368,249 3,508,973 58,969 3,511,683 4,581,941 $ 3,329,832 $ 400,224 $ 3,048,076 $ 279,375 $ 4,178,669 $ 4,617,388 (Continued) H-12 MONROE COUNTY,FLORIDA COMBINING STATEMENT OF REVENUES,EXPENDITURES, AND CHANGES IN FUND BALANCES(CONTINUED) NONMAJOR GOVERNMENTAL FUNDS FOR THE YEAR ENDED SEPTEMBER 30,2024 SPECIAL Court Drug Canal Environmental Facility Abuse Special Building Restoration Fees Trust Assessments Fund REVENUES: Taxes $ - $ - $ - $ - $ - Licenses and Permits - - - 126,448 6,594,552 Intergovernmental - - - - - Charges for Services - 639,830 47,147 - 138,150 Fines and Forfeitures 1,019,223 - - - - Investment Income 409,736 258,737 3,226 8,216 216,095 Miscellaneous - - - - 22,924 Total Revenues 1,428,959 898,567 50,373 134,664 6,971,721 EXPENDITURES: Current: General Government - - - - - Public Safety - - - - 6,180,034 Physical Environment 606,059 - - 25,857 - Transportation - - - - - Economic Environment - - - - - Human Services - - - - - Culture and Recreation 4,668 - - - - Court Related - 356,729 - - - Capital Outlay - - - - - Debt Service Principal - - - - 642 Interest - - - - 36 Total Expenditures 610,727 356,729 - 25,857 6,180,712 Excess/Deficiency of Revenues Over(Under)Expenditures 818,232 541,838 50,373 108,807 791,009 OTHER FINANCING SOURCES(USES): Lease&SBITA Financing - - - - - Transfers from Other Funds - - - 1,570 - Transfers to Other Funds (24,930) - - - (538,659) Issuance of Debt - - - - - Total Other Financing Sources(Uses) (24,930) - - 1,570 (538,659) Net Change in Fund Balances 793,302 541,838 50,373 110,377 252,350 Fund Balances/(Deficits)-October 1 7,938,226 5,179,791 36,671 67,809 3,521,137 Fund Balances/(Deficits)-September 30 $ 8,731,528 $ 5,721,629 $ 87,044 $ 178,186 $ 3,773,487 H-13 REVENUE FUNDS Sheriffs Sheriffs Sheriffs Sheriffs Sheriffs Sheriffs Teen Federal State Contract Inmate Interagency Court Forfeiture Forfeiture Administrative Commissary Communications - 45,705 - 1,586,121 - - 64,993 - - 4,425,758 647,392 - - - 7,930 - - - - 50,549 200,159 62,840 69,077 6,843 - 14,560 57,682 - 28,040 27,080 64,993 110,814 265,771 6,074,719 744,509 33,923 37,976 95,448 46,240 5,951,163 641,744 149,706 37,976 95,448 46,240 5,951,163 641,744 149,706 27,017 15,366 219,531 123,556 102,765 (115,783) - - 6 16,884 - 199,287 - - (8,397) - - - - - (8,391) 16,884 - 199,287 27,017 15,366 211,140 140,440 102,765 83,504 38,118 2,210,631 2,230,166 1,452,195 1,498,370 100,027 $ 65,135 $ 2,225,997 $ 2,441,306 $ 1,592,635 $ 1,601,135 $ 183,531 (Continued) H-14 MONROE COUNTY,FLORIDA COMBINING STATEMENT OF REVENUES,EXPENDITURES, AND CHANGES IN FUND BALANCES(CONTINUED) NONMAJOR GOVERNMENTAL FUNDS FOR THE YEAR ENDED SEPTEMBER 30,2024 SPECIAL Sheriffs Sheriffs Sheriffs Trauma Radio Sheriffs Shared Asset Sheriffs Star Communication Grants Forfeiture E911 REVENUES: Taxes $ - $ - $ - $ - $ - Licenses and Permits - - 364,416 - - Intergovernmental - - - - - Charges for Services - - - - 931,694 Fines and Forfeitures - - - - - Investment Income - - - 293,315 81,253 Miscellaneous - - 719,281 - - Total Revenues - - 1,083,697 293,315 1,012,947 EXPENDITURES: Current: General Government - - - - - Public Safety 4,282,382 1,064,228 1,563,366 124,244 626,841 Physical Environment - - - - - Transportation - - - - - Economic Environment - - - - - Human Services - - - - - Culture and Recreation - - - - - Court Related - - - - - Capital Outlay - - - - - Debt Service Principal - - - - - Interest - - - - - Total Expenditures 4,282,382 1,064,228 1,563,366 124,244 626,841 Excess/Deficiency of Revenues Over(Under)Expenditures (4,282,382) (1,064,228) (479,669) 169,071 386,106 OTHER FINANCING SOURCES(USES): Lease&SBITA Financing - - - - - Transfers from Other Funds 6,453,147 1,064,228 152,009 - - Transfers to Other Funds (2,170,765) - - - - Issuance of Debt - - - - - Total Other Financing Sources(Uses) 4,282,382 1,064,228 152,009 - - Net Change in Fund Balances - - (327,660) 169,071 386,106 Fund Balances/(Deficits)-October 1 - - (358,234) 4,609,886 1,623,956 Fund Balances/(Deficits)-September 30 $ - $ - $ (685,894) $ 4,778,957 $ 2,010,062 H-15 REVENUE FUNDS CAPITAL PROJECT FUNDS Total Clerk's Clerk's Total Nonmajor Clerk's Land Nonmajor Records Court Special Rev Revenue Acquisition Governmental Modernization Related Funds Note Fund Funds $ - $ - $ 72,252,821 $ - $ - $ 72,252,821 - - 7,588,003 - - 7,588,003 - 1,940,922 14,714,889 - 33,650 14,748,539 239,592 934,871 20,571,367 - - 20,571,367 - 2,331,340 5,020,509 - - 5,020,509 210,187 92,175 8,674,953 - 35,780 8,710,733 - - 2,620,150 - - 2,620,150 449,779 5,299,308 131,442,692 - 69,430 131,512,122 - - 4,478,350 - - 4,478,350 - - 41,479,935 - - 41,479,935 - - 2,234,653 - - 2,234,653 - - 7,210,783 - - 7,210,783 - - 28,462,616 - - 28,462,616 - - 2,771,142 - - 2,771,142 - - 5,138,088 - - 5,138,088 470,323 6,558,832 7,663,170 - - 7,663,170 - - - - 1,874,579 1,874,579 - 734 57,278 - - 57,278 - 5 1,638 - - 1,638 470,323 6,559,571 99,497,653 - 1,874,579 101,372,232 (20,544) (1,260,263) 31,945,039 - (1,805,149) 30,139,890 - - 84,918 - - 84,918 - 2,791,315 12,374,060 - 1,112,206 13,486,266 - (1,531,052) (19,357,784) (113,414) - (19,471,198) - 1,260,263 (6,898,806) (113,414) 1,112,206 (5,900,014) (20,544) - 25,046,233 (113,414) (692,943) 24,239,876 3,509,329 - 149,609,126 113,414 971,405 150,693,945 $ 3,488,785 $ - $ 174,655,359 $ - $ 278,462 $ 174,933,821 H-16 MONROE COUNTY, FLORIDA 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 H-17 MONROE COUNTY, FLORIDA STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL ROADS AND BRIDGES 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 Lease Financing - - - - 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 H-18 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL MIDDLE KEYS HEALTH CARE MUNICIPAL SERVICE TAXING UNIT 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: Human Services: Middle Keys Health Care 2,626,948 2,626,948 2,626,948 - Total Expenditures 2,626,948 2,626,948 2,626,948 - Excess/Deficiency of Revenues Over (Under) Expenditures 329,038 329,038 279,687 (49,351) Other Financing Sources (Uses): Reserve for Contingencies (75,000) (75,000) - 75,000 Reserve for Cash Balance - - - - Transfers to Other Funds (137,239) (137,239) (130,103) 7,136 Transfers from Other Funds 31,000 31,000 53,744 22,744 Total Other Financing Sources (Uses) (181,239) (181,239) (76,359) 104,880 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 H-19 MONROE COUNTY, FLORIDA 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 2,586,654 6,212,405 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 9,364,013 11,643,202 Excess/Deficiency of Revenues Over (Under) Expenditures (10,916,715) (10,916,715) 1,770,355 12,687,070 Other Financing Sources (Uses): Transfers to Other Funds (72,713) (72,713) (128,713) (56,000) Transfers from Other Funds - - 115,606 115,606 Total Other Financing Sources (Uses) (72,713) (72,713) (13,107) 59,606 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 H-20 MONROE COUNTY, FLORIDA 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 to Other Funds (11,649,225) (11,649,225) (54,392) 11,594,833 Transfers from Other Funds - - 273,302 273,302 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 H-21 MONROE COUNTY, FLORIDA 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 Other Funds - - 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 H-22 MONROE COUNTY, FLORIDA 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 Other Funds - - 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 -September 30 $ - $ - $ 14,131,426 $ 14,131,426 H-23 MONROE COUNTY, FLORIDA 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 Other Funds - - 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 H-24 MONROE COUNTY, FLORIDA 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 Information Services 156,555 156,555 156,555 - Bricks and Mortar 4,422,392 4,422,392 1,815,560 2,606,832 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 Other Funds - - 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 H-25 MONROE COUNTY, FLORIDA 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 H-26 MONROE COUNTY, FLORIDA 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 H-27 MONROE COUNTY, FLORIDA 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 H-28 MONROE COUNTY, FLORIDA 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 H-29 MONROE COUNTY, FLORIDA 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: 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 14,931,629 15,148,449 14,835,788 312,661 Excess/Deficiency of Revenues Over (Under) Expenditures 1,733,383 1,733,383 2,912,459 1,179,076 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 (1,923,394) (1,923,394) (1,856,051) 67,343 Transfers from Other Funds 180,000 180,000 282,165 102,165 Total Other Financing Sources (Uses) (3,021,062) (3,021,062) (1,532,259) 1,488,803 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 H-30 MONROE COUNTY, FLORIDA 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: Culture and Recreation: Parks and Beaches Unincorporated 4,263,725 4,266,531 3,809,784 456,747 Recreation 509,313 509,313 287,187 222,126 Jacob's Aquatic Center 500,000 500,000 349,440 150,560 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 5,305,038 5,307,844 4,491,009 816,835 Excess/Deficiency of Revenues Over (Under) Expenditures 16,886 16,886 877,532 860,646 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 (438,213) (438,213) (432,567) 5,646 Transfers from Other Funds - - 52,750 52,750 Total Other Financing Sources (Uses) (680,914) (680,914) (341,497) 339,417 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 H-31 MONROE COUNTY, FLORIDA 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 License 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: 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 4,641,472 4,734,591 4,478,350 256,241 Public Safety: Code Enforcement 2,620,025 2,620,025 2,055,431 564,594 Fire and 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 Debt Service: Principal - - 12,080 (12,080) Interest - - 773 (773) Total Debt Service - - 12,853 (12,853) Total Expenditures 11,536,116 11,629,235 10,118,986 1,510,249 Excess/Deficiency of Revenues Over (Under) Expenditures (627,644) (720,763) 1,105,942 1,826,705 (Continued) H-32 MONROE COUNTY, FLORIDA 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 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 (53,731) (53,892) (153,746) (99,854) Transfers from Other Funds - - 11,197 11,197 Total Other Financing Sources (Uses) (749,849) (656,730) (137,578) 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 H-33 MONROE COUNTY, FLORIDA 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: Public Safety: Insurance Unincorporated and 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 Total Expenditures 1,267,858 1,267,858 1,178,308 89,550 Excess/Deficiency of Revenues Over (Under) Expenditures 10,517,258 10,517,258 10,560,984 43,726 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 (10,517,399) (10,517,399) (10,496,923) 20,476 Transfers from Other Funds 85,000 85,000 742,200 657,200 Total Other Financing Sources (Uses) (11,440,963) (11,440,963) (9,754,723) 1,686,240 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 H-34 MONROE COUNTY, FLORIDA 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: Taxes $ - $ - $ - $ - 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: Public Safety: Island Security 115,000 115,000 108,628 6,372 Total Expenditures 115,000 115,000 108,628 6,372 Excess/Deficiency of Revenues Over (Under) Expenditures 8,096 8,096 32,452 24,356 Other Financing Sources (Uses): Reserve for Contingencies (15,000) (15,000) - 15,000 Reserve for Cash Balance (30,000) (30,000) - 30,000 Transfers to Other Funds (1,100) (1,100) (1,000) 100 Transfers from Other Funds - - 523 523 Total Other Financing Sources (Uses) (46,100) (46,100) (477) 45,623 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 H-35 MONROE COUNTY, FLORIDA 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 H-36 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL AFFORDABLE HOUSING INITIATIVE 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 H-37 MONROE COUNTY, FLORIDA 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 k (200,000) (200,000) - 200,000 Reserve for Cash Balance k (275,000) (275,000) - 275,000 Transfers to Other Funds - - - - 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 H-38 MONROE COUNTY, FLORIDA 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: Current: Public Safety: 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 Education 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 178,500 427,652 141,822 285,830 Physical Environment: Derelict Vessel Removal - 350,000 77,733 272,267 Total Culture and Recreation - 350,000 77,733 272,267 Economic Environment: Municipality Mobile LIDAR Services - 1,218,896 197,875 1,021,021 Climate Leadership Summit 56,715 139,105 426 138,679 Total Culture and Recreation 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 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 (Continued) H-39 MONROE COUNTY, FLORIDA 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 Court Related: 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 442,655 413,214 235,873 177,341 Debt Service: Principal - - 1,294 (1,294) Interest - - 84 (84) Total Debt Service - - 1,378 (1,378) Total Expenditures 963,891 3,117,752 985,167 1,860,318 Excess/Deficiency of Revenues Over (Under) Expenditures (963,891) (1,395,335) 1,389,124 2,512,192 Other Financing Sources (Uses): Reserve for Contingencies (1,252,117) (730,272) - 730,272 Lease Financing - - - - Transfers to Other Funds (1,252,206) (1,342,607) (1,353,677) (11,070) Transfers from Other Funds - - - - Total Other Financing Sources (Uses) (2,504,323) (2,072,879) (1,353,677) 719,202 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 H-40 MONROE COUNTY, FLORIDA 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: Charges for Services $ - $ - $ - $ - 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 Environmental Restoration 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 H-41 MONROE COUNTY, FLORIDA 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 H-42 MONROE COUNTY, FLORIDA 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 H-43 MONROE COUNTY, FLORIDA 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: Physical Environment: Canal #266 62,200 67,637 25,857 41,780 Total Expenditures 62,200 67,637 25,857 41,780 Excess/Deficiency of Revenues Over (Under) Expenditures (27,257) (31,757) 108,807 140,564 Other Financing Sources (Uses): Reserve for Contingencies (5,000) (500) - 500 Reserve for Cash Balance (10,000) (10,000) - 10,000 Transfers from Other Funds - - 1,570 1,570 Transfers to Other Funds (1,048) (1,048) - 1,048 Total Other Financing Sources (Uses) (16,048) (11,548) 1,570 13,118 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 H-44 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL BUILDING 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 Department 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 H-45 MONROE COUNTY, FLORIDA 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) - - - Other Financing Sources (Uses): Transfers to Other Funds - (100,000) (113,414) (13,414) Total Other Financing Sources (Uses) - (100,000) (113,414) (13,414) 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 $ - $ - $ - $ - H-46 MONROE COUNTY, FLORIDA 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 H-47 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES -BUDGET AND ACTUAL SHERIFF'S TEEN COURT SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2024 Original Final Variance with Budget Budget Actual Final Budget REVENUES: Charges for Services $ 65,000 $ 65,000 $ 64,993 $ (7) Total Revenues 65,000 65,000 64,993 (7) EXPENDITURES: Current: Public Safety 4,100 41,000 37,976 3,024 Excess/(Deficiency) of Revenues Over/(Under) Expenditures 60,900 24,000 27,017 3,017 Net Change in Fund Balances 60,900 24,000 27,017 3,017 Fund Balances -October 1 38,118 38,118 38,118 - Fund Balances -September 30 $ 99,018 $ 62,118 $ 65,135 $ 3,017 H-48 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES -BUDGET AND ACTUAL SHERIFF'S FEDERAL FORFEITURE SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2024 Original Final Variance with Budget Budget Actual Final Budget REVENUES: Intergovernmental $ - $ - $ 45,705 $ 45,705 Investment Income 12,993 12,993 50,549 37,556 Miscellaneous Income - - 14,560 14,560 Total Revenues 12,993 12,993 110,814 97,821 EXPENDITURES: Current: Public Safety: Law Enforcement 2,043,276 1,748,276 95,448 1,652,828 Excess/(Deficiency) of Revenues Over/(Under) Expenditures (2,030,283) (1,735,283) 15,366 1,750,649 Other Financing Sources/(Uses): Resrve for Contingencies (3,248) (3,248) - 3,248 Reserve forCash Balance (4,545) (4,545) - 4,545 Transfers from Other Funds - - - - Total Other Financing Resources (7,793) (7,793) - 7,793 Net Change in Fund Balances (2,038,076) (1,743,076) 15,366 1,758,442 Fund Balances -October 1 2,038,076 1,743,076 2,210,631 467,555 Fund Balances -September 30 $ - $ - $ 2,225,997 $ 2,225,997 H-49 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES -BUDGET AND ACTUAL SHERIFF'S STATE FORFEITURE SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2024 Original Final Variance with Budget Budget Actual Final Budget REVENUES: Fines and Forfeitures $ 40,000 $ 8,000 $ 7,930 $ (70) Investment Income 13,507 13,007 200,159 187,152 Miscellaneous Income - - 57,682 57,682 Total Revenues 53,507 21,007 265,771 244,764 EXPENDITURES: Current: Public Safety: Law Enforcement 1,539,728 1,527,728 46,240 1,481,488 Total Expenditures 1,539,728 1,527,728 46,240 1,481,488 Excess/(Deficiency) of Revenues Over/(Under) Expenditures (1,486,221) (1,506,721) 219,531 1,726,252 Other Financing Sources/(Uses): Resrve for Contingencies (3,002) (3,002) - 3,002 Reserve for Cash Balance (8,405) (8,405) - 8,405 Transfers from Other Funds - - 6 6 Transfers to Other Funds - - (8,397) (8,397) Total Other Financing Resources (11,407) (11,407) (8,391) 3,016 Net Change in Fund Balances (1,497,628) (1,518,128) 211,140 1,729,268 Fund Balances -October 1 1,497,628 1,518,128 2,230,166 712,038 Fund Balances -September 30 $ - $ - $ 2,441,306 $ 2,441,306 H-50 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES -BUDGET AND ACTUAL SHERIFF'S CONTRACT ADMINISTRATIVE SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2024 Original Final Variance with Budget Budget Actual Final Budget REVENUES: Intergovernmental $ 1,490,000 $ 1,590,000 $ 1,586,121 $ (3,879) Charges for Services 4,335,000 4,440,000 4,425,758 (14,242) Investment Income 40,000 65,000 62,840 (2,160) Total Revenues 5,865,000 6,095,000 6,074,719 (20,281) EXPENDITURES: Current: Public Safety 5,646,000 5,970,750 5,951,163 19,587 Total Expenditures 5,646,000 5,970,750 5,951,163 19,587 Excess/(Deficiency) of Revenues Over/(Under) Expenditures 219,000 124,250 123,556 (694) Other Financing Sources/(Uses): Transfers from Other Funds - - 16,884 16,884 Total other financing sources (uses) - - 16,884 16,884 Net Change in Fund Balances 219,000 124,250 140,440 16,190 Fund Balances -October 1 1,961,641 1,961,641 1,452,195 (509,446) Fund Balances -September 30 $ 2,180,641 $ 2,085,891 $ 1,592,635 $ (493,256) H-51 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES -BUDGET AND ACTUAL SHERIFF'S INMATE COMMISSARY SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2024 Original Final Variance with Budget Budget Actual Final Budget REVENUES: Charges for Services $ 760,000 $ 650,000 $ 647,392 $ (2,608) Investment Income 50,000 70,000 69,077 (923) Miscellaneous 50,000 30,000 28,040 (1,960) Total Revenues 860,000 750,000 744,509 (5,491) EXPENDITURES: Current: Public Safety 630,000 670,000 641,744 28,256 Excess/(Deficiency) of Revenues Over/(Under) Expenditures 230,000 80,000 102,765 22,765 Net Change in Fund Balances 230,000 80,000 102,765 22,765 Fund Balances -October 1 1,498,370 1,498,370 1,498,370 - Fund Balances -September 30 $ 1,728,370 $ 1,578,370 $ 1,601,135 $ 22,765 H-52 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES -BUDGET AND ACTUAL SHERIFF'S INTERAGENCY COMMUNICATIONS SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2024 Original Final Variance with Budget Budget Actual Final Budget REVENUES: Investment Income $ 30,000 $ 30,000 $ 6,843 $ (23,157) Miscellaneous Income 5,000 7,000 27,080 20,080 Total Revenues 35,000 37,000 33,923 (3,077) EXPENDITURES: Current: Public Safety 225,000 155,000 149,706 5,294 Total Expenditures 225,000 155,000 149,706 5,294 Excess/(Deficiency) of Revenues Over/(Under) Expenditures (190,000) (118,000) (115,783) 2,217 Other Financing Sources/(Uses): Transfers from Other Funds 200,000 200,000 199,287 (713) Net Change in Fund Balances 10,000 82,000 83,504 1,504 Fund Balances -October 1 100,026 100,026 100,027 1 Fund Balances -September 30 $ 110,026 $ 182,026 $ 183,531 $ 1,505 H-53 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES -BUDGET AND ACTUAL SHERIFF'S TRAUMA STAR SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2024 Original Final Variance with Budget Budget Actual Final Budget REVENUES: Total Revenues $ - $ - $ - $ - EXPENDITURES: Current: Public Safety $ 5,955,363 $ 6,453,147 $ 4,282,382 $ 2,170,765 Excess/(Deficiency) of Revenues Over/(Under) Expenditures (5,955,363) (6,453,147) (4,282,382) 2,170,765 Other Financing Sources/(Uses): Transfers from Other Funds 5,955,363 6,453,147 6,453,147 - Transfers to Other Funds - - (2,170,765) (2,170,765) Total Other Financing Sources/Uses 5,955,363 6,453,147 4,282,382 (2,170,765) Net Change in Fund Balances - - - - Fund Balances -October 1 - - - - Fund Balances -September 30 $ - $ - $ - $ - H-54 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES -BUDGET AND ACTUAL SHERIFF'S RADIO COMMUNICATIONS SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2024 Original Final Variance with Budget Budget Actual Final Budget REVENUES: Charges for Services $ - $ - $ - $ - EXPENDITURES: Current: Public Safety 887,228 1,064,228 1,059,492 4,736 Excess/(Deficiency) of Revenues Over/(Under) Expenditures (887,228) (1,064,228) (1,059,492) 4,736 Other Financing Sources/(Uses): Transfers from Other Funds 887,228 1,064,228 1,064,228 - Transfers to Other Funds - - (4,736) (4,736) Total Other Financing Sources/Uses 887,228 11064,228 1,059,492 (4,736) Net Change in Fund Balances - - - - Fund Balances -October 1 - - - - Fund Balances -September 30 $ - $ - $ - $ - H-55 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL SHERIFF'S GRANTS SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2024 Original Final Variance with Budget Budget Actual Final Budget REVENUES: Intergovernmental $ 180,000 $ 375,000 $ 364,416 $ (10,584) Miscellaneous 765,000 765,000 719,281 (45,719) Total Revenues 945,000 1,140,000 1,083,697 (56,303) EXPENDITURES: Current: Public Safety 1,020,000 1,610,000 1,563,366 46,634 Total Expenditures 1,020,000 1,610,000 1,563,366 46,634 Excess/(Deficiency) of Revenues Over/(Under) Expenditures (75,000) (470,000) (479,669) (9,669) Other Financing Sources/(Uses): Transfers from Other Funds - - 152,009 152,009 Total Other Financing Sources/Uses - - 152,009 152,009 Net Change in Fund Balances (75,000) (470,000) (327,660) 142,340 Fund Balances - October 1 - - (358,234) (358,234) Fund Balances - September 30 $ (75,000) $ (470,000) $ (685,894) $ (215,894) H-56 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES -BUDGET AND ACTUAL SHERIFF'S SHARED ASSET FORFEITURE SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2024 Original Final Variance with Budget Budget Actual Final Budget REVENUES: Investment Income $ 160,000 $ 295,000 $ 293,315 $ (1,685) Total Revenues 160,000 295,000 293,315 (1,685) EXPENDITURES: Current: Public Safety: Law Enforcement 300 200 96 104 Grants and Aid 120,000 125,000 124,148 852 Total Expenditures 120,300 125,200 124,244 956 Excess/Deficiency of Revenues Over (Under) Expenditures 39,700 169,800 169,071 (729) Net Change in Fund Balances 39,700 169,800 169,071 (729) Fund Balances -October 1 4,609,886 4,609,886 4,609,886 - Fund Balances -September 30 $ 4,649,586 $ 4,779,686 $ 4,778,957 $ (729) H-57 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES -BUDGET AND ACTUAL SHERIFF'S E911 SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2024 Original Final Variance with Budget Budget Actual Final Budget REVENUES: Charges for Services $ - $ - $ 931,694 $ 931,694 Miscellaneous Income 55,000 85,000 81,253 (3,747) Total Revenues 55,000 85,000 1,012,947 927,947 EXPENDITURES: Current: Public Safety 480,000 406,500 626,841 (220,341) Total Expenditures 480,000 406,500 626,841 (220,341) Excess/Deficiency of Revenues Over (Under) Expenditures (425,000) (321,500) 386,106 707,606 Net Change in Fund Balances (425,000) (321,500) 386,106 707,606 Fund Balances -October 1 425,000 321,500 1,623,956 1,302,456 Fund Balances -September 30 $ - $ - $ 2,010,062 $ 2,010,062 H-58 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES -BUDGET AND ACTUAL CLERK'S RECORDS MODERNIZATION SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2024 Original Final Variance with Budget Budget Actual Final Budget REVENUES: Charges for Services $ 220,254 $ 220,254 $ 239,592 $ 19,338 Investment Income 15,000 15,000 210,187 195,187 Total Revenues 235,254 235,254 449,779 214,525 EXPENDITURES: Current: Court Related: Modernization Trust 2,040,456 2,040,456 470,323 1,570,133 Excess/Deficiency of Revenues Over (Under) Expenditures (1,805,202) (1,805,202) (20,544) 1,784,658 Net Change in Fund Balances (1,805,202) (1,805,202) (20,544) 1,784,658 Fund Balances -October 1 1,805,202 1,805,202 3,509,329 1,704,127 Fund Balances -September 30 $ - $ - $ 3,488,785 $ 3,488,785 H-59 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES -BUDGET AND ACTUAL CLERK'S COURT RELATED SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2024 Original Final Variance with Budget Budget Actual Final Budget REVENUES: Intergovernmental $ 1,617,489 $ 1,617,489 $ 1,940,922 $ 323,433 Charges for Services 938,547 938,547 934,871 (3,676) Fines and Forfeitures 1,461,951 1,461,951 2,331,340 869,389 Investment Income 25,000 25,000 92,175 67,175 Total Revenues 4,042,987 4,042,987 5,299,308 1,256,321 EXPENDITURES: Current: Court Related: Clerk Administration 1,909,545 1,857,045 1,865,623 (8,578) Clerk Records Management 6,750 46,750 40,065 6,685 Clerk Jury Management 160,314 215,314 210,562 4,752 Clerk Circuit Court Criminal 637,745 645,245 642,387 2,858 Clerk Circuit Court Civil 510,626 410,626 358,931 51,695 Clerk Court Information Systems 777,870 852,870 849,828 3,042 Clerk Circuit Court Family 176,345 174,845 169,816 5,029 Clerk Circuit Court Juvenile 156,240 165,240 164,172 1,068 Clerk Circuit Court Probate 410,498 407,998 366,044 41,954 Clerk County Court Criminal 880,182 630,182 475,462 154,720 Clerk County Court Civil 318,370 378,370 368,508 9,862 Clerk County Court Traffic 889,817 1,049,817 1,047,434 2,383 Total Expenditures 6,834,302 6,834,302 6,558,832 275,470 Debt Service: Principal - - 734 (734) Interest - - 5 (5) Total Debt Service - - 739 (739) Total Expenditures 6,834,302 6,834,302 6,559,571 274,731 Excess/(Deficiency) of Revenues Over/(Under) Expenditures (2,791,315) (2,791,315) (1,260,263) 1,531,052 OTHER FINANCING SOURCES/(USES): Transfer from Other Funds 2,791,315 2,791,315 2,791,315 - Transfer to Other funds - - (1,531,052) (1,531,052) Total Other Financing Sources/(Uses) 2,791,315 2,791,315 1,260,263 (1,531,052) Net Change in Fund Balances - - - - Fund Balances -October 1 - - - - Fund Balances -September 30 $ - $ - $ - $ - H-60 MONROE COUNTY, FLORIDA 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 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 & SBITA Financing - - 38,320 38,320 Issuance of Debt 13,306,800 13,306,800 - (13,306,800) Transfers from Other Funds 4,645,645 4,759,059 118,647 (4,640,412) 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 H-61 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL ALL DEBT SERVICE FUNDS 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 Loan Principal 10,061,482 10,061,482 6,871,511 3,189,971 Interest - - 3,189,908 (3,189,908) Total Clean Water SRF Loan 10,061,482 10,061,482 10,061,419 63 2014 Revenue Bonds Principal 4,088,594 4,264,194 4,185,000 79,194 Interest 195,172 19,572 98,766 (79,194) 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) H-62 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL ALL DEBT SERVICE FUNDS 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 2018 PNC Line of Credit 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 23,010,918 23,010,918 23,010,915 (3) 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 H-63 MONROE COUNTY, FLORIDA COMBINING STATEMENT OF NET POSITION INTERNAL SERVICE FUNDS SEPTEMBER 30,2024 Worker's 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 21,823 8,123 - Due from Other Governmental Units 261 88,606 14,325 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 Wages and Benefits Payable 15,388 14,707 21,163 Claims and Judgments Payable 2,054,916 849,675 650,194 Due to Other Funds - 2,883 - Due to Other Governmental Units - - 184 Leases Payable - - 41,306 Unearned Revenues - 2,473 - 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 Comp.Absences Payable 31,760 45,940 55,630 Leases 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/(Deficits) 4,239,056 18,712,769 6,219,366 Total Net Position $ 4,239,121 $ 18,717,096 $ 8,250,042 H-64 Fleet Management Fund Total $ 91,076 $ 3,218,359 1,483,389 32,634,956 67 526,058 328,483 358,429 16,621 119,813 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 - 2,883 418 602 131,098 172,404 - 2,473 479 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-65 MONROE COUNTY, FLORIDA COMBINING STATEMENT OF REVENUES, EXPENSES,AND CHANGES IN NET POSITION INTERNAL SERVICE FUNDS FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2024 Worker's 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(Adjustments) - 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 Non-Operating Revenues(Expenses): Investment Income 280,651 1,027,060 370,467 Insurance Recoveries - - 56,856 Gain on Disposition of Assets - 873 (4,582) Total Non-Operating Revenues(Expenses) 280,651 1,027,933 422,741 Income (Loss) Before Transfers 1,461,105 2,639,296 1,572,402 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 Total Net Position-October 1 2,847,080 16,205,736 6,811,360 Total Net Position-September 30 $ 4,239,121 $ 18,717,096 $ 8,250,042 H-66 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-67 MONROE COUNTY, FLORIDA COMBINING STATEMENT OF CASH FLOWS INTERNAL SERVICE FUNDS FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2024 Worker's Group Risk Compensation Insurance Management Fund Fund Fund Operating Activities: Cash Received for Services $ 2,602,302 $ 21,820,050 $ 8,923,100 Cash Received from Insurance Recoveries - - - Cash Payments to Suppliers for Goods and Services (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) 195,280 7,411 Other Operating Revenue 921,605 1,651,595 (9,700) Net Cash Provided by(Used in) Operating Activities 1,021,512 1,558,412 1,904,352 Noncapital Financing Activities: Transfers from Other Funds - - - Transfers to Other Funds (69,064) (127,936) (133,720) Insurance Recoveries - - 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) (720,166) Proceeeds from Sale of Capital Assets - 873 Net Cash Provided by(Used in)Capital and Related Financing Activities - - (720,166) Investing Activities: Investment Income 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 224,863 570,845 254,635 Cash and Cash Equivalents: October 1 440,987 1,230,006 405,947 September 30 $ 665,850 $ 1,800,851 $ 660,582 H-68 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) (124,236) 45,511 2,609,011 (401,618) 4,082,658 328,000 328,000 (529,439) (860,159) - 56,856 (201,439) (475,303) 19,447 (701,592) 21,342 22,215 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) 1,018,810 122,609 2,199,549 $ 91,076 $ 3,218,359 (Continued) H-69 MONROE COUNTY, FLORIDA COMBINING STATEMENT OF CASH FLOWS(CONTINUED) INTERNAL SERVICE FUNDS FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2024 Worker's 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 Gov't Units (71) 14,039 (14,325) (Increase) Decrease in Due from Other Funds (2,951) 178,393 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 Funds - 2,848 - Increase (Decrease)in Due to Other Gov't Units (6,828) - 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 7,287 58,320 22,762 Total Adjustments (158,942) (52,951) 754,691 Net Cash Provided by(Used in) Operating Activities $ 1,021,512 $ 1,558,412 $ 1,904,352 Cash Reconciliation: Unrestricted $ 665,850 $ 1,800,851 $ 660,582 H-70 Fleet Management Fund Total $ (215,028) $ 3,726,450 209,380 242,656 (67) (164,471) 10,988 10,631 (328,483) (131,489) (351) (39,942) (258,047) (322,807) 22,459 34,396 - 316,999 (314) 283 - 2,848 418 (6,226) 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) 356,208 $ (401,618) $ 4,082,658 $ 91,076 $ 3,218,359 H-71 MONROE COUNTY, FLORIDA COMBINING STATEMENT OF FIDUCIARY NET POSITION ALL CUSTODIAL FUNDS SEPTEMBER 30, 2024 Clerk's Sheriff's Tag General General and Custodial Custodial License ASSETS Cash and Cash Equivalents $ 4,608,437 $ 896,258 $ 269,302 Accounts Receivable 9,092 8,883 - Due from Other Governmental Units 3,033,682 - - Total Assets $ 7,651,211 $ 905,141 $ 269,302 LIABILITIES Accounts Payable $ 228,691 $ 23,373 $ - Undistributed Collections - - 269,302 Due to Other Governmental Units 1,519,319 - - Total Liabilities $ 1,748,010 $ 23,373 $ 269,302 NET POSITION Restricted for Individuals, Organizations, and Other Governments $ 5,903,201 $ 881,768 $ - H-72 Property Tax Totals $ 2,771,659 $ 8,545,656 1,156 19,131 - 3,033,682 $ 2,772,815 $ 11,598,469 $ 187,259 $ 439,323 2,585,556 2,854,858 - 1,519,319 $ 2,772,815 $ 4,813,500 $ - $ 6,784,969 H-73 MONROE COUNTY, FLORIDA COMBINING STATEMENT OF FIDUCIARY NET POSITION ALL CUSTODIAL FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 2024 Clerk's Sheriff's Tag General General and Custodial Custodial License ADDITIONS Payments made by litigants $ 40,720,935 $ - $ - Payments made to bond accounts - 955,180 - Payments made to inmate accounts - 1,287,956 - Property taxes and fees collected - - - Licenses and tag fees collected - - 18,447,933 Charges for services 1,447,993 - - Fines and forfeitures 94,662 - - Other collections - - - Total Additions $ 42,263,590 $ 2,243,136 $ 18,447,933 DEDUCTIONS Payments to litigants $ 42,865,012 $ - $ - Payments to depositors - 1,080,307 - Payments of inmate services - 970,151 - Payments of inmate release funds - 353,019 - Property taxes and fees paid - - - Licenses and tag fees paid - - 18,447,933 Other collections - - - Total Deductions $ 42,865,012 $ 2,403,477 $ 18,447,933 Net increase (decrease) in fiduciary net position (601,422) (160,341) - Net position, beginning of year 6,504,623 1,042,109 Net position, end of year 5,903,201 881,768 - H-74 Property Tax Totals $ - $ 40,720,935 955,180 1,287,956 366,855,964 366,855,964 - 18,447,933 1,447,993 94,662 $ 366,855,964 $ 429,810,623 $ - $ 42,865,012 - 1,080,307 - 970,151 - 353,019 366,855,964 366,855,964 - 18,447,933 $ 366,855,964 $ 430,572,386 - (761,763) 7,546,732 6,784,969 H-75 STATISTICAL SECTION (Unaudited) This part of Monroe County, Florida Government's annual comprehensive financial report presents detailed information as a context for understanding what the information in the financial statements, note disclosures, and required supplementary information says about the County's overall financial health. Statistical schedules differ from financial statements because they usually cover more than one fiscal year and may present non- accounting data. These schedules are designed to give the reader insights into the financial position of Monroe County not readily apparent from the financial statements. CONTENTS Financial Trends These schedules contain trend information to help the reader understand how the government's financial performance and well-being have changed over time. Revenue Capacity These schedules contain information to help the reader assess the government's most significant local revenue source, the property tax. Debt Capacity These schedules present information to help the reader assess the affordability of the government's current levels of outstanding debt and the government's ability to issue additional debt in the future. Demographic and Economic Information These schedules offer demographic and economic indicators to help the reader understand the environment within which the government's financial activities take place. Operating Information These schedules contain service and infrastructure data to help the reader understand how the information in the government's financial report relates to the services the government provides and the activities it performs. 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H3 H3 H3 0) N C 0) D_ X W x R O p w :a) c (=a p .� aN Xo a Q c o f aw) .� c w o > w R w o E o o °> > O o > Q o 7 W I-U N R O a U 1- o a a Q o a N (D C Z a R N C > N (D y N E o a w > _ N NE (n 0) X (n o C O_- O w i Z R Q i O > w ac E w ac w h U o a�c) > ~ co c E __ aa) ~ E O- E N O 'U N ._ x E O) d = E O)-O O (Np N C p > 'w R = t > RQI- (D � Oi- Or a� NN > w (� _ > _ C R R R > y R Z ( m h (� V (� ~ O C ~ h m ~ h h U ( m h �-5 Monroe County, Florida Governmental Activities Tax Revenues By Source Last Ten Fiscal Years (accrual basis of accounting) Sales Taxes State Tourist Local Local Tourist Fiscal Property Impact Sales Development Year Tax Tax Tax Tax Other Taxes Total 2015 $ 75,322,772 $ 4,297,140 $ 36,609,660 $ 34,480,163 $ 1,081,021 $ 151,790,756 2016 75,463,966 4,579,158 38,090,049 36,633,260 1,131,692 155,898,125 2017 77,511,075 4,564,973 39,450,577 36,519,780 1,097,971 159,144,376 2018 81,472,461 4,095,460 38,009,370 32,763,679 1,145,385 157,486,355 2019 86,857,839 4,981,287 42,492,736 39,850,300 1,077,006 175,259,168 2020 89,441,895 4,011,963 35,763,020 32,095,701 1,010,381 162,322,960 2021 96,010,623 7,065,769 50,409,454 56,526,152 1,252,142 211,264,140 2022 101,804,643 8,635,689 55,163,718 69,085,511 1,049,402 235,738,963 2023 113,281,542 7,684,859 56,831,112 61,478,869 1,199,675 240,476,057 2024 135,916,912 7,682,876 56,209,827 61,463,007 1,112,845 262,385,467 1-6 O ' O LO (O W l0 M l0 Cl) N O d' d' O W V W W d' LO W O r O l0 O O W W l0 N O V (O co (O (O W LO (O O N O Q Q W O r W W M W W W V N z z O f- r (O W LO (M (M V O N f- (M (M (M fR fR ER ER ER f- ' O d' "t l0 d' W (O l0 d' W d' L O LO O W f- M M W O O (O P- LO LQ(O (O W N I O (y V O LO W W N W M W W LO LO N 0 LO Q Q O V (( LO O N � W N M I (O O Z Z N O N d' W W f- � W N d W � l0 N M M fR ER ER ER ER N ' O co ' W (O V) co (O f- O O O W "tO (M (M O O W N W W W O N (O O V (O f- (O V O (O LO (M N Q Q W O (O co W W O (O (M N O O (M W N V V V V W N N O N (O W W f- CO N O O N N N PR fR fR fR fR ' O (O d' ' l0 V) W l0 d' LO N O N 't W N N W f.- (O l0 O O W (M W l0 W l0 W N O W (O f- O f- W O) f- N Q Q N O LO N O (O N (O d' O O O O W O (O (O (O W W N O O N Cl) V) (O W V co W N V W Cl)W � � N PR PR PR PR PR O W N 't ' d' W l0 W N W O Cl) O Cl) LO W LO W (O O (O I (O W N W N O Q Q V O N Lo W 00 O W r ((D LO O N O N �O P- r (M W O W N z z O f- W l0 (O (O d' W Cl) d M W N fR fR fR fR fR m V W ' O co W W ' Cl) O (O N T (O O W d' O W LO d' O f- W LL Cl) O r- V W W W O V O T W O N (M N W (O W N l0 Q Q O N (O O N d' W W N N O O r- O W O W r r (O LQ N U N Z Z O W (O M W LO 't LO 00 W M V N LL E '- O 60 fR fR fR ER = D N N (O O O (O CO N r O O CO Rf W O W M N V V O N O LL a W _ _ y- Q Q N O V V O W N Lo M V O y 2 p z z N O W N Cl V W (M f� 0 a h O N — O O N M W N u N tl N O J PR 60 60 60 60 m v m '- LO ' co N f- f- ' f- O O N 07 l0 (M Cl d' W M 0 O W (M W LL Q Q N N r- d' O W N LO ((O 00 p z z N I W N W O V (O l0 N V) d' V) d' d' co LO M O) V (M f� r � � N PR 6"ll PR PR 6" ll W ' O d' co LO ' f- Lo r W d' N O W d' d' O CO W CO r- O M N M N r N LQ (p M CN Q Q O r- W f- CNO W r N W p Z Z O r- V N (M (M N O N N O N LO W f- co V) (O M � � N PR PR fR fR fR O O l0 N f- ' Lo V O f- W O W V " - W d' (( Ln M O M (O V f- LO N LO W Q Q O W O O O LO W d' d' p C N r- C W (O N W W N Z Z O N CO (O LO Co (O LO M � � N fR fR fR fR fR C U -O LL_ (6 � � m � C C LL C E > N N L O N O Q LL ; Q N 'p 'O N O LL N m C N 01 N c w E � m CD cin E 'y' m Q N C O N O y C 0 O N N w D Z w U Q D Z w U Q D O O 1-7 O 00 (O O (n N (O (O i- O O 00 m 00 M m (O (n (n 'ItN t` t N I` 00 N (O O N 00 O M O N Cl) (n O V C (O (O 00 Il� (O N N It In I- In (O (O 'IT In O 00 00 00 O I- (O 0) Cl) Cl) 0) N 00 I- O O N rt (O �- 00 (O Cl) (n I- N O N M 00 (n (n p O N I � � I N I� N In N O O L d" O O M 0) In fV N O m m m In Cl) O O t` 00 M M M (O V' V' Cl) O d' I- Cl) N O N N �- �- N N N 00 N Cl) - Cl) M N O M O M (O (O O O d' I- d' O O O N O O N W O N 00 O N 00 O I- (O M 00 N rl' M I- O (n M M P- (O d' O 00 M 00 O 00 V' M N N �- (n O (y (D �O 00 V m O m N 00 O 'I m 00 (O (O 00 t` 00 (O N 00 O 00 N V' (O I- 000 M I- O "t 00 00 O O I- O G 00 00 M - 00 M M 00 00 M - (n O 00 O P- P- - M (O N N O 00 O 1` (O d' d' O N dt d' O M N O N t` 00 N M t` �- O M O (n - rh V' N M - M 61) 61) O M rt M N (n (n O 00 (O M I- M (n O M M O M 00 N O 1` 00 I- M 1` O 0) (O I` N (O V V 00 (O V (n N V (n 00 V (n (O V O (n M (O O M N 00 00 00 iz In In M O (O 0 0 �II- 00 (O O (O N O O N M 0) 0) I� 0) N 1` N M O (O dT I- N 00 00 1` N O p O (O V' M O (O O N O P- 00 O M I� d' d' O d' N O N 00 I-- 00 00 In �d' 00 d d 00 �Nr r (O M N M N N N M - M Q9 61) N I- t` N M V' �- V' O (O (O �- O O 00 I� M O O 00 (O �- O �. 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LC) LC) 00 It LC) O r O p y ; O N 7 7 N O0 O0 O N O0 C Q, O O O O OCL N N � N O� 00 LC) � CO ch O 00 (O O (O C U O O a+ O R LC) It (M (M (M (M N O 00 00 C O CL O_ L � t CL > 2 O O_ d 0 '� co U N R O z co O O O O O O O O O O O p N '0) OO 0000 LLO LLO It LLO 0000 (0 0) (0 U >, f0 �_ r 0 LC) lzt (M (M (M (M N O O0 O0 00 CL m CL CL LL 0 (D O Co C �_ O ~ L.L O VL R C N I-- CO LC) CO O N CO 00 00 `i U O L y (O N (O 0) It (O L(') LC) m O +0+ f0 O O O O co 00 O M C O C O ~ U O a0 O O �- O C O N O 10 D O_ O p V +r V O_ i CL N O 2 Q .� A N CL m O I-- CO LC) CO O N CO 00 00 (6 >+ C N (O N (O O It (O L(') LC)i co_ C 0 CD CD CD co 00 CDM p LC) LC) (O O0 O N M (M O T CL O O_ N i O O U N LC) I-- O LC) O 00 O M O M >pi +0+ f0 O O O It (0 N N M LO N CD 0 = O 00 00 N N O N 00 m Mn — U C N CL C � O y V N Q O 0 0 co op � CL o Comm LC) I-_ O LC) O 00 O co O M N C N (0 O 00 I-_ O N (O I-_ (O LC) O O) O_ 0 O O It (O C14 N _ 0) N O Qj CO 00 00 O N N O N 00 U N O O `E c o 2 CLO N O N A4 N 'C R N N N N(M N O 2 > N N CD CD CD CD CD CD O CD CD CD O O_ N N N N N N N N N N p O O U) 'o 1-12 Monroe County, Florida Principal Property Taxpayers Current Year and Nine Years Ago 2024 2015 Percentage of Percentage of Taxable Total Taxable Taxable Total Taxable Assessed Assessed Assessed Assessed Taxpayer Value Rank Value Value Rank Value Sunset City LLC $ 231,230,789 1 13.92% $ 93,314,407 3 0.43% Ocean Reef Club Inc 226,008,138 2 13.60% 81,926,690 5 0.38% Casa Marina A Waldorf Astoria 205,270,094 3 12.35% 79,953,408 6 0.37% Knights Key Investors LLC 171,707,258 4 10.33% CWI Keys Hotel LLC 161,506,453 5 9.72% 90,190,607 4 0.42% Fla. Keys Electric Co-Op 154,114,861 6 9.28% 110,491,528 2 0.51% HHR Key Largo LLC 150,935,576 7 9.08% Key Largo Hospitality 131,068,914 8 7.89% Tannex Development LC 117,738,212 9 7.09% 56,302,067 9 0.26% Key West 2016 LLC 112,000,941 10 6.74% Southeast Housing LLC 144,357,797 1 0.67% Galleon Condominium Assoc Inc 64,894,805 7 0.30% NWCL LLC 58,847,703 8 0.27% Winward Pinte II LLC 55,004,227 10 0.25% $ 1,661,581,236 100.00% $ 835,283,239 3.86% Source: Monroe County Property Appraiser 1-13 m J d O o 0 0 0 0 0 0 0 0 0 0 Cl) •- O O O (O O (O (O �l (a (O (O fl- fl- (O rl' co rP Cl) f- 0 C O O O O O O O O co co Ul d = L O W ++ 0. 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T K3 � O U a� L M 2 � L � U') (O fl- co O O .- N Cl) rP E O O O O O O O O O O yW r N N N N N N N N N N U CL i U. d cl) O U) 1-14 (L \ z z z z z z z z z z Q ° � - a k § < 7 7 7 7 7 7 7 7 7 u 0 0 2 z z z z z z z z z L. � 0 { 3 S / S / \ \ / % g f § : 7 N a o T ( 0 O - § 2 \ LO / ^ (D 2 ( a > / \ / co / 0) \ ® O 2 0 a a & n a a C14 / a k B co C14 d § 6q § > / \ • o o c / / / = o . c © 3 3 3 § £ ƒ 0 z S / / R § 7 / ` \ � � ; ® ^ / E 0') 0') 0') G j a a a 0) 0) 0) L- 0 � ƒ ƒ ƒ - k / \ Q a c > o w w w 2 G ) J % % % $ k 0 2 Ca ) / 2 , , , , , , , , 2 0') / : . w co- 0) § � ƒ 2 = E o a c R 2 / LO 0 / § ® ± / 0 0 0 0 0 0 0 0 « _ § 2 . a o 0 0 0 0 0 coIT0 3 2 A o 0 0 0 0 = co 2 2 m ` 2 2 / ƒ ƒ § ƒ p ® ƒ 2 = o § > w o 0 2 A = IT _ « 2 = k co 2 2 2 % ƒ / E ® \ S k LU w o = o co o o co w o / \ § § . » \ \ \ IT / $ 3 2 G 2 c . 3 w = w n w w 3 w w z ._ . _ _ _ _ IT « f = o ± _ > > o w o w w 7 7 0 0 = / 0') / \ LO \ 2 2 2 / \ O e w = o 0 0 0 0 0 0 0 § . % 2 3 / / / / / / / E » c = 3 w w 3 w 3 3 3 w w y = > 0 LO 3 p S \ Q 2 3 (D 2 c d / © m w S w 7 3 w 3 2 & / = c / o « n n n a a y / f a = < $ = f % o = w = _ \ & % \ 3 f ƒ ƒ \ \ \ \ \ \ \ \ \ \ z = z 1-]5 Monroe County, Florida Ratios of General Bonded Debt Outstanding Last Ten Fiscal Years Percentage of Estimated General Less: Amounts Actual Taxable Fiscal Obligation Available in Debt Value of Per Year Bonds Service Fund Total Property Capita Monroe County does not have any outstanding general bonded debt for years 2015-2024 1-16 Monroe County, Florida Direct and Overlapping Governmental Activities Debt September 30, 2024 Estimated Amount Debt Percentage Applicable to Direct Debt Outstanding Applicable County Monroe County, Florida $ - 100% $ - Monroe County does not have any overlapping debt as of September 30, 2024. Notes: Overlapping governments are those that coincide, at least in part, with the geographic boundaries of the county. This schedule estimates the portion of the outstanding debt of those overlapping governments that is borne by the residents and businesses of Monroe County, Florida. This process recognizes that, when considering the County's ability to issue and repay long-term debt, the entire burden borne by the residents and businesses should be taken into account. However, this does not imply that every taxpayer is a resident and, therefore, responsible for repaying the debt of each overlapping government. (a) Net bonded debt was calculated as revenue bonds payable and revenue notes payable. See Legal Debt Margin Information schedule for net bonded debt calculation. (b)Allocation based on assessed valuation. 1-17 Monroe County, Florida Legal Debt Margin Information Last Ten Fiscal Years There are no State laws or County ordinances establishing a legal debt margin for years 2015-2024 1-18 Monroe County, Florida Pledged-Revenue Coverage Governmental Activities Last Ten Fiscal Years Sales Tax Revenue Bonds Fiscal Debt Service Year Collections Principal Interest Total Coverage 2015 $ 20,161,451 $ 3,580,000 $ 1,230,981 $ 4,810,981 4.19 2016 20,817,676 4,689,999 1,205,286 5,895,285 3.53 2017 21,510,929 6,950,000 1,203,144 8,153,144 2.64 2018 25,690,144 8,723,442 1,278,587 10,002,029 2.57 2019 21,405,942 7,203,777 1,005,482 8,209,259 2.61 2020 17,124,650 10,957,351 7,272,097 18,229,448 0.94 2021 28,658,729 12,561,316 4,093,206 16,654,522 1.72 2022 34,138,177 15,054,772 3,801,342 18,856,114 1.81 2023 34,996,624 18,367,177 4,999,341 23,366,518 1.50 2024 35,005,681 18,539,332 4,825,063 23,364,395 1.50 Note: Details regarding the County's outstanding debt can be found in the notes to the financial statements. 1-19 q Q '0w $ \ \ ( % 0- _ \ a ° _ mw U) � \ u « « « % < < < 2w wwwwww -Twww ) M \ o c o 0 o = _ & , , , / \ \ 0 \ f 2 2 7 0 % u ^ U w \ , , , , , , , , , , ƒ \ \ \(Aw E C \\ w / �\ $ 0 { 7 / / � m \ 0 o / 0 LL S ° _ $ 2 k e § _ i \ \ 2n n w ) % / 2 ' § , , , , , , q \ + _ « w ) } § ) = 7 = i § a w 2 w /\ \ c N � m > w z ¥ m * m g a n / w § '@ \ 5 m m $ a « _ % = m / aW § z . . . . . . \ \ \ k w m E � C \ m \\ \ \ g m § \\ \ \ / \ co FL LL w _ ® 3 U k 0 m C ƒ » G § ° G � % , , , , , , § # E / O > Cl) Cl) E ® § § \ / c § § _ � � \ f \ + / \ % k / / c = 2 .g m \ k \ # 7 CNNNNNNNNN � / / \ \ \ » \ \ / \ \ $ \ \ / % »o \ / \ / } ƒ Igo d >,S^ -O O O O O O O O O O o �, 0 0 0 0 0 0 0 0 0 Q ++ (O N LO '-* CO LO LO (O O CO M M M N N N N N N O M_ O N co N LOO I— co LO N 0) co O 0 N N (O I� N CD _ LO 00 00 I— O LO LO O N O o0 00 00 00 00 00 rn M M M W V M r— co r— co O 00 00co Q to N z � a y L O N O co 00 O N co (o co LO O O N — 0 M M M N O y M M N LO .P O V y Q 0 E O M N (O O O O Q O I� (O CO O CD CD CDM z N 7 W V y U UAW a � 6 a� d E o E a N O O CLJ CD LO co co CD co cq r— O co co LO co co cor— U N V co 00 co � Nt � I,- LOO 0 N LO O r— O O I� N + O N y(O (o — O M N E d L -a M V rn M rn N O O E K O LO LO (O (O r- r- M O O 0 O 0 y cC Q N N O +N+ O z Q O (B t d — C r� 0 � cu E u 0 6} D U U E O >+ O � CON � N I-- I-- co O � m OU - O O O M O w O r- r- r- r- cNo cNo co coo U O � 7 Z O N CU U (B N O O m i cu LU � 4- C: ry 0 U O ca o O (B L 70 z M L LO co r— co O CD NM U Cn p II ch d u M — — — — — N N N N (B N m IL 1 0 CD CD CD CD CD CD CD CD CD �. ir >- N N N N N N N N N N (B 0 Z 1-21 % »{ � ® \ \ \ \ Cl) \ Cl) \ . c . @ \ m r r w g c c c 2 G E 2 \ \ k a a r a a a ) § k 2 3 LO m a Cl) = r = w / c / 3 7 ® 2 @ E @ 8 3 a / / S G r r w o a o j $ a S \ k k / $ $ $ $ $ $ $ $ $ { . / « u o ® @ R G G 3 G Cl) @ \ � . 2 ) § k a w w w w w w k ƒ Ez C ® � : 0UJ 4 \ f § m 2 a m r = w co / § ate § § ] § \ \ S ? ^ ? \ G ) ƒ / w w = G r r r g w M E < Eg \ S 3 / \ E \ \ \ \ 2 \ , k e $ E ® k CO _ $ \ \ / > k \ \ a ± ± ± o o 2 7 ! 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C O C U O p U 0) y E N (� U) U) 0) ) U) O " U a) O O 0) C '0 06 p� J C O U O U E C m .O p (6 W U) N 0) C U) Q 0) 0) U- N O O U) U) (6 Q m 0) 0) O m C 0) `-2 U LL 0) m W' � cn iiQ � � � � amQi- `� amm0 -j � U U)c Q Q O U- 0- 0- - I- = U U 1-25 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 the governmental activities, the business-type activities, the aggregate discretely presented component unit, each major fund and the aggregate remaining fund information 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 County's basic financial statements, and have issued our report thereon dated April 9, 2025. The County'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 business-type activities, 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 County'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 County's internal control. Accordingly, we do not express an opinion on the effectiveness of the County'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. IIIIIIII ow IIIIIIII III'Z O III'° IIIIII IIIIIIII III 4 G IU II4 III': IIIIIIII IIIZ S"'"'O O k"M0',111IvHill0`amemlIqtoIII('Ik"MII)(IqIIA!(IIAII Is�lihkilIIliwirkofaIrka(�IulenkI 'IIIII +X'gIll ony Ili ar�(urns, V'I51(I`,I11i v, I11/,Ih(I I III"i n I 111 11I'II11oI I"n,I(I(1)I I'",31:11I Ifs 1t`aM I I"I I I III I!I I II Ik l l iIiOnl I ........ ......... ..... ,,,,, ,,,,, ..... ...... ...... ..... ...... ...... ....,. 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 2024-001 that we consider to be a material weakness. Report on Compliance and Other Matters As part of obtaining reasonable assurance about whether the County'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. County's Response to Finding Government Auditing Standards requires the auditor to perform limited procedures on the County's response to the finding identified in our audit and described in the accompanying schedule of findings and questioned costs. The County'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. Fort Lauderdale, Florida April 9, 2025 J-2 1,11'sim IRS111A US III..JII..J11P Report on Compliance for Each Major Federal Program and State Financial Assistance Project; Report on Internal Control Over Compliance Required by the Uniform Guidance Independent Auditor's Report Honorable Mayor and Board County Commissioners Monroe County, Florida Report on Compliance for Each Major Federal Program and State Financial Assistance Project Opinion on Each Major Federal Program and State Financial Assistance Project We have audited Monroe County, Florida's (the County)compliance with the types of compliance requirements identified as subject to audit in the OMB Compliance Supplement and the requirements described in the state of Florida Department of Financial Services' State Projects Compliance Supplement, that could have a direct and material effect on each of County's major federal programs and state financial assistance projects for the year ended September 30, 2024. The County's major federal programs and state financial assistance projects are identified in the summary of auditor's results section of the accompanying schedule of findings and questioned costs. In our opinion, the County complied, in all material respects, with the compliance requirements referred to above that could have a direct and material effect on each of the major federal programs and state financial assistance projects for the year ended September 30, 2024. Basis for Opinion on Each Major Federal Program and State Financial Assistance Project We conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America (GAAS); the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States (Government Auditing Standards); and the audit requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance)and Chapter 10.550, Rules of the Auditor General. Our responsibilities under those standards and the Uniform Guidance are further described in the Auditor's Responsibilities for the Audit of Compliance section of our report. We are required to be independent of the County and to meet our other ethical responsibilities, in accordance with 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 opinion on compliance for the major federal program and each major state financial assistance project. Our audit does not provide a legal determination of the County's compliance with the compliance requirements referred to above. Responsibilities of Management for Compliance Management is responsible for compliance with the requirements referred to above and for the design, implementation, and maintenance of effective internal control over compliance with the requirements of laws, statutes, regulations, rules and provisions of contracts or grant agreements applicable to the County's federal programs and state financial assistance projects. IIIIIIII ow IIIIIIII III'Z O III'° IIIIII IIIIIIII III 4 G IU II4 III': IIIIIIII IIIZ S"'"'O O ASS LJIIrAI III i..AX C0NSLJ NG J-3 kS61M0',111I"Hi��0"Veml gtoIII('IP2`M11)((qnlxd(IIA �s�l lkllwiwirk('Ilwkapniwlenkf iu�I +x'gId orri Ili u)s�(urns, V1s1TI;IIIII',:oIm/,dI,I I((I,,I,I In ol !I)ioYI m f(I on I("?3I:111 lf�l ,11AI"III V 1 I''"M I[I 'lll a do I),d, ........ ......... ..... ,,,,, ,,,,, ..... ...... ...... ..... ...... ...... ....,. Auditor's Responsibilities for the Audit of Compliance Our objectives are to obtain reasonable assurance about whether material noncompliance with the compliance requirements referred to above occurred, whether due to fraud or error, and express an opinion on the County's compliance based on our audit. 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, Government Auditing Standards, the Uniform Guidance and Chapter 10.550, Rules of the Auditor General will always detect material noncompliance when it exists. The risk of not detecting material noncompliance resulting from fraud is higher than for that resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Noncompliance with the compliance requirements referred to above is considered material, if there is a substantial likelihood that, individually or in the aggregate, it would influence the judgment made by a reasonable user of the report on compliance about the County's compliance with the requirements of the major federal program or state financial assistance project as a whole. In performing an audit in accordance with GAAS, Government Auditing Standards, the Uniform Guidance and Chapter 10.550, Rules of the Auditor General, we • Exercise professional judgment and maintain professional skepticism throughout the audit. • Identify and assess the risks of material noncompliance, 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 County's compliance with the compliance requirements referred to above and performing such other procedures as we considered necessary in the circumstances. • Obtain an understanding of the County's internal control over compliance relevant to the audit in order to design audit procedures that are appropriate in the circumstances and to test and report on internal control over compliance in accordance with the Uniform Guidance and Chapter 10.550, Rules of the Auditor General, but not for the purpose of expressing an opinion on the effectiveness of the County's internal control over compliance. Accordingly, no such opinion is expressed. We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and any significant deficiencies and material weaknesses in internal control over compliance that we identified during the audit. Report on Internal Control Over Compliance A deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a federal program or state financial assistance project on a timely basis. A material weakness in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance requirement of a federal program or state financial assistance project will not be prevented, or detected and corrected, on a timely basis. A significant deficiency in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a type of compliance requirement of a federal program or state financial assistance project that is less severe than a material weakness in internal control over compliance, yet important enough to merit attention by those charged with governance. Our consideration of internal control over compliance was for the limited purpose described in the Auditor's Responsibilities for the Audit of Compliance section above and was not designed to identify all deficiencies in internal control over compliance that might be material weaknesses or significant deficiencies in internal control over compliance. Given these limitations, during our audit we did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses, as defined above. However, material weaknesses or significant deficiencies in internal control over compliance may exist that were not identified. J-4 Our audit was not designed for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, no such opinion is expressed. The purpose of this report on internal control over compliance is solely to describe the scope of our testing of internal control over compliance and the results of that testing based on the requirements of the Uniform Guidance and Chapter 10.550, Rules of the Auditor General. Accordingly, this report is not suitable for any other purpose. ,2s,q vs ,.4P Fort Lauderdale, Florida April 30, 2025 J-5 Monroe County,Florida Schedule of Expenditures of Federal Awards and State Financial Assistance Projects For The Year Ended September 30,2024 Federal Federal/State Agency, Assistance Contract/Grant/Pass- Pass-through Entity Listing through Entity Identifying Total Federal Provided to Federal Program/State Projects Number Number Expenditures Subrecipients Department of Health and Human Services: Aging Cluster: Passed through Florida Department of ElderAffairs and Alliance Special Programs for Aging,Title III,Part B,Grants for Supportive Services and Senior Centers: Title III B Grants for Supportive Services&Senior Centers-2023 93.044 AA-2329 153,348 Title III B Grants for Supportive Services&Senior Centers-2024 93.044 AA-2429 201,814 Total Program 355,162 Special Programs for the Aging,Title III,Part C,Nutrition Services: Title IIIC1 Nutrition Services(Home Delivered Meals)2024 93.045 AA-2429 22,311 Title IIIC2 Nutrition Services(Home Delivered Meals)2023 93.045 AA-2329 80,082 Title IIIC2 Nutrition Services(Home Delivered Meals)2024 93.045 AA-2429 91,500 Total Program 193,893 Total Aging Cluster 549,055 National Family Caregiver Support,Title III,Part E: Title III E Caregiver Support Services-2023 93.052 AA-2329 39,411 Title III E Caregiver Support Services-2024 93.052 AA-2429 59,930 Total Program 99,341 Passed through Florida Department of Revenue,Agency for Children and Families,and Office of Child Support Enforcement: Child Support Services: Child Support Enforcement Title IV-D 93.563 COC44 196,207 Total Program 196,207 Passed through Florida Department of Economic Opportunity: Low Income Home Energy Assistance Program 93.568 E2012 187,691 Total Program 187,691 Total Federal Agency 1,032,294 Department of Energy. Passed through Florida Department of Economic Opportunity: Weatherization Assistance for Low-Income Persons Low Income Home Energy Assistance Program/WAP-2017 81.042 E2012 40,391 Total Federal Agency 40,391 Department of Justice: Direct Program: Bulletproof Vest Partnership Program Bureau of Justice Assistance: Bulletproof Vest Program 16.607 2020BUBX23034917 45,991 Total Program 45,991 Bureau of Justice Assistance: Edward Byrne Memorial Justice Assistance Grant Program: 16.738 15PBJA-23-GG-03237-JAGX 16,588 Total Program 16,588 The accompanying notes are an integral part of this schedule. (Continued) J-6 Monroe County,Florida Schedule of Expenditures of Federal Awards and State Financial Assistance Projects For The Year Ended September 30,2024 Federal Federal/State Agency, Assistance Contract/Grant/Pass- Pass-through Entity Listing through Entity Identifying Total Federal Provided to Federal Program/State Projects Number Number Expenditures Subrecipients Passed through Office of the Attorney General: Crime Victim Assistance: Victims of Crime Acts 16.575 0-00728 280,165 Total Program 280,165 Total Federal Agency 342,744 Executive Office of the President: Direct Program: High Intensity Drug Trafficking Areas Program: High Intensity Drug Trafficking Areas 95.001 G20ACOOO5A 10,992 High Intensity Drug Trafficking Areas 95.001 G21PR0001A 187,731 High Intensity Drug Trafficking Areas 95.001 G21ACOOO5A 163,245 High Intensity Drug Trafficking Areas 95.001 G21MI0001A 400,516 High Intensity Drug Trafficking Areas 95.001 G22ACOOO5A 473,878 High Intensity Drug Trafficking Areas 95.001 G22MI0001A 2,241,216 High Intensity Drug Trafficking Areas 95.001 G22PR0001A 914,399 High Intensity Drug Trafficking Areas 95.001 G23ACOOO5A 2,689,802 High Intensity Drug Trafficking Areas 95.001 G23MI0001A 6,126,814 High Intensity Drug Trafficking Areas 95.001 G23PR0001A 3,504,484 High Intensity Drug Trafficking Areas 95.001 G24MI0001A 2,821,172 High Intensity Drug Trafficking Areas 95.001 G24PR0001A 1,748,633 High Intensity Drug Trafficking Areas 95.001 G24ACOOO5A 1,059,719 Total Program 22,342,601 Total Federal Agency 22,342,601 Department of Transportation: Direct Program: Airport Improvement Program,Infrastructure Investment and Jobs Act Programs,and COVID-19 Airports Programs Key WestAIP-3764 20.106 3-12-0037-064-2021 35,907 Key WestAIP-3767 20.106 3-12-0037-067-2021 84,275 Key WestAIP-3768 20.106 3-12-0037-068-2022 210,171 Key WestAIP-3772 20.106 3-12-0037-072-2022 1,669,567 Key WestAIP-3770 20.106 3-12-0037-070-2022 1,276,159 Key WestAIP-3773 20.106 3-12-0037-073-2023 1,217,892 Key WestAIP-3774 20.106 3-12-0037-074-2023 2,080,305 Key WestAIP-3775 20.106 3-12-0037-075-2023 1,000,000 Key WestAIP-3776 20.106 3-12-0037-076-2023 4,073,371 Key WestAIP-3777 20.106 3-12-0037-077-2023 1,194,110 Marathon AIP-4436 20.106 3-12-0044-036-2020 8,466 Marathon AIP-4440 20.106 3-12-0044-040-2022 718,615 Marathon AIP-4441 20.106 3-12-0044-041-2023 535,024 Marathon AIP-4442 20.106 3-12-0044-042-2023 66,097 Total Program 14,169,959 The accompanying notes are an integral part of this schedule. (Continued) J-7 Monroe County,Florida Schedule of Expenditures of Federal Awards and State Financial Assistance Projects For The Year Ended September 30,2024 Federal Federal/State Agency, Assistance Contract/Grant/Pass- Pass-through Entity Listing through Entity Identifying Total Federal Provided to Federal Program/State Projects Number Number Expenditures Subrecipients Federal Highway Administration: Highway Planning and Construction Passed through Florida Department of Transportation: Transportation Planning Program 2012 20.205 25222811408/G1A71 54,424 Transportation Planning Program 2012 20.205 25222821401/G2H82 50,677 Card Sound Road at Mosquito Creek Bridge#904984 20.205 G2B99 81,912 Card Sound Road at Tubbys Creek Bridge#904982 20.205 G2C00 82,992 Total Program 270,005 Passed through Florida Department of Transportation: Highway Planning and Construction State and Community Highway Safety Pedestrian and Bicycle Safety High Visibility Enforcement 20.600 G2M61 21,390 Distracted Driving Grant 20.600 G2O53 135,019 Motorcycle Safety Grant 20.600 G2O28 125,006 Total Highway Safety Cluster 281,415 Total Federal Agency 14,721,379 Department of Homeland Security: Staffing for Adequate Fire and Emergency Response(SAFER) 97.083 EMW-2020-FF-01440 2,097,684 Total Program 2,097,684 Passed through Florida Executive Office of the Governor.• Emergency Management Performance Grants Emergency Management Performance Grant FY23-24 97.042 G0460 68,285 Disaster Grants-Public Assistance(Presidentially Declared Disasters) Disaster Grants-Public Assistance-Hurricane IAN 97.036 4673/Z73369 1,104,908 Hazard Mitigation Grant Hazard Mitigation Grant 97.039 H0703 72,923 Hazard Mitigation Grant-Generators Phase I 97.039 H0820 309,837 Hazard Mitigation Grant 97.039 H0847 7,370,599 Watershed Management Plan Update 97.039 H0856 108,576 Total Program 7,861,935 BRIC:Building Resilient Infrastructure and Communities FEMA Pre-Disaster Mitigation Program 97.047 EMA-2019-PC-0001/B0062 75,930 The accompanying notes are an integral part of this schedule. (Continued) J-8 Monroe County,Florida Schedule of Expenditures of Federal Awards and State Financial Assistance Projects For The Year Ended September 30,2024 Federal Federal/State Agency, Assistance Contract/Grant/Pass- Pass-through Entity Listing through Entity Identifying Total Federal Provided to Federal Program/State Projects Number Number Expenditures Subrecipients Passed through the City of Miami: Homeland Security Grant Program Homeland Security Grant Program-2017 97.067 R0075 132,410 UAS121 RO521 97.067 R0521 106,897 UASI 22 RO588 97.067 R0588 168,874 Total Program 408,181 Total Federal Agency 11,616,923 Department of Housing and Urban Development: Passed through Florida Department of Community Affairs: Community Development Block Grants/State's program and Non- Entitlement Grants in Hawaii Community Development Block Grant-Rock Harbor Jetty Key Largo 14.228 IR036 22,915 Community Development Block Grant-Rock Harbor Jetty Key Largo 14.228 IR045 83,509 Community Development Block Grant-MIT Tavernier Fire Station 14.228 I0157 49,605 Community Development Block Grant-CV Rowell's Park 14.228 H2474 28,800 Community Development Block Grant-Voluntary Home Buy Out 14.228 I0092 4,653,475 Total Federal Agency 4,838,304 Environmental Protection Agency: Geographic Programs-South Florida Geographic Initiatives Program 66.484 03DO9924 13,610 Total Federal Agency 13,610 United States Treasury Department: Equitable Sharing Equitable Sharing Agreement 21.016 88,326 Total Program 88,326 Resources and Ecosystems Sustainability,Tourist Opportunities,and Revived Economies of the Gulf Coast States RESTORE Coral Reef Restoration 21.015 RDCGR170099-01-00 57,548 Total Program 57,548 COVID-19 CORONAVIRUS STATE AND LOCAL FISCAL RECOVERY FUNDS MC County Shoreline 1 Long Key Living Shoreline 21.027 22FRP131 -SLFRF 32,250 MC County Shoreline 3 Duck Key Living Shoreline 21.027 22FRP132-SLFRF 71,837 Total Program 104,087 Total Federal Agency 249,961 Total Expenditures of Federal Awards The accompanying notes are an integral part of this schedule. (Continued) J-9 Monroe County,Florida Schedule of Expenditures of Federal Awards and State Financial Assistance Projects For The Year Ended September 30,2024 Catalog of Federal/State Agency, State Financial Contract/Grant/Pass- Pass-through Entity Assistance through Entity State Federal Program/State Projects Number Identifying Number Expenditures Florida Executive Office of the Governor: Emergency Management Programs Emergency Management Programs FY23-FY24 31.063 A0389 93,852 Emergency Management Programs FY24-FY25 31.063 A0447 23,263 Local Emergency Management and Mitigation Initiatives Emergency Management Programs FY20-FY21 31.064 D9237 2,539,393 Sargassum Clean Up Grant Program 31.083 T0339 107,127 Total Department 2,763,635 Florida Department of Elder Affairs: Passed through The Alliance for Aging: Alzheimer's Respite Services Alzheimer's Disease Initiative-2022 65.004 KZ2397 67,031 Alzheimer's Disease Initiative-2023 65.004 KZ2497 11,816 Total Department 78,847 Florida Department of Environmental Protection: Small County Consolidated Grants 37.012 SC323 93,750 Small County Consolidated Grants 37.012 SC423 93,750 Total Program 187,500 Statewide Water Quality Restoration Projects Canal#28#259#291 #475 Restoration 37.039 LPA0249 60,780 Canal#28&90 Backfill Restoration 37.039 LPA0241 1,461,859 Harry Harris Park Resilient Redesign 37.039 22FRP64 33,394 Total Program 1,556,033 Beach Management Funding Assistance Program Higgs Beach Sand Renourishment Project 37.003 22MOI 143,862 Total Program 143,862 Florida Keys National Marine Sanctuary Support MC Canal#470,472,474,475,476 37.088 SED24 41,000 41,000 The accompanying notes are an integral part of this schedule. (Continued) J-10 Monroe County,Florida Schedule of Expenditures of Federal Awards and State Financial Assistance Projects For The Year Ended September 30,2024 Catalog of Federal/State Agency, State Financial Contract/Grant/Pass- Pass-through Entity Assistance through Entity State Federal Program/State Projects Number Identifying Number Expenditures Resilient Florida Program MC Comprehensive Vulnerability Assessment Update/Compliant 37.098 22PLN66 210,850 MC City of Marathon Vulnerability Assessment 37.098 22PLN65 240,000 MC Canal Restoration Work Plan Implementation 37.098 LPA0428 787,352 MC Natural Resources Adaption Plan 37.098 22PLN67 69,822 MC Stillwright Point Road Elevation/Stormwater Design/Permi 37.098 22SRP56 582,300 MC Twin Lakes Subdivision Flood Mitigation 37.098 22SRP57 1,351,536 Key Colony Beach/Layton Comprehensive Vulnerability Assessme 37.098 23PLN97 51,875 Total Program 3,293,735 Total Department 5,222,130 Florida Department of Juvenile Justice: Diversion Services Intensive Delinquency Diversion Service 80.022 10634 220,396 Total Department 220,396 Florida Department of Management Services: E911 State Grant Program 72.002 S22-23-01-41 15,821 E911 State Grant Program 72.002 S25-24-01-14 45,289 E911 State Grant Program 72.002 S22-23-01-40 363,196 E911 State Grant Program 72.002 S25-24-01-15 178,683 Total Department 602,989 Florida Department of State: State Aid To Libraries State Aid to Libraries-2020-2021 45.030 21-ST-35 52,995 Historic Preservation Grants Design Guideline Update for Tavernier Historic District 45.031 24.h.sm.100.003 25,000 Acquisition,Restoration of Historic Properties Historic MC Courthouse Exterior Masonry Restoration 45.032 23.h.sc.100.044 8,400 Total Department 86,395 Florida Department of Transportation: Public Transit Service Development Program 55.012 45215618401/G2M95 84,837 Total Program 84,837 The accompanying notes are an integral part of this schedule. (Continued) J-11 Monroe County,Florida Schedule of Expenditures of Federal Awards and State Financial Assistance Projects For The Year Ended September 30,2024 Catalog of Federal/State Agency, State Financial Contract/Grant/Pass- Pass-through Entity Assistance through Entity State Federal Program/State Projects Number Identifying Number Expenditures Aviation Grant Programs Key West Airport 55.004 43928529401/G1Q04 261,538 Key West Airport 55.004 43866629401/G1V31 208,668 Key West Airport 55.004 44138329401/G1P33 64,784 Key West Airport 55.004 44241919401/G1007 16,473 Key West Airport 55.004 44241929401/G2E62 91,391 Key West Airport 55.004 44797819401/G1Q91 283,360 Key West Airport 55.004 44791119401/G2090 5,576,447 Key West Airport 55.004 45054019401/G2A61 32,613 Marathon Airport 55.004 43868029401/G1V30 108,890 Marathon Airport 55.004 43928629401/G1Q05 140,939 Marathon Airport 55.004 43866429401/G1 U50 122,561 Marathon Airport 55.004 44242219401/G1009 4,749,788 Marathon Airport 55.004 44242119401/G1238 36,000 Marathon Airport 55.004 44241719401/G1237 1,060,533 Marathon Airport 55.004 44136329401/G1P50 151,276 Marathon Airport 55.004 44789319401/G1P52 171,779 Total Program 13,077,040 Small County Outreach Program(SCOP) Card Sound Road Mill and Resurface 55.009 44969315401/G2D13 1,348,526 Total Program 1,348,526 Total Department 14,510,403 Florida Fish&Wildlife Conservation Commission: Artificial Reef Grants Program Monroe County Artificial Reef Construction 2023-24 77.007 23132 101,085 Derelict Vessel Removal Program Monroe County Derelict Vessel Removal 77.005 23104 104,648 Monroe County Derelict Vessel Removal 77.005 22305 1,000,747 Monroe County Derelict Vessel Removal 77.005 23148 118,996 Monroe County Derelict Vessel Removal 77.005 23192 95,976 Monroe County Derelict Vessel Removal 77.005 23194 65,685 Monroe County Derelict Vessel Removal 77.005 24003 48,483 Monroe County Derelict Vessel Removal 77.005 24005 282,726 Monroe County Derelict Vessel Removal 77.005 24020 144,403 Monroe County Derelict Vessel Removal 77.005 24025 149,544 Monroe County Derelict Vessel Removal 77.005 24051 144,789 Monroe County Floriday Keys Marine Protection Mooring Field Proje 77.063 23135 253,250 Total Department 2,510,332 The accompanying notes are an integral part of this schedule. (Continued) J-12 Monroe County,Florida Schedule of Expenditures of Federal Awards and State Financial Assistance Projects For The Year Ended September 30,2024 Catalog of Federal/State Agency, State Financial Contract/Grant/Pass- Pass-through Entity Assistance through Entity Identifying State Federal Program/State Projects Number Number Expenditures Florida Housing Finance Corporation: State Housing Initiatives Partnership Program(SHIP) State Housing Initiative Partnership Program 2022-2023 40.901 SHIP 20-23 FY22 FUNDS 531,513 State Housing Initiative Partnership Program 2023-2024 40.901 SHIP 20-24 FY23 FUNDS 591,040 State Housing Initiative Partnership Program 2024-2025 40.901 SHIP 20-24 FY24 FUNDS 117,233 Total Department 1,239,786 Other State Assistance: Passed through Department of Environmental Protection Monroe County Exotic Plant Removal Maintenance NA 13101-FK-182 150,000 Total Department 150,000 Total Expenditures of State Financial Assistance $ 27,384,913 J-13 Monroe County, Florida Notes to Schedule of Expenditures of Federal Awards and State Financial Assistance Projects For the Year Ended September 30, 2024 Note 1. Basis of Presentation The accompanying schedule of expenditures of federal awards and state financial assistance (the Schedule) includes the federal and state grant activity of the Monroe County, Florida (County) under programs of the federal and state government for the year ended September 30, 2024. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards(Uniform Guidance), and Chapter 10.550, Rules of the Florida Auditor General. Because the Schedule presents only a selected portion of the operations of the County, it is not intended to and does not present the financial position, and changes in net position or cash flows of the County. Federal awards are presented for each federal agency by the Assistance Listing Number(ALN) and state awards are presented for each state agency by the Catalog of State Financial Assistance (CSFA) number when available in the grant agreements or determinable based on a grant's source and purpose. For grants that have not yet been assigned a ALN or CSFA number, the schedule includes the grant with a ALN or CSFA number of NA for not available and categorizes the funding under the sub-heading of Other Financial Assistance. Note 2. Summary of Significant Accounting Policies Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Note 3. Indirect Cost Rate During the fiscal year ending September 30, 2024, the County elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. Note 4. Grant Contingencies The County participates in 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 County expects such amounts, if any, to be immaterial. Note 5. Fiscal Year Obligations From Disaster Grants At September 30, 2024, the Department of Homeland Security's Federal Emergency Management Agency (FEMA) had outstanding obligations totaling $8,626,218 for Monroe County under its Disaster Grants—Public Assistance Grant Program (ALN 97.036)for the County's recovery from Hurricane Irma and $950,000 for Hurricane Ian. J-14 Monroe County, Florida Schedule of Findings and Questioned Costs For The Year Ended September 30, 2024 h Summary of Auditor's Results Financial Statements Type of auditor's report issued on whether the financial statements audited were prepared in accordance with GAAP: Unmodified Internal control over financial reporting: Material weakness(es)identified? x Yes No Significant deficiencies identified? _Yes x No Noncompliance material to financial statements noted? Yes x No Federal Awards Internal control over major federal programs: Material weakness(es)identified? _Yes x No Significant deficiency(ies)identified? Yes x None Reported Type of auditor's report issued on compliance for major federal programs: Unmodified Any audit findings disclosed that are required to be reported in accordance with 2 CFR 200.516(a)? Yes x No Identification of major federal programs: Assistance Listing Number Name of Federal Program or Cluster 95.001 High Intensity Drug Trafficking Areas Program State Financial Assistance Internal control over major state projects: Material weakness(es)identified? _Yes X No Significant deficiency(ies)identified? Yes X None Reported Type of auditor's report issued on compliance for major state projects: Unmodified Any audit findings disclosed that are required to be reported in accordance with Chapter 10.550, Rules of the Auditor General of the State of Florida? _Yes X No Identification of major state financial assistance projects CSFA Number Name of State Project or Cluster 55.004 Aviation Grant Programs 40.901 State Housing Initiatives Partnership Program 77.005 Derelict Vessel Removal Program 31.064 Local Emergency Management and Mitigation Initiatives 37.098 Resilient Florida Program 55.009 Small County Outreach Program Dollar threshold used to distinguish between type A and type B programs/projects: Federal $1,655,946 State $821,547 Auditee qualified as low-risk auditee? x Yes No (Continued) J-15 Monroe County, Florida Schedule of Findings and Questioned Costs For the Year Ended September 30, 2024 II. Financial Statement Findings A. Internal Control 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-16 Monroe County, Florida Schedule of Findings and Questioned Costs For the Year Ended September 30, 2024 B. Instance of Noncompliance No matters to report. III. Findings and Questioned Costs for Federal Awards A. Internal Control No matters to report. B. Instances of Noncompliance No matters to report. IV. State Findings and Questioned Costs A. Internal Control No matters to report. B. Instances of Noncompliance No matters to report. J-17 Monroe County, Florida Summary Schedule of Prior-Year Audit Findings For the Year Ended September 30, 2024 1— Financial Statement Findings Finding # Finding Description Finding IC 2023-001 Leases, Airport Department Internal Control— Financial Reporting A similar finding was noted in the current year see finding IC 2024-001 II—Federal Award and State Financial Assistance Findings and Questioned Costs No matters to report J-18 -L-t. c,,I couRrge o:,� 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 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 J-19 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 1,11'sim IRS111A US III..JII..J11P 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 the governmental activities, the business-type activities, the discretely presented component unit, each major fund and the aggregate remaining fund information 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 related to the restatement of the beginning net position and beginning balances for leases and interest receivable and deferred inflow of resources for the business-type activities, 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; the audit requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance); 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; Independent Auditor's Report on Compliance for Each Major Federal Program and State Project and Report on Internal Control over Compliance; Schedule of Findings and Questioned Costs; 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 and schedule should be considered in conjunction with this management letter. Prior Audit Findings Section 10.554(1)(i)l., Rules of the Auditor General, requires that we determine whether or not corrective actions have been taken to address findings and recommendations made in the preceding annual financial audit report. There were no findings and recommendations made in the preceding 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 the management letter, unless disclosed in the notes to the financial statements. The legal authority is disclosed in Note 1 to the financial statements. IIIIIIII I W IIIIIIII III'Z 0III'° IIIIII IIIIIIII III 4 G III4 III': IIIIIIII IIIZ S"'"'0 0III': ASS VJIIZW III i..AX 0I�SVJ K-1 k"M0',111IvHill0`amemlIqtoIIII,fk"MIII(IqIIA!(IIAII Is�lihkilIIliwirkofaIrka(�IulenkI 'IIIII +X'gIll ony Ili ar�(urns, V'I51(I`,I11i v, I11/,Ih(I I III"i n I 111 11I'II11oI I"n,I(I(1)I I'",31:11I Ifs 1t`aM I I"I I I III I!I I II Ik l l iIiOnl I ........ ......... ..... ,,,,, ,,,,, ..... ...... ...... ..... ...... ...... ....,. Financial Condition and Management Sections 10.554(1)(i)5.a. and 10.556(7), Rules of the Auditor General, require us to apply appropriate procedures and communicate the results of our determination as to whether or not the County met one or more of the conditions described in Section 218.503(1), Florida Statutes, and to identify the specific condition(s) met. In connection with our audit, we determined that the County did not meet any of the conditions described in Section 218.503(1), Florida Statutes. Pursuant to Sections 10.554(1)(i)5.b. and 10.556(8), Rules of the Auditor General, we applied financial condition assessment procedures for the County. It is management's responsibility to monitor the County's financial condition, and our financial condition assessment was based in part on representations made by management and review of financial information provided by same. Section 10.554(1)(i)2., Rules of the Auditor General, requires that we communicate any recommendations to improve financial management. In connection with our audit, we did not have any such recommendations. Property Assessed Clean Energy(PACE) Programs As required by Section 10.554(1)(i)6.a., Rules of the Auditor General, the County shall provide a statement as to whether a PACE program authorized pursuant to Section 163.081 or Section 163.082, Florida Statutes did or did not operate within the County's geographical boundaries during the fiscal year under audit. The County did operate a PACE program. As required by Section 10.554(1)(i)6.b., Rules of the Auditor General, if a PACE program was operating within the geographical areas of the County, a list of all program administrators and third-party administrators that administered the program should be provided. The PACE providers approved under the Monroe County PACE program are Grene Works, Renovate America, Counterpoint, and Renew Financial. As required by Section 10.554(1)(i)6.c., Rules of the Auditor General, if a PACE program was operating within the geographical areas of the County, the full names and contact information of each such program administrator and third-party administrator should be provided. This information can be found on the County website for the PACE program at https://www.monroecounty-fl.gov/1051/PACE-Program. Special District Component Units Section 10.554(1)(i)5.c, Rules of the Auditor General, requires, if appropriate, that we communicate the failure of a special district that is a component unit of a county, municipality or special district, to provide the financial information necessary for proper reporting of the component unit within the audited financial statements of the county, municipality or special district in accordance with Section 218.39(3)(b), Florida Statutes. In connection with our audit, we did not note any special district component units that failed to provide the necessary information for proper reporting in accordance with Section 218.39(3)(b), Florida Statutes. The County has one discrete component unit. The required information for the Monroe County Comprehensive Plan Land Authority(the Authority) is fulfilled by inclusion of such information in separately presented stand-alone audit reports. As required by Section 218.39(3)(c), Florida Statutes and Section 10.554(1)(i)6, Rules of the Auditor General, each dependent special district reported (unaudited): a. The total number of Authority employees compensated in the last pay period of the Authority's fiscal year as 6. b. The total number of independent contractors to whom nonemployee compensation was paid in the last month of the Authority's fiscal year as 7. c. All compensation earned by or awarded to employees, whether paid or accrued, regardless of contingency as $830,602. K-2 d. All compensation earned by or awarded to nonemployee independent contractors, whether paid or accrued, regardless of contingency as $157,788. e. There were no construction projects with a total cost of at least$65,000 approved by the Authority that is scheduled to begin on or after October 1 of the fiscal year being reported. f. A budget variance based on the budget adopted under Section 189.016(4), Florida Statutes, before the beginning of the fiscal year being reported if the Authority amends a final adopted budget under Section 189.016(6), Florida Statutes. This information is disclosed as required supplementary information in the Authority's September 30, 2024 financial statements. Deepwater Horizon Oil Spill Section 10.556(10)(e), Rules of the Auditor General, requires a determination of the County's compliance with Federal and State laws, regulations, contracts or grant agreements related to the receipt and expenditure of funds related to the Deepwater Horizon oil spill. The County's Deepwater Horizon oil spill funds received are unrestricted and, therefore, do not have related compliance requirements. Additional Matters Section 10.554(1)(i)3., Rules of the Auditor General, requires us to communicate noncompliance with provisions of contracts or grant agreements, or abuse, that have occurred, or are likely to have occurred, that have an effect on the financial statements that is less than material, but which warrants the attention of those charged with governance. In connection with our audit, we did not note any such findings. Purpose of This Letter Our management letter is intended solely for the information and use of the Legislative Auditing Committee, members of the Florida Senate and 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. ILO S Fort Lauderdale, Florida April 9, 2025 K-3 1,11'sim IRS111A US III..JII..J11P 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 IIIIIIII ow IIIIIIII III'Z 0III'° IIIIII IIIIIIII III 4 G III4 III': IIIIIIII IIIZ S"'"'0 0III': ASS UIIrAI III i..AX UNSU NG K-4 k"M0',111IvHiII0`amemlIqtoIII('Ik"MII)(IqIIA!(IIAII Is�lihkilIIliwirkofaIrka(�IulenkI 'IIIII +X'gIll ony Ili ar�(urns, VIs1(l`.I I II I'.I:o I11/,Ih(I I III"i n I In 11I'IIItoI I"n,I(I(I)II'",31:11I Ifs 1t`aM I I"I I I III I!I I I l l iIiOnl I ........ ......... ..... ,,,,, ,,,,, ..... ...... ...... ..... ...... ...... ....,. 1,11'sim IRS111A US III..JII..J11P Independent Accountant's Report in Accordance with Section 365.172 and 365.173, Florida Statutes Honorable Mayor and Board of County Commissioners Monroe County, Florida We have examined Monroe County Florida's (the County)compliance with Section 365.172, Florida Statutes, Emergency Communications Number"E911"and Section 365.173, Florida Statutes, Communications NumberE911 System Fund(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 IIIIIIII I W IIIIIIII III'Z 0III'° IIIIII IIIIIIII III 4 G I II4 III': IIIIIIII IIIZ S"'"'0 0III': ASS U A X UN S U �G K-5 k"M 0',1 1 P vHi��0`ameml gtoiii('Ik"MIi)((qniA!(iiA �s�lihkiliwiwirkofairkan�iulen( f 'iu�I +X'gIll ony Ili ar�(urns, V'IS I(1,;li n v, rn/,fhnII inrmn(�in to rrn,f(I(n 1���',3 rr 1111 It`aIV111"I II l I I iiia I 1, ........ ......... ..... ,,,,, ,,,,, ..... ...... ...... ..... ...... ...... ....,. OTHER INFORMATION MONROE COUNTY, FLORIDA SCHEDULE OF RECEIPTS AND EXPENDITURES OF FUNDS RELATED TO THE DEEPWATER HORIZON OIL SPILL FOR THE YEAR ENDED SEPTEMBER 30, 2024 Amount Amount Received in the Expended 2023-24 in the 2023-24 Source Fiscal Year Fiscal Year Environmental Clean Up Consortium: British Petroleum Agreement No. 140596 $ 24,098 $ 1,231,655 $ 24,098 $ 1,231,655 Note to Schedule of Receipts and Expenditures of Funds Related to the Deepwater Horizon Oil Spill: In FY 2015, Monroe County received $1,107,947 from British Petroleum as a settlement under Agreement No. 140596. In FY 2024, the County earned $23,954 in interest earnings on the settlement funds received from British Petroleum. From FY 2016 through FY 2024, the County earned $123,708 in interest earnings on these settlement funds bringing the total settlment and earnings to$1,231,655. L-1