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Fiscal Year 1982 MONROE COUNTY, FLORIDA ANNUAL REPORT FOR THE FISCAL YEAR ENDED SEPTEMBER y 1982 I CTRTIF°I D PUBLIC,ACCOUNTANTS MONROE COUNTYFLORIDA ANNUAL REPORT FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 1982 KEMP & ROSASCO CERTIFIED PUBLIC ACCOUNTANTS KEMP b ROSASCO Certified Public Accountants Unit #12 Luani Plaza - 1438 Kenndy Dr. P. O. BOX 309 KEY WEST, FLORIDA 33041-309 (305) 294-2581 ORVIS M. KEMP, C.P.A. MEMBER OF AMERICA N INSTITUTE WM. O. KEMP, C.P.A. AND FLORIDA INSTITUTE OF PETER L. ROSASCO, Jr., C.P.A. CERTIFIED PUBLIC ACCOUNTANTS MICHAEL A. SIMMONS, C.P.A. REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS Honorable Members of the Board of County Commissioners Monroe County, Florida: We have examined the general purpose financial statements of Monroe County (the "County") as of September 30, 1982 and for the year then ended, listed in the accompanying table of contents® Our examination was made in accordance with generally accepted auditing standards and, accordingly, included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. In our opinion, such general purpose financial statements present fairly the financial position of the combined funds and account groups of the County at September 30, 1982 and the results of operations of such com- bined funds and changes in financial position of the proprietary fund types for the year then ended, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year. Our examination was made for the purpose of forming an opinion on the general purpose financial statements taken as a whole. The supplemental schedules listed in the accompanying table of contents are presented for purposes of additional analysis and are not a required part of the general purpose financial statements® Such information has been subjected to the auditing procedures applied in the examination of the general purpose fin- ancial statements and, in our opinion, is fairly stated in all material respects in relation to the general purpose financial statements taken as a whole. Kemp & Rosasco February 22, 1983 MONROE COUNTY, FLORIDA ANNUAL REPORT FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 1982 TABLE OF CONTENTS EXHIBIT GENERAL PURPOSE FINANCIAL STATEMENTS: Combined Balance Sheet - All Fund Types and Account Groups . . . . . A-1- Combined Statement of Revenues, Expenditures, and Changes in Fund Balances - All Governmental Fund Types . . . . . . . . . . . . . . . A®2 Combined Statement of Revenues, Expenditures, and Changes in Fund Balances ® Budget and Actual - General and SpecialRevenue Fund Types . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-3 Combined Statement of Revenues, Expenses, and Changes in Fund Equity ® All Proprietary Fund Types . . . . . . . . . . . . . . . . . . . . . A-4 Combined Statement of Changes in Financial Position ® All Proprietary Fund Types . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-5 Notes to Combined Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . B SUPPLEMENTAL SCHEDULES: Clerk of the Circuit Court: Supplemental Balance Sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-1 Supplemental Schedule of Revenues and Expenditures - Governmental Fund Type and Receipts and Disbursements - Fiduciary Fund Type . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-2 Property Appraiser: Supplemental Balance Sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . C-3 Supplemental Schedule of Revenues and Expenditures . . . . . . . . . . . C®4 Supervisor of Elections: Supplemental Schedule of Revenues and Expenditures . . . . . . . . . . . C-5 Sheriff: Supplemental Balance Sheets ® All Fund Types . . . . . . . . . . . . . . . . . C®6 Supplemental Schedule of Revenues and Expenditures Governmental Fund Types and Receipts and Disbursements Fiduciary Fund Types . . . . . . . . . . . . . . . . . . . . . . . C®7 Tax Collector: Supplemental Balance Sheets ® All Fund Types . . . . . . . . . . . . . . . . . c-8 Supplemental Schedule of Revenues and Expenditures Governmental Fund Type and Receipts and Disbursements Fiduciary Fund Types . . . . . . . . . . . . . . . . . . . . . . . C-9 MANAGEMENT LETTERS -2® M_ 0\ OD N N 00- 'D N O ID?- N OD O m Ili cc Ul OD� lx Ic OO lD h M Ili -j' J Ol N M _:v M 0l 10 N M uNl 2 W � Mz O O OD O/bVN N1�N OD M N Z T CO N F Z Q O m O �D W �D h O 'D m 1-,D UN O 0) 00? M D\ Ln O M 0n m m^ W N 0l C N N �D M N r• M_ M O h^ O 1- LI! x rn �I a0 'D S M M m m 'D M M O lD ID �D CO �D X.N v O N N U\ M L W d M N K H ^ N � N .m M IN %D d ^w s. aD � ''...n o 0 F- Z O O U Q O F- O U w w w Q W w LL Q XI In U\ Z N Q Cn � M M N N n L ¢n �2 Q Ol Ol LL IILL O O Uf Z IU If! c M Op W w a i Fw-cc � O — L7 LL Z r• U\ O } O ul M of w co vl O M of co U d W Ol r• v M Ol �' "�'M O O' N ''.. Q W W 1 O U1 M T o- W M ^ a) W OJ F- coU LL O —w z } � Z M � J 1 U Q m 1 W 1 f M O M o w 0 0 M O M O W W U W 2 f H N CO OD lo W U N 2 w � a d Qm >- w. O CO �D N F O 'D O p WI^ WL CI W M N .... 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N c �+ Z ^Ol O d m c m 0) 7 Ol u d E 3 O X u 7 E- O O O O N w N G M N U 'O 0 0) m O1 (9 c = u 0) V- > Z Z ^ fr Vi m c V1 C^ c V) 0) w 0) m f1 0 W 'O L ft m a+ c VI > U c m d =3 c Q N W f O N m N 0) V) - 0)'O X Z m 0) 0Y cc W c w E c L w > +.+ E a� w c w w o F `1 0) N Q L C V•- W 0) d w N H d Q1 z L 6 rn z u N._ c m rn f w m u+ u o Ln In u w c w 0 vY In c W•- N m m 2 c O cC E c m Z O O N >> 3 m e d > E U c� O 0) w q J >, w 0) N w O, x L'- c I z c9 u d dx 0. fY m - c O c m ul +� L 0 c c•- O L •- O O w w 1- F- a m +� m u 0) C7 O m , 0) U• F- c W O S E Z L N f1 Z^•- m In d Z Q+-�++ O m Z O 7 7 O ten— — O - mu O � � � c u a a u H 0 0 m m•- F c I u c H W 0) d w F z w Lu u rdG- �ca`iuum zvOivw- miEdm Cl o z p p m W.-• m C 0) W t O d 0,>T r a+ W Z - .0 d O t N d O d W L 0) 0 m �+ O d O c C 4+ O Z d W p N O I-U f.D!n F- 0 d d 0 G p d O f- O Z O F- O Z L r Lt N EXHIBIT A-5 MONROE COUNTY, FLORIDA COMBINED STATEMENT OF CHANCES IN FINANCIAL POSITION - ALL PROPRIETARY FUNDS SEPTET ER 30, 1982 PROPRIETARY TOTALS FUND TYPES (MEMORANDUM ONLY) INTERNAL YEAR ENDED SEPT EMBER 30 ENTERPRISE SERVICE 1982 1981 SOURCES OF WORKING CAPITAL: Operations: Net Income $ 682,576 $(132,407) $ 550,169 $ 1,953,633 Items not requiring working capital.® Depreciation and depletion 436,504 436,504 177,362 Amortization of Bonds discount 4,925 4,925 4,971 Tax Anticipation Notes sold -0- -0- -0- 28,160 Gain on redemption of Bonds 1,737 1,737 4,328 Loss on disposal of equipment 27 27 22,23 Working capital provided by Operations 1,125,769 (1372-,407) -993,362 2,190,737 Proceeds from Bonds Anticipation Notes -0- -0- -0- 3,971,840 Proceeds from Revenue Bonds -0- -0- -0- 7,800,000 Contributions from other funds Total Sources of Working Capital 1,125,769 (132,407) 993,362 _13,962,577 USES OF WORKING CAPITAL: Retirement of Bonds payable 155,000 155,000 4,100,000 Net Increase in Restricted Assets 392,121 392,121 1,736,231 Additions to Property, Plant & Equipment 780,877 780,877 5,712,360 Total Uses of Working Capital 1,327,998 -0- 1,327,998 _I1,548,591 Net Increase (Decrease) in Working Capital $ (2(2,229) (132t407) $ (334,636) $ 2,413,986 ELEMENTS OF NET INCREASE (DECREASE) IN WORKING CAPITAL: Cash $ (599,481) $ 124,672 $ (474,809) $ 1,175,471 Certificates of Deposit 2,214,951 2,214,951 (100,000) Investments (2,583,548) (2,583,548) 2,583,548 Accounts Receivable 80,346 80,346 2,454 Other Current Assets 4,604 344 4,948 (9, 107) Current Liabilities 680,132 (257,423) 422,709 (787,570) Accrued Interest Payable 767 767 (450,810) Net Increase in Working Capital $ ( 202,229) 1 (13�2,407) $_ (334,636) $ 2,413,986 See accompanying notes to combined financial statements® -8- EXHIBIT B MONROE COUNTY, FLORIDA NOTES TO COMBINED FINANCIAL STATEMENTS SEPTEMBER 30, 1982 GENERAL pejscri tion - Monroe County (the "County") is a non-chartered polit- ical subdivision of the State of Florida and is authorized the power of self-government by the Constitution of the State of Florida and Florida Statutes, The Board of County Commissioners (the "Board") is the legislative and governing body of the County® A County Adminis- trator is appointed by the Board and is responsible for administrative and budgetary control of the resources of the County maintained in the funds and account groups listed below® The Constitution of the State of Florida also provides for five Con- stitutional Officers with specific duties and reporting responsibilities prescribed by Statute® These Officers are: Clerk of the Circuit Court County Property Appraiser Supervisor of Elections County Sheriff County Tax Collector Annual operating budgets of these Officers are submitted to the Board for approval® Funding for the operations of these Officers is pro- vided primarily from general revenues of the County and supplemented by fees charged by the Officers pursuant to Statute. The financial statements included in this Annual Report represent all of the funds and account groups of the County as a single unit of local government over which the Board exercises fiscal control. _Basis ofPresentation ® The County's accounting system is organized and operated on a fund and account group basis® A fund is defined as a fiscal and accounting entity with a self-balancing set of accounts which is segregated for the purpose of carrying on specific activities or attaining certain objectives® Account groups are used to establish accounting control and accountability for the County's general fixed assets and the unmatured principal of its general long- term debt® -9- EXHIBIT B Under Statutes of the State of Florida, the five Constitutional Officers report their annual receipts and disbursements to the appropriate division of State Government. For reporting purposes herein, the operations of the Constitutional Officers have been combined with the appropriate funds and account groups and the individual operations and financial positions of the Clerk of the Circuit Court, the Supervisor of Elections, the County Property Appraiser, County Sheriff and Tax Collector and have been reflected in sep- arate supplemental schedules to the financial statements. The accounting policies of the County conform to generally accepted account- ing principles as applicable to governmental units. This report, the accounting systems and classification of accounts conform to standards of the National Council on Governmental Accounting (NCGA) and the Municipal Finance Officers Association of the United States and Canada, (MFOA) , pub- lished in "Statement 1 , Governmental Accounting, Auditing and Financial Reporting Principles" which is a restatement of "Governmental Accounting Auditing and Financial Reporting" (GAAFR) . The County maintains the three categories of fund types and certain account groups recommended in Statement I as described below: Governmental Fund Types: General Fund - Used to account for general operations of the County and all transactions which are not accounted for in other funds or account groups. The General Fund includes the operations of the five Constitutional Officers. Special Revenue Funds ® Used to account for the proceeds of specific revenue sources (other than special assessments) or to finance spe- cified activities as required by law. Debt Service Funds - Used to account for the payment of interest and principal on outstanding general obligation debt. Debt of the Enterprise Funds are reported under that fund heading. Special Assessment Funds Used to account for the construction of improvements or provision of services which are to be paid for wholly or in part from special assessments levied against benefited property. La2Lt - Used to account for the purchase or construction of major capital facilities which are not financed by proprietary funds. Proprietary Fund Types: .Enterprise Funds, - Used to account for the financing of services to the general public where all or most of the costs involved are paid in the form of charges by users of such services. Enterprise opera- tions of the County are the operations of the Card Sound Road and Bridge Toll Facility (the "Bridge") and the Municipal Services Dis- trict (the "MSD") . _10® EXHIBIT B Internal Service Fund - Used to account for services and commodities fiu :F_rnsFie-TW-a- designate d activity ®f the County t® other departments of the County. Internal service operations are those of the County's Workman's Compensation Self-Insurance Fund. Fiduciary Fund Types: A&2pa Funds ® Used to account for assets he in a trustee or agency capacity for other funds, governmental units and individuals. These funds include certain fiduciary operations of the Clerk of the Circuit Court, Tax Collector, and Sheriff. A summary of the cash transactions of such fiduciary operations for the year is as follows: Collections pending future Distribution: Taxes $ 33,082,575 Licenses 2,055,907 State jury and witness fees 89,748 Charges for services 444,693 Fines and forfeits 1,085,813 Interest 41 ,520 Bonds, collections pursuant to court order and other 2,160,591 Total 38,960,847 Distribution of collections _3&,fi1_L,3O& Net (distributions) collections 344,539 Cash and certificates of deposit, October 1, 1981 1 571 158 Cash and certificates of deposit, September 30, 1982 Account Groups® General Fixed Assets Group of Used to account for fixed as- sets owned by the County which are not accounted for in the Enterprise Funds. General Used to account for the long-term indebtness of the County other than those which are obliga- tions of the Enterprise or special assessment funds. lyA&et - Pursuant to Florida Statutes, the County is required to establish budgetary systems and approve annual budgets. The County's budgeting process, which compiles with State Statutes, is based on estimates of cash re- ceipts, cash disbursements and encumbrances which are approved by the Board, Beginning funds, available for financing current appropriations, are considered in the budgetary process but are not included in the financial statements of the governmental fund types as budgeted revenues. Adjustments necessary to convert _H_ EXHIBIT B the estimated cash receipts and disbursements basis of budgeting to the accrual or modified accrual basis of accounting are immaterial and have not been reflected in the budget amounts in the accompanying financial statements® Unencumbered appropriations lapse at year end. For comparative purposes, portions of the budget in the financial state- ments have been reclassified to conform with reporting classifications of actual revenues and expenditures® 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The following is a summary of the County's significant accounting policies: Basis of .Accounting - The Governmental Fund and Fiduciary Fund types use the modified accrual basis of accounting® Under the modified accrual basis, revenues are recorded as received in cash except for revenues sus- ceptible to accrual and revenues of a material amount that have not been received at the normal time of receipt® Expenditures are recorded when obligations are incurred or when benefits are received, except for interest on general obligation bonds which is recorded. in the accounting period in which payment becomes due® The Proprietary Fund Types use the accrual basis of accounting whereby revenues are recorded when earned and expenditures are recorded when obli- gations are incurred or when benifits are received® The County does not accrue vacation pay benefits when such benefits are earned® Costs of such benefits are reported as expenditures in the account- ing period in which vacation benefits are paid® Investments - The County's investments include certificates of deposit, U.S. Treasury bills and U.S. Government obligations. Investments are recorded at cost which approximates market value. Restricted Assets and Reserves - Assets required to be segregated pursuant to a bond indenture are identified as restricted assets and off-setting re- serves are established by charges to retained earnins® Grants from Cover ent Agencies Certain grants under various Federal and State programs are included in the General Fund® Grant monies received are disbursed for goods and services as prescribed under the respective grant program or transferred to other County funds or government entities for ul- timate distribution under the terms of the grants® In addition, the County receives certain monies under revenue sharing and other Federal and State programs® These programs, as well as those grant programs discussed above, are dependent on financial assistance by the Federal and State Government. Pension Costs - The County participates in the noncontributory Florida Retirement System (the "System") which covers substantially all of the County's full-time employees, without contribution from them® The County's rate of contribution, based upon total salaries, is defined by the System and pension costs are recorded in the period that salaries are earned® See Note 6® -12- EYHIBIT B fj2perty,_aIILDepreciation - All property of the County is recorded in. the General Fixed Assets Group of Accounts, with the exception of property of the Enterprise Funds which are recorded in those funds' accounts. Im- provements, other than buildings, including roads, bridges, curbs, gutters, streets and sidewalks are not reported in the General Fixed Assets Group of Accounts since these assets are normally immovable and of value only to the County. Property is recorded at cost, except for contributed property which is re- corded at fair market value at the date of contribution. Expenditures for maintenance, repairs and minor renewals and betterments are expensed as incurred. Major renewals and betterments are treated as property acqui- sitions® Depreciation and depletion expense is provided on property and sanitary landfill sites recorded in the Enterprise Funds using the straight-line method over the estimated useful lives of the assets. Depreciation is not provided on the General Fixed Assets Group of Accounts® Ranges of depreciable lives are as follows: Years Sanitary landfill sites 1-10 Buildings and other improvements 10-20 Bridges and improvements other than buildings 50 Machinery and equipment 3-10 When property is disposed of, the related cost and accumulated depreciation are removed from the accounts with gains or losses on disposition being re- flected in net income. Discounts on Bonds Payable Discounts on bonds payable are amortized using the straight-line method over the maturities of the related bonds. Combined Financial Information ® Total columns in combined financial state- ments which are noted 'Memorandum Only" aggregate the columnar amounts presented by fund type and account group. These total columns do not pre- sent consolidated financial information. 3. PROPERTY Property balances for the year ended September 30, 1982 are as follows: W-13® EXHIBIT B 3® PROPERTY (Continued) General Fixed Enterprise Assets Group —Funds of Accounts Land $ 173,700 $ 6,347,668 Buildings and other Improvements 65,504 11,006,377 Roads and bridges 2,512,491 Equipment 8 /U U," It 14t82 6,597,965 Total 11,218,177 23,952,010 Less accumulated depreciation 1,604,092 -0- Property - net $ 9,614,085 $23,9522_010 4. LONG-TERM DEBT Long term debt of the County consists of® (a) general obligation bonds payable from property tax levies which represent obligations of the County as a whole and not its individual constituent funds; (b) improvement revenue bonds payable from Race Track and Jai Alia Fronton Revenues received by the County under Florida Statutes; (c) revenue bonds payable from revenues of the Bridge which are obligations solely of that fund; (d) improvement bond payable from revenues of the MSTD which are obligations solely of that fund; (e) tax anticipation notes payable solely from special tax assessments levied against the benefiting pro- perty owners; (f) lease obligations arising from the acquisition of computer equipment with a purchase cost of $281,482. After the remaining three years of the lease, the County has the option to purchase the equipment at a nominal price. Such a leased equipment has been capitalized and recorded in the General Fixed Assets Group of Accounts; (g) note payable to a bank secured by Sheriff's patrol cars; (h) tax anticipation notes payable from general and special revenue funds® A summary of the debt and related maturities is as follows® -14- EXHIBIT B General Long-Term Debt General Improvement Maturing Obligation Revenue Lease Note September 30, Bonds Bonds Obligations Payable 1983 $ 45,000 $ 10,000 $ 46,536 $ 93,520 1984 50,000 15,000 46,536 1985 50,000 15,000 46,536 1986 50,000 15,000 1987 50,000 15,000 Thereafter 540,000 1,775,000 Total $ 785,000 $ 1 ,845,000 $ 139,608 $ 93,520 Interest rate or range 3.50%-4®25% 8.75%-11.70% 9.83% 7.5% Improvement Revenue Tax Maturing Bonds Bonds Anticipation September 30, (MSD) (BRIDGE) Notes 1983 $ 40,000 $ 1 ,579,000 1984 45,000 1985 50,000 1986 55,000 1987 65,00 Thereafter 7,745,000 $ 1 ,435,000 Total 8,000,000 1 ,435,000 1 ,579,000 Less unamortized discount 193,314 21 ,554 Net $ 7,806,686 $ 1,413,446 $ 1 ,579,000 Interest rate or range 9.80%-11 .25% 5.75% 10.48% Under the terms of the revenue bond issue, the Bridge is required, among other things, to establish rates and collect fees and charges which will be sufficient at all times to (a) pay the cost of maintaining and operating related assets, ( ) pay the principal and interest requirements of the out- standing revenue bonds and (c) create and maintain specified reserves for such purposes. 5. The County is self-insured for Workmen's Compensation claims up to $150,000 for each occurrence, and maintains coverage for claims in excess of those amounts to a limit of $1,000,000 per occurrence with independent insurance carriers. The liability for Wor an's Compensation claims, which is con- sidered adequate by management, represents the estimate for all claims. -15® EXHIBIT B 6. PENSION PLAN The County participates in the Florida Retirement System (the "System") which covers substantially all of the County's full-time employees® Pre- sently, the System does not require contributions from covered employees® Pension costs for County employees for the year ended September 30, 1982, as required and defined by the System, approximated $ 683,000. Contributions of all participating agencies throughout the State of Florida are pooled to fund accrued benefits under the System® System officials have reported that the System has an actuarially computed unfunded past service liability of approximately $4.3 billion as of July 1, 1980, the latest valuation date of the plan® This amount represents an obligation of the System and not of the participating agencies® The most recent actuarial study indicates that, if certain actuarial assumptions are realized and certain increases to the contribution rates are made, this unfunded past service liability will be liquidated within 30 years® 7® CONTINGENCIES AND COMMITMENTS All expenditures financed by Federal and State of Florida grants are subject to audit by the granting agencies to determine if such expenditures comply with conditions of the grant® The County believes that no material liability will arise from any such audits® A number of claims and lawsuits are pending against the County, however, based on knowledge of facts and advice of the County attorney and outside counsel, County officials believe that the outcome of these actions will not have a material adverse effect on the County's financial position or results of operations® -16- EXHIBIT C-1 E--NR-- COUNTY, FLORIDA CLERK OF THE CIRCUIT COURT SUPPTEM ENT BALANCE SHEET AGENCY' FUND SEPTE14BER 30, 1982 ASSETS: Cash $ 646,607 Accounts receivable 5,135 Due from other governments 3,084 TOTAL $ 654,826 LIABILITIES: Due to others $ 654,716 Accounts payable 110 TOTAL $ 654,826 -17- EXHIBIT C-2 MONROE COUNTY CLERK OF THE CIRCUIT COURT "UPPLEMENTAL SCHEDULE OF_REVENUES AND EXPENDITURES - GOVERNMENTAL FUND TYPE AND RECEIPTS AND DISBURSEMENTS ......... .............--.-................. FIDUCI .ARY FUND TYPE —.—.......... FORTHE YEAR ENDED SEPTEMBER 30 198W2 .......... ............. GOVERNMENTAL FIDUCIARY FUND TYPE PE ........... ...... GENERAL AGENCY FUND FUNDS .............................................. REVENUES OR RECEIPTS: State of Florida $ 89,418 Board of County Commissioners 1,706,953 Taxes 2,459,466 Licenses 23,165 Fines and forfeitures 1,085,813 Cbarges for services 433,383 Other ........... 1 397 578 Total revenues 8 5 Total receipts ........... EXPENDITURES OR DISBURSEMENTS: Personal services 1,121,522 Data processing services 144,391 Equipment rental 65,206 Operating expenditures 268,215 Capital outlay 187,619 Trust and agency disbursements 21-126 0. Total expenditures J _ 786 953 zA........ Total disbursements 5 ....... .... EXCESS OF REVENUES OVER (UNDER) EXPENDITURES .............. NET COLLECTIONS (32-437) .............-.-........................... -18- EXHIBIT C-3 MONROE COUNTY FLORIDA PROPERTY APPRAISER SUPPLEMENTAL BALANCE SHEET ® GENERAL FUND SEPTEMBER_30_, 1982 ASSETS: Cash $ _24_1231 LIABILITIES AND FUND BALANCE: Due to other governments 3,540 TOTAL LIABILITIES 3.540 FUND BALANCE 20,691 TOTAL _24_,231 -19- EXHIBIT C-4 MONROE COUNTY,_FLORIDA PROPERTY APPRAISER SUPPLEMENTAL SCHEDULE OF REVENUES AND EXPENDITURES GENERAL FUND FOR THE YEAR ENDED SEPTEM[BER 30, 1982 REVENUES: Board of County Commissioners $ 628,557 Other taxing districts 162,367 Total revenues 790,924 EXPENDITURES: Personal services 547,647 Data processing services 83,373 Rental 60 Operating expenditures 132,634 Capital outlay 25,966 Total expenditures 789.680 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES 1_2244 -20- EXHIBIT C®5 MONROE COUNTY, FLORIDA SUPERVISOR OF ELECTIONS SUPPLEMENTAL SCHEDULE OF REVENUES AND E'X',DE',"',TDITURES GENERAL FUND FOR THE YEAR ENDED -SEPT-EMBE-R 30, 1982 REVENUES: Board of County Commissioners $ 177,923 EXPENDITURES: Personal services 120,737 Operating expenditures 56,531 Capital outlay 655 Total expenditures 177,923 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES $ -0- NOTE: All assets and liabilities are accounted for by the Board of County Commissioners within the General Fund. Accordingly, a balance sheet is not presented® -21- EXHIBIT C-6 M0,NROEL COUNT FLORIDA MONROE COUNTY SHERIFF SUPPLEMENTAL BALANCE SHEETS - ALL FUND TYPES SEPT EMBER_30, 1982 ACCOUNT FIDUCIARY GROUPS GOVERNMENTAL FUND TYPES FUND GENERAL SPECIAL TYPES FIXED GENERAL REVENUES AGENCY ASSETS ASSETS: Cash $ 114,630 $ 14,318 $ 275,592 Property - $LO062762 TOTAL 114,630 14,318 275,592 1,006,762 LIABILITIES: Due to others 275,592 Total Liabilities 275_2592 FUND EQUITY: Investment in general fixed assets 1,006,762 FUND BALANCES: Unreserved 114,630 14,318 Total 114,630 14_L318 TOTAL $ JILpo $ 14,318 $ 275,592 $1,006 762 -22- EXHIBIT C-7 MONROE COUNTY_, fLqRj._LIA MO ROE COUNTY SHERIFF SUPPLEMENTAL SCHEDULE OF REVENUES AND EXPENDITURES GOVERNMENTAL FUND TYPES AND RECEIPTS AND DISBURSEMENTS FIDUCIARY FUND TYPE SEPTEMBER 30. 1982 GOVERNMENTAL FUND TYPES FIDUCIARY SPECIAL FUND TYPE GENERAL REVENUE AGENCY REVENUES OR RECEIPTS: Board of County Commissioners $ 5,818,124 $ -0- $ Cash Bonds 656,567 Other 111 ,501 Total revenues 5,929,625 -0- Total receipts 656,567 EXPENDITURES OR DISBURSEMENTS: Personal services 3,519,186 Operating expenditures 1,724,806 -0- Capital outlay 574,658 Trust and agency distributions 669,518 Total expenditures 5,818,650 -0- Total disbursements 669.518 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES $ 1101975__ $ -0- NET DISBURSEMENTS $ (12 951) -23- EXHIBIT C-8 MONROE COUNTY. FLORIDA TAX COLLECTOR SUPPLEMENTAL BALANCE SHEETS - ALL-FUND TYPES SEPTEMBER 30, 1982 GOVERNMENTAL FIDUCIARY FUND TYPE FUND TYPE GENERAL AGENCY FUND FUNDS ASSETS - Cash $ _109,671 $ 993,498 LIABILITIES AND FUND BALANCE: Due to other governments 952,840 Due to other funds 19,709 27,502 Due to others 13.156 Fund balance --1a9,962 TOTAL 671 $_993 2_498 -24- MONROE COUNTY, FLORIDA EXHIBIT C-9 T AV COLLECTOR SUPPLEMENTAL SCHEDULE OF REVENUES AND EXPENDITURES GOVERNMENTAL FUND TYPE AND RECEIPTS AND DISBURSEMENTS FIDUCIARY FUND TYPE SEPTEMBER -30, 1982 GOVERNMENTAL FIDUCIARY FUND TYPE FUND TYPE GENERAL AGENCY FUND FUND REVENUES OR RECEIPTS: Board of County Commissioners $ 564,997 Taxes $30,623,109 Licenses and permits 2,032,742 Charges for services 225,028 11,310 Other 221. A599 127,362 Total revenues 1 ,011 ,624 Total receipts 32,794,523 EXPENDITURES OR DISBURSEMENTS: Personal services 736,983 Contractual services 17,888 Equipment rental 3,662 Capital outlay 25,463 Operating expenditures 163,772 Trust and agency disbursements 32,425,531 Total expenditures 947,768 Total disbursements 32,425,531 EXCESS OF REVENUES OVER EXPENDITURES $ 63,856 NET COLLECTIONS -25- KFMP i�l ROSASCO Certified Public Accountants Unit #12 Luani Plaza - 1438 Kenvy Dr. P. 0. BOX 309 KEY WEST, FLORIDA 33041-309 (305) 294-2581 ORVIS M. KEMP, C.P.A. MEMBER OF AMERICA N INSTITUTE WM. O. KEMP, C.P.A. AND FLORIDA INSTITUTE OF PETER L. ROSASCO, Jr., C.P.A. CERTIFIED PUBLIC ACCOUNTANTS MICHAEL A. SIMMONS, C.P.A. February 22, 1983 Mr. Ralph White Clerk Ex Officio Board of County Commissioners Monroe County, Florida Key West, Florida 33040 Dear Sir: We have examined the financial statements of Monroe County, Florida for the year ended September 30, 1982, and have issued our report thereon dated February 22, 1983. As part of our examination, we made a study and evaluation of the County®s system of internal accounting control to the extent we considered necessary to evaluate the system as required by generally accepted auditing standards. The purpose of our study and evaluation was to determine the nature, timing, and extent of the auditing procedures necessary for expressing an opinion of the County's financial statements. Our study and evaluation was more limited than would be necessary to express an opinion on the system of internal ac- counting control taken as a whole. The observations reported herein should be considered in the context of the responsibility of management for establishing and maintaining a system of internal accounting control, the objectives of and inherent limitations on such a system, and the definition of a material weakness for purposes of this report, which are described in the Appendix to this report. Our study and evaluation made for the limited purpose described in the first paragraph would not necessarily disclose all material weaknesses in the system. Accordingly, we do not express an opinion on the system of internal accounting control of Monroe County, Florida taken as a whole, however, our study and evaluation disclosed no condition that we believe is a material weakness. Our examination did, however, disclose the following conditions that, although not considered by us to be material weaknesses, are weaknesses in internal accounting control for which corrective action might be taken. -26- MON OE COUNTY -BOARD OF COUNTY COMMISSIONERS 1 Purchasing Procedures® Observation There presently is no formal or written policy for the purchasing funct- ion® Under the present system, purchases are approved by department heads and purchase orders are used to control payments. However, there are no requirements for specific approvals of the Board for purchases over a given minimum or for obtaining competitive bids. During our ex- amination we noted various instances where bids were obtained and approval for purchases was made by the board® However, the implementation of such procedures appears to be at the discretion of the department heads under the present system, as there is no formal requirement for such procedures® Recommendation e recommend that a formal written policy be adapted which will require competitive bids and a Board approval for all purchases over a given min- imum. CARD SOUND ROAD AND BRIDGE TOLL FACILITY Observation The cumulative deficiency in toll requirements for the Card Sound Road and Bridge Toll Facility (the "Bridge") continues to increase. The de- ficiency for the years ended September 30, 1982 and 1981 was $138,426 and $9,524 respectively, and the cumulative deficiency was $1,011 ,794 as of September 30, 1982. B�round This item was mentioned in the previous years management letter with a recommendation that the Consulting Engineers review the existing toll structure of the Bridge. In the latest engineering report on the Bridge, the Consulting Engineers recommend increasing the tolls at the Bridge, however, as of the date of this report no increase in tolls have been made® Recommendation We recommend that the toll structure at the bridge be revised in ac- cordance with the recommendation of the Consulting Engineers. -27- REGULATORY REPORTING REQUIREMENTS We have reviewed the financial report filed with the Department of Banking and Finance for the year ended September 30, 1982 pursuant to Section 218.36, Florida Statutes, and have found the amounts reported therein to be in agree- ment with the amounts included in the financial statements on which we have issued our report dated February 22, 1983. The Rules of the Auditor General, State of Florida, require that this letter be filed with the Auditor General along with audited financial statements® This report is intended solely for the use of management and the Auditor General and should not be used for any other purpose. We appreciate the cooperation extended to us during the course of our exam- ination® We would be pleased to discuss these matters further with you at your convenience® Sincerely, KEMP & ROSASCO -28- APPENDIX MANAGEMENT'S ESPON LI FOR, AND THE OBJECTIVES AND LIMIATATIONS OF, INTERNAL C O C CONTROL AND THE DEFINITION OF A MATERIAL WEAKNESS e following comments concerning management's responsibility for internal accounting control, the objectives of and the inherent limitations on a system of internal accounting control, and the definition of a materialweakness are excerpts from Statements on Auditing tan ars of the American Institute of Certified Public Accountants. Management's Responsibility Management . . . is responsible for establishing and maintaininga system of internal accounting control. In fulfilling this respon- sibility, estimates and judgments by management are required to assess the expected benefits and related costs of control procedures. Objectives s objectives of a system are to provide management with reason- able, but not absolute, assurance that assets are safeguards against loss from unauthorized use or disposition, and thattran- sactions are executed in accordance with management's authorization and recorded roperly to permit the preparation of financial statements in accordance i generally accepted accounting principles. Limitations Because of inherent limitations in any system of internal accounting control, errors or irregularities nevertheless may occur and not be detected. Also, projection of any evaluation of the system to future periods is subject to the risk that procedures may become inadequate because of changes in conditions or that the degree o compliance with the procedures may deteriorate. Material Weakness A material weakness (for the auditor's purpose) is a condition in which the specific control procedures, or the degree of compliance with them, do not (in the auditor's judgment) reduce to a relatively low level the risk that errors or irregularities in amounts that would material in relation to the financial statements being audited y occur and not be detected within a timely period employees in the normal course of performing their assigns unc- tions. These criteria may be broader than those that may be approp- priate for evaluating weaknesses in accounting control for management or other purposes. -29- KEMP b ROSASCO Certified Public Accountants Unit #12 Luani Plaza - 1438 Kenndy Dr. P. O. BOX 309 KEY WEST, FLORIDA 33041-309 (305) 294-2581 ORVIS M. KEMP, C.P.A. MEMBER OF AMERICAN INSTITUTE WM 0. KEMP, C.P.A. AND FLORIDA INSTITUTE OF PETER L. ROSASCO, Jr., C.P.A. CERTIFIED PUBLIC ACCOUNTANTS MICHAEL A. SIMMONS, C.P.A. February 22, 1983 Mr. Ralph W. White Clerk of the Circuit Court Monroe County, Florida Key West, Florida 33040 Dear Sir: We have examined the financial statements of Monroe County, Florida for the year ended September 30, 1982, and have issued our report 0 thereon dated February 22, 1983. As part of our examination, we made a study and evaluation of the County's system of internal accoun- ting control to the extent we considered necessary to evaluate the system as required by generally accepted auditing standards® The purpose of our study and evaluation was to determine the nature, timing, and extent of the auditing procedures necessary for expressing an opinion on the County®s financial statements® Our study and evaluation was more limited than would be necessary to express an opinion on the system of internal accounting control taken as a whole® The observations reported herein should be considered in the context of the responsibility of management for establishing and maintaining a system of internal accounting control, the objectives of and inherent limitations on such a system, and the definition of a material weakness for purposes of this report, which are described in the Appendix to this report® Our study and evaluation made for the limited purpose described in the first paragraph would not necessarily disclose all material weaknesses in the system® Accordingly, we do not express an opinion on the system of internal accounting control of Monroe County, Florida taken as a whole, however, our study and evaluation disclosed no con- dition that we believe is a material weakness. -30- --- TOR- REPORTING_MqjjLREWEI REGU LX IT S We have reviewed the financial report filed with the Department of Banking and Finance for the year ended September 30, 1982 pursuant to Section 218.36, Florida Statutes, and have found the amounts reported therein to be in agreement with the amounts included in the financial statements on which we have issued our report dated February 22, 1983. The Rules of the Auditor General, State of Florida, require that this letter be filed with the Auditor General along with audited financial statements. This report is intended solely for the use of management and the Auditor General and should not be used for any other purpose. We appreciate the cooperation extended us during the course of our examination. We would be pleased to discuss these matters further with you at your convenience. Sincerely, KEMP & ROSASCO -31- APPENDIX MANAGEMENT'S RESPONSIBILITY FOR, AND THE OBJECTIVES AND LIMIATATIONS OF, INTERNAL ACCOUNTING CONTROL AND THE DEFINITION OF A MATERIAL WEAKNESS The following comments concerning management's responsibility for internal accounting control, the objectives of and the inherent limitations on a system of internal accounting control, and the definition of a material weakness are excerpts from Statements on Auditing Standards of the American Institute of Certified Public Accountants. Management's Responsibility Management . . . is responsible for establishing and maintaining a system of internal accounting control. In fulfilling this respon- sibility, estimates and judgments by management are required to assess the expected benefits and related costs of control procedures. Objectives The objectives of a system are to provide management with reason- able, but not absolute, assurance that assets are safeguarded against loss from unauthorized use or disposition, and that tran- sactions are executed in accordance with management's authorization and recorded properly to permit the preparation of financial statements in accordance with generally accepted accounting principles. Limitations Because of inherent limitations in any system of internal accounting control, errors or irregularities nevertheless may occur and not be detected. Also, projection of any evaluation of the system to future periods is subject to the risk that procedures may become inadequate because of changes in conditions or that the degree of compliance with the procedures may deteriorate. Material Weakness A material weakness (for the auditor's purpose) is a condition in which the specific control procedures, or the degree of compliance with them, do not (in the auditor's judgment) reduce to a relatively low level the risk that errors or irregularities in amounts that would be material in relation to the financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned func- tions. These criteria may be broader than those that may be approp- priate for evaluating weaknesses in accounting control for management or other purposes. -32- KEMP b ROSASCO Certified Public Accountants Unit #12 Luani Plaza ® 1438 Kenndy Dr. P. 0. BOX 309 KEY WEST, FLORIDA 33041-309 (305) 294-2581 ORVIS M. KEMP, C.P.A. MEMBER OF AMERICAN INSTITUTE M. 0. KEMP, C.P.A. AND FLORIDA INSTITUTE OF PETER L. ROSASCO, Jr., C.P.A. CERTIFIED PUBLIC ACCOUNTANTS MICHAEL A. SIMMONS, C.P.A. February 22, 1983 Mr® Harry F. Knight Tax Collector Monroe County, Florida Key West, Florida 33040 Dear Sir: We have examined the financial statements of Monroe County, Florida for the year ended September 30, 1982, and have issued our report thereon dated February 22, 1983. As part of our examination, we made a study and evaluation of the County's system of internal accounting control to the extent we considered necessary to evaluate the system as required by generally accepted auditing standards. The purpose of our study and evaluation was to determine the nature, timing, and extent of the auditing procedures necessary for express- ing an opinion on the County's financial statements. Our study and evaluation was more limited than would be necessary to express an opinion on the system of internal accounting control taken as a whole. The observations reported herein should be considered in the context of the responsibility of management for establishing and maintaining a system of internal accounting control, the objectives of and material weakness for purposes of this report, which are described in the Appendix to this report® Our study and evaluation made for the limited purpose described in the first paragraph would not necessarily disclose all material weaknesses in the system® Accordingly, we do not express an opinion on the system of internal accounting control of Monroe County, Florida taken as a whole, however, our study and evaluation disclosed no condition that we believe is a material weakness® -33® REGULATORY REPORTING REQUIREMENTS We have reviewed the financial report filed with the Department of Banking and Finance for the year ended September 30, 1982 pursuant to Section 218.36, Florida Statutes, and have found the amounts reported therein to be in agreement with the amounts included in the financial statements on which we have issued our report dated February 22, 1983. The Rules of the Auditor General, State of Florida, require that this letter be filed with the Auditor General along with audited financial statements® This report is intended solely for the use of management and the Auditor General and should not be used for any other purpose® We appreciate the cooperation extended us during the course of our examination® We would be pleased to discuss these matters further with you at your convenience® Sincerely, KEMP & ROSASCO -34- APPENDIX MANAGEMENT'S PCN B L FOR, AND THE OBJECTIVES AND LIMIATATIONS OF, INTERNAL ACCOUNTING CONTROL AND THE DEFINITIONF A MATERIAL WEAKNESS The following comments concerning management's responsibility for internal accounting control, the objectives of and the inherent limitations on a system of internal accounting control, and the definition of a material weakness are excerpts from tatems is o Auditing Standards of the American Institute of Certified Public Accountants. Management's Responsibility Management ® ® ® is responsible for establishing and maintaining a system of internalaccounting control® In fulfilling this respon- sibility, estimates and judgments by management are required to assess the expected benefits and related costs of control procedures. objectives The objectives of a system are to provide management with reason- able, but not absolute, assurance that assets are safeguarded against loss from unauthorized use or disposition, and that tran- sactions are executed in accordance with management's authorization and recorded properly to permit the preparation of financial statements in accordance with generally accepted accounting principles® Limitations Because of inherent limitations in any system of internal accounting control, errors or irregularities nevertheless may occur and not be detected. Also, projection of any evaluation of the system to future periods is subject to the risk that procedures may become inadequate because of changes in conditions or that the degree o compliance with the procedures may deteriorate® Material Weakness A material weakness (for the auditor's purpose) is a condition in which e specific control procedures, or the degree of compliance with e , do not (in the auditor's judgment) reduce to a relatively low level the risk that errors or irregularities in amounts that would be material in relation to the financial statements being audited may occur and not be detected withina timely period b employees in the normal course of performing their assigned func- tions® These criteria may be broader than those that ay be approp- priate for evaluating weaknesses in accounting control for management or other purposes. -35- KEMP VJ ROSASCO Certified Public Accountants Unit #12 Luani Plaza - 1438 Kenndy Dr. P. 0. BOX 309 KEY WEST, FLORIDA 33041-309 (305) 294-2581 ORVIS M. KEMP, C.P.A. MEMBER OF AMERICAN INSTITUTE WM. 0. KEMP, C.P.A. AND FLORIDA INSTITUTE OF PETER L. ROSASCO, Jr., C.P.A. CERTIFIED PUBLIC ACCOUNTANTS MICHAEL A. SIMMONS, C.P.A. February 22, 1983 Honorable William A. Freeman, Jr. Sheriff Monroe County, Florida Key West, Florida 33040 Dear Sir: We have examined the financial statements of Monroe County, Florida for the year ended September 30, 1982, and have issued our report thereon dated February 22, 1983. As part of our examination, we made a study and evaluation of the County's system of internal accounting control to the extent we considered necessary to evaluate the system as required by generally accepted auditing standards® The purpose of our study and evaluation was to determine the nature, timing, and extent of the audit- ing procedures necessary for expressing an opinion on the County's finan- cial statements. Our study and evaluation was more limited than would be necessary to express an opinion on the system of internal accounting control taken as a whole® The observations reported herein should be considered in the context of the responsibility of management for establishing and maintaining a sys- tem of internal accounting control, the objectives of and inherent limit- ations on such a system, and the definition of a material weakness for purposes of this report, which are described in the Appendix to this report® Our study and evaluation made for the limited purpose described in the first paragraph would not necessarily disclose all material weaknesses in the system® Accordingly, we do not express such an opinion on the system of internal accounting control of Monroe County, Florida taken as a whole, however, our study and evaluation disclosed no condition that we believe is a material weakness® -36® REG T Tr A"'ORY REPORTING 1E _U y MPNTS IREMEN,_ We have reviewed the financial report filed with the Department of Banking and Finance for the year ended September 30, 1982 pursuant to Section 116.03, Florida Statutes, and have found the amounts reported therein to be in agree- ment with the amounts included in the financial statements on which we have issued our report dated February 22, 1983. The Rules of the Auditor General, State of Florida, require that this letter be filed with the Auditor General along with audited financial statements. This report is intended solely for the use of management and the Auditor General and should not be used for any other purpose. In our management letter for the previous fiscal year, we made several rec- ommendations to you. We would like to take this opportunity to commend the efforts taken to implement such recommendations. We appreciate the cooperation extended to us during the course of our exam- ination. We would be pleased to discuss these matters further with you at your convenience. Sincerely, er KEMP & ROSASCO -37® APPENDIX MANAGEMENT'S RESPONSIBILITY FOR, AND THE OBJECTIVES AND LIMIA"TAT'IONS OF, INTERNAL ACCOUNTING CONTROL AND THE DEFINITION OF A MATERIAL WEAKNESS The following comments concerning management's responsibility for internal accounting control, the objectives of and the inherent limitations on a system of internal accounting control, and the definition of a material weakness are excerpts from Statements on Auditing Standards of the American Institute of Certified Public Accountants. Management's Responsibility Management ® ® ® is responsible for establishing and maintaining a system of internal accounting control. In fulfilling this respon- sibility, estimates and judgments by management are required to assess the expected benefits and related costs of control procedures. Objectives The objectives of a system are to provide management with reason- able, but not absolute, assurance that assets are safeguarded against loss from unauthorized use or disposition, and that tran- sactions are executed in accordance with management's authorization and recorded properly to permit the preparation of financial statements in accordance with generally accepted accounting principles. Limitations Because of inherent limitations in any system of internal. accounting control., errors or irregularities nevertheless may occur and not be detected. Also, projection of any evaluation of the system to future periods is subject to the risk that procedures may become inadequate because of changes in conditions or that the degree of compliance with the procedures may deteriorate® Material Weakness A material weakness (for the auditor's purpose) is a condition in which the specific control procedures, or the degree of compliance with them, do not (in thw auditor's judgment) reduce to a relatively low level. the risk that errors or irregularities in amounts that would be material in relation to the financial. statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned func- tions. These criteria may be broader than those that may be approp-- priate for evaluating weaknesses in accounting control for management or other purposes® -38- KEMP b ROSASCO ('ertified Pith is Accouwants Unit #12 Luani Plaza - 1438 Kenndy Dr. P. 0. BOX 309 KEY WEST, FLORIDA 33041-309 (305) 294-2581 ORVIS M. KEMP, C.P.A. MEMBER OF AMERICAN INSTITUTE WM. 0. KEMP, C.P.A. AND FLORIDA INSTITUTE OF PETER L. ROSASCO, Jr., C.P.A. CERTIFIED PUBUC ACCOUNTANTS MICHAEL A. SIMMONS, C.P.A. February 22, 1983 Mr. Ervin A. Higgs Property Appraiser Monroe County. Florida Key West, Florida 33040 Dear Sir: We have examined the financial statements of Monroe County, Florida for the year ended September 30, 1982, and have issued our report thereon dated February 22, 1983. As part of our examination, we made a study and evaluation of the County's system of internal accounting control to the extent we considered necessary to evaluate the system as required by generally accepted auditing standards. The purpose of our study and evaluation was to determine the nature, timing, and ex- tent of the auditing procedures necessary for expressing an opinion on the system of internal accounting control taken as a whole® The observations reported herein should be considered in the context of the responsibility of management for establishing and maintaining a system of internal accounting control, the objectives of and inherent limitations on such a system and the definition of a material weakness for purposes of this report, which are described in the Appendix to this report. Our study and evaluation made for the limited purpose described in the first paragraph would not necessarily disclose all material weaknesses in the system. Accordingly, we do not express an opinion on the system of internal accounting control of Monroe County, Florida taken as a whole, however, our study and evaluation disclosed no condition that we believe is a material. weakness® -39- REGULAT"3Y REPORTING RLLUiREMENTS We have reviewed the financial report filed with the Department of Banking and Finance for the year ended September 30, 1982 pursuant to Section 218.36, Florida Statutes , and have found the amounts re- ported therein to be in agreement with the amounts included in the financial statements on which we have issued our report dated Feb- ruary 22, 1983. The Rules of the Auditor General , State of Florida, require that this letter be filed with the Auditor General along with audited financial statements. This report is intended solely for the use of management and the Auditor General and should not be used for any other purpose. We appreciate the cooperation extended to us during the course of our examination. We would be pleased to discuss these matters further with you at your convenience. Sincerely, �44AIr 4et �- KEMP & ROSASCO -40- APPENDIX MANAGEMENT'S RESPONSIBILITYOBJECTIVES AND LIMIATATIONS , INTERNAL ACCOUNTING CONTROL AND THE DEFINITION OF A MATERIAL WEAKNESS The following comments concerning management's responsibility for internal accounting control, the objectives of and the inherent limitations on a system of internal accounting control, and the definition of a material weakness are excerpts from Statements on Auditing Standards of the American Institute of Certified Public Accountants. Management's Resnsiiiy Management . . . is responsible for establishing and maintaining system of internal accounting control. In fulfillingthis respon- sibility, estimates and judgments by management are required to assess the expected benefits and related costs of control procedures. Objectives The objectives of a systemare to provide management with reason- able, but not absolute, assurance that assets are safeguarded against loss from ho iz use or disposition, and thattran- sactions are executed in accordance withmanagement's authorization and recordedproperly to permit the preparation of financial statements in accordance with generally accepted accounting principles. Limitations Because inherent limitations in any system of internal accounting control, errors or irregularities nevertheless may occur and not be detected. Also, projection of any evaluation of the system future periods is subject to the risk that procedures may become inadequate because of changes in conditions or that the degree o compliance with the procedures may deteriorate. Material Weakness material weakness (for the auditor's purpose) is a condition i which the specific control procedures, or the degree of compliance with them, do not (in the auditor's judgment) reduce to a relatively low level the risk that errors or irregularities in amounts that wouldterial in relation to the financial statements being audited y occur and not be detectedwithin a timely periody employees in the normal course of performing their assigned func- tions. These criteria may be broader than those that may be approp- priate for evaluating weaknesses in accounting control for management or other purposes. -41- KEMP b ROSASCO Certified Public Accountants Unit #12 Luan! Plaza - 1438 Kenv Dr. P. 0. BOX 309 KEY WEST, FLORIDA 33041-309 (305) 294-2581 ORVIS M. KEMP, C.P.A. MEMBER OF AMERICA N INSTITUTE WM. 0. KEMP, C.P.A. AND FLORIDA INSTITUTE OF PETER L. ROSASCO, Jr., C.P.A. CERTIFIED PUBLIC ACCOUNTANTS MICHAEL A. SIMMONS, C.P.A. February 22, 1983 Mr. William (Bill) Freeman Supervisor of Elections Monroe County, Florida Key West, Florida 33040 Dear Sir: We have examined the financial statements of Monroe County, Florida for the year ended September 30, 1982, and have issued our report thereon dated February 22, 1983. As part of our examination, we made a study and evaluation of the County's system of internal accounting control to the extent we considered necessary to evaluate the system as required by generally accepted auditing standards® The purpose of our study and evaluation was to determine the nature, timing, and ex- tent of the auditing procedures necessary for expressing an opinion on the County's financial statements. Our study and evaluation was more limited than would be necessary to express an opinion on the system of internal accounting control taken as a whole® The observations reported herein should be considered in the context of responsibility of management for establishing and maintaining a system of internal accounting control, the objectives of and inherent limitations on such a system, and the definition of a material weakness for purposes of this report, which are described in the Appendix to this report® Our study and evaluation made for the limited purpose described in the first paragraph would not necessarily disclose all material weaknesses in the system. Accordingly, we do not express an opinion on the system of internal accounting control of Monroe County, Florida taken as a whole, however, our study and evaluation disclosed no condition that we believe is a material weakness® -42- REGULATORY REPORTING REQUIREMENTS We have reviewed the financial report filed with the Department of Banking and Finance for the year ended September 30, 1982, pursuant to Section 218.36, Florida Statutes, and have found the amounts re- ported therein to be in agreement with the amounts included in the financial statements on which we have issued our report dated Feb- ruary 22, 1983. The Rules of the Auditor General, State of Florida, require that this letter be filed with the Auditor General along with audited financial statements. This report is intended solely for the use of management and the Auditor General and should not be used for any other purpose. We appreciate the cooperation extended to us during the course of our examination. We would be pleased to discuss these matters further with you at your convenience. Sincerely, /OS -43- MANAGEMENT'SAPPENDIX OI II FOR, AND THE OBJECTIVES I IO , INTERNAL ACCOUNTING CONTROL AND THE DEFINITIONOF A MATERIAL WEAKNESS e following comments concerning management's responsibility for internal accounting control, the objectives of and the inherent limitations on a systeminternal accounting control, and the definition of a material weakness are excerpts from Statements o Auditing Standards of the American Institute of Certified Public Accountants. Management'ssosiiiy Management . . . is responsible for establishing and maintaining system of internal accounting control. In fulfilling this respon- sibility, estimates and judgments by management are required to assess the expected benefits and related costs of control procedures. Objectives The objectives of a systemare to provide management with reason- able, but not absolute, assurance that assets are safeguarded against loss from of use or disposition, and thattran- sactions are executed in accordancewithmanagement'sii and recordedproperly to permit the preparation of financial statements in accordancewith generally accepted accounting principles. Limitations Becauseof inherent limitations in any system of internal accounting control, errors or irregularities nevertheless may occur and not b detected. so, projection of any evaluation of the system to future periods is subject to the risk that procedures may become inadequate because of changes in conditions or that the degree o compliance with the procedures may deteriorate. Materials material weakness (for theauditor's purpose) is a condition i which the specific control procedures, or the degree of compliance with them, do not (in theauditor's judgment) reduce to a relatively low level the risk that errors or irregularities in amounts that would e material in relation to the financial statements being audited may occur and not be detectedwithin a timely period y employees in the normal course of performing their assigned func- tions. These criteria may be broaderthan those that may be approp- priate for evaluating weaknesses in accounting control for management or other purposes. -44-