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HomeMy WebLinkAboutFiscal Year 2025 20 - 5 Monroe County, Florida Property Appraiser Financial Statemeis and Independent Auditor's For the Year Ended September 30, 2025 PURVIs GiIAY IIE R U II IF"II E IL) F!° U IB L IV C A C C 0 U Vow II A N � K8C]NRQE COUNTY, FLORIDA PROPERTY APPRAISER FINANCIAL STATEMENTS AND INDEPENDENT AUDITOR'S REPORT FOR THE YEAR ENDED 8EPTEK8BER 30\2026 TABLE OFCONTENTS Independent Auditor's Report..................................................................................................................1'3 Financial Statements Balance Sheet—General Fund...................................................................................................................4 Statement of Revenues, Expenditures and Changes in Fund Balance—General Fund..............................................................................................5 Notes to Financial Statements..............................................................................................................6'1U Required Supplementary Information (Unaudited) Schedule of Revenues and Expenditures Budget to Actual—General Fund ......................................................................................................... 11 Other Reports Independent Auditor's Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based onan Audit of Financial Statements Performed in Accordance with Government Auditing Standards.....................................................................1Z'13 Independent Accountant's Report onCompliance with Florida Statute Section Z18.415—Investments of Public Funds.................................................. 14 U R V I s G 111 AY INDEPENDENT AUDITOR'S REPORT To the Honorable Scott Russell Property Appraiser of Monroe County, Florida Report on the Audit of the Financial Statements Opinion We have audited the accompanying financial statements of the major fund of the Monroe County, Florida Property Appraiser (the Property Appraiser) as of and for the year ended September 30, 2025, and the related notes to the financial statements, which collectively comprise the Property Appraiser's financial statements as listed in the table of contents. In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the major fund of the Property Appraiser as of September 30, 2025, and the respective changes in financial position for the year then ended in accordance with accounting principles generally accepted in the United States of America. Basis for Opinion We conducted our audit in accordance with 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. 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 Property Appraiser 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 opinion. Emphasis of Matter As discussed in Note 1, the accompanying financial statements of the Property Appraiser were prepared for the purpose of complying with Section 218.39, Florida Statutes, and Section 10.557(3), Rules of the Auditor General. They do not purport to, and do not, present fairly the financial position of Monroe County, Florida as of September 30, 2025,and the changes in its financial position for the year then ended in accordance with accounting principles generally accepted in the United States of America. Our opinion is 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. CERTIFIED PUBLIC ACCOUNTANTS puirvisgray.corn Iwo.oral'um,of'Au7mua.vuur rcmtil F&nida Inst lu ik,"'(111 Cvufflied l"Gsfxlu�:,r 1 To the Honorable Scott Russell Property Appraiser of Monroe County, Florida INDEPENDENT AUDITOR'S REPORT 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 Property Appraiser's ability to continue as a going concern for twelve 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 opinion. 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 generally accepted auditing standards 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 thejudgment made by a reasonable user based on the financial statements. In performing an audit in accordance with generally accepted auditing standards 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 Property Appraiser'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 Property Appraiser'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 budgetary comparison schedules be presented to supplement the financial statements. Such information is the responsibility of management and, although not a part of the financial statements, is required by the Governmental Accounting Standards Board,who considers it to be an essential part of financial reporting 2 To the Honorable Scott Russell Property Appraiser of Monroe County, Florida INDEPENDENT AUDITOR'S REPORT for placing the 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 responsesto our inquiries,the financial statements,and other knowledge we obtained during our audit of the financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Management has omitted the management's discussion and analysis that accounting principles generally accepted in the United States of America require to be presented to supplement the financial statements. Such missing information,although not a part of the financial statements,is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the financial statements in an appropriate operational, economic, or historical context. Our opinion on the financial statements is not affected by the missing information. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated February 13, 2026, on our consideration of the Property Appraiser'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 Property Appraiser's internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with GovernmentAuditing Standards in considering the Property Appraiser's internal control over financial reporting and compliance. February 13, 2026 Sarasota, Florida 3 FINANCIAL STATEMENTS MONROE COUNTY, FLORIDA PROPERTY APPRAISER BALANCE SHEET GENERAL FUND SEPTEMBER 30,2025 ASSETS Assets Cash $ 1,818,665 Due from Others 1,057 Total Assets 1,819,722 LIABILITIES AND FUND BALANCE Liabilities Accounts Payable 35,125 Accrued Wages and Benefits Payable 193,600 Due to Board of County Commissioners 1,444,328 Due to Other Governmental Units 146,669 Total Liabilities 1,819,722 Fund Balance - Total Liabilities and Fund Balance $ 1,819,722 See accompanying notes. 4 MONROE COUNTY, FLORIDA PROPERTY APPRAISER STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE GENERAL FUND FISCAL YEAR ENDED SEPTEMBER 30,2025 Revenues Intergovernmental: Board of County Commissioners $ 5,924,724 Charges for Services: Other Governmental Units 601,643 Investment Income 13,407 Miscellaneous 43 Total Revenues 6,539,817 Expenditures Current: Personal Services 3,463,314 Operating Expenditures 806,468 Debt Service: Principal 311,674 Interest and Other Charges 23,977 Capital Outlay 343,387 Total Expenditures 4,948,820 Excess of Revenues Over Expenditures 1,590,997 Other Financing Sources(Uses) Transfers to Board of County Commissioners (1,444,328) Transfers to Other Governmental Units (146,669) Total Other Financing Sources(Uses) (1,590,997) Net Change in Fund Balance - Fund Balance,Beginning of Year - Fund Balance,End of Year $ - See accompanying notes. 5 MONROE COUNTY, FLORIDA PROPERTY APPRAISER NOTES TO FINANCIAL STATEMENTS Note 1 -Summary of Significant Accounting Policies Financial Reporting Entity The Monroe County, Florida (the County) Property Appraiser (the Property Appraiser) is a separately elected county official established pursuant to Article Vill, Section 1(d) of the Constitution of the State of Florida. These financial statements present only the Property Appraiser's Office and do not purport to reflect the financial position or the results of operations of the County taken as a whole. The financial statements of the Property Appraiser have been prepared in accordance with the accounting principles and reporting guidelines established by the Governmental Accounting Standards Board (GASB). Entity status for financial reporting purposes is governed by GASB Statement No. 14, as amended. Although the Property Appraiser's office is operationally autonomous, it does not hold sufficient corporate powers of its own to be considered a legally separate entity for financial reporting purposes. Therefore, under GASB guidelines,the Property Appraiser is reported as a part of the primary government of the County. The financial activities of the Property Appraiser, as a constitutional officer, are included in the County Annual Comprehensive Financial Report. Measurement Focus, Basis of Accounting, and Financial Statement Presentation The Property Appraiser's financial statements are prepared for the purpose of complying with Florida Statute 218.39(2) and Chapter 10.550, Rules of the Auditor General,which require the Property Appraiser to only present special purpose fund financial statements. The General Fund is used to account for all revenues and expenditures applicable to the general operations of the Property Appraiser that are not legally required or by accounting principles generally accepted in the United States of America (U.S. GAAP) to be accounted for in another fund. The General Fund is presented as a major governmental fund and uses the current financial resources, measurement focus, and the modified accrual basis of accounting. Revenues are recognized when measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the Property Appraiser considers revenues to be available if they are collected within 30 days of the end of the current fiscal period. Expenditures are generally recorded when a liability is incurred, as under accrual accounting. However, expenditures related to compensated absences, debt service including leases, subscription- based information technology arrangements (SBITAs), pension and other postemployment benefits, and claims and judgments are recorded only when they are due and payable. The extent to which General Fund revenues exceed expenditures is reflected as transfers out and as liabilities due to the Board of County Commissioners (the Board) and other governmental agencies in the same proportion as fees paid by each governmental unit to total fees earned by the Property Appraiser. Cash The Property Appraiser's cash consists of demand deposits. All cash is insured by the Federal Deposit Insurance Corporation or covered by the State of Florida collateral pool, a multiple financial institution pool with the ability to assess its members for collateral shortfalls if a member institution fails. 6 MONROE COUNTY, FLORIDA PROPERTY APPRAISER NOTES TO FINANCIAL STATEMENTS Due from Others This account includes amounts due to the Property Appraiser from the Florida Retirement System for an overpayment that was still uncollected at year-end. Capital Assets Tangible personal property used in the Property Appraiser's operations is recorded as expenditures in the General Fund at the time assets are received and a liability is incurred. Purchased assets are capitalized at historical cost in the government-wide financial statements of the County. In addition, the Board provides office space used by the Property Appraiser at no charge. Compensated Absences The Property Appraiser permits employees to accumulate earned but unused vacation and sick pay benefits. The Property Appraiser is not legally required to and does not accumulate expendable available financial resources to liquidate this obligation. The obligation for compensated absences is accrued in the government-wide financial statements of the County. A summary of activity for the Property Appraiser's compensated absences obligation is as follows: Balance,October 1,2024 $ 263,316 Additions 295,263 Deletions (279,240) Balance,September 30,2025 S 279,339 Fund Balance Presentation In accordance with GASB Statement No. 54, the fund balances of the governmental funds indicate the level of constraints placed upon how resources can be spent and identify the sources of those constraints. This classification includes amounts that can be spent only for specific purposes because of constitutional provisions or enabling legislation or because of constraints that are externally imposed by creditors, grantors, contributors, or the laws or regulations of other governments. This consists of the following five classifications: non-spendable, restricted, committed, assigned, or unassigned. The Property Appraiser first uses restricted resources, and then committed, followed by assigned and unassigned resources. Non-Spendable Fund Balance Includes 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 items. Spendable Fund Balance ■ Restricted—Includes amounts that are constrained for specific purposes which are externally imposed by providers (such as grantors or creditors) or enabling legislation. ■ Committed—Includes amounts that are constrained for specific purposes that are internally imposed by the highest level of decision-making authority, which in this case is the Property Appraiser. 7 MONROE COUNTY, FLORIDA PROPERTY APPRAISER NOTES TO FINANCIAL STATEMENTS ■ Assigned—Includes amounts that are intended to be used for specific purposes that are not restricted or committed. Assignments can be made at the direction of the Property Appraiser. ■ Unassigned— Represents fund balance that has not been assigned to other funds, and that has not been restricted, committed, or assigned to specific purposes within the General Fund. Leases and SBITAs The Property Appraiser is a lessee for non-cancellable equipment leases. They also have SBITAs for certain key software programs needed to perform their operations. At the government-wide level, in the governmental activities opinion unit, the County recognizes a lease liability and an intangible right-to-use lease asset (lease asset) for these items. At the commencement of a lease, the Property Appraiser and the County initially measures the lease liability at the present value of payments expected to be made during the lease term. Subsequently, the lease asset is amortized on a straight-line basis over its useful life. At the fund level,the Property Appraiser recognizes an expenditure and other financing source in the period the lease is initially recognized. Annually, lease payments are recorded as principal and interest payments when made. Key estimates and judgments related to leases include how the Property Appraiser and County determines: (1) the discount rate it uses to discount the expected lease payment to present value, (2) lease term, and (3) lease payments. ■ The Property Appraiser and County use the interest rate charged by the lessor as the discount rate. When the interest rate charged by the lessor is not provided, the Property Appraiser and County generally use its estimated incremental borrowing rate as the discount rate for the leases. ■ The lease term includes the non-cancellable period of the lease. Lease payments include the measurement of the lease liability and are composed of the fixed payments and purchase option price that the Property Appraiser and County is reasonably certain to exercise. New GASB Pronouncements Effective October 1, 2024, the Property Appraiser adopted the provisions of GASB Statement No. 102, Certain Risk Disclosures. 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. The adoption of this statement did not affect the financial statements of the Property Appraiser. The following are new accounting pronouncements that have been issued but are not yet effective: ■ GASB Statement No. 103,Financial Reporting Model Improvements The objective of this statement is to improve key components of the financial reporting model to enhance its effectiveness in providing information that is essential for decision making and assessing a government's accountability. This statement also addresses certain application issues. The requirements of this statement are effective for fiscal years beginning after June 15, 2025, and all reporting periods thereafter. Earlier application is permitted. 8 MONROE COUNTY, FLORIDA PROPERTY APPRAISER NOTES TO FINANCIAL STATEMENTS ■ 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 the financial statements. 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 certain capital assets held for sale. A capital asset is 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 likelihood of the capital asset being sold within the established timeframe. The requirements of this statement are effective for the fiscal years beginning after June 15, 2025. Management is in the process of determining what impact, if any, implementation of the above statements may have on the financial statements of the Property Appraiser. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenditures during the reporting period. Actual results could differ from estimates. Subsequent Events The Property Appraiser has evaluated subsequent events through February 13, 2026, in connection with the preparation of these financial statements, which is the date the financial statements were available to be issued. Note 2-Deposits and Investments The Property Appraiser follows Florida Statutes for its investment policy,which authorizes investments in certificates of deposit, savings accounts, repurchase agreements, the Local Government Surplus Funds Trust Fund administered by the Florida State Board of Administration, and obligations of the U.S. government and governmental agencies unconditionally guaranteed by the U.S. government. All public deposits are held in qualified public depositories pursuant to Florida Statutes, Chapter 280. At September 30, 2025, cash included demand deposits with a carrying amount of$1,818,665 and a bank balance of$1,851,195. Note 3-Retirement Plans The Property Appraiser participates in the Florida Retirement System for pension benefits. A detailed plan description and any liability for employees of the Property Appraiser are included in the financial statements of the County. Note 4-Postemployment Benefits Other Than Pensions The Property Appraiser participates in the plan established by the Board to provide other postemployment benefits to retirees of the Board of Constitutional Officers. A detailed plan description and any liability for employees of the Property Appraiser are included in the financial statements of the County. 9 MONROE COUNTY, FLORIDA PROPERTY APPRAISER NOTES TO FINANCIAL STATEMENTS Note 5 -Risk Management The Property Appraiser is exposed to various risks of loss related to tort; theft of, damage to, and destruction of assets; errors and omissions; injuries to employees; and natural disasters. The Property Appraiser participates in the coverage provided by the Board for Workers' Compensation, Group Insurance, and Risk Management internal service funds. Under these programs, Workers' Compensation provides$500,000 coverage per claim for regular employees. Workers' Compensation claims in excess of the self-insured coverage are covered by an excess insurance policy. Risk Management has a $5,000,000 excess insurance policy for general liability claims with a $200,000 self-insured retention and building property damage is covered for the actual value of the buildings with a deductible of$50,000. Deductibles for windstorm and flood vary by location. The County purchases commercial insurance for claims in excess of coverage provided by the funds and for all other risks of loss. Settled claims have not exceeded this commercial coverage in any of the past three years. The Property Appraiser makes payments to the Workers' Compensation, Group Insurance, and Risk Management Funds based on estimates of the amounts needed to pay prior and current year claims. Note 6-Lease and SBITA Commitments The Property Appraiser leases various office equipment under arrangements that qualify as other than short-term leases under GASB Statement No. 87; however, they fall below the $100,000 threshold implemented by the County. They also have three SBITAs for software used in their operations that have been recognized in accordance with GASB Statement No. 96. The lease liability noted below is reported in the County's government-wide governmental activities opinion unit and is not reported on the Property Appraiser's fund level financial statements. The future minimum lease obligations and the net present value of these minimum lease payments as of September 30, 2025,were as follows: Beg. Balance End. Balance 10/1/2024 Additions Deductions 9/30/25 SBITA Liability S 631,381 S - S (311,674) S 319,707 For Fiscal Year Ending September 30 Principal Interest Total 2026 $ 319,707 $ 11,996 $ 331,703 Total S 319,707 S 11,996 S 331,703 Note 7-Litigation The Property Appraiser is a party,from time to time, in various lawsuits and other claims incidental to the ordinary course of its operation,some of which are covered by the Board's self-insurance program. While the results of litigation cannot be predicted with certainty, management believes the final outcome of such litigation will not have a material adverse effect on the Property Appraiser's financial position. 10 REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED) MONROE COUNTY, FLORIDA PROPERTY APPRAISER SCHEDULE OF REVENUES AND EXPENDITURES- BUDGET TO ACTUAL GENERAL FUND FISCAL YEAR ENDED SEPTEMBER 30,2025 General Fund Variance Original Final With Budget Budget Actual Final Budget Revenues Intergovernmental: Board of County Commissioners $ 5,938,623 $ 5,924,724 $ 5,924,724 $ - Charges for Services: Other Governmental Units 580,331 601,643 601,643 - Investment Income - - 13,407 13,407 Miscellaneous - - 43 43 Total Revenues 6,518,954 6,526,367 6,539,817 13,450 Expenditures Current: Personal Services 4,016,990 4,208,205 3,463,314 744,891 Operating Expenditures 1,829,202 1,829,202 806,468 1,022,734 Debt Service: Principal - - 311,674 (311,674) Interest and Other Charges - - 23,977 (23,977) Capital Outlay 672,762 488,960 343,387 145,573 Total Expenditures 6,518,954 6,526,367 4,948,820 1,577,547 Excess of Revenues Over Expenditures - - 1,590,997 1,590,997 Other Financing(Uses) Transfers to Board of County Commissioners - - (1,444,328) 1,444,328 Transfers to Other Governmental Units - - (146,669) (146,669) Total Other Financing Uses - - (1,590,997) (1,590,997) Net Change in Fund Balance - - - - Fund Balance,Beginning of Year - - - - Fund Balance,End of Year $ - $ - $ - $ - Note to Required Supplementary Information Budgetary Requirements - General Fund expenditures are controlled by appropriations in accordance with the budget requirements set forth in the Florida Statutes. The budget is prepared on the basis consistent with accounting principles generally accepted in the United States of America. For financial reporting purposes, the return of excess fees are reported as transfers to other government units for budget purposes since they are not a budgeted item. 11 OTHER REPORTS P U RV I s G iuuuu AY INDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS To the Honorable Scott Russell Property Appraiser of 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, the financial statements of the major fund of the Monroe County, Florida Property Appraiser (the Property Appraiser) as of and for the year ended September 30, 2025, and the related notes to the financial statements, which collectively comprise the Property Appraiser's financial statements, and have issued our report thereon dated February 13, 2026. Our report included an emphasis of matter paragraph to reflect that these financial statements were prepared to comply with Section 218.39, Florida Statutes, and Chapter 10.557(3), Rules of the Auditor General, and are intended to present the financial position and the changes in financial position of the Property Appraiser and do not represent a complete presentation of the financial statements of Monroe County, Florida. Report on Internal Control Over Financial Reporting In planning and performing our audit of the financial statements, we considered the Property Appraiser's internal control over financial reporting (internal control) as a basis for designing audit procedures that are appropriate in the circumstances for the purpose of expressing our opinion on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the Property Appraiser's internal control. Accordingly, we do not express an opinion on the effectiveness of the Property Appraiser'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. Amaterial weakness is a deficiency,or a combination of deficiencies, in internal control such that there is a reasonable possibility that a material misstatement of the entity's financial statements will not be prevented, or detected and corrected, on a timely basis. A significant deficiency is a deficiency,or a combination of deficiencies, in internal control that is less severe than a material weakness,yet important enough to merit attention by those charged with governance. Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses or significant deficiencies may exist that were not identified. CERTIFIED PUBLIC ACCOUNTANTS puirvisgray.corn Iwo.oral'um,of'Au7mua.vuur rcmtil F&nida Inst lu ik,"'(111 Cvufflied l"Gsfxlu�:,r 12 To the Honorable Scott Russell Property Appraiser of Monroe County, Florida INDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS Report on Compliance and Other Matters As part of obtaining reasonable assurance about whether the Property Appraiser's financial statements are free from material misstatement,we performed tests of its compliance with certain provisions of laws, regulations,contracts and grant agreements, non-compliance 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 non-compliance or other matters that are required to be reported under Government Auditing Standards. 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 Property Appraiser'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 Property Appraiser's internal control and compliance. Accordingly, this communication is not suitable for any other purpose. i-owrvis February 13, 2026 Sarasota, Florida 13 U R V I s G 111 AY INDEPENDENT ACCOUNTANT'S REPORT ON COMPLIANCE WITH FLORIDA STATUTE SECTION 218.415—INVESTMENTS OF PUBLIC FUNDS To the Honorable Scott Russell Property Appraiser of Monroe County, Florida We have examined the Monroe County, Florida Property Appraiser's(the Property Appraiser)compliance with Section 218.415, Florida Statutes, during the fiscal year ended September 30, 2025. Management of the Property Appraiser is responsible for the Property Appraiser's compliance with those requirements. Our responsibility is to express an opinion on the Property Appraiser's compliance with the specified requirements based on ourexamination. Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. Those standards require that we plan and perform the examination to obtain reasonable assurance about whether the Property Appraiser complied, in all material respects, with the requirements referenced above. An examination involves performing procedures to obtain evidence about whether the Property Appraiser 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 non-compliance,whether dueto fraud orerror. We believe that the evidence obtained is sufficient and appropriate to provide a reasonable basis for ouropinion. 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 of the Property Appraiser's compliance with the specified requirements. In our opinion, the Property Appraiser complied, in all material respects, with the aforementioned requirements of Section 218.415, Florida Statutes, during the year ended September 30, 2025. This report is intended solely for the information and use of the Legislative Auditing Committee, members of the Florida Senate and Florida House of Representatives,the Florida Auditor General,federal and other granting agencies, Monroe County, Florida, the Property Appraiser, and applicable management, and is not intended to be, and should not be, used by anyone other than these specified parties. Purvis February 13, 2026 Sarasota, Florida CERTIFIED PUBLIC ACCOUNTANTS puirvisgray.corn Iwo.oral'um,of'Au7mua.vuur rcmtil F&nida Inst lu ik,"'(111 Cvufflied l"Gsfxlu�:,r 14 mp umui U RV is G AY MANAGEMENT LETTER To the Honorable Scott Russell Property Appraiser of Monroe County, Florida Report on the Financial Statements We have audited the financial statements of the major fund of the Monroe County, Florida Property Appraiser(the Property Appraiser)as of and for the fiscal year ended September 30,2025,and have issued our report thereon dated February 13, 2026. Auditor's Responsibility We conducted our audit in accordance with auditing standards generally accepted in the United States of America;the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and Chapter 10.550, Rules of the Auditor General. Other Reporting Requirements We have issued our Independent Auditor's Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards and our Independent Accountant's Report on an examination conducted in accordance with American Institute of Certified Public Accountants Professional Standards, AT-C Section 315, regarding compliance requirements in accordance with Chapter 10.550, Rules of the Auditor General. Disclosures in those reports, which are dated February 13, 2026, should be considered in conjunction with this management letter. Prior Audit Findings Section 10.554(1)(i)1., 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 or 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 Property Appraiser was established by the Constitution of the State of Florida, Article Vill, Section 1(d). The Property Appraiser does not have any component units. Financial Management Section 10.554(1)(i)2., Rules of the Auditor General, requires that we communicate any recommendations to improve financial management. In connection with our audit, we did not have any such recommendations. CERTIFIECD PUBLIC ACCOUNTANTS 6'aiz°csvffle � Oca ar �� 'i°aflahaassee �� Sarasol.a � Oria.un' to I I;'sampa purrvisgray.com Vunuul��u°u aa�Aromzruaw) Floridafins'kflu lkr,°,of, I ubtiic AartQuamaoor s 15 To the Honorable Scott Russell Property Appraiser of Monroe County, Florida MANAGEMENT LETTER Additional Matters Section 10.554(1)(i)3., Rules of the Auditor General, requires us to communicate non-compliance with provisions of contracts or grant agreements, or fraud, waste, or abuse, that has occurred, or is likely to have occurred, that has an effect on the financial statements that is less than material but warrants the attention of those charged with governance. In connection with our audit, we did not note any such findings. Purpose of this Letter Our management letter is intended solely for the information and use of the Legislative Auditing Committee, members of the Florida Senate and Florida House of Representatives, the Florida Auditor General, federal and other granting agencies, Monroe County, Florida, the Property Appraiser, and applicable management, and is not intended to be, and should not be, used by anyone other than these specified parties. i-owrvis' uray February 13, 2026 Sarasota, Florida 16 P U RV I s G ��R AY C'E I f 11 F I E!:) PU 1:3 111 C A('CC U IN r/k I Ocahl I "I"Anhassee � Sarasom I Orhodo purvisgray-com