HomeMy WebLinkAboutFiscal Year 2025 2-A 2A
Board of County Commissioners
Monroe County, Florida
i i tatements and
Independent Auditor's Report
September 30, 2025
PURVIs GiZAY
C E:R ]NI F�II E"II') F!'�u II3 L IVC A C C 0 U IlRwll 'fl,Pq � S
MONROE COUNTY, FLORIDA
BOARD C]FCOUNTY CQK8K8|88|C]NERS
FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED 8EPTEK8BER 30\2026
TABLE C]FCONTENTS
FINANCIAL STATEMENTS
IndependentAuditor's Report................................................................................................................ 1-4
Fund Financial Statements:
Balance Sheet Governmental Funds...................................................................................................5'6
Statement of Revenues, Expenditures, and Changes in Fund Balances
GovernmentalFunds......................................................................................................................... 7'8
Statement of Revenues, Expenditures, and Changes in Fund Balances
Budget and Actual Major Governmental Funds:
GeneralFund................................................................................................................................ 9'11
Fineand Forfeiture Fund............................................................................................................ 1Z'3Z
Governmental Grants Fund........................................................................................................ 14'15
Tourist Development, Administration, and Promotional Two Cent Fund........................................16
Statement of Net Position Proprietary Funds................................................................................. 17'ZU
Statement of Revenues, Expenses and Changes in Net Position Proprietary Funds...................... Z1'ZZ
Statement of Cash Flows Proprietary Funds................................................................................... Z3'Z6
Notes to Financial Statements.......................................................................................................... Z7'8U
Required Supplementary information (Unmudited):
Schedule of the Board's Proportionate Share of Net Pension Liability
Florida Retirement System ............................................................................................................81'8Z
Schedule of the Board's Contributions Florida Retirement System ...............................................83'84
Schedule of the Board's Proportionate Share of Net Pension Liability
Health Insurance Subsidy Program................................................................................................85'86
Schedule of the Board's Contributions Health Insurance Subsidy Program.....................................87'88
Pension Plan for Volunteer Firefighters and Emergency Medical Services
Schedule of Changes in the Board's Net Pension Liability and Related Ratios..............................89-90
Schedule of Employer Contributions.............................................................................................91'9Z
Post Employment Benefits Other Than Pension Schedule of Changes in the Board's
Total OPEB Liability and Related Ratios.........................................................................................93'94
COMBINING AND INDIVIDUAL FUND STATEMENTS AND SCHEDULES
Schedules of Revenues, Expenditures, and Changes in Fund Balances
Budget and Actual:
One Cent Infrastructure Surtax Capital Project Fund.......................................................................95
AllDebt Service Funds................................................................................................................96'97
Combining Balance Sheet Non-Major Governmental Funds........................................................98'1U4
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances
MONROE COUNTY, FLORIDA
BOARD C]FCOUNTY CQK8K8|88|C]NERS
FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED 8EPTEK8BER 30\2026
TABLE C]FCONTENTS
COMBINING AND INDIVIDUAL FUND STATEMENTS AND SCHEDULES
Schedules of Revenues, Expenditures, and Changes in Fund Balances
Budget and Actual:
Special Revenue Funds:
Affordable Housing Programs.....................................................................................................11Z
Roadsand Bridges Fund..............................................................................................................113
Middle Keys Health Care Municipal Service Taxing Unit.............................................................114
Tourist Development, All Districts,Two Cent..............................................................................115
Tourist Development, District One..............................................................................................116
Tourist Development, District Two..............................................................................................117
Tourist Development, District Three...........................................................................................118
Tourist Development, District Four.............................................................................................119
Tourist Development, District Five..............................................................................................1ZU
ImpactFees Roadways..............................................................................................................1Z1
Impact Fees Parks and Recreation............................................................................................1ZZ
ImpactFees Solid Waste...........................................................................................................1Z3
ImpactFees Fire and EMS.........................................................................................................1Z4
Fire and Ambulance, District#1 Lower and Middle Keys.........................................................1Z5
Unincorporated Area Service District Parks and Recreation.....................................................1Z6
Unincorporated Area Service District Planning, Building&Zoning.................................. 1Z7'1Z8
MunicipalPolicing.......................................................................................................................1Z9
911 Enhancement Fees...............................................................................................................13U
Duck Key Security District...........................................................................................................131
Local Housing Assistance............................................................................................................13Z
Affordable Housing Initiatives.....................................................................................................133
BoatingImprovement.................................................................................................................134
Miscellaneous Special Revenue.......................................................................................... 135'136
Environmental Restoration .........................................................................................................137
Law Enforcement Trust...............................................................................................................138
CourtFacility Fees.......................................................................................................................139
DrugAbuse Trust.........................................................................................................................14U
Canal Special Assessments..........................................................................................................141
BuildingFund ..............................................................................................................................14Z
Land Acquisition Fund Capital Projects Fund..............................................................................143
Tourist Development Tax Affordable Housing Fund....................................................................144
Revenue Bonds Series ZUZ5 Fund...............................................................................................145
Combining Statement of Net Position Internal Service Funds ...........................................................146
Combining Statement of Revenues, Expenses, and Changes in Net Position-internal Service Funds'147
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2025
TABLE OF CONTENTS
COMPONENT UNIT
Comprehensive Plan Land Authority-Statement of Net Position .......................................................150
Comprehensive Plan Land Authority-Statement of Activities ............................................................151
OTHER REPORTS
Independent Auditors Report on Internal Control Over Financial Reporting
and on Compliance and Other Matters Based on an Audit of the Schedule
of Passenger Facility Charges Receipts and Disbursement Performed in
Accordance with Government Auditing Standards................................................................. 152-153
Independent Accountant's Report on Compliance with
Section 218.415, Florida Statutes.....................................................................................................154
Management Letter in Accordance with The Rules of the Auditor General
ofthe State of Florida............................................................................................................... 155-156
ManagementResponse.......................................................................................................................157
P U RV I s G iuuuu
AY
INDEPENDENT AUDITOR'S REPORT
Honorable Mayor and Board of County Commissioners
Monroe County, Florida
Report on the Audit of the Financial Statements
Opinions
We have audited the financial statements of each major fund and the aggregate remaining fund
information of the Board of County Commissioners(the Board)of Monroe County, Florida (the County) as
of and for the year ended September 30, 2025, and the related notes to the financial statements as listed
in the table of contents.
In our opinion, the accompanying financial statements referred to above present fairly, in all material
respects, the respective financial position of each major fund and the aggregate remaining fund
information of the Board as of September 30, 2025, and the respective changes in financial position and,
where applicable, cash flows thereof 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 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 Board and to meet our other ethical responsibilities, in
accordance with the relevant ethical requirements relating to our audit. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.
Emphasis of Matter
As discussed in Note 1 to the financial statements, the financial statements referred to above were
prepared solely for the purpose of complying with the Rules of the Audit General(the Rules) of the State
of Florida. In conformity with the Rules, the accompanying financial statements are intended to present
the financial position and changes in financial position of each major fund and the aggregate remaining
fund information, only for that portion of Monroe County, Florida that is attributable to the Board. 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 fiscal year then ended in conformity
with accounting principles generally accepted in the United States of America. Our opinion is not modified
with respect to this matter.
CERTIFIED PUBLIC ACCOUNTANTS
puirvisgray.Corn
Iwo.oral'um,uf'Au7mua.vuur rcmtil F&nida Inst lu ik,"'(111 Cvufflied l"Gsfxlu�:,r
1
Honorable Mayor and Board of County Commissioners
Monroe County, Florida
INDEPENDENT AUDITOR'S REPORT
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in
accordance with accounting principles generally accepted in the United States of America, and for the
design, implementation and maintenance of internal control relevant to the preparation and fair
presentation of financial statements that are free from material misstatement, whether due to fraud or
error.
In preparing the financial statements, management is required to evaluate whether there are conditions
or events, considered in the aggregate, that raise substantial doubt about the Board'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 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 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 the judgment 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 Board's internal control. Accordingly, no such opinion is expressed.
■ Evaluate the appropriateness of accounting policies used and the reasonableness of significant
accounting estimates made by management, as well as evaluate the overall presentation of the
financial statements.
■ Conclude whether, in our judgment,there are conditions or events, considered in the aggregate,that
raise substantial doubt about the Board's ability to continue as a going concern for a reasonable period
of time.
2
Honorable Mayor and Board of County Commissioners
Monroe County, Florida
INDEPENDENT AUDITOR'S REPORT
We are required to communicate with those charged with governance regarding, among other matters,
the planned scope and timing of the audit, significant audit findings, and certain internal control-related
matters that we identified during the audit.
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that that the pension and
other postemployment benefit plans related information, as listed in the table of contents, 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 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 responses to 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 opinions on the
financial statements are not affected by this missing information.
Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise the Board's financial statements. The combining and individual fund statements and schedules
are presented for purposes of additional analysis and are not a required part of the 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 financial statements. The information has
been subjected to the auditing procedures applied in the audit of the financial statements and certain
additional procedures, including comparing and reconciling such information directly to the underlying
accounting and other records used to prepare the financial statements or to the financial statements
themselves, and other additional procedures in accordance with auditing standards generally accepted in
the United States of America. In our opinion,the combining and individual fund statements and schedules
are fairly stated, in all material respects, in relation to the financial statements as a whole.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards,we have also issued our report dated March 25,2026,
on our consideration of the Board's internal control over financial reporting and on our tests of its
compliance with certain provisions of laws, regulations, contracts and grant agreements, and other
matters. The purpose of that report is solely to describe the scope of our testing of internal control over
3
Honorable Mayor and Board of County Commissioners
Monroe County, Florida
INDEPENDENT AUDITOR'S REPORT
financial reporting and compliance and the results of that testing, and not to provide an opinion on the
effectiveness of the Board's internal control over financial reporting or on compliance. That report is an
integral part of an audit performed in accordance with Government Auditing Standards in considering the
Board's internal control over financial reporting and compliance.
Purvis,
March 25, 2026
Sarasota, Florida
4
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
BALANCE SHEET
GOVERNMENTAL FUNDS
SEPTEMBER 30,2025
Fine& Governmental
General Forfeiture Grants
Assets
Cash and Cash Equivalents $ 10,327,967 $ 4,684,891 $ 3,644,411
Cash with Fiscal Agent - -
Investments 24,982,666 19,210,279 -
Accounts Receivable,Net 60,266 7,634,777 161,440
Assessments Receivable - -
Due from Other Funds 20,086,797 667
Due from Other Governmental Units 731,613 98,649 20,661,166
Due from Constitutional Officers 11,938,643 4,612,892 -
Mortgages/Notes Receivable - - 68,912
Allowance for Mortgages/Notes Receivable (68,912)
Lease Receivable 3,263,711 -
Interest Receivable 163,490 110,167 -
Total Assets $ 71,634,962 $ 36,261,666 $ 24,367,674
Liabilities,Deferred Inflows of Resources,and Fund Balances
Liabilities:
Accounts Payable $ 1,726,862 $ 632,197 $ 3,099,120
Retainage Payable - 692,038
Accrued Wages and Benefits Payable 1,268,927 268,686 79,320
Due to Other Funds 1,761 8,614 10,004,049
Due to Other Governmental Units 1,467,438 - -
Due to Constitutional Officers 219,012 24,737
Deposits in Escrow 136,467 -
Total Liabilities 4,819,467 824,134 13,774,627
Deferred Inflows of Resources:
Leases 3,101,260 -
Unavailable Revenues 43,763 18,717,862
Total Deferred Inflows of Resources 3,146,023 18,717,862
Fund Balances/(Deficits):
Restricted - 36,427,421
Committed 10,000,000
Assigned 2,792,121
Unassigned 60,778,361 (8,124,706)
Total Fund Balances(Deficits) 63,670,472 36,427,421 (8,124,706)
Total Liabilities,Deferred Inflows of
Resources,and Fund Balances(Deficits) $ 71,634,962 $ 36,261,666 $ 24,367,674
The notes to the financial statements are an integral part of these statements.
5
Tourist
Development One Cent Debt Non-Major Total
Admin&Promo Infrastructure Service Governmental Governmental
Two Cent Surtax Fund Funds Funds
$ 6,136,888 $ 14,233,644 $ 1,346,372 $ 72,293,460 $ 111,666,623
14,620,860 14,620,860
41,881,636 30,668,679 3,366,068 134,693,423 264,691,660
3,681 - 870,441 8,630,606
16,647,962 - 16,647,962
S17 S26 20,088,497
- 2,708,048 1,688,126 26,787,402
2,042,672 4,963 6,186,636 23,784,796
- 12,688,921 12,667,833
(12,688,921) (12,667,833)
- - 3,263,711
240,111 176,822 19,298 773,016 1,471,903
$ 49,303,788 $ 79,060,386 $ 4,729,738 $ 216,304,617 $ 480,642,709
$ 6,007,064 $ 1,166,209 $ - $ 9,071,870 $ 20,692,322
666,897 3,468 1,262,393
89,489 1,881,966 3,678,378
4,266 37,103 10,066,682
666,169 2,022,697
114,266 368,016
- 242,218 378,686
6,007,064 1,916,860 11,906,030 38,248,072
- - 3,101,260
16,278,816 36,040,430
- 16,278,816 - - 38,141,690
44,296,724 60,864,710 4,729,738 184,966,118 330,274,711
- - 10,317,282 20,317,282
8,116,187 10,907,308
- - 42,663,646
44,296,724 60,864,710 4,729,738 203,398,687 404,162,947
$ 49,303,788 $ 79,060,386 $ 4,729,738 $ 216,304,617 $ 480,642,709
The notes to the financial statements are an integral part of these statements.
6
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2025
Fine& Governmental
General Forfeiture Grants
Revenues
Taxes $ 49,633,179 $ 76,755,900 $
Licenses and Permits -
Intergovernmental 17,675,762 107,115 4,423,684
Charges for Services 656,713 7,944,309 282,086
Fines and Forfeitures - 125,161 -
Investment Income 2,209,241 4,987,930 108,476
Miscellaneous 692,430 2,480,160 1,766,638
Total Revenues 70,867,325 92,400,575 6,580,884
Expenditures
Current:
General Government 51,233,694 1,902,679 1,358,600
Public Safety 2,668,788 85,061,123 4,149,249
Physical Environment 1,072,310 16,326,487
Transportation 411,481 4,127,616
Economic Environment 1,234,913 1,662
Human Services 10,337,807 755,099
Culture and Recreation 6,048,577 - 1,403,522
Court-Related 6,340,137 3,223,137
Capital Outlay - -
Debt Service:
Principal 489,801 24,408
Interest 32,801 1,518
Total Expenditures 79,870,309 90,212,865 28,122,235
Excess(Deficiency)of Revenues Over
(Under)Expenditures (9,002,984) 2,187,710 (21,541,351)
Other Financing Sources(Uses)
Transfers from Other Funds 14,778,412 - 12,579,951
Transfers to Other Funds (183,313)
Issuance of Debt -
SBITA Financing 116,433 15,940
Lease Financing -
Transfers from Constitutional Officers 9,938,218 4,596,071
Total Other Financing Sources(Uses) 24,649,750 4,612,011 12,579,951
Net Change in Fund Balances 15,646,766 6,799,721 (8,961,400)
Fund Balances(Deficits)-October 1 47,923,706 28,627,700 836,695
Fund Balances(Deficits)-September 30 $ 63,570,472 $ 35,427,421 $ (8,124,705)
The notes to the financial statements are an integral part of these statements.
7
Tourist
Development One Cent Debt Non-Major Total
Admin&Promo Infrastructure Service Governmental Governmental
Two Cent Surtax Fund Funds Funds
$ 20,617,062 $ 33,093,472 $ $ 74,490,690 $ 264,490,203
2,694,007 7,061,624 9,746,631
- 11,282,790 33,489,361
13,902,924 22,786,032
3,137,007 3,262,168
1,SO4,822 1,483,486 626,640 7,377,236 18,296,829
1,122 176,728 6,009,787 11,126,866
22,023,006 37,446,692 626,640 123,261,967 363,196,079
- 140,906 6,966,080 60,690,968
6,023 46,208,139 137,092,322
67,162 4,164,632 21,610,481
2,701,066 7,679,966 14,820,128
16,966,260 - 39,819,143 67,021,978
3,473,913 14,666,819
4,360,272 11,812,371
- 672,707 10,236,981
37,736,690 - 8,306,749 46,042,439
61,031 18,183,666 146,606 18,894,612
19,796 6,144,176 6,237 6,204,628
16,966,260 40,711,663 23,327,842 119,681,343 397,892,617
6,066,746 (3,264,971) (22,702,202) 3,670,614 (44,696,438)
7,172,677 22,412,797 36,839,290 92,783,027
(114,278) (24,824,401) - (49,983,698) (76,106,690)
2,863,746 60,263,072 63,116,818
- 86,632 218,906
- 244,963 244,963
212,766 4,726 916,046 1,439,918 17,106,734
98,477 (14,783,362) 23,327,843 37,880,077 88,364,767
6,166,223 (18,048,323) 626,641 41,460,691 43,668,319
38,141,601 78,903,033 4,104,097 161,947,896 360,484,628
$ 44,296,724 $ 60,864,710 $ 4,729,738 $ 203,398,687 $ 404,162,947
The notes to the financial statements are an integral part of these statements.
8
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES-BUDGET AND ACTUAL
GENERAL FUND
FOR THE YEAR ENDED SEPTEMBER 30,2025
Original Final Variance with
Budget Budget Actual Final Budget
Revenues
Taxes $ 51,010,935 $ 51,010,935 $ 49,633,179 $ (1,377,756)
Intergovernmental 17,185,000 17,185,000 17,675,762 490,762
Charges for Services 775,000 775,000 656,713 (118,287)
Fines and Forfeitures 5,000 5,000 - (5,000)
Investment Income 316,000 316,000 2,209,241 1,893,241
Miscellaneous 477,000 477,000 692,430 215,430
Total Revenues 69,768,935 69,768,935 70,867,325 1,098,390
Expenditures
Current:
General Government:
Board of County Commissioners $ 2,366,832 $ 2,371,832 $ 2,290,613 $ 81,219
County Administrator 1,118,539 1,311,089 1,272,904 38,185
County Attorney 2,459,695 2,519,695 2,223,697 295,998
Legislative Affairs 695,938 695,938 691,364 4,574
County Administration 7,029,077 6,843,572 6,293,437 550,135
Public Works&Facilities Maintenance 13,330,097 13,330,097 12,972,701 357,396
Tax Collector 9,575,020 9,575,020 9,433,032 141,988
Clerk of Court&Comptroller 6,943,700 6,943,700 6,943,700 -
Property Appraiser 6,201,186 6,201,186 6,166,583 34,603
Supervisor of Elections 2,922,589 2,947,589 2,945,663 1,926
Total General Government 52,642,673 52,739,718 51,233,694 1,506,024
Public Safety:
Emergency Management 1,651,513 1,438,030 1,152,733 285,297
Medical Examiner 936,717 936,717 791,048 145,669
Fire Academy 810,016 810,016 725,007 85,009
Total Public Safety 3,398,246 3,184,763 2,668,788 515,975
Physical Environment:
Extension Service 316,330 316,330 284,131 32,199
Sustainability 1,086,543 1,086,543 788,179 298,364
Total Physical Environment 1,402,873 1,402,873 1,072,310 330,563
Transportation:
County Engineer 246,507 246,507 79,192 167,315
Mass Transit 771,076 386,175 332,289 53,886
Total Transportation 1,017,583 632,682 411,481 221,201
The notes to the financial statements are an integral part of these statements.
9
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES-BUDGET AND ACTUAL(CONTINUED)
GENERAL FUND
FOR THE YEAR ENDED SEPTEMBER 30,2025
Original Final Variance with
Budget Budget Actual Final Budget
Economic Environment:
Employee Housing $ 10,000 $ 323,484 $ 163,336 $ 160,148
Veterans Affairs 853,915 853,915 846,066 7,849
Veterans Affairs Transportation 233,837 233,837 225,511 8,326
Total Economic Environment 1,097,752 1,411,236 1,234,913 176,323
Human Services:
Welfare Administration 994,098 994,098 1,843,354 (849,256)
Welfare Services 1,101,884 1,228,421 1,180,615 47,806
Key West Housing Authority Agreement 641,195 641,195 638,827 2,368
Social Service Transportation 1,464,904 1,464,904 1,243,544 221,360
Animal Shelters 2,028,653 2,028,652 1,943,396 85,256
Human Services Organizations 3,659,893 3,659,893 3,488,071 171,822
Total Human Services 9,890,627 10,017,163 10,337,807 (320,644)
Culture and Recreation:
Fine Arts Council 87,800 87,800 87,800 -
American Association of Retired Persons 16,000 16,000 4,875 11,125
Higgs Beach Maintenance 175,824 175,824 130,652 45,172
Monroe County Public Libraries 6,427,810 6,427,810 5,825,250 602,560
Total Culture and Recreation 6,707,434 6,707,434 6,048,577 658,857
Court-Related:
Law Library 104,992 104,992 95,382 9,610
Guardian Ad Litem 328,901 328,900 270,651 58,249
Clerk of the Court 3,102,315 3,102,323 3,102,316 7
State Attorney 830,117 830,117 563,030 267,087
Public Defender 510,051 510,051 311,454 198,597
Court Administration 2,450,496 2,450,496 1,997,304 453,192
Total Court-Related 7,326,872 7,326,879 6,340,137 986,742
Debt Service:
Principal - - 489,801 (489,801)
Interest 32,801 (32,801)
Total Debt Service - - 522,602 (522,602)
Total Expenditures 83,484,060 83,422,748 79,870,309 3,552,439
Excess(Deficiency)of Revenues Over
(Under)Expenditures (13,715,125) (13,653,813) (9,002,984) 4,650,829
The notes to the financial statements are an integral part of these statements.
10
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES-BUDGET AND ACTUAL(CONTINUED)
GENERAL FUND
FOR THE YEAR ENDED SEPTEMBER 30,2025
Original Final Variance with
Budget Budget Actual Final Budget
Other Financing Sources(Uses)
Reserve for Contingencies $ (481,500) $ (116,812) $ $ 116,812
Reserve for Cash Balance (2,827,390) (2,827,390) 2,827,390
SBITA Financing - - 116,433 116,433
Transfers from Other Funds 11,966,034 11,966,034 14,778,412 2,812,378
Transfers to Other Funds (200,000) (626,000) (183,313) 442,687
Transfers from Constitutional Officers 5,250,000 5,250,000 9,938,218 4,688,218
Total Other Financing Sources(Uses) 13,707,144 13,645,832 24,649,750 11,003,918
Net Change in Fund Balances (7,981) (7,981) 15,646,766 15,654,747
Fund Balances-October 1 7,981 7,981 47,923,706 47,915,725
Fund Balances-September 30 $ $ $ 63,570,472 $ 63,570,472
The notes to the financial statements are an integral part of these statements.
11
This page is intentionally left blank.
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES-BUDGET AND ACTUAL
FINE AND FORFEITURE SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30,2025
Original Final Variance with
Budget Budget Actual Final Budget
Revenues
Taxes $ 79,558,598 $ 79,558,598 $ 76,755,900 $ (2,802,698)
Intergovernmental - - 107,115 107,115
Charges for Services 10,390,500 10,390,500 7,944,309 (2,446,191)
Fines and Forfeitures 82,500 82,500 125,161 42,661
Investment Income 105,000 105,000 4,987,930 4,882,930
Miscellaneous 150,000 150,000 2,480,160 2,330,160
Total Revenues 90,286,598 90,286,598 92,400,575 2,113,977
Expenditures
Current:
General Government:
Tax Increment Payment 1,903,000 1,903,000 1,902,679 321
Total General Government 1,903,000 1,903,000 1,902,679 321
Public Safety:
Sheriff Law Enforcement 32,402,605 32,542,605 32,728,419 (185,814)
Sheriff Corrections 33,822,815 33,822,815 33,742,999 79,816
Law Enforcement Education Assistance 75,000 75,000 75,000 -
Correction Facilities 4,491,686 4,692,716 4,416,393 276,323
Medical Air Transport 12,638,113 12,638,113 12,629,782 8,331
Interagency Communications 1,330,925 1,330,925 1,329,924 1,001
Juvenile Detention Cost Share 250,000 250,000 138,606 111,394
Total Public Safety 85,011,144 85,352,174 85,061,123 291,051
Court-Related:
Sheriff Extradition 200,000 200,000 149,603 50,397
Sheriff Court Security 3,077,247 3,077,247 3,073,534 3,713
Total Court Related 3,277,247 3,277,247 3,223,137 54,110
Debt Service:
Principal - - 24,408 (24,408)
Interest 1,518 (1,518)
Total Debt Service - - 25,926 (25,926)
Total Expenditures 90,191,391 90,532,421 90,212,865 319,556
Excess(Deficiency)of Revenues Over(Under)
Expenditures 95,207 (245,823) 2,187,710 2,433,533
The notes to the financial statements are an integral part of these statements.
12
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES-BUDGET AND ACTUAL(CONTINUED)
FINE AND FORFEITURE SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30,2025
Original Final Variance with
Budget Budget Actual Final Budget
Other Financing Sources(Uses)
Reserve for Contingencies $ (440,000) $ (98,970) $ $ 98,970
Reserve for Cash Balance (1,970,429) (1,970,429) 1,970,429
SBITA Financing 15,940 15,940
Transfers to Other Funds (35,000) (35,000) - 35,000
Transfers from Constitutional Officers 1,500,000 1,500,000 4,596,071 3,096,071
Total Other Financing Sources(Uses) (945,429) (604,399) 4,612,011 5,216,410
Net Change in Fund Balances (850,222) (850,222) 6,799,721 7,649,943
Fund Balances-October 1 850,222 850,222 28,627,700 27,777,478
Fund Balances-September 30 $ $ $ 35,427,421 $ 35,427,421
The notes to the financial statements are an integral part of these statements.
13
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES-BUDGET AND ACTUAL
GOVERNMENTAL GRANTS SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30,2025
Original Final Variance with
Budget Budget Actual Final Budget
Revenues
Intergovernmental $ $ 167,101,644 $ 4,423,684 $ (162,677,960)
Charges for Services 184,975 282,086 97,111
Investment Income - 108,476 108,476
Miscellaneous - 1,766,638 1,766,638
Total Revenues 167,286,619 6,580,884 (160,705,735)
Expenditures
Current:
General Government:
America Rescue Plan Act 1,378,079 1,358,600 19,479
Total General Government 1,378,079 1,358,600 19,479
Public Safety:
Hurricane Recovery 14,556,293 1,944,116 12,612,177
American Rescue Plan Act 1,146,410 1,146,410 -
Emergency Management 997,584 561,451 436,133
Fire Rescue 509,547 497,272 12,275
Total Public Safety - 17,209,834 4,149,249 13,060,585
Physical Environment:
Sustainability Programs 414,008 61,120,303 2,832,896 58,287,407
Conservation Resource Management - 444,870 219,743 225,127
Disaster Mitigation 79,323,108 12,267,652 67,055,456
Removal of Vessels - 16,683,215 1,006,196 15,677,019
Total Physical Environment 414,008 157,571,496 16,326,487 141,245,009
Transportation:
Bridge Repair - 660,615 - 660,615
Roadway Projects 5,157,460 3,068,613 2,088,847
Transportation Planning 1,164,731 398,823 765,908
Mass Transit 682,325 660,180 22,145
Total Transportation 7,665,131 4,127,616 3,537,515
Economic Environment:
Community Development Block Grant 3,551,086 1,662 -
Total Economic Environment 3,551,086 1,662 3,549,424
The notes to the financial statements are an integral part of these statements.
14
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES-BUDGET AND ACTUAL(CONTINUED)
GOVERNMENTAL GRANTS SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30,2025
Original Final Variance with
Budget Budget Actual Final Budget
Human Services:
Title III-B Supportive Services $ $ 537,507 $ 367,139 $ 170,368
Title III-C1 Congregate Meals 303,925 86,890 217,035
Title III-C2 Home Delivered Meals 485,696 124,870 360,826
Title III-E Caregiver Support Services 361,597 - 361,597
Low Income Home Energy Program 309,528 77,121 232,407
Alzheimer's Disease Initiative 149,449 84,510 64,939
Weatherization Assistance Program 347,073 - 347,073
Older Americans Act 149,376 - 149,376
Other Social Services Grant Programs 843,475 14,569 828,906
Total Human Services 3,487,626 755,099 2,732,527
Culture and Recreation:
State Aid to Libraries 110,947 102,704 8,243
Rowell's Park 2,910,934 334,833 2,576,101
Other Culture&Recreation Programs 2,407,243 965,985 1,441,258
Total Culture and Recreation - 5,429,124 1,403,522 4,025,602
Total Expenditures 414,008 196,292,376 28,122,235 168,170,141
Excess(Deficiency)of Revenues Over
(Under)Expenditures (414,008) (29,005,757) (21,541,351) 7,464,406
Other Financing Sources(Uses)
Transfers from Other Funds 28,591,749 12,579,951 (16,011,798)
Total Other Financing Sources(Uses) 28,591,749 12,579,951 (16,011,798)
Net Change in Fund Balances (414,008) (414,008) (8,961,400) (8,547,392)
Fund Balances(Deficits)-October 1 414,008 414,008 836,695 422,687
Fund Balances(Deficits)-September 30 $ - $ - $ (8,124,705) $ (8,124,705)
The notes to the financial statements are an integral part of these statements.
15
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES-BUDGET AND ACTUAL
TOURIST DEVELOPMENT,ADMINISTRATION AND PROMOTIONAL,
TWO CENT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30,2025
Original Final Variance with
Budget Budget Actual Final Budget
Revenues
Taxes $ 20,238,000 $ 20,238,000 $ 20,517,062 $ 279,062
Investment Income - - 1,504,822 1,504,822
Miscellaneous - - 1,122 1,122
Total Revenues 20,238,000 20,238,000 22,023,006 1,785,006
Expenditures
Current:
Economic Environment:
Administrative Services 1,779,273 1,779,273 1,608,827 170,446
Advertising and Promotion 13,650,772 12,814,959 11,174,703 1,640,256
Sales 1,281,997 1,281,997 1,000,735 281,262
Sales Staff Costs 1,500,000 1,700,000 905,717 794,283
European Sales Agency 521,200 521,200 508,922 12,278
Website 200,000 835,813 683,072 152,741
Finance 33,725 33,725 33,725 -
Payrollltems 142,005 142,005 50,559 91,446
Catastrophic Emergency 6,825,000 6,825,000 - 6,825,000
Total Economic Environment 25,933,972 25,933,972 15,966,260 9,967,712
Total Expenditures 25,933,972 25,933,972 15,966,260 9,967,712
Excess(Deficiency)of Revenues Over
(Under)Expenditures (5,695,972) (5,695,972) 6,056,746 11,752,718
Other Financing Sources(Uses)
Transfers to Other Funds (114,278) (114,278) (114,278) -
Transfers from Constitutional Officers 212,755 212,755
Total Other Financing Sources(Uses) (114,278) (114,278) 98,477 212,755
Net Change in Fund Balances (5,810,250) (5,810,250) 6,155,223 11,965,473
Fund Balances-October 1 5,810,250 5,810,250 38,141,501 32,331,251
Fund Balances-September 30 $ - $ - $ 44,296,724 $ 44,296,724
The notes to the financial statements are an integral part of these statements.
16
This page is intentionally left blank.
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF NET POSITION
PROPRIETARY FUNDS
SEPTEMBER 30,2025
Business-Type Activities Enterprise Funds
Major Funds
Municipal Card Key
Service District Sound West
Waste Bridge Airport
Assets
Current Assets:
Cash and Cash Equivalents $ 4,291,458 $ 1,495,280 $ 12,254,879
Investments 20,598,088 7,478,111 21,029,393
Accounts Receivable, Net 1,816,392 1,900,948 2,646,998
Leases Receivable - - 3,981,424
Due from Other Funds 49 - -
Due from Other Governmental Units 112,752 72,778 49,859
Due from Constitutional Officers S,73S - 305,240
Interest Receivable 118,126 42,886 148,954
Prepaid Item - - -
Total Current Assets 26,942,600 10,990,003 40,416,747
Non-Current Assets:
Restricted Cash and Cash Equivalents - - 21,065,432
Leases Receivable,Non-Current - - 9,033,664
Capital Assets Not Being Depreciated 3,787,964 2,OS3,937 179,918,817
Capital Assets,Net of Accumulated
Depreciation and Amortization 1,680,884 9,564,479 79,700,798
Total Non-Current Assets 5,468,848 11,618,416 289,718,711
Total Assets 32,411,448 22,608,419 330,13S,4S8
Deferred Outflows of Resources
Related to Pensions 247,298 38,345 1,327,325
Related to OPEB 41,000 44,500 228,300
Total Deferred Outflows of Resources 288,298 82,845 1,SSS,62S
Liabilities
Current Liabilities:
Accounts Payable 2,173,660 1,643 5,723,048
Retainage Payable - - 6,591,272
Accrued Wages and Benefits Payable 78,330 4,881 362,870
Claims and Judgments Payable - - -
Due to Other Funds 4,482 1,423 25,066
Due to Other Governmental Units - - 21,020
Due to Constitutional Officers - - -
Accrued Compensated Absences Payable 39,465 1,151 267,208
Unearned Revenues - - 80,249
Leases and Subscriptions Payable - - 4,698
Lease Purchase of Aircraft Rescue&Firefighting Truck - - 80,662
Revenue Bonds Payable - - 605,000
Revenue Notes Payable - - 7,625,000
OPEB Liability 12,000 6,000 41,000
Other Current Liabilities - - 34
Deposits in Escrow 109,152 - -
Total Current Liabilities 2,417,089 15,098 21,427,127
The notes to the financial statements are an integral part of these statements.
17
Governmental
Major Funds Activities
Internal
Marathon Service
Airport Total Funds
$ 1,419,379 $ 19,460,996 $ 7,574,634
10,074,864 59,180,456 35,908,407
253,727 6,618,065 1,037,734
321,894 4,303,318 -
- 49 -
- 235,389 130,382
- 310,975 52,463
53,094 363,060 205,928
- - 4,087
12,122,958 90,472,308 44,913,635
171,327 21,236,759 -
109,456 9,143,120 -
34,972,SS9 220,733,277 2,393,423
51,068,412 142,014,573 956,846
86,321,754 393,127,729 3,350,269
98,444,712 483,600,037 48,263,904
76,193 1,689,161 596,151
29,200 343,000 112,900
105,393 2,032,161 709,051
19,950,920 27,849,271 2,272,182
2,110,952 8,702,224 -
26,636 472,717 174,976
- - 3,141,779
10,001,289 10,032,260 604
7,610 28,630 26
- - 1,569
15,870 323,694 114,935
88,844 169,093 6,049
- 4,698 96,746
- 80,662 -
- 605,000 -
- 7,625,000 -
5,000 64,000 40,900
- 34 890
6,306 115,458 -
32,213,427 56,072,741 5,850,656
The notes to the financial statements are an integral part of these statements.
18
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF NET POSITION(CONTINUED)
PROPRIETARY FUNDS
SEPTEMBER 30,2025
Business-Type Activities Enterprise Funds
Major Funds
Municipal Card Key
Service District Sound West
Waste Bridge Airport
Non-Current Liabilities:
Accrued Compensated Absences Payable $ 157,862 $ 4,605 $ 1,068,831
Arbitrage Rebate Liability - - 196,087
Lease Purchase of Aircraft Rescue&Firefighting Truck - - 1,439,078
Leases and Subscriptions Payable - - -
Revenue Bonds Payable - - 41,854,929
Revenue Notes Payable - - 2,375,000
Total OPEB Liability 277,000 131,000 975,000
Net Pension Liability 1,181,353 621,657 3,995,529
Total Non-Current Liabilities 1,616,215 757,262 51,904,454
Total Liabilities 4,033,304 772,360 73,331,581
Deferred Inflows of Resources
Related to Leases - - 12,476,717
Related to Pensions 199,411 31,292 964,461
Related to OPEB 66,200 23,000 133,900
Total Deferred Inflows of Resources 265,611 54,292 13,575,078
Net Position
Net Investment in Capital Assets 5,468,848 11,618,416 200,705,868
Restricted tor:
Passenger Facility Charges - - 7,338,983
Customer Facility Charges - - 4,883,972
Customs Service Operations - - -
Unrestricted 22,931,983 10,246,196 31,855,601
Total Net Position $ 28,400,831 $ 21,864,612 $ 244,784,424
The notes to the financial statements are an integral part of these statements.
19
Governmental
Major Funds Activities
Internal
Marathon Service
Airport Total Funds
$ 63,480 $ 1,294,778 $ 459,736
- 196,087 -
- 1,439,078 -
- - 156,301
- 41,854,929 -
- 2,375,000 -
124,000 1,507,000 964,100
399,450 6,197,989 1,890,035
586,930 54,864,861 3,470,172
32,800,357 110,937,602 9,320,828
411,017 12,887,734 -
62,109 1,257,273 486,987
28,200 251,300 178,600
501,326 14,396,307 665,587
63,988,777 281,781,909 3,097,222
- 7,338,983 -
- 4,883,972 -
171,327 171,327 -
1,088,318 66,122,098 35,889,318
$ 65,248,422 $ 360,298,289 $ 38,986,540
The notes to the financial statements are an integral part of these statements.
20
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF REVENUES, EXPENSES,AND CHANGES IN NET POSITION
PROPRIETARY FUNDS
FOR THE YEAR ENDED SEPTEMBER 30,2025
Business-Type Activities Enterprise Funds
Major Funds
Municipal Card Key
Service District Sound West
Waste Bridge Airport
Operating Revenues
Franchise Fees $ 996,099 $ - $ -
Charges for Services 31,S46,277 4,793,348 17,644,S12
Miscellaneous - 8,8S6 8,63S
Total Operating Revenues 32,S42,376 4,802,204 17,6S3,147
Operating Expenses
Personnel Services 1,784,339 284,740 6,743,176
Operations 29,699,306 S9S,047 11,744,411
Depreciation and Amortization 22S,920 403,S2S 3,898,272
Asserted and Paid Claims(Adjustments) - - -
Total Operating Expenses 31,709,S6S 1,283,312 22,38S,8S9
Operating Income(Loss) 832,811 3,S18,892 (4,732,712)
Non-Operating Revenues(Expenses)
Operating Grants 241,118 - 26S,434
Investment Income 1,037,898 266,738 2,162,003
Insurance Recoveries - - 241,691
Debt Service Costs - - (2,S31,820)
Gain (Loss)on Disposition of Assets 1,790 - 1S,490
Total Non-Operating Revenues(Expenses) 1,280,806 266,738 1S2,798
Income(Loss)Before Transfers 2,113,617 3,78S,630 (4,S79,914)
Total Capital Contributions and Transfers
Capital Grants and Contributions - 1,488,747 S3,34S,302
Transfers to Other Funds (23S,202) (79,776) (477,280)
Transfers from Constitutional Officers 4,201 - -
Total Capital Contributions and Transfers (231,001) 1,408,971 S2,868,023
Change in Net Position 1,882,616 S,194,601 48,288,109
Net Position-October 1 26,S18,21S 16,670,011 196,496,31E
Net Position-September 30 $ 28,400,831 $ 21,864,612 $ 244,784,424
The notes to the financial statements are an integral part of these statements.
21
Governmental
Major Funds Activities
Internal
Marathon Service
Airport Total Funds
$ - $ 996,099 $ -
1,763,873 ss,748,010 39,761,s06
177,088 194,s79 3,493,142
1,940,961 s6,938,688 43,2s4,648
s6s,431 9,377,686 4,42s,301
1,008,116 43,046,880 12,30s,469
1,110,614 s,638,331 162,916
- - 20,26s,787
2,684,161 s8,062,897 37,1s9,473
(743,200) (1,124,209) 6,09s,17s
10,444,s74 10,9s1,126 -
472,34s 3,938,984 1,464,3s2
- 241,691 s1,7s8
- (2,s31,820) -
(19,9s9) (2,679) 119,966
10,896,960 12,s97,302 1,636,076
10,1s3,760 11,473,093 7,731,2s1
3,747,6s0 s8,s81,699 -
(16,688,079) (17,480,337) (197,000)
- 4,201 -
(12,940,429) 41,10s,s64 (197,000)
(2,786,669) s2,s78,6s7 7,s34,2s1
68,03s,091 307,719,632 31,4s2,289
$ 6s,248,422 $ 360,298,289 $ 38,986,s40
The notes to the financial statements are an integral part of these statements.
22
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2025
Business-Type Activities Enterprise Funds
Major Funds
Municipal Card Key
Service District Sound West
Waste Bridge Airport
Operating Activities
Cash Received for Services $ 31,471,29S $ 2,892,900 $ 1S,874,7S3
Cash Payments to Suppliers for Goods and Services (29,222,273) (771,168) (8,462,066)
Cash Payments for Employee Services (1,723,201) (266,179) (6,316,6S4)
Cash Payments for Claims - -
Cash Received from(Paid to)Other Sources 224,304 (18,S26) 1,822,248
Other Miscellaneous Revenue (31,46S) (2,832) 33,268
Net Cash Provided by(Used in)Operating Activities 718,660 1,834,19S 2,9S1,S49
Non-Capital Financing Activities
Operating Grants Received 241,118 26S,434
Insurance Recoveries Received - 241,691
Transfers to Other Funds (23S,202) (79,776) (477,280)
Transfers from Constitutional Officers 4,201 -
Net Cash Provided by(Used in)Non-Capital Financing Activities 10,117 (79,776) 29,846
Capital and Related Financing Activities
Proceeds from Capital Grants - 1,488,747 S3,34S,302
Proceeds from Leasing and Other Financing Activities - 1,722,866
Acquisition of Capital Assets (28S,820) (2,380,S49) (3,90S,311)
Purchase and Construction of Capital Assets (26,344) (S47,077) (6S,091,749)
Proceeds from Issuance of Capital Debt (2,S31,820)
Disposition of Capital Assets -
Proceeds Gain/(Loss)from Sale of Capital Assets 1,790 1S,490
Net Cash Provided by(Used in)Capital and Related Financing
Activities (310,374) (1,438,879) (16,44S,222)
Investing Activities
Investment Income 1,037,898 266,738 2,162,003
Proceeds from Sales and Maturities of Investments 21,396,019 6,19S,967 28,136,990
Purchase of Investment Securities (20,622,836) (6,062,103) (16,744,344)
Net Cash Provided by(Used in)Investing Activities 1,811,081 400,602 13,SS4,649
Net Change in Cash and Cash Equivalents 2,229,484 716,142 90,822
Cash and Cash Equivalents
October 1 2,061,974 779,138 33,229,489
September 30 $ 4,291,4S8 $ 1,49S,280 $ 33,320,311
The notes to the financial statements are an integral part of these statements.
23
Governmental
Major Funds Activities
Internal
Marathon Service
Airport Total Funds
$ 1,691,470 $ s1,930,418 $ 39,249,830
20,043,676 (18,411,831) (11,222,449)
(s20,s23) (8,826,ss7) (4,314,078)
(20,678,793)
14,s02,s60 16,s30,s86 294,111
1s6,012 1s4,983 3,419,749
3s,873,19s 41,377,s99 6,748,370
10,444,s74 10,9s1,126 -
241,691 s1,7s8
(16,688,079) (17,480,337) (197,000)
4,201
(6,243,sOs) (6,283,318) (14s,242)
3,747,6s0 s8,s81,699
1,722,866 8s,s09
(1,110,614) (7,682,294) (643,226)
(29,323,3s0) (94,988,s20)
(2,s31,820)
(19,9s9) (19,9s9) -
17,280 119,966
(26,706,273) (44,900,748) (437,7s1)
472,34s 3,938,984 1,464,3s2
3,42s,872 s9,1s4,848 2s,296,s23
(6,114,924) (49,s44,207) (28,s69,977)
(2,216,707) 13,s49,62s (1,809,102)
706,710 3,743,1s8 4,3s6,27s
883,996 36,9s4,s97 3,218,3s9
$ 1,s90,706 $ 40,697,7ss $ 7,s74,634
The notes to the financial statements are an integral part of these statements.
24
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF CASH FLOWS(CONTINUED)
PROPRIETARY FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2025
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) $ 832,811 $ 3,S18,892 $ (4,732,712)
Adjustments to Reconcile Operating Income(Loss)
to Net Cash Provided by(Used in)Operating
Activities:
Depreciation and Amortization 22S,920 403,S2S 3,898,272
Change in Assets,Liabilities,and Deferrals:
(Increase)Decrease in Accounts Receivable (1,071,081) (1,900,448) (1,6S2,029)
(Increase)Decrease in Leases Receivable - 3,S29,714
(Increase)Decrease in Due from Other Funds (49)
(Increase)Decrease in Due from Other Government Units 219,S21 (19,949) 2,139,S00
(Increase)Decrease in Due from Constitutional Officers 1,6S8 (3,913)
(Increase)Decrease in Interest Receivable (31,46S) (11,688) 24,633
(Increase)Decrease in Prepaid Items - -
Increase(Decrease)in Accounts Payable 461,133 (176,121) (399,873)
Increase(Decrease)in Retainage Payable - - 3,682,236
Increase(Decrease)in Accrued Wages/Benefits 7,378 464 96,169
Increase(Decrease)in Claims/Judgments Payable - - -
Increase(Decrease)in Other Current Liabilities - - (18)
Increase(Decrease)in Due to Other Funds 4,482 1,423 (302,934)
Increase(Decrease)in Due to Other Government Units (1,308) - (12,601)
Increase(Decrease)in Due to Constitutional Officers -
Increase(Decrease)in Comp.Absences Payable 84,SS9 1,136 723,67S
Increase(Decrease)in Deposits in Escrow 15,900 - -
Increase(Decrease)in Leases&SBITA Payable 2,196
Increase(Decrease)in Unearned Revenue (2S,024)
Increase(Decrease)in OPEB Liability (8,000) (4,000) (67,000)
Increase(Decrease)in Pension Liability (19S,272) (30,432) (1,004,002)
Increase(Decrease)in Deferred Inflows Leases - (3,622,420)
Increase(Decrease)in Deferred Outflows 80,408 3S,8S9 133,986
Increase(Decrease)in Deferred Inflows Pensions/OPEB 92,06S 1S,S34 S43,694
Total Adjustments (114,1S1) (1,684,697) 7,684,261
Net Cash Provided by(Used in)Operating Activities $ 718,660 $ 1,834,19S $ 2,9S1,S49
Non-Cash Investing,Capital,and Financing Activities
Gain on Disposition of Assets $ 1,790 $ $ 1S,490
Non-Cash Investing,Capital,and Financing Activities
Cash Reconciliation
Unrestricted $ 4,291,4S8 $ 1,49S,280 $ 12,2S4,879
Restricted 21,06S,432
Total $ 4,291,4S8 $ 1,49S,280 $ 33,320,311
The notes to the financial statements are an integral part of these statements.
25
Governmental
Major Funds Activities
Internal
Marathon Service
Airport Total Funds
$ (743,200) $ (1,124,209) $ 6,09s,17s
1,110,614 s,638,331 162,916
(96,31s) (4,719,873) (s11,676)
ss0,13s 4,079,849 -
(49) 328,000
4,s01,6s8 6,840,730 (10,s69)
(2,2ss) (22,034)
(21,076) (39,s96) (73,393)
- (4,087)
19,04s,8s1 18,930,990 1,11s,12s
2,OOs,941 s,688,177
4,69s 108,706 (s27)
- (413,006)
- (18) (186)
10,001,289 9,704,260 604
(387) (14,296) (1,890)
47,991 8s7,361 144,768
- 1s,900 -
- 2,196 (31,408)
16,341 (8,683) 3,s76
(6,000) (8s,000) (29,000)
(60,44s) (1,290,1s1) (473,349)
(s42,s64) (4,164,984) -
28,033 278,286 219,306
30,634 681,927 2s0,02s
36,616,39s 42,s01,808 6s3,19s
$ 3s,873,19s $ 41,377,s99 $ 6,748,370
$ (19,9s9) $ (2,679) $ 119,966
$ 1,419,379 $ 19,460,996 $ 7,s74,634
171,327 21,236,7s9
$ 1,s90,706 $ 40,697,7ss $ 7,s74,634
The notes to the financial statements are an integral part of these statements.
26
This page is intentionally left blank.
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED SEPTEMBER 30,2025
Note 1-Summary of Significant Accounting Policies
The following summary of the more significant accounting policies of the Monroe County, Florida Board
of County Commissioners (Board) is presented to assist the reader in interpreting these financial
statements and should be viewed as an integral part of this report.
Reporting Entity
Monroe County, Florida (County) is a Non-Charter County established as provided by Article VIII Section 1
of the Florida Constitution and Chapter 125, Florida Statutes. The primary government of the County is
comprised of the Board of County Commissioners and five "constitutional officers": Clerk of the Circuit
Court &Comptroller (Clerk), Property Appraiser, Sheriff, Supervisor of Elections, and Tax Collector.
Entity status for financial reporting purposes is governed by Statement No. 14, as amended, of the
Governmental Accounting Standards Board (GASB) and Rules of the Auditor General, State of Florida.The
GASB is the standard-setting body for the establishment of accounting principles generally accepted in
the United States of America (GAAP) for governmental entities. The financial statements of the Board,
when combined with its blended component units and the constitutional officers, constitute the"primary
government" of Monroe County according to GAAP. The primary government constitutes the complete
GAAP basis financial reporting entity of the County, presented in the Monroe County, Florida Annual
Comprehensive Financial Report.
Since this report excludes the constitutional officers, these Board financial statements do not purport to
reflect the financial position or the results of operations of Monroe County, Florida taken as a whole.
Rather, they have been prepared to provide information at this level of detail greater than what is
available in the County's financial statements. These statements are presented to comply with Section
218.39 Florida Statutes and Section 10.556(4) Rules of the Auditor General for Local Government Entity
Audits.
The Board, composed of five members, is the legislative body for Monroe County and, as such, budgets
and provides the funding used by the separate Constitutional Offices with the exception of fees collected
by the Clerk and the Tax Collector. Under the direction of the Clerk, the Monroe County Finance
Department maintains the accounting system for the Board's operations, excluding those of the Clerk,
Property Appraiser, Sheriff, Supervisor of Elections, and Tax Collector, each of which maintains its own
respective accounting system.
Services provided by the Board and accounted for within these financial statements include police services
for unincorporated areas of the County; health and social services; emergency medical services; cultural
and recreational programs; solid waste services and other governmental services.
These financial statements include all funds of the Board and its blended component units, if material.
"Component units"are legally separate entities for which operational or financial responsibility rests with
the Board or for which the nature and significance of their relationship to the Board is such that exclusion
would cause the financial statements to be misleading or incomplete.
27
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED SEPTEMBER 30,2025
Blended component units are legally separate entities that are, in substance, part of the Board's
operation, as they either have governing bodies that are substantively the same as the Board or they
provide their services exclusively, or almost exclusively, to the Board. The financial transactions of the
component unit are merged with similar transactions of the Board as part of the primary government.
The blended component unit of the Board is as follows:
Monroe County Industrial Development Authority (MCIDA) — The MCIDA was created by Monroe
County, Florida Resolution, pursuant to Chapter 159, Florida Statutes. The MCIDA serves to assist in
financing and refinancing capital projects,which will foster economic development in the County.The
Board serves as the governing board and MCIDA provides services within the County. Therefore, the
MCIDA,for financial reporting purposes, is considered a blended component unit of Monroe County,
Florida. The MCIDA is not legally required to adopt a budget; however, the Board must authorize the
issuance of bonded debt. Neither the MCIDA nor the Board has any legal obligation for repayment of
the revenue bonds of the MCIDA.As an issuer of"conduit" debt obligations,the MCIDA has no assets,
liabilities, or transactions during the current year.
Discretely presented component units are legally separate entities which do not meet the criteria for
blending.They are reported in separately issued financial statements to emphasize their legal separation
from the Board.The following is a discretely presented component unit of the Board:
Monroe County, Florida Comprehensive Plan Land Authority (MCLA) — The MCLA was created by
Monroe County, Florida Ordinance 031-1986 pursuant to Chapter 380, Florida Statutes, and is
considered a legally separate entity from Monroe County.The objectives of the entity are to operate
a land acquisition program in Monroe County, implement the Monroe County Comprehensive Plan
and address issues created by it. The Board serves as the governing board; however, there is no
financial benefit or burden relationship. Therefore, the MCLA, for financial reporting purposes, is
considered a discretely presented component unit of Monroe County, Florida and is presented in a
separate section of the County's financial statements. Complete financial statements for MCLA can
be obtained from MCLA's administrative office at 1200 Truman Avenue, Suite 207, Key West, Florida
33040.
Basis of Presentation
The Board's financial statements are prepared in accordance with Chapter 10.550, Rules of the Auditor
General—Local Governmental Entity Audits (Rules), which do not require separate financial statements
for the Board but specify certain requirements if such financial statements are presented. Requirements
include presentation of fund-level and component unit financial statements. Government-wide financial
statements, related disclosures and management's discussion and analysis are not required by the Rules
and are not presented. As such, these statements present information about the Board's funds, but do
not present a complete presentation of the Board's financial position and changes in financial position.
Separate columns are presented for each major governmental fund and for each major enterprise fund.
28
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED SEPTEMBER 30,2025
The following funds are reported as major governmental funds. A description of each non-major special
revenue fund and capital projects fund is provided prior to the combining and individual fund statements
and schedules.
General Fund—The General Fund is the general operating fund of the Board.All general tax revenues
and other receipts not required either legally or by accounting principles generally accepted in the
United States of America to be accounted for in other funds, are accounted for in the General Fund.
Fine and Forfeiture Special Revenue Fund — The Fine and Forfeiture Fund is used to account for
revenues received from fines and forfeitures imposed from the commission of statutory offenses,and
ad valorem taxes transferred to the Sheriff.
Governmental Grants Special Revenue Fund—The Governmental Grants Fund is used to account for
operating revenues and expenditures for governmental activity of federal and state grants.
Tourist Development Admin &Promo Two Cent—The Tourist Development Admin &Promo Two Cent
Fund is a special revenue fund used to account for the expenditures of advertising, promotions, and
special events of the County Tourist Development Council.The major funding for this fund is the Bed
Tax.The fund is being presented as a major fund for consistency and public interest.
One Cent Infrastructure Surtax Capital Project Fund—The One Cent Infrastructure Surtax Fund is used
to account for capital improvements funded by the One Cent Infrastructure Surtax.
Debt Service Fund —The Debt Service Fund is used to account for accumulation of resources for, and
payment of, interest and principal on the long-term debt incurred in the issuance of various revenue
bonds and notes.This fund has been deemed a major fund for public interest purposes.
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.
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 Board or to other governmental units on a
cost reimbursement basis.
29
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED SEPTEMBER 30,2025
Measurement Focus and Basis of Accounting
Governmental fund financial statements are reported using the current financial resources measurement
focus and the modified accrual basis of accounting. Revenues are recognized when they become
susceptible to accrual; that is, when they become both "measurable" and "available" to finance
expenditures of the current period.The Board considers amounts collected within 60 days after year end
to be available and thus recognizes them as revenues of the current year, except for property taxes since
such taxes are collected to finance expenditures of the subsequent period for which they have been
levied.
Expenditures are recognized in the accounting period in which the related fund liability is incurred, if
measurable. Principal and interest on general long-term debt are recorded as fund liabilities when due or
when amounts have been accumulated in the debt service fund for payments to be made early in the
following year. In addition, expenditures related to compensated absences are recorded only when leave
has been taken. Expenditures related to leases and subscription-based information technology
arrangements (SBITA), pension and OPEB are recorded only when incurred.
Revenues of the Board, which are susceptible to accrual under the modified accrual basis of accounting,
include property taxes, gas taxes, sales taxes, interest revenue, and charges for services. In applying the
susceptibility-to-accrual concept to intergovernmental revenues, the legal and contractual requirements
of the numerous individual programs are used as guidance. There are, however, essentially two types of
these revenues. In one type, monies must be expended for the specific purpose or project before any
amounts will be paid to the Board; therefore, revenues are recognized based upon the expenditures
recorded. In the other type, monies are virtually unrestricted as to purpose of expenditure and
substantially irrevocable; i.e., revocable only for failure to comply with prescribed compliance
requirements, such as with equal employment opportunity.These resources are reflected as revenues at
the time of receipt or earlier if they meet the availability criterion. If revenues are expected to be received
later than 60 days following the end of the fiscal year, then a receivable is recorded, along with deferred
inflows of resources. Once the funds are received, revenue and cash are recorded and the receivable and
deferred inflows of resources are eliminated.
The proprietary fund statements use a flow of economic resources measurement focus and the accrual
basis of accounting. Revenues are recognized when earned and expenses are recognized when incurred,
regardless of when the related cash flows take place.
Non-exchange transactions, in which the Board gives (or receives) value without directly receiving (or
giving) equal value in exchange, include grants. On an accrual basis, revenue from grants is recognized in
the fiscal year in which all eligibility requirements have been satisfied.
30
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED SEPTEMBER 30,2025
The Board has chosen to fund the Volunteer Firefighter and Emergency Medical Services Length of Service
Award Pension Plan (LOSAP) on a pay-as-you-go basis. Pension expenditures are made from the General
Fund,which is maintained on a modified accrual basis of accounting. Benefits and refunds are recognized
when due and payable in accordance with the terms of the LOSAP Plan.
The LOSAP has no assets accumulated in a trust that meets the following criteria, outlined in GASB
Statement Nos. 67 and 68:
• Contributions to the pension plan and earnings on those contributions are irrevocable.
• Pension plan assets are dedicated to providing benefits to plan members.
• Pension plan assets are legally protected from the creditors or employers.
Proprietary funds distinguish operating revenues and expenses from non-operating items. Operating
revenues and expenses generally result from providing services and producing and delivering goods in
connection with a proprietary fund's principal ongoing operations. The principal operating revenues of
the Board's enterprise funds are charges to customers for sales and services. Operating expenses for
enterprise funds include the cost of sales and services, administrative expenses, and depreciation and
amortization on capital assets, right-to-use lease assets, and SBITA. All revenues and expenses not
meeting this definition are reported as non-operating revenues and expenses.
Budgets and Budgetary Data
Listed below are the statutory procedures followed by the Board of County Commissioners in establishing
the budget for Monroe County:
1) On or before June 1 of each year,the Sheriff,the Clerk,the Property Appraiser,the Tax Collector, and
the Supervisor of Elections shall each submit to the Board a tentative budget for their respective
offices for the ensuing fiscal year.
2) Within fifteen days after certification of the ad valorem tax roll by the Property Appraiser,the County
Administrator submits to the Board a proposed budget for the fiscal year commencing the following
October 1.The budget includes proposed expenditures and the means of financing said expenditures.
3) By Board resolution, a tentative budget is submitted to the public. Public hearings are held to obtain
taxpayer comments.
4) Fifteen days after adoption of the tentative budget, a final budget is submitted for review and
adoption at a final public hearing.
5) Prior to, or on September 30, the Board's budget is legally enacted through passage of a resolution.
Accordingly, all fund types have an adopted budget, as required by Section 129.03, Florida Statutes.
All funds have legally adopted budgets.
6) Throughout the fiscal year,the County Administrator acts on intradepartmental budget changes that
do not alter the total revenue or expenditures budgeted to a cost center. A cost center represents a
particular area of Board operations or a department. All other budget changes (whether they are
31
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED SEPTEMBER 30,2025
transfers between cost centers or alterations of total revenues and expenditure in a fund) are
approved by the Board. Supplemental appropriations were necessary and the budgetary data
presented herein was amended by the Board during the year.
7) Chapter 129, Section VII, Florida Statutes as amended in 1978, provides that only expenditures in
excess of total fund budgets are unlawful. However, because the Board acts on all budget changes
between cost centers, this becomes the level of control.
8) Budgeted to actual expenditure reports are employed as a management control device during the
year for all fund types.
9) Budgets for all funds are adopted on a basis consistent with GAAP for that fund type.
10) All appropriations lapse at year-end.
Use of Estimates
The presentation of financial statements in conformity with accounting principles generally accepted in
the United States of America, as applicable to governmental units, requires management to make use of
estimates that affect the reported amounts in the financial statements. Actual results could differ from
estimates.
Encumbrances
Encumbrance accounting is used, under which purchase orders,contracts and other commitments for the
expenditure of moneys are recorded as assigned fund balance and is employed as an extension of the
statutorily required budgetary process. Under Florida Statutes, appropriations, even if encumbered, lapse
at fiscal year-end. The Board's intention is to substantially honor these encumbrances under authority
provided in the subsequent year's budget.
Cash and Cash Equivalents
Cash balances from the majority of funds are pooled for investment purposes. Earnings from such
investments are allocated to the respective funds based on applicable cash participation by each fund.
The investment pools are managed such that all participating funds have the ability to deposit and
withdraw cash as if they were demand deposit accounts.Therefore,all balances representing participants'
equity in the investment pools are classified as cash equivalents for purposes of these statements. For
investments, held separately from the pools, and are highly liquid (including restricted assets) with an
original or remaining maturity of 90 days or less, are considered cash equivalents.
Investments
Section 218.415, Florida Statutes, authorizes local governments to invest its funds pursuant to a written
investment plan. Monroe County's written plan allows investment of surplus funds in the following:
1) U.S.Treasury&Government Guaranteed—U.S.Treasury obligations,and obligations the principal and
interest of which are backed or guaranteed by the full faith and credit of the U.S. Government.
32
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED SEPTEMBER 30,2025
2) Federal Agency/Government Sponsored Enterprise (GSE) — Debt obligations, participations or other
instruments issued or fully guaranteed by any U.S. Federal agency, instrumentality or GSE.
3) Supranationals — U.S. dollar denominated debt obligations of a multilateral organization of
governments where the U.S. is a shareholder and voting member.
4) Corporates — U.S. dollar denominated corporate notes, bonds, or other debt obligations issued or
guaranteed by a domestic corporation, financial institution, non-profit, or other entity.
5) Municipals—Obligations, including both taxable and tax-exempt, issued or guaranteed by any State,
territory, or possession of the U.S., political subdivision, public corporation, authority, agency board,
instrumentality or other unit of local government of any state or territory.
6) Agency Mortgage-Backed Securities (MBS) — MBS are backed by residential, multi-family or
commercial mortgages, that are issued or fully guaranteed as to principal and interest by a U.S.
Federal agency or government sponsored enterprise, including but not limited to pass-throughs,
collateralized mortgage obligations (CMOs) and real estate mortgage investment conduits.
7) Asset-Backed Securities—Asset-backed securities (ABS)whose underlying collateral consists of loans,
leases, or receivables, including but not limited to auto loans/leases, credit card receivables, student
loans, equipment loans/leases, or home-equity loans.
8) Non-Negotiable Certificate of Deposit and Savings Accounts — Non-negotiable interest-bearing time
certificates of deposit, or savings accounts in banks organized under the laws of the State of Florida
or in national banks organized under the laws of the United States and doing business in Florida,
provided that any such deposits are secured by the Florida Security for Public Deposits Act,
Chapter 280, Florida Statutes.
9) Commercial Paper— U.S. dollar denominated commercial paper issued or guaranteed by a domestic
corporation, company, financial institution, trust or other entity, only unsecured debt permitted.
10) Bankers' Acceptances— Bankers' acceptances issued, drawn on, or guaranteed by a U.S. bank or U.S.
branch of a foreign bank.
11) Repurchase Agreements—Repurchase agreements that meet specific requirements listed in Monroe
County Resolution 032-2019.
12) Money Market Funds—Shares in open-end and no-load money market mutual funds, provided such
funds are registered under the Investment Company Act of 1940 and operate in accordance with
Rule 2a-7.
13) Intergovernmental Investment Pools — Intergovernmental Investment Pools that are authorized
pursuant to the Florida Interlocal Cooperation Act, as provided in Section 163.01, Florida Statutes.
All investments are stated at fair value or at amortized cost, which approximates fair value.
33
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED SEPTEMBER 30,2025
Accounts Receivable
Amounts due from private individuals, organizations, or other governments,which pertain to charges for
services rendered by Board departments, are reported as accounts receivable. Receivables are reviewed
periodically to establish or update the provisions for uncollectible amounts. These provisions are
estimated based on an analysis of the age and collectability of the various accounts.
Leases Receivable
The Board's lease receivable is measured at the present value of lease payments expected to be received
during the lease term. Under the lease agreement, the Board may receive variable lease payments that
are dependent upon the lessee's revenue. The variable payments are recorded as an inflow of resources
in the period the payment is received.
A deferred inflow of resources is recorded for the lease. The deferred inflow of resources is recorded at
the initiation of the lease in an amount equal to the initial recording of the lease receivable.The deferred
inflow of resources is amortized on a straight-line basis over the term of the lease.
Interfund Balances and Activity
As part of its normal operations, the Board performs transactions between funds. Examples of these
transactions include providing services, constructing assets, matching grants or servicing debt. These
transactions are generally recorded as interfund transfers, except for internal service fund charges,which
are reflected as revenues to internal service funds and expenses/expenditures to the funds receiving the
services. Additionally, short-term interfund loans are recorded as cash flow needs arise. As of fiscal year-
end, any unpaid amounts related to these transactions are reported as"due from other funds" or"due to
other funds" on the fund financial statements. Interfund balances and transfers are consolidated for
government-wide financial reporting, and residual balances between governmental activities and
business-type activities, if any, are reported on the government-wide statements of the County.
Prepaid Items
Prepaid items are recorded using the consumption method of accounting. Under the consumption
method, services paid for in advance are reported as an asset until the period in which the services are
actually consumed.
Capital Assets
Capital assets of the Board include property, buildings, equipment, and infrastructure assets (e.g. roads,
bridges, curbs and gutters, streets and sidewalks, drainage systems and lighting systems). Constructed or
purchased assets are recorded at historical or estimated historical cost at the time of purchase. Donated
or contributed capital assets are recorded at estimated acquisition cost at the date of donation.
Capital assets associated with business-type activities and the internal service funds are presented in the
Board's basic financial statements. Capital assets associated with the Board's governmental activities are
presented on the government-wide financial statements of the County, rather than on the financial
statements of the Board.
34
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED SEPTEMBER 30,2025
The Board maintains a$5,000 threshold for additions to equipment with an estimated useful life in excess
of two years. Buildings are capitalized when the value is $50,000 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
$500,000,while park additions and improvements are capitalized at$50,000.
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.
Lease Assets and Subscription-Based Software
The Board is the lessee for leases of equipment and property. When the term for the lease equipment or
property exceeds 12 months and has a value of$100,000 or more, the Board recognizes intangible right-
to-use lease assets(lease assets) in the financial statements. Similarly,the Board recognizes SBITA for the
right-to-use information technology software if the subscription term exceeds one year and has a value
greater than or equal to $100,000.
The lease assets and SBITA are measured at the start of the lease or subscription as the initial amount of
the lease or subscription liability, adjusted for lease or subscription payments made at or before the lease
or subscription commencement date, plus certain initial direct costs. Subsequently, the lease asset or
SBITA is amortized on a straight-line basis over the shorter of the lease or subscription term or the useful
life of the underlying asset.
Key estimates and judgments related to leases and SBITA include how the Board determines the discount
rate it uses to discount the expected lease payments or subscription payments to present value, lease
term and lease payments. The Board uses the interest rate charged by the lessor as the discount rate.
When the interest rate is not provided, the Board uses its estimated incremental borrowing rate as the
discount rate for leases and SBITA. The lease term or subscription term includes the non-cancellable
period of the lease or subscription. Lease payments or subscription payments included in the
measurement of the lease liability or SBITA are composed of fixed payments and a purchase price option
that the Board is reasonably certain to exercise.
35
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED SEPTEMBER 30,2025
The Board monitors changes in circumstances that would require remeasurement of its leases or SBITA
and will remeasure the lease asset,SBITA assets and corresponding liabilities if certain changes occur that
are expected to significantly affect the amount of the lease or SBITA liability. Lease assets and SBITA for
the Board's enterprise and internal service funds are reported with capital assets on the statement of net
position.
Compensated Absences
Board policy permits employees to accumulate a limited amount of annual and sick leave, which will be
paid to employees upon termination of employment.Accumulated annual and sick leave is accrued when
earned or more likely than not to be used in the proprietary fund financial statements. For the proprietary
funds, an expense and a liability are recorded as the leave is earned or more likely than not to be used.
Compensated absences associated with the Board's governmental activities are presented on the
government-wide financial statements of the County, rather than on the financial statements of the
Board.
Restricted Assets
The use of certain assets of enterprise funds is restricted by specific provisions of resolutions and
agreements with various parties. Assets so designated are identified as restricted assets on the balance
sheet. When both restricted and unrestricted resources are available for use, the hierarchy of enterprise
fund spending is to use restricted resources first,followed by unrestricted resources, as they are needed.
Restricted assets are classified as non-current if they are for acquisition or construction of capital assets,
for liquidation of long-term debt, or are for other than current operations.
Deferred Inflows of Resources
Deferred inflows of resources represent an acquisition of net position that applies to a future period and
therefore will not be recognized as an inflow of resources until that time. The Board has four items that
qualify for reporting in this category: (1) Unavailable revenues; (2) Pension-related items; (3) Other Post-
Employment Benefits; and (4) Leases. The governmental funds report unavailable revenues where
receipts are not within the 60-day time frame for revenue recognition.The enterprise and internal service
funds report deferred inflows for pension-related and other post-employment benefit items as actuarially
determined. Deferred inflows for leases are reported in both governmental and enterprise funds.
Deferred Outflows of Resources
Deferred outflows of resources represents a consumption of net position that applies to a future period
and therefore will not be recognized as an outflow of resources (expense) until that future time. The
enterprise and internal service funds report deferred outflows for pension-related and other post-
employment benefit items as actuarially determined.
Long-Term Obligations
Long-term obligations are reported as a liability in the proprietary fund statement of net position. Long-
term debt associated with the Board's governmental activities is presented on the government-wide
financial statements of the County, rather than on the financial statements of the Board. In the Board's
governmental fund financial statements,the face amount of debt issued is reported as an other financing
source, while principal payments are reported as expenditures.
36
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED SEPTEMBER 30,2025
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 1st
of each year. No accrual for the property tax levy becoming due in November of 2025 is included in the
accompanying financial statements, since such taxes are collected to finance expenditures of the
subsequent period.
Investment Income
Investment income is interest income received plus any realized and unrealized gains or losses on
investments during the fiscal year.
Fund Balance Policies
The focus of fund balance reporting is to clearly communicate the constraints imposed upon resources in
governmental funds. The fund balance classifications indicate the level of constraints placed upon how
resources can be spent and identify the sources of those constraints. The following five classifications:
non-spendable, restricted, committed, assigned, and unassigned, serve to inform readers of the financial
statements of the extent to which the Board is bound to honor constraints on the specific purposes for
which resources in a fund can be spent.
Fund balances of governmental type funds are classified as follows:
Non-Spendable — Include amounts that cannot be spent because they are either not in spendable
form, or for legal or contractual reasons, must be kept intact.This classification includes inventory.
Restricted — Include amounts that can be spent only for specific purposes because of constitutional
provisions or enabling legislation, or because of constraints externally imposed by creditors,grantors,
contributors or the laws or regulations of other governments.
Committed—Include amounts that can be used only for the specific purposes determined by a formal
action in the form of a resolution of the Board,the County's highest level of decision-making authority.
Commitments may be changed or lifted only by the Board taking the same formal action that imposed
the constraint originally.
Assigned —Include amounts intended by the Board to be used for specific purposes determined by a
formal action in the form of a resolution but are neither restricted nor committed.The Board's policy
authorizes the County Administrator to assign fund balance based on intentions for use of fund
balance communicated by the Board.
Unassigned—The residual classification of the General Fund. Only the General Fund reports a positive
unassigned fund balance. Other governmental funds might report a negative balance in this
classification, as the result of overspending for specific purposes for which amounts had been
restricted, committed, or assigned. Unassigned fund balance does not necessarily represent the
amount of fund balance that can be appropriated.
37
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED SEPTEMBER 30,2025
The Board has committed $10 million in the General Fund's disaster reserve funds to ensure adequate
cash flow is available for post-disaster situations.
The Board has defined the General Fund's unrestricted 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 the General Fund's unrestricted 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 Board spends restricted amounts first, when both restricted and unrestricted fund balance are
available, unless prohibited by legal documents, grant agreements or contracts. Additionally, the Board
uses committed fund balance,followed by assigned fund balance and then unassigned fund balance when
expenditures are incurred for purposes for which amounts in any of the unrestricted fund balance
classifications could be used.
The Board adopts an annual budget for the General Fund at their September meeting preceding the fiscal
year-end. All annual appropriations lapse at the fiscal year end. Mid-year and year-end amendments are
made to the budget as necessary. The budget is prepared and controlled at the cost center level. The
Board's budget for the General Fund is prepared under a budgetary basis and adjustments necessary to
convert the results of operations to the modified accrual basis of accounting are made at year-end if
necessary.
Fund Deficit
The Board reported one fund with a deficit at September 30, 2025: ($8,124,705) in the Governmental
Grants Fund. The deficit is due to timing of recouping grant reimbursements for the Board's Hurricane
Irma recovery efforts, road elevation projects, and canal restoration projects. The pending
reimbursements resulted in a deferred inflow of unavailable revenues for this fund.
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$12,394,282 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, 2024, the Board adopted the provisions of GASB Statement No. 101, Compensated
Absences. The objective of this Statement is to better meet the information needs of financial statement
users by updating the recognition and measurement guidance for compensated absences.That objective
is achieved by aligning the recognition and measurement guidance under a unified model and by
amending certain previously required disclosures. Note 14 to the Board's financial statements provides
38
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED SEPTEMBER 30,2025
information regarding the Board's compensated absences as of September 30, 2025. Management has
determined the effects of prior period implementation are immaterial to the financial statements as a
whole.
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. Implementation of this Statement has no impact on the Board's financial statements.
The following are new accounting pronouncements that have been issued but are not yet effective:
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 non-operating 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 beginning with its year ending September 30, 2026.
GASB Statement No. 104, Disclosure of Certain Capital Assets-State and local governments are required
to provide detailed information about capital assets in notes to financial statements. Statement No. 34,
Basic Financial Statements—and Management's Discussion and Analysis—for State and Local
Governments, requires certain information regarding capital assets to be presented by major class. The
objective of this Statement is to provide users of government financial statements with essential
information about certain types of capital assets. This Statement also requires additional disclosures for
capital assets held for sale.A capital asset is a capital asset held for sale if: (a)the government has decided
to pursue the sale of the capital asset and (b) it is probable that the sale will be finalized within one year
of the financial statement date. Governments should consider relevant factors to evaluate the likelihood
of the capital asset being sold within the established time frame. This Statement requires that capital
assets held for sale be evaluated each reporting period.The requirements of this Statement are effective
for the County beginning with its year ending September 30, 2026.
39
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED SEPTEMBER 30,2025
Management is in the process of determining what impact, if any, implementation of the above
statements may have on the financial statements of the Board.
Note 2-Cash, Cash Equivalents,and Investments
The Board maintains a cash and investment pool available for use by all funds except those whose cash
and investments must be segregated due to bond covenants or other legal restrictions. As of September
30, 2025, the carrying value of the Board's deposits and investments, with their respective credit ratings
and years to maturity, are as follows:
Valuation
Credit. Measurement Less Than 6 Months to i to 5 Over 5
I.....nvestt ns ent.Type Rating Method Value 6.Months 1 Year Years Years
Dennand Deposuts N/A N/A $L74,458,772 $L74,458,772 $ -
FL CLASS(Investments AAArn Anmartiized Cast 47,627,475 47,627,475
FL Fiixed Ilnconne Trust and Term pooped AAAF/SL Anmartiized Cast 39,L67,722 39,L67,722
Asset-Backed SeCuriity(ABS) Aaa Faiir Vallee-Level!2 3,456,979 672,G:98 L,408,690 L,376,L9L -.
Corporate Nate A-/AA- Faiir Vallee-Level!2 L9,580,883 3,249,3L3 2,683,692 L3,647,878 -.
Federall Agency Mortgage-Backed SeCLMty(MBS) Aaa Faiir Vallee-Level!2 22,004,458 - 4,944,487 L7,059,971 -.
U.S.Treasury AaL Faiir Vallee-Level!2 217,942,896 99,864,522 96,638,L38 2L,440,236 -.
Totals $524,239,L85 $365,039,902 $L05,675,007 $ 53,524,276 $ -
The Board categorizes its fair value measurements within the fair value hierarchy established by GAAP.
The hierarchy is based on the valuation inputs used to measure the fair value of the asset. Level 1 inputs
are unadjusted quoted prices in active markets for identical assets. Level 2 inputs are either directly or
indirectly observable for an asset (including quoted prices for similar assets), which may include inputs in
markets that are not considered active. Level 3 inputs securities are significant unobservable inputs.
Securities classified in Level 2 are evaluated prices from the custodian bank's primary external pricing
vendors. The pricing methodology involves the use of evaluation models such as matrix pricing which is
based on the securities' relationship to benchmark quoted prices. Other evaluation models use actual
trade data,collateral attributes, broker bids, new issue pricings and other observable market information.
There are no restrictions or limitations on withdrawals; however, FLCLASS may, on the occurrence of an
event that has a material impact on liquidity or operations, impose restrictions on withdrawals for up to
48 hours.
Credit Risk and Concentration of Credit Risk — The Board approved and adopted its Investment Policy
(Policy) in January 2019. The Policy outlines permitted investments, and establishes limitations on
portfolio composition, by both investment type and by issuer, to control concentration of credit risk. The
following table identifies the investment requirements and allocation limits on security types, issuers,and
maturities as established by the County.
Under the Policy, the Clerk has the option to further restrict investment percentages from time to time
based on market conditions, risk, and diversification strategies. The percentage allocation requirements
for investment types and issuers are calculated based on the original cost at the time of purchase of each
investment.
40
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED SEPTEMBER 30,2025
Portfolio Per Issuer
Investment Maximum Maximum Minimum Ratings Maximum
Type (%) (%) Requirement' Maturity
U.S.Treasury 100% 5.50 Years
GNMA 100% 40% N/A (5.50 Years
Other U.S.Government avg. life4
Guaranteed(e.g.AID,GTC) 10% for GNMA)
Federal Agency/GSE:
FNMA, FHLMC, 40%3
FHLB,FFCB5 75% N/A 5.5 Years
Federal Agency/GSE
10%
other than those above
Supranationals Highest ST or Highest LT Rating
where U.S.is a shareholder and 25% 10% Categories 5.5 Years
voting member (A-1/P-1,AAA/Aaa,or equivalent)
Highest ST or Highest LT Rating
Corporates 50%2 5% Categories 5.5 Years
(A-1/P-1,AAA/Aaa,or equivalent)
Highest ST or Three Highest
Municipals 25% 5% LT Rating Categories 5.50 Years
(SP-1/MIG 1,A-/A3,or equivalent)
Agency Mortgage-Backed 25% 40%3 N/A 5.50 Years
Securities(MBS) Avg.Life4
Asset-Backed Securities(ABS) 25% 5% Highest ST or LT Rating 5.50 Years
(A-1+/P-1,AAA/Aaa,or equivalent) Avg.Life
Non-Negotiable Collateralized
None,if fully
Bank Deposits or Savings 50% collateralized None,if fully collateralized. 2 Years
Accounts
Commercial Paper(CP) 5002 5% Highest ST Rating Category 270 Days
(A-1/P-1,or equivalent)
Bankers'Acceptances(BAs) 1002 5% Highest ST Rating Category 180 Days
(A-1/P-1,or equivalent)
Highest Fund Quality and Volatility
Intergovernmental Pools 50% 25% Rating Categories by all NRSROs who N/A
(LGIPs) rate the LGIP,
(AAAm/AAAf,S1,or equivalent)
Counterparty(or if the counterparty is
not rated by an NRSRO,then the
Repurchase Agreements(Repo counterparty's parent)must be rated
or RP) 40% 20% in the Highest ST Rating Category 1 Year
(A-1/P-1,or equivalent)
If the counterparty is a Federal
Reserve Bank,no rating is required
Money Market Funds Highest Fund Rating by all NRSROs
(MMFs) 50% 25% who rate the fund N/A
(AAAm/Aaa-mf,or equivalent)
41
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED SEPTEMBER 30,2025
Portfolio Per Issuer
Investment Maximum Maximum Minimum Ratings Maximum
Type N N Requirement' Maturity
Florida Local Government Highest Fund Rating by all NRSROs
Surplus Funds Trust Funds 25% N/A who rate the fund N/A
(Florida Prime) (AAAm/Aaa-mf,or equivalent)
Notes:
'Rating by at least one SEC-registered Nationally Recognized Statistical Rating Organization(NRSRO),unless otherwise
noted.ST=Short-term; LT=Long-term.
2Maximum allocation to all corporate and bank credit instruments is SO%combined.
3Maximum exposure to any one Federal agency, including the combined holdings of Agency debt and Agency MBS,is 40%
4The 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.
5Federal National Mortgage Association(FNMA); Federal Home Loan Mortgage Corporation(FHLMC); Federal Home Loan
Bank or its District banks(FHLB;Federal Farm Credit Bank(FFCB).
At September 30, 2025, the portion of the Board's investment portfolio invested in Federal
instrumentalities is detailed as follows:
Percent of
Investment
Issue Portifollia,
Federali Agency Band 2.29'%
Federali agency Mortgage-Backed SECLW'idty(MBS) -2'9'
Custodial Credit Risk—The Policy requires bank deposits to be secured as provided by Chapter 280, Florida
Statutes.This law requires local governments to deposit funds only in financial institutions designated as
qualified public depositories by the Chief Financial Officer of the State of Florida. Demand and time
deposits are fully insured by the Federal Deposit Insurance Corporation for the first $250,000 at each
institution and the remaining balances are insured 100% by the State of Florida collateral pool, a multiple
institution pool with the ability to assess its members for collateral shortfalls if a member institution fails.
The Policy requires execution of a third-party custodial safekeeping agreement for all purchased securities
and requires that securities be held in the Board's name. As of September 30, 2025, all of the Board's
investments are held in a bank's trust department in the Board's name.
Interest Rate Risk — The Policy limits the investment of three months of operating expenditures to
24 months.The Policy limits the investment of non-current operating funds to 5.50 years.
Restricted Cash and Cash Equivalents—The Board has the following unrestricted and restricted cash and
cash equivalents at September 30, 2025:
42
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED SEPTEMBER 30,2025
Demand
Cash and Cash Equivalents De posits
Giover nm entail Ajctiviti�e s,!:
Gcvernrnental', FLII-Ids 126,186,383
lnternalll Service,FLInds 7,574,634
IaLlsiness-Type Activitits 19,4 60,9 9 6v
Tataj4 Unrestricted Cash and Cash Equivalents 15 3,2 2 2,1013
Restricted Cash and Cash EquiVaj[ents:
IaLlsinass-TVjae Activities 21,236,759
Totaj4 Cash and Cash Eq u ivailents "174,458,772
Note 3 -Restricted Assets
Restricted assets in the Enterprise Funds include those assets created by resolutions adopted by the Board
for the Airports' unspent bond proceeds, passenger facility charges, customer facility charges, and
customs service operations. Total restricted assets as of September 30, 2025, are as follows:
Cash aind
cash Equivalents
Key West Airliart Passenger Facfllity Charges 7,338,983
Key West Airport CLIstomer Facfllity Charges 4,8,83,972
Key West Airport Unspent Band Proceeds 7,322,737
KEV WESt Airport Cash With Fiscal'!AgEllt 1,5 19,7 40
Marathon Airport CLIStOMS SETViCe,Ojldfffati Oils 171,327
Total RestrictedAssets, $ 21,236,7519
Note 4-Accounts Receivable
Accounts receivable, in the accompanying fund financial statements, are shown net of the allowance for
doubtful accounts.The accounts receivable and the allowance balances are as follows:
43
K8C]NRQE COUNTY, FLORIDA
BOARD C]FCOUNTY CC]K8K8|88|C]NERS
NOTES TQ FINANCIAL STATEMENTS
FOR THE YEAR ENDED 8EPTEK8BER 30\2026
�l,olwance for
services, Accounts uncoll[ectible, Accounts,
Provided R.cmc,II AcCO*nts Rrmclvobli Net
Go^ernmentm| Funds:
Genera| I'und Misc. 64,e42 (4^37e) 60,2ee
mne and FaffEltureFund mrArnb.Svc. 23^018`7103 (L5^483^926) 7^534^777
s over nr7nIentaU�Grants Misc. 162,1107 (667) 161,+40
Tmcadmxn and Pramo Two cEnt Trz°eU*dvance o^sol 3^58z
man-MajorFunds:
Fire,and amlluUmnceDistrict I I'und sround*mb.o*c. 2�59,1022 (1^e45^051) 713^971
Other Non-major rundo Misc. 1e1^308 (4,e38) 156,+70
III!nterna III!semxceFund, Misc. z 1
,037,734
TotaUGOVernmentaU Funds
Enter prx se,mnds:
Mso^w/asteFund Ti 1)13 i n g Fees z,850,4 10 (34,019) 1,816,392
Card saundsrIdoe Misc. 2,li3O,552 (2109�04) 1,900,94e
Key West Airport pentnxxsc 3,038,168 (391,171) 2'6*6,997
mzrathan*irpaft ment,mxsc 253727 253727
TotaUsnterprnseFunds 7,252857
TotaiU Accounts Receivable
TheBoardpassedReso|utions497'ZUZ4and498'ZUZ4approvin8airand8roundambu|ancebi||in8vvrite'
offs, respectively, $8,008,366and $648,5UZ were written off in fiscal yearZUZ5. In addition, the Board
also approved in Resolution 497'2024 the write-off of $1,977,543 of air ambulance billings related to
resident waivers.
Note 6-
The County has been improving water quality by replacing cesspits and septic systems with a series of
central wastewater collection and treatment systems. The Board has funded these projects with state
grants and loans, local infrastructure sales surtax, and special assessments levied on the property owners.
The property owners have the option of paying their special assessments up front oron 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 G-
Mortgages receivable at September 3U, ZUZ5, consist of the following:
44
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED SEPTEMBER 30,2025
Mortgage
Major Governmental Funds-Governmental Grants Fund: 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
saleltransfer of property or occupancy,the prorated principal balance is
due in full within 30 days of saleltransfer or cessation of primary
residence. $ 68,912
Non-Major 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 Ivan,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 w hich 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.
9,612,459
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. 417,241
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
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. 140,556
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 20Y per year upon maturity, provided that the
mortgagor complies with the mortgage covenants. The mortgages are
interest free. 1,354,665
Land Use Rental Agreements(LURA).For the construction or purchase
of housing, or purchase of existing housing and the rehabilitation of
existing housing,used for affordable rental housing.Rental housing for
ADA affordable and income eligible individuals. The entire balance of
the Ivan will be forgiven upon maturity (15 years), provided that the
mortgagor complied with all the terms of the Mortgage and the
conditions set forth in the SHIP Rules and Regulations,including the 1,040,000
Total =n,-PMr1aj,nar 3,oJverrrrr�mtal Funds-Local Housing,Assisxamree-43,ro:ss 12,588,921
Total Mortgages Receivable-Gross 12,657,833
45
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED SEPTEMBER 30,2025
The mortgages receivable associated with the governmental grants are offset by an allowance for
uncollectible accounts of $68,912. As the mortgages receivable associated with the Local Housing
Assistance fund are intended to ultimately be forgiven, an allowance for uncollectible accounts of
$12,588,921 has been established.
Note 7-Leases Receivable
The Board, acting as lessor, has entered into lease agreements for its governmental funds for buildings
and office space and for its enterprise funds involving airport facilities. For the governmental funds, the
total lease receivable balance at September 30, 2025, is $3,253,711. For its enterprise funds, the total
lease receivable at September 30, 2025, is $13,446,438.
For the governmental funds,the total amount of inflows of resources,including lease revenue and interest
revenue, recognized during FY 2025 was$380,334. Similarly, for its enterprise funds, the total amount of
inflows of resources during FY 2025 was$4,790,251.
Year Eroding Govemnmantail Fund-General Funid
September : 01 Principall Intt:erastt: Tot,all
2326 161,727 147,628 3,08,755
2327 172,505 1410,430 312,935
2328 118,642 134,887 253,529
2324 73,780 13,0,634 231,414
263,0 69,768 127,542 147,316
26311-21635 405,744 586,1142 9,91,886
2636-2640 519,692 482,447 91,691,444
2341-2645 554,259 356,396 9110,655
2346-2350 692,652 237,348 999,090
23511-2355 488,632 36,367 524,999
Tottall 3,253,711 2,349,221 5,6 2,932
Year Ending Bus!in e-ss-Type Activiity-Key'uSP'e-sR A14p,a rtt. Business-Type Activity MarattJhom Ai....rportt.
Septtern6er 30, p'riincipal''..... tnttere-51 Total''..... Pri.....ncipal''..... lintere-51. ToMa...'
2026 $ 3,981,424 382,020 $ 4,363,444 321,894 $ 8,527 $ 330,421
2027 4,L21,909 24L,535 4,363,444 L09,456 685 11[9,14L
2028 1,298,8L7 130,396 1,429,2 L3
2029 269,2&D 113,264 382,524 -. .. _.
2036 279,754 L02,770 382,524 _. .. _.
20BL-2035 L,L12,5O 372,548 L,485,048 _. .. _.
2036-2040 977,314 222,687 1,200,001
2041-2045 974,11�Ct 65,890 1,040,000 _. .. _.
Tottal'..... $ L3,GL5,088 $ L,631,LL0 $ L4,646,L98 $ 431,35,0 $ 9,2L2 $ 440,562
In addition, the Board has entered into lease agreements with various aeronautical users for the use of
hangar space, air cargo space, and aircraft aprons for its business-type activities. These leases are
classified as regulated leases under GASB Statement No. 87, Leases, as they are subject to external
46
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED SEPTEMBER 30,2025
regulations by the Federal Aviation Administration (FAA),which limits lease rates to a reasonable amount
as determined by federal guidelines. The Board has applied the regulated lease provisions of GASB 87,
which do not require recognition of a lease receivable and deferred inflow of resources for these
arrangements. Instead, inflows of resources are recognized based on the payment provisions of the lease
contracts.
As of September 30, 2025, the Board entered into 19 leases with multiple aeronautical users under
exclusive and preferential user agreements. The agreements range in terms from 5 to 30 years, with
options to extend subject to FAA approval and mutual consent.
For FY 2025, the County recognized total inflows from regulated leases of $10,793,637, consisting of
$1,581,939 in base lease revenue and $9,211,698 in variable payments.The variable payments relate to
payments for utilities, fuel flow, landing, passenger boarding bridge fees, and security fees. Base lease
revenue and variable payments received for regulated leases 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 minimum
cash flows expected to be received from regulated leases as of September 30,2025, based on the payment
provisions in the lease contracts.
Year Ending
Seplember 30, Amount
2025 $ 3,39J,935
2027 697,327
2028 697,327
2029 689,064
2030 664,276
2031-2035 3J28J86
2036-204-0 1,,998,4,03
2041-30 5 1,055,099
2046-2050 gS 1,665
205°1-2055 1 ,209
Tola[ 12,484,49;L
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
Amounts associated with the Board's governmental activities' capital assets, related accumulated
depreciation and depreciation expense are reported on the government-wide financial statements of the
County, rather than on the financial statements of the Board. Amounts associated with the Board's
business-type activities' and internal service funds' capital assets, related accumulated depreciation and
depreciation expense are reported on the proprietary fund financial statements of the Board.
Internal service fund capital asset information is included in the governmental activities on the
government-wide financial statements because the internal service funds predominately serve those
activities. Capital asset activity for the year ended September 30, 2025, is shown in the following table:
47
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED SEPTEMBER 30,2025
B egi nin ing Addifionsl Reductionsy En,di;ng
Governmental Artivifiev Ba[,ance Transfers, Transfers, Ba[znce
Calpitall Assets Not Depreciated:
Land 102,67 1,3 iG 4,89 i,087 107,562,397
Land DevellaiDirneint Rights 3,220,334 - 3,220,334
Canstructlan an Progress 56,097,440 64,053,073 (47,9 49,2 8 1) 72,201,232
Tafall Capitall Assets Nat Depredated 161,989,084 68,944,160 (47,949,281) 1182,983,953
Califtall Assets Depredated car Aimortlized'
BLW&ings 241,445,562 2,963,635 2 44,409,19 7
EqUipment 46,954,443 42,593,132 (3,807,508) 85,850,057
Infrastructure 163,6'i 1,3 05 6,04 7,03 1&9,658,341
Intangdble Assets 7,984,393 7,984,393
Tatall Capftall Assets Depredated 460,GO5,703 5 i,703,8,03 (3,807,508) 5,07,901,9'98
Right-ta-Use Leased Assets and SBIITAs:
Right-to-Use Leased BLW&ings 3,070,75t 244,963 (647,736) 2,667,978
SBIITA 955,742 433,196 1,388,938
Tafall Mglht-to-Use Leased Assets Amortized 4,026,493 578,159 (647,736) 4,056,916
Less AccurnUllated Dejpredat�oin for'
BLI1111fings (9 1,6 50,9 6 5) )5,515,973) - (97,176,938)
EqLl'Ipirneint (3 3,7 6�,5 4 5) (6'o5 6,3 8 t) 3,5 69,8 t 4 1,3 6,2 47,1 2)
Infra s tul CtL,i re (50,857,395) (5,02 2,3 13) - (56,879,708)
Intangflolle,Asse,ts (3,956,290) (998,697) (4,954,987)
Tafall AcCLIMUllated Depreciaban (190,235,195) (18,593,364) 3,5 59,8�a 4 (205,258,745)
Less AccurnUllated Arnort�zat'Ioin Lor R�ght-ta-Use Lease
Assets and SBITAs'
Right-ta-Use Lease BLI1111fings (1,578,553) (483,563) 432,154 (1,630,152)
SBIITA (328,347) (375,920) (704,267)
Tafall AcCLIMUllated Arnartuaban (1,907,COG) (859,583) 432,154 (2,334,429)
Tatall AcCLIMUllated Depredatian and Arnortlzatloin (192J42,A5) (19,452,947) 4,GOi,968 (207,593J74)
Tafall Capitall Assets Del!Dr,eciate,d/Ainortiiz,ecl,Net 271,890,001 32,929,015 (453,276) 304,3 55,7 40
,G,overnment,al',ActiVities,,Ca�p,ii,al'A,s,sels,Net $ 433,879,085 $ 101,873,175 (48,402,557) 487,349,703
B egi nin ing Addilions/ Reductions/ Ending
Business-Type ActiVitiiev Balance Transfers Transfers Balance
Ca p fta 11 Assets Nat De p rec�at,e d
Land $ 15,404,2 5 7 $ 15,404,257
CanstrLICtIlGil iin Pragress a47,082,975 a0l,897,392 (43,651,348) 205,329,020
Totall Calpitall Assets Not Depreciated 162,487,233 101,897,392 (43,651,348) 220,733,277
Calpitall Assets Depredated ar Arnortued:
Land Improvements 2L2,925 - 2L2,925
BLW&ings 85,099,080 35,490,952 L20,590,032
Eq L,l 1113 IT Ellt 9,4a2,aG4 673,427 (979,629) 9,105,902
nfraStrLICtUre. 84,796,759 8,343,832 93,140,591
SBIITA 4,970 9'14Y9 1a4,07 9
Totall Assets Depredated L79,525,838 445L7,320 (979,629) 223,063,529
Less AcCLIMUllated De,lDre,ciiaticii/Ainortlizatiiaii far:
Land limprmernents (21i2,925) - fM,925)
BLI1111fings (29,259,432) (2,500,9 5 7) - (31,770,389)
EqU111DITE'll't (6,379,834) (833,932) 913,477 )6,300,289)
Infrastructure (40,427,024) (2,329,839) - (42,756,863)
SBIITA (1,45,0) (7,040) (8,490)
Totall Accuirmllated Depreciaboin ar Arncrtizaboin (76,290,565) )5,671,768) 9a3,477 (8a,048,955)
Totall Calpitall Assets Dc,lDr,eciiat,ecl/Ainartiiz,ecl,Net 103,235,173 38,845,552 (56,152) 142,014,573
Business Type Adivities,Capital'Assets,Net 265,722,406 L 40,7 42,9 4 4 (4 3,7 L 7,5 GD) 362,747,85,C)
48
K8C]NRQE COUNTY, FLORIDA
BOARD C]FCOUNTY CC]K8K8|88|C]NERS
NOTES TQ FINANCIAL STATEMENTS
FOR THE YEAR ENDED 8EPTEK8BER 30\2026
Depredation and amortization was charged to functions/programs on the government-wide statement
of activities of the County asfollows:
Governmental Activifies: Bus,ii �ivi'tie,s,
senera|sovernment * 5'436'ozy Mun/dpa|serv/ceo/stnctWaste, $ zzs'ezo
PumhcsafetV 4,904,786 Card smunuBridge, 403^525
Php,/ca|sn*ranment 2'0e2'330 Key West A�rrort 3'898,272
Transpartaoan 3'650,860 MarathanA/rpart z�1
sconormcsnvnronment 458,408 Tmtaommsimess-T*we,Adivifi,s
Humanserv�ces 297'593
cu|ture and eecreaoan 2'021'e40
court-Related sszozr
ro�n�mvexmment,a,o�ti4ftie,s
Note g-
General Information about the Other Postemnp|oymnentBenefits
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 publicly available
financial report. No assets are accumulated in a trust that meets the criteria as set forth in GASB Statement
No. 75.
The Board may amend the plan design, with changes to the benefits, premiums and/or levels of
participant contribution at any time. In an open session,on at least an annual basis and prior to the annual
enrollment process,the Board approves the rates for the coming calendar year for the retiree and County
contributions.
The Plan includes participants from the Board and each Constitutional Officer. The Board is responsible
for funding all obligations not funded on a pay-as-you-go basis by Constitutional Officers. However, the
following disclosures are based on the Board's enterprise and internal service funds' share of the net
Other Post-Employment Benefits (OPEB) obligation.
Benefits Provided — Emp|oyeesvvho retire as active participants in the Plan and were hired on or after
October 1, 2001, may continue to participate in the Plan by paying the monthly premium established
annually by the Board. Employees who retire as active participants in the Plan,were hired before October 1,
2001, have at least ten years of full-time service with the Board and meet the retirement criteria of the
Florida Retirement System (FRS) but are not eligible for Medicare, may maintain group insurance benefits
with the Board following retirement, provided that the retiring employee pays the retiree contributions
based on their years of service with Monroe County. Pre-Medicare retirees with at least 25 years of service
who satisfy the rule of7U pay the FRS subsidy for coverage, which is$7.50 per year of service month with
a maximum of$225 per month. Forthose 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.
49
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED SEPTEMBER 30,2025
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.
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, 2025, there were
no terminated employees entitled to deferred benefits. The membership of the Board's medical plan
consisted of:
Active Employees 604
Retirees and Beneficiaries Currently Receiving Benefits 489
Total Membership 1,093
Contributions—The Board establishes, and may amend, the contribution requirements of Plan members.
The required contribution is based on pay-as-you-go financing requirements, net of member
contributions.
Total OPEB Liability
The Board's enterprise and internal service funds total OPEB liabilities of$2,576,000 was measured as of
September 30, 2025, and was determined by an actuarial evaluation issued on October 23, 2025.
50
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED SEPTEMBER 30,2025
Actuarial Methods and Assumptions —The valuation as of September 30, 2025, issued on October 23,
2025, was prepared using generally accepted actuarial principles and practices, and relied on unaudited
census data and medical claims data reported by the Board.
The total OPEB liability for the Board's enterprise and internal service funds in the October 23, 2025,
actuarial valuation was determined using the following actuarial assumptions and other inputs, applied
to all periods included in the measurement, unless otherwise specified:
Actuarial Cost Method Entry Age Normal based on level of percentage of
projected salary.
Salary Increase Rate 3.0%per annum
Discount Rate 3.81%per annum (Beginning of Year)
4.90%per annum (End of Year)
Source:Bond Buyer20-Bond GO index
Marriage Rate The assumed percentage of married participants at
retirement is 25% and is based on the current retired
population of the Board.
Spouse Age Spouse dates of birth were provided by the County.
Where this information was missing,male spouses were
assumed to be three years older than female spouses.
Medicare Eligibility All current and future retirees were assumed to be
eligible for Medicare at age 65.
Amortization Method Experience/Assumptions gains and losses were
amortized over a closed period of 9.4 years starting on
October 1,2023,equal to the average remaining service
of active and inactive plan members (who have no
future service).
Plan Participation Percentage The assumptions for participation of eligible retirees in
the County's postemployment benefit plan are:
Retirees with 25+Years of Service: 100%
Retirees with 20—24 Years of Service: 75%
Retirees with 10—19 Years of Service: 50%
The health care trend assumptions are used to project the cost of health care in future years.The actuarial
assumptions include health care cost trend assumptions rates of 7.75% initially, reduced by decrements
of 0.30% for ten years and 0.10% thereafter to an ultimate rate of 4.0%. The assumptions included a
discount rate tied to the return expected on the funds used to pay the benefits, and assumes for an
unfunded plan, that the benefits continue to be funded on a pay-as-you-go basis.
Mortality rates were based on the Pub-2010weighted base mortality table, projected generationally using
Scale MP-2021,applied on a gender-specific and job class basis(teacher, safety, or general, as applicable).
51
K8C]NRQE COUNTY, FLORIDA
BOARD C]FCOUNTY CC]K8K8|88|C]NERS
NOTES TQ FINANCIAL STATEMENTS
FOR THE YEAR ENDED 8EPTEK8BER 30\2026
Changes in the Total OPEB Liability For the Board's Enterprise and Internal Service Funds:
Total
GPEB bill
Railamce, Beginning of Year 2^690�0
ChongEs for theXear:
5emUceC05t 119^000
UnterestCast 1103^600
Changes af Benefit Terms
Difference,Betmecn B,pected andAztua� Exp���t,nces
Changes inAsSumptionscr Other UnputS (2196^500)
Benefit Payments
Net Change,UnTmtoU ORES UabfllUty
Railemce,Emd�of Year
Sensitivity of the Total OPEB Liability to Changes in the Discount Rate—The following presents the total
OPEB liability of the Board's enterprise and internal service funds, as well as what the total OPEB liability
for the Board's enterprise and internal service funds would be ifitwere calculated using a discount rate
that is 1-percentage-point lower (3.9U%) or1 percentage-point higher (5.9U%) than the current discount
rate:
Current
1%Decrease Discount Rate, 1%Ina ease
TotoU0 RE BUobiUUty 2^86,2^300 2^576,1000 2^333/0QO
Sensitivity of the Total OPEB Liability to Changes in the Healthcare Cost Trend Rates — The following
presents the total OPEB liability ofthe Board's enterprise and internal service funds, as well as what the
total OPEB liability would be for the Board's enterprise and internal service funds ifitwere calculated
using healthcare cost trend rates that are 1-percentage-point lower (6.75% decreasing to 3.0%) or 1-
percentage-point higher(8.75%decreasing to 5.0%) than the current healthcare cost trend rates:
H ealt himmre,Cost Tr end Rm t es;
1%Decrease Cur r emt Tr end 1%Umcrcame
(6.75%Decreasing (7.75%Decreasing K9.75%Decreasing
ToteU ORESLiabUUUty 2'446.4,00 2^576,1000 2'734'4,00
OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related toOPEB
For the year ended September3U, 2025, the Board's enterprise and internal service funds recognized an
OPEB expense of $168,3UU. At September 30, 2025, the Board's enterprise and internal service funds
reported deferred outflows of resources and deferred inflows ofresources related to the OPEB from the
following sources:
52
K8C]NRQE COUNTY, FLORIDA
BOARD C]FCOUNTY CC]K8K8|88|C]NERS
NOTES TQ FINANCIAL STATEMENTS
FOR THE YEAR ENDED 8EPTEK8BER 30\2026
Deferffed Deferred
oufflmwsof Inflows of
ReoGmrccm Resources,
Changes cf4mSuMction5 OF' Other Unput5 4 5 5^900 (429,900)
The amounts the Board's enterprise and internal service funds reported as deferred outflows of resources
and deferred inflows ofresources related to OPEBvvi|| be recognized in OPEB expense as follows:
GPEB
For Fiscal Year Ammmmmt
21026, 1 2^6,]O
21027 �17^2100
21028 �17^2100
21029 16,,9 00
21030 3,7100
Thereafter
TmA,oU
Note 1O-
General Information
The Board's employees participate in FIRS.As provided by Chapters 121 and 112, Florida Statutes,the FIRS
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
FIRS also provides a defined contribution plan (investment Plan)alternative to the FIRS 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 fora state agency, county
government, district school board, state university, community college, or participating city orspecial
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 byan 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 3Z315'9UUU, or from the vvebsite:
.
Pension Plan
Plan Description—ThePensionP|anisacost'sharin8mu|tip|e'emp|oyerdeMnedbenefitpensionp|an,vvith
a Deferred Retirement Option Program (DROP)for eligible employees.
53
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED SEPTEMBER 30,2025
Benefits Provided — Benefits under the Pension Plan are computed on the basis of age, average final
compensation, and service credit. For Pension Plan members enrolled before July 1, 2011, Regular class
members who retire at or after age 62 with at least six years of credited service or 30 years of service
regardless of age are entitled to a retirement benefit payable monthly for life, equal to 1.6%of their final
average compensation based on the five highest years of salary,for each year of credited service. Vested
members with less than 30 years of service may retire before age 62 and receive reduced retirement
benefits.
Special Risk Administrative Support class members who retire at or after age 55 with at least six years of
credited service or 25 years of service regardless of age are entitled to a retirement benefit payable
monthly for life, equal to 1.6% of their final average compensation based on the five highest years of
salary, for each year of credited service. Special Risk class members (sworn law enforcement officers,
firefighters, and correctional officers) who retire at or after age 55 with at least six years of credited
service, or with 25 years of service regardless of age, are entitled to a retirement benefit payable monthly
for life, equal to 3.0% of their final average compensation based on the five highest years of salary for
each year of credited service.
Senior Management Service class members who retire at or after age 62 with at least six years of credited
service or 30 years of service regardless of age are entitled to a retirement benefit payable monthly for
life, equal to 2.0% of their final average compensation based on the five highest years of salary for each
year of credited service.
Elected Officers' class members who retire at or after age 62 with at least six years of credited service or
30 years of service regardless of age are entitled to a retirement benefit payable monthly for life, equal
to 3.0%(3.33%for judges and justices)of their final average compensation based on the five highest years
of salary for each year of credited service.
For Plan members enrolled on or after July 1, 2011, the vesting requirement is extended to eight years of
credited service for all these members and increasing normal retirement to age 65 or 33 years of service
regardless of age for Regular, Senior Management Service, and Elected Officers' class members, and to
age 60 or 30 years of service regardless of age for Special Risk and Special Risk Administrative Support
class members. Also, the final average compensation for all these members will be based on the eight
highest years of salary.
As provided in Section 121.101, Florida Statutes, if the member is initially enrolled in the Pension Plan
before July 1, 2011, and all service credit was accrued before July 1, 2011, the annual cost-of-living
adjustment is 3% per year. If the member is initially enrolled before July 1, 2011, and has service
credit on or after July 1, 2011, there is an individually calculated cost-of-living adjustment.The annual
cost-of-living adjustment is a proportion of 3% determined by dividing the sum of the pre-July 2011
service credit by the total service credit at retirement multiplied by 3%. Plan members initially enrolled
on or after July 1, 2011, will not have a cost-of-living adjustment after retirement.
In addition to the above benefits, the DROP program allows eligible members to defer receipt of monthly
retirement benefit payments while continuing employment with a FRS employer for a period not to
exceed 96 months after electing to participate. Deferred monthly benefits are held in the FRS Trust Fund
and accrue interest.There are no required contributions by DROP participants.
54
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED SEPTEMBER 30,2025
Contributions—Effective July 1, 2011, all enrolled members of the FRS, other than DROP participants, are
required to contribute 3% of their salary to the FRS. In addition to member contributions, governmental
employers are required to make contributions to the FRS based on state-wide contribution rates
established by the Florida Legislature. These rates are updated as of July 1 of each year. The employer
contribution rates byjob class for the periods from October 1,2024 through June 30,2025 and from July 1,
2025 through September 30, 2025, respectively, were as follows: Regular-13.63% and 14.03%; Special
Risk Administrative Support-39.82%and 39.48%;Special Risk-32.79%and 35.19%;Senior Management
Service-34.52%and 33.24%; Elected Officers'-58.68%and 54.57%;and DROP participants-21.13%and
22.02%. These employer contribution rates include 2.00% HIS Plan subsidy for the periods October 1,
2024,through September 30, 2025.
The Board's contributions, including employee contributions, to the Pension Plan for its business-type
activities,totaled $870,701 for the fiscal year ended September 30, 2025.
Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of
Resources Related to Pensions — The Board's governmental funds, which use the current resources
measurement basis of accounting, generally recognize pension expense as amounts are paid. Pension
liabilities are recognized at the fund level only to the extent expected to be liquidated with expendable
available financial resources. Amounts associated with long-term pension liabilities and related deferred
outflows of resources and deferred inflows of resources are reported on the government-wide financial
statements of the County, rather than the financial statements of the Board.
The Board's enterprise and internal service funds recognize pension liabilities, pension expense and
deferred outflows of resources and deferred inflows of resources related to pensions on the accrual basis
of accounting.At September 30,2025,the Board's enterprise and internal service funds reported a liability
of $5,636,514 for their proportionate share of the Pension Plan's net pension liability. The net pension
liability was measured as of June 30, 2024, and the total pension liability used to calculate the net pension
liability was determined by an actuarial valuation as of July 1, 2025. The Board's proportionate share of
the net pension liability was based on the Board's FY 2025 contributions relative to the FY 2025
contributions of all participating members.At June 30, 2025,the Board's proportionate share for all funds
was 0.139732%,which was an increase of 0.00165%from its proportionate share measured as of June 30,
2024. Approximately 12.08%of the Board's proportionate share of the net pension liability was allocated
to the enterprise and internal service funds of the Board based on their proportionate share of the Board's
Pension Plan contributions.
For the fiscal year ended September 30,2025,the Board's enterprise and internal service funds recognized
pension benefit of $629,696. In addition, these activities reported deferred outflows of resources and
deferred inflows of resources related to pensions from the following sources:
55
K8C]NRQE COUNTY, FLORIDA
BOARD C]FCOUNTY CC]K8K8|88|C]NERS
NOTES TQ FINANCIAL STATEMENTS
FOR THE YEAR ENDED 8EPTEK8BER 30\2026
FIRS Pension
Deferred Deferred
Outflows of [Inflows,of
me5o,urces Resources,
Differences eetween Expected and*omaUExperience e25^774 �
ChIof*sSu1'npt/anS 68,13342
Net Difference Between proJected andActua| sarn/nas
anplens/anpUannnvestm*n Its 978,172
ChI fin FIrapartxan and Differences eEbmmen Pension Plan
cantr/but�ons and ProlIteShare3�canbr/but�ans 416,254 as^uae
Plens/anP1UancontrxbuUanSauhsequent Itathemea5urern*ntDate 2939*6
Total
The Pension P|an'sdeferred outflows ofresources related tothe Board's enterprise and internal service
funds contributions to the Pension Plan subsequent to the measurement date, totaling$Z93,946, will be
recognized as a reduction of the net pension liability in the fiscal year ended September 30, 2025. Other
amounts reported as deferred outflows of resources and deferred inflows of resources related to the
Pension Plan will be recognized in pension expense of the enterprise and internal service funds as follows:
IF IRS
Far Fiscal Year ArmOumt
21026, 1,907^880
21027 (338,979)
21028 (5,07^295)
21029
TmtoU 559,1012
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%, avera8e, including inflation
Investment rate ofreturn 670%, net ofpension plan investment
expense, including inflation
Mortality rates were based on the PUB2010 base table varies by member category and sex, projected
8enerationa||yvvith Scale MP'2021 details in the valuation report.
The actuarial assumptions used in the July 1, 2025, valuation were based on the results of an actuarial
experience study for the period July 1, ZU18 through June 30, 2023, and were the assumptions used to
determine the total pension liability asof June 3U, 2025.
56
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED SEPTEMBER 30,2025
The long-term expected rate of return remained at 6.70%, and the active member mortality assumption
was updated.
The long-term expected rate of return on Pension Plan investments was not based on historical returns,
but instead is based on a forward-looking capital market economic model. The allocation policy's
description of each asset class was used to map the target allocation to the asset classes shown below.
Each asset class assumption is based on a consistent set of underlying assumptions and includes an
adjustment for the inflation assumption. The target allocation and best estimates of arithmetic and
geometric real rates of return for each major asset class are summarized in the following table:
Compound
Annual' Annual'
Target: Arithmetic (Geornem:riic) Standard
,Arsse4t Class Allocationl Return Return Deviation
Cash 1.t;3'a 8.2% 3.2% L 11%
Fixed Income 29.� r6 5.53i6 541 4_G36
CIIoball EqLJtV 45.E ,� 8..53G 6.::9'�'� L8.3'9'
Realll Estate iPropertV) 12.0% 8..4% 7.1% 16.8%
RrlivabE EgLlIty LLWG 12..4'% 8..8'"a 28_4N.
Sfrat,Eg&IlnvEstments 2.M,a 6.5% 6.1'% 8.7'%
Total 100.G%
AsSUrned Ilntllatlion-Mean 2..4€'% b_5'°a
As oadtllllinECl'iin the FRS Rens'iion Pllan's'iii~vestrnent iDoll'idcv ava'iillalille troinr F'uncls'We r'wiana,ge on the SBA's xebiste at wuuw.slaa'frlla..coinr.
Discount Rate — The discount rate used to measure the total pension liability was 6.70%. The Pension
Plan's fiduciary net position was projected to be available to make all projected future benefit payments
of current active and inactive employees.Therefore,the discount rate for calculation of the total pension
liability is equal to the long-term expected rate of return.
Sensitivity of the Board's Proportionate Share of the Net Position Liability to Changes in the Discount Rate
—The following represents the Board's enterprise and internal service funds proportionate share of the
net pension liability calculated using the discount rate of 6.70%, as well as what the proportionate share
of the net pension liability would be if it were calculated using a discount rate that is one percentage point
lower (5.70%) or one percentage point higher(7.70%)than the current rate:
FR5 Net Pension babili tt:y
1: Decrease current UsconanFtt: 1: IIncreasee
(5.70 ) Rate(6.70%) �7.701'%)
E,nterpnse and II'nternall Service Fcrinds Prcportiimnate
5 al �e nl n xl l , , 3 , S 1,088,195
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.
57
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED SEPTEMBER 30,2025
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, 2025, 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, 2025, the HIS contribution was 2.0%. The Board
contributed 100% of its statutorily required contributions for the current and preceding three years. HIS
Plan contributions are deposited in a separate trust fund from which payments are authorized. HIS Plan
benefits are not guaranteed and are subject to annual legislative appropriation. In the event legislative
appropriation or available funds fail to provide full subsidy benefits to all participants, benefits may be
reduced or cancelled.
The Board's contributions to the HIS Plan for its business-type activities totaled $125,105 for the fiscal
year ended September 30, 2025.
Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of
Resources Related to Pensions—The basis of accounting and financial reporting of the Board's HIS Plan is
identical to that of the Board's Pension Plan. At September 30, 2025, the Board's enterprise and internal
service funds reported a liability of$2,451,510 for their proportionate share of the Board's HIS Plan's net
pension liability.The net pension liability was measured as of June 30, 2025, and the total pension liability
used to calculate the net pension liability was determined by an actuarial valuation as of July 1, 2025.The
Board's proportionate share of the net pension liability was based on the Board's FY 2025 contributions
relative to the FY 2025 contributions of all participating members. At June 30, 2025, the Board's
proportionate share of all funds was 0.12824%, which was an increase of 0.001569% from its
proportionate share measured as of June 30, 2024. Approximately 14.91% of the Board's proportionate
share of the net pension liability was allocated to the enterprise and internal service funds of the Board
based on their proportionate share of the Board's HIS Plan contributions.
For the fiscal year ended September 30,2025,the Board's enterprise and internal service funds recognized
HIS pension expense of $103,592. In addition, these activities reported deferred outflows of resources
and deferred inflows of resources related to pensions from the following sources:
58
K8C]NRQE COUNTY, FLORIDA
BOARD C]FCOUNTY CC]K8K8|88|C]NERS
NOTES TQ FINANCIAL STATEMENTS
FOR THE YEAR ENDED 8EPTEK8BER 30\2026
HIS Pension
Deferred D�exexrem
outflowsof nnflmwsof
Resources Resources
Differences Between Expected and Actua|s^penenc* 15^518 * 4J2*
Changes o�xssumnUons aa,mim 628'oL4
Net Difference Between RrG.Jecteu and Actua|sarnnngs
anx/sInvestments aJea
cxangES fin RroparUon and onnfErenceseetmLen HIS Pnan
cantr/buoons and Praport/anate Share,o#contrxbuoanS zar,zas 45'801
x/aPnancantrfluubansSuus*nuent totheMeasurement Date 43333
Tm4a.x
The deferred outflows of resources related to the HIS Plan resulting from the Board's enterprise and
internal service funds contributions to the HIS Plan subsequent to the measurement date, totaling
$43,333, will be recognized as a reduction of the net pension liability in the fiscal year ended
September3U, 2025. Other amounts reported as deferred outflows ofresources and deferred inflows of
resources related tothe HIS Plan will be recognized as pension expense in the enterprise and internal
service funds asfollows:
H IS
For Fiscal Year Amount
2026 (iGG,426)
2027 (120,235)
zouo (ioi'zus)
zmzs (81'125)
zouo
�t,a 1' (455,239)
Actuarial Assumptions—The total pension liability in the July 1, 2025, actuarial valuation was determined
using the following actuarial assumptions, applied to all periods included in the measurement:
Inflation 2.40%
Salary increases 3.50%, avera8e, including inflation
Municipal bond rate 5.20%
Mortality rates were based on the Generational PUB'2010vvith Projection Scale MP'2021tab|es.
The actuarial assumptions used in the July 1, 2025, valuation were based on the results of an actuarial
experience study for the period July 1, ZU18 through June 30, 2023.
The municipal rate used to determine total pension liability increased from 3.93%to5.20%.
59
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED SEPTEMBER 30,2025
Discount Rate—The discount rate used to measure the total pension liability was 5.20%. In general, the
discount rate for calculating the total pension liability is equal to the single rate equivalent to discounting
at the long-term expected rate of return for benefit payments prior to the projected depletion date.
Because the HIS benefit is essentially funded on a pay-as-you-go basis, the depletion date is considered
to be immediate, and the single equivalent discount rate is equal to the municipal bond rate selected by
the HIS Plan sponsor. The Bond Buyer General Obligation 20-Bond Municipal Bond Index was adopted as
the applicable municipal bond index.
Sensitivity of the Board's Proportionate Share of the Net Position Liability to Changes in the Discount Rate
—The following represents the Board's enterprise and internal service funds proportionate share of the
net pension liability calculated using the discount rate of 5.20%, as well as what the proportionate share
of the net pension liability would be if it were calculated using a discount rate that is 1-percentage point
lower (4.20%) or 1-percentage point higher(6.20%)than the current rate:
HIS Net Pensiian Udbility
1%Decrease Currentt01.5,caunt 1%Increase
�44.201N} Rate 85.20" �62011%)
Enterlmse and Ilnternall S-ervice Funds Pirc1pmrtlianate
Share of the Net HIIS Phan Ualallll'I'ty 5 2,764,474 2,,45L,3I74: 2,,I189,036
Pension Plan Fiduciary Net Position— Detailed information regarding the HIS Plan's fiduciary net position
is available in the separately issued FRS Pension Plan and Other State-Administered Systems Annual
Comprehensive Financial Report.
Investment Plan
The SBA administers the defined contribution plan officially titled the FRS Investment Plan. The
Investment Plan is reported in the SBA's annual financial statements and in the State of Florida Annual
Comprehensive Financial Report.
As provided in Section 121.4501, Florida Statutes, eligible FRS members may elect to participate in the
Investment Plan in lieu of the FRS defined benefit plan. County employees participating in DROP are not
eligible to participate in the Investment Plan. Employer and employee contributions, including amounts
contributed to individual member's accounts, are defined by law, but the ultimate benefit depends in part
on the performance of investment funds. Benefit terms, including contribution requirements, for the
Investment Plan are established and may be amended by the Florida Legislature. The Investment Plan is
funded with the same employer and employee contribution rates that are based on salary and
membership class (Regular Class, Elected County Officers, etc.), as the Pension Plan. Contributions are
directed to individual member accounts, and the individual members allocate contributions and account
balances among various approved investment choices. Costs of administering the Investment Plan,
including the FRS Financial Guidance Program, are funded through an employer contribution of 0.04%and
0.06% of payroll and by forfeited benefits of plan members for the periods October 1, 2024 through
June 30, 2025, and from July 1, 2025 through September 30, 2025, respectively. Allocations to the
investment member's accounts during FY 2025, 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%.
60
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED SEPTEMBER 30,2025
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, 2025, the information for the
amount of forfeitures was unavailable from the SBA; however, management believes that these amounts,
if any,would be immaterial to the Board.
After termination and applying to receive benefits, the member may rollover vested funds to another
qualified plan, structure a periodic payment under the Investment Plan, receive a lump sum distribution,
leave the funds invested for future distribution, or any combination of these options. Disability coverage
is provided; the member may either transfer the account balance to the Pension Plan when approved for
disability retirement to receive guaranteed lifetime monthly benefits under the Pension Plan or remain in
the Investment Plan and rely upon that account balance for retirement income.
The Board's Investment Plan pension expense for its business-type activities totaled $238,225 for the
fiscal year ended September 30, 2025.
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
61
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED SEPTEMBER 30,2025
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 non-profit 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 20 participants, of which 1 are active, 6 are terminated
with deferred benefits, and 13 are retired members for the plan year ended December 31, 2024, and the
County's fiscal year ending September 30, 2025.Separate, stand-alone financial statements for LOSAP are
not provided.
Contributions — Actuarially determined contribution rates are calculated as of January 1, which is nine
months prior to the end of the fiscal year in which contributions are reported.
For each Plan Year, the Board shall appropriate funds from the budgets of the various fire/rescue
Municipal Service Taxing Units. These funds will be applied as a contribution to the LOSAP trust account
in an amount as determined by the Plan Administrator as is necessary to fund the accrued or prospective
benefits for Participants on an actuarially sound basis and in accordance with Part VII of Chapter 112,
Florida Statutes. There are no participant contribution requirements. The authority under which those
obligations are established is the Monroe County Ordinance No. 026-1999.
Net Pension Liability
The Board's net pension liability was measured as of January 1, 2025 and the total pension liability used
to calculate the net pension liability was determined by an actuarial valuation as of that date.
Actuarial Assumptions—The actuarial assumptions used to compute the total pension liability, applied
to all periods included in the measurement date were:
Discount Rate: Funding—3.80%
GASB—4.08%
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
62
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED SEPTEMBER 30,2025
2024 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
Administrative Expenses: $24,000
Funding Policy: The County's funding policy is to contribute at least the actuarially
determined contribution, as mandated by ordinance.
Summary of Significant Accounting Policies —The financial statements of LOSAP are prepared using the
modified accrual basis of accounting.The contributions are recognized when they become susceptible to
accrual; when they become both measurable and available. Benefits are recognized in the accounting
period in which the related fund liability is incurred in accordance with the terms of LOSAP.Administrative
costs are paid by the Board.Actuarial valuation costs are paid by LOSAP.All plan investments are reported
at fair value.
The resources in the LOSAP fund have been set aside to pay future obligations of the LOSAP but are not
held in a trust that meets the criteria outlined in GASB Statement No.67, paragraph 3 and GASB Statement
No. 68, paragraph 4.
Investments — Investments are pooled with all Board investments and are held in accordance to the
investment policy included in Note 1. All plan investments consist of U.S. Government and
U.S. Government-guaranteed obligations which represent more than 5.0% of the net position available
for benefits.There are no investments in, loans to or leases with any public employee retirement system
official, government employer official, party related to a public employee retirement system official or
government employer official, non-employee contributor or organization included in the reporting entity.
Discount Rate — The discount rate was revised from 3.77% as of December 31, 2023, to 4.08% as of
December 31, 2024, 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.
63
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED SEPTEMBER 30,2025
The projection of cash flows used to determine the discount rate assumed that plan member
contributions will be made at the applicable current contribution rates and that Board contribution will
be made at rates equal to the difference between actuarially determined contributions and member
contributions. Based on those assumptions, the fiduciary net position for the LOSAP pension plans was
projected to be available to make all projected future benefit payments of current plan members.
Therefore, the long-term expected rate of return on LOSAP's investments was applied to all periods of
projected benefit payments to determine the total pension liability for each plan.
Changes in Total LOSAP Pension Liability
Tort;al LOSAP
Pension ILiabiiiitt:y
dance att:September :,301,,210,24 332,180
changes for the m'ea r.
Service Cast 888
Interest Gast 11,82�1
Difference Between E'xI),dected and Actwialll Exi ir'idence° (16,909)
Changes in Assw,rrrptiicns aer Other Illnl3Lits (4,696)
&enefliit PaVrnents (84,D16)
Net Change,in Tctalll L05AP Pension L'iiiali l'idty (47,41r 1)
dance at September I301, 210,25 284,269
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 4.08%, as well as what LOSAP's total
pension liability would be if it were calculated using a discount rate of 1-percentage point lower (3.08%)
or 1-percentage point higher(5.08%)than the current rate.
1%Decrease C�urrentt Dhcountt %Ilncrease
(: .1a�; ) Rate(4.1018%) (5.10�; )
Net LOSAP ICensian L'iiial3ii'RV 2 99,911 284,269 27Or000
Pension Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions
For the year ended September 30, 2025,the Board recognized pension expense of$39,015.At September
30, 2025,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 Guttlows, Deterred inflows,
o�f Resources, �at Resofurcess
Net Difference Between ICra ected and Act4ialli Earnings an
LOSAP IPlens'idon Plllan IllnvEstraents 18,33 9
64
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED SEPTEMBER 30,2025
Note 12-Capital and Other Significant Commitments
Construction projects and significant commitments, excluding encumbrances reported below, under
present contractual agreements as of September 30, 2025, are as follows:
Key'West Airport C 0 nc aLi r-se A Terrn ii n,a 111 1 7,109 3,9 2 6
Key West Airport Alaron and Imiut'igat'iiicn 11169,23
Twin Lakes Flood KItiIgati'on 9,764,282
5Li,gamlloaii Vodll4inteer Fire°Dep,artine°nt 8,903,538
Key West AidrportTax'iiiwaV Extension and Mitigation 8,191,351
ELrstorns and II PF'Otect'idon F,ac'iillty 2,364, 65
Harla'Uir Dr'ive,Sr'idd,g�e 1,609,8116
5eaview Bridge,Rep llacernent 2,903,1106
Sea Levelll Rise Project 746,290
Otlmem II;(Less Than ' 600,1&00) 5,985,547
TOAtall 58,671,549
Significant encumbrance commitments at September 30, 2025, are as follows:
EncLr mm bra nces
Gaveriwntntalll Activities:
G,e°aeralll F'4ind 4 5r4�9,9
Gavern17Rentalll Grants F'L,nqd 2r91 6,,252
One Cent III nfra stRlCtLir'e5L,irta x 832,882
Flan-Major Gcve,rigr entalll F'kinds 9,5,00,4 4 1
Tctalll 6overninentalll Activities 13,693,1074
BLds,'lll n e,ss-Ty13ee Activities:
Key West NIrport 755,59
Marathon Airport 269,617
Tctalll SLISiaess-TyI)�e Actiivit'ides 1,1025,211
Total Encumbrances 14,7
65
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED SEPTEMBER 30,2025
Note 13- Lease and SBITA Obligations
The Board leases office space that qualify as other than short-term leases under GASB Statement No. 87
and,therefore, have been recorded at the present value of the future minimum lease payments as of the
date of their inception.
The Board has also entered into non-cancelable agreements that qualify as subscription-based
information technology arrangements (SBITA) under GASB Statement No. 96 and, therefore, have been
recorded at the present value of the future minimum SBITA payments as of the date of their inception.
The Board has eight lease agreements for the year ending September 30, 2025. The future principal and
interest payments as of September 30, 2025, were as follows:
Year En iin,g Gavernrnental Act,ivriti-es
September 30 prirrciplal Interest, Tutal
2026 5 5&4,293 33,219 5 617,502
2027 13'S,5'3Eo- 20A 14 3 15'S,725
2029 94,'979 15,E,E,3 :11 0A64'2
29 1 3A S2 0 1:1 A 613 :112,233
2031-2033 143,909 9,792 :153,670
Totals $ 1,111,5'9a 99,709 $ 1,21 A3 6
The Board has 13 SBITA for the year ending September 30, 2025. The future principal and interest
payments as of September 30, 2025, were as follows:
Year Ending Governmental Activities Busimess-TypeActivit,ies
Septentber1) principal IMerest Tnt;al principal Interest Tnt;al
202E S 25Em1772 S 13,066 S 269,,939 S 4,63,'3 S 42 S 4,,743
2027 93,544 7,32E 10D.970 - -
2029 57,9 89 4,39 6 E2,285
2029 39,737 2,&77 42,614
2030 41,15,0 1,464 42.614 - - -
Tat;als �' 4 95, 2 5 29,129 �' 519.221 �' 4,699 42 ��' �4y7 413
Note 14- Lone-Term Debt
Long-term debt activity for the year ended September 30, 2025, is as follows:
66
K8C]NRQE COUNTY, FLORIDA
BOARD C]FCOUNTY CC]K8K8|88|C]NERS
NOTES TQ FINANCIAL STATEMENTS
FOR THE YEAR ENDED 8EPTEK8BER 30\2026
Current:Portion
ueg/°"/n,,g End°Z of bong-Term
---�,I e,n,L es Add it ion s —_-- Paym ants------BdI 3n1L as, Li abi I is i as�--
mcv%re,nm=nta/Activities:
Revenue Bonds from Direct Berroo/qp $ 10.535.001 $ 4 E.850,000 5,225,010m s 52,20a.300 $ 5.310p00
Revenue noL"=m°=Direct n=,==mga, 116,9m3'375 7'9s9,666 10�944,7m` 7'2*0,7om
Lease Purchase"n="rrr°Star Helicopters 419.550.0w 2,�5,01CO 47,115.300 2'570pW
Lease Purchase of Fire Rescue Truck uEquipment 2,963,74 2,963,746 SCS.137
m°Vfielu Agreement mLVno> 2'500.031 2,125,01010 375.300 125a31
Old r Mile Bridge Restoration Sinking Fund 9.959.649 3SS,666 9,602.992 35S.666
Accrued Compensated Absences* 10,41s,001 ss17,926 4,911,327 11,021,s4o 2,204,3C9
Lease Liabilities 1.579.08 244,*64 712,=8 1,111.597 524.2o3
oBITAu=mnt/es 336,142 «szI`m uW,x"a 49S.093 256,772
opEEu°m/^v 35.420p31 3.507,200 E1729,20,3 32,19S.000 2.239.'BW
Pension Liability'FRS and HIS e4,931'2*9 11,32S,2G3 s3,63S,926
Pension Liability'LGS~ ----- 332£E/J ------12,709 ------610,623------ 2 94.2 69-------32.7 50-
nuta^mm=="="ta,/A E t i"mes ---302,900,676 ---�59,469,741 ---�42�S9,49S ---319,711,522 ---�22,222.SS7
B usi=ss.-Ty p eA L t I Viti e=
Revenue Bonds 42'45S.So9 42,499,92'9 ams.CCO
neve""enctEE 7'625.000
Lease Purchase afARFF �S19,740 1,s15,7+0 2�662
Accrued Compensated Absences' 1'157'555 a50,452 1851535 1,EzE.472 323'654
SBITA u=m/mes 2,o32 9,log 6,913 4,e9 4,e9
veuu°unuv 1'656.001 174,&00 255,aco 1,571.300 &4p0J
p==m°Liability'FRS and HIS ----_7.4&&.1A0 ---------_- ---- 12901151----- 6297.999----------_�
nata^mus/"=&-T*p ,Activities --- G 2.7&4.12 G ----��S4,101----- 1246,399---- 63,371,92L---- 2,703,0S4
mta,/Lang-Term Debt 36�S&4,W2 �~~ 61,923,2,4244�04,9943E3,093,75030,52S.611~
*The beo/nn/naba/anceofcomnensa,eu absence nm//mat/nn was restated w/m the October 1,moz4/mn/emen,a,/nnofmASaSta,ement No.umz.
The Board has outstanding revenue bonds and revenue notes from direct borrowings related to
governmental activities totaling $161,044,709 at fiscal year-end. The Board has pledged non-ad valorem
tax revenue to repay these borrowings.The Board cannot be compelled to use its ad valorem taxing power
to repay the principal or interest of the revenue bonds or revenue notes and these obligations do not
create any liens on Board property.
Two of the Board's four Revenue Notes are direct borrowings from the State of Florida's Clean Water
State Revolving Fund Construction Loan Program for the Board's wastewater projects. In the event of
default of either of these two notes, the Board has agreed to an accelerated repayment schedule or an
increased financing rate onthe unpaid principal as determined by the State.
Amounts associated with the Board's governmental activities long-term liabilities are reported on the
government-wide financial statements of the County rather than on the financial statements of the Board.
Amounts associated with the Board's business-type activities and internal service funds long-term
liabilities are reported on the proprietary fund financial statements of the Board. Internal service fund
long-term debt information is included in the governmental activities on the government-wide financial
statements, because the internal service funds predominately serve those activities.
Governmental activities' compensated absences are liquidated by the funds to which the employee
services are related.
67
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED SEPTEMBER 30,2025
The Group Insurance Internal Service Fund assesses a monthly premium per employee in each fund. The
monthly premiums paid by the various funds provide the resources necessary to liquidate the other
postemployment benefit obligations paid in the current year by the Group Insurance Internal Service
Fund.
The following summary reflects the Board's bonds and notes as of September 30, 2025:
G,vermm entail ActiIs
ReVenaIe Bonds from Direct Borrowings:
Il of r astni ctU r e°Sallies SU rta x RefU n d'id n,g Bond,Series 2 016 S,3110"GOO
III!ofrastrrictUre SaIlbesSrirtaxReftrnd'idn,gBand,Serofes21025 46,890,1GOO
Total', REIVEIIILFE,Ronds from Direct Borrowings 52,2100,G0
REVEI'lrre,Notes from Direct Borrowings:
Clean Water State RevodlPving F4ind Constrrrctidon Loan Agr+eeiment 2C110 2,8710,7 ,D
Clean State RevodlPving F'LI Constrtrct'idon Loan Agreeraent 21014 1105,975,969
Total', ReVenkre plates ilrorrr Direct 6orrovAn.gs 1108,844,7109
Least Ra,rrchaseTraLlrnaStar delll'idcopters 47,1C1i5,D00
Least PUrchase Monroe CoLn-rty P'iiire RescrreTrUck and EgUiiil),rae°nt 2,863,746
Mayhe°lid Agreer ent—Key Largo Wastewater Tre°atiment D'iustir'idct 375,GDO
011ld 7 Kiillbe 6ir'idd,ge,Restoration S'iiinkidn,g F'LInd 9,602,982
Total Governm e,nt:Die°hut: 221,DG1,437
IReVe114re II-
Key West Illnternat'idonalll.NIrport R.eVEIIare 6onds, Series 21022 41,3410,1000
UnarnCIrt'idzed Or'iigidnalli Illsrre Rrernki n,Ser'fires 21022 1, i9,9,29
Total REVEIILIe bonds 2, 59,929
IR EVE,n4,re Notes
PNC Leone of Credit Taxablllhe Master Airport Revenkre dote 110,000,1000
Lease PUrcIgase F''idre Trr,ick i,519,7 40
Total BLI: ine^ss�TVp,e,Artivii dies;Debit 53,9,79,669
Debt Service Funding Requirements —The total annual debt service requirements for bonds and notes
outstanding at September 30, 2025, are as follows:
68
K8C]NRQE COUNTY, FLORIDA
BOARD C]FCOUNTY CC]K8K8|88|C]NERS
NOTES TQ FINANCIAL STATEMENTS
FOR THE YEAR ENDED 8EPTEK8BER 30\2026
am° Activities Business-Type Activities
2026 ^6,907,503 6'940,9+9 p 23'8+8'452 8'31�6*2 2'719,716 1z'030,378
znzr uz'yoz'zen 6,5 L4,762 18'*4-6,922 3'00*662 2'2*3'592 5'2*8,254-
2n2o ^u'ury'+sr 6J67'564 18'4+7'03^ **2'435 2'09L'L9+ 2'753,629
znzy 11'+58'083 5'809'189 zr'zvr'zrz 695'612 2'057'L*2 2'752'754-
2n3n ^z'+30,n24 5^494,708 z6,924,732 ^'049'2z3 2'013'416 3'062'629
20nu-2035 e0,2 Ly'r*n 22'69:'e^n 82'9z5'396 5'877'u56 9'20L'582 15'078'738
2036-2040 49'276'+60 L 4,222^53^ 6 3^4 yo'yy^ 6,495'GD13 7'655'375 1+'z50,375
20+u-2045 26,793'330 8'*28'250 35'2 2u'58,0 8'290,0GO 5'8o7'213 i,�,097'2u3
2046-2::0 uy'yyn'nun 1'85 LOGO 2u'84 4,330 zo68�QW 3'3e'063 1+041'063
205^-2055 ------ZL 1,3 3 2----------- -------Z L L,3 3 2------7295,0l0 ----- 592,L25----- 8,392,L25-
m* n Required mebAService �~�221,G01,437 ~~ 78,124,60L ~~299,126,038~ u 52.859.7+0 �~~�37,747,418~ ~~�90,607,L58~
o""rn=*'zeuo,'g'""//"""°'
r,ern/"ffn/"5,E,/esznuzBonds uuzonzo
Total'Business Debt Service, $__ 53,979,669
$19,500,540 Clean Water State Revolving Fund Construction Loan Agreement
* Type: General Government Revenue Notes
* Dated: Apri| ZU1U
* Final maturity: YearZU3U
* Principal payment date: March 15and September 15
* Interest payment dates: March 15 and September 15
* Interest rate: Z.71%
* Amount outstanding at September 3Uth: $2,870,740
* Reserve requirement: None
* Revenue pledged: Non'AdVa|orem 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$3,068,721. For the fiscal year, principal and interest paid was$681,938 and total pledged revenue
vvas$46,161,U53.
* Purpose: Refund temporary financing for wastewater capital improvements.
* Call provisions: None
Clean Water State Revolving Fund Construction Loan Agreement
* The State awarded a total of $1Z7,ZUU,UUU (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 3U, 2025.
* Final maturity: Year ZU38
* Principal payment dates:June 15and December15
* Interest payment dates:June 15 and December 15
* Amount outstanding asof September 3Uth: $105,973,969
* 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
$126,622,989. For the fiscal year, principal and interest paid was $9,379,481 and total pledged
revenue was$41,67U,8ZZ.
* Purpose: Financing for wastewater capital improvements.
* Call provisions: None
69
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED SEPTEMBER 30,2025
$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: $5,310,000
• 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 $5,399,739. For the fiscal
year, principal and interest paid was$5,403,042 and total pledged revenue was$34,752,681.
• Purpose:To construct and acquire equipment and capital improvements.
• Call provisions: None
Infrastructure Sales Surtax Revenue bonds, Series 2025
• Type: General Government Refunding Revenue Bond
• Dated: February 12, 2025
• Final maturity: Year 2048
• Principal payment date: April 1 with first principal payment due April 1, 2040.
• Interest payment dates: April 1 and October 1
• Interest rate: 5.0%
• Amount outstanding at September 30th: $46,890,000
• Reserve requirement: None.
• 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 $92,336,750. For the fiscal
year, interest paid was$319,112 and total pledged revenue was$34,752,681.
• Purpose:To construct and acquire equipment and capital improvements.
• Call Provisions: None.
Lease-Purchase Fire Rescue Trucks and Equipment
• Final maturity: May 2028
• Principal payment date: Each May 251"with first principal payment due May 25, 2026.
• Interest payment dates: Annually May 251n
• Interest rate: 5.25%
• Amount outstanding at September 30th: $2,863,746
• Reserve requirement: None
• Revenue pledged: None
• Purpose:To acquire updated vehicles and equipment for Monroe County Fire Rescue.
70
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED SEPTEMBER 30,2025
$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: $375,000
• Reserve requirement: None
• Revenue pledged: One Cent Local Government Infrastructure Sales Surtax. The total principal
remaining to be paid is $375,000. For the fiscal Year, principal paid was $2,125,000 total pledged
revenue was$34,752,681.
• Purpose: Capital improvements with respect to Cudjoe Regional Wastewater Project
• Call provisions: None
• See Note 15 for additional information related to this agreement.
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: $9,602,982
• 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$9,602,982. For the
fiscal Year, the amount set aside in the sinking fund was $355,666 and total pledged revenue was
$46,161,053.
• Purpose: In 2017, the Board provided an initial $2.7 million for refurbishment to the Florida
Department of Transportation. Once refurbishment of the bridge was completed in September 2022,
the Board agreed to pay$355,666 annually for 30 Years as fixed capital outlay to be paid in Year 30 of
the agreement with the Florida Department of Transportation.
• Call provisions: None
$53,000,000 Lease Purchase Financing of Trauma Star Helicopters
• Final maturity: Year 2038
• Principal payment date: April 1
• Interest payment dates: April 1 and October 1
• Interest rate: 3.2591%
• Amount outstanding at September 30th: $47,115,000
• Reserve requirement: None
71
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED SEPTEMBER 30,2025
$53,000,000 Lease Purchase Financing of Trauma Star Helicopters (continued)
• 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$58,550,041. For the fiscal
year, principal and interest paid was$4,504,224.
• 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 applies 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, 2025: $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 project.
• 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.
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 2025 totaled $0.00.
• 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 plus 0.79% per annum.
• Amount outstanding at September 30, 2025: $10,000,000
• Reserve requirement: None
72
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED SEPTEMBER 30,2025
PNC Line of Credit for Monroe County, Florida Taxable Master Airport Revenue Note Series 2022 (con't)
• 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.
Lease-Purchase of Aircraft Rescue and Firefighting Truck
• Final maturity: September 2034
• Principal payment date: Each September 251"with first principal payment due September 25, 2026.
• Interest payment dates: Annually September 251n
• Interest rate: 5.19%
• Amount outstanding at September 30th: $1,519,740
• Reserve requirement: None
• Revenue pledged: None
• Purpose:To acquire an aircraft rescue and firefighting truck.
Note 15-Interlocal Agreement Expense
Administered by the Florida Department of Environmental Protection (FDEP), the Mayfield Grant is the
result of the State of Florida authorizing up to$200 million in grant funding to assist the Keys'wastewater
entities to complete central sewer and related projects. In May 2015, Monroe County and Key Largo
Wastewater Treatment District (KLWTD) entered into an interlocal agreement (ILA) whereby KLWTD
"assigned" its Mayfield grant allocation funding to Monroe County in exchange for the County repaying
those funds over a 10-year period.
As a result of the signed ILA in 2015 between Monroe County and KLWTD, FDEP sent Monroe County an
amendment to the Mayfield Grant in FY 2014-15 to add the $17 million reallocated funds to the grant
agreement between FDEP and Monroe County. The amendment: (1) provided the County an additional
$17 million in Mayfield grant funding; (2) reallocated the project budget and; (3)extended the date of the
completion of the project.
The ILA created transactions with two separate parts: 1) a grant between FDEP and Monroe County and
2) a long-term liability payable to KLWTD from Monroe County. For part one, Monroe County recorded
grant revenue, which was a reimbursement for capital expenditures already incurred in the Cudjoe
Regional Wastewater fund. For part two, the County recorded a long-term liability on the government-
wide financial statements, which represents funding the County is obligated to pay KLWTD.The offset to
this liability was an interlocal agreement expense which represents the value of Monroe County's "right"
to receive the Mayfield Grant revenue forfeited by KLWTD.
73
K8C]NRQE COUNTY, FLORIDA
BOARD C]FCOUNTY CC]K8K8|88|C]NERS
NOTES TQ FINANCIAL STATEMENTS
FOR THE YEAR ENDED 8EPTEK8BER 30\2026
Note 1G Interfund Transfers
-
|nterfund transfers at September 3U, 2025, are asfollows:
Transfers to Genera n Fund from:
One Cent nnnostructurc Surtax Fund 15 533877
Tourist Development Admin and Promo Two Cent Fund 1 14�.279
MunncnpansemnceDn strict-III aste 235,2102
�org Sound Bridge Fund 79�.776
Marathon Airport 110147e2102
Key West Airport 4772S0
nntcmoU Service Funds 1971
Non-MajorGo"emmentan Funds 2,661,797
Tot�onTrons Fe cstoscncronpvnu
Tron'Fe cstoGowcmmcnto III! srontpung fro m:
GeneranF"nu 193313
One Cent nnnostructurc Surtax Fund 1577727
Non-MajorGovcmmcnton Funds 110,1619.1911
Tot�onTrons Fe cstosovcmmcnto III! Grontpunu z
Transfers to One Cent nnnrostructurc Surtax Fund from:
Marathon Airport 612108.877
Non-Major Funds 9,6
Toton Transfers to One Cent Infrastructure Fund 7,172,577
Transfers to Debt Service Fund from:
One Cent nnnostructurc Surtax Fund 22,412,797
Tot�onTrons Fe cstoocmscmnccpunu 22,412,797
Transfers to Non-Major Funds from:
One Cent UnFrostructurc Surtax Fund 30D I
Other Non-Major Funds
Tot�on Transfers to Non-Major Funds 35,839,.290
not,aoonterummTransfers .5 92,793.1027
The One Cent Infrastructure Surtax Fund transferred $22,412,797 to the Debt Service Fund to repay the
Board's Infrastructure Sales Surtax Improvement Series 2016 Revenue Bond, the Infrastructure Sales
Surtax Series 2025 Revenue Bond, the Clean Water State Revolving Fund Construction Loans for both the
Big CoppittVVastevvater 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 and
emergency response vehicles.
Transfers were made to the Governmental Grants Fund of$12,579,951 during the fiscal year.The General
Fund transferred $183,313to meet grant match requirements for Social Services-related grants.The One
Cent Infrastructure Sales Surtax Fund transferred $1,577,727to meet match requirements: $221,342for
the Historic Courthouse grant; $178,Z8Z for the Key Largo Small County Outreach grant program related
to road and bridge and similar infrastructure repairs; $397,5Z7 for the Sti||vvri8ht Point Road elevation
project; $780,576 for various hazard mitigation grants. The Board's Impact Fees Roadways Fund
transferred $329,686to meet the match requirements for the Key Largo Small County Outreach grant
program while the Board's Environmental Restoration Fund transferred $22,243 to meet the match
requirements of the exotic plant removal grants and the Planning, Building, Zoning Fund transferred
$339,668 for match required for the Board's long-range transportation planning grants.The Infrastructure
74
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED SEPTEMBER 30,2025
Sales Surtax Revenue Bonds Series 2025 Fund transferred $10,127,314 to meet the match requirements
for various grants related to the Twin Lakes project.
The Marathon Airport Fund transferred$10,479,202 to the General Fund and$6,208,877 to the One Cent
Infrastructure Sales Surtax Fund to repay the financial assistance these two funds provided for the building
of Monroe County's Emergency Operations Center.The Infrastructure Sales Surtax Revenue Bonds Series
2025 Fund transferred $963,700 to the One Cent Infrastructure Sales Surtax Fund to pay for various
construction projects allowed by the bond.
The Board approved Resolution 544-2024 that established the Monroe County Affordable Tourism
Housing Program to fund affordable housing development projects using accumulated surplus Tourist
Development Tax dollars collected through September 30, 2024. In FY 2025, the Board's various tourist
development funds transferred $35 million to the Tourist Development Tax Affordable Housing Fund for
the implementation of this program.
The One Cent Infrastructure Sales Surtax Fund transferred $300,000 and the Board's Miscellaneous
Special Revenue Fund transferred $539,290 to the Land Acquisition Fund for the purchase of land during
FY 2025.
The remaining transfers are related to supporting the County's operations.
Note 17-Interfund Balances
R,eceiIEe fund Payable Funds Amount
Genera111 F't,ind Gover-nin,enta111 Gr-ants Fund ' 10,004,050
Gener-a111 F't,ind F''iine&.F'orhe'iiture Fund 8,,51
Gener-a111 F'r,ind One Gent III nftastr EietEir-�e Salllhes Srirtax I'Lind 4,265
Gener-aIII F't,ind Card Sound sr'iid,ge °1,,423
Gener-a111 F'tind Mwathon Aiv,port 110,001,289
Genera111 F't,ind Key West Air par t 25,066
Gener-aIII F't,ind MSD Solid Waste' 4,482
Gener-a111 F't,ind R,'isk,Management I'Lind 60
Ge,neralll F't,ind lone ra�iar-Gower-ri mentalll F'krnds 57,110
Gorrer111''rrentall Gr-ants I'Lind Genera111 I'Lind 657
One,Cent Illntrastrrietrir-eSallles SLI tax F'Eind Genera111 I'Lind 5°97
Nonim7aJor Go�rernirmentalP Rinds Generale Rind 526
MIST ,Soll'iId waste Genera111 I'Lind 49
Total 20, 88,546
The General Fund loaned the Governmental Grant Fund $10 million due to delayed timing of the receipt
of grant funds related to the Board's larger infrastructure. In March 2025, the Board also approved the
General Fund loaning the Marathon Airport$10 million to assist with cash flow for the Marathon Airport's
runway relocation project. The remaining balances relate to amounts owed or due to the General Fund
for procurement card purchases and payroll accruals.
75
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED SEPTEMBER 30,2025
Note 18-Governmental Fund Balance Classifications
Fund Balances are presented in the following categories; non-spendable, restricted, committed, assigned
and unassigned (see Note 1 for a description of these categories). A detailed schedule of governmental
fund balances at September 30, 2025, is presented below:
TGUristt
Development
Ad.m n and
Fine and Cavern ental Promo Two
General FarffeitUre Grants Cent
Prend Balance.
Non-Spendable:
Prepaid (terms -
Tot,all Neal-Spenciabllle
Restricted for:
Law Enforcement 35,427,421
Fire and Ambulance
Pu lsdl'li c,5a fety
Physlicall'Eimmronrnent
Iransportatliion
Finusling P'rngrarms.
Touriiist Develllop ment 44,79,E1724
Fiurman 5ervlic'es.
Library Donations
Cull'ture and Recreation
C,m,urt,Ermgraims
Comprehensive Pllanniing
Cpther Purposes
Debt 5erv^ce
Capiit,alll Projects -
Tot,all Res.tr'iicted 35,427,42,1. 44,296,724
C,e,rmrmlitteci to:
D i s ast,e r Recovery io'O'CGb,o0o -,
P'hyslic,all'Environment
Beach Re-Nourishment
Fieall't,h Care _
Tot,all'Committed 1CS,,COS0110,00
Asslgneci to:
Other Eurpjoses .443,4
Fire and Arml'sulll'anc,e
Subsequent year Expenditures 2„375,5'22,
Tot,alll Assigned 2„792,1,1,1,
Unassigned 5C!,77513,51. - (6,22413105)
TGtal Prrnd Balancers(Deficits) 53,5731472, 5 35,427,421. 5 i5,1244,795h 44,29,6,724
76
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED SEPTEMBER 30,2025
One Cent Debt Non-Major Total
InfrastrUCtUre Servi,ce C,iyvernme,ntap Giyvernmental
Surtax Fund Rinds —FUnds
Fund Balance:
Non-Spenclable:
Prepaid Ilterns
Totall!Non-SpendabIlle
Rest6cted for:
Law Enforcement 44,3,D3,,9ZD
Fire and Arnlbullance 1,241.2,88, 1,241,288,
Publllic Safety 5,892.2104 5,892,2104
Phys�,call EmAronment 4,907.'1,71 4,907,971
Transporratilon 71654.9,99, 71654,9,99,
Housing Frograms 2,913.771 2,913,771
Tourist Devellopment 66,777,A13 121,1074�,237
Human SerOces 231,535 231,535
Lillbrary Donatilons 472.2,95 472,285
Culture and Recreation 3,1016.739, 3,10261739,
Court.Prograrns 3,1105.517 3,11061517
Comprehensive PlIanning 3,619.'1,74 3,619,974
Other Fu rp o s e s 623.1049, 623,1049,
Delat Service 4�,72' .738 - 4�,72'1,738
Capitall Projects &318,54�.710 6S,732.9'14 13015871624
Totall!Rest6cted 60,854.71G 4,72'1,.738 194,'1,65.219 330,274,711
Co m m itte cl t,o:
D ii s aste r Recovery, I'DIODDIODD
Physicall!Environment 9�"823'10&9'
Beach Re-Nourishrnent 251,1075 251,1075
Health Care 253.238 253,238
Tot,alli!Commiltted IID,317.2,92_ 2,D,32712,92_
Assilgned to:
Other Purposes - 443,499,
Fire and Ambulance 9,215.197 91225,197
Subsequent Year Expencktures - 2,348,622
Tot,alli!Assilgned 9,215.2,97 2101,90713,D8
Unassilgned - 42,653,645
Total FLIInCt Ralances,(Deflicits) a 1354�.710 4�,721.738 5 2103,39,8597 5 4104�,152,947
77
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED SEPTEMBER 30,2025
Note 19-Risk Management
The Board is exposed to various risks of loss related to tort;theft of, damage to,and destruction of assets;
errors and omissions; injuries to employees; and natural disasters. During the fiscal years ended 1976,
1984, and 1988, the County established the Workers' Compensation, Group Insurance, and Risk
Management Funds, respectively, as internal service funds to account for and finance its uninsured risks
of loss.
Under these programs,the Workers' Compensation has self-insured coverage up to the first$500,000 per
claim for regular employees. Workers' Compensation claims in excess of the self-insured coverage of
$500,000 are covered by an excess insurance policy. The Group Insurance Fund provides self-insured
excess claims. Risk Management has a $5,000,000 excess insurance policy for general liability claims with
a $200,000 self-insured retention and building property damage is covered for the actual value of the
building with a deductible of$50,000. Deductibles for windstorm and flood vary by location. The Board
purchases commercial insurance for claims in excess of coverage provided by the funds and for all other
risks of loss. Settled claims have not exceeded this commercial coverage in any of the past three years.
All funds of the Board participate in the programs and make payments to the Workers' Compensation,
Group Insurance,and Risk Management Funds based on management's estimates of the amounts needed
to pay prior and current year claims. The claims liabilities reported are based on the requirements of
Governmental Accounting Standards Board Statement Nos. 10 and 62, which requires that a liability for
claims be reported if information prior to the issuance of the financial statements indicates that it is
probable that a liability has been incurred at the date of the financial statements and the amount of the
loss can be reasonably estimated.These claim liabilities have not been discounted.
Changes in the claim liability amounts in fiscal years 2025 and 2024 were:
Workers' G-rauP Risk
Compensation Insurance Management: Tonal
IUnpalid 6Ila4ns atSe ternlaer 30,2023 $ 2J95,900 815,091 $ 226,795 $ 3,237,786
lnnarred Clla'iMS tllncllticllin,6IIIBNRi 2,547,653 18,,953,,096 735,232 21,235,381
6llalrn Pa Vim ents I1,688,637i (18,,918,512) (3ii,833) I26,918,382i
Unpaid 6Ilalwns at September 30,2024 2,054,916 849,,675 650,,194 3,554,785
Incurred Claims(1111clladclli1,6111BNR) 812,551 20,044,914 374,733 21,232,298
6Ilalwn Payments (1,687,253) (19,,802,589) (155,362) (21,645,204)
Unioalicd 6Ilalwns at September 30,2025 $ 1,180,214 1,092,,GG G 869,565 $ 3,141,.779
Note 20- Litigation and Claims
The County is a defendant in various lawsuits and is involved in other disputes wherein substantial
amounts are claimed. The County vigorously defends itself with respect to these matters. The County's
practice is to provide for these claims when a loss is probable and a loss becomes fixed or determinable
in amount.The County is involved in a handful of lawsuits. Most claims have been defeated to date, but
three merit mention.
78
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED SEPTEMBER 30,2025
The first claim, John Bemke et. al. vs. Monroe County, involves property owners in a gated community
suing Monroe County for inverse condemnation due to the County's interpretation of its vacation rental
ordinance that was subsequently challenged and overturned on appeal. The property owners are suing
over lost vacation rental income, fines paid, and diminished property values for not being able to rent
their properties short-term despite being able to rent the properties on a long-term basis, occupy the
properties, and sell the properties. Monroe County assesses the claim as not only having a remote
possibility of success but also as frivolous and will defend the claim vigorously.
The second claim, Stacey Mitchell vs. 3406 North Roosevelt Blvd., Corp., Monroe County, et. al. is a
whistleblower suit filed by the former executive director of the contracted firm to administer the County's
Tourist Development Council. The Plaintiff's termination resulted from her refusal to participate in a
critical audit. The claim seeks lost wages, reinstatement to her contracted position, attorney fees, and
costs. Monroe County assesses the claim as having a remote possibility of success. The co-defendant
which employed the Plaintiff has insurance coverage to cover the losses and the corporation is being
represented independent from the County.
The final claim, Galleon Bay vs. Monroe County and the State of Florida, involved the property owners
suing the County and the State for inverse condemnation.After extended litigation, a final judgement was
entered in favor of the property owner in the amount of$480,512, as of June 1, 2016, plus statutory post
judgment interest.After thejudgment was affirmed on appeal,the Board deposited$531,391 in the Court
Registry to satisfy the judgment and the Clerk issued a Satisfaction of Judgment. The State of Florida
subsequently reimbursed the County for its 50 percent share of the final judgement. On December 23,
2023, the Court issued an Order Approving Settlement and Release Agreement on Attorneys' Fees and
Costs. On January 10, 2024,the Court ordered the Clerk to disburse the funds from the Court Registry. On
October 25, 2024, the Property Owner filed a Motion to Correct Clerical Mistake and set aside the
Satisfaction arguing that the Clerk had miscalculated the interest due when the County deposited
$531,391 into the Court Registry. At the time of the filing, the Property Owner asserts that she is entitled
to an additional $34,665 plus statutory interest from 2016.The County disputes this latest motion.
In the opinion of the County, it is reasonably possible that there are other open suits and claims that could
result in judgements or settlements, which, in aggregate, would have a material adverse effect on the
Board's financial condition. Based on the uncertainty at this point of the proceedings, an estimate of the
amount or range of potential losses cannot be determined.
Note 21-Commitments and Contingencies
Grant Programs — The Board participates in a number of federal and state grant programs that are
governed by various rules and regulations of the grantor agencies. Amounts received or receivable from
grant agencies are subject to financial and compliance audits by the grantors or their representatives.Any
disallowed claims, including amounts already collected, may constitute a liability of the applicable funds.
The amount, if any,which may be disallowed by the grantor, cannot be determined at this time, although
the Board expects such amounts, if any, to be immaterial.
79
MONROE COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED SEPTEMBER 30,2025
Impact Fee Refunds—Unexpended or unencumbered funds arising from the collection of impact fees may
be refunded within one year following the end of the sixth year from the date on which the impact fee
was paid or within three months of the non-commencement of construction,subject to certain conditions.
Note 22-Subsequent Events
Management has evaluated subsequent events through March 25, 2026, in connection with the
preparation of these financial statements,which is the date the financial statements were available to be
issued.
80
REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED)
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF THE BOARD'S PROPORTIONATE SHARE OF NET PENSION LIABILITY
FLORIDA RETIREMENT SYSTEM PENSION PLAN
LAST TEN FISCAL YEARS*
2025 2024 2023
Board's proportion of the net pension liability 0.139731614% 0.138081728% 0.133741137%
Board's proportionate share of the net pension liability $ 43,365,890 $ 53,417,658 $ 53,292,762
Board's covered payroll $ 57,349,076 $ 53,610,355 $ 50,500,089
Board's proportionate share of the net pension liability as a
percentage of its covered payroll 75.62% 99.64% 105.53%
Plan fiduciary net position as a percentage of the total pension liability 87.26% 83.70% 82.38%
*The amounts presented for each fiscal year were determined as of June 30.
81
2022 2021 2020 2019 2018 2017 2016
0.119102640% 0.127201763% 0.127836047% 0.122381778% 0.129013726% 0.110416195% 0.107471975%
$ 44,316,905 $ 9,609,799 $ 55,407,179 $ 42,146,581 $ 38,859,603 $ 32,660,370 $ 27,136,758
$ 41,413,339 $ 42,082,080 $ 40,912,184 $ 36,840,027 $ 37,018,101 $ 31,567,083 $ 29,517,681
107.01% 22.84% 135.43% 114.40% 104.97% 103.46% 91.93%
82.89% 96.40% 78.85% 82.61% 84.26% 83.89% 84.88%
82
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF THE BOARD'S CONTRIBUTIONS
FLORIDA RETIREMENT SYSTEM PENSION PLAN
LAST TEN FISCAL YEARS*
2025 2024 2023
Contractually required contribution $ 8,627,093 $ 8,026,314 $ 6,544,287
Contributions in relation to the contractually required contributions (8,627,093) (8,026,314) (6,544,287)
Contribution deficiency(excess) $ - $ - $
Board's covered payroll $ 58,211,990 $ 54,692,220 $ 50,133,219
Contributions as a percentage of covered payroll 14.82% 14.68% 13.05%
*The amounts presented for each fiscal year were determined as of September 30.
83
2022 2021 2020 2019 2018 2017 2016
$ 5,499,309 $ 4,755,272 $ 4,418,540 $ 3,552,282 $ 3,545,505 $ 3,169,065 $ 2,620,875
(5,499,309) (4,755,272) (4,418,540) (3,552,282) (3,545,505) (3,169,065) (2,620,875)
$ 44,175,166 $ 31,198,127 $ 32,741,086 $ 30,285,349 $ 31,178,120 $ 26,245,139 $ 29,517,681
12.45% 15.24% 13.50% 11.73% 11.37% 12.07% 8.88%
84
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF THE BOARD'S PROPORTIONATE SHARE OF NET PENSION LIABILITY
HEALTH INSURANCE SUBSIDY PROGRAM
LAST TEN FISCAL YEARS*
2025 2024 2023
Board's proportion of the net pension liability 0.128238857% 0.126670029% 0.127150648%
Board's proportionate share of the net pension liability $ 16,436,944 $ 19,001,731 $ 20,193,219
Board's covered payroll $ 57,349,076 $ 53,610,355 $ 50,500,089
Board's proportionate share of the net pension liability as a
percentage of its covered payroll 28.66% 35.44% 39.99%
Plan fiduciary net position as a percentage of the total pension liability 6.36% 4.80% 4.12%
*The amounts presented for each fiscal year were determined as of June 30.
85
2022 2021 2020 2019 2018 2017 2016
0.113535555% 0.118822592% 0.117668137% 0.110141787% 0.113326095% 0.098952229% 0.095343347%
$ 12,025,218 $ 14,575,366 $ 14,367,077 $ 12,323,764 $ 11,994,561 $ 10,580,429 $ 11,111,872
$ 41,413,339 $ 42,082,080 $ 40,912,184 $ 36,840,027 $ 37,018,101 $ 31,567,083 $ 29,517,681
29.04% 34.64% 35.12% 33.45% 32.40% 33.52% 37.64%
4.81% 3.56% 3.00% 2.63% 2.15% 1.64% 0.97%
86
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF THE BOARD'S CONTRIBUTIONS
HEALTH INSURANCE SUBSIDY PROGRAM
LAST TEN FISCAL YEARS*
2025 2024 2023
Contractually required contribution $ 1,163,508 $ 1,096,167 $ 868,274
Contributions in relation to the contractually required contributions (1,163,508) (1,096,167) (868,274)
Contribution deficiency(excess) $ - $ - $
Board's covered payroll $ 58,211,990 $ 54,692,220 $ 50,133,219
Contributions as a percentage of covered payroll 2.00% 2.00% 1.73%
*The amounts presented for each fiscal year were determined as of September 30.
87
2022 2021 2020 2019 2018 2017 2016
$ 732,868 $ 672,957 $ 689,830 $ 621,670 $ 628,246 $ 435,699 $ 488,695
(732,868) (672,957) (689,830) (621,670) (628,246) (435,699) (488,695)
$ 44,175,166 $ 31,198,127 $ 32,741,086 $ 30,285,349 $ 31,178,120 $ 26,245,139 $ 29,517,681
1.66% 2.16% 2.11% 2.05% 2.02% 1.66% 1.66%
88
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF CHANGES IN THE BOARD'S NET PENSION LIABILITY AND RELATED RATIOS
PENSION PLAN FOR VOLUNTEER FIREFIGHTERS AND EMERGENCY MEDICAL SERVICES
LAST TEN FISCAL YEARS
2025 2024 2023
Total pension liability
Service cost $ 888 $ 1,527 $ 2,772
Interest 11,821 13,647 8,721
Differences between expected and actual experience (16,909) (6,258) (66,343)
Changes of assumptions or other inputs (4,696) 4,764 (46,344)
Benefit payments,including refunds of employee contributions (39,015) (33,870) (35,295)
Net change in total pension liability (47,911) (20,190) (136,489)
Total pension liability-beginning 332,180 352,370 488,859
Total pension liability-ending $ 284,269 $ 332,180 $ 352,370
Notes to Schedule:
There are no assets accumulated in a trust,as defined by Statement of Governmental Accounting Standards No.73,to pay benefits.
89
2022 2021 2020 2019 2018 2017 2016
$ 1,819 $ (24,610) $ (11,774) $ (6,170) $ 12,761 $ 22,937 $ 16,394
5,939 6,890 8,130 8,724 9,146 9,146 8,895
(65,332) (61,382) (50,828) (35,295) 182 (39,039) 33,108
(33,348) - -
(24,570) (34,680) (30,945) (31,680) (32,265) (32,265) (28,365)
(115,492) (113,782) (85,417) (64,421) (10,176) (39,221) 30,032
604,351 718,133 803,550 867,971 878,147 917,368 887,336
$ 488,859 $ 604,351 $ 718,133 $ 803,550 $ 867,971 $ 878,147 $ 917,368
90
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS
REQUIRED SUPPLEMENTARY INFORMATION
TEN YEAR SCHEDULE OF EMPLOYER CONTRIBUTIONS
PENSION PLAN FOR VOLUNTEER FIREFIGHTERS AND EMERGENCY MEDICAL SERVICES
Year Ending December 31, 2024 2023 2022 2021 2020
Actuarially determined contribution $ - $ - $ - $ - $ 3,265
Contributions in relation to the actuarially
determined contribution 15,668 95,500 - - 3,265
Contribution deficiency(excess) $ (15,668) $ (95,500) $ - $ - $ -
Covered-employee payroll $ - $ - $ - $ - $ -
Contributions as a percentage of covered
payroll N/A 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.
For the remaining amortization period,6.584 years is the weighted average used in 2025.This was determined by individual district using average
future service for districts with active participants 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 3.80%for 2025,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-2021.
Female:Pub-2010 Headcount Weighted Safety Employee Tables,set forward one year,with fully generational projected mortality improvements
using Scale MP-2021.
The above funding assumptions are for the 2025 plan year.The 2024 plan year assumptions are those stated in the prior actuary's 2024 Actuarial
Valuation Report.
91
2019 2018 2017 2016 2015
$ 5,200 $ 3,265 $ 61,388 $ 39,899 $ 39,899
5,200 3,265 61,388 39,899 39,899
N/A N/A N/A N/A N/A
92
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF CHANGES IN THE BOARD'S TOTAL OPEB LIABILITY AND RELATED RATIOS
LAST TEN FISCAL YEARS*
2025 2024 2023
Total OPEB liability
Service cost $ 1,788,000 $ 993,000 $ 962,000
Interest 1,431,000 1,288,000 1,274,000
Changes of benefit terms - 2,231,000 -
Differences between expected and actual experience - 266,000 -
Changes in assumptions or other inputs (3,888,000) 2,953,000 (118,000)
Benefit payments (2,638,000) (2,296,900) (2,420,000)
Net change in total OPEB liability (3,307,000) 5,434,100 (302,000)
Total OPEB liability-Beginning of Year 37,076,000 31,641,900 31,943,900
Total OPEB liability-End of Year $ 33,769,000 $ 37,076,000 $ 31,641,900
Covered-employee payroll $ 49,308,000 $ 47,872,000 $ 45,115,000
Total OPEB liability as a percentage of covered-employee
payroll 68.49% 77.45% 70.14%
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
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 4.90%at the end of the year.Also during the
benefit terms changed resulting in a$3.3 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,informatil
presented for as many years as are available.
93
2022 2021 2020 2019 2018
$ 3,291,000 $ 971,000 $ 650,000 $ 496,958 $ 1,067,439
743,000 719,000 678,000 932,494 1,695,315
2,355,000 - - - (17,266,329)
(414,000) - - - -
(4,260,000) 189,000 7,549,000 3,431,990 (1,964,239)
(2,091,000) (2,225,000) (2,110,000) (1,549,168) (868,434)
(376,000) (346,000) 6,767,000 3,312,274 (17,336,248)
32,319,900 32,665,900 25,898,900 22,586,638 39,922,886
$ 31,943,900 $ 32,319,900 $ 32,665,900 $ 25,898,912 $ 22,586,638
$ 43,801,000 $ 36,493,000 $ 35,430,000 $ 32,520,000 $ 31,420,000
72.93% 88.56% 92.20% 79.64% 71.89%
1 premium rates
year,the Plan's
on will be
94
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS
FOR THE YEAR ENDED SEPTEMBER 30,2025
FUND BALANCES-BUDGET AND ACTUAL
ONE CENT INFRASTRUCTURE SURTAX CAPITAL PROJECT FUND
FOR THE YEAR ENDED SEPTEMBER 30,2025
Original Final Variance with
Budget Budget Actual Final Budget
Revenues
Taxes $ 31,500,000 $ 31,500,000 $ 33,093,472 $ 1,593,472
Licenses and Permits 2,685,400 2,685,400 2,694,007 8,607
Investment Income 50,000 50,000 1,483,485 1,433,485
Miscellaneous - - 175,728 175,728
Total Revenues 34,235,400 34,235,400 37,446,692 3,211,292
Expenditures
Current:
Capital Outlay:
General Government 2,524,808 2,774,512 1,255,819 1,518,693
Public Safety 48,274,860 41,769,093 28,035,895 13,733,198
Physical Environment 332,680 342,085 146,193 195,892
Transportation: Const.Management 16,967,843 20,777,943 10,235,673 10,542,270
Economic Environment 2,303,000 3,982,000 675,696 3,306,304
Culture and Recreation 840,050 1,212,550 291,560 920,990
Total Capital Outlay Expenditures 71,243,241 70,858,183 40,640,836 30,217,347
Debt Service:
Principal - - 51,031 (51,031)
Interest 19,796 (19,796)
Total Debt Service - - 70,827 (70,827)
Total Expenditures 71,243,241 70,858,183 40,711,663 30,146,520
Excess(Deficiency)of Revenues Over
(Under)Expenditures (37,007,841) (36,622,783) (3,264,971) 33,357,812
Other Financing Sources(Uses)
Reserve for Contingencies (1,500,000) (1,523,738) 1,523,738
Reserve for Cash Balance (2,500,000) (2,500,000) - 2,500,000
Debt Proceeds 1,073,787 2,863,746 1,789,959
Transfers from Other Funds - 7,172,577 7,172,577
Transfers from Constitutional Officers 4,726 4,726
Transfers to Other Funds (22,927,626) (25,758,244) (24,824,401) 933,843
Total Other Financing Sources(Uses) (26,927,626) (28,708,195) (14,783,352) 13,924,843
Net Change in Fund Balances (63,935,467) (65,330,978) (18,048,323) 47,282,655
Fund Balances-October 1 63,935,467 65,330,978 78,903,033 13,572,055
Fund Balances-September 30 $ - $ - $ 60,854,710 $ 60,854,710
The notes to the financial statements are an integral part of these statements.
95
This page is intentionally left blank.
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES-BUDGET AND ACTUAL
DEBT SERVICE FUND
FOR THE YEAR ENDED SEPTEMBER 30,2025
Original Final Variance with
Budget Budget Actual Final Budget
Revenues
Investment Income $ 15,000 $ 15,000 $ 625,640 $ 610,640
Total Revenues 15,000 15,000 625,640 610,640
Expenditures
Current:
Clean Water SRF Loans:
Principal 10,061,482 10,061,482 7,053,666 3,007,816
Interest - - 3,007,753 (3,007,753)
Total Clean Water SRF Loan 10,061,482 10,061,482 10,061,419 63
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 5,403,042 5,403,042 5,225,000 178,042
Interest - - 178,042 (178,042)
Total 2016 Revenue Bonds 5,403,042 5,403,042 5,403,042 -
2020 Revenue Note:
Principal 915,046 915,046 905,000 10,046
Interest - - 10,045 (10,045)
Total 2020 Revenue Note 915,046 915,046 915,045 1
Trauma Star Helicopters:
Principal 4,504,225 4,504,225 2,875,000 1,629,225
Interest - - 1,629,224 (1,629,224)
Total Trauma Star Helicopters 4,504,225 4,504,225 4,504,224 1
The notes to the financial statements are an integral part of these statements.
96
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES-BUDGET AND ACTUAL(CONTINUED)
DEBT SERVICE FUND
FOR THE YEAR ENDED SEPTEMBER 30,2025
Original Final Variance with
Budget Budget Actual Final Budget
2025 Revenue Bonds:
Interest $ $ 319,113 $ 319,112 $ 1
Total 2025 Revenue Bonds 319,113 319,112 1
Total Expenditures 23,008,795 23,327,908 23,327,842 66
Excess(Deficiency)of Revenues Over
(Under)Expenditures (22,993,795) (23,312,908) (22,702,202) 610,706
Other Financing Sources(Uses)
Reserve for Contingencies (500,000) (500,000) 500,000
Reserve for Cash Balance (500,000) (500,000) - 500,000
Transfers from Other Funds 22,093,749 22,412,862 22,412,797 (65)
Transfers from Constitutional Officers 915,046 915,046 915,046 -
Total Other Financing Sources(Uses) 22,008,795 22,327,908 23,327,843 999,935
Net Change in Fund Balances (985,000) (985,000) 625,641 1,610,641
Fund Balances-October 1 985,000 985,000 4,104,097 3,119,097
Fund Balances-September 30 $ - $ - $ 4,729,738 $ 4,729,738
The notes to the financial statements are an integral part of these statements.
97
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING BALANCE SHEET
NON-MAJOR GOVERNMENTAL FUNDS
SEPTEMBER 30,2025
SPECIAL REVENUE FUNDS
Tourist
Affordable Middle Keys Development
Housing Roads and Health Care All Districts
Programs Bridges MSTU Two Cent
Assets
Cash and Cash Equivalents $ 78,650 $ 1,162,427 $ 32,644 $ 4,543,612
Investments 379,044 5,655,600 157,323 21,897,464
Accounts Receivable,Net - 576 - -
Due from Other Funds -
Due from Other Governmental Units 607,311 - -
Due from Constitutional Officers - 62,269 997,642
Mortgages/Notes Receivable - -
Allowance for Mortgages/Notes Receivable - - - -
Interest Receivable 2,174 32,434 902 125,578
Total Assets 459,868 5 7,458,348 5 253,138 5 27,564,296
Liabilities and Fund Balances
Liabilities:
Accounts Payable $ - $ 22,339 $ - $ 981,376
Retainage Payable 425 -
Accrued Wages and Benefits Payable 198,225
Due to Other Funds 2,419
Due to Other Governmental Units 290,963
Due to Constitutional Otticers -
Deposits in Escrow - -
Total Liabilities - 514,371 981,376
Fund Balances:
Restricted 459,868 6,943,977 - 26,582,920
Committed - - 253,138 -
Assigned - - - -
Total Fund Balances 459,868 6,943,977 253,138 26,582,920
Total Liabilities and Fund Balances $ 459,868 $ 7,458,348 $ 253,138 $ 27,564,296
The notes to the financial statements are an integral part of the financial statements.
98
Page 1 of 4
SPECIAL REVENUE FUNDS
Tourist Tourist Tourist Tourist Tourist
Development Development Development Development Development Impact Fees,
District One District Two District Three District Four District Five Roadways
$ 3,954,081 $ 619,025 $ 1,290,183 $ 765,538 $ 1,101,212 $ 48,303
19,180,639 2,983,325 6,217,903 3,689,431 5,307,175 657,800
- - - - 15,019 -
1,370,795 267,962 550,460 342,795 508,303
109,997 17,109 35,659 21,158 30,436 4,919
24,615,512 5 3,887,421 5 8,094,205 5 4,818,922 5 6,962,145 5 711,022
$ 4,548,293 $ 343,487 $ 858,871 $ 412,894 $ 1,480,230 $
3,033 - - - -
8,467 7,008 11,829
159 - - -
218,750 39,615
4,778,702 350,495 898,486 412,894 1,492,059 -
19,585,734 3,536,926 7,195,719 4,406,028 5,470,086 711,022
251,076 - - - - -
19,836,810 3,536,926 7,195,719 4,406,028 5,470,086 711,022
$ 24,615,512 $ 3,887,421 $ 8,094,205 $ 4,818,922 $ 6,962,145 $ 711,022
The notes to the financial statements are an integral part of the financial statements.
99
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING BALANCE SHEET(CONTINUED)
NONMAJOR GOVERNMENTAL FUNDS
SEPTEMBER 30,2025
SPECIAL REVENUE FUNDS
Fire&Amb
Impact Fees, District#1,
Parks,and Impact Fees, Impact Fees, Lower and
Recreation Solid Waste Fire&EMS Middle Keys
Assets
Cash and Cash Equivalents $ 86,242 $ 25,452 $ 39,735 $ 1,163,001
Investments 415,634 122,665 191,497 6,752,945
Accounts Receivable,Net - - - 713,971
Due from Other Funds -
Due from Other Governmental Units -
Due from Constitutional Officers 330,656
Mortgages/Notes Receivable -
Allowance for Mortgages/Notes Receivable - - - -
Interest Receivable 2,384 703 1,098 38,727
Total Assets 504,260 5 148,820 232,330 5 8,999,300
Liabilities and Fund Balances
Liabilities:
Accounts Payable $ $ $ $ 30,187
Retainage Payable -
Accrued Wages and Benefits Payable 847,454
Due to Other Funds 6,472
Due to Other Governmental Units -
Due to Constitutional Otticers
Deposits in Escrow -
Total Liabilities 884,113
Fund Balances:
Restricted 504,260 148,820 232,330 -
Committed - - - -
Assigned - - - 8,115,187
Total Fund Balances 504,260 148,820 232,330 8,115,187
Total Liabilities and Fund Balances $ 504,260 $ 148,820 $ 232,330 $ 8,999,300
The notes to the financial statements are an integral part of the financial statements.
100
Page 2of4
SPECIAL REVENUE FUNDS
Unincorp. Unincorp.
Area Service Area Service 911 Duck Key Local
District, Dist.Planning Municipal Enhancement Security Housing
Parks&Rec. Bldg&Zoning Policing Fees District Assistance
$ 149,590 $ 1,559,118 $ 552,872 $ 51,608 $ 74,043 $ 343,785
2,411,370 4,884,066 2,664,503 - 356,843 1,656,833
- 82,796 - - -
- 526 -
82,182 259,725 - 45,289 -
52,453 21,508 528,900 - 535 -
- - - - 12,588,921
- - - - (12,588,921)
13,829 28,009 15,280 2,046 9,502
2,709,424 5 6,835,748 5 3,761,555 5 96,897 433,467 5 2,010,120
$ 92,937 $ 36,957 $ - $ $ 6,746 $ 46,200
87,062 443,471 13,088
11,115 12,196 1,416
418 1,449 -
- - 88,886
5,413 228,695 - - -
196,945 722,768 - 88,886 6,746 60,704
2,512,479 6,112,980 3,761,555 8,011 426,721 1,949,416
2,512,479 6,112,980 3,761,555 8,011 426,721 1,949,416
$ 2,709,424 $ 6,835,748 $ 3,761,555 $ 96,897 $ 433,467 $ 2,010,120
The notes to the financial statements are an integral part of the financial statements.
101
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING BALANCE SHEET(CONTINUED)
NONMAJOR GOVERNMENTAL FUNDS
SEPTEMBER 30,2025
SPECIAL REVENUE FUNDS
Affordable Miscellaneous
Housing Boating Special Environmental
Initiatives Improvement Revenue Restoration
Assets
Cash and Cash Equivalents $ 86,281 $ 778,954 $ 618,754 $ 1,620,228
Investments 415,821 3,754,225 2,984,260 7,915,718
Accounts Receivable,Net - 3,000 54,759 -
Due from Other Funds - -
Due from Other Governmental Units - 593,619
Due from Constitutional Officers 46,504 52,798
Mortgages/Notes Receivable - -
Allowance for Mortgages/Notes Receivable - - - -
Interest Receivable 2,385 21,530 17,114 45,395
Total Assets 504,487 5 4,604,213 5 4,321,304 5 9,581,341
Liabilities and Fund Balances
Liabilities:
Accounts Payable $ - $ 56,908 $ 62,114 $ 1,398
Retainage Payable - - -
Accrued Wages and Benefits Payable 6,651 - 7,792
Due to Other Funds 183 1,527 1,616
Due to Other Governmental Units 3,000 - -
Due to Constitutional Otticers - 25,380
Deposits in Escrow - - -
Total Liabilities - 66,742 89,021 10,806
Fund Balances:
Restricted 504,487 4,537,471 4,232,283 -
Committed - - - 9,570,535
Assigned - - - -
Total Fund Balances 504,487 4,537,471 4,232,283 9,570,535
Total Liabilities and Fund Balances $ 504,487 $ 4,604,213 $ 4,321,304 $ 9,581,341
The notes to the financial statements are an integral part of the financial statements.
102
Page 3of4
SPECIAL REVENUE FUNDS
Law Court Drug Canal Total Non-Major
Enforcement Facility Abuse Special Building Special Rev
Trust Fees Trust Assessments Fund Funds
$ 4,385,225 $ 1,047,359 $ 21,997 $ 41,288 $ 854,743 $ 27,095,950
717,547 5,047,639 106,011 198,986 3,425,930 110,148,197
- - - - 320 870,441
- 526
- - - - 1,588,126
106 47,449 2,919 1,582 5,185,636
- - - - 12,588,921
- - - - - (12,588,921)
4,115 28,947 608 1,141 19,647 632,826
5,106,993 5 6,171,394 5 131,5 5 - 242,997 5 4,300,640 5 145,521,702
$ - $ - $ - $ 464 $ 40,468 $ 9,021,869
- - - 3,458
12,402 238,507 1,881,956
- - 37,103
964 555,159
- 114,266
- - 8,110 242,218
- 12,402 - 464 288,049 11,856,029
5,106,993 6,158,992 131,535 - 4,012,591 115,233,204
- - - 242,533 - 10,317,282
- - - - - 8,115,187
5,106,993 6,158,992 131,535 242,533 4,012,591 133,665,673
$ 5,106,993 $ 6,171,394 $ 131,535 $ 242,997 $ 4,300,640 $ 145,521,702
The notes to the financial statements are an integral part of the financial statements.
103
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS Page
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
SEPTEMBER 30,2025
CAPITAL PROJECT FUNDS
Total
Land TDT Revenue Bond Non-Major
Acquisition Affordable Series Governmental
Fund Housing 2025 Funds
Assets
Cash and Cash Equivalents $ 80,476 $ 4,991,785 $ 40,125,239 $ 72,293,450
Investments 387,843 24,057,383 - 134,593,423
Accounts Receivable,Net - - 870,441
Due from Other Funds 526
Due from Other Governmental Units 1,588,126
Due from Constitutional Officers 5,185,636
Mortgages/Notes Receivable 12,588,921
Allowance for Mortgages/Notes Receivable (12,588,921)
Interest Receivable 2,224 137,965 773,015
Total Assets 470,543 5 29,187,133 7 40,125,239 5 215,304,617
Liabilities and Fund Balances
Liabilities:
Accounts Payable $ - $ - $ 50,001 $ 9,071,870
Retainage Payable - 3,458
Accrued Wages and Benefits Payable 1,881,956
Due to Other Funds 37,103
Due to Other Governmental Units 555,159
Due to Constitutional Otticers 114,266
Deposits in Escrow - 242,218
Total Liabilities - - 50,001 11,906,030
Fund Balances:
Restricted 470,543 29,187,133 40,075,238 184,966,118
Committed - - - 10,317,282
Assigned - - - 8,115,187
Total Fund Balances 470,543 29,187,133 40,075,238 203,398,587
Total Liabilities and Fund Balances $ 470,543 $ 29,187,133 $ 40,125,239 $ 215,304,617
The notes to the financial statements are an integral part of the financial statements.
104
This page is intentionally left blank.
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING STATEMENT OF REVENUES,EXPENDITURES,
AND CHANGES IN FUND BALANCES
NON-MAJOR GOVERNMENTAL FUNDS
FOR THE YEAR ENDED SEPTEMBER 30,2025
SPECIAL REVENUE FUNDS
Tourist
Affordable Middle Keys Development
Housing Roads and Health Care All Districts
Programs Bridges MSTU Two Cent
Revenues
Taxes $ $ 3,228,679 $ 3,231,177 $ 9,901,117
Licenses and Permits - - -
Intergovernmental 3,878,375
Charges for Services 4,448
Fines and Forfeitures - - -
Investment Income 14,405 237,517 17,764 855,458
Miscellaneous - 42,402 - -
Total Revenues 14,405 7,391,421 3,248,941 10,756,575
Expenditures
Current:
General Government - - 147,181 -
Public Safety -
Physical Environment -
Transportation - 7,579,965 -
Economic Environment 1,170 - - 8,231,795
Human Services - 3,336,887 -
Culture and Recreation -
Court Related
Capital Outlay -
Debt Service:
Principal 9,622
Interest - 378 - -
TotalExpenditures 1,170 7,589,965 3,484,068 8,231,795
Excess(Deficiency)of Revenues
Over(Under)Expenditures 13,235 (198,544) (235,127) 2,524,780
Other Financing Sources(Uses)
Transfers from Other Funds - -
Transfers to Other Funds (408,919) (72,713)
Issuance of Debt
SBITA Financing
Lease Financing - -
Transfers from Constitutional Officers 62,312 114,561
Total Other Financing Sources(Uses) - (408,919) 62,312 41,848
Net Change in Fund Balances 13,235 (607,463) (172,815) 2,566,628
Fund Balances-October 1 446,633 7,551,440 425,953 24,016,292
Fund Balances-September 30 $ 459,868 $ 6,943,977 $ 253,138 $ 26,582,920
The notes to the financial statements are an integral part of the financial statements.
105
Page 1 of 4
SPECIAL REVENUE FUNDS
Tourist Tourist Tourist Tourist Tourist
Development Development Development Development Development Impact Fees,
District One District Two District Three District Four District Five Roadways
$ 14,340,045 $ 2,550,295 $ 5,484,760 $ 3,230,650 $ 4,812,428 $
- - - - - 75,440
737,819 110,724 247,286 143,356 209,183 31,775
416 - - - 22,257 -
15,078,280 2,661,019 5,732,046 3,374,006 5,043,868 107,215
12,079,915 1,873,641 5,105,612 3,142,744 5,551,756
12,079,915 1,873,641 5,105,612 3,142,744 5,551,756 -
2,998,365 787,378 626,434 231,262 (507,888) 107,215
(16,311,225) (2,453,800) (7,613,399) (4,132,379) (4,611,479) (329,686)
170,172 26,349 51,258 30,768 48,770
(16,141,053) (2,427,451) (7,562,141) (4,101,611) (4,562,709) (329,686)
(13,142,688) (1,640,073) (6,935,707) (3,870,349) (5,070,597) (222,471)
32,979,498 5,176,999 14,131,426 8,276,377 10,540,683 933,493
$ 19,836,810 $ 3,536,926 $ 7,195,719 $ 4,406,028 $ 5,470,086 $ 711,022
The notes to the financial statements are an integral part of the financial statements.
106
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING STATEMENT OF REVENUES,EXPENDITURES,
AND CHANGES IN FUND BALANCES
NON-MAJOR GOVERNMENTAL FUNDS
FOR THE YEAR ENDED SEPTEMBER 30,2025
SPECIAL REVENUE FUNDS
Fire&Amb
Impact Fees, District#1,
Parks,and Impact Fees, Impact Fees, Lower and
Recreation Solid Waste Fire and EMS Middle Keys
Revenues
Taxes $ - $ $ - $ 17,146,570
Licenses and Permits 23,810 9,789 -
Intergovernmental - - 142,697
Charges for Services 1,181,080
Fines and Forfeitures - - -
Investment Income 15,649 4,637 7,168 590,277
Miscellaneous - - - 154,674
Total Revenues 39,459 4,637 16,957 19,215,298
Expenditures
Current:
General Government - - - 782,082
Public Safety 18,170,085
Physical Environment -
Transportation
Economic Environment
Human Services
Culture and Recreation
Court Related
Capital Outlay -
Debt Service:
Principal 57,346
Interest 2,847
Total Expenditures - - - 19,012,360
Excess(Deficiency)of Revenues
Over(Under)Expenditures 39,459 4,637 16,957 202,938
Other Financing Sources(Uses)
Transfers from Other Funds - - - -
Transfers to Other Funds (1,173,110)
Issuance of Debt -
SBITA Financing 75,146
Lease Financing -
Transfers from Constitutional Officers 331,198
Total Other Financing Sources(Uses) - - - (766,766)
Net Change in Fund Balances 39,459 4,637 16,957 (563,828)
Fund Balances-October 1 464,801 144,183 215,373 8,679,015
Fund Balances-September 30 $ 504,260 $ 148,820 $ 232,330 $ 8,115,187
The notes to the financial statements are an integral part of the financial statements.
107
Page 2 of 4
SPECIAL REVENUE FUNDS
Unincorp. Unincorp.
Area Service Area Service 911 Duck Key Local
District, Dist.Planning Municipal Enhancement Security Housing
Parks&Rec. Bldg&Zoning Policing Fees District Assistance
$ 3,412,776 $ 912,522 $ 6,239,571 $ $ - $
- 36 - 121,958
1,282,582 3,372,442 - 1,445,933 - 1,071,271
99,293 4,295,085 5,765,874 525,934 -
- 1,654,012 - - - -
142,259 219,696 177,456 11,351 15,098 93,492
4,242 392 - - - 811,538
4,941,152 10,454,185 12,182,901 1,983,218 137,056 1,976,301
99,913 4,639,451 285,453 - 1,000 -
- 4,707,188 11,980,293 2,023,628 110,084
1,036,101 - - -
3,074,961
4,295,144
12,310 17,637
917 785 - - - -
4,408,284 10,401,162 12,265,746 2,023,628 111,084 3,074,961
532,868 53,023 (82,845) (40,410) 25,972 (1,098,660)
(331,776) (339,668) (14,338)
11,386
52,461 21,059 528,906 525
(279,315) (307,223) 514,568 525
253,553 (254,200) 431,723 (40,410) 26,497 (1,098,660)
2,258,926 6,367,180 3,329,832 48,421 400,224 3,048,076
$ 2,512,479 $ 6,112,980 $ 3,761,555 $ 8,011 $ 426,721 $ 1,949,416
The notes to the financial statements are an integral part of the financial statements.
108
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING STATEMENT OF REVENUES,EXPENDITURES,
AND CHANGES IN FUND BALANCES
NON-MAJOR GOVERNMENTAL FUNDS
FOR THE YEAR ENDED SEPTEMBER 30,2025
SPECIAL REVENUE FUNDS
Affordable Miscellaneous
Housing Boating Special Environmental
Initiatives Improvement Revenue Restoration
Revenues
Taxes $ - $ $ - $
Licenses and Permits 215,126 35,983
Intergovernmental - 65,565
Charges for Services 780,844 401,701
Fines and Forfeitures - - 312,955 1,170,040
Investment Income 11,986 141,745 136,826 298,212
Miscellaneous - - 2,781,761 -
Total Revenues 227,112 922,589 3,734,791 1,468,252
Expenditures
Current:
General Government - - - -
Public Safety - 440,078 -
Physical Environment 563,787 1,931,404 600,233
Transportation - - - -
Economic Environment 2,000 755,549
Human Services - 137,026 -
Culture and Recreation 58,359 6,769
Court Related 258,190 -
Capital Outlay -
Debt Service:
Principal
Interest - - - -
TotalExpenditures 2,000 563,787 3,580,606 607,002
Excess(Deficiency)of Revenues
Over(Under)Expenditures 225,112 358,802 154,185 861,250
Other Financing Sources(Uses)
Transfers from Other Funds - - - -
Transfers to Other Funds (539,290) (22,243)
Issuance of Debt
SBITA Financing
Lease Financing
Transfers from Constitutional Officers
Total Other Financing Sources(Uses) - - (539,290) (22,243)
Net Change in Fund Balances 225,112 358,802 (385,105) 839,007
Fund Balances-October 1 279,375 4,178,669 4,617,388 8,731,528
Fund Balances-September 30 $ 504,487 $ 4,537,471 $ 4,232,283 $ 9,570,535
The notes to the financial statements are an integral part of the financial statements.
109
Page 3 of 4
SPECIAL REVENUE FUNDS
Law Court Drug Canal Total Non-Major
Enforcement Facility Abuse Special Building Special Rev
Trust Fees Trust Assessments Fund Funds
$ $ $ $ - $ - $ 74,490,590
77,888 6,491,594 7,051,624
- - 11,258,865
660,714 40,862 147,089 13,902,924
- - - - 3,137,007
164,790 191,166 3,629 7,891 147,973 4,986,588
2,021,723 - - - 21,063 5,860,468
2,186,513 851,880 44,491 85,779 6,807,719 120,688,066
- - - - - 5,955,080
1,746,827 - 6,029,956 45,208,139
- 23,007 - 4,154,532
- 7,579,965
39,819,143
3,473,913
- 4,360,272
414,517 672,707
96,915
- - - - 4,927
1,746,827 414,517 - 23,007 6,029,956 111,325,593
439,686 437,363 44,491 62,772 777,763 9,362,473
(538,659) (38,892,684)
86,532
4 1,575 1,439,918
4 - - 1,575 (538,659) (37,366,234)
439,690 437,363 44,491 64,347 239,104 (28,003,761)
4,667,303 5,721,629 87,044 178,186 3,773,487 161,669,434
$ 5,106,993 $ 6,158,992 $ 131,535 $ 242,533 $ 4,012,591 $ 133,665,673
The notes to the financial statements are an integral part of the financial statements.
110
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS Page 4 of 4
COMBINING STATEMENT OF REVENUES,EXPENDITURES,
AND CHANGES IN FUND BALANCES
NON-MAJOR GOVERNMENTAL FUNDS
FOR THE YEAR ENDED SEPTEMBER 30,2025
CAPITAL PROJECT FUNDS
Total
Land TDT Revenue Bond Non-Major
Acquisition Affordable Series Governmental
Fund Housing 2025 Funds
Revenues
Taxes $ $ $ $ 74,490,590
Licenses and Permits 7,051,624
Intergovernmental 23,925 11,282,790
Charges for Services - 13,902,924
Fines and Forfeitures - 3,137,007
Investment Income 11,373 1,072,183 1,307,091 7,377,235
Miscellaneous 149,319 - - 6,009,787
Total Revenues 184,617 1,072,183 1,307,091 123,251,957
Expenditures
Current:
General Government - - - 5,955,080
Public Safety 45,208,139
Physical Environment 4,154,532
Transportation 7,579,965
Economic Environment 39,819,143
Human Services 3,473,913
Culture and Recreation 4,360,272
Court Related - - - 672,707
Capital Outlay 831,826 6,885,050 588,873 8,305,749
Debt Service:
Principal - - 48,691 145,606
Interest - - 1,310 6,237
Total Expenditures 831,826 6,885,050 638,874 119,681,343
Excess(Deficiency)of Revenues
Over(Under)Expenditures (647,209) (5,812,867) 668,217 3,570,614
Other Financing Sources(Uses)
Transfers from Other Funds 839,290 35,000,000 - 35,839,290
Transfers to Other Funds - - (11,091,014) (49,983,698)
Issuance of Debt 50,253,072 50,253,072
SBITA Financing - 86,532
Lease Financing 244,963 244,963
Transfers from Constitutional Officers - - - 1,439,918
Total Other Financing Sources(Uses) 839,290 35,000,000 39,407,021 37,880,077
Net Change in Fund Balances 192,081 29,187,133 40,075,238 41,450,691
Fund Balances-October 1 278,462 - - 161,947,896
Fund Balances-September 30 $ 470,543 $ 29,187,133 $ 40,075,238 $ 203,398,587
The notes to the financial statements are an integral part of the financial statements.
111
This page is intentionally left blank.
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES-BUDGET AND ACTUAL
AFFORDABLE HOUSING PROGRAMS SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30,2025
Original Final Variance with
Budget Budget Actual Final Budget
Revenues
Investment Income $ 3,000 $ 3,000 $ 14,405 $ 11,405
Total Revenues 3,000 3,000 14,405 11,405
Expenditures
Current:
Economic Environment:
Affordable Housing Initiatives 290,000 290,000 1,170 288,830
Total Expenditures 290,000 290,000 1,170 288,830
Excess(Deficiency)of Revenues Over
(Under)Expenditures (287,000) (287,000) 13,235 300,235
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) 13,235 328,085
Fund Balances-October 1 314,850 314,850 446,633 131,783
Fund Balances-September 30 $ $ $ 459,868 $ 459,868
The notes to the financial statements are an integral part of these statements.
112
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS
STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES-BUDGET AND ACTUAL
ROAD AND BRIDGE SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30,2025
Original Final Variance with
Budget Budget Actual Final Budget
Revenues
Taxes $ 3,025,000 $ 3,025,000 $ 3,228,679 $ 203,679
Intergovernmental 3,750,000 3,750,000 3,878,375 128,375
Charges for Services 3,700 3,700 4,448 748
Investment Income 25,000 25,000 237,517 212,517
Miscellaneous - - 42,402 42,402
Total Revenues 6,803,700 6,803,700 7,391,421 587,721
Expenditures
Current:
Transportation:
Road Department 7,080,317 7,080,317 5,197,803 1,882,514
County Engineer Road and Bridge 1,150,558 1,150,558 1,127,786 22,772
Street Lighting 211,765 211,765 161,844 49,921
Local Option Gas Tax Projects 582,000 582,000 437,435 144,565
80%Gas Tax Projects 650,000 650,000 655,097 (5,097)
Sustainability Roads 100,000 100,000 - 100,000
Total Transportation 9,774,640 9,774,640 7,579,965 2,194,675
Debt Service:
Principal - - 9,622 (9,622)
Interest 378 (378)
Total Debt Service - - 10,000 (10,000)
Total Expenditures 9,774,640 9,774,640 7,589,965 2,184,675
Excess(Deficiency)of Revenues Over
(Under)Expenditures (2,970,940) (2,970,940) (198,544) 2,772,396
Other Financing Sources(Uses)
Reserve for Contingencies (450,000) (450,000) 450,000
Reserve for Cash Balance (1,500,000) (1,500,000) 1,500,000
Transfers to Other Funds (408,919) (408,919) (408,919) -
Total Other Financing Sources(Uses) (2,358,919) (2,358,919) (408,919) 1,950,000
Net Change in Fund Balances (5,329,859) (5,329,859) (607,463) 4,722,396
Fund Balances-October 1 5,329,859 5,329,859 7,551,440 2,221,581
Fund Balances-September 30 $ $ $ 6,943,977 $ 6,943,977
The notes to the financial statements are an integral part of these statements.
113
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES-BUDGET AND ACTUAL
MIDDLE KEYS HEALTHCARE MUNICIPAL SERVICE TAXING UNIT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30,2025
Original Final Variance with
Budget Budget Actual Final Budget
Revenues
Taxes $ 3,340,042 $ 3,340,042 $ 3,231,177 $ (108,865)
Investment Income 800 800 17,764 16,964
Total Revenues 3,340,842 3,340,842 3,248,941 (91,901)
Expenditures
Current:
General Government:
Property Appraiser 51,145 53,214 53,214 -
Tax Collector 100,172 98,103 93,967 4,136
Total General Government 151,317 151,317 147,181 4,136
Human Services:
Middle Keys Health Care 3,336,887 3,336,887 3,336,887 -
Total Human Services 3,336,887 3,336,887 3,336,887
Total Expenditures 3,488,204 3,488,204 3,484,068 4,136
Excess(Deficiency)of Revenues Over
(Under)Expenditures (147,362) (147,362) (235,127) (87,765)
Other Financing Sources(Uses)
Transfers from Constitutional Officers 31,000 31,000 62,312 31,312
Total Other Financing Sources(Uses) 31,000 31,000 62,312 31,312
Net Change in Fund Balances (116,362) (116,362) (172,815) (56,453)
Fund Balances-October 1 116,362 116,362 425,953 309,591
Fund Balances-September 30 $ $ $ 253,138 $ 253,138
The notes to the financial statements are an integral part of these statements.
114
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES-BUDGET AND ACTUAL
TOURIST DEVELOPMENT,ALL DISTRICTS,TWO CENT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30,2025
Original Final Variance with
Budget Budget Actual Final Budget
Revenues
Taxes $ 9,762,000 $ 9,762,000 $ 9,901,117 $ 139,117
Investment Income - - 855,458 855,458
Total Revenues 9,762,000 9,762,000 10,756,575 994,575
Expenditures
Current:
Economic Environment:
Cultural Umbrella 1,553,693 1,553,693 1,232,386 321,307
Fishing Umbrella 1,508,000 1,508,000 1,273,129 234,871
Dive Umbrella 1,500,000 1,500,000 1,455,377 44,623
Events 100,000 100,000 94,529 5,471
Finance 16,275 16,275 16,275 -
Mail Fulfillment 97,621 97,621 97,361 260
Film Commission 425,000 425,000 280,938 144,062
Public Relations 2,582,549 2,553,536 1,575,054 978,482
Market Research 731,000 731,000 582,137 148,863
Arts Council 100,000 100,000 100,000 -
Catastrophic Emergency 1,081,783 1,081,783 - 1,081,783
Special Projects&Special Event Funding 1,946,592 1,975,605 1,524,609 450,996
Total Expenditures 11,642,513 11,642,513 8,231,795 3,410,718
Excess(Deficiency)of Revenues Over
(Under)Expenditures (1,880,513) (1,880,513) 2,524,780 (4,405,293)
Other Financing Sources(Uses)
Transfers to Other Funds (72,713) (72,713) (72,713) -
Transfers from Constitutional Officers 114,561 114,561
Total Other Financing Sources(Uses) (72,713) (72,713) 41,848 114,561
Net Change in Fund Balances (1,953,226) (1,953,226) 2,566,628 4,519,854
Fund Balances-October 1 1,953,226 1,953,226 24,016,292 22,063,066
Fund Balances-September 30 $ - $ - $ 26,582,920 $ 26,582,920
The notes to the financial statements are an integral part of these statements.
115
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES-BUDGET AND ACTUAL
TOURIST DEVELOPMENT,DISTRICT ONE SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30,2025
Original Final Variance with
Budget Budget Actual Final Budget
Revenues
Taxes $ 14,844,000 $ 14,844,000 $ 14,340,045 $ (503,955)
Investment Income - - 737,819 737,819
Miscellaneous - 2,325 416 (1,909)
Total Revenues 14,844,000 14,846,325 15,078,280 231,955
Expenditures
Current:
Economic Environment:
Administrative Services 365,188 365,188 146,380 218,808
Information Services 350,450 350,450 321,570 28,880
Key West Business Guild 57,882 57,882 57,881 1
Promotion and Advertisement 6,855,298 6,855,298 6,716,392 138,906
Special Events 1,338,589 1,338,589 637,539 701,050
County Capital Projects 3,977,390 3,979,715 1,432,665 2,547,050
Payroll Items 189,050 189,050 178,012 11,038
Bricks and Mortar 5,936,433 5,936,433 2,589,476 3,346,957
Economic/Natural Disaster 660,900 660,900 - 660,900
Beaches 313,962 313,962 - 313,962
Total Expenditures 20,045,142 20,047,467 12,079,915 7,967,552
Excess(Deficiency)of Revenues Over
(Under)Expenditures (5,201,142) (5,201,142) 2,998,365 8,199,507
Other Financing Sources(Uses)
Transfers to Other Funds (16,311,225) (16,311,225) (16,311,225) -
Transfers from Constitutional Officers 170,172 170,172
Total Other Financing Sources(Uses) (16,311,225) (16,311,225) (16,141,053) 170,172
Net Change in Fund Balances (21,512,367) (21,512,367) (13,142,688) 8,369,679
Fund Balances-October 1 21,512,367 21,512,367 32,979,498 11,467,131
Fund Balances-September 30 $ - $ - $ 19,836,810 $ 19,836,810
The notes to the financial statements are an integral part of these statements.
116
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES-BUDGET AND ACTUAL
TOURIST DEVELOPMENT,DISTRICT TWO SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30,2025
Original Final Variance with
Budget Budget Actual Final Budget
Revenues
Taxes $ 2,604,000 $ 2,604,000 $ 2,550,295 $ (53,705)
Investment Income - - 110,724 110,724
Total Revenues 2,604,000 2,604,000 2,661,019 57,019
Expenditures
Current:
Economic Environment:
Administrative Services 58,015 58,015 51,477 6,538
Information Services 100,548 100,548 100,548 -
Promotion and Advertisement 1,176,051 1,163,451 1,059,316 104,135
Special Events 88,561 88,561 30,834 57,727
Bricks and Mortar 913,322 613,322 - 613,322
Payroll Items 126,808 139,408 139,055 353
Economic/Natural Disaster 170,000 170,000 - 170,000
Special Projects 114,002 414,002 492,411 (78,409)
Total Expenditures 2,747,307 2,747,307 1,873,641 873,666
Excess(Deficiency)of Revenues Over
(Under)Expenditures (143,307) (143,307) 787,378 930,685
Other Financing Sources(Uses)
Transfers to Other Funds (2,453,800) (2,453,800) (2,453,800) -
Transfers from Constitutional Officers 26,349 26,349
Total Other Financing Sources(Uses) (2,453,800) (2,453,800) (2,427,451) 26,349
Net Change in Fund Balances (2,597,107) (2,597,107) (1,640,073) 957,034
Fund Balances-October 1 2,597,107 2,597,107 5,176,999 2,579,892
Fund Balances-September 30 $ $ $ 3,536,926 $ 3,536,926
The notes to the financial statements are an integral part of these statements.
117
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES-BUDGET AND ACTUAL
TOURIST DEVELOPMENT,DISTRICT THREE SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30,2025
Original Final Variance with
Budget Budget Actual Final Budget
Revenues
Taxes $ 5,130,000 $ 5,130,000 $ 5,484,760 $ 354,760
Investment Income - - 247,286 247,286
Total Revenues 5,130,000 5,130,000 5,732,046 602,046
Expenditures
Current:
Economic Environment:
Administrative Services 152,365 152,365 58,644 93,721
Information Services 176,400 176,400 176,400 -
Promotion and Advertisement 2,951,280 2,951,280 2,549,812 401,468
Special Events 114,846 114,846 68,000 46,846
Bricks and Mortar 886,638 767,638 207,263 560,375
Not For Profit and Municipality Projects 3,276,984 3,395,984 2,045,493 1,350,491
Economic/Natural Disaster 500,000 500,000 - 500,000
Total Expenditures 8,058,513 8,058,513 5,105,612 2,952,901
Excess(Deficiency)of Revenues Over
(Under)Expenditures (2,928,513) (2,928,513) 626,434 3,554,947
Other Financing Sources(Uses)
Transfers to Other Funds (7,613,399) (7,613,399) (7,613,399) -
Transfers from Constitutional Officers 51,258 51,258
Total Other Financing Sources(Uses) (7,613,399) (7,613,399) (7,562,141) 51,258
Net Change in Fund Balances (10,541,912) (10,541,912) (6,935,707) 3,606,205
Fund Balances-October 1 10,541,912 10,541,912 14,131,426 3,589,514
Fund Balances-September 30 $ - $ - $ 7,195,719 $ 7,195,719
The notes to the financial statements are an integral part of these statements.
118
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES-BUDGET AND ACTUAL
TOURIST DEVELOPMENT,DISTRICT FOUR SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30,2025
Original Final Variance with
Budget Budget Actual Final Budget
Revenues
Taxes $ 2,766,000 $ 2,766,000 $ 3,230,650 $ 464,650
Investment Income - - 143,356 143,356
Total Revenues 2,766,000 2,766,000 3,374,006 608,006
Expenditures
Current:
Economic Environment:
Administrative Services 88,068 88,068 48,400 39,668
Information Services 165,375 165,375 165,375 -
Promotion and Advertisement 1,550,912 1,550,912 1,529,912 21,000
Special Events 122,632 122,632 122,290 342
Not For Profit and Municipality Projects 2,306,705 2,306,705 1,276,767 1,029,938
Economic/Natural Disaster 600,000 600,000 - 600,000
Total Expenditures 4,833,692 4,833,692 3,142,744 1,690,948
Excess(Deficiency)of Revenues Over
(Under)Expenditures (2,067,692) (2,067,692) 231,262 2,298,954
Other Financing Sources(Uses)
Transfers to Other Funds (4,132,379) (4,132,379) (4,132,379) -
Transfers from Constitutional Officers 30,768 30,768
Total Other Financing Sources(Uses) (4,132,379) (4,132,379) (4,101,611) 30,768
Net Change in Fund Balances (6,200,071) (6,200,071) (3,870,349) 2,329,722
Fund Balances-October 1 6,200,071 6,200,071 8,276,377 2,076,306
Fund Balances-September 30 $ $ $ 4,406,028 $ 4,406,028
The notes to the financial statements are an integral part of these statements.
119
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES-BUDGET AND ACTUAL
TOURIST DEVELOPMENT,DISTRICT FIVE SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30,2025
Original Final Variance with
Budget Budget Actual Final Budget
Revenues
Taxes $ 4,656,000 $ 4,656,000 $ 4,812,428 $ 156,428
Investment Income - - 209,183 209,183
Miscellaneous - - 22,257 22,257
Total Revenues 4,656,000 4,656,000 5,043,868 387,868
Expenditures
Current:
Economic Environment:
Administrative Services 114,082 114,082 75,930 38,152
Information Services 156,555 156,555 156,555 -
Promotion and Advertisement 2,503,265 2,503,265 2,148,754 354,511
Special Events 83,172 83,172 73,229 9,943
Bricks and Mortar 2,700,140 2,700,140 2,303,531 396,609
Payroll Items 388,074 388,074 307,291 80,783
Jacobs Aquatic Center 660,000 660,000 374,494 285,506
Beach Maintenance 148,970 148,970 111,972 36,998
County Capital Projects 500,000 500,000 - 500,000
Economic/Natural Disaster 800,000 800,000 - 800,000
Total Expenditures 8,054,258 8,054,258 5,551,756 2,502,502
Excess(Deficiency)of Revenues Over
(Under)Expenditures (3,398,258) (3,398,258) (507,888) 2,890,370
Other Financing Sources(Uses)
Transfers to Other Funds (4,611,479) (4,611,479) (4,611,479) -
Transfers from Constitutional Officers 48,770 48,770
Total Other Financing Sources(Uses) (4,611,479) (4,611,479) (4,562,709) 48,770
Net Change in Fund Balances (8,009,737) (8,009,737) (5,070,597) 2,939,140
Fund Balances-October 1 8,009,737 8,009,737 10,540,683 2,530,946
Fund Balances-September 30 $ - $ - $ 5,470,086 $ 5,470,086
The notes to the financial statements are an integral part of these statements.
120
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES-BUDGET AND ACTUAL
IMPACT FEES-ROADWAYS SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30,2025
Original Final Variance with
Budget Budget Actual Final Budget
Revenues
Licenses and Permits $ 41,500 $ 41,500 $ 75,440 $ 33,940
Investment Income 1,000 1,000 31,775 30,775
Total Revenues 42,500 42,500 107,215 64,715
Expenditures
Current:
Transportation:
Roadway Projects 555,382 475,696 475,696
Key Colony Beach Road Project 43,133 43,133 43,133
Total Expenditures 598,515 518,829 - 518,829
Excess(Deficiency)of Revenues Over
(Under)Expenditures (556,015) (476,329) 107,215 583,544
Other Financing Sources(Uses)
Transfers to Other Funds (329,686) (329,686) -
Total Other Financing Sources(Uses) (329,686) (329,686) -
Net Change in Fund Balances (556,015) (806,015) (222,471) 583,544
Fund Balances-October 1 556,015 806,015 933,493 127,478
Fund Balances-September 30 $ - $ - $ 711,022 $ 711,022
The notes to the financial statements are an integral part of these statements.
121
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES-BUDGET AND ACTUAL
IMPACT FEES-PARKS AND RECREATION SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30,2025
Original Final Variance with
Budget Budget Actual Final Budget
Revenues
Licenses and Permits $ 21,000 $ 21,000 $ 23,810 $ 2,810
Investment Income - - 15,649 15,649
Total Revenues 21,000 21,000 39,459 18,459
Expenditures
Current:
Culture and Recreation:
District 1 Projects 315,829 315,829 315,829
District 2 Projects 307,122 86,490 86,490
District 3 Projects 24,319 24,319 24,319
Total Expenditures 647,270 426,638 - 426,638
Excess(Deficiency)of Revenues Over
(Under)Expenditures (626,270) (405,638) 39,459 445,097
Other Financing Sources(Uses)
Reserve for Contingencies (220,632) - 220,632
Total Other Financing Sources(Uses) (220,632) - 220,632
Net Change in Fund Balances (626,270) (626,270) 39,459 665,729
Fund Balances-October 1 626,270 626,270 464,801 (161,469)
Fund Balances-September 30 $ $ $ 504,260 $ 504,260
The notes to the financial statements are an integral part of these statements.
122
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES-BUDGET AND ACTUAL
IMPACT FEES-SOLID WASTE SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30,2025
Original Final Variance with
Budget Budget Actual Final Budget
Revenues
Investment Income $ $ $ 4,637 $ 4,637
Total Revenues 4,637 4,637
Expenditures
Current:
Physical Environment:
County-Wide Solid Waste Projects 137,615 137,615 137,615
Total Expenditures 137,615 137,615 - 137,615
Excess(Deficiency)of Revenues Over
(Under)Expenditures (137,615) (137,615) 4,637 (132,978)
Net Change in Fund Balances (137,615) (137,615) 4,637 142,252
Fund Balances-October 1 137,615 137,615 144,183 6,568
Fund Balances-September 30 $ - $ - $ 148,820 $ 148,820
The notes to the financial statements are an integral part of these statements.
123
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES-BUDGET AND ACTUAL
IMPACT FEES-FIRE AND EMS SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30,2025
Original Final Variance with
Budget Budget Actual Final Budget
Revenues
Licenses and Permits $ 6,200 $ 6,200 $ 9,789 $ 3,589
Investment Income - - 7,168 7,168
Total Revenues 6,200 6,200 16,957 10,757
Expenditures
Current:
Public Safety:
District 1 Fire&EMS Project 80,325 80,325 80,325
District 2 Fire&EMS Project 6,690 6,690 6,690
District 3 Fire&EMS Project 96,375 96,375 96,375
Key Colony Beach Fire&EMS 1,100 1,100 1,100
Total Expenditures 184,490 184,490 - 184,490
Excess(Deficiency)of Revenues Over
(Under)Expenditures (178,290) (178,290) 16,957 195,247
Net Change in Fund Balances (178,290) (178,290) 16,957 195,247
Fund Balances-October 1 178,290 178,290 215,373 37,083
Fund Balances-September 30 $ - $ - $ 232,330 $ 232,330
The notes to the financial statements are an integral part of these statements.
124
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES-BUDGET AND ACTUAL
FIRE AND AMBULANCE, DISTRICT#1-LOWER AND MIDDLE KEYS SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30,2025
Original Final Variance with
Budget Budget Actual Final Budget
Revenues
Taxes $ 17,904,577 $ 17,904,577 $ 17,146,570 $ (758,007)
Intergovernmental 35,000 128,045 142,697 14,652
Charges for Services 1,000,000 1,000,000 1,181,080 181,080
Investment Income 85,000 507,041 590,277 83,236
Miscellaneous - 154,374 154,674 300
Total Revenues 19,024,577 19,694,037 19,215,298 (478,739)
Expenditures
Current:
General Government:
Tax Collector 536,838 536,838 499,637 37,201
Property Appraiser 268,290 282,490 282,445 45
Total General Government 805,128 819,328 782,082 37,246
Public Safety:
Fire Rescue-Central 17,460,660 18,365,920 18,170,085 195,835
Total Public Safety 17,460,660 18,365,920 18,170,085 195,835
Debt Service:
Principal - - 57,346 (57,346)
Interest 2,847 (2,847)
Total Debt Service - - 60,193 (60,193)
Total Expenditures 18,265,788 19,185,248 19,012,360 172,888
Excess(Deficiency)of Revenues Over
(Under)Expenditures 758,789 508,789 202,938 (305,851)
Other Financing Sources(Uses)
Reserve for Contingencies (250,000) - - -
Reserve for Cash Balance (850,000) (850,000) - 850,000
SBITA Financing 75,146 (75,146)
Transfers to Other Funds (1,173,110) (1,173,110) (1,173,110)
Transfers from Constitutional Officers 200,000 200,000 331,198 (131,198)
Total Other Financing Sources(Uses) (2,073,110) (1,823,110) (766,766) 1,056,344
Net Change in Fund Balances (1,314,321) (1,314,321) (563,828) 750,493
Fund Balances-October 1 1,314,321 1,314,321 8,679,015 7,364,694
Fund Balances-September 30 $ - $ - $ 8,115,187 $ 8,115,187
The notes to the financial statements are an integral part of these statements.
125
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES-BUDGET AND ACTUAL
UNINCORPORATED AREA SERVICE DISTRICT-
PARKS AND RECREATION SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30,2025
Original Final Variance with
Budget Budget Actual Final Budget
Revenues
Taxes $ 3,547,165 $ 3,547,165 $ 3,412,776 $ (134,389)
Intergovernmental 1,280,000 1,280,000 1,282,582 2,582
Charges for Services 100,000 100,000 99,293 (707)
Investment Income 17,500 17,500 142,259 124,759
Miscellaneous - - 4,242 4,242
Total Revenues 4,944,665 4,944,665 4,941,152 (3,513)
Expenditures
Current:
General Government:
Tax Collector 106,385 110,900 99,913 10,987
Culture and Recreation:
Parks and Beaches Unincorporated 3,983,654 3,979,139 3,602,614 376,525
Jacob's Aquatic Center 570,800 570,800 397,482 173,318
Recreation 402,620 402,620 263,048 139,572
School Board Interlocal 32,000 32,000 32,000 -
Total Culture and Recreation 4,989,074 4,984,559 4,295,144 689,415
Debt Service:
Principal - - 12,310 (12,310)
Interest 917 (917)
Total Debt Service - - 13,227 (13,227)
Total Expenditures 5,095,459 5,095,459 4,408,284 687,175
Excess(Deficiency)of Revenues Over
(Under)Expenditures (150,794) (150,794) 532,868 683,662
Other Financing Sources(Uses)
Reserve for Contingencies (100,000) (100,000) - 100,000
Reserve for Cash Balance (150,000) (150,000) 150,000
Transfers to Other Funds (331,776) (331,776) (331,776) -
Transfers from Constitutional Officers 52,461 52,461
Total Other Financing Sources(Uses) (581,776) (581,776) (279,315) 302,461
Net Change in Fund Balances (732,570) (732,570) 253,553 986,123
Fund Balances-October 1 732,570 732,570 2,258,926 1,526,356
Fund Balances-September 30 $ $ $ 2,512,479 $ 2,512,479
The notes to the financial statements are an integral part of these statements.
126
This page is intentionally left blank.
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES-BUDGET AND ACTUAL
UNINCORPORATED AREA SERVICE DISTRICT-PLANNING,
BUILDING AND ZONING SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30,2025
Original Final Variance with
Budget Budget Actual Final Budget
Revenues
Taxes $ 880,951 $ 880,951 $ 912,522 $ 31,571
Licenses and Permits - - 36 36
Intergovernmental 3,360,000 3,360,000 3,372,442 12,442
Charges for Services 3,351,500 3,351,500 4,295,085 943,585
Fines and Forfeitures 1,400,000 1,400,000 1,654,012 254,012
Investment Income 50,000 50,000 219,696 169,696
Miscellaneous - - 392 392
Total Revenues 9,042,451 9,042,451 10,454,185 392
Expenditures
Current:
General Government:
Tax Collector - 11,429 11,101 328
Property Appraiser 60,634 62,479 62,473 6
Affordable Housing 48,348 48,348 4,612 43,736
Planning Department 3,416,146 3,416,146 3,337,530 78,616
Planning Commission 88,225 106,225 100,111 6,114
Planning Legal 1,206,969 1,208,594 1,095,834 112,760
Planning Building Refunds - - 27,790 (27,790)
Total General Government 4,820,322 4,853,221 4,639,451 213,770
Public Safety:
Code Enforcement 2,382,925 2,382,925 1,886,774 496,151
Fire&Rescue Coordinator 2,167,533 2,167,533 1,880,849 286,684
Fire Marshall 996,003 1,046,047 938,806 107,241
Fire Building Refund - - 759 (759)
Total Public Safety 5,546,461 5,596,505 4,707,188 889,317
Physical Environment:
Environmental Resources 1,224,704 1,275,348 1,036,101 239,247
Total Physical Environment 1,224,704 1,275,348 1,036,101 239,247
Debt Service:
Principal - - 17,637 (17,637)
Interest 785 (785)
Total Debt Service - - 18,422 (18,422)
Total Expenditures 11,591,487 11,725,074 10,401,162 1,323,912
The notes to the financial statements are an integral part of these statements.
127
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES-BUDGET AND ACTUAL(CONTINUED)
UNINCORPORATED AREA SERVICE DISTRICT-PLANNING,
BUILDING AND ZONING SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30,2025
Original Final Variance with
Budget Budget Actual Final Budget
Excess(Deficiency)of Revenues Over
(Under)Expenditures $ (2,549,036) $ (2,682,623) $ 53,023 $ 2,735,646
Other Financing Sources(Uses)
Reserve for Contingencies (412,536) (128,949) - 128,949
Reserve for Cash Balance (246,965) (246,965) - 246,965
SBITA Financing 11,386 11,386
Transfers to Other Funds (150,000) (339,668) (189,668)
Transfers from Constitutional Officers 21,059 21,059
Total Other Financing Sources(Uses) (659,501) (525,914) (307,223) 218,691
Net Change in Fund Balances (3,208,537) (3,208,537) (254,200) 2,954,337
Fund Balances-October 1 3,208,537 3,208,537 6,367,180 3,158,643
Fund Balances-September 30 $ $ $ 6,112,980 $ 6,112,980
The notes to the financial statements are an integral part of these statements.
128
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES-BUDGET AND ACTUAL
MUNICIPAL POLICING SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30,2025
Original Final Variance with
Budget Budget Actual Final Budget
Revenues
Taxes $ 6,465,955 $ 6,465,955 $ 6,239,571 $ (226,384)
Charges for Services 5,758,081 5,840,636 5,765,874 (74,762)
Investment Income 40,000 40,000 177,456 137,456
Total Revenues 12,264,036 12,346,591 12,182,901 (163,690)
Expenditures
Current:
General Government:
Tax Collector 198,660 198,660 182,671 15,989
Property Appraiser 107,114 107,114 102,782 4,332
Total General Government 305,774 305,774 285,453 20,321
Public Safety:
Insurance Unincorporated&Layton 661,347 661,347 661,347 -
Insurance Islamorada 303,856 303,856 303,856
Insurance Marathon 281,535 281,535 281,535
Sheriff Unincorporated&Layton 5,560,865 5,560,865 5,560,865 -
Sheriff Islamorada 2,780,391 2,862,946 2,780,391 82,555
Sheriff Marathon 2,392,299 2,392,299 2,392,299 -
Total Public Safety 11,980,293 12,062,848 11,980,293 82,555
Total Expenditures 12,286,067 12,368,622 12,265,746 102,876
Excess(Deficiency)of Revenues Over
(Under)Expenditures (22,031) (22,031) (82,845) (60,814)
Other Financing Sources(Uses)
Reserve for Contingencies (100,000) (100,000) 100,000
Reserve for Cash Balance (900,000) (900,000) 900,000
Transfers to Other Funds (14,338) (14,338) (14,338) -
Transfers from Constitutional Officers 85,000 85,000 528,906 443,906
Total Other Financing Sources(Uses) (929,338) (929,338) 514,568 1,443,906
Net Change in Fund Balances (951,369) (951,369) 431,723 1,383,092
Fund Balances-October 1 951,369 951,369 3,329,832 (2,378,463)
Fund Balances-September 30 $ $ $ 3,761,555 $ 3,761,555
The notes to the financial statements are an integral part of these statements.
129
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES-BUDGET AND ACTUAL
911 ENHANCEMENT FEES SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30,2025
Original Final Variance with
Budget Budget Actual Final Budget
Revenues
Charges for Services $ 600,000 $ 2,403,839 $ 525,934 $ (1,877,905)
Intergovernmental - - 1,445,933 1,445,933
Investment Income 300 300 11,351 11,051
Miscellaneous - - - -
Total Revenues 600,300 2,404,139 1,983,218 (420,921)
Expenditures
Current:
Public Safety:
911 Enhancement Fund 150,105 177,313 177,314 (1)
911 Wireless 450,195 2,226,826 1,846,314 380,512
Total Expenditures 600,300 2,404,139 2,023,628 380,511
Excess(Deficiency)of Revenues Over
(Under)Expenditures - - (40,410) (40,410)
Net Change in Fund Balances (40,410) (40,410)
Fund Balances-October 1 48,421 48,421
Fund Balances-September 30 $ $ $ 8,011 $ 8,011
The notes to the financial statements are an integral part of these statements.
130
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES-BUDGET AND ACTUAL
DUCK KEY SECURITY DISTRICT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30,2025
Original Final Variance with
Budget Budget Actual Final Budget
Revenues
Licenses and Permits $ 119,459 $ 119,459 $ 121,958 $ 2,499
Investment Income 500 500 15,098 14,598
Total Revenues 119,959 119,959 137,056 17,097
Expenditures
Current:
General Government:
Tax Collector 1,100 1,100 1,000 100
Public Safety:
Island Security 115,000 115,000 110,084 4,916
Total Expenditures 116,100 116,100 111,084 5,016
Excess(Deficiency)of Revenues Over
(Under)Expenditures 3,859 3,859 25,972 22,113
Other Financing Sources(Uses)
Reserve for Contingencies (15,000) (15,000) - 15,000
Reserve for Cash Balance (30,000) (30,000) - 30,000
Transfers from Constitutional Officers 525 525
Total Other Financing Sources(Uses) (45,000) (45,000) 525 45,525
Net Change in Fund Balances (41,141) (41,141) 26,497 67,638
Fund Balances-October 1 41,141 41,141 400,224 359,083
Fund Balances-September 30 $ - $ - $ 426,721 $ 426,721
The notes to the financial statements are an integral part of these statements.
131
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES-BUDGET AND ACTUAL
LOCAL HOUSING ASSISTANCE
FOR THE YEAR ENDED SEPTEMBER 30,2025
Original Final Variance with
Budget Budget Actual Final Budget
Revenues
Intergovernmental $ 475,000 $ 1,016,038 $ 1,071,271 $ 55,233
Investment Income 5,000 5,000 93,492 88,492
Miscellaneous 180,000 371,034 811,538 440,504
Total Revenues 660,000 1,392,072 1,976,301 584,229
Expenditures
Current:
Economic Environment:
Homeowner Assistance 3,205,927 3,937,999 3,074,961 863,038
Total Expenditures 3,205,927 3,937,999 3,074,961 863,038
Excess(Deficiency)of Revenues Over
(Under)Expenditures (2,545,927) (2,545,927) (1,098,660) 1,447,267
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 (2,575,927) (2,575,927) (1,098,660) 1,477,267
Fund Balances-October 1 2,575,927 2,575,927 3,048,076 472,149
Fund Balances-September 30 $ $ $ 1,949,416 $ 1,949,416
The notes to the financial statements are an integral part of these statements.
132
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES-BUDGET AND ACTUAL
AFFORDABLE HOUSING INITIATIVES SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30,2025
Original Final Variance with
Budget Budget Actual Final Budget
Revenues
Licenses and Permits $ $ $ 215,126 $ 215,126
Investment Income 11,986 11,986
Total Revenues 227,112 227,112
Expenditures
Current:
Economic Environment:
Affordable Housing 279,374 279,374 2,000 277,374
Total Expenditures 279,374 279,374 2,000 277,374
Excess(Deficiency)of Revenues Over
(Under)Expenditures (279,374) (279,374) 225,112 504,486
Net Change in Fund Balances (279,374) (279,374) 225,112 504,486
Fund Balances-October 1 279,374 279,374 279,375 (1)
Fund Balances-September 30 $ - $ - $ 504,487 $ 504,487
The notes to the financial statements are an integral part of these statements.
133
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES-BUDGET AND ACTUAL
BOATING IMPROVEMENT SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30,2025
Original Final Variance with
Budget Budget Actual Final Budget
Revenues
Charges for Services $ 680,000 $ 680,000 $ 780,844 $ 100,844
Investment Income 2,000 2,000 141,745 139,745
Total Revenues 682,000 682,000 922,589 240,589
Expenditures
Current:
Physical Environment:
Boating Improvement 612,116 612,116 256,399 355,717
Boating Improvement Fees/Retained Vessel 548,095 548,095 307,388 240,707
Total Expenditures 1,160,211 1,160,211 563,787 596,424
Excess(Deficiency)of Revenues Over
(Under)Expenditures (478,211) (478,211) 358,802 837,013
Other Financing Sources(Uses)
Reserve for Contingencies (200,000) (200,000) - 200,000
Reserve for Cash Balance (275,000) (275,000) 275,000
Total Other Financing Sources(Uses) (475,000) (475,000) - 475,000
Net Change in Fund Balances (953,211) (953,211) 358,802 1,312,013
Fund Balances-October 1 953,211 953,211 4,178,669 3,225,458
Fund Balances-September 30 $ $ $ 4,537,471 $ 4,537,471
The notes to the financial statements are an integral part of these statements.
134
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES-BUDGET AND ACTUAL
MISCELLANEOUS SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30,2025
Original Final Variance with
Budget Budget Actual Final Budget
Revenues
Licenses and Permits $ $ $ 35,983 $ 35,983
Charges for Services 401,701 401,701
Intergovernmental 65,565 65,565
Fines and Forfeitures 312,955 312,955
Investment Income 136,826 136,826
Miscellaneous 2,595,762 2,781,761 185,999
Total Revenues 2,595,762 3,734,791 1,139,029
Expenditures
Current:
Public Safety:
Interagency Communications 140,000 215,221 200,122 15,099
Education-Building Department 70,000 70,000 34,612 35,388
Environmental Resource Education 48,800 48,800 34,192 14,608
Crime Prevention Program 50,000 13,000 - 13,000
Opioid Settlements 171,152 171,152 171,152 -
Total Public Safety 479,952 518,173 440,078 78,095
Physical Environment:
Derelict Vessel Removal - 2,428,421 1,931,404 497,017
Total Physical Environment - 2,428,421 1,931,404 497,017
Economic Environment:
Climate Leadership Summit 56,715 420,655 310,866 109,789
Municipality Mobile LIDAR Services 964,825 1,021,022 444,683 576,339
Total Economic Environment 1,021,540 1,441,677 755,549 686,128
Human Services:
FL Keys Council for the Handicapped 3,000 3,000 - 3,000
Bayshore Donations 1,557 1,557 - 1,557
Traffic Education 50,000 113,044 113,044 -
Legal Aid 40,000 40,000 23,982 16,018
Total Human Services 94,557 157,601 137,026 20,575
Culture and Recreation:
Settler's Park Landscaping 2,600 2,600 954 1,646
School Break Program 23,700 23,700 7,526 16,174
Smatlak Trust Fund - 110,250 - 110,250
Library Special Programs 30,000 30,000 24,961 5,039
Library Donations - 106,682 24,918 81,764
Total Culture and Recreation 56,300 273,232 58,359 214,873
The notes to the financial statements are an integral part of these statements.
135
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES-BUDGET AND ACTUAL(CONTINUED)
MISCELLANEOUS SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30,2025
Original Final Variance with
Budget Budget Actual Final Budget
Court Related:
Teen Court $ 40,000 $ 40,000 $ 33,485 $ 6,515
State Court Support 26,900 26,900 8,381 18,519
State Attorney Court Technology 150,000 150,000 70,112 79,888
Public Defender Court Technology 146,000 146,000 46,451 99,549
Judicial Court Technology 132,066 132,066 99,761 32,305
Total Court Related 494,966 494,966 258,190 236,776
Total Expenditures 2,147,315 5,314,070 3,580,606 1,733,464
Excess(Deficiency)of Revenues Over
(Under)Expenditures (2,147,315) (2,718,308) 154,185 2,872,493
Other Financing Sources(Uses)
Reserve for Contingencies (571,227) (234) - 234
Transfers to Other Funds (539,290) (539,290) (539,290) -
Total Other Financing Sources(Uses) (1,110,517) (539,524) (539,290) 234
Net Change in Fund Balances (3,257,832) (3,257,832) (385,105) 2,872,727
Fund Balances-October 1 3,257,832 3,257,832 4,617,388 1,359,556
Fund Balances-September 30 $ - $ - $ 4,232,283 $ 4,232,283
The notes to the financial statements are an integral part of these statements.
136
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES-BUDGET AND ACTUAL
ENVIRONMENTAL RESTORATION SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30,2025
Original Final Variance with
Budget Budget Actual Final Budget
Revenues
Fines and Forfeitures $ 650,000 $ 650,000 $ 1,170,040 $ 520,040
Investment Income 5,000 5,000 298,212 293,212
Total Revenues 655,000 655,000 1,468,252 813,252
Expenditures
Current:
Physical Environment:
Environmental Restoration 1,454,223 1,494,223 600,233 893,990
Total Physical Environment 1,454,223 1,494,223 600,233 893,990
Culture and Recreation:
Settler's Park 11,483 11,483 6,769 4,714
Total Culture and Recreation 11,483 11,483 6,769 4,714
Total Expenditures 1,465,706 1,505,706 607,002 898,704
Excess(Deficiency)of Revenues Over
(Under)Expenditures (810,706) (850,706) 861,250 1,711,956
Other Financing Sources(Uses)
Reserve for Contingencies (90,268) (50,268) - 50,268
Reserve for Cash Balance (120,000) (120,000) 120,000
Transfers to Other Funds (22,243) (22,243)
Total Other Financing Sources(Uses) (210,268) (170,268) (22,243) 148,025
Net Change in Fund Balances (1,020,974) (1,020,974) 839,007 1,859,981
Fund Balances-October 1 1,020,974 1,020,974 8,731,528 7,710,554
Fund Balances-September 30 $ - $ - $ 9,570,535 $ 9,570,535
The notes to the financial statements are an integral part of these statements.
137
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES-BUDGET AND ACTUAL
LAW ENFORCEMENT TRUST SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30,2025
Original Final Variance with
Budget Budget Actual Final Budget
Revenues
Investment Income $ 25,000 $ 25,000 $ 164,790 $ 139,790
Miscellaneous - - 2,021,723 2,021,723
Total Revenues 25,000 25,000 2,186,513 2,161,513
Expenditures
Current:
Public Safety:
Law Enforcement 4,199,666 4,199,666 1,746,827 2,452,839
Total Expenditures 4,199,666 4,199,666 1,746,827 2,452,839
Excess(Deficiency)of Revenues Over
(Under)Expenditures (4,174,666) (4,174,666) 439,686 (4,614,352)
Other Financing Sources(Uses)
Reserve for Contingencies (6,250) (6,250) - 6,250
Reserve for Cash Balance (17,500) (17,500) - 17,500
Transfers from Constitutional Officers 4 4
Total Other Financing Sources(Uses) (23,750) (23,750) 4 23,754
Net Change in Fund Balances (4,198,416) (4,198,416) 439,690 4,638,106
Fund Balances-October 1 4,198,416 4,198,416 4,667,303 468,887
Fund Balances-September 30 $ $ $ 5,106,993 $ 5,106,993
The notes to the financial statements are an integral part of these statements.
138
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES-BUDGET AND ACTUAL
COURT FACILITY FEES SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30,2025
Original Final Variance with
Budget Budget Actual Final Budget
Revenues
Charges for Services $ 450,000 $ 450,000 $ 660,714 $ 210,714
Investment Income 1,000 1,000 191,166 190,166
Total Revenues 451,000 451,000 851,880 400,880
Expenditures
Current:
Court Related:
Court Facility 405,050 495,050 414,517 80,533
Total Expenditures 405,050 495,050 414,517 80,533
Excess(Deficiency)of Revenues Over
(Under)Expenditures 45,950 (44,050) 437,363 (481,413)
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) (5,000) - -
Net Change in Fund Balances (49,050) (49,050) 437,363 486,413
Fund Balances-October 1 49,050 49,050 5,721,629 5,672,579
Fund Balances-September 30 $ - $ - $ 6,158,992 $ 6,158,992
The notes to the financial statements are an integral part of these statements.
139
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES-BUDGET AND ACTUAL
DRUG ABUSE TRUST SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30,2025
Original Final Variance with
Budget Budget Actual Final Budget
Revenues
Charges for Services $ 30,000 $ 30,000 $ 40,862 $ 10,862
Investment Income 1,000 1,000 3,629 2,629
Total Revenues 31,000 31,000 44,491 13,491
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) 44,491 68,491
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) 44,491 78,491
Fund Balances-October 1 34,000 34,000 87,044 53,044
Fund Balances-September 30 $ - $ - $ 131,535 $ 131,535
The notes to the financial statements are an integral part of these statements.
140
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES-BUDGET AND ACTUAL
CANAL SPECIAL ASSESSMENTS SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30,2025
Original Final Variance with
Budget Budget Actual Final Budget
Revenues
Licenses and Permits $ 120,000 $ 120,000 $ 77,888 $ (42,112)
Investment Income - - 7,891 7,891
Total Revenues 120,000 120,000 85,779 (34,221)
Expenditures
Current:
General Government:
Tax Collector 1,048 1,048 1,048
Physical Environment:
Canal Development 108,000 108,000 - 108,000
Canal#266 20,000 40,000 15,043 24,957
Canal#105 20,000 20,000 3,982 16,018
Canal#82-84 20,000 20,000 3,982 16,018
Total Physical Environment 168,000 188,000 23,007 164,993
Total Expenditures 169,048 189,048 23,007 166,041
Excess(Deficiency)of Revenues Over
(Under)Expenditures (49,048) (69,048) 62,772 131,820
Other Financing Sources(Uses)
Reserve for Contingencies (15,000) 5,000 - (5,000)
Reserve for Cash Balance (10,000) (10,000) - 10,000
Transfers from Constitutional Officers 1,575 1,575
Total Other Financing Sources(Uses) (25,000) (5,000) 1,575 6,575
Net Change in Fund Balances (74,048) (74,048) 64,347 138,395
Fund Balances-October 1 74,048 74,048 178,186 104,138
Fund Balances-September 30 $ - $ - $ 242,533 $ 242,533
The notes to the financial statements are an integral part of these statements.
141
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES-BUDGET AND ACTUAL
BUILDING SPECIAL REVENUE FUND
FOR THE YEAR ENDED SEPTEMBER 30,2025
Original Final Variance with
Budget Budget Actual Final Budget
Revenues
Licenses and Permits $ 5,520,000 $ 5,520,000 $ 6,491,594 $ 971,594
Charges for Services 120,000 120,000 147,089 27,089
Investment Income 30,000 30,000 147,973 117,973
Miscellaneous 20,000 20,000 21,063 1,063
Total Revenues 5,690,000 5,690,000 6,807,719 1,117,719
Expenditures
Current:
Public Safety:
Building Department 6,470,657 6,450,657 5,857,902 592,755
Building Legal 50,607 50,607 50,471 136
Building Refunds 80,000 100,000 121,583 (21,583)
Total Expenditures 6,601,264 6,601,264 6,029,956 571,308
Excess(Deficiency)of Revenues Over
(Under)Expenditures (911,264) (911,264) 777,763 1,689,027
Other Financing Sources(Uses)
Reserve for Contingencies (50,000) (50,000) - 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) (638,659) (538,659) 100,000
Net Change in Fund Balances (1,549,923) (1,549,923) 239,104 1,789,027
Fund Balances-October 1 1,549,923 1,549,923 3,773,487 2,223,564
Fund Balances-September 30 $ - $ - $ 4,012,591 $ 4,012,591
The notes to the financial statements are an integral part of these statements.
142
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES-BUDGET AND ACTUAL
LAND ACQUISITION FUND CAPITAL PROJECTS FUND
FOR THE YEAR ENDED SEPTEMBER 30,2025
Original Final Variance with
Budget Budget Actual Final Budget
Revenues
Intergovernmental Revenue $ $ $ 23,925 $ 23,925
Investment Income 5,000 5,000 11,373 6,373
Miscellaneous - - 149,319 149,319
Total Revenues 5,000 5,000 184,617 179,617
Expenditures
Capital Projects 1,094,336 1,122,501 831,826 290,675
Total Expenditures 1,094,336 1,122,501 831,826 290,675
Excess(Deficiency)of Revenues Over
(Under)Expenditures (1,089,336) (1,117,501) (647,209) 470,292
Other Financing Sources(Uses)
Transfer From Other Funds 839,290 839,290 839,290 -
Total Other Financing Sources(Uses) 839,290 839,290 839,290 -
Net Change in Fund Balances (250,046) (278,211) 192,081 470,292
Fund Balances-October 1 250,046 278,211 278,462 278,462
Fund Balances-September 30 $ - $ - $ 470,543 $ 470,543
The notes to the financial statements are an integral part of these statements.
143
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES,EXPENDITURES,AND CHANGES IN
FUND BALANCES-BUDGET AND ACTUAL
TOURIST DEVELOPMENT TAX AFFORDABLE HOUSING CAPITAL PROJECTS FUND
FOR THE YEAR ENDED SEPTEMBER 30,2025
Original Final Variance with
Budget Budget Actual Final Budget
Revenues
Investment Income $ $ $ 1,072,183 $ 1,072,183
Total Revenues 1,072,183 1,072,183
Expenditures
Capital Projects 35,000,000 6,885,050 28,114,950
Total Expenditures 35,000,000 6,885,050 28,114,950
Excess(Deficiency)of Revenues Over
(Under)Expenditures (35,000,000) (5,812,867) 29,187,133
Other Financing Sources(Uses)
Transfers from Other Funds 35,000,000 35,000,000 -
Total Other Financing Sources(Uses) 35,000,000 35,000,000 -
Net Change in Fund Balances - 29,187,133 29,187,133
Fund Balances-October 1 - -
Fund Balances-September 30 $ $ $ 29,187,133 $ 29,187,133
The notes to the financial statements are an integral part of these statements.
144
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS
SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN
FUND BALANCES-BUDGET AND ACTUAL
REVENUE BOND SERIES 2025 FUND CAPITAL PROJECTS FUND
FOR THE YEAR ENDED SEPTEMBER 30,2025
Original Final Variance with
Budget Budget Actual Final Budget
Revenues
Investment Income $ $ $ 1,307,091 $ 1,307,091
Total Revenues 1,307,091 1,307,091
Expenditures
Capital Projects 22,872,957 588,873 22,284,084
Debt Service:
Principal - 48,691 (48,691)
Interest 1,310 (1,310)
Total Debt Service - 50,001 (50,001)
Total Expenditures 22,872,957 638,874 22,234,083
Excess/Deficiency of Revenues Over
(Under)Expenditures (22,872,957) 668,217 23,541,174
Other Financing Sources(Uses)
Issuance of Debt 50,253,072 50,253,072 -
Lease Financing - 244,963 244,963
Transfer To Other Funds (27,380,115) (11,091,014) 16,289,101
Total Other Financing Sources(Uses) 22,872,957 39,407,021 16,534,064
Net Change in Fund Balances - 40,075,238 40,075,238
Fund Balances-October 1 - -
Fund Balances-September 30 $ $ $ 40,075,238 $ 40,075,238
The notes to the financial statements are an integral part of these statements.
145
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING STATEMENT OF NET POSITION
INTERNAL SERVICE FUNDS
SEPTEMBER 30,2025
Workers' Group Risk Fleet
Compensation Insurance Management Management
Fund Fund Fund Fund Total
Assets
Current Assets:
Cash and Cash Equivalents $ 1,255,854 $ 4,224,650 $ 1,567,393 $ 526,737 $ 7,574,634
Investments 5,468,447 20,360,200 7,553,887 2,525,873 35,908,407
Accounts Receivable,Net 444,537 585,458 7,739 - 1,037,734
Due from Other Governmental Units 86,100 13,031 31,251 130,382
Due from Constitutional Officers 12,765 19,932 19,609 157 52,463
Interest Receivable 31,361 116,762 43,320 14,485 205,928
Prepaid Item - 4,087 - 4,087
Total Current Assets 7,212,964 25,397,189 9,204,979 3,098,503 44,913,635
Non-Current Assets:
Capital Assets Not Being Depreciated - - 2,339,423 54,000 2,393,423
Capital Assets,Net of Accumulated
Depreciation and Amortization 1,879 163,114 791,853 956,846
Total Non-Current Assets - 1,879 2,502,537 845,853 3,350,269
Total Assets 7,212,964 25,399,068 11,707,516 3,944,356 48,263,904
Deferred Outflows of Resources
Related to Pensions 57,395 73,627 89,043 376,086 596,151
Related to OPEB 700 7,500 12,000 92,700 112,900
Total Deferred Outflows of Resources 58,095 81,127 101,043 468,786 709,051
Liabilities
Current Liabilities:
Accounts Payable 7,367 2,157,182 8,512 99,121 2,272,182
Accrued Compensated Absences Payable 16,712 22,228 14,700 121,336 174,976
Claims and Judgments Payable 1,180,214 1,092,000 869,565 - 3,141,779
Due to Other Funds - - 604 - 604
Due to Other Governmental Units 3 - 23 26
Due to Constitutional Officers - 1,569 - 1,569
Unearned Revenues 6,049 - 6,049
Leases and Subscriptions Payable - - 44,994 51,752 96,746
OPEB Liablity 400 400 10,500 29,600 40,900
Other Current Liabilities - - 311 579 890
Accrued Compensated Absences Payable 16,164 16,973 2,898 78,900 114,935
Total Current Liabilities 1,220,860 3,296,401 952,084 381,311 5,850,656
Non-Current Liabilities
Accrued Compensated Absences Payable 64,656 67,890 11,591 315,599 459,736
Leases and Subscriptions Payable - - 156,301 156,301
Total OPEB Liability 10,600 8,600 247,500 697,400 964,100
Net Pension Liability 190,202 256,027 268,652 1,175,154 1,890,035
Total Non-Current Liabilities 265,458 332,517 527,743 2,344,454 3,470,172
Total Liabilities 1,486,318 3,628,918 1,479,827 2,725,765 9,320,828
Deferred Inflows of Resources
Related to Pensions 46,780 60,110 73,072 307,025 486,987
Related to OPEB 2,200 39,400 33,500 103,500 178,600
Total Deferred Inflows of Resources 48,980 99,510 106,572 410,525 665,587
Net Position
Net Investment in Capital Assets - 1,879 2,457,543 637,800 3,097,222
Unrestricted 5,735,761 21,749,888 7,764,617 639,052 35,889,318
Total Net Position $ 5,735,761 $ 21,751,767 $ 10,222,160 $ 1,276,852 $ 38,986,540
The notes to the financial statements are an integral part of these statements.
146
MONROE COUNTY, FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING STATEMENT OF REVENUES, EXPENSES,AND CHANGES IN NET POSITION
INTERNAL SERVICE FUNDS
FOR THE YEAR ENDED SEPTEMBER 30, 2025
Workers' Group Risk Fleet
Compensation Insurance Management Management
Fund Fund Fund Fund Total
Operating Revenues
Charges for Services $ 2,39S,1SS $ 23,600,884 $ 8,414,784 $ S,3S0,683 $ 39,761,S06
Miscellaneous 1,S19,7S9 1,908,803 - 64,S80 3,493,142
Total Operating Revenues 3,914,914 2S,S09,687 8,414,784 S,41S,263 43,2S4,648
Operating Expenses
Personnel Services 604,124 SOS,346 SS2,192 2,763,639 4,42S,301
Operations 1,960,172 2,64S,642 S,9S6,397 1,743,2S8 12,30S,469
Depreciation and Amortization 6S 3,747 66,961 92,143 162,916
Asserted and Paid Claims 20,044,914 220,873 - 20,26S,787
Total Operating Expenses 2,S64,361 23,199,649 6,796,423 4,S99,040 37,1S9,473
Operating Income(Loss) 1,3SO,SS3 2,310,038 1,618,361 816,223 6,09S,17S
Other Financing Sources(Uses)
Investment Income 21S,1S1 8S2,S69 288,7S6 107,876 1,464,3S2
Insurance Recoveries S1,7S8 - S1,7S8
Gain/(Loss)on Disposition of Assets 13,243 106,723 119,966
Total Other Financing Sources(Uses) 21S,1S1 8S2,S69 3S3,7S7 214,S99 1,636,076
Income(Loss)Before Transfers 1,S6S,704 3,162,607 1,972,118 1,030,822 7,731,2S1
Total Transfers
Transfers to Other Funds (69,064) (127,936) - - (197,000)
Total Transfers (69,064) (127,936) - - (197,000)
Change in Net Position 1,496,640 3,034,671 1,972,118 1,030,822 7,S34,2S1
Net Position-October 1 4,239,121 18,717,096 8,2S0,042 246,030 31,4S2,289
Net Position-September 30 $ S,73S,761 $ 21,7S1,767 $ 10,222,160 $ 1,276,8S2 $ 38,986,S40
The notes to the financial statements are an integral part of these statements.
147
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
FOR THE YEAR ENDED SEPTEMBER 30,2025
Workers' Group Risk Fleet
Compensation Insurance Management Management
Fund Fund Fund Fund Total
Operating Activities
Cash Received for Services $ 2,038,536 $ 23,446,383 $ 8,414,161 $ 5,350,750 $ 39,249,830
Cash Received from Insurance Recoveries - - - - -
CashPaymentstoSuppliersforGoodsand (1,960,579) (1,439,581) (6,098,328) (1,723,961) (11,222,449)
Services
Cash Payments for Employee Services (587,621) (488,450) (608,940) (2,629,067) (4,314,078)
Cash Payments for Claims (874,702) (19,802,589) (1,502) - (20,678,793)
Cash Received from(Paid to)Other Sources 9,322 (10,617) (17,895) 313,301 294,111
Other Operating Revenue 1,511,795 1,866,907 (15,375) 56,422 3,419,749
Net Cash Provided by(Used in)Operating Activities 136,751 3,572,053 1,672,121 1,367,445 6,748,370
Non-Capital Financing Activities
Transfers to Other Funds (69,064) (127,936) - - (197,000)
Insurance Recoveries Received 51,758 51,758
Net Cash Provided by(Used in)Non-Capital Financing
Activities (69,064) (127,936) 51,758 (145,242)
Capital and Related Financing Activities
Acquisition of Capital Assets (1,299) (538,030) (100,791) (640,120)
Acquisition of Leases and SBITAs - (3,106) (3,106)
Proceeds from SBITAs 85,509 - 85,509
Proceeds from Sale of Capital Assets 13,243 106,723 119,966
Net Cash Provided by(Used in)Capital and Related
Financing Activities - (1,299) (439,278) 2,826 (437,751)
Investing Activities
Investment Income(Losses) 215,151 852,569 288,756 107,876 1,464,352
Proceeds from Sales and Maturities of Investments 4,797,907 14,153,601 5,047,230 1,297,785 25,296,523
Purchase of Investment Securities (4,490,741) (16,025,189) (5,713,776) (2,340,271) (28,569,977)
Net Cash Provided by(Used in)Investing Activities 522,317 (1,019,019) (377,790) (934,610) (1,809,102)
Net Change in Cash and Cash Equivalents 590,004 2,423,799 906,811 435,661 4,356,275
Cash and Cash Equivalents
October 1 665,850 1,800,851 660,582 91,076 3,218,359
September 30 $ 1,255,854 $ 4,224,650 $ 1,567,393 $ 526,737 $ 7,574,634
The notes to the financial statements are an integral part of these statements.
148
MONROE COUNTY,FLORIDA-BOARD OF COUNTY COMMISSIONERS
COMBINING STATEMENT OF CASH FLOWS(CONTINUED)
INTERNAL SERVICE FUNDS
FOR THE YEAR ENDED SEPTEMBER 30,2025
Workers' Group Risk Fleet
Compensation Insurance Management Management
Fund Fund Fund Fund Total
Reconciliation of Operating Income(Loss)
to Net Cash Provided by(Used in)
Operating Activities
Operating Income(Loss) $ 1,350,553 $ 2,310,038 $ 1,618,361 $ 816,223 $ 6,095,175
Adjustments to Reconcile Operating Income
(Loss)to Net Cash Provided by(Used in)
Operating Activities:
Depreciation and Amortization 65 3,747 66,961 92,143 162,916
Change in Assets,Liabilities,and Deferrals:
(Increase)Decrease in Accounts Receivable (356,619) (154,501) (623) 67 (511,676)
(Increase)Decrease in Due from Other Funds - - - 328,000 328,000
(Increase)Decrease in Due from Other Gov't Units 261 2,506 1,294 (14,630) (10,569)
(Increase)Decrease in Due fm Constitutional Ofcrs 9,058 (11,809) (19,609) 326 (22,034)
(Increase)Decrease in Interest Receivable (7,964) (41,896) (15,375) (8,158) (73,393)
(Increase)Decrease in Prepaid Item - (4,087) - (4,087)
Increase(Decrease)in Accounts Payable (407) 1,206,572 (100,339) 9,299 1,115,125
Increase(Decrease)in Accrued Wages/Benefits 1,324 7,521 (6,463) (2,909) (527)
Increase(Decrease)in Claims/Judgments Payable (874,702) 242,325 219,371 - (413,006)
Increase(Decrease)in Other Current Liabilities - (286) 100 (186)
Increase(Decrease)in Due to Other Funds - 604 - 604
Increase(Decrease)in Due to Other Gov't Units 3 (1,314) (184) (395) (1,890)
Increase(Decrease)in Comp.Absences Payable 41,120 27,438 (55,049) 131,259 144,768
Increase(Decrease)in Leases Payable - - (41,306) 9,898 (31,408)
Increase(Decrease)in Unearned Revenue 3,576 - 3,576
Increase(Decrease)in OPEB Liability (1,000) (1,000) (17,000) (10,000) (29,000)
Increase(Decrease)in Pension Liability (45,530) (58,446) (70,840) (298,533) (473,349)
Increase(Decrease)in Deferred Outflows Pensions/OPEB (6,754) 25,851 48,983 151,226 219,306
Increase(Decrease)in Deferred Inflows Pensions/OPEB 27,343 15,532 43,621 163,529 250,025
Total Adjustments (1,213,802) 1,262,015 53,760 551,222 653,195
Net Cash Provided by(Used in)Operating Activities $ 136,751 $ 3,572,053 $ 1,672,121 $ 1,367,445 $ 6,748,370
Non-Cash Investing,Capital,and Financing Activities
Gain/(Loss)on Disposition of Assets $ - $ - $ 13,243 $ 106,723 $ 119,966
Cash Reconciliation
Unrestricted $ 1,255,854 $ 4,224,650 $ 1,567,393 $ 526,737 $ 7,574,634
The notes to the financial statements are an integral part of these statements.
149
MONROE COUNTY, FLORIDA COMPREHENSIVE PLAN
LAND AUTHORITY STATEMENT OF NET POSITION
SEPTEMBER 30, 2025
(A Component Unit of Monroe County, Florida)
Assets and Deferred Outflows of Resources
Assets
Cash and Investments $ 31,037,408
Due from BOCC 974,633
Due from State of Florida 17,388
Mortgages Receivable, Net of Allowance 5,919,025
Capital Assets-Equipment, Net of
Accumulated Depreciation 5,341
Capital Assets-Land 41,862,747
Intangible Assets 25,325,391
Total Assets 105,141,933
Deferred Outflows of Resources
Pension Related Items 407,143
Other Postemployment Benefits Related Items 10,000
Total Deferred Outflows of Resources 417,143
Liabilities,Deferred Inflows of Resources,and Net Pension
Current Liabilities
Accounts Payable 29,900
Accrued Wages 57,833
Compensated Absences 60,171
Total Current Liabilities 147,904
Non-Current Liabilities
Compensated Absences 185,860
Net Pension Liability 875,903
Other Postemployment Benefits Liability 77,000
Total Non-Current Liabilities 1,138,763
Total Liabilities 1,286,667
Deferred Inflows of Resources
Pension Related Items 161,518
Other Postemployment Benefits Related Items 21,100
Total Deferred Inflows of Resources 182,618
Net Position
Net Investment in Capital Assets 67,193,479
Restricted for:
Land Acquisition 9,776,285
Unrestricted 27,120,027
Total Net Position $ 104,089,791
150
MONROE COUNTY, FLORIDA COMPREHENSIVE
PLAN LAND AUTHORITY STATEMENT OF
ACTIVITIES
SEPTEMBER 30,2025
(A Component Unit of Monroe County, Florida)
Program Expenses
General Government $ 1,446,199
Cost of Land Sold 3,044,325
Land Contribution Conveyances 1,519,066
Total Program Expenses 6,009,590
Net Program Expenses (6,009,590)
General Revenues
Intergovernmental 8,348,366
Investment Income 1,497,669
Miscellaneous Income 3,041,425
Total General Revenues 12,887,460
Change in Net Position 6,877,870
Net Position,Beginning of Year 97,211,921
Net Position,End of Year $ 104,089,791
151
P U RV I s G 1�uuuuu
AY
INDEPENENT 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 GOVERNMENTAUDITING STANDARDS
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, the financial statements of each major fund and
the aggregate remaining fund information of the Board of County Commissioners (the Board) of Monroe
County, Florida (the County) as of and for the year ended September 30, 2025, and the related notes to
the financial statements, which collectively comprise the Board's financial statements, and have issued
our report thereon dated March 25, 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 Board and do not represent a complete presentation of the
financial statements of the County.
Report on Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered the Board's internal
control over financial reporting (internal control) as a basis for designing audit procedures that are
appropriate in the circumstances for the purpose of expressing our opinions on the financial statements,
but not for the purpose of expressing an opinion on the effectiveness of the Board's internal control.
Accordingly, we do not express an opinion on the effectiveness of the Board's internal control.
A deficiency in internal control exists when the design or operation of a control does not allow
management or employees, in the normal course of performing their assigned functions, to prevent, or
detect and correct, misstatements on a timely basis. 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
G,,-dnCsuffll° � Ocahr �� °l°aJi ah, ,,sec, I Sarasota � 6 is-km(Jo I b?anlj':)a
puirvisgray.Corm
Iwo.oral'um,uf'Au7mua.vuur rcmtil F&nida Inst lu ik,"'(111 Cvufflied l"Gsfxlu�:,r
152
Honorable Mayor and Board of County Commissioners
Monroe County, Florida
INDEPENENT 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 GOVERNMENTAUDITING STANDARDS
Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether the Board'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 County'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 County's internal control and compliance. Accordingly,
this communication is not suitable for any other purpose.
twrvis
March 25, 2026
Sarasota, Florida
153
1-0 U R V i s G iuuuu
AY
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 Board of County Commissioners' (the Board) compliance with
the local government investment policy requirements of Section 218.415, Florida Statutes, during the
fiscal year ended September 30, 2025. Management of the Board is responsible for compliance with those
requirements. Our responsibility is to express an opinion on the County's compliance based on our
examination.
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 Board complied, in all material respects,
with the requirements referenced above. An examination involves performing procedures to obtain
evidence about whether the Board 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 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 Board's compliance with the specified
requirements.
In our opinion, the Board complied, in all material respects, with the aforementioned requirements of
Section 218.415, Florida Statutes, during the fiscal year ended September 30, 2025.
This report is intended solely for the information and use of the Florida Auditor General, the Board of
County Commissioners of Monroe County, Florida,and applicable management,and is not intended to be,
and should not be, used by anyone other than these parties.
I-owrvis
March 25, 2026
Sarasota, Florida
CERTIFIECD PUBLIC ACCOUNTANTS
6'a i ncsvffle � Oca ar �� 'ia lahaassee �� Sarasol.a � Oi1a.unn(lo I I;'sampa
purrvisgray.corm
Vunuul�Ru°u aa�An)7 rruaw) Floridafins'kfluu°a,of,� I ubtiic Axgx ativaMW
154
P U R V I s G 111 AY
MANAGEMENT LETTER
Honorable Mayor and Board of County Commissioners
Monroe County, Florida
Report on the Financial Statements
We have audited the financial statements of each major fund and the aggregate remaining fund
information of the Board of County Commissioners(the Board)of Monroe County, Florida (the County) as
of and for the fiscal year ended September 30, 2025, and have issued our report thereon dated March 25,
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 the Financial Statements Performed in Accordance
with Government Auditing Standards; and 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. Disclosure in those reports and schedule, which are dated March 25, 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. Corrective actions have been taken to address findings and recommendations made in the
preceding financial audit report.
Official Title and Legal Authority
Section 10.554(1)(i)4., Rules of the Auditor General, requires that the name or official title and legal
authority for the primary government and each component unit of the reporting entity be disclosed in this
management letter, unless disclosed in the notes to the financial statements. The official title and legal
authority are disclosed in Note 1 to the financial statements.
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'd like to bring your attention to the
following matter:
CERTIFIECD PUBLIC ACCOUNTANTS
6'aiz°csvffle � Oca ar �� Taflahaassee �� Sarasol.a � Oria.un� to I I;'sampa
purrvisgray.com
Vunuul�Ru°u aa�An)7 rruaw) Floridafins'kfluu°a,of,� I ubtiic Axgx ativaMW
155
A..
Honorable Mayor and Board of County Commissioners
Monroe County, Florida
MANAGEMENT LETTER
2025-01—Financial Close and Review
During our audit, we identified certain material adjustments that were not detected through the Board's
internal review process prior to being provided for audit. While we understand that the financial close
process is well-documented and closely monitored, the significance of these adjustments indicates that
the financial review procedures could be strengthened to ensure financial information is complete and
accurate prior to submission. Specifically, audit adjustments included:
■ Approximately $7.3 million of cash receipts initially recorded as revenue instead of being applied
against existing due from other governments balances, resulting in an overstatement of revenues and
receivables.
■ Approximately$4.7 million of revenue recognized in the One Cent Infrastructure Surtax fund that did
not meet availability criteria and required reclassification.
Enhancing the financial close and review process to include a more comprehensive final review—such as
validating significant balances and reconciling key accounts—would help reduce the likelihood of similar
adjustments.
Separately, at fiscal year-end, expenditures exceeded final budgeted appropriations by $320,664 for
Human Services in the General Fund. We recommend implementing additional controls for budget to
actual reviews to ensure necessary amendments are submitted within the state-allowed 60-day window
following fiscal year-end.
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 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.
Purvis
March 25, 2026
Sarasota, Florida
156
This page is intentionally left blank.
G,,I COURTQ C
°A Kevin Madok, CPA
. .� ,� Clerk of the Circuit Court& Comptroller—Monroe County Florida
�RoE GOUNSy a J 1
MANAGEMENT REPONSE
Finding 2025-01 —Financial Close and Review
The Clerk agrees with the recommendation and is actively working on corrective action. Staff are
working to enhance the financial close process by establishing procedures whereby staff who
prepare the financial statements are separate from the staff who review and approve the statements
before they are provided to the auditors. In addition, the Clerk recently developed internal reports
generated by the accounting system for Board staff to use to improve budget management and
review at the cost center level.
157
KEY WEST MARATHON PLANTATION KEY PK/ROTH BUILDING
500 Whitehead Street 3117 Overseas Highway 88820 Overseas Highway 50 High Point Road
Key West,Florida 33040 Marathon,Florida 33050 Plantation Key,Florida 33070 Plantation Key,Florida 33070
305-294-4641 305-289-6027 305-852-7145 305-852-7145
1%
i-P Ul RV I s G ���l AY
cir i,,,f I m I IPURIIIIU A CCOU IN I A,1JTS
0�(ahl I Taflaha� see � Saraso�a I Oflhmdo � ]imipa
purvisgray-com