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Fiscal Year 2025
,IUUl llllll iii � ���i� llllii 111 Ill llll� illi lii � ;PIII � � � III�II � � � u G 4 Monroe County,, Florida noouoi Comprehensive Financial Report �� o (,,rp ��IIIIIIIIIIII IIIU „ ro Iu1 � CIO Illl I I� �fIICIIIM� I � I `'r II III� II �I MONROE COUNTY, FLORIDA ANNUAL COMPREHENSIVE FINANCIAL REPORT FOR THE FISCAL YEAR ENDED SEPTEMBER 30,2025 Kevin Madok,CPA Clerk of the Circuit Court and Comptroller Prepared by: Clerk of the Circuit Court Finance Department Pam Radloff Finance Director This page is intentionally left blank. K8C]NRQE COUNTY, FLORIDA ANNUAL COMPREHENSIVE FINANCIAL REPORT FOR THE FISCAL YEAR ENDED 8EPTEK8BER 30\2026 TABLE C]FCONTENTS |. INTRODUCTORY SECTION Letterof Transmittal.................................................................................................................... i'vii Certificate of Achievement............................................................................................................viii Listof Principal Officials...................................................................................................................h« OrganizationChart........................................................................................................................... x U. FINANCIAL SECTION IndependentAuditor's Report........................................................................................................1-4 Management's Discussion and Analysis.......................................................................................5'19 Basic Financial Statements Government-Wide Financial Statements: Statement of Net Position.....................................................................................................ZU'Z1 Statement of Activities..........................................................................................................ZZ'Z3 Fund Financial Statements: Balance Sheet Governmental Funds ...................................................................................Z4'Z5 Reconciliation of the Balance Sheet of Governmental Funds tothe Statement of Net Position.......................................................................................................Z6 Statement of Revenues, Expenditures, and Changes inFund Balances Governmental Funds.........................................................................................Z7'Z8 Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds tothe Statementof Activities............................................................................................................Z9 Statement of Revenues, Expenditures, and Changes inFund Balances—Budget and Actual— Major Governmental Funds: GeneralFund...................................................................................................................3U'3Z Fine and Forfeiture Special Revenue Fund .....................................................................33'34 HIDTA Grants Special Revenue Fund ...................................................................................35 Government Grants Special Revenue Fund....................................................................36'37 Tourist Development, Administration and Promotional, TwoCent Fund..................................................................................................................38 Statement of Net Position Proprietary Funds.....................................................................39'4Z Statement of Revenues, Expenses, and Changes inNet Position Proprietary Funds...............................................................................................43'44 Statement of Cash Flows Proprietary Funds.......................................................................45'48 Statement of Fiduciary Net Position— Fiduciary Funds..............................................................49 Statement of Change in Fiduciary Net Position— Fiduciary Funds.............................................5U Notes to Financial Statements................................................................................................51,1U7 K8C]NRQE COUNTY, FLORIDA ANNUAL COMPREHENSIVE FINANCIAL REPORT FOR THE FISCAL YEAR ENDED 8EPTEK8BER 30\2026 TABLE C]FCONTENTS Required Supplementary Information Schedule of Proportionate Share of the Net Pension Liability—FRS''''''''''''''''.'—''.1U8 Schedule of Contributions—FRS..................................................................................................1U9 Schedule of Proportionate Share of the Net Pension Liability—HIS...........................................11U Schedule of Contributions—HIS..................................................................................................III Schedule of Changes in Net Pension Liability and Related Ratios— Pension Plan for Volunteer Firefighters and Emergency Medical Services.............................. 112 Schedule of Contributions—Pension Plan for Volunteer Firefighters and Emergency Medical Services.............................................................................................113 Schedule of Changes in Total OPEB Liability and Related Ratios.................................................114 Combining and Individual Fund Statements and Schedules Combining Balance Sheet Non-Major Governmental Funds..............................................115'1ZZ Combining Statement of Revenues, Expenditures, and Changes in Fund Balance Non-Major Governmental Funds..........................................................1Z3'13U Schedule of Revenues, Expenditures, and Changes in Fund Balances— Budget and Actual: Special Revenue Funds...................................................................................................131'175 Capital Project Funds......................................................................................................176'178 Combining Statement of Net Position— Internal Service Funds...........................................179'18U Combining Statement of Revenues, Expenses, and Changes in Net Position—Internal Service Funds............................................................................181'18Z Combining Statement of Cash Flows—Internal Service Funds.............................................183'186 Combining Statement of Fiduciary Net Position—All Fiduciary Funds.................................187'188 Combining Statement of Changes in Fiduciary Net Position— All Fiduciary Funds.............................................................................................................189'19U UL STATISTICAL SECTION (UNAUDDEO) Financial Trends Information Schedule Net Position by Component.................................................................................. 191 Schedule Changes in Net Position.................................................................................19Z'194 Schedule Governmental Activities Tax Revenues by Source................................................ 195 Schedule Fund Balances of Governmental Funds................................................................ 196 Schedule Changes in Fund Balances of Governmental Funds.......................................197'198 Schedule General Governmental Tax Revenues by Source.................................................. 199 Revenue Capacity Information Schedule Assessed Value and Estimated Actual Value of Taxable Property........................200 Schedule Direct and Overlapping Governments..................................................................ZU1 Schedule Phndpa| PropertyTaxpayers--------------------------'ZUZ Schedu|e1U Property Tax Levies and Collections .....................................................................ZU3 Debt Capacity Information Schedule 11 Ratios of Outstanding Debt by Type.....................................................................ZU4 Schedu|e1Z Ratios of General Bonded Debt Outstanding........................................................ZU5 Schedule 13 Direct and Overlapping Governmental Activities Debt.........................................ZU6 Schedule 14 Legal Debt Margin Information.............................................................................ZU7 Schedule 15 Pledged-Revenue Coverage—Governmental Activities .......................................ZU8 Schedule 16 Pledged-Revenue Coverage—Business-Type Activities........................................ZU9 K8C]NRQE COUNTY, FLORIDA ANNUAL COMPREHENSIVE FINANCIAL REPORT FOR THE FISCAL YEAR ENDED 8EPTEK8BER 30\2026 TABLE C]FCONTENTS UL STATISTICAL SECTION (UNAUDITED) Demographic and Economic Information Schedule 17 Demographic and Economic Statistics..................................................................Z1U Schedule 18 Principal Employers...............................................................................................Z11 Operating Information Schedu|e19 Full-Time Equivalent County Government Employees by Function .....................Z1Z Schedu|eZU Operating Indicators by Function .........................................................................Z13 Schedu|eZ1 Capital Asset Statistics by Function.......................................................................Z14 IV. SINGLE AUDIT SECTION Independent Auditor's Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based onan Audit of Financial Statements Performed in Accordance with Government Auditing Standards...............................................................Z15'Z16 Independent Auditor's Report on Compliance for Each Major Federal Awards Program and State Financial Assistance Projects and on Internal Control Over Compliance Required by the Uniform Guidance and Chapter 1U.55U, Rules of the Auditor General ----------------------'Z17'Z19 Schedule of Expenditures of Federal Awards and State Financial Assistance Projects.......................................................................................ZZU'ZZ4 Notes to the Schedule of Expenditures of Federal Awards and State Financial Assistance Projects..............................................................................................ZZ5 Schedule of Findings and Questioned Costs............................................................................ Z6'ZZ7 Independent Accountant's Report on Compliance With Section Z18.415, Florida Statutes................................................................................................ZZ8 Independent Accountant's Report in Accordance with Section 365.17Z and 365.173, Florida Statutes...........................................................................ZZ9 ManagementLetter.................................................................................................................Z3U'Z33 Management Response ..................................................................................................................Z34 iii This page is intentionally left blank. G,,I couRr,C °A Kevin Madok, CPA ' b ' Clerk of the Circuit Court& Comptroller— Monroe County, Florida O�RoE Go. J March 25, 2026 The Honorable Michelle Lincoln Mayor, Board of County Commissioners Citizens of Monroe County, Florida We are pleased to submit the Annual Comprehensive Financial Report for Monroe County, Florida for the fiscal year(FY) ended September 30, 2025. Monroe County's Annual Comprehensive Report is prepared by the Finance Department under the direction of the Clerk of the Circuit Court & Comptroller (Clerk). Responsibility for both the accuracy of the presented data and the completeness and fairness of the presentation, including all disclosures, rests with the Clerk as Chief Financial Officer of Monroe County, Florida (the County). We assert that, to the best of our knowledge and belief, this financial report is complete and reliable in all material aspects. It is presented in a format designed to fairly present the financial position and results of operations of the County as measured by the financial activity. All disclosures needed to allow the reader to gain a comprehensive understanding of the County's financial activity have been included. The County has established a comprehensive internal control framework that is designed both to protect the County's assets from loss, theft, or misuse and to compile sufficient reliable accounting information for financial statement preparation in conformity with United States generally accepted accounting principles (GAAP) established by the Governmental Accounting Standards Board. Because the cost of internal controls should not outweigh their benefits, the objective is to provide reasonable rather than absolute assurance that the financial statements will be free of material misstatement. In addition, the Federal Single Audit Act, the Florida Single Audit Act and Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, require an independent auditor to report on the government's internal controls and compliance with legal requirements concerning the administration of federal awards and state financial assistance. The report, Single Audit/Grants Compliance Schedules, is published in this report to fulfill these requirements. Independent Audit In compliance with Florida Statute Chapter 218.39, an independent certified public accountant is to audit the financial statements of counties in the State. The County's auditor, Purvis Gray and Company, LLP, has issued unmodified ("clean") opinions on the Monroe County, Florida financial statements for the year ended September 30, 2025. The report of the independent auditor is located at the front of the Financial Section in this report. KEY WEST MARATHON PLANTATION KEY 500 Whitehead Street 3117 Overseas Highway 88770 Overseas Highway Key West, Florida 33040 Marathon, Florida 33050 Plantation Key, Florida 33070 Management Discussion and Analysis GAAP requires that management provide a narrative introduction, overview, and analysis to accompany the basic financial statements in the form of Management's Discussion and Analysis (MD&A). The MD&A can be found immediately following the report of the independent auditor in this report and fulfills this requirement. This Letter of Transmittal is designed to complement the MD&A and should be read in conjunction with it. Monroe County Profile Basic Information Monroe County was constitutionally formed in 1823. It is comprised of a string of subtropical islands that stretch more than one hundred miles into the Atlantic Ocean. These islands are connected in a chain-like fashion to the mainland by a series of forty-two bridges. The longest bridge, known as the "7 Mile Bridge", connects Knight's Key in the Middle Keys to Little Duck Key in the Lower Keys. It was among the longest bridges in existence when it was initially built from 1909 to 1912. A new bridge was finished in 1982 but the old bridge still remains in place and services, via pedestrians and cyclists, Pigeon Key, the historic island at the center of the bridge. Monroe County is the southernmost county in the United States with only one road, U.S. 1, connecting some of the islands known as the Florida Keys. The Zero Mile Marker for U.S. 1 is outside of the County courthouse in Key West. The majority of U.S. 1 was built on the former right-of-way of Henry Flagler's Florida East Coast Railroad which was destroyed as a direct result of the 1935 hurricane. This road is 2,369 miles from Key West to Fort Kent, Maine, at the Canadian border. The Monroe County section of the road is more commonly known as the "Overseas Highway" and referred to as the Florida Keys Scenic Highway. The corridor extends five miles into the crystal-clear waters on each side of the highway. The County seat, Key West, is approximately one hundred and fifty miles southwest of Miami. Havana, Cuba lies a mere ninety miles to the south. The County is identified by the Florida Department of Commerce, Division of Community Planning, Development, and Services as the "Florida Keys Area of Critical State Concern" due to the environmental sensitivity of its lands. Moreover, the County's outdoor recreation lands fall under the Florida Forever conservation and recreation program which reviews all growth and development decisions as outlined in comprehensive plans and the land development regulations. Monroe County is a non-charter county established under the Constitution and the laws of the State of Florida. Legislative authority and policy decisions are vested in the Board of County Commissioners (Board) consisting of the mayor and four other members, all of whom are elected. The operation of other specific government functions resides with five Constitutional Officers. These Officers are elective and their titles indicative of their specific function. The positions are the Clerk of the Court and Comptroller, Property Appraiser, Sheriff, Supervisor of Elections, and Tax Collector. Monroe County provides a full range of services including roads, ii health and social services, emergency medical services, park and recreational services, solid waste services, airport services, and other governmental services. Reporting Entity For financial reporting purposes, the County's primary government consists of the Board of County Commissioners, the Constitutional Officers, and the Monroe County Industrial Development Authority, a blended corporate unit. The Monroe County Comprehensive Plan Land Authority is legally separate and is treated as a discretely-presented component unit. Additional information can be found in Note 1 of the Notes to the Financial Statements. Buffet According to Florida Statutes, Chapter 129, a budget shall be prepared, balanced, approved, adopted, and executed each fiscal year (October 1 through September 30). The Board conducts budget meetings on departmental budgets and Constitutional Officers' requests. A tentative budget is prepared, reviewed, and adopted and the tax levies are calculated and advertised. Three public hearings are held for public input regarding the tentative budgets and proposed tax levies. On the last of the three public hearings a final budget is approved by the Board. Formal budgetary integration is employed as a management control device during the year for all fund types. During the year, the County's Office of Management and Budget acts on intradepartmental cost center budget changes while interdepartmental cost center budget changes are submitted to the Board as a Budget Resolution for approval. A budget amendment is required when alterations are made to a fund's total revenues or expenditures. The Board may adopt the budget amendment after public hearings are held. Budget to Actual Statements are presented in various locations in this report and the budget process is further explained in Note 1 to the Financial Statements. Economic Condition and Outlook Local Economy Monroe County occupies a unique and beautiful corner of the United States. The County has the only living coral barrier reef in the continental United States and includes the Florida Keys National Marine Sanctuary, the largest national marine sanctuary. The Florida Keys outer reefs form the third largest barrier reef system in the world. The Florida Keys offers mild climate year- round and extensive recreational water activities. This makes the Florida Keys and Key West a major domestic and international tourist destination. Monroe County's economy is largely dependent on the tourism and hospitality industries. Seven of the top ten taxpayers in Monroe County are in the hospitality industry. Airplane passenger arrivals increased 2.8% in the past year while the County's bed tax revenues declined by 1% during the same period. iii Property values in 2025 increased 10.6% from the prior year. In comparison, statewide, property values increased 12% from 2024 to 2025. Correspondingly, property tax collections increased 9.37% from the previous fiscal year. Over a ten-year period, tax collections rose 97%. Over the same decade, the total assessed value of taxable property in Monroe County increased 146.6%. The County's unemployment rate of 3.1% as of September 2025 is below the state and national averages of 3.9% and 4.4%, respectively. Long-term Financial Planning Monroe County began construction of its Emergency Operations Center (EOC) during FY 2023 and construction concluded in FY 2025. Over $37 million in grant funding was secured to fund this capital project. The EOC is located at the Marathon Airport and houses the County's Emergency Management team, Fire Rescue Administration, the County's 911 call center, and an incident command center which also serves as an emergency management training site. In addition to the EOC, in FY 2023, the County entered into a lease-purchase agreement to acquire three new Trauma Star helicopters. During FY 2025, the County took possession of two of the three helicopters. The third helicopter is expected to be delivered in FY 2026. In FY 2025, the County also focused on upgrading its fire rescue vehicles by entering into two additional lease-purchase agreements. One agreement allowed the Key West Airport to acquire a new $1.5 million aircraft rescue and firefighting. The second agreement allowed Monroe County Fire and Rescue to obtain new fire trucks and related equipment valuing over$2.8 million. In FY 2025, Monroe County secured state authorization to dedicate $35 million of Tourist Development Tax dollars for developing affordable housing. Over $6.8 million of these funds were used during the fiscal year to finance the purchase of 11 units of affordable workforce housing at the South Cliff Estates housing development. The County also issued revenue bonds during the fiscal year to fund various capital improvements including the construction of the Sugarloaf fire station, Rockland Fleet garage facility, the Sheriff's generator building, and various road elevation and bridge replacement projects. The County is balancing the use of ad valorem tax revenues with the maintenance of General Fund reserves to insulate the General Fund from revenue fluctuations due to disasters of any kind and provide adequate working capital for operations. The County provides healthcare coverage for 489 retirees. In the accompanying government- wide financial statements, the County recognizes the present value of projected postemployment benefits (OPEB) to be provided to current and inactive employees attributable to past periods of service. This projection results in a reported long-term liability of over $68.6 million in FY 2025. At September 30, 2025, the County had long-term debt and obligations in the amount of $566.9 million. This debt and obligations are mainly comprised of direct borrowing of revenue bonds and notes secured by pledges of revenues. Revenue-secured debt for governmental activities was $221.0 million and $54.0 million for business type activities. iv In September 2022, the County issued Series 2022 Alternative Minimum Tax (AMT) Revenue Bonds totaling $42.5 million to be used to finance and re-finance the costs associated with Key West Airport's Concourse A expansion project. A Taxable Revenue Note, Series 2022 was also secured to provide a non-revolving line of credit not to exceed $10 million. In April 2025, the County completed Phase 1 of its construction of a new second-level Concourse A terminal building with a projected completion in 2026. Major Initiatives Capital project funding is derived from multiple sources which include impact fees, various grants, One Cent Infrastructure Sales Surtax, state revolving funds, and the issuance of revenue bonds. A large revenue source for capital projects is derived from the One Cent Infrastructure Surtax. The tax, maintained in a separate fund, allows for the imposition on both residents and visitors a one percent tax on most purchases in the County. This revenue source has generated almost$637 million since its 1990 inception. In FY 2023, Monroe County residents approved a referendum providing an extension of the One Cent Infrastructure Sales Surtax to FY 2048. The County's Capital Improvement Plan (Plan) identifies capital projects that are to be funded from FY 2026 through FY 2030, a five-year period. The adopted annual capital budget represents the first year of the multi-year Plan. The Plan also allows the County to maintain the value of its long-term infrastructure assets such as buildings, roads, bridges, and parks. Some of the highlights from the 2026-2030 Plan to be funded with One Cent Infrastructure Surtax include: • General Government: - $2.9 million for Lester building air ducts and renovation; - $1.4 million for various Gato building repairs; and - $0.3 million for the various Harvey Government Center building repairs. • Public Safety: - $2.5 million for repairs to the Monroe County Detention Center; and - $0.4 million for replacing the generator and upgrading HVAC system for the Medical Examiner. • Transportation: - $0.4 million for Tom's Harbor Channel bridge repairs; - $0.3 million for Key Deer Boulevard North of Watson Road repairs; and - $0.6 million for the pavement rejuvenation project. The following are major capital projects that were substantially completed in FY 2025: • Marathon Airport non-aeronautical building/emergency operation center; • Bimini Drive Bridge replacement; • Big Pine Key Community Park Amphitheater; and • Card Sound Road mill and resurfacing project. v Relevant Financial Policies The Board strives to adhere to sound financial management principles to ensure that sufficient funds are available to maintain a stable financial base for the County. To achieve a stable financial base, the County budgets to maintain fund balances sufficient to fund the County's cash flow needs, to provide financial reserves for unanticipated expenditures or unexpected revenue shortfalls, to provide funds for the disparity in timing between property tax collection, sales tax distributions as well as other revenues and expenditures, and to secure and maintain investment grade bond ratings. In accordance with Section 218.415, Florida Statutes, the County's investment policy, approved in January 2019, establishes investment objectives, maturity and liquidation requirements, portfolio composition, risk and diversification requirements, and authorized investments. The primary objective of investment activity is the safety of the principal of funds and maintain sufficient liquidity to meet anticipated cash flow needs. A secondary objective is to obtain competitive returns on the investment of the County's surplus funds. The County adheres to Governmental Accounting Standards Board's Statement No. 54 which requires governmental entities to classify a fund balance into one of five categories to indicate the constraints imposed upon these resources: non-spendable, restricted, committed, assigned and unassigned. An unassigned fund balance is the residual classification that includes all spendable amounts not contained within the other four classifications. Unrestricted fund balance is the amount of fund balance that the Board has placed constraints on its use (committed or assigned fund balance) plus the fund balance that does not have any specific purpose identified for the use of those net resources (unassigned fund balance). It is the goal of the Board to achieve and maintain an unrestricted General Fund balance equal to four months of budgeted expenditures. To achieve this goal, the Board's Fund Balance policy dictates that the County shall plan to adjust budget resources in the subsequent fiscal years to restore the balance. Appropriation from unrestricted General Fund balance shall require Board approval and shall be only for one-time expenditures, such as capital purchases, and not for ongoing expenditures unless a viable plan designated to sustain the expenditures is simultaneously adopted. The Board has the responsibility of responding to emergency disasters and has $10 million in disaster reserve funds to ensure adequate cash flow is available in post-disaster situations. In the event these funds fall below the set amount, an action plan to begin replenishment to the appropriate level will be addressed in the ensuing budget year. Awards and Acknowledgments The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to Monroe County, Florida for its Annual Comprehensive Financial Report for the fiscal year ended September 30, vi 2024. This was the thirty-seventh (37Ih) consecutive year that Monroe County has achieved this prestigious award. To be awarded a Certificate of Achievement, a government must publish an easily readable and efficiently organized annual comprehensive financial report. This report must satisfy both U.S. generally accepted accounting principles and applicable legal requirements. A Certificate of Achievement is valid for a period of one year only. We believe that our current annual comprehensive financial report continues to meet the Certificate of Achievement Program's requirements and we are submitting it to the GFOA to determine its eligibility for another certificate. Monroe County also received the GFOA's Distinguished Budget Presentation Award for its annual appropriated budget. This was the twenty-seventh (271 ) year that Monroe County received this award. To qualify for the Distinguished Budget Presentation Award, the government's budget document was judged to be proficient in several categories including policy documentation, financial planning, and organization. This report is the product of the dedication and hard work of the Finance Department under the direction of Monroe County's Clerk of the Circuit Court & Comptroller, Kevin Madok, CPA as Auditor and Chief Financial Officer to the Board of County Commissioners. We would like to express our appreciation to the entire Finance Department, the Board of County Commissioners and their staff and other Constitutional Officers for their assistance in the preparation of this report. This includes their dedicated support in planning and conducting the financial operations of the County in a responsible and progressive manner throughout the year. We also extend our thanks and appreciation to our independent auditor, Purvis Gray and Company, LLP, for their interest and support to us throughout the year. Sincerely, Kevin Madok, CPA Pam Radloff, CPA Clerk of the Circuit Court & Comptroller Monroe County Chief Financial Officer Finance Director vii This page is intentionally left blank. DO Government Finance Officers Association Certificate of Achievement for Excellence in Financial Reporting Presented to Monroe County Florida For its Annual Comprehensive Financial Report For the Fiscal Year Ended September 30, 2024 P. Executive Director/CEO viii MONROE COUNTY, FLORIDA ]BOARD OF COUNTY COMMISSIONERS MICHELLE LINCOLN DISTRICT 2 CRAIG CATES JIM SCHOLL DISTRICT 1 DISTRICT 3 DAVID RICE HOLLY MERRILL RASCHEIN DISTRICT 4 DISTRICT 5 CHRISTINE HURLEY COUNTY ADMINISTRATOR KEVIN MADOK, CPA CLERK OF THE CIRCUIT COURT AND COMPTROLLER ix (20 / \) ) ) \ \ : ]P!E: \ � � = E[ „y§ �k a ! E \ eq � < a M � k ] k ) k - � § k = k � 00 § - \ E }) } E ] }\ \m { E § k �kowLl 10 TTTTT 2 1 } 00 - E EV § � o k - » k ® ! ® E _ C � � WE ` / f! - ! - _ ) / ! - 0 | ! {} ! \ ) ! § ) // § I � ` ! ) f ! f§ ¥ / {2 / 2 ] _ ; & � \ This page is intentionally left blank. FINANCIAL SECTION 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 the governmental activities,the business-type activities,the discretely presented component unit, each major fund, and the aggregate remaining fund information of Monroe County, Florida (the County) as of and for the year ended September 30, 2025, and the related notes to the financial statements, which collectively comprise the County's basic financial statements as listed in the table of contents. In our opinion, the accompanying financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, the discretely presented component unit, each major fund, and the aggregate remaining fund information of Monroe County, Florida as of September 30, 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 County and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. 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. CERTIFIECD PUBLIC ACCOUNTANTS 6'ai°csvffle � Oca ar �� ' afllahaa;see �� Sarasol.a � Oria.un� to I I;'sampa purrvisgray.com N'Vannben°olll Aimzu-kw) Florida of �,a(i G«;°d I ubtiic Axgx amaoor s 1 Honorable Mayor and Board of County Commissioners Monroe County, Florida INDEPENDENT AUDITOR'S REPORT In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate,that raise substantial doubt about the County's ability to continue as a going concern for 12 months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter. Auditor's Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and,therefore, is not a guarantee that an audit conducted in accordance with 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 County's internal control. Accordingly, no such opinion is expressed. ■ Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements. ■ Conclude whether, in our judgment,there are conditions or events, considered in the aggregate,that raise substantial doubt about the County's ability to continue as a going concern for a reasonable period of time. We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit. 2 Honorable Mayor and Board of County Commissioners Monroe County, Florida INDEPENDENT AUDITOR'S REPORT Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management's discussion and analysis and the pension and other postemployment benefits related information,as listed in the table of contents, be presented to supplement the basic financial statements. Such information is the responsibility of management and, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries,the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Supplementary Information Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the County's basic financial statements. The accompanying combining and individual fund statements and schedules are presented for purposes of additional analysis and are not a required part of the basic financial statements. The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance Projects is presented for purposes of additional analysis as required by Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, and Chapter 10.550, Rules of the Auditor General, and is also presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information is the responsibility of management and was derived from, and relates directly to, the underlying accounting and other records used to prepare the basic financial statements. The information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the combining and individual fund statements and schedules, and the Schedule of Expenditures of Federal Awards and State Financial Assistance Projects are fairly stated, in all material respects, in relation to the basic financial statements as a whole. Other Information Management is responsible for the other information included in the annual comprehensive financial report. The other information comprises the introductory and statistical sections but does not include the basic financial statements and our auditor's report thereon. Our opinions on the basic financial statements do not cover the other information, and we do not express an opinion or any form of assurance thereon. 3 Honorable Mayor and Board of County Commissioners Monroe County, Florida INDEPENDENT AUDITOR'S REPORT In connection with our audit of the basic financial statements, our responsibility is to read the other information and consider whether a material inconsistency exists between the other information and the basic financial statements, or the other information otherwise appears to be materially misstated. If, based on the work performed, we conclude that an uncorrected material misstatement of the other information exists, we are required to describe it in our report. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards,we have also issued our report dated March 25,2026, on our consideration of the County's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements, and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the County's internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the County's internal control over financial reporting and compliance. March 25, 2026 Sarasota, Florida 4 MONROE COUNTY, FLORIDA MANAGEMENT'S DISCUSSION AND ANALYSIS SEPTEMBER 30,2025 As Finance Department management, under the direction of Monroe County's Chief Financial Officer and Clerk of the Circuit Courts and Comptroller, we offer readers this narrative overview and analysis of the financial activities of Monroe County Government(County)for the fiscal year ended September 30, 2025. We encourage readers to consider this information in conjunction with additional information furnished in the letter of transmittal in the Introductory Section of this report and the audited basic financial statements for an overall view of the County's activities. Financial Highlights • The County's total assets and deferred outflows of resources exceeded its total liabilities and deferred inflows of resources at September 30, 2025, by$910.7 million,an increase of$121.7 million compared to the prior fiscal year. Of this amount, $581.2 million represents net investment in capital assets; $391.0 million is restricted for specific purposes (restricted net position); and the remaining portion represents negative unrestricted net position (deficit) of ($61.0) million. Unrestricted net position is negative primarily due to the actuarially determined long-term liabilities related to the Florida Retirement System pension and other post-employment benefits (OPEB). • Comparing FY 2025 with FY 2024, the results of governmental activities produced an increase in net position of $68.7 million, while in FY 2024 net position increased by $59 million. We discuss key changes in net position later in Management's Discussion and Analysis (MD&A). • Comparing FY 2025 with FY 2024, the results of business-type activities produced an increase in net position of $53.0 million, while in FY 2024 net position increased by $46.7 million. We discuss key changes in net position later in this MD&A. • In FY 2025,the net position of the County's court registry custodial fund was restated for a reduction of ($2.9) million due to a prior period adjustment. In prior years, previously reported accounts receivable should not have been reported as such. • As of September 30,2025 and 2024,the County's governmental funds reported combined ending fund balances of $419.2 million and $373.5 million, respectively. Of the combined fund balance, $42.6 million or 10.2%is available for spending at the County's discretion (unassigned balance). • The County's General Fund (primary operating fund) reported a total fund balance of$63.6 million,an increase of$15.7 million from the prior year. Of the $15.7 million, $6.6 million is consistent with the increase in collection of ad valorem taxes due to increased assessed property values and increased millage rates from the prior year. The remaining portion of the increase is due to an increase in transfers and financing related to information technology subscriptions offset by an increase in expenditures. • The County reported new debt of$51.3 million during the fiscal year including $46.9 million related to the issuance of the County's Series 2025 Infrastructure Sales Surtax Revenue Bonds. New debt also included $2.9 million for Monroe County Fire Rescue's lease-purchase of fire trucks and equipment and $1.5 million for the Key West International Airport's lease-purchase of an aircraft rescue and firefighting truck. Overall, bonded debt and loans of the County increased $32.7 million in FY 2025. The County's percentage of bonded debt and loans compared to net position increased from 30.2%to 30.7%.The other components of long-term debt are discussed in further detail later in this MD&A. 5 MONROE COUNTY, FLORIDA MANAGEMENT'S DISCUSSION AND ANALYSIS SEPTEMBER 30,2025 Overview of the Financial Statements This MD&A is intended to serve as an introduction to the County's basic financial statements, which include government-wide financial statements,fund financial statements, as well as notes to the financial statements. This report also contains other supplementary information in addition to the basic financial statements. The chart below illustrates the components of the Annual Comprehensive Financial Report: Components of the Annual Comprehensive Financial Report Letter of Transmittal and Other General Introduction Information on the Government Section i Management Discussion and Analysis Government-Wide Financial Statements ; Basic Governmental Fund Financial Statements ' Financial i Proprietary Fund Financial Statements ' Statements � p y Financial ' and RSI i Fiduciary Fund Financial Statements Section ' Notes to the Financial Statements Additional Required Supplementary Information Information on Individual Funds and Other Supplementary Information Not Required by GAAR ' Statistical Trend Data and Non-Financial Information Section Government-Wide Financial Statements The Government-Wide Financial Statements are designed to provide the reader with a broad overview of the financial position of the County, in a manner similar to private-sector business. They include a Statement of Net Position and a Statement of Activities. These statements appear on pages 20-23 of this report. 6 MONROE COUNTY, FLORIDA MANAGEMENT'S DISCUSSION AND ANALYSIS SEPTEMBER 30,2025 The Statement of Net Position presents information on all of the County's assets, deferred outflows of resources, liabilities and deferred inflows of resources, with the difference reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the County is improving or deteriorating. The Statement of Activities, which follows the Statement of Net Position, presents information showing how the net position changed during fiscal year 2025.The statement presents all underlying events,which contribute to the change, irrespective of the timing of the related cash flows.Thus, revenues and expenses are reported in this statement for some items that will only affect cash flows in future fiscal periods (e.g., uncollected taxes, earned but unused vacation and medical leave). Both of the aforementioned government-wide financial statements distinguish functions of the County that are principally supported by taxes and intergovernmental revenues (governmental activities) from other functions that are intended to recover all or a significant portion of their costs through user fees and charges for services (business-type activities). The governmental activities reported in the statements include general government, public safety, physical environment,transportation, economic environment, human services, culture and recreation, court related, and interest on long-term debt.The business-type activities include the County's two airports, Solid Waste, and the Card Sound Road and Toll Bridge. The government-wide financial statements include not only the County itself (known as the primary government) but also the operations of the Monroe County Comprehensive Plan Land Authority. Financial information for this component unit is reported separately within the government-wide financial statements from the financial information presented for the primary government. Fund Financial Statements A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The County, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements.All of the funds of the County can be divided into three general categories:governmental, proprietary,and fiduciary funds. Governmental Funds. Governmental Funds essentially account for the same functions as those reported in the government-wide statements described above. However, unlike the government-wide statements, this set of financial statements focuses on events that produce near-term inflows and outflows of spendable resources available at the end of the fiscal year,which is a narrower focus than the government- wide financial statements.Such information may be useful in evaluating the available spendable resources. These statements appear on pages 24-28 of this report. It can be useful to compare the information presented for the governmental funds with similar information presented for governmental activities in the government-wide statements. Therefore, reconciliations are provided as a link between both the governmental fund statements and the government-wide statements to assist in this comparison.These statements appear on pages 26 and 29 of this report. 7 MONROE COUNTY, FLORIDA MANAGEMENT'S DISCUSSION AND ANALYSIS SEPTEMBER 30,2025 The governmental fund financial statements present financial information for the County's general,special revenue,debt service and capital project funds.Governmental funds individually presented as major funds in the County's statements include: the General Fund; four special revenue funds: Fine and Forfeiture, High Intensity Drug Trafficking Area (HIDTA) Grants, Governmental Grants, the Tourist Development Council's (TDC) Administration and Promotional Two Cent Fund;the Debt Service Fund; in addition to the One Cent Infrastructure Surtax capital project fund. There are many smaller governmental funds in the County. They have been presented in a total column "Non-Major Governmental Funds."These funds are presented individually in the combining and individual fund statements section of the report. Proprietary Funds.The County maintains two different types of proprietary funds, enterprise and internal service.The proprietary fund statements appear on pages 39-48 of this report. Enterprise funds are used to report business-type activities in the government-wide financial statements. The County maintains four major enterprise funds: Municipal Service District Waste, Card Sound Bridge, Key West International Airport, and the Florida Keys Marathon International Airport. There are no non- major enterprise funds. Internal service funds are used to accumulate and allocate costs among the County's various functions. The County uses internal service funds to account for insurance activities (worker's compensation, group insurance, and risk management)and fleet management activities. Internal service funds are presented in total in the fund financial statements but may be reviewed individually in the combining and individual fund statements section of the report. Because these services predominantly benefit governmental rather than business-type functions, they have been included within the government-wide financial statements as governmental activities. They are also combined into a single, aggregated presentation in the proprietary fund financial statements. Fiduciary Funds. The County uses fiduciary funds to account for resources held for the benefit of parties outside of County government, such as assets held in trust and custodial funds by the County as a custodian for individuals. Fiduciary funds are not reflected in the government-wide financial statements because the resources of those funds are not available to support the County's own programs. The accounting used for fiduciary funds is much like that used for proprietary funds.The fiduciary fund financial statement appears on pages 49-50 of this report. Notes to the Financial Statements The notes to the financial statements provide additional information that is essential to a full understanding of the data provided in both government-wide and fund financial statements. The notes can be found on pages 51-107. 8 MONROE COUNTY, FLORIDA MANAGEMENT'S DISCUSSION AND ANALYSIS SEPTEMBER 30,2025 Other Information Required Supplementary Information includes information for the Florida Retirement System (FRS) and Health Insurance Subsidy (HIS) Pension Plans,the Volunteer Firefighters and Emergency Medical Services Length of Service Awards Program (LOSAP) Pension Plan, and the County's Other Postemployment Benefits (OPEB) program, as provided on pages 108-114. Combining and individual statements and schedules mentioned earlier,which present details of non-major funds used in governmental and enterprise funds, commence on page 115.This section of the report also includes the budget to actual schedules, and statements for major capital project, internal service and custodial funds. Additional information about the County can be found under the Statistical Section and the Single Audit Section. Government-Wide Financial Analysis The County adopted the government-wide financial statement presentation.This reporting structure and measurement focus using accrual accounting for all of the government's activities was mandated by the Government Accounting Standards Board (GASB) in Statement No. 34, Basic Financial Statements - and Management's Discussion and Analysis -for State and Local Governments. Comparative data for fiscal years ending September 30, 2025 and 2024 is presented below. Monroe County Net Position (in thousands) The following is a condensed summary of Net Position compared to the prior year. Governmentteii Bus ness-Type Totted Primary Actt ivitt ire s Actt ivitt ices, Government 20,25 20,24 20,25 20,244 2025 20,24 CLirr,ent and Otlner Assets 539,463 476,998 111,565 132,893 651,025 6,39,891 Capiotalll Assets 558,274 498,913 362,748 265,722 921,022 764,635 Total Assets i,697,734 975,911 474,31€6 398,615 1,572,047 1,374,526 0etterred Guttfows of Resources 55,327 66,576 2,032 2,3iG 57,359 68,8.86 6Lirrent Uabill'@t@e,s 75,430 61,,7210 46,6416 [2,77i 1.2 1,4716 74,4911 Long-Term Liabillktihes 471,782 457,,965 54,865 62,2 11.3 526,647 520J78 Tadtail Liabilitiies 547,212 5i9,685 1.1C ,905 74,984 648,117 594,669 0efferred Inflows aof Resources 56,tt88 41,846 14,396 17,879 76,,584 59,725 Net Position Net IllnVe�stment'iiin Cal)iitalll Assets 299,455 297,,590 2811:,,782 235,963 581,237 533,553 Restricted 378,583 342,,929 �12,395 6,327 390,978 349,246 Unre,strlcted Y128,377) (159,,563) 66,867 65,782 �6"1,5"1�6J (93,78Y1) Todtail Net Position 549,,661 486,,956 361,044 3,08,662 9110,,765 789,618 9 MONROE COUNTY, FLORIDA MANAGEMENT'S DISCUSSION AND ANALYSIS SEPTEMBER 30,2025 The largest portion of net position for 2025 and 2024 is the County's net investment in capital assets (e.g., land, depreciated buildings, infrastructure and equipment, and amortized lease assets, and subscription- based information technology arrangements [SBITA]), less any outstanding debt related to their acquisition.This category represents 63.8%and 67.6%of total primary government net position for fiscal years 2025 and 2024, respectively. The County uses these capital assets to provide services to citizens; consequently, these assets are not available for future spending. Although the County's investment in capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources,since the capital assets themselves cannot be used to liquidate these liabilities. Total primary government net position above also includes restricted net position. Restricted net position is resources subject to external restriction on how they may be used. In FY 2025, 42.9% of the total primary government's net position was restricted compared to 44.3% in FY 2024. The restrictions reported for business-type activities are comprised of the passenger facility charges, customer facility charges, and custom service operations. Restrictions reported for governmental activities are special purpose funds which report the use of resources as designated by external entities.The remaining component of net position is unrestricted net position. Unrestricted net position, representing negative(6.8%)and (11.9%), may be used to meet the County's ongoing obligations to citizens and creditors. Comparison of Current Assets and Liabilities(in thousands) A comparison of current assets to current liabilities for both governmental and business-type activities can be a good indication of the County's ability to meet its current and existing operational responsibilities. The ratios for the current and prior fiscal years are as follows: Govern7mmentail Bus€n7ass.-TVpe A,ctt ivit ues, Act wilt�es, 20125 2024 2025 20,24 Ckrr-rentA:ssets 524,,839 476,9,98 81,11,85 911:,816, Ckrr.r.,ent Uala if ffihes 75,430 61,7210 46,1040 11:2 77"1 Rat'iiGOf CUrirent Assptsto Current Uabiollht'ides 6.96 7.75 1.76 7.115 The schedule above demonstrates that the County continues to have adequate cash flows. The governmental activities ratio of 6.96 and the business-type activities ratio of 1.76 reflect the County's ability to pay back its current liabilities with available current assets. The decrease in the business-type activities ratio reflects the use of cash by the Key West International Airport for the Terminal A expansion project. 10 MONROE COUNTY, FLORIDA MANAGEMENT'S DISCUSSION AND ANALYSIS SEPTEMBER 30,2025 Monroe County Changes in Net Position (in thousands) The following table summarizes the changes in net position for the current and previous year. Total revenue exceeded total expenses in the current year, resulting in an increase in the County's total net position of$121.6 million in FY 2025 compared to an increase in net position of$105.9 million during FY 2024. The reasons for the overall increase are explained below in the governmental activities and business-type activities sections. Governm,entad Busi ness-T,ype- Total Primany Art,ivit,i,es wactfivit,i,s GoJverrrmie,nt 2025, 2,024 202,5 2024 2 2,5 2024 Reve-n,uudes C�harygesforS�ervi-ces 53,42S 53,919, S6,744 49,679 110,:165 103,459 Operating Grants and Contributions 34,'S'R1 5A,�C2, 15,,19 S1 11,sss 45,932 76,173 C�api't,al Grants and CGn'tribut,i-ons 3, 3 :177 57AG93 29,19S ,:196 29AS62 General Revenues: Pr'<op er t y Ta x,e,s 15'0S,5S 3 13 S,'917 1 4,'>2,,6S 3 13 5,'917 C''t:her T2Nes 125,743 125,,469 12SA743 126,A6'9 State Ravenue Sharing 5,713 Qy665 S,713 4A6'65 Investment Income 1'9,637 21,4.44 3,93'9 S,'966 23,626 27AA10 Misr:aIIan;eou s 13,9 33 7,4'95 1,7S1 2,162 15,634 S,SS'R Total R2ven•u,es AOS,2'22, 914,S15 13OA479 9,9,9S7 S3SA7 6 S513,372 Expenses General G`avernment: 63,1451 SA,2,1'2 620s1 S4A2,12 Fuhli-t:Safe t,y° 13%o3o 149A33 4 139,030 149 33 4 Fhysi-r:al Enviranmen't 301729 37,:1'93, 3CD,7'2'S 37,193 Tr ans par toti-on 10,6419 10,'SS9, 1O,6419, 10AISS9 Economic Environment S-61 91 57,4,34 S60391 57,A,2,4 Human Services 1S,cji6 14,3.32 15,o16 14A3.2,2 Culture and Recreation 14,206 12,:191 19,206 12,141 Court-Related 14;9,N6 15,013 1 g,'Sg6 15,013 Interest on L,ona-Term Debt 4,2,32 6,629, 4A2,92 5,629 Muni-t:ipal Services G'ist,ri-ttW 2st,r - 31,351 29,791 31,351 24,7'9,1 C�ard Sound Bridge 1,2SS 1,073 1,2SS 1,,00173 Key West Air-port 24A791 20,642, 2g,72,1 20A6AS Marathon Airport - 2,593 2,392, 2,639 2,9'3,9 Total Expenses 353,'999 357,'SS3 62M,020 9'9,51cC 914,o1'S 407,A63 Change in Net Position Before Transfers S1,229 S6,SS2 70A45Z 49,347 121A627 105,91"9 Transfers 17,47E 2,46E i17A476;p 2,466,8 Change in Met P13;5ition 6Z,7 S 59A029 52,932 4Er,'SS1 121A697 105,5"r9 N-et Position,Begin;ningofYean A2,0,'9S6 421,9'22 30'R,062 261,3S3 7'B'9,012 E,93,3'21 Viet Pasit;ion,End of Year S49,661 5 4 90 BS6 3361,044 3M 062 910"-,US 5 '7E'9,0119 11 MONROE COUNTY, FLORIDA MANAGEMENT'S DISCUSSION AND ANALYSIS SEPTEMBER 30,2025 Governmental Activities Highlights for governmental activity revenue and expenses are as follows: Revenues • Property tax revenue increased 9.4%between FY 2024 and FY 2025. FY 2025 property tax revenue was $148.7 million compared to $135.9 million in FY 2024. This increase reflects the 7.8% increase of the County's taxable property reported by the Property Appraiser for FY 2025. • Charges for Services decreased by.7% between FY 2024 and FY 2025. While this decrease was slight, it was due to collection of revenue related to the County's air and ambulance program during FY 2025. • Tourist Development revenue FY 2025 also had a slight decrease from the prior fiscal year. In FY 2025, Tourist Development revenue totaled $60.8 million which was a 1% decrease from the prior year's Tourist Development revenue of$61.5 million. • Sales Taxes (1/2 Cent Sales Tax and One Cent Infrastructure Tax) were $49.1 million in FY 2025 compared to $48.8 million in FY 2024 an increase of $.3 million or .7%. The sales tax revenue was impacted by the lack of growth in tourism during FY 2025. • The County is awarded both operating and capital grants to aid in financing its special programs and projects. During FY 2025, Operating Grants and Contributions almost totaled$35 million while Capital Grants and Contributions totaled $3.1 million. Grants are non-recurring in nature and can fluctuate from year to year. • Investment income decreased in FY 2025 from the previous year by $(1.8) million or -8.2%. This decrease is attributable to the market fluctuations experienced throughout FY 2025. Expenses • During FY 2025,the County implemented Governmental Standards Board (GASB) Statement No. 101, Compensated Absences, resulting in expenses related to compensated absences increasing over$13.7 million due to adding sick leave pool balances. Similarly, the change in OPEB liability and related deferred outflow and inflow of resources increased over$4.8 million. • Pension related expenses resulting from the change of deferred inflow of resources, deferred outflow of resources, and the net pension liabilities, decreased by$10.9 million. • Depreciation and amortization expense reported for governmental activities increased by$4.7 million in FY 2025. The increase reflects the County's continued capital projects related to canal restoration and road elevation. The graph below represents a comparison of program revenues to program expenses for governmental activities for fiscal year 2025. It is apparent from these graphs that general revenues were required to cover expenses for most of the functions noted. 12 MONROE COUNTY, FLORIDA MANAGEMENT'S DISCUSSION AND ANALYSIS 8EPTEK8BER 30,2026 Goveirinir0ein*aUActivi*ieS (in MiUhoinS) IFoir *he Year Ended Selp*eirnbeir 30, 20215) $16O.0 $139.0 $1.40.0 $1.20.0 $1.00.0 $80.0 $68.5 $60.0 $50. $561 $40.0 $23. $30J �2OO �� 6 $15.0 $14.2 $10$14.9 . ��u�� �1��� $O�2�� $O�m�/ $1�m�/ ���� �- _��� _��� __ � � =� .,A 1111111ProgemRevenues 110ProgemExpenses The largest revenue sources for governmental activities in FY 2025 are property taxes in the amount of $1487 million and all other taxes totaling$1Z57 million.Total taxes of$274.4 million amounted to677% of the County's governmental activity revenues excluding transfers. The second largest revenue source, excluding grant funding, is charges for services at$53.4 million or 13.2%of governmental activity revenues excluding transfers. The 2025 graph identifies the largest expense function as public safety, amounting to $139.0 million.This is 39.8% of the total expenses for governmental activities. The public safety function includes the Sheriff along with the County emergency management-related expenses. The next largest functions are general government and economic environment that total $124.6 million or 35.7%of total expenses.The general government expenses include the Tax Collector, Property Appraiser, Clerk of the Circuit Court, and the Supervisor of Elections while the economic environment expenses include the County'o Tourist Development Council. 13 MONROE COUNTY, FLORIDA MANAGEMENT'S DISCUSSION AND ANALYSIS 8EPTEK8BER 30,2026 The following graph represents a comparison of program revenues to program expenses for governmental activities for FY2024. Goveirinir0ein*aUAc*ivi*ieS (in MiUhoinS) IFoir *he Year Ended September 30, 2024. $160.0 $149.3 $1.40.0 $1.20.0 $1.00.0 $80.0 O $54O �6O�O � $63. $57.5 �37�2 �0� $23.3 $20.0 $9] $2--8$11.O $D-7 $14.4 $12.1 $9.8$15.0 $OJ $10 +- 1111111Progem Revenues 110Progem Expenses The largest revenue sources for governmental activities in FY 2024 are property taxes in the amount of $13S.9 million and all other taxes totaling$1Z6.5 million.Total taxes of$262.4 million amounted to63.3% of the County's governmental activity revenues excluding transfers. The second largest revenue source, excluding grant funding, io charges for services at$Sl8 million or13.0%ofgovernmental activity revenues excluding transfers. The 2024graph identifies the largest expense function as public safety, amounting to $149.3 million.This is 417% of the total expenses for governmental activities. The public safety function includes the Sheriff along with the County emergency management-related expenses. The next largest functions are general government and economic environment that total $112.3 million or31.3%oftotal expenses.The general government expenses include the Tax Collector, Property Appraiser, Clerk of the Circuit Court, and the Supervisor of Elections and the economic environment expenses include the County'o Tourist Development Council. Business-Type Activities The purpose of proprietary funds is to recover the majority of costs incurred in providing a service through user fees and charges for that service. 14 MONROE COUNTY, FLORIDA MANAGEMENT'S DISCUSSION AND ANALYSIS SEPTEMBER 30,2025 Charges for services revenues in FY 2025 amounted to$56.7 million or 43.5%of all business-type activities revenue sources. Other revenue sources include $11 million and $57.1 million in operating grants and capital grants, respectively. Total expenses(excluding transfers from other funds)were less than total revenues (excluding transfers to other funds) by$70.5 million. Financial Analysis of Monroe County's Funds Governmental Funds Governmental funds provide information on near-term inflows, outflows, and balances of spendable resources. In assessing the County's financing requirements, unassigned fund balance represents the County's net resources available for spending at the end of the fiscal year. The governmental fund types include the General Fund, special revenue, debt service and capital project funds. The County's governmental funds reported combined fund balances of $419.2 million at the end of the current fiscal year. This represents a $45.7 million, or 12.2%, increase from the prior year. Governmental funds held non-spendable, restricted, committed or assigned amounts totaling $376.6 million reflect the various constraints placed on those resources for future use. The General Fund is the chief operating fund of the County.At September 30, 2025,the total fund balance in the General Fund was $63.6 million, an increase of $15.6 million, or 32.7% more than the prior year. The unassigned portion of the General Fund's fund balance was $50.7 million. Tax revenue increased by $5.3 million in the General Fund. Intergovernmental revenues increased by $1.9 million, or by 12.3%. Expenditures increased by$14.4 million or 10.7%. Other Major Fund Information (in thousands) Fine and Forfe lure HOTA Grants Eiovernrmenttail Grants 2025 20,24 2025 20,24 2025 20,24 R,EVEMne,s and OtlTer'Soui'ce,S $ 97,013 $ 89,,551 $ 24,232 22,,379 $ 19,252 $ 27,,487 Expenses and Other Uses 90,213 83,L84 24,232 22,379 28,222 3,0538 @n crease,IEuecrerse)iim Fund Balance $ 8,800 $ 5,367 $ - $' $ (8,9&i) $ I3,05 1) TouriistDevelopmenttAdrmin One Cent and Rrarno,,Two Cent: tnfrastrudure'5urttax, @ems Service 2025 20,24 2025 20,24 2025 20,24 R,EVEMne,s and OtlTer'Soui'ce,S $ 22,236 $ 23,OLi $ 47,488 $ 35,968 $ 23,953 $ 23,,58.3 Expenses and Other Uses 15,081 28,757 65,536 49,220 23,328 23,0L0 @ncrease,IEuecrerse)iinz Fund Balance $ 8J55 $ I5,7581 $ (18,048) $ I12,252) $ 625 $ 573 15 MONROE COUNTY, FLORIDA MANAGEMENT'S DISCUSSION AND ANALYSIS SEPTEMBER 30,2025 Fine and Forfeiture Special Revenue Fund.Total revenue and other sources for this fund increased by$7.5 million due to an increase in ad valorem taxes appropriated for funding the County's public safety expenditures.Total operating expenses and transfers to other funds increased by$7 million, or 8.4%. HIDTA Grants Special Revenue Fund.This fund is used to account for reimbursement grants funded by the U.S. Department of Justice to fight drug trafficking. The activity slightly decreased in this fund during FY 2025. Activity decreased by$1.9 million or 8.3%. Governmental Grants Special Revenue Fund. The FY 2025 revenue decreased by $8.3 million. Total operating expenses and transfers to other funds decreased by $2.4 million. Grant funding is oftentimes one-time funding and is dependent upon the availability of grant program offerings from other governmental entities. Tourist DevelopmentAdmin and Promo, Two Cent Fund.This fund accounts for the bed tax received slated for administrative and promotional funds related to expenditures of advertising, promotions, and special events of the County's Tourist Development Council. Total revenue and other sources for this fund decreased by -$.8 million or -3.4%. Total operating expenses and transfers to other funds decreased by $12.7 million due to the Council transitioning in FY 2025 to new management and new vendors handling the County's public relations and advertising relating to tourism. One Cent Infrastructure Sales Surtax Capital Project Fund. The County voted during the 2022 general election to extend the surtax expiration date from 2033 to 2048.This is similar to the State shared revenues based on sales tax. In FY 2025 the revenue and other sources for the One Cent Infrastructure Sales Surtax fund increased $10.5 million, or 28.5%. Total operating expenses and transfers to other funds increased $16.3 million, or 33.2%. In FY 2025, $22.4 million was transferred from this fund to repay the County's debt and $25.4 million was expended for the delivery of two new Trauma Star helicopters. Debt Service.The debt service fund received transfers from other funds to cover$23.3 million in principal and interest payments on long-term debt. Proprietary Funds Proprietary fund statements provide the same information as in the business-type activities column of the government-wide statements, but in greater detail and on a fund basis for enterprise funds and internal service funds. Municipal Service District-Waste Enterprise Fund. This fund maintains the County's transfer sites. The County continues to outsource the waste haul-out services through a major contract. Revenues for charges for services (special assessments and tipping fees) increased by 19.2%from FY 2024. Card Sound Bridge Enterprise Fund. The Card Sound Bridge is an alternative route to the "Eighteen Mile Stretch."The County uses an electronic tolling system to collect tolls.Toll revenue increased by 87%from FY 2024 because during FY 2025,the State of Florida identified over$2 million in tolls that are due to the County. Key West Airport Enterprise Fund. Compared to FY 2024, revenue decreased by-$.3 million in charges for services and operational expenses increased by $4.1 million in FY 2025. The Key West Airport received 16 MONROE COUNTY, FLORIDA MANAGEMENT'S DISCUSSION AND ANALYSIS SEPTEMBER 30,2025 $.27 million in operating grants and$10.4 million in capital grants for a myriad of capital projects including the Airport's expansion of its terminal. Marathon Airport Enterprise Fund. The airport reported a decrease of-4.5% in its revenue from charges for services in FY 2025. In addition,the Marathon Airport transferred almost$16.7 million to other funds to repay the cash that was loaned for the construction of the County's Emergency Operations Center. The internal service funds include the Worker's Compensation Fund, Group Insurance Fund, Risk Management Fund and the Fleet Management Fund. The self-insurance funds are an important part of the County's operations. Capital Assets The County's financial statements present capital assets in two categories: (1) those assets subject to depreciation or amortization, such as buildings, infrastructure, equipment, intangible assets, lease assets and subscription-based information technology agreements; and (2) those not subject to depreciation such as land, land development rights, and construction in progress. At September 30, 2025,the County has $921 million invested in a variety of capital assets, as reflected in the following schedule, which represents a net increase (additions less retirements and depreciation) of $156.4 million or 20.5%from the end of last year. tiovermmental Busiiness-Type A,rt ivft i:es Actt iv t iies Tot a f 20,25 20,24 2025 20,24 2025 20,241 Land $ 107,562 5 li02,67li $ li5,404 15,404 5 122,966 $ li18,075 Land Dev,e11 api"rent Rlights 3,220 3,229 - 3,220 3,220 CG19Str LICtIIGll ii in Progress 72,201 56,,347 205,329 1i4i7,,083 277,,530 203,430 3rd'1111cl'11119 1148,83'9 151,,331 88,820 55,,830 237,559 207,161 EgLOJOITEI'lt 74,461 36,357 2,806 3,,032 77,,267 39,389 InfrastrUCtEdre 102,779 i02,,754 50,384 44,369 b53,,i63 47,t23 Intain,6t'I3IIeAssets 3,029 4,028 - 3,029 4,028 Lease Assets and SBIITAs 46,183 42,,205 5 4 46,188 42,209 Totaf $ 558,274 498,,91i3 $ 352,748 $ 265,722 921,,022 $ 764,635 The investment in capital assets includes land, land development rights, buildings, improvements, machinery and equipment, plant and equipment, infrastructure, roads, bike paths, sidewalks and right to use leased assets. Major capital asset events during the year included: • Completion of the Monroe County Emergency Operation Center totaling$35 million. • Completion of the Key West Airport access road design totaling$4.2 million. • Delivery of two of the three Trauma Star helicopters totaling$35.5 million. • Completion of the Bimini Drive Bridge replacement totaling$5.2 million. • Completion of the Card Sound Road mill and resurfacing totaling$1.5 million. Ongoing significant projects include the following: the Monroe County detention center generator; Jackson Square chiller building; SouthCliff affordable housing project; Ellis Building renovation; public safety and security systems;Twin Lakes/Sands Subdivision road elevation; Seaview Avenue, Harbor Drive; 17 MONROE COUNTY, FLORIDA MANAGEMENT'S DISCUSSION AND ANALYSIS SEPTEMBER 30,2025 various canal and culvert projects; Key West Airport commercial apron expansion; Key West Airport Concourse Aterminal expansion project;and Marathon Airport relocation of automated surface observing system. Additional information on the County's capital assets can be found in Note 8 on pages 72-74. Long-Term Debt At September 30, 2025,the County had long-term debt in the amount of$566.9 million.This debt is mainly comprised of direct borrowing of revenue bonds and notes secured by pledges of revenues. Revenue- secured debt for governmental activities was$221 million and$54 million for business type activities.The County has no general obligation bonds. Notable net changes to long-term debt consisted of the following: • Issuance of Infrastructure Sales Surtax Refunding Bond, Series 2025 -$46.9 million • Lease-Purchase Agreement for Monroe County Fire Rescue vehicles and equipment-$2.9 million • Lease-Purchase Agreement for Key West Airport Airfield Firefighting Rescue Truck-$1.5 million • Increase in the County's subscription for business information technology agreements-$7.6 million • Increases in the County's compensated absences liability-$13.8 million • Decreases in the County's proportionate share of FRS and HIS pension liability-$56.9 million In FY 2023, the County entered into a $53 million lease-purchase arrangement to purchase three helicopters for the County's Trauma Star Program. At September 30, 2025, $14.6 million was held with a fiscal agent to pay for the building of the last of three aircrafts.Two helicopters were delivered in FY 2025 and the last helicopter is scheduled to be completed and delivered in FY 2026. Further details about long-term debt are available in Note 15 to the financial statements pages 93-98. Budgetary Highlights There were slight variations from the original budget to the amended budget for miscellaneous revenues and intergovernmental revenue. The more significant variations from the amended budget to the actual budget were the following: • The affordable housing project was appropriated $35 million of Tourist Development Tax funds; • Seaview Drive bridge replacement capital project was provided additional funding of$7.3 million. • Sugarloaf fire station was provided additional funding of$8.6 million. • Rockland Key garage facility was provided additional funding of$5.9 million. • The Sheriff's generator building was provided additional funding totaling$4.3 million. • Sugarloaf Boulevard bridge replacement was provided additional funding of$3.9 million. • Harbor Drive bridge replacement was provided additional funding of$3.7 million. • Fire and Ambulance fire truck fund was provided additional funding of$1.1 million. 18 MONROE COUNTY, FLORIDA MANAGEMENT'S DISCUSSION AND ANALYSIS SEPTEMBER 30,2025 Economic Factors and Next Year's Budgets and Rates The County's short and long-term goals and policies are developed during the budget process each year. The Monroe County Board of County Commissioners discuss trends, capital projects and policy priorities at public meetings held during the budget planning phase. These priorities are further refined, clarified and adopted during the budget preparation. The FY 2025 budget was developed in consideration of the economic stabilization being experienced and the resulting moderate increases to sales tax revenues.The financial outlook for the County remains sound. There is a modest rebounding of property values, slow gains in consumer spending and low unemployment. Revenues from tourism, our main economic resource, are experiencing a slight downturn as the County's tourism industry returns to more normal activity post-pandemic. The FY 2025 budget was developed to meet increased service demands and workload throughout the County. The FY 2025 budget also included an ambitious capital project agenda to complete the County's larger projects. The largest revenue source of the County's General Fund is ad valorem taxes. The aggregate millage rate for FY 2025 is 3.3814, which is .7% below the 3.4049 millage rate adopted for FY 2024. The County-wide millage rate is 2.6929,lowered by 1.0%from 2.7191 in FY 2025.After property taxes,the Local Government Half-Cent Sales Tax is the largest revenue source in the General Fund; this revenue source was budgeted conservatively at a slight reduction from FY 2024 levels. Budgeted expenditures increased in FY 2025 to reflect automatic CPI increases on vendor contracts, state- mandated increases in retirement rates, higher costs for fuel, supplies, and materials, increased utility costs, vehicle replacements, and salary adjustments. The County's budget is developed with a focus on maintaining strong fund balances to ensure a reasonable cushion for unforeseen or increased expenditures and/or revenue shortfalls. The FY 2025 budget included significant capital infrastructure investments including the following: • Key West Airport's Concourse A and Terminal Improvements project and the Airport's commercial apron project • Marathon Airport's Runway relocation project • Roadway/Drainage projects (Twin Lakes, Stillwright Point, Burton Drive, and Big Pine Koehn Subdivision) • Bridge projects (Harbor Bridge,Tubby's Creek and Mosquito Bridge, Bimini Drive Bridge, and Seaview Bridge) • Ocean Bay Drive embankment repair project • Canal restoration projects • Comprehensive countywide road elevation plan. Requests for Information This financial report is designed to provide a general overview of the County's finances for all those with an interest in its finances.Questions concerning any of the information provided in this report or requests for additional information should be addressed to the Finance Director, Monroe County Clerk of the Courts and Comptroller, 500 Whitehead Street, Key West, Florida 33040. 19 BASIC FINANCIAL STATEMENTS MONROE COUNTY, FLORIDA STATEMENT OF NET POSITION SEPTEMBER 30,2025 Primary Government Component Unit Monroe County Governmental Business-Type Comprehensive Activities Activities Total Plan Land Authority Assets Current Assets Cash and Cash Equivalents $ 1S8,797,876 $ 19,462,S30 $ 178,260,406 $ 31,037,408 Investments 29S,666,974 S9,180,4S6 3S4,847,430 - Accounts Receivable,Net 9,813,310 6,618,06S 16,431,37S Assessments Receivable 16,647,962 - 16,647,962 Leases Receivable 3,2S3,711 4,303,318 7,SS7,029 Internal Balances 8,977,863 (8,977,863) - - Due from Other Governmental Units 29,901,639 23S,389 30,137,028 992,021 Interest Receivable 1,721,689 363,060 2,084,749 - Inventory 1S,977 - 1S,977 Prepaid Items 41,944 41,944 - Total Current Assets S24,838,94S 81,184,9SS 606,023,900 32,029,429 Non-Current Assets Restricted Cash and Cash Equivalents 14,620,860 21,236,7S9 3S,8S7,619 - Mortgage/Notes Receivable 12,6S7,833 12,6S7,833 S,919,02S Allowance for Mortgage/Notes Receivable (12,6S7,833) - (12,6S7,833) Leases Receivable,Non-Current - 9,143,120 9,143,120 - Capital Assets Not Being Depreciated 182,983,963 220,733,277 403,717,240 41,862,747 Capital Assets,Net of Accumulated Depreciation/Amortization 37S,290,431 142,014,S73 S17,30S,004 2S,330,732 Total Non-Current Assets S72,89S,2S4 393,127,729 966,022,983 73,112,SO4 Total Assets 1,097,734,199 474,312,684 1,S72,046,883 10S,141,933 Deferred Outflows of Resources Related to Pensions 36,267,387 1,689,161 37,9S6,S48 407,143 Related to OPEB 19,060,000 343,000 19,403,000 10,000 Total Deferred Outflows of Resources SS,327,387 2,032,161 S7,3S9,S48 417,143 Liabilities Current Liabilities Accounts Payable 2S,SS9,01S 27,849,271 S3,408,286 29,900 Retainage Payable 1,289,494 8,702,224 9,991,718 - Accrued Wages and Benefits Payable 6,748,26S 472,717 7,220,982 S7,833 Claims and Judgments Payable 3,141,779 - 3,141,779 Due to Other Governmental Units 6,179,981 28,630 6,208,611 - Accrued Compensated Absences Payable 6,443,303 323,694 6,766,997 60,171 Other Current Liabilities 30,861 34 30,89S - Deposits in Escrow 378,68S 11S,4S8 494,143 Unearned Revenue 211,039 169,093 380,132 Leases and SBITAs Payable S,777,139 4,698 S,781,837 Revenue Notes Payable 7,240,700 7,62S,000 14,86S,700 Revenue Bonds Payable S,310,000 60S,000 S,91S,000 Lease Purchase of Assets 3,876,137 80,662 3,9S6,799 Interlocal Debt Agreements 480,666 - 480,666 Net Pension Liability-LOSAP 30,790 - 30,790 OPEB Liability 2,731,900 64,000 2,79S,900 - Total Current Liabilities 7S,429,7S4 46,040,481 121,470,23E 147,904 The notes to the financial statements are an integral part of this statement. 20 MONROE COUNTY, FLORIDA STATEMENT OF NET POSITION SEPTEMBER 30,2025 (Concluded) Primary Government Component Unit Monroe County Governmental Business-Type Comprehensive Activities Activities Total Plan Land Authority Non-Current Liabilities Accrued Compensated Absences Payable 2S,773,209 1,294,778 27,067,987 18S,860 Leases and SBITAs Payable 44,870,788 - 44,870,788 Arbitrage Rebate Liability 192,731 196,087 388,818 Revenue Notes Payable 101,604,009 2,37S,000 103,979,009 Revenue Bonds Payable 46,890,000 41,8S4,929 88,744,929 Lease Purchase of Assets 46,102,609 1,439,078 47,S41,687 Interlocal Debt Agreements 9,497,316 - 9,497,316 - OPEB Liability 64,273,100 1,S07,000 6S,780,100 77,000 Net Pension Liability-LOSAP 2S3,479 - 2S3,479 - Net Pension Liability-FRS&HIS 132,324,407 6,197,989 138,S22,396 87S,903 Total Non-Current Liabilities 471,781,648 S4,864,861 S26,646,S09 1,138,763 Total Liabilities S47,211,402 100,90S,342 648,116,744 1,286,667 Deferred Inflows of Resources Related to Leases 3,101,260 12,887,734 1S,988,994 - Related to Pensions 27,892,033 1,2S7,273 29,149,306 161,S18 Related to OPEB 2S,19S,600 2S1,300 2S,446,900 21,100 Total Deferred Inflows of Resources S6,188,893 14,396,307 70,S8S,200 182,618 Net Position Net Investment in Capital Assets 299,4S4,627 281,781,909 S81,236,S36 67,193,479 Restricted: Public Safety 79,431,10S - 79,431,10S - Physical Environment 24,80S,760 - 24,80S,760 Transportation 7,6S4,999 12,394,282 20,049,281 Economic Environment 111,074,137 - 111,074,137 Land Authority - - 9,776,28S Court Programs 6,720,630 6,720,630 Human Services 9,072,763 9,072,763 Cultural and Recreation 3,489,024 3,489,024 General 1,018,17S 1,018,17S Capital Projects 130,S87,624 130,S87,624 Debt Service 4,729,738 4,729,738 - Unrestricted(Deficit) (128,377,291) 66,867,OOS (61,S10,286) 27,120,027 Total Net Position S49,661,291 361,043,196 910,704,487 104,089,791 The notes to the financial statements are an integral part of this statement. 21 MONROE COUNTY, FLORIDA STATEMENT OF ACTIVITIES FOR THE YEAR ENDED SEPTEMBER 30, 2025 Program Revenues Operating Capital Charges for Grants and Grants and Functions/Programs Expenses Services Contributions Contributions Primary Government Governmental Activities: General Government $ 68,450,912 $ 22,225,060 $ 1,701,287 $ Public Safety 139,029,893 21,055,073 27,786,615 1,445,933 Physical Environment 30,727,697 185,878 2,836,646 566,819 Transportation 10,648,806 79,888 25,762 1,080,423 Economic Environment 56,091,065 215,126 - - Human Services 15,016,346 19,855 829,949 Culture and Recreation 14,206,111 927,846 73,297 Court Related 14,946,202 8,715,784 1,727,449 Interest on Long-Term Debt 4,881,640 - - - Total Governmental Activities 353,998,672 53,424,510 34,981,005 3,093,175 Business-Type Activities: Municipal Service District Waste 31,351,133 32,542,376 241,118 - Card Sound Bridge 1,255,405 4,793,348 - - Key West Airport 24,780,786 17,644,587 265,434 53,345,302 Marathon Airport 2,633,375 1,763,873 10,444,574 3,747,650 Total Business-Type Activities 60,020,699 56,744,184 10,951,126 57,092,952 Total Primary Government $ 414,019,371 $ 110,168,694 $ 45,932,131 $ 60,186,127 Component Unit Monroe County Comprehensive Plan Land Authority $ 6,009,590 $ $ - $ General Revenues: Taxes: Ad Valorem Taxes Tourist Impact Tax Gas Tax 1/2 Cent Sales Tax One Cent Infrastructure Tax Tourist Development Tax Other Taxes Other St.Shared Rev,Unrestricted Investment Income Settlements,Insurance Recoveries, Donations,and Other Income Transfers Total General Revenues and Transfers Change in Net Position Total Net Position-October 1 Total Net Position-Ending The notes to the financial statements are an integral part of these statements. 22 Net(Expense)Revenue and Changes in Net Position Primary Government Component Unit Monroe County Governmental Business-Type Comprehensive Activities Activities Total Plan Land Authority $ (44,524,565) $ $ (44,524,565) $ (88,742,272) (88,742,272) (27,138,354) (27,138,354) (9,462,733) (9,462,733) (55,875,939) (55,875,939) (14,166,542) (14,166,542) (13,204,968) (13,204,968) (4,502,969) (4,502,969) (4,881,640) (4,881,640) (262,499,982) - (262,499,982) 1,432,361 1,432,361 3,537,943 3,537,943 46,474,537 46,474,537 13,322,722 13,322,722 64,767,563 64,767,563 (262,499,982) 64,767,563 (197,732,419) $ $ $ $ (6,009,590) 148,653,432 - 148,653,432 8,348,366 7,604,545 7,604,545 - 7,107,054 7,107,054 16,027,403 16,027,403 33,093,472 33,093,472 60,836,357 60,836,357 1,073,718 1,073,718 5,712,867 - 5,712,867 - 19,687,850 3,938,984 23,626,834 1,497,669 13,932,651 1,750,554 15,683,205 3,041,425 17,476,135 (17,476,135) - - 331,205,484 (11,786,597) 319,418,887 12,887,460 68,705,502 52,980,966 121,686,468 6,877,870 480,955,789 308,062,230 789,018,019 97,211,921 $ 549,661,291 $ 361,043,196 $ 910,704,487 $ 104,089,791 The notes to the financial statements are an integral part of these statements. 23 MONROE COUNTY, FLORIDA BALANCE SHEET GOVERNMENTAL FUNDS SEPTEMBER 30,2025 Fine and HIDTA Governmental General Forfeiture Grants Grants Assets Cash and Cash Equivalents $ 29,418,888 $ 4,684,630 $ 1,763,539 $ 3,544,411 Cash with Fiscal Agent - - - - Investments 24,982,565 19,210,279 - Accounts Receivable,Net 154,839 7,534,777 161,440 Assessments Receivable - - - Due from Other Funds 20,316,715 2,971,180 - 657 Due from Other Governmental Units 743,102 1,740,522 2,156,549 20,661,166 Mortgages/Notes Receivable - - - 68,912 Allowance for Mortgages/Notes Receivable - (68,912) Leases Receivable 3,253,711 - InterestReceivable 153,490 110,167 Inventory 15,977 - Prepaid Items 37,857 - - - Total Assets $ 79,077,144 $ 36,251,555 $ 3,920,088 $ 24,367,674 Liabilities,Deferred Inflows of Resources,and Fund Balances Liabilities: Accounts Payable $ 2,813,513 $ 532,197 $ 1,356,623 $ 3,099,120 Retainage Payable 27,101 - - 592,038 Accrued Wages and Benefits Payable 4,150,823 258,686 93,217 79,320 Due to Other Funds 1,048,619 33,251 1,767,251 10,004,049 Due to Other Governmental Units 3,989,718 - 702,997 - Unearned Revenues 195,039 - Other Current Liabilities - Deposits in Escrow 136,467 - - - Total Liabilities 12,361,280 824,134 3,920,088 13,774,527 Deferred Inflows of Resources: Leases 3,101,260 - - - Unavailable Revenues 44,132 18,717,852 Total Deferred Inflows of Resources 3,145,392 18,717,852 Fund Balances/(Deficits): Non-Spendable 53,834 - - Restricted - 35,427,421 Committed 10,000,000 - Assigned 2,792,121 Unassigned/(Deficits) 50,724,517 - (8,124,705) Total Fund Balances/(Deficits) 63,570,472 35,427,421 - (8,124,705) Total Liabilities,Deferred Inflows of Resources,and Fund Balances $ 79,077,144 $ 36,251,555 $ 3,920,088 $ 24,367,674 The notes to the financial statements are an integral part of these statements. 24 Tourist Development One Cent Debt Non-Major Total Admin and Promo Infrastructure Service Governmental Governmental Two Cent Surtax Fund Funds Funds $ 6,965,805 $ 14,233,771 $ 1,345,372 $ 89,266,826 $ 151,223,242 - 14,620,860 - - 14,620,860 41,881,536 30,658,679 3,365,068 139,660,440 259,758,567 3,581 - - 920,939 8,775,576 - 16,647,962 - 16,647,962 212,755 5,243 4,212,190 27,718,740 - 2,708,048 1,761,870 29,771,257 - 12,588,921 12,657,833 (12,588,921) (12,657,833) - - - 3,253,711 240,111 175,822 19,298 816,873 1,515,761 - - - - 15,977 - - - - 37,857 $ 49,303,788 $ 79,050,385 $ 4,729,738 $ 236,639,138 $ 513,339,510 $ 5,007,064 $ 1,156,209 $ - $ 9,322,104 $ 23,286,830 - 666,897 3,458 1,289,494 89,489 1,901,754 6,573,289 4,265 5,188,825 18,046,260 - 1,487,243 6,179,958 9,951 204,990 29,971 29,971 - - 242,218 378,685 5,007,064 1,916,860 18,185,524 55,989,477 - - - 3,101,260 16,278,815 7,015 35,047,814 16,278,815 7,015 38,149,074 - - - - 53,834 44,296,724 60,854,710 4,729,738 198,227,548 343,536,141 - - - 12,103,864 22,103,864 8,115,187 10,907,308 - - - - 42,599,812 44,296,724 60,854,710 4,729,738 218,446,599 419,200,959 $ 49,303,788 $ 79,050,385 $ 4,729,738 $ 236,639,138 $ 513,339,510 The notes to the financial statements are an integral part of these statements. 25 MONROE COUNTY, FLORIDA RECONCILIATION OF THE BALANCE SHEET OF GOVERNMENTAL FUNDS TO THE STATEMENT OF NET POSITION SEPTEMBER 30,2025 Amounts reported for governmental activities in the statement of net position are different because: Ending Fund Balance-Governmental Funds $ 419,200,959 Capital assets used in governmental activities are not financial resources 509,029,921 and, therefore, are not reported in the governmental funds, net of accumulated depreciation of$244,930,683. Right-to-use leased assets and subscription-based information technology 45,894,204 agreements used in governmental activities are not financial resources and, therefore, are not reported in the governmental funds, net of accumulated amortization of$22,362,668. Deferred Outflows Related to Pension Liabilities $ 35,671,236 Deferred Outflows Related to OPEB 18,947,100 Deferred Inflows Related to Pension Liabilities (27,405,046) Deferred Inflows Related to OPEB Liabilities (25,017,000) Total 2,196,290 Unavailable revenue related to wastewater assessment activity are 35,047,814 deferred in the governmental funds but not in the government-wide financial statements. Long-term liabilities are not due and payable in the current period and, therefore,are not reported in the funds. Leases&SBITAs Payable (50,394,880) Revenue Bonds Payable (52,200,000) Revenue Notes Payable (108,844,709) Arbitrage Liability (192,731) Lease Purchase of Assets (49,978,746) Interlocal Debt Agreements (9,977,982) Total OPEB Liability (66,000,000) Net Pension Liability (130,718,641) Accrued Compensated Absences (31,641,841) Total (499,949,530) The assets and liabilities of the internal service funds (funds are used to charge the costs of insurance and fleet maintenance activities to individual funds)are not reported in the governmental funds. 38,241,633 Net Position of Governmental Activities $ 549,661,291 The notes to the financial statements are an integral part of this statement. 26 This page is intentionally left blank. MONROE COUNTY,FLORIDA STATEMENT OF REVENUES,EXPENDITURES,AND CHANGES IN FUND BALANCES GOVERNMENTAL FUNDS FOR THE YEAR ENDED SEPTEMBER 30,2025 Fine and HIDTA Governmental General Forfeiture Grants Grants Revenues Taxes $ 49,633,179 $ 76,755,900 $ $ Licenses and Permits - - Intergovernmental 17,679,206 107,115 22,843,355 4,423,684 Charges for Services 5,182,065 7,944,309 - 282,086 Fines and Forfeitures - 125,161 - Investment Income 21984,333 4,987,930 108,476 Miscellaneous 1,241,978 2,480,160 - 1,766,638 Total Revenues 76,720,761 92,400,575 22,843,355 6,580,884 Expenditures Current: General Government 55,140,298 1,902,679 - 1,358,600 Public Safety 67,557,396 17,685,611 19,917,129 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 5,898,807 562,151 - Capital Outlay - - - Debt Service Principal 1,520,436 24,408 3,127,253 Interest 151,430 1,518 1,187,707 Other Debt Service Costs - - - - TotalExpenditures 149,373,455 20,176,367 24,232,089 28,122,235 Excess(Deficiency)of Revenues Over(Under)Expenditures (72,652,694) 72,224,208 (1,388,734) (21,541,351) Other Financing Sources(Uses) SBITA Financing 8,842,961 15,940 - Lease Financing - - 1,388,734 - Transfers from Other Funds 92,719,099 4,596,071 - 12,579,951 Transfers to Other Funds (13,262,600) (70,036,498) - Issuance of Debt - - - Total Other Financing Sources(Uses) 88,299,460 (65,424,487) 1,388,734 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. 27 Tourist Development One Cent Debt Non-Major Total Admin and Promo Infrastructure Service Governmental Governmental Two Cent Surtax Fund Funds Funds $ 20,517,062 $ 33,093,472 $ $ 74,490,590 $ 254,490,203 - 2,694,007 7,051,624 9,745,631 - 17,534,571 62,587,931 20,269,982 33,678,442 - - 5,547,140 5,672,301 1,504,822 1,483,485 625,640 7,993,164 19,687,850 1,122 175,728 - 6,580,776 12,246,402 22,023,006 37,446,692 625,640 139,467,847 398,108,760 - 140,905 - 4,565,877 63,108,359 5,023 51,685,878 161,000,286 57,152 4,154,532 21,610,481 - 2,701,066 7,579,965 14,820,128 15,932,535 - 39,751,768 56,920,878 - 3,473,913 14,566,819 4,360,272 11,812,371 - 7,841,454 14,302,412 37,736,690 - 8,305,749 46,042,439 51,031 18,183,666 145,606 23,052,400 19,796 3,514,952 6,237 4,881,640 - - 1,629,224 - 1,629,224 15,932,535 40,711,663 23,327,842 131,871,251 433,747,437 6,090,471 (3,264,971) (22,702,202) 7,596,596 (35,638,677) - 86,532 8,945,433 - - - 244,963 1,633,697 212,755 7,177,303 23,327,843 52,212,176 192,825,198 (148,003) (24,824,401) - (66,880,561) (175,152,063) - 2,863,746 - 50,253,072 53,116,818 64,752 (14,783,352) 23,327,843 35,916,182 81,369,083 6,155,223 (18,048,323) 625,641 43,512,778 45,730,406 38,141,501 78,903,033 4,104,097 174,933,821 373,470,553 $ 44,296,724 $ 60,854,710 $ 4,729,738 $ 218,446,599 $ 419,200,959 The notes to the financial statements are an integral part of these statements. 28 MONROE COUNTY, FLORIDA RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES FOR THE YEAR ENDED SEPTEMBER 30, 2025 Amounts reported for governmental activities in the statement of activities are different because: Net Change in Fund Balances-Total Governmental Funds $ 45,730,406 Governmental funds report capital outlays as expenditures. However, in the statement of activities the cost of those assets is allocated over their estimated useful lives and reported as depreciation expense. This is the amount by which capital outlays of $129,444,339 exceed depreciation of$28,724,981 in the current period. Also include the net effect of various miscellaneous transactions involving capital assets (i.e., sales and donations). 65,446,401 Debt issuance is reported as revenue in the governmental funds as current financial resources are available, but as a long-term liability on the Statement of Net Position. (53,116,818) Leases and SBITA financing proceeds received which are reported as liabilities in the governmental activities. (10,579,130) Payment of long-term debt is reported as an expenditure in the Governmental funds as current financial resources are used, but a reduction of long-term liabilities in the statement of net position. 23,052,400 Some expenses reported in the statement of activities and the deferred outflows and inflows of resources related to pensions and OPEB do not require the use of current financial resources and, therefore,are not reported as expenditures in the governmental Change in Compensated Absences $ (13,660,576) Change in OPEB Liability and Related Deferred Outflows and Inflows (4,747,300) Change in Net Pension Liability and Related Deferred Outflows and Inflows 10,879,327 (7,528,549) Revenues that do not provide current financial resources are not reported on governmental funds. However, revenues that are earned in the current period are reported in the statement of activities. (1,431,451) The net revenues of internal service funds (funds used to charge the costs of certain activities to individual funds) are reported with governmental activities. 7,132,243 Change in net position of governmental activities $ 68,705,502 The notes to the financial statements are an integral part of this statement. 29 This page is intentionally left blank. MONROE COUNTY, FLORIDA 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 17,192,000 17,192,000 17,679,206 487,206 Charges for Services 41199,500 4,801,143 5,182,065 380,922 Fines and Forfeitures 585,331 5,000 - (5,000) Investment Income 326,000 326,000 2,984,333 2,658,333 Miscellaneous 477,100 477,100 1,241,978 764,878 Total Revenues 73,790,866 73,812,178 76,720,761 2,908,583 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 21459,695 2,519,695 2,223,697 295,998 Legislative Affairs 695,938 695,938 691,364 4,574 County Administration 7,029,077 6,816,572 6,293,437 523,135 Public Works and Facilities Maintenance 13,330,097 13,330,097 12,972,701 357,396 Tax Collector 91111,192 9,111,192 9,078,755 32,437 Clerk of Circuit Court and Comptroller* 61928,654 6,928,654 12,039,386 (5,110,732) Property Appraiser 6,781,517 6,802,829 5,502,612 1,300,217 Supervisor of Elections 2,922,589 2,947,589 2,774,829 172,760 Total General Government 52,744,130 52,835,487 55,140,298 (2,304,811) Public Safety: Emergency Management 11651,513 1,438,030 1,152,733 285,297 Medical Examiner 936,717 936,717 791,048 145,669 Sheriff Law Enforcement and Corrections 68,196,205 68,196,205 64,888,608 3,307,597 Fire Academy 810,016 810,016 725,007 85,009 Total Public Safety 71,594,451 71,380,968 67,557,396 3,823,572 Physical Environment: Extension Service 316,330 316,330 284,131 32,199 Sustainability 11086,543 1,086,543 788,179 298,364 Total Physical Environment 1,402,873 1,402,873 1,072,310 330,563 Transportation: County Engineer 246,507 273,507 79,192 194,315 Mass Transit 771,076 386,175 332,289 53,886 Total Transportation 11017,583 659,682 411,481 248,201 The notes to the financial statements are an integral part of these statements. 30 MONROE COUNTY, FLORIDA STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES-BUDGET AND ACTUAL GENERAL FUND FOR THE YEAR ENDED SEPTEMBER 30, 2025 (Continued) 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 11097,752 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 21028,653 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 91890,627 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 61707,434 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 Sheriff Court Security 2,660,986 2,660,986 2,660,986 - 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 61885,543 6,885,542 5,898,807 986,735 Debt Service: Principal - - 1,520,436 (1,520,436) Interest - - 151,430 (151,430) Total Debt Service - - 1,671,866 (1,671,866) Total Expenditures 151,340,393 151,300,385 149,373,455 1,926,930 Excess(Deficiency)of Revenues Over(Under)Expenditures (77,549,527) (77,488,207) (72,652,694) 4,835,513 The notes to the financial statements are an integral part of these statements. 31 MONROE COUNTY, FLORIDA STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES-BUDGET AND ACTUAL GENERAL FUND FOR THE YEAR ENDED SEPTEMBER 30, 2025 (Concluded) 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 - - 8,842,961 8,842,961 Transfers from Other Funds 84,292,751 84,152,751 92,719,099 8,566,348 Transfers to Other Funds (3,442,315) (3,728,323) (13,262,600) (9,534,277) Total Other Financing Sources(Uses) 77,541,546 77,480,226 88,299,460 10,819,234 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 *Although Clerk of Circuit Court&Comptroller expenditures are in excess of appropriations, it is solely related to a new SBITA required to be recorded under GASB Statement No. 96,Subscription-Based Information Technology Arrangements.The budget was not adjusted to cover the initial recognition of capital outlay, but is not considered non-compliance with relevant budget laws and regulations as it is completely offset by $6,567,777 in proceeds from SBITAs. The notes to the financial statements are an integral part of these statements. 32 This page is intentionally left blank. MONROE COUNTY, FLORIDA STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES-BUDGET AND ACTUAL FINE AND FORFEITURE SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 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 4,342,955 4,482,955 4,668,769 (185,814) Sheriff Corrections 4,279,815 4,279,815 4,199,999 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 41142,390 4,142,390 4,134,059 8,331 Interagency Communications 53,786 53,786 52,785 1,001 Juvenile Detention Cost Share 250,000 250,000 138,606 111,394 Total Public Safety 17,635,632 17,976,662 17,685,611 291,051 Court Related: Sheriff Extradition 200,000 200,000 149,603 50,397 Sheriff Court Security 416,261 416,261 412,548 3,713 Total Court Related 616,261 616,261 562,151 54,110 Debt Service: Principal - - 24,408 (24,408) Interest - - 1,518 (1,518) Total Debt Service - - 25,926 (25,926) Total Expenditures 20,154,893 20,495,923 20,176,367 319,556 The notes to the financial statements are an integral part of these statements. 33 MONROE COUNTY, FLORIDA STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES-BUDGET AND ACTUAL FINE AND FORFEITURE SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2025 (Concluded) Original Final Variance with Budget Budget Actual Final Budget Excess(Deficiency)of Revenues Over(Under)Expenditures 70,131,705 69,790,675 72,224,208 2,433,533 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 from Other Funds 1,500,000 1,500,000 4,596,071 3,096,071 Transfers to Other Funds (70,071,498) (70,071,498) (70,036,498) 35,000 Total Other Financing Sources(Uses) (70,981,927) (70,640,897) (65,424,487) 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. 34 MONROE COUNTY, FLORIDA STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES-BUDGET AND ACTUAL HIDTA GRANTS SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2025 Original Final Variance with Budget Budget Actual Final Budget Revenues Intergovernmental $ 22,500,000 $ 22,900,000 $ 22,843,355 $ (56,645) Expenditures Current: Public Safety* 22,500,000 18,575,000 19,917,129 (1,342,129) Debt Service: Principal - 3,050,000 3,127,253 (77,253) Interest - 1,275,000 1,187,707 87,293 Total Debt Service - 4,325,000 4,314,960 10,040 Total Expenditures 22,500,000 22,900,000 24,232,089 (1,332,089) Excess(Deficiency)of Revenues Over(Under)Expenditures - - (1,388,734) (1,388,734) Other Financing Sources(Uses) Lease and SBITA Financing - - 1,388,734 1,388,734 Total Other Financing Sources(Uses) - - 1,388,734 1,388,734 Net Change in Fund Balances - - - - Fund Balances-October 1 - - - - Fund Balances-September 30 $ - $ - $ - $ - *Although HIDTA expenditures are in excess of appropriations,it is solely relatedto a new lease required to be recorded under GASB Statement No.87,Leases.The budget was not adjusted to cover the initial recognition of capital outlay,but is not considered non-compliance with relevant budget laws and regulations as it is completely offset by$1,388,734 in proceeds from leases. The notes to the financial statements are an integral part of these statements. 35 This page is intentionally left blank. MONROE COUNTY, FLORIDA STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES- BUDGET AND ACTUAL GOVERNMENTAL GRANTS SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 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: American 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 3,549,424 Total Economic Environment - 3,551,086 1,662 3,549,424 The notes to the financial statements are an integral part of these statements. 36 MONROE COUNTY, FLORIDA STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES- BUDGET AND ACTUAL GOVERNMENTAL GRANTS SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2025 (Concluded) Original Final Variance with Budget Budget Actual Final Budget Human Services: Title III-B Supportive Services $ - $ 537,507 $ 415,184 $ 122,323 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 (17,227) 378,824 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 (30,818) 377,891 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. 37 MONROE COUNTY, FLORIDA STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES-BUDGET AND ACTUAL TOURIST DEVELOPMENT,ADMINISTRATION AND PROMOTIONAL, TWO CENT SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 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 11779,273 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 Payroll Items 142,005 142,005 50,559 91,446 Catastrophic Emergency 6,825,000 6,825,000 - 6,825,000 Total Economic Environment 25,900,247 25,900,247 15,932,535 9,967,712 Total Expenditures 25,900,247 25,900,247 15,932,535 9,967,712 Excess(Deficiency)of Revenues Over(Under) Expenditures (5,662,247) (5,662,247) 6,090,471 11,752,718 Other Financing Sources(Uses): Transfers to Other Funds (148,003) (148,003) (148,003) - Transfers from Other Funds - - 212,755 212,755 Total Other Financing Sources(Uses) (148,003) (148,003) 64,752 212,755 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. 38 This page is intentionally left blank. MONROE COUNTY, FLORIDA 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 $ 4,292,992 $ 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 4,250 - 305,240 Due from Other Governmental Units 112,752 72,778 49,859 Interest Receivable 118,126 42,886 148,954 Prepaid Items - - - 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 2,053,937 179,918,817 Capital Assets, Net of Accumulated 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 22,608,419 330,135,458 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 1,555,625 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 Revenue Bonds Payable - - 605,000 Revenue Notes Payable - - 7,625,000 Lease Purchase of Aircraft Rescue&Firefighting Truck - - 80,662 Accrued Compensated Absences Payable 39,465 1,151 267,208 Unearned Revenues - - 80,249 Leases and Subscriptions Payable - - 4,698 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. 39 Governmental Major Funds Activities Internal Marathon Service Airport Total Funds $ 1,419,379 $ 19,462,530 $ 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 - - 309,490 52,463 - 235,389 130,382 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 - 34,972,559 220,733,277 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 2,272,185 2,110,952 8,702,224 - 26,636 472,717 174,976 - - 3,141,779 10,001,289 10,032,260 2,173 7,610 28,630 23 - 605,000 - 7,625,000 - - 80,662 - 15,870 323,694 114,935 88,844 169,093 6,049 - 4,698 96,746 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. 40 MONROE COUNTY, FLORIDA STATEMENT OF NET POSITION PROPRIETARY FUNDS SEPTEMBER 30, 2025 (Concluded) Business-Type Activities Enterprise Funds Major Funds Municipal Card Key Service District Sound West Waste Bridge Airport Non-Current Liabilities: Payable from Restricted Assets: 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 for: 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 Adjustment to Reflect the Consolidation of Internal Service Activities Related to Enterprise Funds Net Position of Business-Type Activities The notes to the financial statements are an integral part of these statements. 41 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 $ 38,986,540 744,907 $ 361,043,196 The notes to the financial statements are an integral part of these statements. 42 MONROE COUNTY, FLORIDA 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 31,546,277 4,793,348 17,644,512 Miscellaneous - 8,856 8,635 Total Operating Revenues 32,542,376 4,802,204 17,653,147 Operating Expenses Personnel Services 1,784,339 284,740 6,743,176 Operations 29,699,306 595,047 11,744,411 Depreciation and Amortization 225,920 403,525 3,898,272 Asserted and Paid Claims(Adjustments) - - - Total Operating Expenses 31,709,565 1,283,312 22,385,859 Operating Income(Loss) 832,811 3,518,892 (4,732,712) Non-Operating Revenues(Expenses) Operating Grants 241,118 - 265,434 Investment Income 1,037,898 266,738 2,162,003 Debt Service Costs - - (2,531,820) Insurance Recoveries - - 241,691 Gain (Loss)on Disposition of Assets 1,790 - 15,490 Total Non-Operating Revenues(Expenses) 1,280,806 266,738 152,798 Income(Loss) Before Contributions and Transfers 2,113,617 3,785,630 (4,579,914) Capital Grants and Contributions - 1,488,747 53,345,302 Transfers from Other Funds 4,201 - - Transfers to Other Funds (235,202) (79,776) (477,279) Total Capital Contributions and Transfers (231,001) 1,408,971 52,868,023 Change in Net Position 1,882,616 5,194,601 48,288,109 Total Net Position-October 1 26,518,215 16,670,011 196,496,315 Total Net Position-September 30 $ 28,400,831 $ 21,864,612 $ 244,784,424 Change in Net Position Adjustment to Reflect the Consolidation of Internal Service Activities Related to Enterprise Funds Change in Net Position of Business-Type Activities The notes to the financial statements are an integral part of these statements. 43 Governmental Major Funds Activities Internal Marathon Service Airport Total Funds $ - $ 996,099 $ - 1,763,873 55,748,010 39,761,506 177,088 194,579 3,493,142 1,940,961 56,938,688 43,254,648 565,431 9,377,686 4,425,301 1,008,116 43,046,880 12,305,469 1,110,614 5,638,331 162,916 - - 20,265,787 2,684,161 58,062,897 37,159,473 (743,200) (1,124,209) 6,095,175 10,444,574 10,951,126 - 472,345 3,938,984 1,464,352 - (2,531,820) - 241,691 51,758 (19,959) (2,679) 119,966 10,896,960 12,597,302 1,636,076 10,153,760 11,473,093 7,731,251 3,747,650 58,581,699 - - 4,201 - (16,688,079) (17,480,336) (197,000) (12,940,429) 41,105,564 (197,000) (2,786,669) 52,578,657 7,534,251 68,035,091 307,719,632 31,452,289 $ 65,248,422 $ 360,298,289 $ 38,986,540 $ 52,578,657 402,309 $ 52,980,966 The notes to the financial statements are an integral part of these statements. 44 MONROE COUNTY, FLORIDA 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 $ 31,471,295 $ 2,892,900 $ 15,874,753 Cash Paid to Others (29,222,273) (771,168) (8,462,066) Cash Payments for Employee Services (1,723,201) (266,179) (6,316,654) Cash Payments for Claims - - Cash Received from(Paid to)Other Sources 222,632 (18,526) 1,822,248 Other Operating Revenue (31,465) (2,832) 33,268 Net Cash Provided by Operating Activities 716,988 1,834,195 2,951,549 Non-Capital Financing Activities Operating Grants Received 241,118 265,434 Insurance Recoveries Received - 241,691 Transfers from Other Funds 4,201 - Transfers to Other Funds (235,202) (79,776) (477,279) 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 53,345,302 Proceeds from Leasing and Other Financing Activities - 1,722,866 Acquisition of Capital Assets (285,820) (2,380,549) (3,905,311) Purchase and Construction of Capital Assets (26,344) (547,077) (65,091,749) Proceeds from Issuance of Capital Debt (2,531,820) Disposition of Capital Assets - Proceeds from Sale of Capital Assets 1,790 15,490 Net Cash(Used in)Capital and Related Financing Activities (310,374) (1,438,879) (16,445,222) Investing Activities Investment Income 1,037,898 266,738 2,162,003 Proceeds from Sales and Maturities of Investments 21,396,019 6,195,967 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 2,227,812 716,142 90,822 Cash and Cash Equivalents October 1 2,065,180 779,138 33,229,489 September 30 $ 4,292,992 $ 1,495,280 $ 33,320,311 The notes to the financial statements are an integral part of these statements. 45 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) (11,222,446) (S20,S23) (8,826,SS7) (4,314,078) (20,678,793) 14,S02,S60 16,S28,914 294,108 1S6,012 1S4,983 3,419,749 3S,873,19S 41,37S,927 6,748,370 10,444,S74 10,9S1,126 - 241,691 S1,7S8 4,201 (16,688,079) (17,480,336) (197,000) (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 3,741,486 4,3S6,27S 883,996 36,9S7,803 3,218,3S9 $ 1,S90,706 $ 40,699,289 $ 7,S74,634 The notes to the financial statements are an integral part of these statements. 46 MONROE COUNTY, FLORIDA STATEMENT OF CASH FLOWS PROPRIETARY FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 2025 (Concluded) 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 (63) (3,913) (Increase)Decrease in Due from Other Government Units 219,S21 (19,949) 2,139,S00 (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 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 (11S,823) (1,684,697) 7,684,261 Net Cash Provided by(Used in) Operating Activities $ 716,988 $ 1,834,19S $ 2,9S1,S49 Non-Cash Investing,Capital,and Financing Activities Gain/(Loss)on Disposition of Assets $ 1,790 $ $ 1S,490 Non-Cash Investing,Capital,and Financing Activities $ 1,790 $ $ 1S,490 Cash Reconciliation Unrestricted $ 4,292,992 $ 1,49S,280 $ 12,2S4,879 Restricted - 21,06S,432 Total $ 4,292,992 $ 1,49S,280 $ 33,320,311 The notes to the financial statements are an integral part of these statements. 47 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 (3,976) 30S,966 4,S01,6S8 6,840,730 (10,S69) (21,076) (39,S96) (73,393) - (4,087) 19,04S,8S1 18,930,990 1,11S,128 2,OOS,941 S,688,177 4,69S 108,706 (S27) - (413,006) - (18) (186) 10,001,289 9,704,260 (710) (387) (14,296) (S79) 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,S00,136 6S3,19S $ 3S,873,19S $ 41,37S,927 $ 6,748,370 $ (19,9s9) $ (2,679) $ 119,966 $ (19,9s9) $ (2,679) $ 119,966 $ 1,419,379 $ 19,462,S30 $ 7,S74,634 171,327 21,236,7S9 $ 1,S90,706 $ 40,699,289 $ 7,S74,634 The notes to the financial statements are an integral part of these statements. 48 MONROE COUNTY, FLORIDA STATEMENT OF FIDUCIARY NET POSITION CUSTODIAL FUNDS SEPTEMBER 30,2025 Custodial Funds Assets Cash and Cash Equivalents $ 9,892,988 Accounts Receivable 134,568 Due from Other Governmental Units 18,193 Total Assets $ 10,045,749 Liabilities Accounts Payable $ 377,513 Undistributed Collections 3,691,006 Due to Other Funds 11,886 Due to Other Governmental Units 1,964,077 Total Liabilities $ 6,044,482 Net Position Restricted for Individuals,Organizations,and Other Governments $ 4,001,267 The notes to the financial statements are an integral part of these statements. 49 MONROE COUNTY, FLORIDA STATEMENT OF CHANGES IN FIDUCIARY NET POSITION CUSTODIAL FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 2025 Custodial Funds Additions Property Taxes and Fees Collected $ 381,576,874 Payments Made by Litigants 41,548,228 Licenses and Tag Fees Collected 17,737,354 Payments Received for Bond and Inmate Accounts 1,876,873 Charges for Services 1,443,702 Fines and Forfeitures 89,376 Other Collections 88,838 Total Additions 444,361,245 Deductions Property Tax and Fees Distributions 381,576,874 Payments to Other Funds 88,838 Payments Made to Litigants 43,307,466 Payments of Inmates 1,500,930 Licenses and Tag Fees Remitted to the State 17,737,354 Total Deductions 444,211,462 Net Increase(Decrease)in Fiduciary Net Position 149,783 Net Position,Beginning of Year 6,784,969 Restatement-Prior Period Adjustment (2,933,485) Net Position,Beginning of Year Restated 3,851,484 Net Position,End of Year $ 4,001,267 The notes to the financial statements are an integral part of these statements. 50 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 Note 1-Summary of Significant Accounting Policies The financial statements of Monroe County, Florida (County) have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) as applied to governmental units. The Governmental Accounting Standards Board (GASB) is the accepted standard setting body for establishing governmental accounting and financial reporting principles. The following summary of the more significant accounting policies of the County is presented to assist the reader in interpreting these financial statements and should be viewed as an integral part of this report. Reporting Entity Monroe County, Florida is a Non-Charter County established as provided by Article VIII Section 1 of the Florida Constitution and Section 125 of the Florida Statutes.The Board of County Commissioners (Board), composed of five members, is the legislative body for the County and, as such, budgets and provides funding used by the separate Constitutional Offices with the exception of fees collected by the Clerk of the Circuit Court & Comptroller (Clerk) and the Tax Collector. The County Administrator serves as the principal executive officer for the Board. In addition, certain designated governmental functions are performed by constitutional officers who are elected at large. The five constitutional officers are: Clerk, Property Appraiser, Sheriff, Supervisor of Elections, and Tax Collector. Although these five officers are operationally autonomous, they do not hold sufficient corporate powers of their own to be considered legally separate component units for financial reporting purposes.Therefore, they are reported together with the Board as part of the primary government. Under the direction of the Clerk, the Monroe County Finance Department maintains the accounting system for the Board's operations, but excludes those of the Clerk, Property Appraiser, Sheriff, Supervisor of Elections, and Tax Collector, each of whom maintains their own accounting system. Services provided by the County and accounted for within these financial statements include police services for unincorporated areas of the County; health and social services; emergency medical services; cultural and recreational programs; solid waste services; and other governmental services. Entity status for financial reporting purposes is governed by GASB Statement No. 14,as amended, by GASB Statement No. 61, and Rules of the Auditor General, State of Florida. Determination of the financial reporting entity of the County is founded upon the objective of accountability. Therefore, these financial statements include the County government,the primary government,and the legally separate component units for which operational or financial responsibility rests with the elected officials of the County or for which the nature and significance of their relationship to the County are such that exclusion would cause the financial statements to be misleading or incomplete. All component units of the County have a September 30 fiscal year-end. These financial statements include the County's blended component unit. Blended component units are legally separate entities that are in substance part of the County's operation,as they either have governing bodies that are substantively the same as the County or they provide their services exclusively or almost exclusively to the County. The financial transactions of the component unit are merged in with similar transactions of the County as part of the primary government. 51 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 The blended component unit of the County is as follows: Monroe County Industrial Development Authority(MCIDA)—The MCIDA was created by Monroe County, Florida Resolution pursuant to Florida Statute 159.The MCIDA serves to assist in financing and refinancing capital projects fostering economic development in the County.The Board serves as the governing board. The MCIDA is not legally required to adopt a budget; however,the County must authorize the issuance of bonded debt. The MCIDA, for financial reporting purposes, is considered a blended component unit of Monroe County, Florida. Neither the MCIDA nor the County has any legal obligation for repayment of the revenue bonds of the MCIDA.As an issuer of conduit debt obligations,the MCIDA has no assets, liabilities, or transactions during the current year. Discretely-presented component units are legally separate entities which do not meet the criteria for blending. They are reported in a separate column to emphasize that they are legally separate. The following is a discretely-presented component unit of the County: Monroe County, Florida Comprehensive Plan Land Authority(MCLA)—The MCLA was created by Monroe County, Florida Ordinance 031-1986 pursuant to Florida Statute 380 and is considered a legally separate entity from Monroe County. Its purpose is to operate a land acquisition program in Monroe County, to implement the Monroe County Comprehensive Plan and address issues created by it.The Monroe County Board of County Commissioners serves as the governing board but there is no financial benefit or burden relationship. Therefore, the MCLA, for financial reporting purposes, is considered a discretely-presented component unit of Monroe County, Florida and is presented as a separate column in the County's financial statements. Complete financial statements for MCLA can be obtained from MCLA's administrative office at 1200 Truman Avenue, Suite 207, Key West, Florida 33040. Basis of Presentation Government-Wide Financial Statements The statement of net position and the statement of activities report information about the non-fiduciary activities of the primary government. Fiduciary funds of the government are not included in this presentation since these resources are not available for general government funding purposes. These statements provide a consolidated financial picture of the government distinguishing between governmental activities and business-type activities. Governmental activities are primarily financed through taxes and intergovernmental revenues, while business-type activities are primarily financed through charges for services to external parties. The statement of activities presents a comparison between direct expenses of the program revenues for each function of the County's governmental activities, and for each of the business-type activities. Direct expenses are those that are clearly identified with a specific program or segment. Program revenues include: (a) fees, fines, and charges for services, and (b) grants and contributions that are restricted for the operating or capital requirements of a specific program.All taxes and other revenues not meeting the criteria for classification as program revenues are reported as general revenues. 52 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 Fund Financial Statements The fund financial statements provide information about the County's funds, including its fiduciary funds and blended component unit. Separate statements for each fund category—governmental, proprietary, and fiduciary—are presented. The emphasis of fund financial statements is on major governmental and enterprise funds, each displayed in a separate column. All remaining governmental and enterprise funds are aggregated and reported as non-major funds. Proprietary fund operating revenues, such as charges for services, result from exchange transactions associated with the principal activity of the fund. Exchange transactions are those in which each party receives and gives up essentially equal values. Non-operating revenues, such as subsidies and investment earnings, result from non-exchange transactions or ancillary activities. The following are reported as major governmental funds: • General Fund—The General Fund is the general operating fund of the County.All general tax revenues and other receipts not required either legally or by accounting principles generally accepted in the United States of America to be accounted for in other funds are accounted for in the General Fund. • Fine and Forfeiture Special Revenue Fund — The Fine and Forfeiture Fund is used to account for revenues received from fines and forfeitures imposed from the commission of statutory offenses, ad valorem taxes transferred to the Sheriff and to account for operations of the County's court support system. • HIDTA Grants Special Revenue Fund —This fund is to account for all revenues and expenditures for the federal Office of National Drug Control Policy's High Intensity Drug Trafficking Areas grant program.This fund is being presented as a major fund for consistency purposes and public interest. • Governmental Grants Special Revenue Fund—The Governmental Grant Fund is used to account for operating revenues and expenditures for governmental grant activity. • Tourist Development Admin & Promo Two Cent —The Tourist Development Admin & Promo Two Cent Fund is a special revenue fund used to account for the expenditures of advertising, promotions, and special events of the County's 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 is being presented as a major fund for consistency purposes and public interest. 53 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 The following are reported as major enterprise funds: • Municipal Service District-Waste—The Municipal Service District-Waste Fund is used to account for the operations of solid waste collection, disposal and recycling activities.This fund has been deemed a major fund for public interest purposes. • Card Sound Bridge—The Card Sound Bridge Fund is used to account for the operations of Monroe County's Card Sound Toll Bridge.This fund has been deemed a major fund for public interest purposes. • Key West Airport — The Key West Airport Fund is used to account for the operations of Monroe County's Key West International Airport. • Marathon Airport — The Marathon Airport Fund is used to account for the operations of Monroe County's Florida Keys Marathon International Airport. This fund has been deemed a major fund for public interest purposes. The Board also reports the following fund types: • Internal Service Funds — Internal service funds are used to account for the financing of workers' compensation insurance, health insurance,general liability insurance,and fleet maintenance services provided by one department to other departments of the County or to other governmental units on a cost reimbursement basis. • Custodial Funds —These funds account for assets held on behalf of third parties and use a flow of economic resources measurement focus. Examples include taxes, fees, and fines collected on behalf of other governments. Measurement Focus and Basis of Accounting Government-Wide, Custodial, and Proprietary Fund Financial Statements These statements use a flow of economic resources measurement focus and the accrual basis of accounting. Revenues are recognized when earned and expenses are recognized when incurred, regardless of when the related cash flows take place. Non-exchange transactions, in which the County gives (or receives) value without directly receiving (or giving)equal value in exchange,include property taxes,grants,entitlements,and donations.On an accrual basis, revenue from grants, entitlements, and donations is recognized in the fiscal year in which all eligibility requirements have been satisfied. The County has chosen to fund the Volunteer Firefighter and Emergency Medical Services Length of Service Award Pension Plan (LOSAP) on a pay-as-you-go basis. Pension expenditures are made from the General Fund, which is maintained on the modified accrual basis of accounting. Benefits and refunds are recognized when due and payable in accordance with the terms of the LOSAP. 54 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 The LOSAP has no assets accumulated in a trust that meets the following criteria, outlined in GASB Statements Nos. 67 and 68: • Contributions to the pension plan and earnings on those contributions are irrevocable. • Pension plan assets are dedicated to providing benefits to plan members. • Pension plan assets are legally protected from 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 County's enterprise funds are charges to customers for sales and services. Operating expenses for enterprise funds include the cost of sales and services, administrative expenses, and depreciation and amortization on capital assets, lease assets and subscription-based information technology arrangements (SBITA). All revenues and expenses not meeting this definition are reported as non-operating revenues and expenses. Governmental Fund Financial Statements These statements use a current financial resources measurement focus and are maintained on the modified accrual basis of accounting. Revenues are recognized when they become susceptible to accrual; that is, when they become both measurable and available to finance expenditures of the current period. The County considers amounts collected within 60 days after year end to be available and thus recognizes them as revenues of the current year, except for property taxes since such taxes are collected to finance expenditures of the subsequent period, for which they have been levied. Amounts reported as program revenues include: 1)charges to customers or applicants for goods,services, or privileges provided; 2) operating grants and contributions; and 3) capital grants and contributions, including special assessments. Internally dedicated resources are reported as general revenues rather than as program revenues. Likewise, general revenues include all taxes. Expenditures are recognized in the accounting period in which the related fund liability is incurred, if measurable. Principal and interest on general long-term debt are recorded as fund liabilities when due or when amounts have been accumulated in the debt service fund for payments to be made early in the following year. Expenditures related to compensated absences are recorded only when leave has been taken. Expenditures related to leases, SBITA, pension and OPEB are recorded only when incurred. Revenues of the County,which are susceptible to accrual under the modified accrual basis of accounting, include property taxes, gas taxes, sales taxes, grants, interest revenue, and charges for services. In applying the susceptibility-to-accrual concept to intergovernmental revenues, the legal and contractual requirements of the numerous individual programs are used as guidance.There are, however, essentially two types of these revenues. In one, monies must be expended for the specific purpose or project before any amounts will be paid to the County;therefore, revenues are recognized based upon the expenditures recorded. In the other, monies are virtually unrestricted as to purpose of expenditure and substantially irrevocable; i.e., revocable only for failure to comply with prescribed compliance requirements, such as with equal employment opportunity. These resources are reflected as revenues at the time of receipt or earlier if they meet the availability criterion. 55 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 If revenues are expected to be received later than 60 days following the end of the fiscal year, then a receivable is recorded, along with deferred inflows of resources. Once the funds are received, revenue and cash are recorded and the receivable and deferred inflows of resources are eliminated. Deferred inflows of resources also include grant receipts received in advance when time requirements are the only eligibility requirements that have not been met. The proprietary fund financial statements use a flow of economic resources measurement focus and the accrual basis of accounting. Revenues are recognized when earned and expenses are recognized when incurred, regardless of when the related cash flows take place. Under the terms of the grant agreements,the County funds certain programs by a combination of specific cost-reimbursement grants, categorical block grants, and general revenues. Thus, when program expenses are incurred, there are both restricted and unrestricted net position available to finance the program. It is the County's policy to first apply cost-reimbursement grant resources to such programs, followed by categorical block grants, and then by general revenues. Budgets and Budgetary Data Listed below are the statutory procedures followed by the Board of County Commissioners in establishing the budget for County: 1) On or before June 1 of each year,the Sheriff,the Clerk,the Tax Collector,the Property Appraiser, and the Supervisor of Elections shall each submit to the Board, a tentative budget for their respective offices for the ensuing fiscal year. 2) Within fifteen days after certification of the ad valorem tax roll by the Property Appraiser,the County Administrator submits to the Board a proposed budget for the fiscal year commencing the following October 1.The budget includes proposed expenditures and the means of financing said expenditures. 3) By Board resolution, a tentative budget is submitted to the public. Public hearings are held to obtain taxpayer comments. 4) Fifteen days after adoption of the tentative budget, a final budget is submitted for review and adoption at a final public hearing. 5) Prior to, or on September 30, the Board's budget is legally enacted through passage of a resolution. Accordingly, all fund types have an adopted budget as required by Florida Statute 129.03. 6) During the year,the County Administrator acts on intradepartmental budget changes that do not alter the total revenue or expenditures budgeted to a cost center. A cost center represents a particular area of Board operations or a department. All other budget changes (whether they are transfers between cost centers or alterations of total revenues and expenditure in a fund) are approved by the Board. Supplemental appropriations were necessary and the budgetary data presented herein was amended by the Board during the year. 56 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 7) Florida Statute 129, Section 7, as amended in 1978, provides that only expenditures in excess of total fund budgets are unlawful. However, because the Board acts on all budget changes between cost centers,this becomes the level of control. 8) Budgeted to actual expenditure reports are employed as a management control device during the year for all fund types. 9) Budgets for all funds are adopted on a basis consistent with GAAP for that fund type. 10) All appropriations lapse at year end. Use of Estimates The presentation of financial statements in conformity with accounting principles generally accepted in the United States of America, as applicable to governmental units, requires management to make use of estimates that affect the reported amounts in the financial statements. Actual results could differ from estimates. Encumbrances Encumbrance accounting is used, under which purchase orders, contracts, and other commitments for the expenditure of moneys are recorded as assigned fund balance and is employed as an extension of the statutorily required budgetary process. Under Florida Statutes, appropriations, even if encumbered, lapse at fiscal year-end. The County's intention is to substantially honor these encumbrances under authority provided in the subsequent year's budget. Cash and Cash Equivalents Cash balances from the majority of funds are pooled for investment purposes. Earnings from such investments are allocated to the respective funds based on applicable cash participation by each fund. The investment pools are managed such that all participating funds have the ability to deposit and withdraw cash as if theywere demand deposit accounts.Therefore,all balances representing participants' equity in the investment pools are classified as cash equivalents for purposes of these statements. For investments, held separately from the pools, highly liquid (including restricted assets) with an original or remaining maturity of 90 days or less are considered cash equivalents. Investments Florida Statute 218.415 authorizes local governments to invest their funds pursuant to a written investment plan, which allows investment of surplus funds in the following: 1) U.S. Treasury& Government Guaranteed—U.S.Treasury obligations,and obligations the principal and interest of which are backed or guaranteed by the full faith and credit of the U.S. Government. 2) Federal Agency/Government Sponsored Enterprise (GSE) — Debt obligations, participations or other instruments issued or fully guaranteed by any U.S. Federal agency, instrumentality or GSE. 3) Supranationals — U.S. dollar denominated debt obligations of a multilateral organization of governments where the U.S. is a shareholder and voting member. 57 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 4) Corporates — U.S. dollar denominated corporate notes, bonds, or other debt obligations issued or guaranteed by a domestic corporation, financial institution, non-profit, or other entity. 5) Municipals—Obligations, including both taxable and tax-exempt, issued or guaranteed by any State, territory, or possession of the U.S., political subdivision, public corporation, authority, agency board, instrumentality or other unit of local government of any State or territory. 6) Agency Mortgage-Backed Securities (MBS) - MBS are backed by residential, multi-family or commercial mortgages, that are issued or fully guaranteed as to principal and interest by a U.S. Federal agency or government sponsored enterprise, including but not limited to pass-throughs, collateralized mortgage obligations and real estate mortgage investment conduits. 7) Asset-Backed Securities (ABS) - ABS whose underlying collateral consists of loans, leases, or receivables, including but not limited to auto loans/leases, credit card receivables, student loans, equipment loans/leases, or home-equity loans. 8) Non-Negotiable Certificate of Deposit and Savings Accounts — Non-negotiable interest bearing time certificates of deposit, or savings accounts in banks organized under the laws of the State of Florida or in national banks organized under the laws of the United States and doing business in Florida, provided that any such deposits are secured by the Florida Security for Public Deposits Act, Chapter 280, Florida Statutes. 9) Commercial Paper— U.S. dollar denominated commercial paper issued or guaranteed by a domestic corporation, company, financial institution, trust or other entity, only unsecured debt permitted. 10) Bankers'Acceptances— Bankers' acceptances issued, drawn on, or guaranteed by a U.S. bank or U.S. branch of a foreign bank. 11) Repurchase Agreements— Repurchase agreements that meet specific requirements listed in Monroe County Resolution 032-2019. 12) Money Market Funds—Shares in open-end and no-load money market mutual funds, provided such funds are registered under the Investment Company Act of 1940 and operate in accordance with Rule 2a-7. 13) Intergovernmental Investment Pools — Intergovernmental Investment Pools that are authorized pursuant to the Florida Interlocal Cooperation Act, as provided in Section 163.01, Florida Statutes. All investments are stated at fair value or at amortized cost, which approximates fair value. Accounts Receivable Amounts due from private individuals, organizations, or other governments,which pertain to charges for services rendered,are reported as accounts receivable. Receivables are reviewed periodically to establish or update the provisions for uncollectible amounts.These provisions are estimated based on an analysis of the age and collectability of the various accounts. 58 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 Lease Receivable The County's lease receivable is measured at the present value of lease payments expected to be received during the lease term. Under the lease agreement, the County may receive variable lease payments that are dependent upon the lessee's revenue. The variable payments are recorded as an inflow of resources in the period the payment is received. A deferred inflow of resources is recorded for the lease. The deferred inflow of resources is recorded at the initiation of the lease in an amount equal to the initial recording of the lease receivable.The deferred inflow of resources is amortized on a straight-line basis over the term of the lease. Interfund Balances and Activity During the course of normal operations,the County has numerous transactions between funds. Examples of these transactions include providing services, constructing assets, matching grants, or servicing debt. These transactions are generally recorded as interfund transfers,except for internal service fund charges, which are reflected as revenues to internal service funds and expenses/expenditures to the funds receiving the services. As part of the consolidation process, to avoid distorting financial results, the intra-fund activities are eliminated in the General Fund. Interfund activities such as municipal and unincorporated service district's policing, 911, and interagency communications are reported as revenues in the fund that captures the revenue and as an expenditure in the fund which disburses the funds for the service. The offsetting expenditures and revenues are reclassified to interfund transfers. However, interfund security services provided by the Sheriff and used by the airports are not eliminated. Additionally, short-term interfund loans are recorded as cash flow needs arise. As of fiscal year-end, any unpaid amounts related to these transactions are reported as "due from other funds" or "due to other funds" on the fund financial statements. Inventory Inventory in the General Fund consists of certain supplies, which are stated at cost using the moving average cost method. The inventory is determined by an annual physical count. Inventory is reported as a non-spendable classification of fund balance as these amounts are not in spendable form and are not expected to be converted to cash. Prepaid Items Prepaid items are recorded using the consumption method of accounting. Under the consumption method, services paid for in advance are reported as an asset until the period in which the services are actually consumed. Restricted Assets The use of certain assets of enterprise funds is restricted by specific provisions of bond resolutions and agreements with various parties. Assets so designated are identified as restricted assets on the balance sheet. When both restricted and unrestricted resources are available for use, the hierarchy of enterprise fund spending is to use restricted resources first, and then unrestricted resources as they are needed. Restricted assets are classified as 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. 59 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 Mortgage/Notes Receivable The mortgages receivable associated with the Governmental Grants and the Local Housing Assistance funds are intended to ultimately be forgiven; as such, they are offset by an allowance for uncollectible accounts. Capital Assets Capital assets are reported in the applicable governmental or business-type activities column in the government-wide financial statements and in the proprietary fund financial statements. Capital assets of the County include property, buildings, equipment, and infrastructure assets(e.g., roads, bridges, curbs and gutters,streets and sidewalks,drainage systems,and lighting systems).Constructed or purchased assets are recorded at historical or estimated historical cost at the time of purchase. Donated or contributed capital assets are recorded at estimated acquisition value at the date of donation.Costs of maintenance and repairs that do not add to the value of assets or extend their useful lives are not capitalized. The County 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. The MCLA also has intangible assets consisting of affordable rental housing restrictions applicable to Peary Court in Key West. These restrictions require the housing at Peary Court to be rented at or below the levels set by the City of Key West's Workforce Housing Ordinance. Lease Assets and Subscription-Based Information Technology Agreements The County is the lessee for leases of equipment and property. When the term for the lease equipment or property exceeds one year and has a value of$100,000 or more, the County has recognized intangible lease assets in the financial statements. Similarly, the County has recognized SBITA for the right-to-use information technology software if the subscription exceeds one year and has a value of $100,000 or more. 60 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 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 County determines the discount rate it uses to discount the expected lease or subscription payments to present value, lease and SBITA term and lease and SBITA payments. The County uses the interest rate charged by the lessor as the discount rate. When the interest rate is not provided, the County uses its estimated incremental borrowing rate as the discount rate for leases or SBITA. The lease or subscription term includes the non- cancellable period of the lease or subscription. Lease payments or subscription payments included in the measurement of the lease or SBITA liability are composed of fixed payments and a purchase price option that the County is reasonably certain to exercise. The County monitors changes in circumstances that would require remeasurement of its leases or SBITA and will remeasure related assets and liabilities if certain changes occur that are expected to significantly affect the amount of the lease or SBITA liability. Lease assets for the County are reported with capital assets on the statement of net position and right-to-use SBITA are reported on a separate line on the statement of net position. Compensated Absences County policy permits employees to accumulate a limited amount of annual and sick leave, which will be paid to employees upon termination of employment. In the government-wide and proprietary fund financial statements, an expense and a liability for compensated absences and the salary-related payments are recorded as the leave is earned. In the governmental funds, an expense is only recorded when leave is taken. Deferred Inflows of Resources Deferred Inflows of Resources represents an acquisition of net assets that applies to a future period and therefore will not be recognized as an inflow of resources until that time. The County has five items that qualify for reporting in this category: (1) Unavailable revenues; (2) 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 and governmental and business-type activities report deferred inflows for pension related items 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 assets that applies to a future period and, therefore, will not be recognized as an outflow of resources (expense) until that future time. The enterprise and internal service funds and governmental and business-type activities report deferred outflows for pension-related and other post-employment benefit items as actuarially determined. 61 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 Long-Term Obligations Long-term debt is reported as a liability in the proprietary fund statement of net position and the business- type activities' statement of net position. Long-term debt associated with the County's governmental activities is presented on the government-wide financial statements of the County. In the County's governmental fund financial statements,the face amount of debt issued is reported as an other financing source, while principal payments are reported as expenditures. Property Taxes Property taxes, based on assessed values at January 1, are levied and become due and payable on November 1st of each year. A 4%discount is allowed if the taxes are paid in November,with the discount declining by 1% each month thereafter. Taxes become delinquent on April 1st of each year, and tax certificates for the full amount of any unpaid taxes and assessments must be sold not later than June 1st of each year. No accrual for the property tax levy becoming due in November of 2024 Is included in the accompanying financial statements, since such taxes are collected to finance expenditures of the subsequent period for which they have been levied. Investment Income Investment income is interest income received plus any realized and unrealized gains or losses on investments during the fiscal year. Fund Balance Policies The focus of fund balance reporting is to clearly communicate the constraints imposed upon resources in governmental funds. The fund balance classifications indicate the level of constraints placed upon how resources can be spent and identify the sources of those constraints. The following five classifications: non-spendable, restricted, committed, assigned, and unassigned, serve to inform readers of the financial statements of the extent to which the Board is bound to honor constraints on the specific purposes for which resources in a fund can be spent. Fund balances of governmental type funds are classified as follows: • Non-Spendable — Include amounts that cannot be spent because they are either not in spendable form, or for legal or contractual reasons, must be kept intact. This classification includes inventory and prepaid expenses. • Restricted— Include amounts that can be spent only for specific purposes because of constitutional provisions or enabling legislation, or because of constraints externally imposed by creditors,grantors, contributors or the laws or regulations of other governments. • Committed—Include amounts that can be used only for the specific purposes determined by a formal action in the form of a resolution of the Board,the County's highest level of decision-making authority. Commitments may be changed or lifted only by the Board taking the same formal action that imposed the constraint originally. • 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. 62 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 • Unassigned—The residual classification of the General Fund.Only the General Fund reports a positive unassigned fund balance. Other governmental funds might report a negative balance in this classification, as the result of overspending for specific purposes for which amounts had been restricted, committed, or assigned. Unassigned fund balance does not necessarily represent the amount of fund balance that can be appropriated. The Board has the responsibility of responding to emergency disaster and has committed $10 million in the General Fund's disaster reserve funds to ensure adequate cash flow is available in post-disaster situations. The Board has defined 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 County spends restricted amounts first, when both restricted and unrestricted fund balance are available, unless prohibited by legal documents, grant agreements or contracts. Additionally, the County uses committed fund balance,followed by assigned fund balance and then unassigned fund balance when expenditures are incurred for purposes for which amounts in any of the unrestricted fund balance classifications could be used. The County adopts an annual budget for the General Fund at their September meeting preceding the fiscal year end. All annual appropriations lapse at the fiscal year end. Mid-year and year-end amendments are made to the budget, as necessary. The budget is prepared and controlled at the cost center level. The County's budget for the General Fund is prepared under a budgetary basis and adjustments necessary to convert the results of operations to the modified accrual basis of accounting are made at year-end if necessary. Fund Deficit The Board reported one fund with a deficit at September 30,2025:($8,124,705)in the Governmental Grants Fund. The delays in recouping reimbursement from the Board's Hurricane Irma recovery efforts as well as delays in recouping reimbursement for the Board's road elevation projects and canal restoration projects resulted in the reported fund deficit. 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. 63 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 New Accounting Pronouncements Effective October 1, 2024, the County adopted the provisions of GASB Statement No. 101, Compensated Absences. The objective of this Statement is to better meet the information needs of financial statement users by updating the recognition and measurement guidance for compensated absences.That objective is achieved by aligning the recognition and measurement guidance under a unified model and by amending certain previously required disclosures. Note 15 to the Board's financial statements provides 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 had no impact on the County's financial statements in FY 2025. 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 for the County beginning with its year ending September 30, 2026. GASB Statement No. 104, Disclosure of Certain Capital Assets-State and local governments are required to provide detailed information about capital assets in notes to financial statements. Statement No. 34, Basic Financial Statements—and Management's Discussion and Analysis—for State and Local Governments, requires certain information regarding capital assets to be presented by major class. The objective of this Statement is to provide users of government financial statements with essential information about certain types of capital assets. This Statement also requires additional disclosures for capital assets held for sale.A capital asset is a capital asset held for sale if: (a)the government has decided to pursue the sale of the capital asset and (b) it is probable that the sale will be finalized within one year 64 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 of the financial statement date. Governments should consider relevant factors to evaluate the likelihood of the capital asset being sold within the established time frame. This Statement requires that capital assets held for sale be evaluated each reporting period. The requirements of this Statement are effective for the County beginning with its year ending September 30, 2026. Management is in the process of determining what impact, if any, implementation of the above statements may have on the financial statements of the Board. Note 2-Cash,Cash Equivalents,and Investments The County maintains a cash and investment pool available for use by all funds except those whose cash and investments must be segregated due to bond covenants or other legal restrictions. As of September 30, 2025, the carrying value of the County's deposits and investments, with their respective credit ratings and years to maturity, are as follows: Vailuation Credit Measurement Less Than 6 Months to, I to,5 Over 5 Investment Type- Rating Method Value 6 Months 1 Year Year Yea....rS Dernand and Tiirne Deposiits N/A N/A $2L4,L98,025 $2L4,L18,025 $ $ FL CLASS Investments AAAn Arnortii.zed Cost 47,627,475 47,627,475 FLFiNedIlncoimeTrust AAAf/S;t Amartii.zedCost 39,L67,722 39,L67,722 Certiifocates of Leposiit N/A Arnortiued Cost L,454,924 - 600,539 854,385 - US Government Bands AA+ F,a iu Vallee-Levedl2 L84,673 - - - L84,673 Asset-Backed Securiity(ABS) Aaa Faiu Vallee-Levedl 2 3,456,979 672,098 L,408,690 L,376,L9L IvluniicipallBands Aaa to,Aa3 Fair'Vallue-Levedl2 2,499,275 245,02L LL5,677 L,633,785 504,792 fM4utuallFuinds Aaa Faiu'Vallue-Levell2 603,338 554,428 48,910 _. -. Federall Agency Mortgage-Backed Secur'iity(MRS) Aaa F,aivVallrie-Levell2 22,004,458 - 4,944,,487 L7,059,97L Corporate Stocks Aaa FaivVallLie-Levell2 324,806 - - 324,8,06 Corporate Nate, A-/AA- FaivVallue-Leve1ll2 L9,580,883 3,249,3L3 2,683,692 L3,647,878 - U.S.Treasury AaL Faiu Vallee-Levedl2 2L7,942,897 99,864,522 96,638,L38 2L,440,237 . Tota'Is $568,965,455 $435,498,604 $L06,440,L33 $ 56,337,253 $ 689,465 The County categorizes its fair value measurements within the fair value hierarchy established by GAAP. The hierarchy is based on the valuation inputs used to measure the fair value of the asset. Level 1 inputs are unadjusted quoted prices in active markets for identical assets. Level 2 inputs are either directly or indirectly observable for an asset (including quoted prices for similar assets), which may include inputs in markets that are not considered active. Level 3 inputs securities are significant unobservable inputs. 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 65 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 permitted investments,and establishes limitations on portfolio composition, by both investment type and by issuer, in order to control concentration of credit risk. The following table identifies the investment requirements and allocation limits on security types, issuers, and maturities as established by the County. Under the Policy, the Clerk has the option to further restrict investment percentages from time to time based on market conditions, risk, and diversification strategies. The percentage allocation requirements for investment types and issuers are calculated based on the original cost at the time of purchase of each investment. Portfolio Per Issuer Minimum Ratings Investment Type Maximum Maximum o Requirement' Maximum Maturity (/) (/) U.S.Treasury 100% Government National Mortgage Association 100% 40% N/A 5.50 Years(5.50 Years avg. Other U.S.Government life for GNMA) Guaranteed (e.g.AID, 10% GTC) Federal Agency/GSE: FNMA, FHLMC, FHLB, 4003 FFCB5 75% N/A 5.50 Years Federal Agency/GSE 10% other than those above Supranationals Highest ST or Highest where U.S. is a o o LT Rating Categories shareholder and voting 25/ 10/ (A-1/P-1,AAA/Aaa,or 5.50 Years member equivalent) Highest ST or Three Highest Corporates 50%z 5% LT Rating Categories 5.50 Years (A-1/P-1,A-/A3 or equivalent) Highest ST or Three Highest Municipals 25% 5% LT Rating Categories 5.50 Years (SP-1/MIG 1,A-/A3,or equivalent) Agency Mortgage- Backed Securities 25% 40p3 N/A 5.50 Years Avg. Life (MBS) Asset-Backed Securities Highest ST or LT Rating (ABS) 25% 5% (A-1+/P-1,AAA/Aaa,or 5.50 Years Avg. Life 4 equivalent) 66 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 Portfolio Per Issuer Minimum Ratings Investment Type Maximum Maximum o Requirement' Maximum Maturity (/) (/) Non-Negotiable Collateralized Bank 50%o None, if fully None, if fully 2 Years Deposits or Savings collateralized collateralized. Accounts Highest ST Rating Commercial Paper(CP) 50%2 5% Category(A-1/P-1,or 270 Days equivalent) Bankers'Acceptances 10%2 Highest ST Rating (BAs) 5% Category 180 Days (A-1/P-1,or equivalent) Highest Fund Quality and Volatility Rating Categories by all Intergovernmental Pools(LGIPs) 50% 25% NRSROs who rate the N/A LGIP, (AAAm/AAAf,S1,or equivalent) Counterparty(or if the counterparty is not rated by an NRSRO, then the counterparty's Repurchase parent) must be rated Agreements(Repo or 40% 20% in the Highest ST Rating 1 Year RP) Category (A-1/P-1,or equivalent) If the counterparty is a Federal Reserve Bank, no rating is required Highest Fund Rating by Money Market Funds all NRSROs who rate (MMFs) 50% 25% the fund N/A (AAAm/Aaa-mf,or equivalent) Florida Local Highest Fund Rating by Government Surplus o all NRSROs who rate Funds Trust Funds 25% N/A 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 50%combined. 3Maximum exposure to any Federal agency,including 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. 5Fedral National Mortgage Association(FNMA);Federal Home Loan Mortgage Corporation(FHLMC);Federal Home Loan Bank or its District banks(FHLB;Federal Farm Credit Bank(FFCB). 67 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 At September 30, 2025, there are no investments in any one issuer that exceeds 5% or more of total investments. Custodial Credit Risk The Policy requires bank deposits to be secured as provided by Chapter 280, Florida Statutes. This law requires local governments to deposit funds only in financial institutions designated as qualified public depositories by the Chief Financial Officer of the State of Florida. Demand and time deposits are fully insured by the Federal Deposit Insurance Corporation for the first $250,000 at each institution and the remaining balances are insured 100% by the State of Florida collateral pool, a multiple institution pool with the ability to assess its members for collateral shortfalls if a member institution fails. The Policy requires execution of a third-party custodial safekeeping agreement for all purchased securities and requires that securities be held in the County's name. As of September 30, 2025, all of the County's investments are held in a bank's trust department in the County's name. Interest Rate Risk The Policy limits the investment of three months of operating expenditures to 24 months.The Policy limits the investment of non-current operating funds to 5.50 years. Restricted Cash and Cash Equivalents The County has the following unrestricted and restricted cash and cash equivalents at September 30, 2025: Cash and Cash Equivalents Demand Deposits Governmental Activities: Government Funds $ 151,223,242 Internal Service Funds 7,574,634 Business-Type Activities 19,462,530 Total Unrestricted Cash and Cash Equivalents 178,260,406 Restricted Cash and Cash Equivalents Governmental Activities 14,620,860 Business-Type Activities 21,236,759 Total Restricted Cash and Cash Equivalents 35,857,619 Total Cash and Cash Equivalents S 214,1 88,025 As of September 30, 2025,the custodial funds had a cash balance totaling$9,892,988 in demand deposits. Note 3 -Restricted Assets Restricted assets related to Governmental Activities totaling $14,620,860 reported in the County's government-wide Statement of Net Position is cash held with fiscal agent at September 30, 2025, for the build of the County's trauma star helicopters. Restricted assets in the County's Enterprise Funds include those assets created by resolutions adopted by the Board for the Airports' unspent bond proceeds, passenger facility charges, customer facility charges, customs service operations, and cash held with fiscal agent for the lease-purchase of the air rescue and firefighting truck.Total restricted assets for enterprise funds as of September 30, 2025 are as follows: 68 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 Cash and Cash Equivalents Key West Airport Passenger Facility Charges $ 7,338,983 Key West Airport Customer Facility Charges 4,883,972 Key West Airport Unspent Bond Proceeds 7,322,737 Key West Cash With Fiscal Agent 1,519,740 Marathon Airport Customs Service Operations 171,327 Total Restricted Assets S 21,2 66,759 Note 4-Accounts Receivable Accounts receivable, in the accompanying financial statements, are shown net of the allowance for doubtful accounts.The accounts receivable and the allowance balances are as follows: ARRovvance for ,Accounts Uncoll:ectiblie ,Accounts service Provided Receivable Arcauntts Receivable,Net Cvovernrnestal Ac, vitties Generall Fund Ksc $ 159,215 $ (4,376) $ 154,839 F'ige and Forfeiture F'Und Ailr A b Svc 23,GL8,703 (L5,483,926) 7,534,777 Governmentall Grants IU1iisc 162,107 (667) L61,440 TDC Adirniin&ProirnoTwo tent Trawell Advanoe 3,589 - 3,58L Non-Major Ftencls: Flre and Ambulance Mstriict"L Fund Ground A b Svc 2,359,022 ('L,645,05LJ 7"L3,97"L Other Ncoi-Majlor Fldnds 1411isc 2L"L,8d96 (4,838) 206,,968 Internall Service Funds Ksc 1,040,706 (2,972) 1,037,,734 Total GovernrnenttalActtivi le-s 26,955,IL40 (L7,L4-L,830) 9,8,L3,,3ILG Business-T+yp�e Activities MSL-Waste FLlnd Tliipipiin,g Fees 1,850,4110 (34,018) 1,816,,392 Gard Sound6riclge Mw sc 2,LL0,552 (209,604) L,900,948 Key West Airport Rent,Miisc 3,038,°L69 (39L,'L7L1 2,646,,998 Marathon Aiirport Rent,Miiisc 253,727 253,727 Total RUsiine-ss TypeActtivittr:es 7,252,858 (634,793) 6,6L8'065 Total Accounts Receivables $34,207,998 $(YL7,,776,623) $ 16,4311,375 The Board passed Resolutions 497-2024 and 498-2024 approving air and ground ambulance billing write- offs $8,008,366 and $648,502, respectively, which were written off in fiscal year 2025. In addition, the Board also approved the write-off of$1,977,543 of air ambulance billings related to resident waivers in Resolution 497-2024. Note 5-Assessments Receivable The County has been improving water quality by replacing cesspits and septic systems with a series of central wastewater collection and treatment systems. The County has funded these projects with state grants and loans, local infrastructure sales surtax, and special assessments levied on the property owners. The property owners have the option of paying their special assessments up front or on an installment basis added to their real estate tax bills. Revenue is recognized on the modified accrual basis. Any remaining assessment owed is recorded as a receivable with an offset to deferred inflows of resources in the governmental funds for those amounts that are not available. 69 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 Note 6-Mortgages Receivable Mortgages receivable at September 30, 2025, consist of the following: Mortgages Re,ce,[vable Ma 1,or Gicive,rnirn enta I IF u nds-Gicive,rnirn enta I Grant s,F U nd Second Mortgages ReCeWablle, from aidiVICILIallS, collaterahzed by j3e,rsonall res4ences. Payment of III deferre,d for 10 years from date, of note.. Principall its arnortiized lin eqUall monthly a1'nCPL11-1t5 Stal'brig ii1'1 Year 6 UrItfll 110 at which thine the,Illoan liS fL111111y forgiven. In event of salle/transfer of livoperty ov GCCUIlarICY, the iimratecl jiviindjialli ballance, lis &[E' fi-I fL11111! MtII 310 CIaV5 Of sane/transfer or cessaucri of piv lurnav y vesidenoe. 68,912 Non-Mal,cir Gicive,mimental Funds-Lam]HouslinizAssiklancef Second Grfgages Receivalille fron ncdUalli S, C01111atelahZecl by personall res4ences. Principall jDavirnents shall'11 be cleffefFred for the term of the first mortgage can, or L119tfll the date the Illiast payrnefnt�s dL,I,E on the first mortgage. interest is not charged on the rnortgagES L,11111,E'55 the mortgagor lis lin dElaL1111t,li11 which case the Rnterest rate, fs 12%i3er al-11-lUrn frorn the date,when payment of the, second lis &[E. The ent'�re balance of the loan �s intended to Iae fargiiven. However, in the Event the II iis sollid,transferred, rented, refu-iancecl or the, Hirst mortgage loan is satisfied,the,entiref mortgage ballaince is CIL[e. q,612,459 Second Mortgages Recewabile from u-idividUall's, collaterahzed by personall residences. The Entire balance of the mortgages wili'll be fargwel-1 LIII rnatLJ1'ft'y, II that the mortgagor cornphes with the mortgage covenants. The mortgages are u"iterest fireef. 417,241 I'llorida HDITeII 0131 ortain'iity Tax Cre&t,Second Mortgages Receivalillef fv orn I'ndMdLlal'S, colllaterall�zefd IiV lausonall residences. intevest�s 6% per ar1rILIM, EXCEIDt if pwaiicl 'iirl fL1111111! WWII first 18 months of 'efIlayrnent pev'iiad tII inter,est rateshallil befG%from the date when theffirst 1I'iis dare- 24,000 Second Mortgages Rece valflie from incldUall'S, col laterahzed by ersonall res4ences. The entlire balance of the mortgages will'11 13e, fargiVEII LIII maturity, provided that the mortgagor comphes Mth the mortgage covenants. The mortgages are uiterest free. 140,556 Disaster Mftligation Loans that M111111i be deferred for a lau od of ten ye-arks with a 9%interest rate. TII ballance of the mov tgages wflilll he fGr&,en at a rate of 20%per year L110019 rnatUritY,l�iv GOded that the rnGrtgagov cornlikes with the mortgage covenants. The mortgages are i ntefrest free. 1,354,665 Land Use Rentall! Agveefrnents (LURA). IFoir the co,nstirLICU011 or IDUrchase of ViOLISfng, oir PUirchasef of existing, IhGUS'iing and the refhalafHtatfon of exfStfing ViOLISfng,used for affc,irdaladef refintall ViOUSfng.(Rental ViOUS'iing for ADA affoirdab I e and'iincome efHgfladef fndMdUals.The efintire ba Ill allCef of the Il Oall M11 11 be fargNen L113011 17natUrity its years), provided that the rnoTtgagor carnII Mth all'11l the terms of the MoTtgagef and the conditions set forth 41 the SHIP RLIIIeS and RegLllatu01'15,1111CIlLiding the app III!iicab 111ef affordaII 11 itv pehods and ell giII 11 itv 1,040,000 Total'Non MayorFunds-Local Housing Assistance—Grass 12,5 8,8,9 2 1 Total'Mortgages,Recefi4ab[ef—Gross � 12,657,833 70 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS 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 County, acting as lessor, has entered into lease agreements for its governmental funds for buildings and office space and for its enterprise funds involving airport facilities. For the governmental funds, the total lease receivable balance at September 30, 2025, is $3,253,711. For its enterprise funds, the total lease receivable at September 30, 2025, is $13,446,438. ea,rEndinp,g Government Fund-General Fungi SepternberM, princi pal Interest, Total 2,026 5 161,727 5 147,029 309,755 2027 17'2,5,05 14 1439 312,,935 202'& 119,642 134,397 253,5,29 2029 7017ED 1301E34 201,414 2030 69,7 69 127,542 197,.31 2031-20�35 405,74A 5,96,142 1,,&86 203Er-2040 515,002 9•'E2,447 1,01,,44'9 2041-2045 554P259 35-E,,3'9 E 910,E55 2 4&20, 50 E'9'2,6S2 207,342 51cri,DIM 1051-2055 4'&9,632 36,367 525,9159 Total 3,253,711 �$ 334 9 221 S,Er�'g'2,'S3'2 Year Ending Eusineies:5,-TVple-,Azt� ivit:y-KeyWest,Airpwurt Eusiness-TypeActixity-ManthurrAirplurt: Se-ptearber3Q, prinripiial Interest, Tutad Prin,cipa] Interest, Total 2,026 3,9,91,424 5 392,020 5 4,363,444 $ 3'21,&94 $ 2,,527 $ 330,421 1027 4,12 1.909 241,535 4,363,444 1- ,4SE 6215 11 1141 202E 1,299,,'317 130,319 6 1,42� 9,213 - - 1029 26'9.26 :113,264 3.S2,5,24 2033 279 754 102,770 3'E2,S24 2031-2035- 1 112.500 3'72,5A9 1,42,S,0, 49 203 6-2040 9 77,314 222,697 1,2031001 Total $ :13,315,03E $ 1,631,110 $ 14,646199 $ 431,350 $ 9,'-11'- $ 440 62 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. In addition, the County has entered into lease agreements with various aeronautical users for the use of hangar space, air cargo space, and aircraft aprons for its business-type activities. These leases are classified as regulated leases under GASB Statement No. 87, Leases, as they are subject to external regulations by the Federal Aviation Administration (FAA),which limits lease rates to a reasonable amount as determined by federal guidelines. The County has applied the regulated lease provisions of GASB 87, which do not require recognition of a lease receivable and deferred inflow of resources for these arrangements. Instead, inflows of resources are recognized based on the payment provisions of the lease contracts. 71 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 As of September 30, 2025, the County 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 ae 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 fixed payment provisions in the lease contracts. Year Ending � eptember3oC0<,, Amount 2026 3,391,935 2+627 697,327 2029, 697,327 2 2'9 6'3'9,064 D30 664,276 2,0031-2035 3,129,1E6 2036-2 46 1,91391463 2041-23, 4S 1,o55 '9' 2046-205,0 151,665 2051-2055 11,' D9 Tina] 11,4&4,4'61 Variable payments tied to regulated leases are excluded from the analysis due to their contingent nature and are recognized as revenue when earned. Note 8-Capital Assets Capital asset activity for the year ended September 30, 2025, is shown in the following table. Internal service fund capital asset information is included in the governmental activities on the government-wide financial statements because the internal service funds predominately serve those activities. 72 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 Gove,r nm e'coital',A,,ct ivit ijes, Beginning Addition,51 Red uictionsl Ending Balance, Transfe,rs Transfers Balance CapitailAssets not Being Depreciated Land 1102,671,3110 4,891,1087 1107,562,397 Land Devedlopment Rights 3,2210,334 - 3,2210,334 60195tRiCtI019 I PF'CgF'ESS 56,347,217 64,346,2108 (48,492,193) 72,2101,232 Total CapifailAssets,not Being Depreciated 162,238,861 69,237,295 (48,492,193) 182,983,963 CapitailAssets Being Depreciated, Lease,Assets,andSIBITAS, Capitalli Assets Be,iiqg Depreciated: BLIflIdings 244,660,162 2,9,9 8,17 4 - 247,658,336 EqUiIjiment 1108,181,572 48,388,671 (4,9 210,5"i 3) i 5 1,6 4 9,7 30 11 n fr a StV'Ll CtL,i r e, 163,611,305 6,047,1036 - 169,658,341 lliqtangibl lhe Assets 7,984,393 - - 7,984,393 Tatal'l Capital'!Assets Be,iiqg Depreciated 524,437,432 57,433,881 (4,9 210,5 11 3) 576,950,800 Lease,Assets and SBl'TAs: Lease BLI i li d i n gs 52,735,83,0 1,936,819 (898,823) 53,773,826 513111TAs 5,179,546 9,034,316 (387,96) 14,825,898 Tota ll'i Lease,Assets a n d SISITAs 58,915,376 110,971,135 (1,2 8 6,7 8 7) 68,599,724 To,tail CapiIts Being Depreciated, Lease Ass,eits and SIBITAs 583,352,808 58,405,1016 (6,2107,300) 645,55,0,524 Less A,ocumuIjate,d Depreciation ffo�r BLIfldings (93,329,124) (5,489,936) - (98,819,1060) EqUipment (71,824,985) (9,8 3 1,3 7 8) 4,467,177 (77,189,186) III!n fr a StV'L,l CtL,l V-E, (6,3,857,395) (6,022,313) - (66,879,7108) lintaiggib�'he,Assets �3,956,290) (998,697) - (4,954,987) Totak4ocumulated Depreciation (229,967,79) (22,342,324) 4,467,177 (247,8 4 2,9° 1) Less,,A,,oc,umulj,ate,d,Am,o,rt�i�zalkijofn for Lease Assets, Lease BLI i li d i iq gs (14,1710,8 4 6) (4,777,129) 512,517 (18,4 3 5,4 5 8) 515111TAs �2,539,776) (1,633,927) �192,1008 (3,9 8 1,6 9 5) Total A,,ocu m u lat ed A mort ization (16,710,622) (6,411,056) 704,525 (2 2,4 17, 5 3) To,tailA,ocumulated Depreciation and Amortization (2 4 6,6 7 8,4 16) (28,753,38C) 5,171,7102 (2 7 G,2 60,109 4) To,tail CapiIts Being Depreciated/ Amortized,Net 336,674,392 375,290,43,0 CapitailAssets, Net 498,913,253 558,274,393 73 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 B Usiness-Type Act ivit i!e s Beginning Additionsl Red uict ijovs,/ Ending Balance Transfers Transfers Balance CapitailAssets not Being Depreciated Land 15,404,257 15,404,257 CG115tV'L1CtiG11 u1'1 PV'0gV'ES5 147,1082,976 101,897,392 (43,651,348) 2105,329,10210 Tottail Capittal,Assetts,not Being Depr eciat ed 162,487,233 101,897,392 (43,65 1,348) 2210,733,277 Capitail Assets,Being ng D e,pfr ed'at ed ar A m0rtized Land Illnlp r avernents 212,925 - 212,925 BLW'dings 85,1099,1080 35,490,953 1i210,590,1033 EqUipment 9,412,1104 673,427 (979,629) 9,1105,902 111-lfraStrLlCtLlrP 84,796,759 8,343,832 9 3,1410,5 9 1 5811TAs 4,970 9,109 14,079 TotalCapitailAssets Being Depreciated or Amortized 179,525,838 44,517,321 (979,629) 223,063,530 LessAicumulated De,p,recij,at,i,ofn,/Am,o,rt�i�zat�i,ofn for Land 1!rnp r overnents i212,925) (2112,925) RLWIldillgS (29,269,432) (2,500,957) (3 1,7 710,3 8 9) EqUipment (6,379,834) (833,935) 9 L 3,4 7 9 (6,300,290) 11 iqf r a St F'L,l C t U r e (4,0,427,1024) (2,329,839) (42,756,863) 15111BTAs (1,450) (7,040) (8,490) Total,A),ocumulated Dep,rec,!at�ijofn,fAmo,rt�i�zatijofn (76,290,665) (5,67i,77L) 9L3,479 (81,1048,957) Total CapitailAssets Being Depreciated, Net 1103,235,173 38,845,55,0 (6 6,�i 50) 142,1014,573 CapitailAssets,Net 265,722,406 362,747,85,0 Depreciation and amortization were charged to functions/programs on the government-wide statement of activities of the County as follows: ,Gi,o�e,rnime,nt,,aill,A)rt!ii,vi,t!ie:s, ofu:saines,s,-TVpe,,A),ct!iviit!iies, 6,7 14,132 MLII'liCil3al!, Service DistFlct Wast�e, 225,9210 P'Lll]IHC SafetV 12,1927,1,01 Card SOLInd Bridge 403,525 Plhysical', Environment 2,1092,33,0 Key West Airport 3,899,272 Translacirtation 3,650,860 Marathon Airport ilil,G,614 Economic Envircroment 458,4,08 Total Bu:s�i,nes,s,-Tvpfe,,Ajct�ivi't�ieS� 5,6 3 8,,3 3 1 H L,l rn a iq Se r v i c es 297,593 CLIIItLlire and Recreation 2,1021,940 CbLlirt-ReI'ated 59 1'iai5 Total Giove,rnbme,nit,Aict�ivit�ies, 28,753,379 74 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 Note 9—Post Employment Benefits Other Than Pension General Information About the Other Postemployment Benefits Plan Description The Board administers a single-employer defined benefits healthcare plan (Plan). Section 112.0801, Florida Statutes, requires the County to provide retirees and their eligible dependents with the option to participate in the Plan if the County provides health insurance to its active employees and their eligible dependents. The Plan provides medical coverage, prescription drug benefits, and life insurance to both active and eligible retired employees. The Plan does not issue a publicly available financial report. No assets are accumulated in a trust that meets the criteria as set forth in GASB Statement No. 75. The Board may amend the plan design,with changes to the benefits, premiums and/or levels of participant contribution at any time. In an open session, on at least an annual basis and prior to the annual enrollment process,the Board approves the rates for the coming calendar year for the retiree and County contributions. The Plan includes participants from the Board, each Constitutional Officer, and the MCLA. The Board is responsible for funding all obligations not funded on a pay-as-you-go basis by Constitutional Officers or the MCLA. However, the following disclosures are based only on the Board's and the Constitutional Officers' (the County's) share of the net Other Post-Employment Benefits (OPEB) obligation since the MCLA's discrete financial statements reports its share of OPEB obligation. Benefits Provided Employees who retire as active participants in the Plan and were hired on or after October 1, 2001, may continue to participate in the Plan by paying the monthly premium established annually by the Board. Employees who retire as active participants in the Plan, were hired before October 1, 2001, have at least ten years of full-time service with the County and meet the retirement criteria of the Florida Retirement System (FRS) but are not eligible for Medicare, may maintain group insurance benefits with the County following retirement, provided that the retiring employee pays the retiree contributions based on their years of service with Monroe County. Pre-Medicare retirees with at least 25 years of service who satisfy the rule of 70 pay the FRS subsidy for coverage,which is$7.50 per year of service month with a maximum of$225 per month. For those with 10 or more years of service, the retirees will pay flat amounts based on their respective medical plan election as shown in the following table. Pre-Medicare Retiree Contribution Years of Traditional High Deductible of 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. 75 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 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 1,328 Retirees and Beneficiaries Currently Receiving Benefits 489 Total Membership 1.817 Contributions The Board establishes, and may amend, the contribution requirements of Plan members. The required contribution is based on pay-as-you-go financing requirements, net of member contributions. Total OPEB Liability The County's total OPEB liability of $68,576,000 was measured as of September 30, 2025, and was determined by an actuarial evaluation as of October 16, 2025. Actuarial Methods and Assumptions The valuation, dated October 16, 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 in the October 16, 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 Buyer 20-Bond GO index 76 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 Marriage Rate The assumed percentage of married participants at retirement is 25%and is based on the current retired population of the County. Spouse Age Spouse dates of birth were provided by the County. Where this information was missing, male spouses were assumed to be three years older than female spouses. Medicare Eligibility All current and future retirees were assumed to be eligible for Medicare at age 65. Amortization Method Experience/Assumptions gains and losses were amortized over a closed period of 9.4 years starting on October 1, 2023, equal to the average remaining service of active and inactive plan members (who have no future service). Plan Participation Percentage The assumptions for participation of eligible retirees in the County's postemployment benefit plan are: Retirees with 25+Years of Service: 100% Retirees with 20—24 Years of Service: 75% Retirees with 10— 19 Years of Service: 50% The health care trend assumptions are used to project the cost of health care in future years.The actuarial assumptions include health care cost trend assumptions rates of 7.75% initially, reduced by decrements of 0.30% for ten years and 0.10% thereafter to an ultimate rate of 4.0%. The assumptions included a discount rate tied to the return expected on the funds used to pay the benefits, and assumes for an unfunded plan, that the benefits continue to be funded on a pay-as-you-go basis. Mortality rates were based on the Pub-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). Changes in the Total OPEB Liability Total OPEB Liability Balance at the Beginning of the Year $ 72,374,000 Changes for the Year: Service Cost 5,530,000 Interest Cost 2,910,700 Change In Experience - Changes of Benefit Terms - Differences Between Expected and Actual - Changes in Assumptions or Other Inputs (9,247,300) Benefit Payments (2,991,400) Net Change in Total OPEB Liability (3,798,000) Balance at the End Of The Year S 68,576,000 77 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 Sensitivity of the Total OPEB Liability to Changes in the Discount Rate The following presents the total OPEB liability of the Board, as well as what the Board's total OPEB liability would be if it were calculated using a discount rate that is 1-percentage-point lower (3.9 percent) or 1- percentage-point higher(5.9 percent)than the current discount rate: Current 1%Decrease Discount Rate 1%Increase (3.90%) (4.90%) (5.90%) Total OPEB Liability $ 77,457,000 $ 68,576,000 $ 61,061,000 Sensitivity of the Total OPEB Liability to Changes in the Healthcare Cost Trend Rates The following presents the total OPEB liability of the County, as well as what the County's total OPEB liability would be if it were calculated using a healthcare cost trend rates that are 1-percentage-point lower (6.75 percent decreasing to 3.0 percent) or 1-percentage-point higher (8.75 percent decreasing to 5.0 percent)than the current healthcare cost trend rates: 1%Decrease Current Trend 1%Increase (6.75% (7.75% (8.75% Decreasing Decreasing Decreasing to 3.0%) to 4.0%) to 5.0%) Total OPEB Liability $ 62,202,000 $ 68,576,000 $ 76,385,000 OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB For the year ended September 30, 2025, the County recognized OPEB expense of $7,914,900. At September 30, 2025, the County reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources: Deferred Deferred Outflows of Inflows of Resources Resources Changes of Assumptions or Other Inputs $ 19,403,000 $ (25,446,900) The amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized in OPEB expense as follows: For Fiscal Year OPEB Amount 2026 $ (533,200) 2027 (525,100) 2028 (138,600) 2029 140,900 2030 (511,500) Thereafter (4,476,400) Total (6.043.900) 78 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 Note 10- Florida Retirement System Retirement Plans General Information The County's employees participate in the FRS. As provided by Chapters 121 and 112, Florida Statutes, the FRS provides two cost sharing, multiple employer defined benefit plans administered by the Florida Department of Management Services, Division of Retirement, including the FRS Pension Plan (Pension Plan) and the Retiree Health Insurance Subsidy (HIS Plan). Under Section 121.4501, Florida Statutes, the FRS also provides a defined contribution plan (Investment Plan)alternative to the FRS Pension Plan,which is administered by the State Board of Administration (SBA). As a general rule, membership in the FRS is compulsory for all employees working in a regularly established position for a state agency, county government, district school board, state university, community college, or a participating city or special district within the State of Florida. The FRS provides retirement and disability benefits, annual cost-of- living adjustments, and death benefits to plan members and beneficiaries. Benefits are established by Chapter 121, Florida Statutes, and Chapter 605, Florida Administrative Code. Amendments to the law can be made only by an act of the Florida State Legislature. The State of Florida annually issues a publicly available financial report that includes financial statements and required supplementary information for the FRS. The latest available report may be obtained by writing to the State of Florida Division of Retirement, Department of Management Services, P.O. Box 9000, Tallahassee, Florida 32315-9000, or from the website: W v coiLjj giYllfpf!_2 12i J it Jir iiir iron irk wu Ilw�lliic atioir s Pension Plan Plan Description The Pension Plan is a cost-sharing multiple-employer defined benefit pension plan, with a Deferred Retirement Option Program (DROP)for eligible employees. Benefits Provided Benefits under the Pension Plan are computed on the basis of age, average final compensation, and service credit. For Pension Plan members enrolled before July 1, 2011, Regular class members who retire at or after age 62 with at least six years of credited service or 30 years of service regardless of age are entitled to a retirement benefit payable monthly for life,equal to 1.6%of their final average compensation based on the five highest years of salary,for each year of credited service.Vested members with less than 30 years of service may retire before age 62 and receive reduced retirement benefits. Special Risk Administrative Support class members who retire at or after age 55 with at least six years of credited service or 25 years of service regardless of age are entitled to a retirement benefit payable monthly for life, equal to 1.6% of their final average compensation based on the five highest years of salary, for each year of credited service. Special Risk class members (sworn law enforcement officers, firefighters, and correctional officers) who retire at or after age 55 with at least six years of credited service, or with 25 years of service regardless of age, are entitled to a retirement benefit payable monthly for life, equal to 3.0% of their final average compensation based on the five highest years of salary for each year of credited service. 79 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 Senior Management Service class members who retire at or after age 62 with at least six years of credited service or 30 years of service regardless of age are entitled to a retirement benefit payable monthly for life, equal to 2.0% of their final average compensation based on the five highest years of salary for each year of credited service. Elected Officers' class members who retire at or after age 62 with at least six years of credited service or 30 years of service regardless of age are entitled to a retirement benefit payable monthly for life, equal to 3.0%(3.33%for judges and justices)of their final average compensation based on the five highest years of salary for each year of credited service. For Plan members enrolled on or after July 1, 2011, the vesting requirement is extended to eight years of credited service for all these members and increasing normal retirement to age 65 or 33 years of service regardless of age for Regular, Senior Management Service, and Elected Officers' class members, and to age 60 or 30 years of service regardless of age for Special Risk and Special Risk Administrative Support class members. Also, the final average compensation for all these members will be based on the eight highest years of salary. As provided in Section 121.101, Florida Statutes, if the member is initially enrolled in the Pension Plan before July 1, 2011, and all service credit was accrued before July 1, 2011, the annual cost-of- living adjustment is three percent per year. If the member is initially enrolled before July 1,2011,and has service credit on or after July 1, 2011, there is an individually calculated cost-of-living adjustment. The annual cost-of-living adjustment is a proportion of three percent determined by dividing the sum of the pre-July 2011 service credit by the total service credit at retirement multiplied by three percent. Plan members initially enrolled on or after July 1, 2011, will not have a cost-of-living adjustment after retirement. In addition to the above benefits, the DROP program allows eligible members to defer receipt of monthly retirement benefit payments while continuing employment with a FRS employer for a period not to exceed 96 months after electing to participate. Deferred monthly benefits are held in the FRS Trust Fund and accrue interest.There are no required contributions by DROP participants. Contributions Effective July 1, 2011, all enrolled members of the FRS, other than DROP participants, are required to contribute three percent of their salary to the FRS. In addition to member contributions, governmental employers are required to make contributions to the FRS based on state-wide contribution rates established by the Florida Legislature. These rates are updated as of July 1 of each year. The employer contribution rates 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 Office rs'-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 period October 1, 2024 through September 30, 2025. The County's contributions, including employee contributions, to the Pension Plan totaled $20,809,007 for the fiscal year ended September 30, 2025. 80 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions At September 30, 2025, the County reported a liability of$104,692,075 for its proportionate share of the Pension 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 County's proportionate share of the net pension liability was based on the County's FY 2025 contributions relative to the FY 2025 contributions of all participating members.At June 30, 2025, the County's proportionate share for all funds was .3373 percent, which was an increase of.004 percent from its proportionate share measured as of June 30, 2024. The contributions made after the measurement date of the Pension Plan's net pension liability but before the end of the County's fiscal year will be recognized as a reduction of the Pension Plan's net pension liability in the subsequent fiscal period rather than in the current fiscal period. For the year ended September 30, 2025, of the $11,751,533 that the County recognized as a pension expense, of $10,815,681 related to FRS pension expense. In addition, the County reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: FRS Plan Deferred Deferred Outflows of Inflows of Resources Resources Differences Between Expected and Actual Experience $ 11,181,880 $ - Changes of Assumptions 12,157,104 - Net Difference Between Projected and Actual Earnings on Pension Plan Investments - 17,478,873 Changes in Proportion and Differences Between Pension Plan Contributions and Proportionate Share of Contributions 5,887,345 2,729,578 Pension Plan Contributions Subsequent to the Measurement Date 5,765,130 - Total S 34,991,459 S 20,208,451 The deferred outflows of resources related to the Pension Plan $5,765,130, resulting from County contributions to the Plan subsequent to the measurement date, will be recognized as a reduction of the net pension liability in the fiscal year ended September 30, 2026. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to the Pension Plan will be recognized in pension expense as follows: For Fiscal Year FRS Amount 2026 $ 26,107,311 2027 (4,638,573) 2028 (6,941,796) 2029 (5,509,064) Total S 9,017,878 81 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 Actuarial Assumptions The total pension liability in the June 30, 2025, actuarial valuation was determined using the following actuarial assumption, applied to all periods included in the measurement: Inflation 2.40% Salary increases 3.50%,average, including inflation Investment rate of return 6.70%, net of pension plan investment expense, including inflation Mortality rates were based on the PUB2010 base table which varies by member category and sex, projected generationally with Scale MP-2021 detail are in the valuation report. The actuarial assumptions used in the July 1, 2025, valuation were based on the results of an actuarial experience study for the period July 1, 2018 through June 30, 2023 and were the assumptions used to determine the total pension liability as of June 30, 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 (Geometric) Standard Asset Class Allocation' Return Return Deviation Cash 1.0% 3.2% 3.2% 1.1% Fixed Income 29.0% 5.5% 5.4% 4.0% Global Equity 45.0% 8.5% 6.9% 18.3% Real Estate 12.0% 8.4% 7.1% 16.8% Private Equity 11.0% 12.4% 8 8% 28 4% Strategic Investments 2.0% 6.5% 6.1% 8 7% Total 100.0% Assumed Inflation 2.4% 1.5% 'As outlined in the FRS Pension Plans investment policy available from Funds We Manage on the SBA's website at www.sbafla.com. 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. 82 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 Sensitivity of the County's Proportionate Share of the Net Position Liability to Changes in the Discount Rate The following represents the County's proportionate share of the net pension liability calculated using the discount rate of 6.70%, as well as what the proportionate share of the net pension liability would be if it were calculated using a discount rate that is one percentage point lower(5.70%) or one percentage point higher(7.70%) than the current rate: FRS Net Pension Liability Current 1%Decrease Discount Rate 1%Increase (5.70%) (6.70%) (7.70%) County's Proportionate Share of the Net Pension Plan Liability $ 205,450,407 $ 104,692,075 $ 20,211,962 Pension Plan Fiduciary Net Position Detailed information regarding the Pension Plan's fiduciary net position is available in the separately issued FRS Pension Plan and Other State-Administered Systems Annual Comprehensive Financial Report. HIS Plan Plan Description The HIS Plan is a cost-sharing multiple-employer defined benefit pension plan established under Section 112.363, Florida Statutes, and may be amended by the Florida legislature at any time.The benefit is a monthly payment to assist retirees of State-administered retirement systems in paying their health insurance costs and is administered by the Florida Department of Management Services, Division of Retirement. Benefits Provided For the fiscal year ended September 30, 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 County contributed 100% of its statutorily required contributions for the current and preceding three years. HIS Plan contributions are deposited in a separate trust fund from which payments are authorized. HIS Plan benefits are not guaranteed and are subject to annual legislative appropriation. In the event legislative appropriation or available funds fail to provide full subsidy benefits to all participants, benefits may be reduced or cancelled. The County's contributions to the HIS Plan totaled $2,388,933 for the fiscal year ended September 30, 2025. 83 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions At September 30, 2025, the County reported a liability of$33,830,321 for its proportionate share of the County'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 County's proportionate share of the net pension liability was based on the County's FY 2025 contributions relative to the FY 2025 contributions of all participating members. At June 30, 2025, the County's proportionate share was .2639 percent, which was an decrease of .0034 percent from its proportionate share measured as of June 30, 2024. The contributions made after the measurement date of the HIS Plan's net pension liability but before the end of the County's fiscal year will be recognized as a reduction of the HIS Plan's net pension liability in the subsequent fiscal period rather than in the current fiscal period. For the year ended September 30, 2025, of the $11,751,533 that the County recognized as a pension expense, $935,852 related to HIS pension expense. In addition,the County reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: HIS Plan Deferred Deferred Outflows of Inflows of Resources Resources Differences Between Expected and Actual Experience $ 201,949 $ 53,665 Changes of Assumptions 299,436 8,182,686 Net Difference Between Projected and Actual Earnings on Pension Plan Investments - 28,157 Changes in Proportion and Differences Between Pension Plan Contributions and Proportionate Share of Contributions 1,833,989 676,347 Pension Plan Contributions Subsequent to the Measurement Date 611,376 - Total S 2,946,750 S 8,940,855 The deferred outflows of resources related to the HIS Plan, totaling $611,376, resulting from County contributions to the HIS Plan subsequent to the measurement date, will be recognized as a reduction of the net pension liability in the fiscal year ended September 30, 2026.Other amounts reported as deferred outflows of resources and deferred inflows of resources related to the HIS Plan will be recognized as pension expense as follows: For Fiscal Year HIS Amount 2026 $ (1,457,174) 2027 (1,744,598) 2028 (1,468,830) 2029 (1,177,113) 2030 (757,766) Total S (6,605,481) 84 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 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%,average, including inflation Municipal bond rate 5.20% Mortality rates were based on the Generational PUB-2010 with Projection Scale MP-2021 tables. 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, 2018 through June 30, 2023. The municipal rate used to determine total pension liability increased from 3.93%to 5.20%. 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 Indexwas adopted as the applicable municipal bond index. Sensitivity of the County's Proportionate Share of the Net Position Liability to Changes in the Discount Rate The following represents the County's proportionate share of the net pension liability calculated using the discount rate of 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 one percentage point lower(4.20%) or one percentage point higher(6.20%) than the current rate: HIS Net Pension Liability Current 1%Decrease Discount Rate 1%Increase (4.20%) (5.20%) (6.20%) County's Proportionate Share of the Net Pension Plan Liability $ 38,149,131 $ 33,830,321 $ 30,208,209 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 s. 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 85 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 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%. 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 County. After termination and applying to receive benefits, the member may rollover vested funds to another qualified plan, structure a periodic payment under the Investment Plan, receive a 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 County's Investment Plan pension expense totaled $5,428,784 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 86 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 contribution and benefit provisions may be amended.This authority is presently held by the Board. LOSAP shall be administered in accordance with the requirements of Chapter 112, Part VII, Florida Statutes. Amounts associated with the Board's LOSAP program are reported on the government-wide financial statements of the County, rather than on the financial statements of the Board. Benefits Provided Only Volunteer Firefighters and EMS Volunteers (Volunteers)are eligible at the sole discretion of the Plan Administrator. Any Volunteer who was age 60 or older on January 1, 1999 shall not be eligible to participate. In addition, any Volunteers who are age 60 or older at the time they commence volunteer service,or who commence service at a time that will not permit them to earn ten years of service by their Normal Retirement Age, shall not be eligible to participate in this Plan. Volunteer Firefighters must attain the rank of Structural Firefighter, Non-Structural Firefighter and/or Emergency Vehicle Driver-Operator prior to being credited with ten years of service. EMS Volunteers must meet all requirements as defined by the State of Florida necessary to drive an emergency medical care and transportation vehicle (ambulance) and/or attain certification as an Emergency Medical Technician or Paramedic prior to being credited with ten years of service. Eligibility for vesting is completion of ten years of service.The Plan shall be administered in accordance with the requirements of Chapter 112, Part VII, Florida Statutes. For each year of volunteer service, a participant will accrue a year of benefit accrual if the participant was enrolled as a member of the 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 is 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. There were no contributions made for the planned year ending December 31, 2024. 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. 87 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 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. 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. 88 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 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. 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 Changes in the Total LOSAPLiability Total LOSAP Liability Balance at the Beginning of the Year $ 332,180 Changes for the Year: Service Cost 888 Interest Cost 11,821 Differences Between Expected and Actual (16,909) Changes in Assumptions or Other Inputs (4,696) Benefit Payments (39,015) Net Change in Total OPEB Liability (47,911) Balance at the End Of The Year S 284.269 89 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 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. LOSAP Net Pension Liability Current 1%Decrease Discount Rate 1%Increase (3.08%) (4.08%) (5.08%) Net Pension Liability $ 299,911 $ 284,269 $ 270,000 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: LOSAP Plan Deferred Deferred Outflows of Inflows of Resources Resources Net Difference Between Projected and Actual Earnings on LOSAP Pension Plan Investments $ 18,339 $ - Note 12-Aggregate Pension and OPEB Components The aggregate amount of net pension and OPEB liabilities, related deferred outflows of resources and deferred inflows of resources and expense for the defined benefit pension plan, the County's length of service award plan for volunteer firefighters and emergency medical services (LOSAP program), and the County's OPEB plan are displayed below: Pensuan THIS LOSAP TottaIfor Countty's,O�P'ER Klan Ream: Plan Pension Rfan: Plan Tonal' NetLiabiilllltiies S 104,692,,975 $ 33,830,321 284,259 $ 138, 6,665 $ 66,576,C00 $ 207,,382,,665 Deferred ClutfIIOWS of ResDLIrres 34,991,459 2,946,750 18,339 37,956,548 i9,403,0 57,359,548 Deferred Ilnflbws of ResGLIrCes 20,208,45°1 8,940,855 - 29J49,306 25,,�56,,900, 54,596,,206 Expense 10,815,68'1 935,,852 39,,0 5 L, ,790,548 7,914,900 L9,,705,,448 90 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 Note 13-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 Aih,pw t CoincoUirse A Terminal 17,093,926 Key West Aih pom t Alpiroin amid IMiiHgatloni 1,169,234 T iffin ILakes Hood Miitlgation 9,704,282 Sug;airllloaf Vollw.uinteeir Rire IDepairertiment 8,90:3,538 Key West Airport Taxiway IEKtein�siiioni and Miiit:il,gadoin 8,191,351 Customs and IBoirdeire. Pirotectiion FaciHkty 2,364,465 Hairbouire.IDr ve I130d,ge 1,60,9,810 Seavlew Brud,ge If�elplllaceirneint: 2,903,106 Sea ILevell IMse Project 746,290 Otlheire Projects (Less Than 6i00,000) :5,98:5,:547 Total 58,671,549 Significant encumbrance commitments at September 30, 2025, are as follows: Encumbrances Governmental Activities General Fund $ 443,499 Governmental Grants Fund 2,916,252 One Cent Infrastructure Surtax 832,882 Non-Major Governmental Funds 9,500,441 Total Governmental Activities S 13,693,074 Business-Type Activities Key West Airport $ 753,594 Marathon Airport 269,617 Total Business-Type Activities 1,023,211 Total Encumbrances S 14,716,285 Note 14- Lease and SBITA Obligations The County leases cancelable and non-cancelable land, buildings, office space, and various office equipment that qualify as other than short-term leases under GASB Statement No. 87 and, therefore, have been recorded at the present value of the future minimum lease payments as of the date of their inception. The County has also entered into 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. 91 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 The County has 20 lease agreements for the year ending September 30, 2025. The future principal and interest payments as of September 30, 2025 for the lease agreements, are as follows: Year Ending Glove,rn,ment,ajl,Azt�ivit�i,es� Septernber :301' Pr incipal [ntef est Total 21026 $ 3,9'93,338 $ 1,178,7112 $ 5,172,105,C) 21027 3,7 18,8 9 7 1,1057,269 4,776,166 21028 3,8110,418 943,2197 4,753,71L5 21029 3,863,122 921,515 4,684,637 2103,C) 3,894,116 7101,275 4,595,391 21031-21035 17,2 6,6,,9,9 2 1,6,98,428 18,965,4210 21036-21040 3,537,6113 224,628 3,762,2 4 1 Totifls $ 40,1084,496 6,6,25,124 $ 46,7109,6210 The County has 22 SBITAs for the year ending September 30, 2025. The future principal and interest payments as of September 30, 2025 for these subscription agreements, are as follows: Yeah Ending Giovernmentail[Activities BLI5�ine,ss TVp,e,,A,,ctivit,iies� September 3,01, Prindiml Merest Totten Principai Interest Total 2026 1,783,90L 75,914 $ 1,859,715 4,698 42 4,7 40 2027 1,069,559 320,327 1,389,8,86 - 2028 1,059,102 283,290 1,342,392 21029 1,036,898 246,1040 1,282,938 2030 1,140,0,185 207,598 1,347,783 21031-21034 4,473,886 536,386 5,1010,272 - Totals 10,563,431 1,669,555 $ 9:2,232,986 4,698 42 4,740 92 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 Note 15—Long-Term Debt Long-term debt activity for the year ended September 30, 2025, is as follows: Adjustment CLIFrent Po,rtt:iio,n. Beginning To,0eginni....ng Ending of Long-Term BaEance Balance Addittuons Payments Balance Liabilities Governmental Activities Revenue Sands frarnMrectSorroMngs 10,535,000 5 5 46,890,GGO 5 5,225,GOG 52,200,DDO 5,3b0,0W Revenue Notes frorn Biirect Borrcrwviiings LLh,8,03,3'75 - - 7,958,666 L08,844,709 7,24,0,700 Lease Purchase of Helhcopter:s 4 9,990,,000 - - 2,875,000 47,115,GGQ 2,970,GW Leave Purchase Firs R,eaC.ue Truc.k,0,Equip -. -. 2,863,746 - 2,863,74-6 906,L37 Mayfield Agreement(KLw'w'TD) 2,5GD,000 - 2,L25,GGG 375,0GO 125,GDQ 011d 7 Pb''I'IIe Brdd,ge:4iink'fing'Und 9,958,,648 355,666 9,602,982 355,666 Accrued Coimpensated Absences' L8,4LL,L68 LL,986,L78 L0,,293,067 8,473,90L 32,2L6,5L2 6,4443,3C3 Lease Liiahiilliitiies 42,287,704 - 1,936,822 4,140,030 40,084,496 3,993,338 SBIITALlialaiillldes 2,975,,635 - 9,,027,3,L8 'L,439,522 "L0,563,43L L,783,80L OPE.BUahlilllity 70,718,000 - 21,674,900 25,387,900 67,G05,0130 2,73L,9W Pensiion Ualaiilliity-FRS and H1IS"* 187,924,L27 (27,377,343) - 28,222,377 132,324,407 - Pensiion Ualalilllity-LOSAP 332,IL80 L2,709 60,620 284,269 30,790 Total.Gomrermmemttal.Activities 512,435,837 (15,392,L65) 92,698.,562 86,263,682 503,479,552 3L,89,0,635 Business-Type Activities Revenue Bonds 42,459,929 - - - 42,459,929 6495,GDD Revemue Notes L(),000,oao - - - LO,C)00,00() 7,625,GW Lease Purchase of ARFF - - L,5L9,740 - L,5L9,740 80,662 Accl°uedCoimpen sated Absences' 76L,LL1 396,444 650,452 L89,535 L,EL8,472 323,694 SBIITALiiahiilliity 2,502 - 9,L09 6,9L3 4,698 4,698 OPE,S Ualai'll'I'ty L,656,000 - IL74,800 259,800 1,571L,DGQ 64,GW Pensiion Ualaiilliity-FRS and HlIIS 7,488,L40 - - 1,290,15L 6,197,989 - Total'Business-Type Activities 62,367,68.2 396,444. 2,354JOL L,746,399 63,37L,8.28 8,703,054 Total Long-Term Debt 574,803,5119 $ (I14,994,7211) $ 95,052,663 $ 88,C)L0,08L $ 566,85YL,38,[i $ 40,593,689 "The begiiininiing hallance of compensated absence ohlliigatiioi9 was restated ww±iPth the October L,2024 iiinplleirneintatioin of GASS Statement No.LOL. `1`1'W19iiIIe the laegiinniiing balance iin Couinty's FY 2024 fliinainciialI stateiments were properly staged,the begiiininiin.g laaIIance of Pensiion LlialbiiIIiity for GovermimeintaII Actiiviitiies was imiisstated iin the motes of the FY 2024 Momroe County ACFR. The Adjustment To Begimifing Balance was added to a footifing iissue.. Internal service fund long-term debt information is included in the governmental activities on the government-wide financial statements because the internal service funds predominately serve those activities. Governmental activities' compensated absences are liquidated by the funds to which the related employee services relate. The Group Insurance Internal Service Fund assesses a monthly premium per employee in each fund. The monthly premiums paid by the various funds provide the resources necessary to liquidate the other postemployment benefit obligations paid in the current year by the Group Insurance Internal Service Fund. 93 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 The following summary reflects the County's bonds, notes, and lease-purchase agreements as of September 30, 2025: GovernmentaI'.ActMtie:s Revenue Bonds from 01irect Borrcmwl'n,gs: IlnfrastructUre Sales Surtax Refundiing Bond,Seiles 20L6 $ 5,310,000 infrastructure Sales Surtax Refunding Bond,Series 2025 46,890,000 Tota ll Revenue Bands from 0ilrect Borramngs 52,200,000 Revenue Notes froirn Duect Borroavviin,gs: Clean Water State REv011vling Fund Constr'LdCtllon Loan Agreement 2010 2,870,740 Clean Water State Revolving FLlnd Constructiion Loan A,greernent 20L4 L05,973,969 Totall Revenue Notes frorn Direct Sorro,viiilgs L08,844i,,709 Lease Purchase Traui"ma Star Helicopters 47,115,GGQ Lease Purchase Monroe County Fire Rescue Truck and EcILHprment 2,8.63,746 M/lavfiielld A,greern,ent—Key Largo Wastewater Treatment D]striict 375,GDG Old 7 Pbllill,E Brliclge Restoratlion Slinklin,g Fund 9,602,982 Total'Government Debt $ 221,001,437 B u si.....n ess-Type Activities Revenue Bonds: Key WEst Il nternatiionall Aiirport RevEnue Bonds,Seriies 2022 $ 41,340,000 Onairncort'I'zed CPngiinall(ISSUE PrErn liwrm,Senes 2022 1,119,929 Tana11 RevEnue Bonds 42,459,929 Revenue Notes: PNC Liine of Crudiit Taxalalle Master Aiuport Reveitiue Note 10,000,000 Lease Purchase Fiire Truck 1,5 L9,740 Total....Business-Type,Activities Debt $ 53,979,669 Debt Service Funding Requirements The total annual debt service requirements for bonds and notes long-term debt at September 30, 2025, is composed of the following issues: Year Ending Governmental Activities Busiiness-Type Activities September 30, Priincipall Interest Total Principal Interest Total 2026 $ 16,907,503 $ 6,940,9449 $ 23,848,452 $ 8,310,662 $ 2,719,716 $ 11,030,378 2027 11,932,160 6,514,762 18,446,922 3,004,662 2,243,592 5,248,254 2028 12,279,467 6,167,564 18,447,031 662,435 2,091,194 2,753,629 2029 11,458,083 5,809,189 17,267,272 695,612 2,057,142 2,752,754 2030 11,430,024 5,494,708 16,924,732 1,049,213 2,013,416 3,062,629 2031-2035 60,219,748 22,695,648 82,915,396 5,877,156 9,201,582 15,078,738 2036-2040 49,276,460 14,222,531 63,498,991 6,495,000 7,655,375 14,150,375 2041-2045 26,793,330 8,428,250 35,221,580 8,290,000 5,807,213 14,097,213 2046-2050 19,993,330 1,851,000 21,844,330 10,680,000 3,361,063 14,041,063 2051-2055 711,332 - 711,332 7,795,000 597,125 8,392,125 Total Required Debt Service $221,001,431 $ 78,124,601 $299,126,038 52,859,740 $ 37,741,418 $ 90,607,158 unairn©rtized Original Issue Premium one Series 2022 Bonds 1,119,9'29 Total Business(Debt Service $ 53,979,669 94 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 Long-term debt at September 30, 2025, is composed of the following issues: $19,500,540 Clean Water State Revolving Fund Construction Loan Agreement • Type: General Government Revenue Notes • Dated: April 2010 • Final maturity: Year 2030 • Principal payment date: March 15 and September 15 • Interest payment dates: March 15 and September 15 • Interest rate: 2.71% • Amount outstanding at September 30th: $2,870,740 • Reserve requirement: None • Revenue pledged: Non-Ad Valorem Revenues in the General Fund, the Fine and Forfeiture Fund and the Unincorporated Area Service District Funds. The total principal and interest remaining to be paid is$3,068,721. For the fiscal year, principal and interest paid was$681,938 and total pledged revenue was$46,161,053. • 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 $127,200,000 (original award plus seven amendment awards) for collection, transmission and treatment facilities under the State Revolving Fund loan program. • Interest rate: various interest rates (2.35%-3.07%) as of September 30, 2025. • Final maturity: Year 2038 • Principal payment dates:June 15 and December 15 • Interest payment dates:June 15 and December 15 • Amount outstanding as of September 30th: $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$41,670,822. • Purpose: Financing for wastewater capital improvements. • Call provisions: None $16,065,000 Infrastructure Sales Surtax Refunding Revenue Bond, Series 2016 • Type: General Government Refunding Revenue Bond • Dated: September 2016 • Final maturity: Year 2026 • Principal payment date: April 1 • Interest payment dates: April 1 and October 1 • Interest rate: 1.69% • Amount outstanding at September 30th: $5,310,000 • Reserve requirement: None; MBIA insured. 95 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 $16,065,000 Infrastructure Sales Surtax Refunding Revenue Bond, Series 2016 (continued) • 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. $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. 96 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 $17,000,000 Mayfield Interlocal Agreement(continued) • 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 • 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 97 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 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 • 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. 98 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 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 16—Interlocal Agreement Expense Administered by the Florida Department of Environmental Protection (FDEP), the Mayfield Grant is the result of the State of Florida authorizing up to$200 million in grant funding to assist the Keys'wastewater entities to complete central sewer and related projects. In May 2015, Monroe County and Key Largo Wastewater Treatment District (KLWTD) entered into an interlocal agreement (ILA) whereby KLWTD assigned its Mayfield grant allocation funding to Monroe County in exchange for the County repaying those funds over a 10-year period. As a result of the signed ILA in 2015 between Monroe County and KLWTD, FDEP sent Monroe County an amendment to the Mayfield Grant in FY 2014-15 to add the $17 million reallocated funds to the grant agreement between FDEP and Monroe County. The amendment: (1) provided the County an additional $17 million in Mayfield grant funding; (2) reallocated the project budget and; (3)extended the date of the completion of the project. Similarly, during the 2016 legislative session, the Florida Legislature appropriated $5 million for water quality projects under the Florida Keys Stewardship Act. Of the $5 million, $1.25 million was awarded to the KLWTD and they subsequently voted to have Monroe County use its 2016 allotment. In turn, FDEP sent Monroe County an amendment to the Mayfield Grant in FY 2016-17 to add the $1.25 million reallocated fund to the grant agreement between FDEP and Monroe County. Monroe County entered into the grant agreement with FDEP in FY 2016-17 and received the$1.25 million in FY 2017-18. The ILA created transactions with two separate parts 1) a grant between FDEP and Monroe County and 2) a long-term liability payable to KLWTD from Monroe County. For part one, Monroe County recorded grant revenue, which was a reimbursement for capital expenditures already incurred in the Cudjoe Regional Wastewater fund. For part two, the County recorded a long-term liability on the government-wide financial statements, which represents funding the County is obligated to pay KLWTD as a result of the ILA.The offset to this liability was an interlocal agreement expense which represents the value of Monroe County's right to receive the Mayfield Grant revenue forfeited by KLWTD. 99 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 Note 17-Interfund Balances During the course of operations, transactions occur which result in amount owed to a particular fund by another fund, other than for goods provided or services rendered. The receivables and payables are due within a year and are classified "Due from other funds/Due to other funds" on the governmental funds balance sheet or proprietary fund statement of net position. Interfund balances as of September 30, 2025, were as follows: Receiva ie Fund Pa alI brands, Arnount Generalll Rind Gcvernment,alll Grant I'Lind 110,1004,1049 Fine,& ForI I'Lind 8,514 One Cent IllnFr astir kactLar-E Sallies SUirt,ax F'u.I 5,243 Non-Major Governrmentalll 264,476 Card SroLargd 8irii'dge b, 28 Marathon:A4Irjiort 10,001,289 Key"West Airport 25,1066 MSID,Sollhd Waste 4,482 lnternalll 5erI I1 2r173 II and F'orfeoitLare H III DTA 77,046 Non-Major GovernrmentaIII 2,89 ,115 Governrm,entalll Girant F'4ands Gene°r-alll F'L,Iigd 657 ToLaruDdevellop�irrent Admidn �Generalll FLand 2112,755 Pr c m oti cna111rTwo Cent One,Cent IllnFrastrI 5LIrtax Gener-alll F'L,ligd 5,243 Non-Y'71a.Vior F'Landseneralll F'Ln<d2, ,5' 7 Fine,and F'orfe'idtUre 24,757 H III DTA Grant b,590,205 Non-Major Covernmentalll 1133,5811 II West Illnte rnat'idonalll Airport Non-Major Governrmentalll 5,05,2 ,Cp IID,alll Service District Waste Gene°rail', F'L,Iigd 4,250 lntern,alll Service F'Linds G,en,e4ll F'L,Iigd 29,385 Non-Major Governrmentalll 23,1078 Tonal 28,1080,693 100 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 Note 18-Interfund Transfers Interfund transfers at September 30, 2025, are as follows: Trarrsfeni tni Ge n a rad Fund fnom One Cent Infrastructure SurkeK Frond 5.33,977 Fine&Ficxf'eit,uure Fund 70,036.459 TouristDe°wrebopam e rr tAdrnin&F'rorro,Tw c,Ce rfl t 14B.0O3 Mw.uniciFtaI'SiervicE C2i atrict—'Waste 235,202 Card Sound Bridge 79,,776 Maret°,hn,r Air.por.t°, 1O,47'9,2 '2 K EV West International Airport 477.279, Internal Siervi,ce Funds S7, 0101 Frown-nrajuwr Gcave rnrne nt,aI Fuunds 13,S32,262 Total Tr�aiiin sfe ra t.c+G a ner�ail F u nid 52,715,C.79' , Transfenst,ai F i one a,nd Fwa rfe it.urre�F uund from General Fund 4.,5'96,0'7:1 Total Tr�ainsfer:at. FineandlForfe^ituureFund 4,596, 71 Tra,nsfe,rat�ou wvernm,e-nt�aJ rarrrtFuundfru,rn General Fund 13.313 One Cent Infrai truurt:uure SuurtaK Fund :1,,5-77.7'27 Non-Major Governmental Funds Iop9:1 ais1:1 Total Traiinsfe,rs t0i Gavewrnrnentad Graint Find 12,S79.95.1 Transfenst,o Twa,urist,Ctevebrapirne^nt hdirniin&Frroirrmr,Tawmu Cent Fu� frcrn General Fund 2:1 2,'7SS Transfenitu 0n0 e Cent Infraiistru,,i:�tuure Surrt;Bx Furndfmrn General Fund 4,726 Marathon Air.por.t°, 6,2 ,.2,77 Frown-Major Gcvernrnent:al Funds 3'63,7�Xj Total teal Tran afe-ra t.n Gn e 1Ce,nt I of rast ru rrt ire Surma�sK F urnd 7,:17 7,3Cu5 Trarsfenitni Debt Service Fuurdifirom General Fund 5:15.aA6 One Gent Infrastructure S�uurtaK Fund 22,4:12.797 TatadTr a,,n sfe,r s tai De,bit:Se,rvice Fuond 23,327,&43 Transfenst+a Nfi3yn-MajioyrG ve,rniment;:a,I Fuundsfrom General Fund 7,346.493 One Gent Inf'rastruuCtUre:S�uurta�x�Fund 3 ,D Non-Major G'aviernrnent:al Funds 44,5-FrS,Es's Total Tranafe-rat.o Nfon-rnaj�l yrGin�,wre,rnrr wnt,al Fuwmdls K,212 176 Trarsfenitni Mu�nieipiiiao1 Service,Cristrict.Fund from General Fund 4,20:1 Total Interfu nidTrainsfewr�a 101 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 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 Coppitt Wastewater Project and the Cudjoe Regional Wastewater Project, the debt related to the Mayfield Interlocal Agreement, and payment on the lease purchase of three Trauma Star helicopters and emergency response vehicles. Transfers were made to the Governmental Grants Fund of$12,579,951 during the fiscal year.The General Fund transferred $183,313 to meet grant match requirements for Social Services-related grants.The One Cent Infrastructure Sales Surtax Fund transferred $1,577,727 to meet match requirements: $221,342 for the Historic Courthouse grant; $178,282 for the Key Largo Small County Outreach grant program related to road and bridge and similar infrastructure repairs; $397,527 for the Stillwright Point Road elevation project; $780,576 for various hazard mitigation grants. The Board's Impact Fees Roadways Fund transferred $329,686 to 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 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. 102 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 Note 19-Governmental Fund Balance Classifications Fund Balances are presented in the following categories; non-spendable, restricted, committed, assigned and unassigned (see Note 1 for a description of these categories). A detailed schedule of governmental fund balances at September 30, 2025, is presented below: Tourist: Greve-1 a Pim,enat Firreard� Gaverrrm,errtad Arl�miin Rru=rna� G,en,e-rad Forfiait,ure Ganants Tvma Cent: Fund R+alanxe- Non-ap,EndablE: Inventory 15y9'77 Frepaid It,erns 37,2,S Total Non-spendable 53,E3A Restri-cted for: Law Enforcement: 35,,427,421 Fire and Ambulance _ Fu bI i-t::5afet: F'hysic;al Envirtrnment Transportation H-Dusing F'rtngrams Tou r i st,De+v elopm a n t AA,'2'9Cn,'7'2 A Human SErvicss Li bra r y Donations CuI°t,ure and R;erreatiGn Court:F'rogram,s Comprehensive Planning Federal and State Grants Other F'urpase;s Debt:;der site Capit:al Frojerts Total Restricted - 3S,427,421 AA12961'724 Committed°t:a,: D�isast:er Resraarery 1010301000 Fhysiral Enviranment, - Sheriff C,ontrar:t,Administ,ra°t,ion Beach Re-nourishment: Health Care Total Committed 1C,C�C,�CC assigned tarn: Other Furpases, 2,792,121 Fire and Ambulance _ Total Assi,gned 2,792,121 Una ssi;gnad SO,724,5 17 9,12A,DS;d - Total Fu�nd�Balafn,cesi,Ctefir:it,l 63,S70,472 35.42714 21 � i9,12A,DS�,i ��' �4A1296172 4 103 One Cent Debt Mon-Majiur Total InIFaStFUCUFe Serwice, Governmental Governmental Surtax Fund Funds Funds Fund Balance NDn-spend2ble: InVEntary $ $ $ 15,977 Prepaid Items 37,957 Tote I Non-spe n d a bl a S3,934 R estr i c ted for: Law Enfor[EMEnt 19,101,293 53,529,714 Fire and Ambulance :112AIA29B IA241A293 F'u bl i c Safe t:y SA592AI-.A SA592AI-.A PhyEical EnvirGnment 4A'907A971 4A507A971 Transportation 7A65AA9'3'9 7A65AA9'3'9 H Du si n:.-F'r o.-r a ni s 2A'913A771 2A913A771 TGu r i st Deve I Dprn a n t 66A777A413 11:1 A07 A A 13 7 Human Services 6A 15 SA39 2 6A 15 SA39 2 U br a r y Don a t:i on s 472A295 472A295 Culture and RECFE260rl 3A016A739 3AO:16A73,9 Cbu r t F r Ggr a m s 6A720A630, 6A 7 20A 630, CGMPFehensive Nanning 3ASISA974 3AS19A974 Federal and State Grants 39SA126 39SA126 Other Fur-poses 623A049 623A049 D e bt Se r A c a 4 A 7 29 A 7 3 9 4 A 7 29 A 7 3 9 Capital FrDjens 6DASS4A710 - &SA732"A'914 130A557A&24 Total Restricted KIA954A710 4A725A739 19SA227549 343AS36A1' 41 committed to: Dnisast,er Recovery 10 A 1000 A ODD Physical EnvirGnment SA913A069 ShEriffCsGnt,ract,Adniinist,rat:ic,n IA7965,92 IA796,592 Beach Re-nourishment 25IA076 2SIA076 Health C!are 2S3AI39 2S3A139 Total Committed 12A103AS64 22A103AS64 Assigned to: Other Fur-poses - 2A792AI21 Fire and Ambulance 21A 111 SA 197 21A11SAI57 Tots I Assigned SA11SA197 IDA507A309 Unassigned 42A553A512 Total Fund GalancesiDeficitl $ &DASS4A710 4A729A739 $ 21SA446A555 $ 419A20DA959 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 Note 20-Risk Management The County is exposed to various risks of loss related to tort;theft of,damage to,and destruction of assets; errors and omissions; injuries to employees; and natural disasters. During the fiscal years ended 1976, 1984, and 1988, the County established the Workers' Compensation, Group Insurance, and Risk Management Funds, respectively, as internal service funds to account for and finance its uninsured risks of loss. Under these programs,the Workers'Compensation has self-insured coverage up to the first$500,000 per claim for regular employees. Workers' Compensation claims in excess of the self-insured coverage of $500,000 are covered by an excess insurance policy. The Group Insurance Fund provides self-insured excess claims. Risk Management has a $5,000,000 excess insurance policy for general liability claims with a $200,000 self-insured retention and building property damage is covered for the actual value of the building with a deductible of$50,000. Deductibles for windstorm and flood vary by location. The Board purchases commercial insurance for claims in excess of coverage provided by the funds and for all other risks of loss. Settled claims have not exceeded this commercial coverage in any of the past three years. All funds of the Board participate in the programs and make payments to the Workers' Compensation, Group Insurance,and Risk Management Funds based on management's estimates of the amounts needed to pay prior and current year claims. The claims liabilities reported are based on the requirements of Governmental Accounting Standards Board Statement Nos. 10 and 62, which requires that a liability for claims be reported if information prior to the issuance of the financial statements indicates that it is probable that a liability has been incurred at the date of the financial statements and the amount of the loss can be reasonably estimated.These claim liabilities have not been discounted. Changes in the claim liability amounts in fiscal years 2025 and 2024 were: Workers,' Group, Risk Co,mnpensattion tmrsruranoe Management Total uun7 d Ciaims,, :6eptt:e,mber 1 a1,2023 2,195,900 8115,039�11 226,795 3,237,786 111rUir red 6Ila'iuirm.s(IliinClllmidl n,g 1IIBNR,) 1,547,1053 18,953,10398 735,232 211,235,381 Clla'im Payments i1,688,,037) (18,9118,512) i3"111,&��� (218,918,,382) uunn d Claims alt:5e,plt:e,m ber�301,,20124 2,054,916 849,675 850,194 3,554,785 111omir-red Clla'iurns(I1111Clllmidlin,8 VBNP) 812,5511 28,84 ,914 :374,7:3:3 211,232,1198 Clla'im Payments i1,687,253) (19,802,5,89) (1155,362) (211,.645,204) U npaid Claims-at:5eprt:em ber 13 01,21025 1C,180,2114 1,G92,10300 869„565 3,141,779 105 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 Note 21- Litigation And Claims The County is a defendant in various lawsuits and is involved in other disputes wherein substantial amounts are claimed. The County vigorously defends itself with respect to these matters. The County's practice is to provide for these claims when a loss is probable and a loss becomes fixed or determinable in amount. The County is involved in a handful of lawsuits. Most claims have been defeated to date, but one merits mention. The claim, Galleon Bay vs. Monroe County and the State 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 thejudgmentwas affirmed on appeal,the Board deposited$531,391 in the Court Registry to satisfy the judgment and the Clerk issued a Satisfaction of Judgment. The State of Florida subsequently reimbursed the County for its 50 percent share of the final judgement. On December 23, 2023, the Court issued an Order Approving Settlement and Release Agreement on Attorneys' Fees and Costs. On January 10, 2024,the Court ordered the Clerk to disburse the funds from the Court Registry. On October 25, 2024, the Property Owner filed a Motion to Correct Clerical Mistake and set aside the Satisfaction arguing that the Clerk had miscalculated the interest due when the County deposited $531,391 into the Court Registry. At the time of the filing, the Property Owner asserts that she is entitled to an additional $34,665 plus statutory interest from 2016.The County disputes this latest motion. In the opinion of the County, it is reasonably possible that there are other open suits and claims that could result in judgements or settlements, which, in aggregate, would have a material adverse effect on the Board's financial condition. Based on current status of such proceedings, an estimate of the amount or range of potential losses cannot be determined. Note 22-Commitments and Contingencies Grant Programs The County participates in a number of federal and state grant programs that are governed by various rules and regulations of the grantor agencies. Amounts received or receivable from grant agencies are subject to financial and compliance audits by the grantors or their representatives.Any disallowed claims, including amounts already collected, may constitute a liability of the applicable funds.The amount, if any, which may be disallowed by the grantor, cannot be determined at this time, although the County expects such amounts, if any,to be immaterial. Impact Fee Refunds Unexpended or unencumbered funds arising from the collection of impact fees may be refunded within one year following the end of the sixth year from the date on which the impact fee was paid or within three months of the non-commencement of construction, subject to certain conditions. As of the year ended September 30, 2025, management has not determined an estimate of the amounts that could be refunded. However, any unspent impact fees at year end are reported as restricted fund balance and net position in the financial statements. 106 MONROE COUNTY, FLORIDA NOTES TO FINANCIAL STATEMENTS September 30, 2025 Note 23—Restatement During the year ended September 30, 2025, management discovered misstated Due From Others related to the Court Registry that should not be reported as such. In accordance with GASB Statement No. 100, Accounting Changes and Error Corrections, management restated the FY 2024 financial statements to correct the errors. Beginning Net Position,Change in Net Position,and Due From Others have been restated as follows: Custodiiall (Fund Court Registry Net IPosition as of October 1„ 216,24 4,,676,779 Restatement (2„933,485), Court Reg'uistry InNet Pos•iiitVion a t 0ctober 1,, 2024, IRest�at�ed 1„743,294 Note 24-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. 107 REQUIRED SUPPLEMENTARY INFORMATION # > _ Ln # OR 00 £ > % Ln #00 OR < 7 # # - ° - ° rq 0 m m k ( / # # 0 ƒ rq c - ° ° � m m a � 2 & z # # O LLJ / § \ t \ j ) � vi c 2 Ln � OR m m Ln < I � _ > I k 2 k A 0 \ ° CL \0 \ \ \ # OR 2 a E � - - ° § I= ° m m q OR 00 � o # # 0 z \ (N a 0 \ o c � m m O 00 Ln LLI - 0 0) o _ _ x rq ° \ \ u J 0 Ln 0 \ Ln \ \ \ \ \ \ rq 3 2 e / J to a- / { 3 u / { \ - § - y y y } J ƒ u \ 0 0 0 0 / ° 0 ) 00 Ln Ln N W W l0 Ln Ln Ol o kD c-I c-I pl c-I N n n O O n c-I to to to N N m 1p 1p c-I rl rl c-I O Ln 0 N W W Oi N Ln n n � O O Lf1 n c o 00 N N O :t N N N c-I c-I W c-I l0 l0 Lf1 Lf1 l0 N N W o 0 l0 l0 l0 W N O O N N c-I c-I 00 c-I o a co o a a m OR m W c�-I 0 Z oU Lu 0 a ti ti co J a Ln Ln m ZUJ ID crl C N r ti o m Z O a ti ti � o W Ln V O z 6L W N N N W C LLr LLr Il 0 OR O W N N O O tco 0 O W c^-I W a o co m m rn o OC Ln T N W O m to to of OR J c ti ti co v Q w W O Ill Ill 0 � m m o o N Ol Ol N I� c-I N to to to � N N O O Ln 3 0 o m Ln m m o v N O O 0 W W Lr _ N O O O) n N N c c u m N � hp 6 0 N T V N v N K V — u C T N d O K 0 V — N T v N O_ T O C C O d C N C �p 7 O 7 O O -O O O 7 O V N N O 7 O 7 ^ 7 > E N � V V O > -.2 V N N X 0i N c V c V c 0 V c 0 H V V V V ( 3 Q 00 # # \ ) / # # 00 f Q 7 # # Ln (N = r 00 2 # / # # 0 ƒ c ^ ° r ^ z m m a R z # y O r « LLI 0 c Ln \ \ ° � « 2 , ° & Ln � \ \ # # z r = r r o z L v � c q m m S o z � # a o_ Ln LLI 0 2 a { § R f > r § 0 m m q a ® q { 2 _ o c � m m O OR LLI - OR § o r Ln r { x 0 m \ u J 0 C14 \ # \ \ \ \ \ \ / } \ CL / b r - , ° - - § 0 0 / 7 j / 3 0 j = . & % 0 / N N c-I 1p 1p N W W 0 p �o a) Ln N ti v O r O o m Ln Ln ti n N N m o c m m o No 1p 1p Ln W W W o Ol Ol O N00 c O O O ti ti � O O l0 m m m m o rn rn 00 N c-I c-I N cy W Z N N 0 0 O a a m o Q O a a (V W m N00 c 0 Z O O N W W W J 0 Q ti r-i m LL H N 0 0 0 o J N W z 0 yd N to v to to rl O w U LL O O N U O z GC Q 0 Ln Ln m W rq a a rn 0 z N n n W ti �. 0 O Ln Ln l0 0 Z Q N c-I c-I c-I C J C 00 O W J J Q N N W W rn rn N 0 m yL = m 0 mo mo o 2 � � Ln U N c-i c-i N cy N � N Q w m m m a C n Ln n o Ln Ln N N l0 0 O N N N N N c-I � N N N m m Ln 3 rn rn m Ln 00 00 o v N W W c O T O m m Ln O _ N N N Ol N u c-I m N � bn 6 O N T V N v � K V — T N d O T v O_ T .O C C O d C C �p 7 O 7 O O -O O O 7 � O � � V N 0) 0 7 O 7 ^ 7 > E N V V O j -2 V N N X i N c V c aL.., V c 00 V c O H V V V 2 V .:t Ln W Ln N l0 W m � r-to m o m m 00 rn \ \ O z z N to to I� l0 Ol Ln c-1 W I, C --� O N N m r--I n N Ol Ol N Ol I, W N M m M c-I I, Q Q O m W Z N Z c-I l0 N Ln l0 I� r, l0 W l0 r- I� cy c-I N c-I Cl l 00 cN-I^ rn M O W � Q Q 0 O W W Z Z N N aLLI oc > 0 oC s a F I s ;:z O W N Ln r--i rl N a C Lri QJ m m �0 to O Q Q J Q O W W u Z Z w U N � 0 0 W n v� Z Z U rl r- c rn a o ti O ~ Z p W O O Ln 0 � Q Q J_ W 0 .� W r, Z Z Q m N Q � J W to to _ v 0 0 Z W LL.Z O 0 o o c� O c� m a ti a) m m m m Ln J — Z Ln Z Q O cl m o rl r- m O LL Z Q W N N l0 M cm-I O Q Q 00 `� a Wd V1 J N V Z Z N LLJ Z Z W U Z c I W Z = Vf +n +n 0 Zn (7 LL V W iy 0 °ti' m m a o^ rn Ln Ln -°c W J m C m m Ln a m cl m W OOC d Z °� ~ N Ln � = N ti 000 00 Q Q � Z N O J N Z Z C .0 CO D U W o G W W W n V r N c-I m Ln Ol Ol O cr Z J m m N a � m -4 0) LLI O m N 00Lnm m E Ln O mQ ¢ W > a C'J N Z Z E > Z O V 0 Q LL n n 0 = Z o U Q m a o o O O 0 LL J N Ln l0 I, Ol I, W 0)a0 Ln to N rl m r-t E c cri o a ni o N N 0) W Z N ,� m V Ln m Q Q c m J O N m m Z Z E in N � = W c U a co N 0) co of o ti ti � v 3 co W Ili t0 O Ili c-I N �^ m N l0 M m W Q Q 0) in O N z z V u 0 w C V O � � N v C 70 txo -O E O V f6 >• N J Q s 0) T N CO C V °� 0 u Q E w c � � p a a a v� CO Co O N N N O N N p � E J CO pq 0 Q - N W C N V n mtxo C E O u V v Q Q 0 w '� 72 C O C C C tlq LLJ H ,+T+ j O n v d > N w w m O c ,� c t c a G a +T+ V O V w t C Ln V co V + a COw � = moN o N t0)0 wFFVV o Z Z H Ln 0)r ° < ( d 7 2 r ro / CL \ \ � { - LLI bio \ a 2 ) a- CL rLLI _ ) < / m ° 0 \ z LLI \ \ u \ bio ) \ \ < 2 2 Z < « z Lu < / k U w Ln^ e \ _ i K / r < -CL : \ A Z Z � \ 0 ( \ \ / \ rn LU � LU S � / \ � CL 0) _bn \ \ \ aN - 0 \ - z 7 \ - - o Lu G LU \ \ � \ \ \ � \ 3 K _ 0 2 o 7 t ( \ > Lu ) CL ) O m m - z - - 5 _ - ƒ _ ) z / CL § \ & g u { 0) e _ § / ± a / / - 0) / \ / / Ln 2 lf - Cj < _ / { \ ) 2LA 7 / < > _ Ln m m ! 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Z ~ O O O O O O O O O O O N p OL : O O O O O O O O O O O ai s 0 a1 Z N O N Ln a O a Ln O O O O 0 T 0 t0 n Ln w N Ln t O I� o N C 0 N Q to ,--� Ol W r, W '^ N V J 0 m m m N N O Ol N m W N = T WW N N N to W N to to N O Z% 0 Ln O N m CC ti V) n m a o zcr WC7 OO OO OOO c O u 2OC W O a, '^ CL v - > a, Z N m 0) r, r, 2 Ln rn N rn r, m Ln rn rn cn a, a a, o Q N Ln N Cl N m N W M Ln 2 - ,j j > o a 0 0 T C W 0 .v m J u 'O 1- 0 O V O p W v � .L = 0) v N a c t a O Q Q m ._ Q a1 io y T p E txo f6 O I _0 O Y c N O O C } V T C C 0 Q J O X a w g w y a v v c a m w w m o ._ m o- a a O a o N v — m w m Q F p w m co u m fl- O in O- Jf6 L C iFV OV " u v a W 0 Lipu to to cn � -a a O + a7a ) a O > v Oo Oo a Oo c s O O w O v N v° > ° ca a u V V 0 V CO ++ +O+ +O+ > +O+ O al 0 O ^ 7 0 s F Z F F V F Z Z w ou 0 u a� COMBINING AND INDIVIDUAL FUND STATEMENTS AND SCHEDULES NON-MAJOR GOVERNMENTAL FUNDS SPECIAL REVENUE FUNDS Affordable Housing Programs —To account for revenues and expenditures of various low income housing programs. Roads and Bridges—To account for revenues and expenditures of the constitutional gas taxes. Middle Keys Health Care Municipal Service—To account for revenues and expenditures related to providing indigent health care services and other essential facilities and municipal services. Tourist Development Districts—To account for the local option three-cent bed tax in five districts for the expenditures of advertising, promotions, and special events of the County's Tourist Development Council. Impact Fees —To account for the revenues and expenditures relating to impact fees collected for roadways, parks and recreation,solid waste, and fire and EMS. Fire and Ambulance District#1, Lower and Middle Keys—To account for revenues and expenditures in District#1 forfire and ambulance services. Unincorporated Area Service Districts—To account for all revenues and expenditures for planning, building and zoning, and parks and recreation services provided only to the unincorporated area of the County. Municipal Policing — To account for all revenues and expenditures for local road patrol law enforcement in the City of Marathon, City of Layton,and Islamorada,Village of Islands. Duck Key Security District — To account for the revenues and expenditures in providing security services for the Duck Key District. Housing Initiatives—To account for all revenues and expenditures for County-led housing initiatives. Boating Improvement — To account for revenues and expenditures for providing boating-related activities,for removal of vessels and floating structures deemed a hazard to public safety and health, and for manatee and marine mammal protection and recovery. Miscellaneous Special Revenue—To account for revenues and expenditures earmarked for specific purposes. Environmental Restoration—To accountforall revenue and expenditures forfines/fees collected and earmarked for environmental protection. Court Facility Fees—To account for revenues collected upon the institution of any civil action, suit or proceedingto be used exclusively in providing and maintaining existing and future facilities forthe use of the Circuit and County Court systems. Drug Abuse Trust—To account for assessments collected for drug abuse programs and to disburse assistance grants for drug abuse treatment and/or educational programs which meet the standards for qualification of such programs by the Department of Health and Rehabilitative Services. NON-MAJOR GOVERNMENTAL FUNDS SPECIAL REVENUE FUNDS Canal Special Assessments — To account for the revenues and expenditures relating to the assessments paid by homeowners that are dedicated to maintaining and improving canals. Building Fund—To account forthe revenues and expenditures relating to building permits and forthe administration and enforcement of the building code for the unincorporated area of the County. Sheriff's Teen Court—To account for receipts and disbursements pertaining to a program designed to deterjuveniles who are becoming involved in crime. Sheriff's Federal Forfeiture—To account for the revenues from the U.S. Departments of Justice and Treasury. Expenditures are made in accordance with the guidelines issued by these agencies. Sheriff's State Forfeiture—To account for the proceeds from state forfeitures received primarily from the South Florida Drug and Money Laundering Task Force. Sheriff's Contract Administrative — To account for the receipts of service fees collected for administering HIDTA, South Florida Law Enforcement Trust Fund, Impact Support, and the NHAC Financial Unit. Expenditures relate to the costs of administering their activities. Sheriff's Inmate Commissary—To account for the receipts and disbursements of inmate telephone commissions,canteen revenues,and other inmate programs. Sheriff's Interagency Communications — To account for revenues and expenditures allocated for radio communications. Sheriff's Trauma Star—To account for revenues and expenditures for the Sheriff's operation of the Trauma Star helicopter. Sheriff's Radio Communications —To account for revenues and expenditures from Court fees for radio communications. Sheriff's Grants —To account for the revenues and expenditures relating to various of the Sheriff's gra nts. Sheriff's Shared Asset Forfeiture — To account for the revenues and expenditures of the Sheriff Department's shared asset forfeiture program. Sheriff's E911 —To account for fees levied on each telephone access line in Monroe County for the enhancement of the 911 emergency telephone systems. Clerk's Records Modernization Trust — To account for revenue received through an additional recording fee pursuant to Florida Statute 28.24(1S)(d) to be used for equipment, equipment maintenance,training, and technical assistance necessary to modernize the Clerk's public records system. Clerk's Court-Related — To account for revenues and expenditures for providing court related services under the direction of the Clerk of the Circuit Court. NON-MAJOR GOVERNMENTAL FUNDS CAPITAL PROJECT FUNDS Land Acquisition Fund—To account for the revenues and expenditures related to Land Acquisition. Tourist Development Tax(TDT)Affordable Housing Fund—To account for affordable housing capital projects targeted for tourism sector workers funded by surplus TDT. Infrastructure Sales Surtax Revenue Bonds Series 2025 Fund—To account for capital infrastructure projects financed by the Series 2025 Infrastructure Sales Surtax Revenue Bonds. This page is intentionally left blank. MONROE COUNTY,FLORIDA COMBINING BALANCE SHEET NON-MAJOR GOVERNMENTAL FUNDS SEPTEMBER 30,2025 Special Revenue Funds Tourist Affordable Roads Middle Keys Development Housing and Health Care All Districts Programs Bridges MSTU Two Cent Assets Cash and Cash Equivalents $ 78,650 $ 1,162,427 $ 32,601 $ 5,426,693 Investments 379,044 5,655,600 157,323 21,897,464 Accounts Receivable,Net - 576 - - Due from Other Funds - 62,312 114,561 Due from Other Governmental Units 607,311 - - Mortgages/Notes Receivable - Allowance for Mortgages/Notes Receivable - - - - Interest Receivable 2,174 32,434 902 125,578 Total Assets $ 459,868 $ 7,458,348 $ 253,138 $ 27,564,296 Liabilities,Deferred Inflows of Resources,and Fund Balances Liabilities: Accounts Payable $ $ 139,271 $ $ 981,376 Retainage Payable 425 - Accrued Wages and Benefits Payable 198,225 Due to Other Funds 2,419 Due to Other Governmental Units 174,031 Other Current Liabilities - Unearned Revenue Deposits in Escrow - - Total Liabilities 514,371 981,376 Deferred Inflows of Resources: Unavailable Revenues - - Total Deferred Inflows of Resources - - Fund Balances(Deficits): Restricted 459,868 6,943,977 26,582,920 Committed - - 253,138 - Assigned - - - - Total Fund Balances(Deficits) 459,868 6,943,977 253,138 26,582,920 Total Liabilities,Deferred Inflows of Resources and Fund Balances(Deficits) $ 459,868 $ 7,458,348 $ 253,138 $ 27,564,296 115 Special Revenue Funds Tourist Tourist Tourist Tourist Tourist Impact Fees, Development Development Development Development Development Impact Fees, Parks,and District One District Two District Three District Four District Five Roadways Recreation $ 5,154,704 $ 860,638 $ 1,789,385 $ 1,077,565 $ 1,560,745 $ 48,303 $ 86,242 19,180,639 2,983,325 6,217,903 3,689,431 5,307,175 657,800 415,634 - - - - 15,019 - - 170,172 26,349 51,258 30,768 48,770 109,997 17,109 35,659 21,158 30,436 4,919 2,384 $ 24,615,512 $ 3,887,421 $ 8,094,205 $ 4,818,922 $ 6,962,145 $ 711,022 $ 504,260 $ 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 5,470,086 711,022 504,260 251,076 - - - - - - 19,836,810 3,536,926 7,195,719 4,406,028 5,470,086 711,022 504,260 $ 24,615,512 $ 3,887,421 $ 8,094,205 $ 4,818,922 $ 6,962,145 $ 711,022 $ 504,260 116 MONROE COUNTY,FLORIDA COMBINING BALANCE SHEET NON-MAJOR GOVERNMENTAL FUNDS SEPTEMBER 30,2025 (Continued) Special Revenue Funds Fire&Amb Unincorporated Unincorporated District#1, Area Service Area Service Impact Fees, Impact Fees, Lower and District, Dist,Planning Municipal Solid Waste Fire and EMS Middle Keys Parks and Rec Bldg and Zoning Policing Assets Cash and Cash Equivalents $ 25,452 $ 39,735 $ 1,162,459 $ 149,582 $ 1,559,117 $ 552,866 Investments 122,665 191,497 6,752,945 2,411,370 4,884,066 2,664,503 Accounts Receivable,Net - - 713,971 - 82,796 - Due from Other Funds 331,198 52,461 22,035 528,906 Due from Other Governmental Units - 82,182 259,725 - Mortgages/Notes Receivable - - Allowance for Mortgages/Notes Receivable - - - - - - Interest Receivable 703 1,098 38,727 13,829 28,009 15,280 Total Assets $ 148,820 $ 232,330 $ 8,999,300 $ 2,709,424 $ 6,835,748 $ 3,761,555 Liabilities,Deferred Inflows of Resources,and Fund Balances Liabilities: Accounts Payable $ $ $ 30,187 $ 92,937 $ 36,957 $ Retainage Payable - - - Accrued Wages and Benefits Payable 847,454 87,062 443,471 Due to Other Funds 6,472 11,115 12,196 Due to Other Governmental Units - 418 1,449 Other Current Liabilities - - Unearned Revenue - - Deposits in Escrow - 5,413 228,695 Total Liabilities 884,113 196,945 722,768 Deferred Inflows of Resources: Unavailable Revenues - - - Total Deferred Inflows of Resources - - - Fund Balances(Deficits): Restricted 148,820 232,330 2,512,479 6,112,980 3,761,555 Committed - - - - - Assigned - - 8,115,187 - - - Total Fund Balances(Deficits) 148,820 232,330 8,115,187 2,512,479 6,112,980 3,761,555 Total Liabilities,Deferred Inflows of Resources and Fund Balances(Deficits) $ 148,820 $ 232,330 $ 8,999,300 $ 2,709,424 $ 6,835,748 $ 3,761,555 117 Special Revenue Funds Duck Key Local Affordable Miscellaneous Security Housing Housing Boating Special District Assistance Initiatives Improvement Revenue $ 74,053 $ 343,785 $ 86,281 $ 778,954 $ 618,754 356,843 1,656,833 415,821 3,754,225 2,984,260 - - - 3,000 54,759 525 46,504 52,798 - - - 593,619 12,588,921 - (12,588,921) - - - 2,046 9,502 2,385 21,530 17,114 $ 433,467 $ 2,010,120 $ 504,487 $ 4,604,213 $ 4,321,304 $ 6,746 $ 46,200 $ - $ 56,908 $ 62,114 13,088 6,651 - 1,416 183 26,907 - 3,000 - 6,746 60,704 66,742 89,021 426,721 1,949,416 504,487 4,537,471 4,232,283 426,721 1,949,416 504,487 4,537,471 4,232,283 $ 433,467 $ 2,010,120 $ 504,487 $ 4,604,213 $ 4,321,304 118 MONROE COUNTY,FLORIDA COMBINING BALANCE SHEET NON-MAJOR GOVERNMENTAL FUNDS SEPTEMBER 30,2025 (Continued) Special Revenue Funds Drug Court Canal Environmental Abuse Facility Special Building Restoration Trust Fees Assessments Fund Assets Cash and Cash Equivalents $ 1,620,228 $ 21,997 $ 1,047,359 $ 41,295 $ 854,743 Investments 7,915,718 106,011 5,047,639 198,986 3,425,930 Accounts Receivable,Net - - - - 320 Due from Other Funds 2,919 47,449 1,575 - Due from Other Governmental Units - - - Mortgages/Notes Receivable Allowance for Mortgages/Notes Receivable - - - - - Interest Receivable 45,395 608 28,947 1,141 19,647 Total Assets $ 9,581,341 $ 131,535 $ 6,171,394 $ 242,997 $ 4,300,640 Liabilities,Deferred Inflows of Resources,and Fund Balances Liabilities: Accounts Payable $ 1,398 $ $ $ 464 $ 40,468 Retainage Payable - - - Accrued Wages and Benefits Payable 7,792 12,402 238,507 Due to Other Funds 1,616 - - Due to Other Governmental Units - 964 Other Current Liabilities - Unearned Revenue - Deposits in Escrow - - - 8,110 Total Liabilities 10,806 12,402 464 288,049 Deferred Inflows of Resources: Unavailable Revenues - - - - Total Deferred Inflows of Resources - - Fund Balances(Deficits): Restricted - 131,535 6,158,992 - 4,012,591 Committed 9,570,535 - - 242,533 - Assigned - - - - - Total Fund Balances(Deficits) 9,570,535 131,535 6,158,992 242,533 4,012,591 Total Liabilities,Deferred Inflows of Resources and Fund Balances(Deficits) $ 9,581,341 $ 131,535 $ 6,171,394 $ 242,997 $ 4,300,640 119 Special Revenue Funds Sheriff's Sheriff's Sheriff's Sheriff's Sheriff's Sheriff's Teen Federal State Contract Inmate Interagency Court Forfeiture Forfeiture Administrative Commissary Communications $ $ 778,368 $ 3,628,706 $ $ 1,659,418 $ 236,365 48,865 668,682 382,848 - - - 50,018 - 61,906 - - 2,087,272 5,135 15,877 4,796 6,408 170 85,530 - - - 3,835 280 - - - $ 66,702 $ 837,476 $ 4,297,838 $ 2,172,802 $ 2,097,419 $ 252,242 $ $ - $ - $ - $ 24,319 $ 4,567 6,301 - - 6,945 - 2,854 19,169 311,553 22,439 436 - - 74,667 50,047 - 9,910 9,155 19,169 386,220 103,750 14,913 66,702 828,321 4,278,669 - 1,993,669 237,329 - - - 1,786,582 - - 66,702 828,321 4,278,669 1,786,582 1,993,669 237,329 $ 66,702 $ 837,476 $ 4,297,838 $ 2,172,802 $ 2,097,419 $ 252,242 120 MONROE COUNTY,FLORIDA COMBINING BALANCE SHEET NON-MAJOR GOVERNMENTAL FUNDS SEPTEMBER 30,2025 (Concluded) Special Revenue Funds Sheriff's Sheriff's Sheriff's Trauma Radio Sheriff's Shared Asset Star Communication Grants Forfeiture Assets Cash and Cash Equivalents $ 2,786,885 $ 61,173 $ $ 172,032 Investments - - 4,684,169 Accounts Receivable,Net - Due from Other Funds 449,918 Due from Other Governmental Units 122,092 Mortgages/Notes Receivable Allowance for Mortgages/Notes Receivable - - Interest Receivable - 43,858 Total Assets $ 2,786,885 $ 61,173 $ 572,010 $ 4,900,059 Liabilities,Deferred Inflows of Resources,and Fund Balances Liabilities: Accounts Payable $ $ $ $ 57,268 Retainage Payable - Accrued Wages and Benefits Payable Due to Other Funds 2,786,885 61,173 176,884 Due to Other Governmental Units - - - Other Current Liabilities Unearned Revenue Deposits in Escrow - - - - Total Liabilities 2,786,885 61,173 176,884 57,268 Deferred Inflows of Resources: Unavailable Revenues - - - - Total Deferred Inflows of Resources - - Fund Balances(Deficits): Restricted 395,126 4,842,791 Committed - - Assigned - - Total Fund Balances(Deficits) - - 395,126 4,842,791 Total Liabilities,Deferred Inflows of Resources and Fund Balances(Deficits) $ 2,786,885 $ 61,173 $ 572,010 $ 4,900,059 121 Special Revenue Funds Capital Project Funds Total Clerk's Clerk's Total Non-Major Land TDT Revenue Bond Non-Major Sheriff's Records Court Special Rev Acquisition Affordable Series Governmental E911 Modernization Related Funds Fund Housing 2025 Funds $ 2,136,320 $ 3,658,521 $ 2,696,925 $ 44,069,326 $ 80,476 $ 4,991,785 $ 40,125,239 $ 89,266,826 - - - 115,215,214 387,843 24,057,383 - 139,660,440 480 920,939 - - 920,939 1,522 4,212,190 4,212,190 37 1,761,870 1,761,870 - 12,588,921 12,588,921 (12,588,921) (12,588,921) 676,684 2,224 137,965 - 816,873 $ 2,136,320 $ 3,658,521 $ 2,698,964 $166,856,223 $ 470,543 $ 29,187,133 $ 40,125,239 $236,639,138 $ 7,499 $ 8,663 $ 30,986 $ 9,272,103 $ - $ - $ 50,001 $ 9,322,104 - - - 3,458 - 3,458 6,552 - - 1,901,754 1,901,754 - 8,288 1,736,661 5,188,825 5,188,825 - - 924,302 1,487,243 1,487,243 29,971 - 29,971 29,971 41 9,951 9,951 - - - 242,218 242,218 44,063 16,951 2,691,949 18,135,523 50,001 18,185,524 - - 7,015 7,015 - 7,015 - - 7,015 7,015 - - - 7,015 2,092,257 3,641,570 - 128,494,634 470,543 29,187,133 40,075,238 198,227,548 - - 12,103,864 - - - 12,103,864 - - 8,115,187 - - - 8,115,187 2,092,257 3,641,570 148,713,685 470,543 29,187,133 40,075,238 218,446,599 $ 2,136,320 $ 3,658,521 $ 2,698,964 $166,856,223 $ 470,543 $ 29,187,133 $ 40,125,239 $236,639,138 122 MONROE COUNTY,FLORIDA 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 - - - - Public Safety Physical Environment - Transportation - 7,579,965 - Economic Environment 1,170 - - 8,215,520 Human Services - 3,336,887 - Culture and Recreation - Court Related Capital Outlay Debt Service: Principal 9,622 Interest - 378 - - Total Expenditures 1,170 7,589,965 3,336,887 8,215,520 Excess(Deficiency)of Revenues Over(Under)Expenditures 13,235 (198,544) (87,946) 2,541,055 Other Financing Sources(Uses) SBITA Financing - - Lease Financing - - Transfers from Other Funds 62,312 114,561 Transfers to Other Funds (408,919) (147,181) (88,988) Issuance of Debt - Total Other Financing Sources(Uses) (408,919) (84,869) 25,573 Net Change in Fund Balances 13,235 (607,463) (172,815) 2,566,628 Fund Balances(Deficits)-October 1 446,633 7,551,440 425,953 24,016,292 Fund Balances(Deficits)-September 30 $ 459,868 $ 6,943,977 $ 253,138 $ 26,582,920 123 Special Revenue Funds Tourist Tourist Tourist Tourist Tourist Impact Fees, Development Development Development Development Development Impact Fees, Parks,and District One District Two District Three District Four District Five Roadways Recreation $ 14,340,045 $ 2,550,295 $ 5,484,760 $ 3,230,650 $ 4,812,428 $ - $ - - - - - - 75,440 23,810 737,819 110,724 247,286 143,356 209,183 31,775 15,649 416 - - - 22,257 - - 15,078,280 2,661,019 5,732,046 3,374,006 5,043,868 107,215 39,459 12,055,505 1,869,586 5,096,392 3,137,129 5,543,956 12,055,505 1,869,586 5,096,392 3,137,129 5,543,956 - - 3,022,775 791,433 635,654 236,877 (500,088) 107,215 39,459 170,172 26,349 51,258 30,768 48,770 (16,335,635) (2,457,855) (7,622,619) (4,137,994) (4,619,279) (329,686) (16,165,463) (2,431,506) (7,571,361) (4,107,226) (4,570,509) (329,686) (13,142,688) (1,640,073) (6,935,707) (3,870,349) (5,070,597) (222,471) 39,459 32,979,498 5,176,999 14,131,426 8,276,377 10,540,683 933,493 464,801 $ 19,836,810 $ 3,536,926 $ 7,195,719 $ 4,406,028 $ 5,470,086 $ 711,022 $ 504,260 124 MONROE COUNTY,FLORIDA COMBINING STATEMENT OF REVENUES,EXPENDITURES, AND CHANGES IN FUND BALANCES NON-MAJOR GOVERNMENTAL FUNDS FOR THE YEAR ENDED SEPTEMBER 30,2025 (Continued) Special Revenue Funds Fire&Amb Unincorporated District#1, Area Service Impact Fees, Impact Fees, Lower and District, Solid Waste Fire and EMS Middle Keys Parks and Rec Revenues Taxes $ $ $ 17,146,570 $ 3,412,776 Licenses and Permits 9,789 - - Intergovernmental - 142,697 1,282,582 Charges for Services 1,181,080 99,293 Fines and Forfeitures - - Investment Income 4,637 7,168 590,277 142,259 Miscellaneous - - 154,674 4,242 Total Revenues 41637 16,957 19,215,298 4,941,152 Expenditures Current: General Government - - - - Public Safety 18,170,085 Physical Environment - Transportation Economic Environment Human Services - Culture and Recreation 4,295,144 Court Related - Capital Outlay - Debt Service: Principal 57,346 12,310 Interest 2,847 917 Total Expenditures 18,230,278 4,308,371 Excess(Deficiency)of Revenues Over(Under)Expenditures 4,637 16,957 985,020 632,781 Other Financing Sources(Uses) SBITA Financing - - 75,146 - Lease Financing - - Transfers from Other Funds 331,198 52,461 Transfers to Other Funds (1,955,192) (431,689) Issuance of Debt Total Other Financing Sources(Uses) (1,548,848) (379,228) Net Change in Fund Balances 4,637 16,957 (563,828) 253,553 Fund Balances(Deficits)-October 1 144,183 215,373 8,679,015 2,258,926 Fund Balances(Deficits)-September 30 $ 148,820 $ 232,330 $ 8,115,187 $ 2,512,479 125 Special Revenue Funds Unincorporated Area Service Duck Key Local Affordable Miscellaneous Dist,Planning Municipal Security Housing Housing Boating Special Bldg and Zoning Policing District Assistance Initiatives Improvement Revenue $ 912,522 $ 6,239,571 $ - $ - $ - $ - $ - 36 - 121,958 - 215,126 35,983 3,372,442 - - 1,071,271 - - 65,565 4,295,085 5,765,874 - 780,844 401,701 1,654,012 - - - - - 312,955 219,696 177,456 15,098 93,492 11,986 141,745 136,826 392 - - 811,538 - - 2,781,761 10,454,185 12,182,901 137,056 1,976,301 227,112 922,589 3,734,791 4,565,877 - - - - - - 4,707,188 1,246,738 110,084 - 239,956 1,036,101 - - 563,787 1,931,404 3,074,961 2,000 755,549 - - 137,026 58,359 224,705 17,637 785 - - - - - - 10,327,588 1,246,738 110,084 3,074,961 2,000 563,787 3,346,999 126,597 10,936,163 26,972 (1,098,660) 225,112 358,802 387,792 11,386 - - - - - 21,059 528,906 525 (413,242) (11,033,346) (1,000) (772,897) (380,797) (10,504,440) (475) (772,897) (254,200) 431,723 26,497 (1,098,660) 225,112 358,802 (385,105) 6,367,180 3,329,832 400,224 3,048,076 279,375 4,178,669 4,617,388 $ 6,112,980 $ 3,761,555 $ 426,721 $ 1,949,416 $ 504,487 $ 4,537,471 $ 4,232,283 126 MONROE COUNTY,FLORIDA COMBINING STATEMENT OF REVENUES,EXPENDITURES, AND CHANGES IN FUND BALANCES NON-MAJOR GOVERNMENTAL FUNDS FOR THE YEAR ENDED SEPTEMBER 30,2025 (Continued) Special Revenue Funds Drug Court Canal Environmental Abuse Facility Special Restoration Trust Fees Assessments Revenues Taxes $ $ $ $ Licenses and Permits 77,888 Intergovernmental - ChargesforServices - 40,862 660,714 Fines and Forfeitures 1,170,040 - - - Investment Income 298,212 3,629 191,166 7,891 Miscellaneous - - - - Total Revenues 1,468,252 44,491 851,880 85,779 Expenditures Current: General Government - - - - Public Safety - - Physical Environment 600,233 23,007 Transportation - - Economic Environment Human Services - Culture and Recreation 6,769 - Court Related - 414,517 Capital Outlay - Debt Service: Principal Interest - - - Total Expenditures 607,002 - 414,517 23,007 Excess(Deficiency)of Revenues Over(Under)Expenditures 861,250 44,491 437,363 62,772 Other Financing Sources(Uses) SBITA Financing - - - - Lease Financing - Transfers from Other Funds 1,575 Transfers to Other Funds (22,243) - Issuance of Debt - Total Other Financing Sources(Uses) (22,243) - - 1,575 Net Change in Fund Balances 839,007 44,491 437,363 64,347 Fund Balances/(Deficits)-October 1 8,731,528 87,044 5,721,629 178,186 Fund Balances(Deficits)-September 30 $ 9,570,535 $ 131,535 $ 6,158,992 $ 242,533 127 Special Revenue Funds Sheriff's Sheriff's Sheriff's Sheriff's Sheriff's Sheriff's Building Teen Federal State Contract Inmate Interagency Fund Court Forfeiture Forfeiture Administrative Commissary Communications 6,491,594 - - - - 1,732,095 1,771,786 - - 147,089 66,455 - 4,148,222 574,550 37,507 - - - 25,054 - - - 147,973 1,542 35,447 73,127 73,562 10,491 21,063 - 281,306 1,849,980 29,610 430,609 224 6,807,719 66,455 2,014,943 1,910,481 6,022,745 1,078,721 48,222 6,029,956 64,888 3,412,619 73,118 5,843,811 686,187 193,911 6,029,956 64,888 3,412,619 73,118 5,843,811 686,187 193,911 777,763 1,567 (1,397,676) 1,837,363 178,934 392,534 (145,689) 15,013 199,487 (538,659) - - (538,659) - - 15,013 - 199,487 239,104 1,567 (1,397,676) 1,837,363 193,947 392,534 53,798 3,773,487 65,135 2,225,997 2,441,306 1,592,635 1,601,135 183,531 $ 4,012,591 $ 66,702 $ 828,321 $ 4,278,669 $ 1,786,582 $ 1,993,669 $ 237,329 128 MONROE COUNTY,FLORIDA COMBINING STATEMENT OF REVENUES,EXPENDITURES, AND CHANGES IN FUND BALANCES NON-MAJOR GOVERNMENTAL FUNDS FOR THE YEAR ENDED SEPTEMBER 30,2025 (Concluded) Special Revenue Funds Sheriff's Sheriff's Sheriff's Trauma Radio Sheriff's Shared Asset Star Communication Grants Forfeiture Revenues Taxes $ $ $ $ Licenses and Permits Intergovernmental 1,020,451 Charges for Services 33,485 Fines and Forfeitures - Investment Income 231,244 Miscellaneous - - Total Revenues 1,053,936 231,244 Expenditures Current: General Government - - - - Public Safety 5,708,838 1,215,966 1,816,210 167,410 Physical Environment - - - - Transportation Economic Environment Human Services Culture and Recreation Court Related Capital Outlay Debt Service: Principal Interest - - - - Total Expenditures 5,708,838 1,215,966 1,816,210 167,410 Excess(Deficiency)of Revenues Over(Under)Expenditures (5,708,838) (1,215,966) (762,274) 63,834 Other Financing Sources(Uses) SBITA Financing - Lease Financing - - - Transfers from Other Funds 8,495,723 1,277,139 1,843,294 Transfers to Other Funds (2,786,885) (61,173) - Issuance of Debt - - - Total Other Financing Sources(Uses) 5,708,838 1,215,966 1,843,294 Net Change in Fund Balances - - 1,081,020 63,834 Fund Balances(Deficits)-October 1 (685,894) 4,778,957 Fund Balances(Deficits)-September 30 $ $ $ 395,126 $ 4,842,791 129 Special Revenue Funds Capital Projects Funds Total Clerk's Clerk's Total Non-Major Land TDT Revenue Bond Non-Major Sheriff's Records Court Special Rev Acquisition Affordable Series Governmental E911 Modernization Related Funds Fund Housing 2025 Funds $ $ $ $ 74,490,590 $ $ $ $ 74,490,590 7,051,624 7,051,624 1,445,933 - 1,727,449 17,510,646 23,925 17,534,571 525,934 384,794 1,122,045 20,269,982 - 20,269,982 - - 2,385,079 5,547,140 - 5,547,140 109,241 185,241 72,175 5,602,517 11,373 1,072,183 1,307,091 7,993,164 - - 983 6,431,457 149,319 - - 6,580,776 2,081,108 570,035 5,307,731 136,903,956 184,617 1,072,183 1,307,091 139,467,847 - - - 4,565,877 - - - 4,565,877 1,998,913 51,685,878 51,685,878 - 4,154,532 4,154,532 7,579,965 7,579,965 39,751,768 39,751,768 3,473,913 3,473,913 4,360,272 4,360,272 417,250 6,784,982 7,841,454 7,841,454 - - - 831,826 6,885,050 588,873 8,305,749 96,915 - - 48,691 145,606 - - - 4,927 - - 1,310 6,237 1,998,913 417,250 6,784,982 123,515,501 831,826 6,885,050 638,874 131,871,251 82,195 152,785 (1,477,251) 13,388,455 (647,209) (5,812,867) 668,217 7,596,596 - - 86,532 - 86,532 - - - - 244,963 244,963 3,102,316 16,372,886 839,290 35,000,000 - 52,212,176 (1,625,065) (55,789,547) - - (11,091,014) (66,880,561) - - - 50,253,072 50,253,072 1,477,251 (39,330,129) 839,290 35,000,000 39,407,021 35,916,182 82,195 152,785 - (25,941,674) 192,081 29,187,133 40,075,238 43,512,778 2,010,062 3,488,785 174,655,359 278,462 - - 174,933,821 $ 2,092,257 $ 3,641,570 $ $148,713,685 $ 470,543 $ 29,187,133 $ 40,075,238 $218,446,599 130 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES-BUDGET AND ACTUAL AFFORDABLE HOUSING PROGRAMS SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 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 $ 459,868 131 MONROE COUNTY, FLORIDA STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES-BUDGET AND ACTUAL ROADS AND BRIDGES SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 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 650,000 650,000 655,097 (5,097) Roadway Projects - - -No Name Key Bridge Project - - - - 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 SBITA Financing - - - - Lease Financing - - - - Transfers from Other Funds - - - - 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 $ 6,943,977 132 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES-BUDGET AND ACTUAL MIDDLE KEYS HEALTH CARE MUNICIPAL SERVICE TAXING UNIT FOR THE YEAR ENDED SEPTEMBER 30, 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: Human Services: Middle Keys Health Care 3,336,887 3,336,887 3,336,887 - Total Expenditures 3,336,887 3,336,887 3,336,887 - Excess(Deficiency)of Revenues Over(Under) Expenditures 3,955 3,955 (87,946) (91,901) Other Financing Sources(Uses) Reserve for Contingencies - - - - Reserve for Cash Balance - - - - Transfers to Other Funds (151,317) (151,317) (147,181) 4,136 Transfers from Other Funds 31,000 31,000 62,312 31,312 Total Other Financing Sources(Uses) (120,317) (120,317) (84,869) 35,448 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 $ 253,138 133 MONROE COUNTY,FLORIDA SCHEDULE OF REVENUES,EXPENDITURES,AND CHANGES IN FUND BALANCES-BUDGET AND ACTUAL TOURIST DEVELOPMENT,ALL DISTRICTS,TWO CENT SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30,2025 Original Final Variance with Budget Budget Actual Final Budget Revenues Taxes $ 9,762,000 $ 9,762,000 $ 9,901,117 $ 139,117 Investment Income - - 8SS,4S8 8SS,4S8 Total Revenues 9,762,000 9,762,000 10,7S6,S7S 994,S7S Expenditures Current: Economic Environment: Cultural Umbrella 1,SS3,693 1,SS3,693 1,232,386 321,307 Fishing Umbrella 1,S08,000 11S08,000 1,273,129 234,871 Dive Umbrella 1,500,000 1,500,000 1,4SS,377 44,623 Events 100,000 100,000 94,529 5,471 Mail Fulfillment 97,621 97,621 97,361 260 Film Commission 425,000 425,000 280,938 144,062 Public Relations 2,S82,S49 2,SS3,S36 1,S7S,OS4 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 1,97S,60S 1,524,609 4SO,996 Total Expenditures 11,626,238 11,626,238 8,21S,S20 3,410,718 Excess(Deficiency)of Revenues Over(Under)Expenditures (1,864,238) (1,864,238) 2,S41,OSS 4,405,293 Other Financing Sources(Uses): Transfers to Other Funds (88,988) (88,988) (88,988) - Transfers from Other Funds - - 114,561 114,561 Total Other Financing Sources(Uses) (88,988) (88,988) 2S,S73 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 $ 26,582,920 134 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES-BUDGET AND ACTUAL TOURIST DEVELOPMENT, DISTRICT ONE SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 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 340,778 340,778 121,970 218,808 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 189050 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 20,020,732 20,023,057 12,055,505 7,967,552 Excess(Deficiency)of Revenues Over(Under) Expenditures (5,176,732) (5,176,732) 3,022,775 8,199,507 Other Financing Sources(Uses): Transfers to Other Funds (16,335,635) (16,335,635) (16,335,635) - Transfers from Other Funds - - 170,172 170,172 Total Other Financing Sources(Uses) (16,335,635) (16,335,635) (16,165,463) 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 $ 19,836,810 135 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES-BUDGET AND ACTUAL TOURIST DEVELOPMENT, DISTRICT TWO SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 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 53,960 53,960 47,422 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 613322 - 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 2,743,252 2,743,252 1,869,586 873,666 Excess(Deficiency)of Revenues Over(Under) Expenditures (139,252) (139,252) 791,433 930,685 Other Financing Sources(Uses): Transfers to Other Funds (2,457,855) (2,457,855) (2,457,855) - Transfers from Other Funds - - 26,349 26,349 Total Other Financing Sources(Uses) (2,457,855) (2,457,855) (2,431,506) 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 $ 3,536,926 136 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES-BUDGET AND ACTUAL TOURIST DEVELOPMENT, DISTRICT THREE SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 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 143,145 143,145 49,424 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 767638 207,263 560,375 Not For Profit and Municipality Projei 3,276,984 3,395:984 2,045,493 1,350,491 Economic/Natural Disaster 500,000 500,000 - 500,000 Total Expenditures 8,049,293 8,049,293 5,096,392 2,952,901 Excess(Deficiency)of Revenues Over(Under) Expenditures (2,919,293) (2,919,293) 635,654 3,554,947 Other Financing Sources(Uses): Transfers to Other Funds (7,622,619) (7,622,619) (7,622,619) - Transfers from Other Funds - - 51,258 51,258 Total Other Financing Sources(Uses) (7,622,619) (7,622,619) (7,571,361) 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 $ 7,195,719 137 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES- BUDGET AND ACTUAL TOURIST DEVELOPMENT, DISTRICT FOUR SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30,2025 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 82,453 82,453 42,785 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 4,828,077 4,828,077 3,137,129 1,690,948 Excess(Deficiency)of Revenues Over(Under)Expenditures (2,062,077) (2,062,077) 236,877 2,298,954 Other Financing Sources(Uses): Transfers to Other Funds (4,137,994) (4,137,994) (4,137,994) - Transfers from Other Funds - - 30,768 30,768 Total Other Financing Sources(Uses) (4,137,994) (4,137,994) (4,107,226) 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 $ 4,406,028 138 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES-BUDGET AND ACTUAL TOURIST DEVELOPMENT, DISTRICT FIVE SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 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 106,282 106,282 68,130 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 388074 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 8,046,458 8,046,458 5,543,956 2,502,502 Excess(Deficiency)of Revenues Over(Under) Expenditures (3,390,458) (3,390,458) (500,088) 2,890,370 Other Financing Sources(Uses): Transfers to Other Funds (4,619,279) (4,619,279) (4,619,279) - Transfers from Other Funds - - 48,770 48,770 Total Other Financing Sources(Uses) (4,619,279) (4,619,279) (4,570,509) 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 $ 5,470,086 139 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES-BUDGET AND ACTUAL IMPACT FEES-ROADWAYS SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 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 Miscellaneous - - - - 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 $ 711,022 140 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES-BUDGET AND ACTUAL IMPACT FEES-PARKS AND RECREATION SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 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 $ 504,260 141 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES-BUDGET AND ACTUAL IMPACT FEES-SOLID WASTE SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2025 Original Final Variance with Budget Budget Actual Final Budget Revenues Licenses and Permits $ - $ - $ 4,637 $ 4,637 Investment Income - - - - Total Revenues - - 4,637 4,637 Expenditures Current: Physical Environment: County-Wide Solid Waste Project 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 $ 148,820 142 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES-BUDGET AND ACTUAL IMPACT FEES-FIRE AND EMS SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 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 $ 232,330 143 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES-BUDGET AND ACTUAL FIRE AND AMBULANCE, DISTRICT#1-LOWER AND MIDDLE KEYS SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 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: 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 17,460,660 18,365,920 18,230,278 135,642 Excess(Deficiency)of Revenues Over(Under) Expenditures 1,563,917 1,328,117 985,020 (343,097) 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 (1,978,238) (1,992,438) (1,955,192) 37,246 Transfers from Other Funds 200,000 200,000 331,198 131,198 Total Other Financing Sources(Uses) (2,878,238) (2,642,438) (1,548,848) 1,093,590 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 $ 8,115,187 144 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES- BUDGET AND ACTUAL UNINCORPORATED AREA SERVICE DISTRICT- PARKS AND RECREATION SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 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: Culture and Recreation: Parks and Beaches Unincorporated 3,983,654 3,979,139 3,602,614 376,525 Recreation 402,620 402,620 263,048 139,572 Jacob's Aquatic Center 570,800 570,800 397,482 173,318 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 4,989,074 4,984,559 4,308,371 676,188 Excess(Deficiency)of Revenues Over(Under) Expenditures (44,409) (39,894) 632,781 672,675 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 (438,161) (442,676) (431,689) 10,987 Transfers from Other Funds - - 52,461 52,461 Total Other Financing Sources(Uses) (688,161) (692,676) (379,228) 313,448 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 $ 2,512,479 145 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES-BUDGET AND ACTUAL UNINCORPORATED AREA SERVICE DISTRICT-PLANNING, BUILDING,AND ZONING SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2025 Original Final Variance with Budget Budget Actual Final Budget Revenues Taxes $ 880,951 $ 880,951 $ 912,522 $ 31,571 License 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 1,411,734 Expenditures Current: General Government: 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 4,759,688 4,779,313 4,565,877 213,436 Public Safety: Code Enforcement 2,382,925 2,382,925 1,886,774 496,151 Fire and 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 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 11,530,853 11,651,166 10,327,588 1,323,578 Excess(Deficiency)of Revenues Over(Under)Expenditures (2,488,402) (2,608,715) 126,597 2,735,312 146 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES-BUDGET AND ACTUAL UNINCORPORATED AREA SERVICE DISTRICT-PLANNING, BUILDING,AND ZONING SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2025 (Concluded) Original Final Variance with Budget Budget Actual Final Budget 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 (60,634) (223,908) (413,242) (189,334) Transfers from Other Funds - - 21,059 21,059 Total Other Financing Sources(Uses) (720,135) (599,822) (380,797) 219,025 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 $ 6,112,980 147 MONROE COUNTY,FLORIDA SCHEDULE OF REVENUES,EXPENDITURES,AND CHANGES IN FUND BALANCES-BUDGET AND ACTUAL MUNICIPAL POLICING SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30,2025 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: Public Safety: Insurance Unincorporated and Layton 661,347 661,347 661,347 - Insurance Islamorada 303,856 303,856 303,856 - Insurance Marathon 281,535 281,535 281,535 - Total Expenditures 1,246,738 1,246,738 1,246,738 - Excess(Deficiency)of Revenues Over(Under)Expenditures 11,017,298 11,099,853 10,936,163 (163,690) 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 (11,053,667) (11,136,222) (11,033,346) 102,876 Transfers from Other Funds 85,000 85,000 528,906 443,906 Total Other Financing Sources(Uses) (11,968,667) (12,051,222) (10,504,440) 1,546,782 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 $ 3,761,555 148 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES-BUDGET AND ACTUAL DUCK KEY SECURITY DISTRICT SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 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: Public Safety: Island Security 115,000 115,000 110,084 4,916 Total Expenditures 115,000 115,000 110,084 4,916 Excess(Deficiency)of Revenues Over(Under) Expenditures 4,959 4,959 26,972 22,013 Other Financing Sources(Uses): Reserve for Contingencies (15,000) (15,000) - 15,000 Reserve for Cash Balance (30,000) (30,000) - 30,000 Transfers to Other Funds (1,100) (1,100) (1,000) 100 Transfers from Other Funds - - 525 525 Total Other Financing Sources(Uses) (46,100) (46,100) (475) 45,625 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 $ 426,721 149 MONROE COUNTY, FLORIDA 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 $ 1,949,416 150 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES-BUDGET AND ACTUAL AFFORDABLE HOUSING INITIATIVE 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 78,578 279,374 2,000 277,374 Total Expenditures 78,578 279,374 2,000 277,374 Excess(Deficiency)of Revenues Over(Under) Expenditures (78,578) (279,374) 225,112 504,486 Net Change in Fund Balances (78,578) (279,374) 225,112 504,486 Fund Balances-October 1 78,578 279,374 279,375 1 Fund Balances-September 30 $ - $ - $ 504,487 $ 504,487 151 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES-BUDGET AND ACTUAL BOATING IMPROVEMENT SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 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 Imp Fees/Retained Vesse 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 $ 4,537,471 152 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES-BUDGET AND ACTUAL MISCELLANEOUS SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 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: Education-Building Department 70,000 70,000 34,612 35,388 Environmental Resource Education 48,800 48,800 34,192 14,608 Fire and Rescue Bldg Education - - - - Crime Prevention Program 50,000 13,000 - 13,000 Opioid Settlements 171,152 171,152 171,152 - Total Public Safety 339,952 302,952 239,956 62,996 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: Municipality Mobile LIDAR Services 964,825 1,021,022 444,683 576,339 Climate Leadership Summit 56,715 420,655 310,866 109,789 Total Culture and Recreation 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 58,359 214,873 153 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES-BUDGET AND ACTUAL MISCELLANEOUS SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2025 (Concluded) Original Final Variance with Budget Budget Actual Final Budget Court-Related: 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 454,966 454,966 224,705 230,261 Total Expenditures 1,967,315 5,058,849 3,346,999 1,711,850 Excess(Deficiency)of Revenues Over(Under) Expenditures (1,967,315) (2,463,087) 387,792 2,850,879 Other Financing Sources(Uses): Reserve for Contingencies (571,227) (234) - 234 Transfers to Other Funds (719,290) (794,511) (772,897) 21,614 Transfers from Other Funds - - - - Total Other Financing Sources(Uses) (1,290,517) (794,745) (772,897) 21,848 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 $ 4,232,283 154 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES-BUDGET AND ACTUAL ENVIRONMENTAL RESTORATION SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 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 $ 9,570,535 155 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES-BUDGET AND ACTUAL DRUG ABUSE TRUST SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 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 $ 131,535 156 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES-BUDGET AND ACTUAL COURT FACILITY FEES SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 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) - 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 $ 6,158,992 157 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES-BUDGET AND ACTUAL CANAL SPECIAL ASSESSMENTS SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 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: 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 Expenditures 168,000 188,000 23,007 164,993 Excess(Deficiency)of Revenues Over(Under) Expenditures (48,000) (68,000) 62,772 130,772 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 Other Funds - - 1,575 1,575 Transfers to Other Funds (1,048) (1,048) - 1,048 Total Other Financing Sources(Uses) (26,048) (6,048) 1,575 7,623 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 $ 242,533 158 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES-BUDGET AND ACTUAL BUILDING 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 Department Legal 50,607 50,607 50,471 136 Building Refunds 80,000 100,000 121,583 (21,583) Total Public Safety 6,601,264 6,601,264 6,029,956 571,308 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 $ 4,012,591 159 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES-BUDGET AND ACTUAL LAND ACQUISITION FUND CAPITAL PROJECTS FUND FOR THE YEAR ENDED SEPTEMBER 30, 2025 Original Final Variance with Budget Budget Actual Final Budget Revenues Investment Income $ 5,000 $ 5,000 $ 11,373 $ 6,373 Miscellaneous Income - - 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 1 250,046 278,211 278,462 251 Fund Balances-September 30 $ - $ - $ 470,543 $ 470,543 160 MONROE COUNTY, FLORIDA 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 $ 29,187,133 161 MONROE COUNTY, FLORIDA 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) Reserve for Contingencies - - - - Issuance of Debt - 50,253,072 50,253,072 - SBITA Financing - - - - Lease Financing - - 244,963 244,963 Transfer To Other Funds - (27,380,115) (11,091,014) 16,289,101 Transfer From Other Funds - - - - 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 $ 40,075,238 162 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES-BUDGET AND ACTUAL SHERIFF'S TEEN COURT SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2025 Original Final Variance with Budget Budget Actual Final Budget Revenues Charges for Services $ 65,000 $ 67,000 $ 66,455 $ (545) Total Revenues 65,000 67,000 66,455 (545) Expenditures Current: Public Safety 41,000 67,000 64,888 2,112 Net Change in Fund Balances 24,000 - 1,567 1,567 Fund Balances-October 1 99,018 62,118 65,135 3,017 Fund Balances-September 30 $ 123,018 $ 62,118 $ 66,702 $ 4,584 163 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES-BUDGET AND ACTUAL SHERIFF'S FEDERAL FORFEITURE SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2025 Original Final Variance with Budget Budget Actual Final Budget Revenues Intergovernmental $ - $ - $ 1,732,095 $ 1,732,095 Investment Income 24,049 24,049 1,542 (22,507) Miscellaneous Income 281,306 281,306 Total Revenues 24,049 24,049 2,014,943 1,990,894 Expenditures Current: Law Enforcement 4,039,847 4,039,847 3,412,619 627,228 Total Expenditures 4,039,847 4,039,847 3,412,619 627,228 Excess(Deficiency)of Revenues Over(Under) Expenditures (4,015,798) (4,015,798) (1,397,676) 2,618,122 Other Financing Sources(Uses) Resrve for Contingencies (6,012) (6,012) - 6,012 Reserve forCash Balance (16,834) (16,834) - 16,834 Total Other Financing Sources(Uses) (22,846) (22,846) - 22,846 Net Change in Fund Balances (4,038,644) (4,038,644) (1,397,676) 2,640,968 Fund Balances-October 1 4,038,644 4,038,644 2,225,997 (1,812,647) Fund Balances-September 30 $ - $ - $ 828,321 $ 828,321 164 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES-BUDGET AND ACTUAL SHERIFF'S STATE FORFEITURE SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2025 Original Final Variance with Budget Budget Actual Final Budget Revenues Fines and Forfeitures $ - $ - $ 25,054 $ 25,054 Investment Income 951 951 35,447 34,496 Miscellaneous Income 1,849,980 1,849,980 Total Revenues 951 951 1,910,481 1,909,530 Expenditures Current: Law Enforcement 159,819 159,819 73,118 86,701 Total Expenditures 159,819 159,819 73,118 86,701 Excess(Deficiency)of Revenues Over(Under) Expenditures (158,868) (158,868) 1,837,363 1,996,231 Other Financing Sources(Uses) Resrve for Contingencies (238) (238) - 238 Reserve for Cash Balance (666) (666) - 666 Total Other Financing Sources(Uses) (904) (904) - 904 Net Change in Fund Balances (159,772) (159,772) 1,837,363 1,997,135 Fund Balances-October 1 159,772 159,772 2,441,306 2,281,534 Fund Balances-September 30 $ - $ - $ 4,278,669 $ 4,278,669 165 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES-BUDGET AND ACTUAL SHERIFF'S CONTRACT ADMINISTRATIVE SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2025 Original Final Variance with Budget Budget Actual Final Budget Revenues Intergovernmental $ 1,590,000 $ 1,590,000 $ 1,771,786 $ 181,786 Charges for Services 4,440,000 4,440,000 4,148,222 (291,778) Investment Income 65,000 65,000 73,127 8,127 Miscellaneous Income - - 29,610 29,610 Total Revenues 6,095,000 6,095,000 6,022,745 (72,255) Expenditures Current: Public Safety 5,970,750 5,970,750 5,843,811 126,939 Total Expenditures 5,970,750 5,970,750 5,843,811 126,939 Excess(Deficiency)of Revenues Over(Under) Expenditures 124,250 124,250 178,934 54,684 Other Financing Sources(Uses) Transfers from Other Funds - - 15,013 15,013 Total Other Financing Sources(Uses) - - 15,013 15,013 Net Change in Fund Balances 124,250 124,250 193,947 181,623 Fund Balances-October 1 1,592,635 1,592,635 1,592,635 -- Fund Balances-September 30 $ 1,716,885 $ 1,716,885 $ 1,786,582 $ 181,623 166 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES-BUDGET AND ACTUAL SHERIFF'S INMATE COMMISSARY SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2025 Original Final Variance with Budget Budget Actual Final Budget Revenues Charges for Services $ 650,000 $ 580,000 $ 574,550 $ (5,450) Investment Income 70,000 75,000 73,562 (1,438) Miscellaneous 30,000 48,000 430,609 382,609 Total Revenues 750,000 703,000 1,078,721 375,721 Expenditures Current: Public Safety 670,000 691,000 686,187 4,813 Excess(Deficiency)of Revenues Over(Under) Expenditures 80,000 12,000 392,534 380,534 Net Change in Fund Balances 80,000 12,000 392,534 380,534 Fund Balances-October 1 1,601,135 1,601,135 1,601,135 - Fund Balances-September 30 $ 1,681,135 $ 1,613,135 $ 1,993,669 $ 380,534 167 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES-BUDGET AND ACTUAL SHERIFF'S INTERAGENCY COMMUNICATIONS SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2025 Original Final Variance with Budget Budget Actual Final Budget Revenues Investment Income $ 7,000 $ 11,000 $ 10,491 $ (509) Charges for Services - - 37,507 37,507 Miscellaneous Income 30,000 38,000 224 (37,776) Total Revenues 37,000 49,000 48,222 (778) Expenditures Current: Public Safety 155,000 195,000 193,911 1,089 Total Expenditures 155,000 195,000 193,911 1,089 Excess(Deficiency)of Revenues Over(Under) Expenditures (118,000) (146,000) (145,689) 311 Other Financing Sources(Uses) Transfers from Other Funds 200,000 200,000 199,487 (513) Net Change in Fund Balances 82,000 54,000 53,798 311 Fund Balances-October 1 183,531 183,531 183,531 -- Fund Balances-September 30 $ 265,531 $ 237,531 $ 237,329 $ 311 168 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES-BUDGET AND ACTUAL SHERIFF'S TRAUMA STAR SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2025 Original Final Variance with Budget Budget Actual Final Budget Revenues Total Revenues $ - $ - $ - $ - Expenditures Current: Public Safety $ 6,453,147 $ 8,495,723 $ 5,708,838 $ 2,786,885 Excess(Deficiency)of Revenues Over(Under) Expenditures (6,453,147) (8,495,723) (5,708,838) 2,786,885 Other Financing Sources(Uses) Transfers from Other Funds 8,495,723 8,495,723 Transfers to Other Funds (2,786,885) (2,786,885) Total Other Financing Sources(Uses) - - 5,708,838 5,708,838 Net Change in Fund Balances (6,453,147) (8,495,723) - 8,495,723 Fund Balances-October 1 - - - - Fund Balances-September 30 $ (6,453,147) $ (8,495,723) $ - $ 8,495,723 169 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES-BUDGET AND ACTUAL SHERIFF'S RADIO COMMUNICATIONS SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2025 Original Final Variance with Budget Budget Actual Final Budget Revenues Charges for Services $ - $ - $ - $ - Expenditures Current: Public Safety 1,064,228 1,277,139 1,215,966 61,173 Excess(Deficiency)of Revenues Over(Under) Expenditures (1,064,228) (1,277,139) (1,215,966) 61,173 Other Financing Sources(Uses) Transfers from Other Funds 1,064,228 1,277,139 1,277,139 - Transfers to Other Funds - - (61,173) (61,173) Total Other Financing Sources(Uses) 1,064,228 1,277,139 1,215,966 (61,173) Net Change in Fund Balances - - - - Fund Balances-October 1 - - - - Fund Balances-September 30 $ - $ - $ - $ - 170 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES-BUDGET AND ACTUAL SHERIFF'S GRANTS SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2025 Original Final Variance with Budget Budget Actual Final Budget Revenues Intergovernmental $ 765,000 $ 1,025,000 $ 1,020,451 $ (4,549) Charges for Services - - 33,485 33,485 Total Revenues 765,000 1,025,000 1,053,936 28,936 Expenditures Current: Public Safety 1,610,000 1,855,000 1,816,210 38,790 Total Expenditures 1,610,000 1,855,000 1,816,210 38,790 Excess(Deficiency)of Revenues Over(Under) Expenditures (845,000) (830,000) (762,274) 67,726 Other Financing Sources(Uses) Transfers from Other Funds 375,000 1,675,000 1,843,294 168,294 Total Other Financing Sources(Uses) 375,000 1,675,000 1,843,294 168,294 Net Change in Fund Balances (470,000) 845,000 1,081,020 236,020 Fund Balances-October 1 (75,000) (470,000) (685,894) (215,894) Fund Balances-September 30 $ (545,000) $ 375,000 $ 395,126 $ 20,126 171 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES-BUDGET AND ACTUAL SHERIFF'S SHARED ASSET FORFEITURE SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2025 Original Final Variance with Budget Budget Actual Final Budget Revenues Investment Income $ 295,000 $ 295,000 $ 231,244 $ (63,756) Total Revenues 295,000 295,000 231,244 (63,756) Expenditures Current: Public Safety: Law Enforcement 200 200 99 101 Grants and Aid 125,000 175,000 167,311 7,689 Total Expenditures 125,200 175,200 167,410 7,790 Net Change in Fund Balances 169,800 119,800 63,834 (55,966) Fund Balances-October 1 4,649,586 4,779,686 4,778,957 (729) Fund Balances-September 30 $ 4,819,386 $ 4,899,486 $ 4,842,791 $ (56,695) 172 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES-BUDGET AND ACTUAL SHERIFF'S E911 SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2025 Original Final Variance with Budget Budget Actual Final Budget Revenues Intergovernmental $ - $ - $ 1,445,933 $ 1,445,933 Charges for Services 600,000 2,403,840 525,934 (1,877,906) Investment Income 85,000 100,000 109,241 9,241 Miscellaneous Income - Total Revenues 685,000 2,503,840 2,081,108 (422,732) Expenditures Current: Public Safety 685,000 2,503,840 1,998,913 504,927 Total Expenditures 685,000 2,503,840 1,998,913 504,927 Excess(Deficiency)of Revenues Over(Under) Expenditures - - 82,195 82,195 Net Change in Fund Balances - - 82,195 82,195 Fund Balances-October 1 - - 2,010,062 2,010,062 Fund Balances-September 30 $ - $ - $ 2,092,257 $ 2,092,257 173 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES-BUDGET AND ACTUAL CLERK'S RECORDS MODERNIZATION SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30, 2025 Original Final Variance with Budget Budget Actual Final Budget Revenues Charges for Services $ 220,254 $ 220,254 $ 384,794 $ 164,540 Investment Income 15,000 15,000 185,241 170,241 Total Revenues 235,254 235,254 570,035 334,781 Expenditures Current: Court Related: Modernization Trust 2,040,456 2,040,456 417,250 1,623,206 Excess(Deficiency)of Revenues Over(Under) Expenditures (1,805,202) (1,805,202) 152,785 1,957,987 Net Change in Fund Balances (1,805,202) (1,805,202) 152,785 1,957,987 Fund Balances-October 1 1,805,202 1,805,202 3,488,785 1,683,583 Fund Balances-September 30 $ - $ - $ 3,641,570 $ 3,641,570 174 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES- BUDGET AND ACTUAL CLERK'S COURT RELATED SPECIAL REVENUE FUND FOR THE YEAR ENDED SEPTEMBER 30,2025 Original Final Variance with Budget Budget Actual Final Budget Revenues Intergovernmental $ 1,658,540 $ 1,658,540 $ 1,727,449 $ 68,909 Charges for Services 829,847 829,847 1,122,045 292,198 Fines and Forfeitures 1,941,999 1,941,999 2,385,079 443,080 Investment Income 50,000 50,000 72,175 22,175 Miscellaneous - - 983 983 Total Revenues 4,480,386 4,480,386 5,307,731 827,345 Expenditures Current: Court Related: Clerk Administration 2,139,176 1,719,176 1,596,139 123,037 Clerk Records Management 6,750 56,750 42,286 14,464 Clerk Jury Management 193,853 243,853 228,253 15,600 Clerk Circuit Court Criminal 850,333 850,333 814,707 35,626 Clerk Circuit Court Civil 540,637 540,637 398,418 142,219 Clerk Court Information Systems 899,226 899,226 821,824 77,402 Clerk Circuit Court Family 203,086 228,086 204,790 23,296 Clerk Circuit Court Juvenile 61,555 181,555 158,920 22,635 Clerk Circuit Court Probate 496,041 496,041 325,968 170,073 Clerk County Court Criminal 651,977 651,977 542,457 109,520 Clerk County Court Civil 479,552 479,552 439,614 39,938 Clerk County Court Traffic 1,060,515 1,235,515 1,211,606 23,909 Total Expenditures 7,582,701 7,582,701 6,784,982 797,719 Excess(Deficiency)of Revenues Over(Under)Expenditures (3,102,315) (3,102,315) (1,477,251) 1,625,064 Other Financing Sources(Uses) Lease Financing - Transfer from Other Funds 3,102,316 3,102,316 Transfer to Other funds (1,625,065) (1,625,065) Total Other Financing Sources(Uses) - - 1,477,251 1,477,251 Net Change in Fund Balances (3,102,315) (3,102,315) - 3,102,315 Fund Balances-October 1 - - - - Fund Balances-September 30 $ (3,102,315) $ (3,102,315) $ - $ 3,102,315 175 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES- BUDGET AND ACTUAL ONE CENT INFRASTRUCTURE SURTAX CAPITAL PROJECT FUND FOR THE YEAR ENDED SEPTEMBER 30, 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 Charges for Services - - - - 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 16,967,843 20,777,943 10,235,673 10,542,270 Human Services - - - - 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 Issuance of Debt - 1,073,787 2,863,746 1,789,959 Transfers from Other Funds - - 7,177,303 7,177,303 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 $ 60,854,710 176 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES-BUDGET AND ACTUAL ALL DEBT SERVICE FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 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 Loan: 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 1 177 MONROE COUNTY, FLORIDA SCHEDULE OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCES-BUDGET AND ACTUAL ALL DEBT SERVICE FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 2025 Original Final Variance with Budget Budget Actual Final Budget 2025 Revenue Bonds: Interest - 319,113 319,112 1 Total 2025 Revnue 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 23,008,795 23,327,908 23,327,843 (65) Refunding Bonds Issued - - - - 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 $ 4,729,738 178 MONROE COUNTY, FLORIDA COMBINING STATEMENT OF NET POSITION INTERNAL SERVICE FUNDS SEPTEMBER 30,2025 Worker's Group Risk Compensation Insurance Management Fund Fund Fund Assets Current Assets: Cash and Cash Equivalents $ 1,255,854 $ 4,224,650 $ 1,567,393 Investments 5,468,447 20,360,200 7,553,887 Accounts Receivable, Net 444,537 585,458 7,739 Due from Other Funds 12,765 19,932 19,609 Due from Other Governmental Units - 86,100 13,031 Interest Receivable 31,361 116,762 43,320 Prepaid Items - 4,087 - Total Current Assets 7,212,964 25,397,189 9,204,979 Non-Current Assets: Capital Assets not being Depreciated - - 2,339,423 Capital Assets, Net of Accumulated Depreciation and Amortization - 1,879 163,114 Total Non-Current Assets - 1,879 2,502,537 Total Assets 7,212,964 25,399,068 11,707,516 Deferred Outflows of Resources Related to Pensions 57,395 73,627 89,043 Related to OPEB 700 7,500 12,000 Total Deferred Outflows of Resources 58,095 81,127 101,043 Liabilities Current Liabilities: Accounts Payable 7,370 2,157,182 8,512 Accrued Wages and Benefits Payable 16,712 22,228 14,700 Claims and Judgments Payable 1,180,214 1,092,000 869,565 Due to Other Funds - 1,569 604 Due to Other Governmental Units - - - Leases and Subscriptions Payable - - 44,994 OPEB Liability 400 400 10,500 Unearned Revenues - 6,049 - Other Current Liabilities - - 311 Accrued Comp.Absences Payable 16,164 16,973 2,898 Total Current Liabilities 1,220,860 3,296,401 952,084 NonCurrent Liabilities: Accrued Comp.Absences Payable 64,656 67,890 11,591 Leases and Subscriptions Payable - - - Total OPEB Liability 10,600 8,600 247,500 Net Pension Liability 190,202 256,027 268,652 Total Non-Current Liabilities 265,458 332,517 527,743 Total Liabilities 1,486,318 3,628,918 1,479,827 Deferred Inflows of Resources Related to Pensions 46,780 60,110 73,072 Related to OPEB 2,200 39,400 33,500 Total Deferred Inflows of Resources 48,980 99,510 106,572 Net Position Net Investment in Capital Assets - 1,879 2,457,543 Unrestricted/(Deficits) 5,735,761 21,749,888 7,764,617 Total Net Position 5,735,761 5 21,751,767 5 10,222,160 179 Fleet Management Fund Total $ 526,737 $ 7,574,634 2,525,873 35,908,407 - 1,037,734 157 52,463 31,251 130,382 14,485 205,928 - 4,087 3,098,503 44,913,635 54,000 2,393,423 791,853 956,846 845,853 3,350,269 3,944,356 48,263,904 376,086 596,151 92,700 112,900 468,786 709,051 99,121 2,272,185 121,336 174,976 - 3,141,779 - 2,173 23 23 51,752 96,746 29,600 40,900 - 6,049 579 890 78,900 114,935 381,311 5,850,656 315,599 459,736 156,301 156,301 697,400 964,100 1,175,154 1,890,035 2,344,454 3,470,172 2,725,765 9,320,828 307,025 486,987 103,500 178,600 410,525 665,587 637,800 3,097,222 639,052 35,889,318 1,279,8 2 - 38,986,540 180 MONROE COUNTY, FLORIDA COMBINING STATEMENT OF REVENUES, EXPENSES,AND CHANGES IN NET POSITION INTERNAL SERVICE FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 2025 Worker's Group Risk Compensation Insurance Management Fund Fund Fund Operating Revenues Charges for Services $ 2,395,155 $ 23,600,884 $ 8,414,784 Miscellaneous 1,519,759 1,908,803 - Total Operating Revenues 3,914,914 25,509,687 8,414,784 Operating Expenses Personnel Services 604,124 505,346 552,192 Operations 1,960,172 2,645,642 5,956,397 Depreciation and Amortization 65 3,747 66,961 Asserted and Paid Claims(Adjustments) - 20,044,914 220,873 Total Operating Expenses 2,564,361 23,199,649 6,796,423 Operating Income(Loss) 1,350,553 2,310,038 1,618,361 Non-Operating Revenues(Expenses) Investment Income 215,151 852,569 288,756 Insurance Recoveries - - 51,758 Gain on Disposition of Assets - - 13,243 Total Non-Operating Revenues(Expenses) 215,151 852,569 353,757 Income(Loss)Before Transfers 1,565,704 3,162,607 1,972,118 Transfers Transfers to Other Funds (69,064) (127,936) - Total Transfers (69,064) (127,936) - Change in Net Position 1,496,640 3,034,671 1,972,118 Total Net Position-October 1 4,239,121 18,717,096 8,250,042 Total Net Position-September 30 $ 5,735,761 $ 21,751,767 $ 10,222,160 181 Fleet Management Fund Total $ 5,350,683 $ 39,761,506 64,580 3,493,142 5,415,263 43,254,648 2,763,639 4,425,301 1,743,258 12,305,469 92,143 162,916 - 20,265,787 4,599,040 37,159,473 816,223 6,095,175 107,876 1,464,352 - 51,758 106,723 119,966 214,599 1,636,076 1,030,822 7,731,251 - (197,000) - (197,000) 1,030,822 7,534,251 246,030 31,452,289 $ 1,276,852 $ 38,986,540 182 MONROE COUNTY, FLORIDA COMBINING STATEMENT OF CASH FLOWS INTERNAL SERVICE FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 2025 Worker's Group Risk Compensation Insurance Management Fund Fund Fund Operating Activities Cash Received for Services $ 2,038,536 $ 23,446,383 $ 8,414,161 Cash Payments to Suppliers for Goods and Services (1,960,576) (1,439,581) (6,098,328) Cash Payments for Employee Services (587,621) (488,450) (608,940) Cash Payments for Claims (874,702) (19,802,589) (1,502) Cash Received from (Paid to)Other Sources 9,319 (10,617) (17,895) Other Operating Revenue 1,511,795 1,866,907 (15,375) Net Cash Provided by Operating Activities 136,751 3,572,053 1,672,121 Non-Capital Financing Activities Transfers from Other Funds (69,064) (127,936) - Insurance Recoveries - - 51,758 Net Cash Provided by(Used in) Non-Capital Financing Activities (69,064) (127,936) 51,758 Capital and Related Financing Activities Acquisition of Capital Assets - (1,299) (538,030) Acquisition of Leases and SBITAs - - - Proceeds from SBITAs - - 85,509 Proceeds from Sale of Capital Assets - - 13,243 Net Cash Provided by(Used in)Capital and Related Financing Activities - (1,299) (439,278) Investing Activities Investment Income 215,151 852,569 288,756 Proceeds from Sales and Maturities of Investments 4,797,907 14,1S3,601 S,047,230 Purchase of Investment Securities (4,490,741) (16,02S,189) (S,713,776) Net Cash (Used in) Investing Activities 522,317 (1,019,019) (377,790) Net Change in Cash and Cash Equivalents 590,004 2,423,799 906,811 Cash and Cash Equivalents-October 1 665,850 1,800,851 660,582 Cash and Cash Equivalents-September 30 $ 1,255,854 $ 4,224,650 $ 1,567,393 183 Fleet Management Fund Total $ 5,350,750 $ 39,249,830 (1,723,961) (11,222,446) (2,629,067) (4,314,078) - (20,678,793) 313,301 294,108 56,422 3,419,749 1,367,445 6,748,370 - (197,000) 51,758 (145,242) (100,791) (640,120) (3,106) (3,106) - 85,509 106,723 119,966 2,826 (437,751) 107,876 1,464,352 1,297,785 25,296,523 (2,340,271) (28,569,977) (934,610) (1,809,102) 435,661 4,356,275 91,076 3,218,359 $ 526,737 $ 7,574,634 184 MONROE COUNTY, FLORIDA COMBINING STATEMENT OF CASH FLOWS(CONTINUED) INTERNAL SERVICE FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 2025 (Concluded) Worker's Group Risk Compensation Insurance Management Fund Fund Fund Reconciliation of Operating Income(Loss) to Net Cash Provided by Operating Activities Operating Income(Loss) $ 1,350,553 $ 2,310,038 $ 1,618,361 Adjustments to Reconcile Operating Income(Loss) to Net Cash Provided by(Used in)Operating Activities: Depreciation and Amortization 65 3,747 66,961 Change in Assets, Liabilities,and Deferrals: (Increase) Decrease in Accounts Receivable (356,619) (154,501) (623) (Increase) Decrease in Due from Other Gov't Units 261 2,506 1,294 (Increase) Decrease in Due from Other Funds 9,058 (11,809) (19,609) (Increase) Decrease in Interest Receivable (7,964) (41,896) (15,375) (Increase) Decrease in Prepaid Items - (4,087) - Increase(Decrease) in Accounts Payable (404) 1,206,572 (100,339) Increase(Decrease) in Accrued Wages/Benefits 1,324 7,521 (6,463) Increase(Decrease) in Claims/Judgments Payable (874,702) 242,325 219,371 Increase(Decrease) in Other Current Liabilities - - (286) Increase(Decrease) in Due to Other Funds - (1,314) 604 Increase(Decrease) in Due to Other Gov't Units - - (184) Increase(Decrease) in Comp. Absences Payable 41,120 27,438 (55,049) Increase(Decrease) in Leases Payable - - (41,306) Increase(Decrease) in Unearned Revenue - 3,576 - Increase(Decrease) in OPEB Liability (1,000) (1,000) (17,000) Increase(Decrease) in Pension Liability (45,530) (58,446) (70,840) Increase(Decrease) in Deferred Inflows- Leases - - - Increase(Decrease) in Deferred Outflows (6,754) 25,851 48,983 Increase(Decrease) in Deferred Inflows 27,343 15,532 43,621 Total Adjustments (1,213,802) 1,262,015 53,760 Net Cash Provided by(Used in) Operating Activities $ 136,751 $ 3,572,053 $ 1,672,121 Non-Cash Investing,Capital,and Financing Activities: Gain/(Loss)on Disposition of Assets $ - $ - $ 13,243 Cash Reconciliation: Unrestricted $ 1,255,854 $ 4,224,650 $ 1,567,393 185 Fleet Management Fund Total $ 816,223 $ 6,095,175 92,143 162,916 67 (511,676) (14,630) (10,569) 328,326 305,966 (8,158) (73,393) - (4,087) 9,299 1,115,128 (2,909) (527) - (413,006) 100 (186) - (710) (395) (579) 131,259 144,768 9,898 (31,408) - 3,576 (10,000) (29,000) (298,533) (473,349) 151,226 219,306 163,529 250,025 551,222 653,195 $ 1,367,445 $ 6,748,370 $ 106,723 $ 119,966 $ 526,737 $ 7,574,634 186 MONROE COUNTY, FLORIDA COMBINING STATEMENT OF FIDUCIARY NET POSITION ALL CUSTODIAL FUNDS SEPTEMBER 30,2025 Clerk's Sheriff's Tag General General and Custodial Custodial License Assets Cash and Cash Equivalents $ 5,363,001 $ 634,323 $ 294,175 Accounts Receivable 128,981 5,318 - Due from Other Governmental Units 18,193 - Total Assets 5,510,175 639,641 294,175 Liabilities Accounts Payable 143,530 29,056 - Undistributed Collections - - 294,175 Due To Other Funds - 11,886 - Due to Other Governmental Units 1,964,049 28 - Total Liabilities 2,107,579 40,970 294,175 Net Position Restricted for Individuals, Organizations,and Other Governments $ 3,402,596 $ 598,671 $ - 187 Property Tax Totals $ 3,601,489 $ 9,892,988 269 134,568 - 18,193 3,601,758 10,045,749 204,927 377,513 3,396,831 3,691,006 - 11,886 - 1,964,077 3,601,758 6,044,482 $ - $ 4,001,267 188 MONROE COUNTY, FLORIDA COMBINING STATEMENT OF FIDUCIARY NET POSITION ALL CUSTODIAL FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 2025 Clerk's Sheriff's Tag General General and Custodial Custodial License Additions Payments Made by Litigants $ 41,548,228 $ - $ - Payments Made to Bond Accounts - 368,733 - Payments Made to Inmate Accounts - 1,508,140 - Property Taxes and Fees Collected - - - Licenses and Tag Fees Collected - - 17,737,354 Charges For Services 1,443,702 - - Fines and Forfeitures 89,376 - - Other Collections - 88,838 - total Additions 43,081,306 1,965,711 17,737,354 Deductions Payments to Litigants 42,648,426 - - Payments to Depositors - 659,040 - Payments of Civil Process Fees to BOCC - 88,838 - Payments of Inmate Services - 884,765 - Payments of Inmate Release Funds - 616,165 - Property Taxes and Fees Paid - - - Licenses and Tag Fees Paid - - 17,737,354 total Deductions 42,648,426 2,248,808 17,737,354 Net Increase(Decrease) In Fiduciary Net Position 432,880 (283,097) - Net Position,Beginning of Year 5,903,201 881,768 - Restatement- Prior Period Adjustment (2,933,485) -Net Position,Beginning of Year Restated 2,969,716 881,768 Net Position,End of Year $ 3,402,596 $ 598,671 $ - 189 Property Tax Totals $ - $ 41,548,228 368,733 1,508,140 381,576,874 381,576,874 - 17,737,354 - 1,443,702 - 89,376 - 88,838 381,576,874 444,361,245 - 42,648,426 - 659,040 - 88,838 - 884,765 - 616,165 381,576,874 381,576,874 - 17,737,354 381,576,874 444,211,462 - 149,783 - 6,784,969 - (2,933,485) - 3,851,484 $ - $ 4,001,267 190 This page is intentionally left blank. STATISTICAL SECTION (UNAUDITED) STATISTICAL SECTION SUMMARY This part of Monroe County, Florida Government's annual comprehensive financial report presents detailed information as a context for understanding what the information in the financial statements, note disclosures, and required supplementary information says about the County's overall financial health. Statistical schedules differ from financial statements because they usually cover more than one fiscal year and may present non-accounting data.These schedules are designed to give the reader insights into the financial position of Monroe County not readily apparent from the financial statements. Financial Trends These schedules contain trend information to help the reader understand how the government's financial performance and well-being have changed overtime.........................................................................................................................................191-199 Revenue Capacity These schedules contain information to help the reader assess the government's most significant local revenue source, the property tax.........................................200-203 Debt Capacity These schedules present information to help the reader assess the affordability of the government's current levels of outstanding debt and the government's ability to issue additional debt in the future...........................................................204-209 Demographic and Economic Information These schedules offer demographic and economic indicators to help the reader understand the environment within which the government's financial activities take place..........................................................................................................210-212 Operating Information These schedules contain service and infrastructure data to help the reader understand how the information in the government's financial report relates to the services the government provides and the activities it performs. ........................................................................................................................................213-214 Sources: Unless otherwise noted, the information in these schedules is derived from the annual comprehensive financial report for the relevant year. 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'r, j zaa ova va m ` vx � ° v a ` ' ~ o a° aa o y Z N �p X C C 0 N In C O_c o '" i W f0 Q i c y c m m v i i ~ °' c ° �, v c �, v zFT w FT c in E — v o '" u E E a` c E X Q H C7 ti O H O v D '� (D c x 9 a` a°10 E a` z cD m � c� " cD O � m � � cL� m Monroe County,Florida Governmental Activities Tax Revenues By Source Last Ten Fiscal Years (accrual basis of accounting) Sales Taxes State Tourist Local Fiscal Property Impact Sales Local Tourist Year Tax Tax Tax Development Tax Other Taxes Total 2016 $ 75,463,966 $ 4,579,158 $ 38,090,049 $ 36,633,260 $ 1,131,692 $ 155,898,125 2017 77,511,075 4,564,973 39,450,577 36,519,780 1,097,971 159,144,376 2018 81,472,461 4,095,460 38,009,370 32,763,679 1,145,385 157,486,355 2019 86,857,839 4,981,287 42,492,736 39,850,300 1,077,006 175,259,168 2020 89,441,895 4,011,963 35,763,020 32,095,701 1,010,381 162,322,960 2021 96,010,623 7,065,769 50,409,454 56,526,152 1,252,142 211,264,140 2022 101,804,643 8,635,689 55,163,718 69,085,511 1,049,402 235,738,963 2023 113,281,542 7,684,859 56,831,112 61,478,869 1,199,675 240,476,057 2024 135,916,912 7,682,876 56,209,827 61,463,007 1,112,845 262,385,467 2025 148,653,432 7,604,545 56,227,929 60,836,357 1,073,718 274,395,981 195 O c-I I� N c 7 n I0 M O N Lr I� t 0 Ln l0 00 00 Ln 00 O c-I Lf1 00 M O N E O to M Ln O O Ln Q Q Ln O m N r, roO �--� N roO N O Il n Lr Lr c-I c-I c-I l0 N N Z Z O N O ro 7 cN-i o0 00 LLn Ln M M 'j", -V� 'j", O O Ln c-I to o0 Ln M Ln I- M N O 7 7 O m 7 o0 ti m 7 Ln oc O ti Il n O Lr O O oc oc Lr N O 7 to M to to c-I m Ln to O Q Q to O r, 00 N 00 l0 r, 00 I� NO c-I O l0 01 M c-I l0 l0 Lf1 N Z Z O r, n to c-i oo Ln M c-I M 7 O N I, M M M r, O �t �t Ln �t o0 to Ln m Ln O Ln O ci m n M c-I M o0 O ci O l0 n Lr Lr l0 l0 oc N 7 O O Ln m m N 00 M 00 00 Ln Ln cn NO Q Q c�-I O 7 c Ln � N Lr a N Ln7 � N Z Z O N c-I oo m ^ V N m Ln N M M N O I- 7 M m to Ln I, M to I, O ci ci O O o0 �t O M M O O oc N c-I 01 c-I 01 c-I a O to O �t to n l0 O to Ln M N Q Q o0 O to roo0 o0 O to c-I roN N O 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Ln to to Ln O o0 o0 o0 O I, to m M M c-I c-I m c-I V 00 I- O O N to c-I o0 to M Ln I, Ln c-I m Ln M o0 Ln Ln N O N 7 c-I c-I N I, N Lr N O O Lr a O M a Lr c-I O N m Ln Ln Lf1 c-I Lf1 M O O r, �--� 00 M M M to M O N I, M N m Lf1 Ln c-I c-I Ln c-I c-I c-I N N o0 c-I N M c M M N m M 01 c-I M to to 01 01 n 01 c-I 01 O N 01 O N o0 O Ln o0 O N o0 m I, to M o0 N M r, ci O Lr M M Il lR 7 O oc M oc O oc 7 M N N c-I Lf1 a c-I to c-I m o0 Ln m Ln N o0 m Rt Ln o0 to to 00 c-I I, 00 to (h o0 m o0 N to n o0 O M I, O 7 o0 c-I o0 O 01 c-I n O N o0 o0 M c-I oc M M oc oc M c-I Lr O oc a Il n �--� M l N O a 00 a I- to O Ln m M N m N I, 00 Lf1 M I, N c-I m M c-I m 7 c-I Ln N M c M m M 7 M N c-I Ln Ln O N O o0 to M I, M Ln O M M m c-I M c-I o0 Ln O I, 00 I, M I, O m to n N to R:t R:t oc LO R:t Lr N R:t v oc R:t Lr LO R:t O Lr M LO a c-I M o0 o0 o0 c-I Ln Ln M O c-I to m O c-I n o0 Ln O Ln N O O N M m m I, m N n Ln M O to 7 c-I r, ci Ln o0 o0 I, Ln O N O Lr 7 M O Lr O c-I N 01 n oc O M I, 7 7 a 7 N a O w I� w o0 Lf1 V O c-I 01 N c-I o0 N o0 c-I Ln r, Lf1 Ln N c-I l0 M N c-I c-I M c-I c-I N c-I c-I N N M c M N I, n Ln o0 c-I 01 to to c-I 01 O o0 I, M 01 O o0 to �--� O �--� M m o0 c-I to N 7 7 m 00 I, N O �--� r� M N O lR n 7 l l l n M N Lr c-I O oc v �--� O �--� N M to 7 to N to to to m 00 m I, to N to c-I M c-I I, Ln o0 c-I N a-I LO n M I- Ln Ln O Ln c-I Ln m LO Ln O c-I O M LO N N c-I l0 a M Lr Il oc Lr c-I c-I l0 M N N l 01 O N 01 c-I c L c N m to L c r, c-I 01 O m m N LL N n M M M N c-I M ro C } V w C f6 O u I, o0 I, O N O r, ci to c-I to 0 0 to O N to N Lf1 f6 N m N Ln m to c-I O 7 to r, Ln r, ci Ln N Ln to to M to c-I C O j,y oc a c-I N O O O M oc N M N M Il Lr c-I l c-I N Lr N V M o0 7 c-I c-I r, c-I I, Ln M c-I m M m 7 N O to 7 O M y0 ,O f6 m O N Ln M c-I m I, m o0 I, Ln I, O r, 7 N 7 Ln to o0 O c-I y N to n n l Lr I, a O n 7 l 7 l Lr a Lr oc a M N LL Ur T O N O r-:' Lr I- 7 Lf1 to m n Ln to c-I m c-I Lf1 m m N Lf1 to r,Ln r, N N M cN-I c-I M c-I N c-I N c-I Nu f6 O u L U O O f6 71 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Ln r, ci m c-I c-I o0 N I, M Ln to c-I c-I N to to N O O ~ c-I c-I c-I LO c-I o0 LO LO Ln N LO c-I o0 I, O c-I I, Ln M M LO m N u O N Lr 7 c-I N I, a N n lR Lr oc Lr M Lr O oc N Lr I� O m m r" M to O Ln to N O Ln O o0 M N o0 M c-I to M o0 m N c-I J Cl m to o0 I, n O m m c-I I, O o0 O to O to c-I 7 n 7 O N C W rl 00 O 7 M O M M lR N oc Il M c-I c-I Lr lR oc I, a Lf1 O O 00 o0 o0 N Lr o0 N M M to 00 M Rt O to m N M M O LL ;� N Ln ^ M m M N N c-I M c-I N c-I O �--� O O ci N c M bA C f6 N to c-I N Ln N N O o0 m to n 0 0 0 Rt I, N O M c-I S c-I O o0 o0 to O N n Ln m N m o0 Ln M m m m m O c-I u oc oc oc LO oc LO O c-I M R:t R:t LO n LO oc M a M L Lf1 o0 to Ln N c-I c-I m r, N O o0 I, to c-I I, Ln O 7 Ln Ln o0 CO Ln m O N o0 I, N to c-I I, M O r, to M Ln I, N to M to a-I to m c-I Lr I, l M O N c-I N a oc M Lr Lr LO M N I� N M N M N mr, Ln M mLf1 m00 c-I LSO N O O to c-I Ln I, O m N m m m N N c-I to m M I, m O N m m m c-I m 7 00 7 M m N m N Ln O I, LO O to Lf1 01 7 oc O O N M Il oc oc Lr N O oc M I, 01 oc 01 m o0 m o0 N M O 7 M 7 n 00 I- to to n n c-I n c-I m M c-I 01 LO Ln M o0 O M m m Ln LO N Ln c-I Ln a-I I� n n N M Lf1 01 M Il N 7 O l a M y 7 7 7 O N r6 l 7 oo 7 N M ro O M o0 M m o0 O o0 �0 M c N c N l0 N LO m Ln Rt m c-I c-I o0 M Ln M c-I O Rt LO O m 00 c-I O LO m O n c-I LO M o0 c-I o0 O Ln m LO O n LO l0 lR 7 N N M O �--� I� n M l l0 v O lR N M I, n O Ln to M N O M N M c-I M c-I N o0 M Ln o0 Ln O I, 1p LO M c-I O O m Ln N O m o0 M o0 O c-I O Ln Ln LO N LO a-I c-I a a 7 N a O a oc 7 O M a a I, 7 c-I Lf1 M O c-I o0 m M N c-I N o0 O M m Ln o0 7 00 to N c-I N N O M M c-I N c-I N `--' O y 4� C U 16 cL N N N N E 0 N E U E C N N x O O ` w L > >' O` er r ` O O C in mcO O O N 3 O w O +�+ W N cL 3 v o v Ev ° E ° v z — ° v cL � U > c o X N S u 0 fo v o x 0 G W C7 d d W S U U U D W oo cn oo o m �o 0 �Il N tp Oi Oi O N �Il ci I� t0 m O m O oo C ti ti I� m o v^i oo m v�i oN m a oo v oc o � o o n n n N ti ti ti ti ti m FZ oo oo o ci Il N m O G N O � � N m m m n n o O oo N rn N O N C oo ti ti C m m N N o oo m N ci O O � oo c6 N ti m O O N m m Lr o oo oo m N rn rn m oo 0 oc O u C N N O O ti C i 3 m f6 � o Gl C oc O N m N C O C o o C oo y V m O Lq if V •p O LL (7 } p N ti V V 00 3 N 7 V O V LL V V u C f6 c N .: O O .ti oo o w m F 3 `. rn o m o ' o -O N m oo 't o m oo c -O m rn rn O N rl C 3 N Obi ON m ti O O oE O o° s m O to n V o oc rl rn m o O� N oo m .otip O N m a �y o .� m N oo O N m v rn ci �Il oo tp o O C oo n m N p N N p oo O w a-I C t^O N m o m .-i oo .--i N oo Ul � U1 bA u m c on m o O m a v C in w0 m O t 16 N U O Monroe County,Florida General Governmental Tax Revenues By Source Last Ten Fiscal Years (modified accrual basis of accounting) Sales Taxes Local Fiscal Property State Sales Year Tax TIMP Tax TDC Other Total 2016 $ 75,463,966 $ 4,579,158 $ 20,817,676 $ 36,633,260 $ 1,131,692 $ 138,625,752 2017 77,511,075 4,564,973 21,510,929 36,519,780 1,097,971 141,204,728 2018 81,472,461 4,095,460 20,805,323 32,763,679 1,145,385 140,282,308 2019 86,857,839 4,981,287 23,583,643 39,850,300 1,077,006 156,350,075 2020 91,347,019 4,011,963 19,863,169 32,095,701 1,010,381 148,328,233 2021 96,010,623 7,065,769 50,409,454 56,526,152 1,252,142 211,264,140 2022 101,804,643 8,635,689 55,163,718 69,085,511 1,049,402 235,738,963 2023 113,281,542 7,684,859 56,831,112 61,478,869 1,199,675 240,476,057 2024 135,916,912 7,682,876 56,209,827 61,463,007 1,112,845 262,385,467 2025 148,653,432 7,604,545 56,227,929 60,836,357 1,073,718 274,395,981 Source: Monroe County Clerk of the Circuit Court Finance Department 199 REVENUE CAPACITY Monroe County,Florida Assessed Value and Estimated Actual Value of Taxable Property Last Ten Fiscal Years Fiscal Total Estimated Assessed Year Real Property Commercial Less Total Taxable Direct Actual Value as a Ended Residential Commercial Personal Tax Exempt Assessed Tax Taxable Percentage of Sept 30 Property Property Property Property Value Rate Value 1 Actual Value 1 2016 $ 23,134,080,788 $ 9,674,350,023 $ 728,961,085 $ 10,505,834,921 $ 23,031,556,975 3.8080 N/A N/A 2017 25,238,536,707 10,315,713,392 709,815,884 11,257,153,269 25,006,912,714 3.2475 N/A N/A 2018 26,059,270,000 10,808,503,930 716,716,873 6,015,518,781 31,568,972,022 3.2600 N/A N/A 2019 27,883,537,936 10,875,740,917 826,204,701 6,061,363,626 33,524,119,928 3.1228 N/A N/A 2020 29,530,266,065 10,917,353,093 878,507,996 6,106,170,011 35,219,957,143 3.0260 N/A N/A 2021 31,098,732,729 11,595,018,803 905,787,545 6,196,506,934 37,403,032,143 3.1173 N/A N/A 2022 36,121,015,298 13,693,661,334 957,309,313 6,273,257,855 44,498,728,090 3.2969 N/A N/A 2023 41,040,535,401 15,023,105,251 1,078,616,469 6,408,896,780 50,733,360,341 2.9838 N/A N/A 2024 45,331,121,655 15,634,693,628 1,099,785,695 6,532,317,487 52,685,957,056 2.8253 N/A N/A 2025 49,199,416,688 18,893,359,868 1,191,609,425 6,729,297,418 56,802,869,111 3.3800 N/A N/A Source:Monroe County Property Appraiser N/A-Not Applicable Estimated actual value for each tax year is equal to the assessed value.The ratio of total assessed to the total estimated actual value is 100% for each tax year. 200 O0 0 m Ln m m Ln 0 ci 000 h o � oZS °° o -i � mk o � aCL C 0) 0 0 0 m co co co m Il co 1 c a O Y • I4 m m m o ui rl O V 00 N m co co m Ln Ln v aw l ' N 0) ci 0 ci V N ci ci N 00 b Ol N b Ol o Q N O O O O O c pp Vf p O a) ao a) f0 Y O O O O O O O O O O .� � W 00 m N � N W N n t N GO lfl ul � ul 00 l0 0) l0 � ? 0 m lz� m m m m N Ol cq cq Ol Q 3 p w m m m m m m N N N N fp ~ Lnn a/ i+ • Y fu N O 0 a >. C ++ V 00 CL Ln O %f O Q O E O t r_ W O O 00 O O O O O O O Z ?i rl W 00 00 00 Ln Ln Ln 00 lN0 0) lN0 i E j w a m m m m N m co co m Y a) i •Q 2 m m m m m m N N N N 'n CL 0 3 0 4' > Q u ? LL = ( p } > O 0 v X d0 m O a m C U0 O O rl CL LL a U i •� cn Wpip N l0 0) l0 Ln Ln m � ci y d W > m O m O m co ci O ci m m p Q w C } — in W co m N m m Il N N > H V ri ri ri ri ri ri ri ri ri ri U 0 0_ m � � v v � c t +° v °u NO o EL a, g CL 0 •" C O O E LnCL 3 o O Y p- m m m Ni'n ci m m co C a ,t al N l0 m l0 In In m p_ ou o m 0 m m m co ci o ci m m fo 0 LQ io co m N m m N N Y Y y =c ci ci ci ci ri ri ri ci ci ci fo a CLG L C O Y ° c a a, E CL C m ci O O � W N N ci N 00 a/ '$ 3 = O cq cq N N c-I O ci cq m > 'i V a m m m m m m m N m tm m f0 -° a/ V fu fu > y y a a) a p ++ V 00 p_ L 'n � � •L n: a o y o ,n O .� 0 CL N f; 0 o O ou in r, O 'n O co O m m O C al W O 00 n O N W n In O EU ci O O �T W N N c-I N 00 fop f0 O cq cq N N c-I O ci cq m 0 p- y — a m m m m m m m N m U Y Q a) fu L p O ea W Y w C O O a 3 n ° O a) fo >. jp l0 n 00 0) O ci N m 'n fV V f6 c-I c-I c-I c-I N N N N N N 'n al O O O O O O O O O O a 7 O i p 7O V) a o Monroe County,Florida Principal Property Taxpayers Current Year and Nine Years Ago 2025 2016 Percentage of Percentage of Taxable Total Taxable Taxable Total Taxable Assessed Assessed Assessed Assessed Taxpayer Value Rank Value Value Rank Value Ocean Reef Club Inc $ 243,305,136 1 0.43% $ 94,733,023 2 0.41% Casa Marina A Waldorf Astoria 212,149,258 2 0.37% 84,000,128 5 0.36% Sunset City LLC 195,680,582 3 0.34% 93,275,911 4 0.40% Knights Key Investors LLC 167,640,544 4 0.30% Fla.Keys Electric Co-Op 162,139,794 5 0.29% 114,908,691 1 0.50% HHR Key Largo LLC 147,655,639 6 0.26% Diamondrock Key West 142,869,750 7 0.25% Key Largo Hospitality 128,677,924 8 0.23% Galleon Condominium Assoc Inc 122,110,582 9 0.21% 74,735,248 6 0.32% Tannex Development LC 117,181,762 10 0.21% 62,928,614 7 0.27% CWI Keys Hotel LLC - 101,312,167 2 0.44% Ocean Walk Key West LLC 60,583,497 8 0.26% Winward Pinte II LLC 58,910,738 9 0.26% NWCL LLC 58,375,499 10 0.25% $ 1,639,410,971 $ 625,030,365 Source:Monroe County Property Appraiser 202 Monroe County,Florida Property Tax Levies and Collections Last Ten Fiscal Years Fiscal Year Total Tax Collected within the Ended Levy for Fiscal Year of the Levy Collections in Total Collections to Date September 30 Fiscal Year Amount Percentage of Levy Subsequent Years Amount Percentage of Levy 2016 $ 80,394,533 $ 77,254,282 96.1% 5,557 $ 77,259,839 96.1% 2017 80,815,240 78,390,783 97.0% 8,318 78,399,101 97.0% 2018 85,024,504 82,458,796 97.0% 3,040 82,461,836 97.0% 2019 91,293,021 87,641,300 96.0% 3,839 87,645,139 96.0% 2020 95,518,603 90,338,710 94.6% 14,251 90,352,961 94.6% 2021 96,989,237 95,049,452 98.0% 3,726 95,053,178 98.0% 2022 106,626,084 100,875,282 94.6% 4,690 100,879,972 94.6% 2023 134,226,730 112,177,545 83.6% 3,716 112,177,545 83.6% 2024 153,999,822 134,602,657 87.4% 5,838 134,602,657 87.4% 2025 155,762,878 143,478,236 92.1% 4,690 143,478,236 92.1% Source: Monroe County Tax Collector 203 This page is intentionally left blank. DEBT CAPACITY Q Q Q Q Q Q Q Q Q Q 0_ a z z z z z z z z z z m U � N tlD i� o W � L E Q Q Q Q Q Q Q Q Q Q or- 0 O Z Z Z Z Z Z Z Z Z Z u a u L 0 C a - C V1 V1 O 7 ON O N G1 M N N Gl l0 M Gl V1 I� n E M l0 l0 N V1 m �o 00 N M N C G1 V1 M c-I c-I l0 l0 l0 V1 l0 j l0 00 M O m n O. O ci c-I N N c-I c-I N N N M t/} N 00 O m V1 l0 F N � m V) t/} c-I W 00 N W J t/} W i+ u W G > a 0) ^ T � 7 ci O O O i m 0) n O O O + y O 00 O O Cl cu j O O r, O O O T w Z T to Fa 1' N O O r O u 7 O V M r- N N N N N � Y � y Gl Gl Gl Gl Y 0 - O V1 V1 V1 V1 N O O J y C O N N N N C in )0) mcc 7 7 7 7 O O C m U/ C / N O Y Q f0 � N 7 l0 U U/ c-I M V1 C m M N O C O V) U/ 0 C O O 001 O 7 0 Q a 7 00 M c 00 C O y V 'O O0 C N J 0- C u O O O O O O 00 c�-I 7 00 O O Q y chi M V001 V1 C O o0 7 m 7 m u '.- 0/ J N l0 V1 V1 M c-I 00 r, 7 N m m O. c-I c-I c-I c-I c-I c-I c-I c-I V1 N C / p .0 IV bn > 0 0 r, o C_ O G1 �f1 M O O M G1 -O C N O c-I O 7 N m � O Y OU 0) c-I N N l0 � M Gl W M I� W j 00 p O � 7 O o0 v1 ti v1 o0 o0 O m Z G1 cm-I V1 V 1 V1 M M N c-I Occ U Q y� C � J U O W cM-I O O O O O O O O O Y 0 C 7 Gl l0 W c-I M M O C > 0 00 I� Lr 01 M V1 l0 l0 Lr N O U/ m N a. V1 M M OM N ON c-I V1 bD J V} N L N _ U � U/ jp l0 I� 00 m N N ci c-I c-I c-I N N N N N N 0 O O O O O O O O O O Qj N O _ � Z � Z Monroe County, Florida Ratios of General Bonded Debt Outstanding Last Ten Fiscal Years Percentage of Estimated General Less:Amounts Actual Taxable Fiscal Obligation Available in Debt Value of Per Year Bonds Service Fund Total Property Capita Monroe County does not have any outstanding general bonded debt for years 2016-2025 205 Monroe County, Florida Direct and Overlapping Governmental Activities Debt September 30, 2025 Estimated Amount Debt Percentage Applicable to Direct Debt Outstanding Applicable County Monroe County, Florida $ - 100% $ - Monroe County does not have any overlapping debt as of September 30,2025. Notes: Overlapping governments are those that coincide, at least in part, with the geographic boundaries of the county. This schedule estimates the portion of the outstanding debt of those overlapping governments that is borne by the residents and businesses of Monroe County, Florida. This process recognizes that, when considering the County's ability to issue and repay long-term debt, the entire burden borne by the residents and businesses should be taken into account. However, this does not imply that every taxpayer is a resident and, therefore, responsible for repaying the debt of each overlapping government. (a) Net bonded debt was calculated as revenue bonds payable and revenue notes payable. See Legal Debt Margin Information schedule for net bonded debt calculation. �bl Allocation based on assessed valuation. 206 Monroe County, Florida Legal Debt Margin Information Last Ten Fiscal Years There are no State laws or County ordinances establishing a legal debt margin for years 2016-2025 207 Monroe County, Florida Pledged-Revenue Coverage Governmental Activities Last Ten Fiscal Years Sales Tax Revenue Bonds Fiscal Debt Service Year Collections Principal Interest Total Coverage 2016 $ 20,817,676 $ 3,690,000 $ 1,205,286 $ 4,895,286 3.53 2017 21,510,929 7,950,000 1,203,144 9,153,144 2.64 2018 25,690,144 8,180,000 1,087,046 9,267,046 2.77 2019 21,405,942 9,564,521 2,629,378 12,193,899 1.76 2020 17,124,650 7,124,964 2,489,672 9,614,636 1.78 2021 28,658,729 9,834,674 2,380,334 12,215,008 2.35 2022 34,138,177 12,990,181 3,917,900 16,908,081 2.02 2023 34,996,624 13,253,059 3,650,273 16,903,332 2.07 2024 35,005,681 13,530,156 3,376,380 16,906,536 2.07 2025 34,752,681 13,811,586 3,415,049 17,226,635 2.02 Note: Details regarding the County's outstanding debt can be found in the notes to the financial statements. 208 Monroe County,Florida Pledged Revenue Bonds and Notes Business-Type Activities Last Ten Fiscal Years KEY WEST AIRPORT NET DEBT SERVICE FISCAL AVAILABLE AVAILABLE TIMES YEAR REVENUE(a) EXPENSESibI REVENUE PRINCIPAL INTEREST TOTAL COVERAGE 2016 $ $ $ $ $ $ N/A 2017 N/A 2018 N/A 2019 N/A 2020 N/A 2021 25,270,525 14,729,330 10,541,195 748,000 748,000 14.09 2022 29,557,783 16,978,666 12,579,117 - - N/A 2023 32,880,707 24,532,798 8,347,909 N/A 2024 38,628,954 15,222,822 23,406,132 N/A 2025 26,445,239 18,487,587 7,957,652 N/A (a)"Available Revenue"shall mean income from operations and such PFC revenues and PFC fund balance necessary to provide the required coverage. (b)"Expenses"exclude depreciation of fixed assets,pension and OPEB costs,and amortization of deferred charges which are reflected as expenses in the financial statements Key West International Airport Revenue Bonds Series 2022 were issued on August 22,2022. PNC Line of Credit for Monroe County,Florida Taxable Master Airport Revenue Note Series 2022 was approved on August 17,2022. 209 This page is intentionally left blank. DEMOGRAPHIC AND ECONOMIC INFORMATION C C w o 0 0 0 0 0 0 0 0 0 N Ln M Ln Ln lD O M .--i Q' M M M E w C M M V O W N Ln m r� 00 Ln N m 00 00 O t N i 'D N tD _ o0 oc rn Lr rn rn H O 00 00 00 00 00 dl 00 00 00 00 i C W C O m m I" r": M r": M O 00 00 00 06 u (D r� I'D 00 00 dl 00 dl Y m M ++ � N � Ln LL _ Ln v-1 G m Z O m N 00 M M tN rO j, C L ++ C w O M N 14 lD dl dl O Q W a v o oo rn o 0 0 m z o O -a LL a N U C N M H O u L Y C C fC �' J R m M M Ln 00 0 Ln I'D 00OM lD I� lD 00 m 00 M Itt Itt Itt r� Ln .-1 m EA dl .--I lD lD I� N u E to lD .-i .-i .-i I� lD M N Ln i N i 00 m Ln 00 m r� Ln m 0)0 f6 w a 'a L' lD 1. I� � 00 01 O 14 a E C X C ° o � z ucu c O �- a 3 s O o *' E a E Q f6 I" M r� Ln O 00 I� 00 O N O Itt O r-I u O O O I� 00 r-1 I� r-1 01 Ln vi 'a E `C 0') I� Ln lD N N .--I O O O I� 00 00 00 00 00 00 ? O c 00 O U Q °o w a a E O oCO c u *' LLJ 'n O 0) i O C N = + N O c0 O f6 i lD I� 00 0') O �-I N M Ln O 0) U Z u M r-I r-I r-I r-I N N N N N N Ln Uj O O O O O O O O O O O c0 O jy, >' N N N N N N N N N N 00 LL- Q _ _ `^ a Z Monroe County,Florida Principal Employers Current Year and Nine Years Ago 2025 2016 Percentage of Percentage of Total County Total County Employer Employees Rank Employment Employees Rank Employment US Armed Services 14,570 1 30.96% 2,190 1 4.87% Monroe County School District 1,701 2 3.61% 1,096 2 2.44% Ocean Reef Club 1,241 3 2.64% 962 3 2.14% Publix Stores 756 4 1.61% 540 5 1.20% Ocean Properties 645 5 1.37% Monroe County Government 612 6 1.30% 516 6 1.15% Monroe County Sheriff's Office 540 7 1.15% 595 4 1.32% Lower Keys Medical Center 523 8 1.11% City of Key West 520 9 1.10% 497 7 1.11% Spottswood Properties 415 10 0.88% Community Health Care Center 430 8 0.96% Westin Resort&Marina/Sunset Key 400 9 0.89% Hawk's Cay 385 10 0.86% Source:Key West Chamber of Commerce and the Florida Research and Economic Database N/A=Comparative Period Data Not Available 211 This page is intentionally left blank. OPERATING INFORMATION Monroe County,Florida Full-time Equivalent County Government Employees by Function Last Ten Fiscal Years 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Function General government 294 292 304 303 220 250 272 267 269 270 Public safety 599 601 630 633 652 651 654 658 663 688 Physical environment 79 82 97 103 163 110 123 124 125 116 Transportation 77 78 64 64 64 61 60 60 63 65 Economic environment 30 30 30 30 29 30 27 27 29 29 Human Services 29 29 30 29 30 23 23 23 15 15 Culture and recreation 42 42 42 42 59 52 59 59 62 62 Court Related 126 126 125 124 131 130 129 129 136 132 Total 1,276 1,280 1,322 1,328 1,348 1,307 1,347 1,347 1,362 1,377 Source:Monroe County Office of Management and Budget 212 m r, Ol N O Ol m N m 0 lD 00 Ol lD m Zt 00 lD r" N N -Zt Ol m N m 00 r, Ln - N m r` to r; O � 0 r;0 O r` lD C Ln o in r. 00 r, r; rn Ln r rn �D N c-I c-I c-I c-I c-I m r, * O N O r. o N 00 m rn �D r" 00 m m 00 m lD O N lD lD N rn -Zt �D r, rn �D �D m - �D 00 m rn lD -Zt 00 (V O Vl n O ` n G <D m 00 Nr rn � Ln r, 00 r, r, of N r m r" O N c-I c-I -1 c-I r, Ln * N N O r, O O m m -Zt N r" m 0 00 r" Ol lD r, lD lD ro O m lD Ln r, m lD m Ln O Ln r" N -4 W O Ili (V r; O m m r, � O en O � � lD r, 00 r` r, Ln N lD N N c-I c-I c-I -1 Ln -1 * -1 N N lD Ln -1 c-I m Ln m lD N Ol O Ol 00 N Ol Ol lD O rn �D r" Ln 00 �D 00 00 rn Ln m m �D �D m N N rn rn O m rl C 0 O rn V1 N cl c-i lD r, 00 r, r, lD 00 -1 O .� N c-I c-I c-I c-I c-I m c-I * N m O r` o c N lD Ln Ol N Ln 00 00 -Zt m -Zt c-I N 00 to c-I to N Ol O O -Zt m to Ol 00 -Zt Ol N r, lD Ln lD .� m -4 Ln 00 l0 O rn Lr O m Lr .� 00 N 06' r N ro �D iD -Zt Ln rn -1 r to N .--I c-I c-I c-I c-I Ln m N N c-I C O -1 r r m Ln to Ol Ol 00 r, O N O m Ln N n 00 O in m rn a) -1 O - m �D �D Ln u Ln m ri rn m rn r o0 oo m r oo Ln co -a O ro c-I ro N N r` r` 00 00 O m ri ui .i LL y NO c-I c-I c-I c-I c-I m 00 <D N LL � } N N pZ i f6 o U - LA M M jy N 00 Ln Ln to lD N O> � � Ln m N N O U -1 m rn rn Ln O 't m �D m m o, 0 O 00 N (, "a C m m m r` N Ln � W O r; m r, m r; y 0) Ol r m ai rn ri ri ui 00 r O 00 F- C N N ro CY) N C N N r O f6 C a+ J C i N O' Ln N m lD r" r" Ol c-I -Zt -Zt -Zt Ol m 00 r, O Ol r, -Zt -Zt Ln O Ln lD lD r" m -1 Ol Ln 00 r, O N V1 m <D N N 00 N 00 -Zt C :: co N c-I m -Zt -Zt Ol Ol O to C -1 -1 N N -1 v 00 N N � O c C) N r, O 00 O1 00 V1 O m N O1 L.n m 00 O1 lD Ln O l0 N O> Ln m O> Ln N -1 N N Lr m r m m O N m O V1 N 0 00 r Ol �NI' -Zt 00 r, O N 00 to � 0 N m r` -1 N r, N N O r, 00 to r, 00 Ln -Zt m N r, Ol N Ol rn 00 Lr) r` O �D rn -Zt m �D Ln O �D 00 r` N .--� (V <D Ln O O l0 n N N c-I r, O m N O m N Ol Ol O N <D 00 N O m N m o0 N N Y C Y E c C CL N v v O Y v •� — C N Y � O C C N a) 'u O O — 0 — V ��+ +U., N hp N V �0 O 0 0 M N Q N N •N O to -Oto vV _O -O V O YOO O O O O O Z a) = -m OO O O O 0 C fN0 > m O co O a) O- 3 O �n O N t0 CC 'n L E E ° v E a O cc O o O a a •N a o U Y G J XE to C C T 3 L ~ v Z E z m (n Z Q Q Q Q Q = J 0 Z D a m LL V) LL Q 9 2 u u v) Z .tT Ol Ol 00 M Ol lO lO N r-I M 00 TT n n L!l r-I 00 r-I O N l0 l0 M r-I lA r-I ti M r-I N r-I O N TT TT Ol N M Ol lO lO N r-I M 00 TT n n Lr) r-I 00 r-I r-I O N l0 l0 M r-I r-I Ri M r-I N r-I O N TT M Ol 00 M Ol lO l0 N -i M 00 TT r-I I, Ill r-I 00 r-I O N l0 Ill M r-I M r-I ti M c I N r-I O N TT TT Ol 00 M Ol lO lO N r-I M 00 TT r-I I, Ill r-I l0 r-I O N l0 Ill M r-I N r-I M c I N � O N TT Rt Ol 00 M Ol lO lO N r-I 00 M Ill TT r-I I, Ill Ol l0 r-I O N l0 Ill M 14 r-ICQ O N C TT Ol Ol 00 M Ol l0 l0 N r-I N M Ill TT r-I I, Ill O N i�-I O N r-I Lfl M -q V •a L O r-I •y LL y N f6 LL • V f0 I, Ol 00 M Ol lO lO N r-I M M Ill TT r-I I, Ill O N N r-I O N r-I i.o LIl M r-I 7 ++ !y I O LL O N CJ H N O I O Q m Ill l0 O r-I M Ol l0 lO N TT M Lr) TT r-I I, Ill O M r-I r-I r-I O N -q l0 Ill M r-I 00 r-I Ri M r-I O `-I Q. N m V Ill O O r-I M O lO lO N r-I Ill M Ill TT -q l0 Ill O M -q -q Rt O N r-I l0 Ill M r-I 14 ci M c I O � N TT N Ol N M O lO lO N r-I N M Ill TT r-I l0 Ill O ci ci Rt O N -q l0 Ill M ci 14 r1 M c I O N C N E ro Q 4J � a-T 4J = 0 o aj U a u E LL a u N � o aJ o o o c � aJ °c_° a; auJ a°Jo c •�, .. •� ++ 4J u m f0 of T U •� +' .� Ln N N 4J 4J of N E > 0 .2 f0 W Ln +�i+ N Ln Vf i .2 N 'p U N 11 4J M 0 0 0 Ln LLa = � � o maw Z, aa � o mmo � ou <., Il a O_ 2 U U SINGLE AUDIT SECTION P U R V I s G 111 AY INDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS 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 the governmental activities, the business-type activities, the aggregate discretely presented component unit, each major fund, and the aggregate remaining fund information of Monroe County, Florida (the County) as of and for the year ended September 30, 2025, and the related notes to the financial statements, which collectively comprise the County's basic financial statements, and have issued our report thereon dated March 25, 2026. Report on Internal Control Over Financial Reporting In planning and performing our audit of the financial statements, we considered the County's internal control over financial reporting (internal control) as a basis for designing audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the County's internal control. Accordingly, we do not express an opinion on the effectiveness of the County's internal control. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. 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. CERTIFIECD PUBLIC ACCOUNTANTS Gsubrwsvdii° � Ocarrlur � ° afla h, ,,sec, � Sarasota � Os-lain iuu I b?anlj':)a purrvisgray.com Nlonbeu°u of Aromzruaw) Florida fins'kfluu°a,ofG �,uWGtjld I°GaV,ialc Axgxxmaoor s 215 Honorable Mayor and Board of County Commissioners Monroe County, Florida INDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS Report on Compliance and Other Matters As part of obtaining reasonable assurance about whether the County'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 GovernmentAuditing Standards in considering the County's internal control and compliance. Accordingly, this communication is not suitable for any other purpose. Purvis! March 25, 2026 Sarasota, Florida 216 P U R V I s G 111 AY INDEPENDENT AUDITOR'S REPORT ON COMPLIANCE FOR EACH MAJOR FEDERAL PROGRAM AND STATE FINANCIAL ASSISTANCE PROJECT AND ON INTERNAL CONTROL OVER COMPLIANCE REQUIRED BY THE UNIFORM GUIDANCE AND CHAPTER 10.550,RULES OF THEAUDITOR GENERAL Honorable Mayor and Board of County Commissioners Monroe County, Florida Report on Compliance for Each Major Federal Program and State Financial Assistance Project Opinion on Each Major Federal Program and State Financial Assistance Project We have audited Monroe County, Florida's (the County) compliance with the types of compliance requirements identified as subject to audit in the OMB Compliance Supplement and the requirements described in the state of Florida Department of Financial Services' State Projects Compliance Supplement, that could have a direct and material effect on each of the County's major federal programs and state financial assistance projects for the year ended September 30,2025. The County's major federal programs and state financial assistance projects are identified in the summary of auditor's results section of the accompanying schedule of findings and questioned costs. In our opinion, the County complied, in all material respects, with the compliance requirements referred to above that could have a direct and material effect on each of its major federal programs and state financial assistance projects for the year ended September 30, 2025. Basis for Opinion on Each Major Federal Program and State Financial Assistance Project We conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America (GAAS); the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and the audit requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements forFederal Awards(Uniform Guidance);and Chapter 10.550, Rules of the Auditor General. Our responsibilities under those standards and the Uniform Guidance are further described in the Auditor's Responsibilities for the Audit of Compliance section of our report. We are required to be independent of the County and to meet our other ethical responsibilities, in accordance with relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on compliance for each major federal program and each major state financial assistance project. Our audit does not provide a legal determination of the County's compliance with the compliance requirements referred to above. CERTIFIED PUBLIC ACCOUNTANTS GainesviN. I ()a..°Kah �� falhahasscc � earn ,rIsonti � 011al-11do �� "iarn�),'.-1 Purvisgray.com MemIva:rsrrf,Aiinerlcm�and➢~'Vr,.nudau nstonaes(off;cr l'jed PULAkAca:ouI0aiIfls 217 Honorable Mayor and Board of County Commissioners Monroe County, Florida INDEPENDENT AUDITOR'S REPORT ON COMPLIANCE FOR EACH MAJOR FEDERAL PROGRAM AND STATE FINANCIAL ASSISTANCE PROJECT AND ON INTERNAL CONTROL OVER COMPLIANCE REQUIRED BY THE UNIFORM GUIDANCE AND CHAPTER 10.550,RULES OF THEAUDITOR GENERAL Responsibilities of Management for Compliance Management is responsible for compliance with the requirements referred to above and for the design, implementation, and maintenance of effective internal control over compliance with the requirements of laws, statutes, regulations, rules, and provisions of contracts or grant agreements applicable to the County's federal programs and state projects. Auditor's Responsibilities for the Audit of Compliance Our objectives are to obtain reasonable assurance about whether material non-compliance with the compliance requirements referred to above occurred, whether due to fraud or error, and express an opinion on the County's compliance based on our audit. Reasonable assurance is a high level of assurance but is not absolute assurance and, therefore, is not a guarantee that an audit conducted in accordance with GAAS, Government Auditing Standards, the Uniform Guidance, and Chapter 10.550, Rules of the Auditor General, will always detect material non-compliance when it exists. The risk of not detecting material non-compliance resulting from fraud is higher than for that resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Non-compliance with the compliance requirements referred to above is considered material, if there is a substantial likelihood that, individually or in the aggregate, it would influence the judgment made by a reasonable user of the report on compliance about the County's compliance with the requirements of each major federal program or state financial assistance project as a whole. In performing an audit in accordance with generally accepted auditing standards, Government Auditing Standards,the Uniform Guidance, and Chapter 10.550, Rules of the Auditor General, we: ■ Exercise professional judgment and maintain professional skepticism throughout the audit. ■ Identify and assess the risks of material non-compliance, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis,evidence regarding the County's compliance with the compliance requirements referred to above and performing such other procedures as we considered necessary in the circumstances. ■ Obtain an understanding of the County's internal control over compliance relevant to the audit in order to design audit procedures that are appropriate in the circumstances and to test and report on internal control over compliance in accordance with the Uniform Guidance and Chapter 10.550, Rules of the Auditor General, but not for the purpose of expressing an opinion on the effectiveness of the County's internal control over compliance. Accordingly, no such opinion is expressed. We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, and any significant deficiencies and material weaknesses in internal control over compliance that we identified during the audit. 218 Honorable Mayor and Board of County Commissioners Monroe County, Florida INDEPENDENT AUDITOR'S REPORT ON COMPLIANCE FOR EACH MAJOR FEDERAL PROGRAM AND STATE FINANCIAL ASSISTANCE PROJECT AND ON INTERNAL CONTROL OVER COMPLIANCE REQUIRED BY THE UNIFORM GUIDANCE AND CHAPTER 10.550,RULES OF THEAUDITOR GENERAL Report on Internal Control Over Compliance A deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a federal program or state project on a timely basis. Amaterial weakness in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance requirement of a federal program or state project will not be prevented,or detected and corrected,on a timely basis. Asignificant deficiency in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a type of compliance requirement of a federal program or state project that is less severe than a material weakness in internal control over compliance,yet important enough to merit attention by those charged with governance. Our consideration of internal control over compliance was for the limited purpose described in the Auditor's Responsibilities for the Audit of Compliance section above and was not designed to identify all deficiencies in internal control over compliance that might be material weaknesses or significant deficiencies in internal control over compliance. Given these limitations, during our audit we did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses, as defined above. However, material weaknesses or significant deficiencies in internal control over compliance may exist that were not identified. Our audit was not designed for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, no such opinion is expressed. The purpose of this report on internal control over compliance is solely to describe the scope of our testing of internal control over compliance and the results of that testing based on the requirements of the Uniform Guidance and Chapter 10.550, Rules of the Auditor General. Accordingly, this report is not suitable for any other purpose. Purvis! March 25, 2026 Sarasota, Florida 219 MONROE COUNTY,FLORIDA SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS AND STATE FINANCIAL ASSISTANCE PROJECTS FOR THE YEAR ENDED SEPTEMBER 30,2025 Federal Federal/State Agency, Federal Contract/Grant/ (Direct& Passed Pass-Through Entity Assistance Pass-Through Entity/ Pass-Through) Through to Federal Program/State Projects Listing Number Identifying Number Expenditures Subrecipients Department of Health and Human Services: Aging Cluster: Special Programs for the Aging,Title III,Part B,Grants for Supportive Services and Senior Centers: Passed through Florida Department of Elder Affairs and Alliance for the Aging: Title IIIB Grants for Supportive Services&Senior Centers-2024 93.044 AA-2429 74,734 Title IIIB Grants for Supportive Services&Senior Centers-2025 93.044 AA-2529 211,384 Total Program 286,118 Special Programs for the Aging,Title III,Part C,Nutrition Services Title IIIC1 Nutrition Services(Home Delivered Meals)2024 93.045 AA-2429 58,203 Title IIIC1 Nutrition Services(Home Delivered Meals)2025 93.045 AA-2529 96,210 Title IIIC2 Nutrition Services(Home Delivered Meals)2024 93.045 AA-2429 78,605 Title IIIC2 Nutrition Services(Home Delivered Meals)2025 93.045 AA-2529 257,960 Total Program 490,978 Total Aging Cluster 777,096 National Family Caregiver Support,Title III,Part E Title IIIE Caregiver Support Services-2024 93.052 AA-2429 26,856 Title IIIE Caregiver Support Services-2025 93.052 AA-2529 72,535 Total Program 99,391 Passed through Florida Department of Revenue,Agency for Children and Families,and Office of Child Support Enforcement: Child Support Services 93.563 COC44 69,371 Total Program 69,371 Passed through Florida Department of Economic Opportunity: Low Income Home Energy Assistance Program 93.568 E2012 181,164 Total Program 181,164 Total Federal Agency 1,127,022 Department of Justice: Direct Program: Bureau of Justice Assistance: Bulletproof Vest Partnership Program 16.607 2023BUBX23034917 143,187 Total Program 143,187 Edward Byrne Memorial Justice Assistance Grant Program: 16.738 15PBJA-24-GG-04735-JAGX 14,569 Total Program 14,569 Passed through Florida Office of the Attorney General: Crime Victim Assistance 16.575 VOCA-C-2023-MCSO-00017 311,386 Total Program 311,386 Total Federal Agency 469,142 Executive Office of the President Direct Program: High Intensity Drug Trafficking Areas Program 95.001 G21AC0005A 145,193 High Intensity Drug Trafficking Areas Program 95.001 G22AC0005A 223,444 High Intensity Drug Trafficking Areas Program 95.001 G22MI0001A 1,045,913 High Intensity Drug Trafficking Areas Program 95.001 G22PR0001A 218,847 High Intensity Drug Trafficking Areas Program 95.001 G23AC0005A 415,527 High Intensity Drug Trafficking Areas Program 95.001 G23MI0001A 2,857,257 High Intensity Drug Trafficking Areas Program 95.001 G23PR0001A 1,394,545 High Intensity Drug Trafficking Areas Program 95.001 G24MI0001A 5,298,016 High Intensity Drug Trafficking Areas Program 95.001 G24PR0001A 3,595,426 High Intensity Drug Trafficking Areas Program 95.001 G24AC0005A 3,003,742 High Intensity Drug Trafficking Areas Program 95.001 HID1225GO603 2,438,438 High Intensity Drug Trafficking Areas Program 95.001 HID3425GO470 628,496 High Intensity Drug Trafficking Areas Program 95.001 HID2425GO615 1,578,511 Total Program 22,843,355 Total Federal Agency 22,843,355 220 MONROE COUNTY,FLORIDA SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS AND STATE FINANCIAL ASSISTANCE PROJECTS FOR THE YEAR ENDED SEPTEMBER 30,2025 (Continued) Federal Federal/State Agency, Federal Contract/Grant/ (Direct& Passed Pass-Through Entity Assistance Pass-Through Entity/ Pass-Through) Through to Federal Program/State Projects Listing Number Identifying Number Expenditures Subrecipients Department of Transportation Federal Aviation Administration: Direct Program: Airport Improvement Program,Infrastructure Investment and Jobs Act Program,and COVID-19 Airports Program Key WestAIP-3767 20.106 3-12-0037-067-2021 82,077 Key WestAIP-3772 20.106 3-12-0037-072-2022 10,629,025 COVID 19 Key West AIP-3770 20.106 3-12-0037-070-2022 3,162,230 Key WestAIP-3777 20.106 3-12-0037-077-2023 187,241 Key West AIP BIL-3778 20.106 3-12-0037-078-2024 4,134,751 Key West AIP-3779 20.106 3-12-0037-079-2024 3,651,449 Key West AIP-3780 20.106 3-12-0037-080-2024 1,601,219 Key West AIP-3781 20.106 3-12-0037-081-2025 4,014,562 Key WestAIP-3782 20.106 3-12-0037-082-2025 2,500,000 Key West AIP-3783 20.106 3-12-0037-083-2025 4,003,218 Marathon AIP-4440 20.106 3-12-0044-040-2022 179,812 Marathon AIP-4441 20.106 3-12-0044-041-2023 168,644 Marathon AIP-4442 20.106 3-12-0044-042-2023 19,990 Marathon AIP-4443 20.106 3-12-0044-043-2024 6,736,868 Total Program 41,071,086 Federal Highway Administration Highway Planning and Construction: Passed through Florida Department of Transportation: Transportation Planning Program 2012 20.205 25222821401/G2H82 354,714 Card Sound Road at Mosquito Creek Bridge 4904984 20.205 G21399 28,350 Card Sound Road at Tubbys Creek Bridge 4904982 20.205 G2C00 28,350 Crane Blvd Shared Use Path LAP 20.205 G2P57 392,990 Total Highway Planning and Construction 804,404 National Highway Traffic Safety Administration: Highway Safety Cluster State and Community Highway Safety Passed through Florida Department of Transportation: Pedestrian and Bicycle Safety High Visibility Enforcement 20.600 G2M61(433144-1-8404) 31,329 Distracted Driving Grant 20.600 G2053(DD-2024-00040) 150,001 Motorcycle Safety Grant 20.600 G2028 (MC-2024-00041) 150,004 Total Highway Safety Cluster 331,334 Total Federal Agency 42,206,824 Department of Homeland Security Staffing for Adequate Fire and Emergency Response(SAFER) 97.083 EMW-2020-FF-01440 557,645 Total Program 557,645 Passed through Florida Executive Office of the Governor: Emergency Management Performance Grant FY25-26 97.042 G0542 32,131 Total Program 32,131 Disaster Grants-Public Assistance(Presidentially Declared Disasters): Passed through Florida Division of Emergency Management: Disaster Grants-Public Assistance-Hurricane Irma 97.036 4337/Z0002 2,018,580 Disaster Grants-Public Assistance-Hurricane IAN 97.036 4673/Z73369 396,233 Total Program 2,414,813 Hazard Mitigation Grant: Passed through Florida Division of Emergency Management: Hazard Mitigation Grant 97.039 H0703 131,698 Hazard Mitigation Grant-Generators Phase I 97.039 H0820 31,958 Hazard Mitigation Grant 97.039 H0847 1,595,243 Watershed Management Plan Update 97.039 H0856 163,468 Flood control 97.039 H1044 1,121,620 Total Program 3,043,987 221 MONROE COUNTY,FLORIDA SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS AND STATE FINANCIAL ASSISTANCE PROJECTS FOR THE YEAR ENDED SEPTEMBER 30,2025 (Continued) Federal Federal/State Agency, Federal Contract/Grant/ (Direct& Passed Pass-Through Entity Assistance Pass-Through Entity/ Pass-Through) Through to Federal Program/State Projects Listing Number Identifying Number Expenditures Subrecipients BRIO:Building Resilient Infrastructure and Communities: Passed through Florida Division of Emergency Management: FEMA Pre-Disaster Mitigation Program 97.047 EMA-2022-PD-0001/B0200 3,043,159 Total Program 3,043,159 Passed through the City of Miami Homeland Security Grant Program: Homeland Security Grant Program-2017 97.067 EMW-2022-SS-00029-S01 132,414 UASI 22 R0588 97.067 R0588 95,030 UAS123 R0924 97.067 R0924 160,220 Total Program 387,664 Total Federal Agency 9,479,399 Department of Housing and Urban Development Passed through Florida Department of Community Affairs: Community Development Block Grants/State's Program and Non- Entitlement Grants in Hawaii: Community Development Block Grant-Rock Harbor Jetty Key Largo 14.228 IR036 831 Community Development Block Grant-Rock Harbor Jetty Key Largo 14.228 IR045 831 Community Development Block Grant-MIT Tavernier Fire Station 14.228 10157 32,795 Community Development Block Grant-CV Rowell's Park 14.228 H2474 337,833 Community Development Block Grant-Voluntary Home Buy Out 14.228 10092 86,136 Total Federal Agency 458,426 Environmental Protection Agency Geographic Programs-South Florida Geographic Initiatives Program 66.484 03DO9924 227,646 Total Federal Agency 227,646 United States Treasury Department Equitable Sharing: Equitable Sharing Agreement 21.016 1,738,396 Total Program 1,738,396 COVID-19 CORONAVIRUS STATE AND LOCAL FISCAL RECOVERY FUNDS: MC County Shoreline 1 Long Key Living Shoreline 21.027 22FRP131-SLFRF 52,404 MC County Shoreline 3 Duck Key Living Shoreline 21.027 22FRP132-SLFRF 88,668 MC County Shoreline 3 Duck Key Living Shoreline 21.027 22CPR01 718,752 MC Key Largo III Roadway and Drainage Improvement 21.027 G2T05 872,991 MC Conch Key Road Elevation and Stormwater System 21.027 22FRP39 236,717 Total Program 1,969,532 Total Federal Agency 3,707,928 Total Expenditures of Federal Awards $ 80,519,742 $ 222 MONROE COUNTY,FLORIDA SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS AND STATE FINANCIAL ASSISTANCE PROJECTS FOR THE YEAR ENDED SEPTEMBER 30,2025 (Continued) Catalog of Federal/State Agency, State Financial Contract/Grant/ Pass-Through Entity Assistance Pass-Through Entity/ State Federal Program/State Projects Number Identifying Number Expenditures Florida Executive Office of the Governor Emergency Management Programs: Emergency Management Programs FY24-FY25 31.063 A0447 87,125 Emergency Management Programs FY25-FY26 31.063 A0573 18,318 Total Program 105,443 Local Emergency Management and Mitigation Initiatives: Emergency Management Programs FY20-FY21 31.064 D9237 2,854,822 Emergency Management Programs FY24-FY27 31.064 F0121 6,043,014 Total Program 8,897,836 Total Department 9,003,279 Florida Department of Elder Affairs Passed through The Alliance for Aging: Alzheimer's Respite Services: Alzheimer's Disease Initiative-2024 65.004 KZ2497 48,068 Alzheimer's Disease Initiative-2025 65.004 KZ2597 26,076 Total Department 74,144 Florida Department of Environmental Protection Small County Consolidated Grant 37.012 SC523 93,750 Total Program 93,750 Resilient Florida Program: MC Canal Restoration Work Plan Implementation 37.098 LPA0428 132,269 MC Stillwright Point Road Elevation and Stormwater Design and Permitting 37.098 22SRP56 116,141 MC Twin Lakes Subdivision Flood Mitigation 37.098 22SRP57 2,555,753 Key Colony Beach and Layton Comprehensive Vulnerability Assessment 37.098 23PLN97 82,500 Big Coppitt Road Elevation Resiliency and Adaption Project 43 37.098 24SRP07 198,513 Winston Waterways Road Elevation Resilience and Adaption 37.098 24SRP06 143,861 Total Program 3,229,037 Total Department 3,322,787 Florida Department of Law Enforcement Online Sting Operations Grant Program Investigative Services(Invest)71600200 71.148 OS032 12,941 Total Department 12,941 Florida Department of Juvenile Justice Diversion Services: Probation&Community Corrections 80.022 10634 204,520 Total Department 204,520 Florida Department of Management Services E911 State Grant Program 72.002 S22-23-01-41 14,120 E911 State Grant Program 72.002 S25-24-01-14 45,289 E911 State Grant Program 72.002 S22-23-01-40 408,372 Total Program 467,781 Public Safety Answering Point Upgrades 72.021 DMS-P1-24-07-12 652,459 Total Department 1,120,240 Florida Department of State: State Aid to Libraries-2020-2021 45.030 25-ST-35 102,703 Acquisition,Restoration of Historic Properties: Historic MC Courthouse Exterior Masonry Restoration 45.032 23.h.sc.100.044 153,652 Total Department 256,355 223 MONROE COUNTY,FLORIDA SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS AND STATE FINANCIAL ASSISTANCE PROJECTS FOR THE YEAR ENDED SEPTEMBER 30,2025 (Continued) Catalog of Federal/State Agency, State Financial Contract/Grant/ Pass-Through Entity Assistance Pass-Through Entity/ State Federal Program/State Projects Number Identifying Number Expenditures Florida Department of Transportation Public Transit Service Development Program 55.012 45215618401/G2M95 288,995 Total Program 288,995 Aviation Development Grants: Key West Airport 55.004 43928529401/G1Q04 109,048 Key West Airport 55.004 43866629401/G1V31 1,089,187 Key West Airport 55.004 44138329401/G1P33 570,203 Key West Airport 55.004 44241929401/G2E62 540,740 Key West Airport 55.004 44797819401/G1Q91 785,933 Key West Airport 55.004 44791119401/G2090 10,000,000 Key West Airport 55.004 45068519401/G2885 45,104 Key West Airport 55.004 45054019401/G2A61 495,974 Marathon Airport 55.004 43866429401/G1U50 64,753 Marathon Airport 55.004 43868029401/G1V30 620,942 Marathon Airport 55.004 43928629401/G1Q05 26,354 Marathon Airport 55.004 44136329401/G1P50 16,953 Marathon Airport 55.004 44789319401/G1P52 95,607 Total Program 14,460,798 Small County Outreach Program(SCOP): Card Sound Road Mill and Resurface 55.009 45162215401/G2P46 1,049,650 Total Program 1,049,650 Total Department 15,799,443 Florida Fish&Wildlife Conservation Commission Artificial Reef Grants Program: Monroe County Artificial Reef Construction 2023-24 77.007 23132 663,695 Monroe County Artificial Reef Construction 2023-24 77.007 23132 2,483 Total Program 666,178 Derelict Vessel Removal Program: Monroe County Derelict Vessel Removal 77.005 24025 262,151 Total Program 262,151 Florida Boating Improvement Program: MC Pigeon Key Boat Dock Improvements&ADA Accessibility 77.006 FWC23097 47,500 Total Program 47,500 Monroe County Florida Keys Marine Protection Mooring Field Project 77.063 23135 80,350 Total Program 80,350 Total Department 1,056,179 Florida Housing Finance Corporation State Housing Initiatives Partnership Program(SHIP): State Housing Initiative Partnership Program 2023-2024 40.901 SHIP 20-24 FY23 FUNDS 740,621 State Housing Initiative Partnership Program 2024-2025 40.901 SHIP 20-24 FY24 FUNDS 1,155,649 State Housing Initiative Partnership Program 2025-2026 40.901 SHIP 25-25 FY25 FUNDS 1,178,690 Total Department 3,074,960 Total Expenditures of State Financial Assistance $ 33,924,848 224 MONROE COUNTY,FLORIDA NOTES TO SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS AND STATE FINANCIAL ASSISTANCE PROJECTS FOR THE YEAR ENDED SEPTEMBER 30,2025 Note 1-Basis of Presentation The accompanying schedule of expenditures of federal awards and state financial assistance(the Schedule)includes the federal and state grant activity of the Monroe County, Florida (the County) under programs of the federal and state government for the year ended September 30, 2025. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Uniform Guidance), and Chapter 10.550,Rules of the Florida Auditor General.Because the Schedule presents only a selected portion of the operations of the County, it is not intended to and does not present the financial position, and changes in net position or cash flows of the County. Federal awards are presented for each federal agency by the Assistance Listing Number(ALN)and state awards are presented for each state agency by the Catalog of State Financial Assistance (CSFA) number when available in the grant agreements or determinable based on a grant's source and purpose. Note 2-Summary of Significant Accounting Policies Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance,wherein certain types of expenditures are not allowable or are limited as to reimbursement. Note 3-Indirect Cost Rate During the fiscal year ending September 30,2025,the County elected not to use the 15-percent de minimis indirect cost rate as allowed under the Uniform Guidance. Note 4-Grant Contingencies The County participates in federal and state grant programs that are governed by various rules and regulations of the grantor agencies. Amounts received or receivable from grant agencies are subject to financial and compliance audits by the grantors or their representatives. Any disallowed claims, including amounts already collected, may constitute a liability of the applicable funds.The amount, if any,which may be disallowed by the grantor,cannot be determined at this time,although the County expects such amounts, if any,to be immaterial. Note 5-Fiscal Year Obligations From Disaster Grants Disaster funding received from the FEMA Public Assistance Program (AL 97.036) is based on Project Worksheets (PWs) that outline the eligible expenses and the scope of the project. Expenditures recorded on this schedule are contingent on when funds are obligated and approved, and the County has incurred eligible expenditures. The schedule includes prior year eligible expenditures totaling $2,018,580 that were incurred for the Hurricane Irma recovery and $396,233 that were incurred for the Hurricane Ian recovery. 225 MONROE COUNTY, FLORIDA SCHEDULE OF FINDINGS AND QUESTIONED COSTS FOR THE YEAR ENDED SEPTEMBER 30,2025 I. SUMMARY OF AUDITOR'S RESULTS Financial Statements Type of Auditor's Report Issued: Unmodified Internal Control Over Financial Reporting: Material weakness(es) identified? No Significant deficiency(ies) identified? No Non-compliance material to financial statements noted? No Federal Awards and State Financial Assistance Internal Control Over Major Programs: Material weakness(es) identified? No Significant deficiency(ies) identified? No Type of Auditor's Report Issued on Compliance for Major Programs/Projects: Unmodified Any audit findings disclosed that are required to be reported in accordance with the Uniform Guidance and Chapter 10.557 for local government entities? No Identification of Major Projects: Federal Awards Programs: United States Department of Transportation: Passed Through Florida Department of Transportation: Highway Planning and Construction ALN 20.106 Department of Homeland Security: Passed Through Florida Division of Emergency Management: FEMA Pre-Disaster Mitigation Program ALN 97.047 Dollar Threshold Used to Distinguish Between Type A and Type B Programs: $ 2,415,592 State Financial Assistance Projects: Florida Department of Environmental Protection: Resilient Florida Program CSFA No. 37.098 Florida Department of Transportation: Aviation Development Grants CFSA No. 55.004 Dollar Threshold Used to Distinguish Between Type A and Type B Projects -State Programs: $ 1,017,745 226 MONROE COUNTY, FLORIDA SCHEDULE OF FINDINGS AND QUESTIONED COSTS FOR THE YEAR ENDED SEPTEMBER 30,2025 II. FINANCIAL STATEMENT FINDINGS No items reported. III. FINDINGS AND QUESTIONED COSTS FOR MAJOR FEDERAL PROGRAMS AND STATE PROJECTS No items reported. IV. STATUS OF PRIOR AUDIT FINDINGS There were no prior year audit findings related to the Federal and State Single Audits as required to be reported in accordance with the Uniform Guidance and Chapter 10.550, Rules of the Auditor General. 227 P U R V I s G 111 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's (the County) 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 County 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 County complied, in all material respects, with the requirements referenced above. An examination involves performing procedures to obtain evidence about whether the County complied with the specified requirements. The nature, timing, and extent of the procedures selected depend on our judgment, including an assessment of the risks of material 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 County's compliance with the specified requirements. In our opinion, the County 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. Purvis! March 25, 2026 Sarasota, Florida CERTIFIECD PUBLIC ACCOUNTANTS 6'ai ncsvffle � Oca ar �� 'Ia llahaa;see �� Sarasol.a � Oi1a.unn(lo I I;'sampa purrvisgray.corm N'Vannben°olll Ajmzu-kw) Florida of I ubtiic AartQuamaoor s 228 P U R V I s G 111 AY INDEPENDENT ACCOUNTANT'S REPORT IN ACCORDANCE WITH SECTION 365.172 AND 365.173,FLORIDA STATUTES Honorable Mayor and Board of County Commissioners Monroe County, Florida We examined Monroe County, Florida's (the County) compliance with Section 365.172, Florida Statutes, Authorized Expenditures of E911 Fees, and Section 365.173, Florida Statutes, Distribution and Use of (E911) Funds, during the fiscal year ended September 30, 2025. Management is responsible for the County's 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 County complied, in all material respects, with the requirements referenced above. An examination involves performing procedures to obtain evidence about whether the County complied with the specified requirements. The nature, timing, and extent of the procedures selected depend on our judgment, including an assessment of the risks of material 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 County's compliance with the specified requirements. In our opinion, the County complied, in all material respects, with the aforementioned requirements of Sections 365.172 and 365.173, 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. Purvis Gray March 25, 2026 Sarasota, Florida CERTIFIED PUBLIC ACCOUNTANTS (baain.esa die � 10caala1 I 'i'a.flaaiaa^see I P�aarasotaa � (fir.1a.a do I ➢;'anlpaa purrvisgray.corm flu.orabm,ol Au7mkanr rcmtil F&nidauJ C vbfflied PGsfxlu�:,r�+.��wG�u7lt<uuq�:;„ 229 mp lama P U RV Is G 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 the governmental activities,the business-type activities,the discretely presented component unit, each major fund, and the aggregate remaining fund information of Monroe County, Florida (the County) as of and for the 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; the audit requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance); and Chapter 10.550, Rules of the Auditor General. Other Reports We have issued our Independent Auditor's Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of the Financial Statements Performed in Accordance with Government Auditing Standards; Independent Auditor's Report on Compliance for Each Major Federal Program and State Financial Assistance Project and Report on Internal Control Over Compliance; Schedule of Findings and Questioned Costs; and Independent Accountant's Report on an examination conducted in accordance with American Institute of Certified Public Accountants Professional Standards, AT-C Section 315, regarding compliance requirements in accordance with Chapter 10.550, Rules of the Auditor General. Disclosures in those reports and schedule, which are dated March 25, 2026, should be considered in conjunction with its 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 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 the management letter, unless disclosed in the notes to the financial statements. The official title and legal authority, as well as component units, are disclosed in Note 1 to the financial statements. CERTIFIED PUBLIC ACCOUNTANTS purvisgray.corm Mc.oral''mm,ol'Au7mkanrrcumctilF&nidaI Cvbffliedl"Gsfxlu�:,r�+.�mwG�u7lt<uuq�:;„ 230 Honorable Mayor and Board of County Commissioners Monroe County, Florida MANAGEMENT LETTER Financial Condition and Management Sections 10.554(1)(i)5.a. and 10.556(7), Rules of the Auditor General, require us to apply appropriate procedures and communicate the results of our determination as to whether or not the County met one or more of the conditions described in Section 218.503(1), Florida Statutes, and to identify the specific condition(s) met. In connection with our audit, we determined that the County did not meet any of the conditions described in Section 218.503(1), Florida Statutes. Pursuant to Sections 10.554(1)(i)5.b. and 10.556(8), Rules of the Auditor General, we applied financial condition assessment procedures for the County. It is management's responsibility to monitor the County's financial condition, and our financial condition assessment was based in part on representations made by management and review of financial information provided by same. Section 10.554(1)(i)2., Rules of the Auditor General, requires that we communicate any recommendations to improve financial management. In connection with our audit, we'd like to bring your attention to the following matter: 2025-01—Financial Close and Review During our audit,we identified certain material adjustments that were not detected through the County'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; and ■ Approximately$4.7 million of revenue recognized in the One Cent Infrastructure Surtax fund that did not meet availability criteria and required reclassification. ■ Net adjustments of $651,854, consisting of increases of $735,398 and decreases of $1,387,252 to multiple programs/projects, were required to correctly report expenditures of federal awards and state projects. 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. Property Assessed Clean Energy(PACE) Programs As required by Section 10.554(1)(i)6.a., Rules of the Auditor General,the County shall provide a statement as to whether a PACE program authorized pursuant to Section 163.081 or Section 163.082, Florida Statutes, did or did not operate within the County's geographical boundaries during the fiscal year under audit. The County did operate a PACE program. 231 Honorable Mayor and Board of County Commissioners Monroe County, Florida MANAGEMENT LETTER As required by Section 10.554(1)(i)6.b., Rules of the Auditor General, if a PACE program was operating within the geographical areas of the County, a list of all program administrators and third-party administrators that administered the program should be provided. The PACE providers approved under the Monroe County PACE program are Ygrene Works, Renovate America, Counterpoint, and Renew Financial. As required by Section 10.554(1)(i)6.c., Rules of the Auditor General, if a PACE program was operating within the geographical areas of the County,the full names and contact information of each such program administrator and third-party administrator should be provided. This information can be found on the Y program _��:: ^::ZJAEv�ir�'q�:�ir�ira c:^�ap]u 111_ jll �!YJ't���i Count website for the PACE ro ram at Ih___ Special District Component Units Section 10.554(1)(i)5.c, Rules of the Auditor General, requires, if appropriate, that we communicate the failure of a special district that is a component unit of a county, municipality or special district,to provide the financial information necessary for proper reporting of the component unit within the audited financial statements of the county, municipality, or special district in accordance with Section 218.39(3)(b), Florida Statutes. In connection with our audit, we did not note any special district component units that failed to provide the necessary information for proper reporting in accordance with Section 218.39(3)(b), Florida Statutes. The County has one discretely presented component unit. The required information for the Monroe County Comprehensive Plan Land Authority (the Authority) is fulfilled by inclusion of such information in separately presented stand-alone audit reports. As required by Section 218.39(3)(c), Florida Statutes, and Section 10.554(1)(i)7, Rules of the Auditor General,the Authority reported (unaudited): a. The total number of Authority employees compensated in the last pay period of the Authority's fiscal year as 6. b. The total number of independent contractors to whom non-employee compensation was paid in the last month of the Authority's fiscal year as 4. c. All compensation earned by or awarded to employees, whether paid or accrued, regardless of contingency as$960,855. d. All compensation earned by or awarded to non-employee independent contractors, whether paid or accrued, regardless of contingency as$151,579. e. There were no construction projects with a total cost of at least $65,000 approved by the Authority that is scheduled to begin on or after October 1 of the fiscal year being reported. f. A budget variance based on the budget adopted under Section 189.016(4), Florida Statutes, before the beginning of the fiscal year being reported if the Authority amends a final adopted budget under Section 189.016(6), Florida Statutes. This information is disclosed as required supplementary information in the Authority's September 30, 2025, financial statements. 232 Honorable Mayor and Board of County Commissioners Monroe County, Florida MANAGEMENT LETTER Additional Matters Section 10.554(1)(i)3., Rules of the Auditor General, requires us to communicate non-compliance with provisions of contracts or grant agreements, or fraud, waste, or abuse, that has occurred, or is likely to have occurred,that has an effect on the financial statements that is less than material, but 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, the Monroe County Board of County Commissioners and applicable management, and is not intended to be, and should not be, used by anyone other than these specified parties. i-owrvis' uray March 25, 2026 Sarasota, Florida 233 Z�� G,,I COURT,O °A Kevin Madok, CPA Clerk of the Circuit Court& Comptroller— Monroe County, Florida O�ROE COUNSy A J 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. 234 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