CLERK OF THE CIRCUIT COURT MONROE COUNTY BRANCH OFFICE

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BRANCH OFFICE MARATHON SUB COURTHOUSE 3117 OVERSEAS lllghway MARATHON, FLORlDA 33050 TEL.

(305) 292-3550 FAX (305) 295-3663 PLANTA110N KEY GOVERNMENT CENTER 88820 OVERSEAS HIGHWAY PLANTA110N KEY, FLORIDA 33070 TEL.

Board of County Commissioners and the citizens, the Monroe County, Florida Comprehensive Annual Financial Report (CAFR) for the fiscal year ended September 30, 2003.

Responsibility for both the accuracy of the presented data and the completeness and fairness of the presentation, including all disclosures, rests with the Clerk of the Circuit Court as Chief

1 BRANCH OFFICE MARATHON SUB COURTHOUSE 3117 OVERSEAS lllghway MARATHON, FLORlDA TEL. (305) FAX (305) CLERK OF THE CIRCUIT COURT MONROE COUNTY BRANCH OFFICE MONROE COUNTY COURTHOUSE 500 WfllTEHEAD STREEI; SUITE 101 KEY WESI; FLORIDA TEL. (305) FAX (305) PLANTA110N KEY GOVERNMENT CENTER OVERSEAS HIGHWAY PLANTA110N KEY, FLORIDA TEL. (305) FAX (305) April 30, 2004 The Honorable Sonny McCoy Mayor, Board of County Commissioners Monroe County, Florida Dear Mayor McCoy: It is our pleasure to present to you, the Board of County Commissioners and the citizens, the Monroe County, Florida Comprehensive Annual Financial Report (CAFR) for the fiscal year ended September 30, This report was prepared by the Finance Department of the Clerk of the Circuit Court. Responsibility for both the accuracy of the presented data and the completeness and fairness of the presentation, including all disclosures, rests with the Clerk of the Circuit Court as Chief Financial Officer of Monroe County. The County has established a comprehensive internal control framework that is designed both to protect the County's assets from loss, theft or misuse and to compile sufficient reliable accounting information for financial statement preparation in conformity with United States generally accepted accounting principles (GAAP) established by the Government Accounting Standards Board. Because the cost of internal controls should not outweigh their benefits, the County's comprehensive framework of internal controls has been designed to provide reasonable rather than absolute assurance that the financial statements will be free of material misstatement. 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 Monroe County as measured by the financial activity of its various funds; and that all disclosures needed to allow the reader to gain a comprehensive understanding of the County's financial activity have been included. Chapter of the Florida Statutes requires an independent certified public accountant audit the financial statements of counties in the State. This requirement has been met for the fiscal year ended September 30, 2003 and the report of the independent auditors has been included in the financial section of this report. In addition, the requirements of federal and Florida Single Audit Act requirements and the related federal OMB Circular A-133 have been met. The standards governing single audit engagements require the independent auditor to report on the government's internal controls and compliance with legal requirements with special emphasis placed on the administration of federal awards and state financial assistance. Presentation of the single audit, including schedules of federal awards and state financial assistance, are included in this report. A-1

Governmental accounting and auditing principles require that management provide a narrative introduction, overview and analysis to accompany the basic financial statements in the form of Management's

Monroe County's MD&A can be found immediately following the independent auditor's report. County Organization Monroe County was constitutionally formed in 1823.

2 Governmental accounting and auditing principles require 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). This letter of transmittal is designed to complement MD&A and should be read as an accompaniment. Monroe County's MD&A can be found immediately following the independent auditor's report. County Organization Monroe County was constitutionally formed in 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 County seat, Key West, is approximately one hundred fifty miles southwest of Miami. Havana, Cuba lies a mere ninety miles to the south. The Board of County Commissioners is the legislative body for Monroe County. The operation of other specific government functions resides with five Constitutional Officers. The specific functions are indicated by their titles. The elected positions are Clerk of the Circuit Court, Property Appraiser, Sheriff, Supervisor of Elections, and Tax Collector. Monroe County provides a full range of services including roads, health and social services, emergency medical services, park and recreational services, solid waste services, airport services and other governmental services. Monroe County is a non-charter county established under the Constitution and the laws of the State of Florida. For financial reporting purposes, the County's reporting entity consists of (1) the County as primary government, the Board of County Commissioners, the Sheriff, the Clerk of the Circuit Court, the Tax Collector, the Property Appraiser, and the Supervisor of Elections, (2) other entities, though legally separate, which are in substance, part of the primary government's operations and for which the primary government is financially accountable (blended component units), the Monroe County Comprehensive Plan Land Authority, and (3) other organizations which are financially accountable to the primary government, or whose relationship with the primary government is such that an exclusion would cause the reporting entity's financial statements to be misleading or incomplete (discrete component units), the Monroe County Housing Finance Authority. Discretely presented component units are reported in a separate column in the combined financial statements to emphasize that they are legally separate from the primary government and to differentiate their financial position, results of operations, and cash flows from those of the primary government. The Monroe County School Board and the Monroe County Mosquito Control District have not met the established criteria for inclusion in the reporting entity, and accordingly, are excluded from this report. Formal budgetary integration is employed as a management control device during the year for all fund types except as noted in the Notes to the Financial Statements. Monroe County follows the laws of Florida regarding the control, adoption and amendment of the budget during each fiscal year. The County Commission has increased the level of budgetary control as the County Commission approves all cost center (departmental) budgetary changes by resolution. As an additional control, the County employs an encumbrance system which reduces available appropriations in governmental funds upon the issuance of purchase orders, contracts or other forms of legal commitment. Encumbrances at year end do not constitute expenditures or liabilities. They are accounted for as a reservation of fund balance in the year the commitment is made. While appropriations lapse at the end of the fiscal year, the succeeding year's budget resolution provides for the reappropriation of year-end encumbrances. A-2

Budgets for the Property Appraiser and the Tax Collector are approved by the Florida Department of Revenue and are adopted as part of the General Fund by the Board of County Commissioners.

Local Economy International and domestic tourism remains an important economic factor in Monroe County.

Further evidence of the importance of the tourist industry is that of the top ten taxpayers in Monroe County, nine are hotels.

One such sign is that the number of airline passengers visiting Key West has increased by 12% over the last two years from 255,850 in 2001 to 286,833 in 2003.

3 Budgets for the Property Appraiser and the Tax Collector are approved by the Florida Department of Revenue and are adopted as part of the General Fund by the Board of County Commissioners. The Sheriff, Supervisor of Elections and Clerk of the Circuit Court prepare their budgets which are submitted to and approved by the Board. Local Economy International and domestic tourism remains an important economic factor in Monroe County. The tropical climate together with the recreational water activities makes the Florida Keys and Key West a major tourist area. Further evidence of the importance of the tourist industry is that of the top ten taxpayers in Monroe County, nine are hotels. There are many positive signs that the County's tourism industry has been minimally affected in the wake of increased terrorist activities. One such sign is that the number of airline passengers visiting Key West has increased by 12% over the last two years from 255,850 in 2001 to 286,833 in The County continues to be impacted by recent municipal incorporations and the related demands for past and future revenues. Nonetheless, the County's revenue sources remain strong as property values increase and receipts of sales taxes collected from residents and tourists continue to climb. Sales tax revenues have not only recovered from the reduced level of tourism after the 9/11 crisis. but presently exceed 2000 amounts by 10%. Considering the economic downturn experienced by the rest of the nation, the County has been fortunate to maintain a strong economic environment. The County's unemployment rate of 2.1 % at September 30, 2003 is well below the state and national rates of 5.1% and 6.0%, respectively. The County has historically enjoyed a strong job market. Local revenues and expenditures are affected by intergovernmental pressures from reduced federal and state aid, lack of funding for federal and state-mandated programs and services, and the increased demands for stronger public safety services. Long-Term Planning The County will continue its work for the year on large numbers of projects funded by a variety of sources. In road and bridge work, it is anticipated that there will be over $9.8 million in capital and non-capital projects completed. This includes roads, bridges, bike paths, and social service transportation type services. Roadway impact fees are also programmed for about $6.0 million through the various districts in the Keys. Combined with the road and bridge fund, these funds should serve to make major improvements in roadway and bridge transportation. Parks and Recreation Impact Fees and Library Impact Fees will be used in conjunction with infrastructure sales tax funds to complete smaller projects throughout the County. Libraries will be improved and park funds will be applied to improvements at a variety of facilities. Smaller amounts are being set aside from available solid waste impact fees and police facilities impact fees for utilization in those services. Fire and emergency medical service impact fees will be applied to facilities and fire hydrant projects throughout the County. Major capital work will take place under the Fund 304 One Cent Sales Tax Infrastructure program. Funds will be provided toward public building and facilities, human service facilities, cultural and recreation facilities and activities, public safety facilities, and parks and recreation. Notable among these projects which total approximately $31 million are the Jackson Square project, to include the A-3

Freeman Justice Center and the Old Mariner's Hospital in Tavernier, which projects will be utilized to house Constitutional Officer and judiciary functions, State Health Department, County Sheriffs

A variety of recreational activities will continue in fiscal year 2004 to include the installation of a new park on Big Pine Key and Big Coppitt, and various projects at Harry Harris Park.

Approximately $21 million has been earmarked toward Public Safety, Human Services, Marathon and Plantation Key courthouse renovations, Medical Examiner facilities, and General Government projects.

These are just a few of the highlights of the capital programs and various services proposed in the County. As identified above, there should be significant decisions for group benefits.

4 Freeman Justice Center and the Old Mariner's Hospital in Tavernier, which projects will be utilized to house Constitutional Officer and judiciary functions, State Health Department, County Sheriffs Department and administrative offices. Also, a major initiative is underway for sewering the Keys, including the recent completion of the South Stock Island sewer expansion program. A variety of recreational activities will continue in fiscal year 2004 to include the installation of a new park on Big Pine Key and Big Coppitt, and various projects at Harry Harris Park. In addition to the work that will take place under the One Cent Sales Tax Infrastructure program, the County has proceeded to accelerate work thru the use of bond proceeds. Approximately $21 million has been earmarked toward Public Safety, Human Services, Marathon and Plantation Key courthouse renovations, Medical Examiner facilities, and General Government projects. Most notable are the five fire stations/emergency medical stations that are proceeding in the next fiscal year. These are just a few of the highlights of the capital programs and various services proposed in the County. As identified above, there should be significant decisions for group benefits. The Board of County Commissioners is interested in expanding parks and recreation facilities throughout the Keys as has been requested by citizens in various areas. The County CommuniKeys planning program, whereby citizens on individual islands will have an opportunity to help determine the future of those islands, will continue. In summary, the County has an aggressive and ongoing program of capital projects and service delivery which is planned to continue during fiscal year 2004 and farther into the future. The County's debt is comprised primarily of the unpaid balance of the Infrastructure Sales Surtax Revenue Bonds-Series These bonds were issued to provide funds to acquire, construct, renovate and equip various capital improvements such as fire rescue facilities and courtroom renovations. Cash Management The Finance Department monitors the cash flow needs of the Board of County Commissioners on a daily basis in accordance with the written investment policy. All operating funds in excess of daily cash flow needs are deposited with the Local Government Surplus Funds Trust Fund under the management of the Florida State Board of Administration. This investment opportunity provides the County with extremely liquid funds, which are retrievable from investment within twentyfour hours. The Board of County Commissioners pools cash and cash equivalents of the County, excluding those funds held and accounted for by the separate Constitutional Officers, those requiring or benefiting by separate investment, and those with legal requirements. This gives the County the ability to maximize its yield on the short-term investment of cash, increasing its income accordingly. Risk Management The County's assets are protected through the risk management program developed and managed by the Risk Management Section of the Human Resources Department. They administer insurance activities relating to fleet auto liability, general liability, and public official liability. Additionally, the County, managed by the Employee Benefit Section, maintains a Worker's Compensation and Group Insurance Internal Service Fund. Under these programs, all County employees, as well A-4

as the employees of the Constitutional Officers, are provided a comprehensive health care plan and term life insurance coverage as well as a worker's compensation program.

Awards 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

In order to be awarded a Certificate of Achievement, a government must publish an easily readable and efficiently organized comprehensive annual financial report. This report must satisfy both U.S.

5 as the employees of the Constitutional Officers, are provided a comprehensive health care plan and term life insurance coverage as well as a worker's compensation program. Funding for these programs is generated by charges to the operating departments based on management's annual estimates of claim loss and operating costs. Awards 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 Comprehensive Annual Financial Report for the fiscal year ended September 3D, This was the fifteenth consecutive year that the government has achieved this prestigious award. In order to be awarded a Certificate of Achievement, a government must publish an easily readable and efficiently organized comprehensive annual 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 comprehensive annual 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. Acknowledgments This report is the product of the dedication of the Finance Department under the direction of the Clerk of the Circuit Court of Monroe County as Auditor and Chief Financial Officer to the Board of County Commissioners. We would like to express our appreciation to the entire Finance Department, as well as other County departments, for their assistance in the preparation of this report. In addition, we respectfully extend our thanks and appreciation to our independent auditors Cherry, Bekaert and Holland, L.L.P. for their outstanding efforts and assistance. In closing, we would especially like to thank the County Commissioners for their interest and support throughout the year in matters pertaining to the financial operations of the County. Sincerely, -~~~~~ Clerk of the Circuit Court and Chief Financial Officer StlIrld.1\ a Sandra Carlile Finance Director (~2J)J.(.h..) A-5

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