Backup Documents 04/12/2022 Item #13ACollier County, Florida
Presentation of the 2021 Audit Results to the Board of County Commissioners
April 12, 2022
WEALTH ADVISORY I OUTSOURCING I AUDIT, TAX, AND CONSULTING
Investment advisory services are offered through Clifton LarsonAllen Wealth Advisors, LLC, an SEC -registered investment advisor
13.A.1
Services Performed
• Audit of the County's Comprehensive
Annual Financial Report for the year
ended September 30, 2021, in accordance
with Government Auditing Standards
• Examination of compliance with
applicable Florida Statutes for
investments and E911 operations
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13.A.1
Independent
Auditors' Report
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
(Yellow Book Report)
Independent
Accountants' Report
nn Compliance with
specific Florida
Statutes as required
by Chapter 10.550
Rules of the Auditor
General
Management Letter
as required by
Chapter 10.550 Rules
of the Auditor
General
Governance
Communication
Letter
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13.A.1
Results of Procedures
Auditors' Opinion on Financial Statements
Unmodified opinion
Emphasis of Matter Paragraph
Implementation of GAS 84 — Fiduciary Activities —Our opinion was not modified as a result of this matter
Independent Auditors' Report on Internal Control
No reportable comments of findings
Management Letter
No reportable comments or findings
New reporting included for the County's special districts
Independent Accountants' Report
Unmodified attestation opinion on compliance
Single Audit — In progress
Federal OMB delayed and extended for 2021
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13.A.1
Required Communications to Governance
Scope and timing of audit proceeded as planned
Significant accounting policies
In accordance with generally accepted accounting principles and consistent with
industry practices and standards
No difficulties encountered in performing the audit
Management was very cooperative, helpful, and professional during the audit
process — THANK YOU!
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13.A.1
Thank you again to everyone involved in the audit!
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13.A.2
Clifton LarsonAllen LLP
. CLAconnect.com
Honorable Board of County Commissioners
Collier County, Florida
We have audited the financial statements of the governmental activities, the business -type activities,
the aggregate discretely presented component units, each major fund, and the aggregate remaining
fund information of Collier County, Florida (County) as of and for the year ended September 30, 2021,
and have issued our report thereon dated March 7, 2022. We have previously communicated to you
information about our responsibilities under auditing standards generally accepted in the United States
of America, Government Auditing Standards, and Chapter 10.550, Rules of the Auditor General, as well
as certain information related to the planned scope and timing of our audit. Professional standards also
require that we communicate to you the following information related to our audit.
Significant audit findings
Qualitative aspects of accounting practices
Accounting policies
Management is responsible for the selection and use of appropriate accounting policies. The significant
accounting policies used by the County are described in Note 1 to the financial statements.
As described in Note 19, the County changed accounting policies related to agency funds by adopting
Statement of Governmental Accounting Standards (GASB Statement) No. 84, Fiduciary Activities, in
2021. Accordingly, the cumulative effect of the accounting change as of the beginning of the year is
reported in the statement of changes in fiduciary net position.
We noted no transactions entered into by the County during the year for which there is a lack of
authoritative guidance or consensus. All significant transactions have been recognized in the financial
statements in the proper period.
Accounting estimates
Accounting estimates are an integral part of the financial statements prepared by management and are
based on management's knowledge and experience about past and current events and assumptions
about future events. Certain accounting estimates are particularly sensitive because of their
significance to the financial statements and because of the possibility that future events affecting them
may differ significantly from those expected. The most sensitive estimates affecting the financial
statements were:
• Management's estimate of the allowance for doubtful accounts for the governmental funds and
proprietary funds is based on an analysis of the collectability of these accounts. We evaluated
the key factors and assumptions used to develop the allowance in determining that it is
reasonable in relation to the financial statements taken as a whole.
Management's estimates of claims payable associated with the risk management self-
insurance, medical benefits self-insurance, and workers' compensation self-insurance are
based on actuarial valuations. We evaluated the key factors and assumptions used to develop
these estimates of claims in determining that they are reasonable in relation to the financial
statements taken as a whole.
A member of CLA is an independent member of Nexia International, a leading, global network of independent
Nexia accounting and consulting firms. See nexia.com/member-firm-disclaimer for details.
International
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13.A.2
Honorable Board of County Commissioners
Collier County, Florida
Management's estimate of the other postemployment benefits (OPEB) liability is based on
computations performed by outside specialists, including actuarial computations and
assumptions that were relied upon to determine the OPEB liability. We evaluated the key factors
and assumptions used to develop the OPEB liability in determining that it is reasonable in
relation to the financial statements as a whole.
Management's estimate of the net pension liability is based on computations performed by
outside specialists, including actuarial computations and assumptions that were relied upon. We
evaluated the key factors and assumptions used to develop the net pension liability in
determining that it is reasonable in relation to the financial statements taken as a whole. a
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• Management's estimate of the liability for post closure costs relating to portions of the Naples o
and Immokalee landfill sites are based on an engineering estimate of unit cost and post closure N
acreage applicable to the County. We evaluated the key factors and assumptions used to
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develop the estimate for the post closure liability in determining that it is reasonable in relation to 00
the financial statements taken as a whole.
Financial statement disclosures
Certain financial statement disclosures are particularly sensitive because of their significance to
financial statement users. The most sensitive disclosures affecting the financial statements were:
• The disclosure of cash and investments in Note 2 to the financial statements, which addresses
the various risk categories required by Governmental Accounting Standards Board Statement
(GASBS) No. 40, Deposit and Investment Risk Disclosures, and the Fair Value Measurements
required by GASBS No. 72, Fair Value Measurements and Application.
• The disclosure of defined benefit pension plans in Note 9 to the financial statements is
significant because it discloses the County's funding of the pension plans. This note is
significant to the County and the employees who participate in the plans. The disclosure
provides the funding information of the plans along with other relevant information.
• The disclosure of claims liability in Note 13 to the financial statements, which discloses the
estimate of self-insurance and health self-insurance claims payable.
• The disclosure of OPEB in Note 15 to the financial statements, which describes the County's
OPEB plan, the annual OPEB costs, and the net OPEB obligation at September 30, 2021.
The financial statement disclosures are neutral, consistent, and clear.
Difficulties encountered in performing the audit
We encountered no significant difficulties in dealing with management in performing and completing our
audit.
Uncorrected misstatements
Professional standards require us to accumulate all misstatements identified during the audit, other
than those that are clearly trivial, and communicate them to the appropriate level of management.
Management did not identify, and we did not notify them of any uncorrected financial statement
misstatements.
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13.A.2
Honorable Board of County Commissioners
Collier County, Florida
Corrected misstatements
Management did not identify and we did not notify them of any financial statement misstatements
detected as a result of audit procedures.
Disagreements with management
For purposes of this letter, a disagreement with management is a financial accounting, reporting, or
auditing matter, whether or not resolved to our satisfaction, that could be significant to the financial
statements or the auditors' report. No such disagreements arose during our audit.
Management representations
We have requested certain representations from management that are included in the management
representation letter dated March 7, 2022.
Management consultations with other independent accountants
In some cases, management may decide to consult with other accountants about auditing and
accounting matters, similar to obtaining a "second opinion" on certain situations. If a consultation
involves application of an accounting principle to the County's financial statements or a determination of
the type of auditors' opinion that may be expressed on those statements, our professional standards
require the consulting accountant to check with us to determine that the consultant has all the relevant
facts. To our knowledge, there were no such consultations with other accountants.
Significant issues discussed with management prior to engagement
We generally discuss a variety of matters, including the application of accounting principles and
auditing standards, with management each year prior to engagement as the County's auditors.
However, these discussions occurred in the normal course of our professional relationship and our
responses were not a condition to our engagement.
Audits of group financial statements
We noted no matters related to the group audit that we consider to be significant to the responsibilities
of those charged with governance of the group.
Other information in documents containing audited financial statements
With respect to the required supplementary information (RSI) accompanying the financial statements,
we made certain inquiries of management about the methods of preparing the RSI, including whether
the RSI has been measured and presented in accordance with prescribed guidelines, whether the
methods of measurement and preparation have been changed from the prior period and the reasons
for any such changes, and whether there were any significant assumptions or interpretations underlying
the measurement or presentation of the RSI. We compared the RSI for consistency with management's
responses to the foregoing inquiries, the basic financial statements, and other knowledge obtained
during the audit of the basic financial statements. Because these limited procedures do not provide
sufficient evidence, we did not express an opinion or provide any assurance on the RSI.
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13.A.2
Honorable Board of County Commissioners
Collier County, Florida
With respect to the combining and individual fund statements and other supplemental information
(collectively, the supplementary information) accompanying the financial statements, on which we were
engaged to report in relation to the financial statements as a whole, we made certain inquiries of
management and evaluated the form, content, and methods of preparing the information to determine
that the information complies with accounting principles generally accepted in the United States of
America, the method of preparing it has not changed from the prior period or the reasons for such
changes, and the information is appropriate and complete in relation to our audit of the financial
statements. We compared and reconciled the supplementary information to the underlying accounting
records used to prepare the financial statements or to the financial statements themselves. We have
issued our report thereon dated March 7, 2022. a
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The introductory and statistical sections accompanying the financial statements, which is the N
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responsibility of management, was prepared for purposes of additional analysis and is not a required N
part of the financial statements. Such information was not subjected to the auditing procedures applied
in the audit of the financial statements, and, accordingly, we did not express an opinion or provide any o
assurance on it.
Our auditors' opinion, the audited financial statements, and the notes to financial statements should
only be used in their entirety. Inclusion of the audited financial statements in a document you prepare,
such as an annual report, should be done only with our prior approval and review of the document.
This communication is intended solely for the information and use of the Board of County
Commissioners of Collier County, Florida and management and is not intended to be, and should not
be, used by anyone other than these specified parties.
Clifton LarsonAllen LLP
Naples, Florida
March 7, 2022
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FOR THE FISCAL
YEAR ENDED
SEPTEMBER 30,
2021
X
PREHENSIVE
A ANNUAL FINANCIAL
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The Collier County Parks & Recreation Department proudly provides a
world -class system of parks, natural resources and recreational opportunities
to the residents of Collier County.
Photos presented in this report are courtesy of the Collier County Parks & Recreation Department
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COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR FISCAL YEAR ENDED
SEPTEMBER 30, 2021
COLLIER COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
PENNY TAYLOR CHAIRMAN - DISTRICT 4
WILLIAM L. MCDANIEL, JR. VICE-CHAIRMAN - DISTRICT 5
RICK LOCASTRO - DISTRICT 1
ANDY SOLIS, ESQ. - DISTRICT 2
BURT SAUNDERS, ESQ. - DISTRICT 3
COUNTY MANAGER
MARK R. ISACKSON
COUNTY ATTORNEY
JEFFREY A. KLATZKOW
CLERK OF THE CIRCUIT COURT AND COMPTROLLER
CHIEF FINANCIAL OFFICER
CRYSTAL K. KINZEL
DIRECTOR OF FINANCE AND ACCOUNTING
DEREK M. JOHNSSEN, CPA
Prepared by the Office of the Clerk of the Circuit Court and Comptroller,
Finance and Accounting Department
COLLIER COUNTY, FLORIDA
ANNUAL COMPREHENSIVE FINANCIAL REPORT
YEAR ENDED SEPTEMBER 30, 2021
INTRODUCTORY SECTION
TransmittalLetter......................................................................................................................................................................... i
Certificateof Achievement......................................................................................................................................................... vi
OrganizationalChart.................................................................................................................................................................viii
FINANCIAL SECTION
IndependentAuditors' Report..................................................................................................................................................... 1
Management's Discussion and Analysis (Unaudited)..................................................................................................................
4
Basic Financial Statements
Statementof Net Position.....................................................................................................................................................
16
Statementof Activities..........................................................................................................................................................
18
Balance Sheet — Governmental Funds..................................................................................................................................
20
Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position ............................................
21
Statement of Revenues, Expenditures and Changes in Fund Balances — Governmental Funds .............................................
22
Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental
Funds to the Statement of Net Activities...............................................................................................................................
23
General Fund - Statement of Revenues, Expenditures and Changes in Fund Balances — Budget and Actual
(Budgetary Basis)..................................................................................................................................................................
24
Bayshore Gateway Community Redevelopment Agency - Statement of Revenues, Expenditures and Changes in
Fund Balances - Budget and Actual (Budgetary Basis)..........................................................................................................
27
Immokalee Community Redevelopment Agency - Statement of Revenues, Expenditures and Changes in Fund
Balances — Budget and Actual (Budgetary Basis).................................................................................................................
28
Grants and Shared Revenue - Statement of Revenues, Expenditures and Changes in Fund Balances - Budget
andActual (Budgetary Basis)................................................................................................................................................
29
Statement of Net Position — Proprietary Funds.....................................................................................................................
30
Statement of Revenues, Expenses and Changes in Fund Net Position — Proprietary Funds ..................................................
32
Statement of Cash Flows — Proprietary Funds......................................................................................................................
33
Statement of Fiduciary Net Position — Custodial Funds........................................................................................................
35
Statement of Changes in Fiduciary Net Position - Custodial Funds.......................................................................................
36
Notesto the Financial Statements........................................................................................................................................
37
Required Supplementary Information....................................................................................................................................... 84
Combining and Individual Fund Financial Statements and Other Supplemental Information................................................... 87
Nonmajor Governmental Funds
CombiningBalance Sheet..................................................................................................................................................... 92
Combining Statement of Revenues, Expenditures and Changes in Fund Balances............................................................. 100
Combining Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual (Non-GAAP) ........... 108
Nonmajor Enterprise Funds
Combining Statement of Net Position................................................................................................................................. 136
Combining Statement of Revenues, Expenses and Changes in Fund Net Position.............................................................. 137
Combining Statement of Cash Flows.................................................................................................................................. 138
COLLIER COUNTY, FLORIDA
ANNUAL COMPREHENSIVE FINANCIAL REPORT
YEAR ENDED SEPTEMBER 30, 2021
FINANCIAL SECTION (CONTINUED)
Combining and Individual Fund Financial Statements and Other Supplemental Information (Continued)
Internal Service Funds
Combining Statement of Net Position................................................................................................................................. 140
Combining Statement of Revenues, Expenses and Changes in Net Position....................................................................... 141
Combining Statement of Cash Flows.................................................................................................................................. 142
Fiduciary Funds
Combining Statement of Fiduciary Net Position - Custodial Funds..................................................................................... 146
Combining Statement of Changes in Fiduciary Net Position - Custodial Funds................................................................... 147
Component Units
Combining Statement of Net Position................................................................................................................................. 150
Combining Statement of Activities...................................................................................................................................... 151
Other Supplemental Information
Schedule of Receipts and Expenditures of Funds Related to the Deepwater Horizon Oil Spill.............................................154
STATISTICAL SECTION
NetPosition by Component.....................................................................................................................................................
158
Changein Net Position............................................................................................................................................................
160
Governmental Activities Tax Revenues by Source....................................................................................................................
162
Fund Balances of Governmental Funds...................................................................................................................................
163
Changes in Fund Balances of Governmental Funds.................................................................................................................
164
Assessed Value and Estimated Actual Value of Taxable Property...........................................................................................
166
Property Tax Rates — All Direct and Overlapping Governments................................................................................................
168
PrincipalTaxpayers County-Wide.............................................................................................................................................
169
Property Tax Levies and Collections........................................................................................................................................
170
Ratiosof Outstanding Debt by Type.........................................................................................................................................
171
Direct, Overlapping and Underlapping Governmental Activities Debt.......................................................................................
172
Pledged -Revenue Coverage.....................................................................................................................................................
173
Demographic and Economic Statistics....................................................................................................................................
174
PrincipalEmployers.................................................................................................................................................................
175
Budgeted Full -Time Equivalent County Employees by Function...............................................................................................
176
OperatingIndicators by Function.............................................................................................................................................
177
Capital Asset Statistics by Function.........................................................................................................................................
178
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Introductory
Section
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Crystal K. Kinzel
Collier County
Clerk of the Circuit Court and Comptroller
3315 Tamiarni Trail East, Suite 102
Naples, Florida 34112-5324
March 22, 2022
To the Citizens and Members of the Board of County Commissioners,
Collier County, Florida:
It is with pleasure that we present to you, the citizens of Collier County and members of the Board of County
Commissioners, the Comprehensive Annual Financial Report for the fiscal year ended September 30, 2021.
This report was prepared by the Finance and Accounting Department of the Clerk of the Circuit Court and
Comptroller as part of the Clerk's legally prescribed duties. Responsibility for the accuracy of the data and the
completeness and fairness of the presentation, including all disclosures, rests with management. To the best
of our knowledge and belief, the information presented herein is accurate in all material respects and is
reported in a manner designed to present fairly the financial position and results of County operations.
The Clerk of the Circuit Court and Comptroller's Finance and Accounting Department, as well as County
management, is responsible for establishing and maintaining internal controls to provide reasonable, but not
absolute, assurance regarding the safeguarding of assets against loss from unauthorized use or disposition,
the reliability of financial records for preparing financial statements and maintaining accountability of assets.
The concept of reasonable assurance recognizes that the cost of a control should not exceed the benefits
likely to be derived, and the evaluation of costs and benefits requires estimates and judgments by
management.
Chapter 218.39 of the Florida Statutes requires an independent certified public accountant's financial audit of
counties in the State. State law requires the County to submit a complete set of financial statements within
forty-five days after the issuance of the audit report (but no later than nine months after the fiscal year end)
presented in accordance with accounting principles generally accepted in the United States. For the fiscal
year ended September 30, 2021, the independent auditor, Clifton LarsonAllen LLP, issued an unmodified
("clean") opinion on the financial statements. Their report is included in the Financial Section of this report.
In addition to meeting the requirements set forth in State statutes, the audit was also designed to meet the
requirements of the Government Auditing Standards, the Title 2 U.S. Code of Federal Regulations (CFR) Part
200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards and
the Rules of the Auditor General, Chapter 10.550 Local Governmental Entity Audits.
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 the two should be
read in concert. Collier County's MD&A can be found in the Financial Section immediately following the
independent auditors' report.
PROFILE OF THE GOVERNMENT
Collier County is a Constitutional form of government and was established in 1923 under the Constitution and
the laws of the State of Florida. The Board of County Commissioners is the legislative body for Collier County
and comprises five members elected in the five different Commission districts of the County. The Board of
County Commissioners appoints a county manager to carry out policies and oversee the county's day to day
Phone- (239) 252-2646 Fax- (239) 252-2755
Website- www.CollierClerk.com Email- CollierClerk(@collierclerk.com
operations. In addition to the County Commissioners, voters elect the following five constitutional officers on
a Countywide basis: the Clerk of the Circuit Court and Comptroller, Property Appraiser, Sheriff, Supervisor of
Elections and Tax Collector.
The County provides its citizens with a wide range of services that include tax assessment and collections, law
enforcement, emergency management, fire and emergency medical services, animal services, library,
museum and cultural services, parks and recreation operations, road maintenance and construction,
economic development and social and human services. Additionally, the County owns and operates a water
and wastewater utility, a solid waste landfill and recycling program, a landfill gas to energy facility, three
airports, a transit system and an amateur sports complex.
The fiscal year for county government begins October 1 and ends September 30. Budgets are prepared
annually and formal budgetary integration is employed as a management control throughout the year. The
level of budgetary control, the level at which expenditures cannot legally exceed the appropriated amount, is
established at the departmental level for personal services, operating expenditures and non -project related
capital outlay separately. Debt service and transfers are controlled at the fund level and capital projects and
grants are controlled at the individual project or grant level. The Board of County Commissioners conducts
budget workshops during June of each year and a proposed budget is released in July. The budgets of
Constitutional Officers are presented to the appropriate authorizing bodies according to State statute. Two
public hearings are held in September to allow taxpayer input and to adopt the final budget.
ECONOMIC CONDITION AND OUTLOOK
Collier County, the state's second largest county, is on the southwest coast of Florida, directly west of Miami.
With a 2021 population of 389,754 (a 20.4 percent increase over the last ten years), Collier County is one of
the fastest growing counties in the state over the last ten years. The resident population includes
Unincorporated County (pop. 349,128) and three municipalities: the Cities of Naples (pop. 22,206), Marco
Island (pop. 17,995) and Everglades (pop. 425). The County's economic base is concentrated in tourism,
agriculture, fishing, construction, ranching and forestry with a growing services economy and an active
technology sector. Gulf of Mexico beaches and the Everglades National Park are important attractions to this
area.
The County's manufacturing base grew from 289 establishments in 2008 to 342 in 2021, led by companies
providing products varying from surgical and medical instruments, kitchen cabinets and countertops to
aircraft engines and parts. Recently, the area has become particularly attractive to logistical and warehousing
service providers, with a 1 million square foot distribution center breaking ground in July of 2021.
Sports tourism is a growing segment of Collier's economy. The Minto United States Open Pickleball
Championship continues to expand and generally attracts national and international participation. The
Paradise Coast Sports Complex is a multipurpose entertainment facility situated near 1-75 and Collier
Boulevard. At completion, the Complex will contain twenty-one multipurpose fields, an outdoor fitness
center, a food truck pavilion and a championship stadium. The first phase of the facility opened in October of
2020 and final completion is expected in 2022. The Complex is designed to attract national tournaments,
while at the same time providing additional fields needed for local field play for sports such as soccer and
baseball.
To further promote economic growth, diversify the economy and encourage high -wage job creation, the
Board of County Commissioners has created Economic Innovation Zones. The Ave Maria Innovation Zone, the
Interchange Activity Center No. 9 Innovation Zone and the Golden Gate City Economic Development Zone
were created to provide specific geographic areas a dedicated source of economic development funding
through tax increment revenues. Flexible zoning overlays that will allow for reduced developmental
timeframes for qualified target industry uses within the Zones are in process.
Taxable property market valuation for fiscal year 2021 totaled $110.3 billion, a very high $282,972 per capita.
The County's millage for General Fund operations in fiscal year 2021 remained at only 36% of the statutory 10
mill limit, or $3.56 per thousand dollars of taxable value. Unemployment levels in recent years approximate,
or are slightly below, the statewide average. The 2021 annual County unemployment rate stood at 3.6%,
while the statewide average is 4.3%. Income levels are high, with a per capita personal income of $104,723.
LONG TERM FINANCIAL PLANNING
Each Florida local government must prepare a comprehensive plan for managing growth, providing vital
services and protecting the environment. In Collier, several annual processes take place which influence long
range planning and the development of the budget. Each year the County performs a three-year budget
projection of primary ad valorem supported funds (General Fund and the Unincorporated Area Municipal
Services Taxing District Fund) prior to developing budget policy. In addition, there are several annual long
range planning processes such as the Capital Improvement Element (CIE), the Annual Update and Inventory
Report (AUIR), the Long Range Transportation Plan, the Water and Wastewater Master Plans, the Master
Mobility Plan and concurrency planning. The County is required to prepare and present to the Board of
County Commissioners an Annual Update and Inventory Report (AUIR) and adopt a five-year Capital
Improvement Element (CIE). Both of these processes focus on the schedule of capital improvements for the
County. The AUIR is an annual status report on public facilities and the CIE is a planning document that
identifies public facilities that will be required during the next five or more years.
The Capital Improvement Element is the foundation of Collier County's annual Capital Improvement Program
(CIP). The amount planned for CIP projects in fiscal years 2022-2026 is $1.4 billion. Included in the County's
current CIP for fiscal years 2022-2026 are approximately $442.5 million in water and wastewater projects,
$455.0 million in transportation projects, $174.8 million in stormwater projects and $41.5 million in
government facilities projects. In addition, parks and recreation projects of approximately $67.9 million are
planned, as well as $58.3 million for tourist development funded projects, $25.2 million in solid waste
projects, $62.1 million in public safety projects, $70.8 million in human services projects and miscellaneous
projects totaling $11.4 million. Approximately $209.6 million of the fiscal year 2022 — 2026 Capital
Improvement Program is currently planned to be funded by bond or loan proceeds and $219.3 million is
planned to be funded by the infrastructure sales tax.
RELEVANT FINANCIAL POLICIES
Relevant financial policies include the appropriation of carryforward as a funding source in the following year,
maintaining General Fund budgeted reserves between 8% and 16% of operating expenditures and
Unincorporated Area General Fund budgeted reserves of between 3% and 8% of operating expenditures.
Additional policies include the assessment of impact fees at such levels as allowed by law and supported by
studies, prioritizing gas taxes for payment of debt service on the Series 2012 and 2014 Gas Tax Revenue and
Refunding Bonds and the establishment of a long term capital reserve funded in annual amounts of up to $5
million to protect the County's general governmental infrastructure.
For enterprise operations such as the Water and Sewer District and Solid and Hazardous Waste Management,
that do not receive support from general government sources, budgeted reserves are targeted to a range of
forty-five to ninety days of operating expenditures.
Debt administration policies include the limitation of the debt repayment period to the useful life of the
underlying assets and the establishment of a 5% benchmark for net present value savings generated by
refinancing. Lesser net present value savings may be considered on a case -by -case basis. Consistent with
Collier County's Debt Management Policy, outstanding debt is continually monitored in relation to existing
conditions in the debt market. When sufficient cost savings can be realized debt will be refinanced. In
addition, the debt policy establishes a maximum ratio of total general governmental debt service to bondable
revenues from current sources of 13%.
The Clerk of the Circuit Court's Finance and Accounting Department monitors the daily cash needs of the
County and invests the County's funds in accordance with the Collier County Investment Policy. The primary
objective of the investment policy is the preservation of capital and the protection of investment principal.
Authorized investments include certificates of deposit, the Local Government Funds Surplus Trust Fund
(Florida PRIME), other intergovernmental pools, U.S. Treasury securities, U.S. agency securities, commercial
paper, corporate bonds and bankers' acceptances. The par weighted average maturity of the total managed
portfolio, to first call or maturity, was 1.08 years as of September 30, 2021. The total return for fiscal year
2021 was .09%, a reflection of extremely low interest rates and unrealized losses due to changes in fair value
of long term investments as of September 30, 2021. Investment income of $6.4 million was realized during
fiscal year 2021. Changes in the fair value of investments are recorded as part of interest income when
presented in the financial statements.
MAJOR INITIATIVES
While the County is currently focused on many initiatives, some of the most significant include the following:
- Development of the Golden Gate Golf Course property, workforce and first responder housing and
mental health initiatives
- Construction of the Heritage Bay governmental facilities campus
- Upgrades to Information Technology infrastructure and the County's various management, financial
and accounting software
- Completion of the construction, and operation, of the Big Corkscrew Regional Park and the Paradise
Coast Sports Complex
- Public safety capital projects including a new evidence facility for the Sheriff
- The extension of Vanderbilt Beach Road, Randall curve improvements and bridge rehabilitation and
replacement
- Enhancements in storm -water capital infrastructure and maintenance service levels
- Construction of utility infrastructure in the County Water and Sewer District's northeast service area
- Design the expansion of water and wastewater treatment in the Golden Gate service area
GFOA Certificate of Achievement:
The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate
of Achievement for Excellence in Financial Reporting to Collier County, Florida for its Comprehensive Annual
Financial Report for the fiscal year ended September 30, 2020. The Certificate of Achievement is a prestigious
national award, recognizing conformance with the highest standards for preparation of state and local
government financial reports.
In order to be awarded a Certificate of Achievement, a government unit must publish an easily readable and
efficiently organized Comprehensive Annual Financial Report whose contents conform to program standards.
The Comprehensive Annual Financial Report must satisfy both generally accepted accounting principles and
applicable legal requirements.
A Certificate of Achievement is valid for a period of one year only. Collier County has received this award for
the past thirty-five years, from fiscal year 1986 to 2020. We believe our current report conforms to the
Certificate of Achievement program requirements, and we are submitting it to the GFOA for consideration for
an award again this year.
W
Distinguished Budget Presentation Awards:
The Government Finance Officers Association of the United States and Canada presented an award for
Distinguished Presentation to Collier County for its annual budget for the fiscal year beginning October 1,
2020. In order to receive this award, a government unit must publish a budget document that meets program
criteria as a policy document, as an operations guide, as a financial plan, and as a communications device.
The Distinguished Budget Presentation Award is valid for a period of one year only. Collier County has
received this award for the last thirty-five consecutive years.
The Government Finance Officers Association of the United States and Canada presented an award for
Distinguished Presentation to the Office of the Collier County Clerk of the Circuit Court and Comptroller for its
annual budget for the fiscal year beginning October 1, 2020. In order to receive this award, a government
unit must publish a budget document that meets program criteria as a policy document, as an operations
guide, as a financial plan, and as a communications device. The Distinguished Budget Presentation Award is
valid for a period of one year only. The Clerk's Office has received this award for the last nineteen consecutive
years.
ACKNOWLEDGEMENTS
The preparation and publication of this Comprehensive Annual Financial Report represents a significant effort
by the Finance and Accounting Department as well as numerous County personnel who contribute to its
production. In particular, we would like to express our appreciation to Edith Manuel, Finance Manager,
Suzanne Boothby, Grants Manager, Leslie Miller, Operations Manager and all of the staff of the Finance and
Accounting Department.
Sincere appreciation is also expressed to Clifton LarsonAllen, the Board of County Commissioners, the
Constitutional Officers, the County Manager, Deputy County Managers, Department Heads and the Division
Directors for their assistance throughout the year in matters pertaining to the financial affairs of the County.
We hope you find this report informative, accurate and easily readable. If you should have any questions
related to this report or if additional information is desired, do not hesitate to contact Derek M. Johnssen,
Director of Finance and Accounting, at 239.252.7863.
Respectfully,
G7S�.Y`�e2
Crystal K. Kinzel
Clerk of the Circuit Court and Comptroller
D.2__
Derek M. Johnssen, CPA
Deputy Clerk, Director of Finance and Accounting
Kelly Jones, CGFO
Deputy Clerk, Assistant Director of Finance and Accounting
u
Certificate of Achievement for Excellence in Financial Reporting
The Government Finance Officers Association of the United States and Canada (GFOA) awarded
a Certificate of Achievement for Excellence in Financial Reporting to Collier County, Florida for
its comprehensive annual financial report for the fiscal year ended September 30, 2020. This
was the thirty-fifth 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
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.
w
Government Finance Officers Association
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
Collier County Clerk of the Circuit Court
Florida
For its Annual Comprehensive
Financial Report
For the Fiscal Year Ended
September 30, 2020
� i t
Executive Director/CEO
Kevin Rambosk
Sheriff
252-4434
Ed Finn, Director
Corporate Financial &
Management Services
Phone 252-8383
Bureau of Emergency Services
Communications, Government
& Public Affairs
Corporate Business Operations
Emergency Medical Services
Fleet Management
Human Resources
Information Technology
Procurement Services
Risk Management
Co er County
CITIZENS
Abe Skinner
Board of County Commissioners Phone
Crystal K. Kinzel
Property Appraiser
252-8141
252-8097
Rick LoCastro
Clerk of Courts 252-2646
Judicial
William L. McDaniel,Jr.
4
Courts & Judges
Rob Stoneburner
Burt Saunders
Jennifer Edwards 252-8800
Tax Collector
Andy Solis
Supervisor of Elections
252-8171
Penny Taylor
252-8450
Jeff Klatzkow Mark Isackson Andrew Dickman
County Attorney County Manager Chief Hearing Examiner
Phone 252.8400 Phone 252.8383 Phone 252-4446
Sean Callahan Amy Patterson
Deputy County Manager Deputy County Manager
Phone 252-8383 Phone 252-8383
Public Services Department Growth Management Department Growth Management Department Public Utilities Department
Daniel Rodriguez James French Trinity Scott G. George Yilmaz
Department Head Deputy Department Head Deputy Department Head Department Head
Phone 252-8468 Phone 252-2400 Phone 252-2192 Phone 252-2540
Domestic Animal Services
Building Plan Review & Inspection
Capital Project Planning, Impact
Facilities Management
Community and Human Services
Code Enforcement
Fees & Program Management
Operation Support
Health
Development Review
Operations Support
Engineering & Project
Library
Operations & Regulatory
Road Maintenance
Management
Museum
Management
Transportation Engineering
Solid & Hazardous Waste
Operations and Veterans Services
Zoning
Public Transit & Neighborhood
Wastewater
Parks & Recreation
Enhancement
Water
University Extension Services
I
a 1 0 ILWMA ff a
11:IMyLTe[HMION1:10IN[670MAN aIII anQW_\01:/
Clifton nect. Arn LLP
. CLAconnect.com
INDEPENDENT AUDITORS' REPORT
Honorable Board of County Commissioners
Collier County, Florida
Report on the Financial Statements
We have audited the accompanying financial statements of the governmental activities, the business -
type activities, the aggregate discretely presented component units, each major fund, and the
aggregate remaining fund information of Collier County, Florida, (County) as of and for the year ended
September 30, 2021, and the related notes to the financial statements, which collectively comprise the
County's basic financial statements as listed in the table of contents.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in
accordance with accounting principles generally accepted in the United States of America; this includes
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.
Auditors' Responsibility
Our responsibility is to express opinions on these financial statements based on our audit. 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. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial statements are free from
material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in
the financial statements. The procedures selected depend on the auditors' judgment, including the
assessment of the risks of material misstatement of the financial statements, whether due to fraud or
error. In making those risk assessments, the auditor considers internal control relevant to the entity's
preparation and fair presentation of the financial statements 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 entity's internal control. Accordingly, we express no such opinion. An audit also includes
evaluating the appropriateness of accounting policies used and the reasonableness of significant
accounting estimates made by management, as well as evaluating the overall presentation of the
financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our audit opinions.
A member of CLA is an independent member of Nexia International, a leading, global network of independent
Nexia accounting and consulting firms. See nexia.com/member-firm-disclaimer for details.
International
Honorable Board of County Commissioners
Collier County, Florida
Opinions
In our opinion, the financial statements referred to above present fairly, in all material respects, the
respective financial position of the governmental activities, the business -type activities, the aggregate
discretely presented component units, each major fund, and the aggregate remaining fund information
of the County as of September 30, 2021, and the respective changes in financial position and, where
applicable, cash flows thereof, and the respective budgetary comparison schedules for the year then
ended in accordance with accounting principles generally accepted in the United States of America.
Emphasis of Matter
Change in Accounting Principle
As discussed in Note 1 to the financial statements, in 2021 the County adopted GASB Statement
No. 84, Fiduciary Activities. As a result of the implementation of this standard, the County reported a
restatement of beginning fiduciary net position for the change in accounting principle (see Note 19). Our
opinion is not modified with respect to this matter.
Other Matters
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that management's
discussion and analysis (MD&A) on pages 4 — 13, the schedules of the County's proportionate share of
the net pension liability and of County contributions on page 84, and the schedules of other
postemployment benefits total OPEB liability and related ratios for the retiree health plans on page 86
be presented to supplement the basic financial statements. Such information, 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.
Other 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 combining and individual nonmajor
fund financial statements and other supplemental information, and the introductory and statistical
sections, as listed in the table of contents, are presented for purposes of additional analysis and are not
a required part of the basic financial statements.
The combining and individual nonmajor fund financial statements and other supplemental information
are the responsibility of management and were derived from and relate directly to the underlying
accounting and other records used to prepare the basic financial statements. Such 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 information is fairly stated, in all
material respects, in relation to the basic financial statements as a whole.
2
Honorable Board of County Commissioners
Collier County, Florida
Other Matters (Continued)
Other Information (Continued)
The introductory section and the statistical section have not been subjected to the auditing procedures
applied in the audit of the basic financial statements, and accordingly, we do not express an opinion or
provide any assurance on it.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated
March 7, 2022, 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.
CliftonLarsonAllen LLP
Naples, Florida
March 7, 2022
MANAGEMENT'S DISCUSSION AND ANALYSIS
(UNAUDITED)
As Clerk of the Circuit Court and Comptroller of Collier County, Florida, I present the readers of the County's financial statements
this narrative overview and analysis of the financial activities of Collier County for the fiscal year ended September 30, 2021.
Readers are encouraged to consider the information presented in this narrative in conjunction with additional information offered
in the letter of transmittal, found on pages i-vi of this report.
Financial Highlights
• Collier County's assets and deferred outflows exceeded its liabilities and deferred inflows as of September 30, 2021 by
$3,238,609,539. Of this amount, $284,121,166 represents unrestricted net position and may be used to meet future County
obligations. Unrestricted net position increased by $92,150,091 from the previous year.
• The County's total net position increased by $296,297,046 when compared to fiscal year 2020, with a $233,724,640
increase from governmental activities and a $62,572,406 increase resulting from business -type activities.
• As of September 30, 2021, Collier County's governmental fund financial statements showed combined ending fund
balances of $990,656,234, an increase of $211,833,586 over the previous fiscal year. Of the total combined ending
governmental fund balance, $117,115,903 is reported as unassigned.
• The General Fund reported an unassigned fund balance of $117,115,903 at September 30, 2021, an increase in unassigned
General Fund balance of $12,817,278 when compared to September 30, 2020.
• The County's proportionate share of the Florida Retirement System's defined pension benefit and health insurance subsidy
net pension liabilities was $141,933,600 as of September 30, 2021, a decrease of $284,836,434 from the previous year.
• Total bonded debt, notes, outstanding loans, leases and financed purchase obligations owed by Collier County increased
by $217,204,627 during fiscal year 2021, with an increase in governmental activities debt of $74,145,816 and an increase
in business -type activities debt of $143,058,811. Additional information on debt activity can be found in Note 7 to the
financial statements beginning on page 56.
Overview of the Financial Statements
This discussion and analysis is intended to serve as an introduction and explanation of Collier County's basic financial statements.
Collier County's basic financial statements include government -wide and fund financial statements, as well as notes to the basic
financial statements.
Government -Wide Financial Statements
Government -wide financial statements are designed to provide the reader an overview of the financial position of the County
and are similar to private sector financial statements. These statements are comprised of a Statement of Net Position and a
Statement of Activities and are found on pages 16 to 19 of this report.
The Statement of Net Position shows the financial position of Collier County as of September 30, 2021. The statement shows
the County's assets plus deferred outflows of resources less its liabilities plus deferred inflows of resources, with the difference
being reported as net position. Changes in net position are useful indicators of financial condition.
The Statement of Activities follows the Statement of Net Position and reports the changes in net position over the fiscal period.
All changes in net position are reported as soon as the underlying events that gave rise to the change occur, regardless of the
timing of the related cash flows. Thus, revenues and expenses are reported for some items, such as accounts receivable, notes
receivable or certain unused leave, that will manifest themselves in cash inflows and outflows, respectively, in future fiscal periods.
These statements distinguish Collier County functions that are supported by taxes and intergovernmental revenues (governmental
activities), from business -type activities, which are intended to have their costs primarily recovered through user fees and charges.
Governmental activities reported in the financial statements are general government, public safety, physical environment,
transportation, economic environment, human services and culture and recreation. Business -type activities in Collier County
include water and sewer, solid waste collections, airport operations, transit operations and emergency medical services.
Fund Financial Statements
A fund is a group of related accounts used to maintain control over resources that have been segregated to meet specific
objectives. As dictated by generally accepted accounting principles, Collier County uses fund accounting to ensure and
demonstrate compliance with finance related legal requirements. The funds of the County can be divided into the following
three categories: governmental, proprietary and fiduciary.
Governmental funds
Governmental funds, presented on pages 20 to 28, account for substantially the same functions as governmental activities
reported under the government -wide Statement of Net Position and Statement of Activities. The difference is that the governmental
fund financial statements focus on inflows and outflows of expendable resources, as well as balances of expendable resources
available at the end of the fiscal year, on a near term basis. As such, these statements present a narrower view of financial
condition, but are nonetheless useful in evaluating Collier County's near term financing requirements and available resources.
Comparison between the two sets of financial statements allows the reader to better assess the future impact of the government's
nearterm financial decisions. Both the governmental fund balance sheet and the statement of revenues, expenditures and changes
in fund balances provide a reconciliation to the respective government -wide financial statements to facilitate comparison.
Governmental funds presented individually in Collier County's statements include five major funds, the General Fund and the
Bayshore Gateway and Immokalee Community Redevelopment Agencies, Grants and Shared Revenue Fund and the Infrastructure
Sales Tax fund. There are many smaller governmental funds under Collier County management and they are aggregated in a total
column named "other governmental funds". Combining statements for these other governmental funds have been presented
elsewhere in this report.
Collier County adopts an annual budget as described in Note 1 to the financial statements. A budgetary comparison statement has
been provided for the General Fund and each major special revenue fund to demonstrate compliance with this budget. Budgetary
comparison schedules for the Infrastructure Sales Tax capital project major fund and non -major governmental fund required to
adopt an annual budget is presented in the combining statements presented elsewhere in this report.
Proprietary funds
Collier County maintains two different types of proprietary funds, enterprise and internal service, which are reflected on pages
30 to 34 of this report.
Enterprise funds report, with more detail, the same functions presented as business -type activities in the government -wide
financial statements for water and sewer, solid waste disposal, emergency medical services, transit and the airport authority.
The Collier County Water and Sewer District Fund, the Solid Waste Disposal Fund and the Emergency Medical Services Fund are
presented individually as major funds.
Internal service funds are primarily maintained to allocate and accumulate costs internally for Collier County. The County uses
internal service funds to account for health insurance, worker's compensation insurance, property and casualty insurance,
fleet operations and information technology. The internal service funds are presented in total in the proprietary fund financial
statements, but may be viewed on a combining basis elsewhere in the report.
Fiduciary funds
Fiduciary funds are used to account for resources held for the benefit of parties outside of Collier County government. These
funds are not presented in the government -wide financial statements as they do not represent resources available to support
Collier County functions. The fiduciary funds begin on page 35 of this report. All of the County's fiduciary funds are custodial
funds. Custodial funds are used to report amounts that the government has custody of, but does not have control over the use
of the funds.
Notes to the Financial Statements
The notes provide additional information essential to a full understanding of the data provided in both the government -wide and
fund financial statements. The notes appear on pages 37 to 81 of this report.
Other Information
The combining and individual nonmajor fund financial statements and schedules mentioned above present more detailed views
of nonmajor governmental and enterprise funds and begin on page 89. This section contains combining balance sheets and
statements of revenues, expenditures and changes in fund balance for governmental funds, including budgetary comparisons,
and combining statements of net position and statements of revenues, expenses and changes in fund net position for enterprise
funds. Also included are combining financial statements for internal service and custodial funds.
Additional information about the County, which may be of interest to the reader, can be found under the Statistical section of
this report. The Statistical section has been prepared in accordance with Governmental Accounting Standards Board Statement
No. 44, Economic Condition Reporting: The Statistical Section. This section contains data regarding financial trends, revenue
capacity, debt capacity, demographic and economic conditions and operating indicators of the County.
Government -Wide Financial Analysis
As noted earlier, net position may serve overtime as a useful indicator of a government's financial position. Assets and deferred
outflows exceeded liabilities and deferred inflows by $3,238,609,539 as of the fiscal year ending September 30, 2021 for Collier
County. Positive balances were reported in all categories of net position in the governmental and business -type activities for
fiscal year 2021.
Collier County's net position at September 30, 2021 increased by $92,150,091 for unrestricted net position and increased
$110,183,021 for restricted net position. Restricted net position consists of resources subject to external restriction on how they
may be used while unrestricted net position may be used to meet the County's ongoing obligations. Increases in restricted net
position were mainly due to a $69,670,321 increase in restricted net position related to Infrastructure Sales Tax capital projects
and a $14,013,160 increase in restricted net position related to tourist development. The increase in unrestricted net position
was mainly the County's proportionate share of the increase in overall financial position of the Florida Retirement System (FRS)
Pension Plan. This increase was due primarily to investment returns in the FRS Pension Plan.
Collier County's investment in capital assets such as land, roads, buildings, parks and machinery and equipment, net of depreciation
or any outstanding debt related to the asset, amounts to 69.3% of net position as of September 30, 2021, compared to 73.0%
as of September 30, 2020. During fiscal year 2021, the County's net investment in capital assets increased by $93,963,934, but
decreased as a proportion of total net position due to the overall increase in combined restricted and unrestricted net position
discussed above. Capital assets provide services to the citizens and consequently do not represent spendable resources and
cannot be used to liquidate the debt incurred to purchase or construct capital assets.
The following are Collier County's net position and changes in net position for the fiscal years ended September 30, 2020 and
2021, shown in condensed form:
Collier County's
Schedule of Net Position
(in millions)
Total
Business -type
Percentage
Governmental Activities
Activities
Total
Change
2021
2020
2021 2020
2021
2020
2020-2021
Current and other assets
$ 1,211.9 $
953.7 $
545.6 $
393.4 $
1,757.5 $
1,347.1
30.5%
Capital assets, net
1,752.9
1,676.8
1,058.3
1,013.1
2,811.2
2,689.9
4.5%
Total assets
2,964.8
2,630.5
1,603.9
1,406.5
4,568.7
4,037.0
13.2%
Deferred outflows of resources
83.1
125.5
16.5
23.9
99.6
149.4
(33.3) %
Long-term liabilities
575.5
738.7
393.0
297.8
968.5
1,036.5
(6.6)%
Current liabilities
180.3
134.9
50.9
53.5
231.2
188.4
22.7%
Total liabilities
755.8
873.6
443.9
351.3
1,199.7
1,224.9
(2.1)%
Deferred inflows of resources
191.8
15.8
38.2
3.4
230.0
19.2
1,097.9%
Net position:
Net investment in capital assets
1,396.9
1,331.2
846.3
818.1
2,243.2
2,149.3
4.4%
Restricted
660.5
559.1
50.8
42.0
711.3
601.1
18.3 %
Unrestricted (deficit)
42.9
(23.7)
241.2
215.6
284.1
191.9
48.0 %
Total net position
$ 2,100.3 $
1,866.6 $
1,138.3 $
1,075.7 $
3,238.6 $
2,942.3
10.1
Collier County's Schedule of Changes in Net Position
(in millions)
Total
Percentage
Governmental Activities Business -type Activities Total Change
2021 2020 2021 2020 2021 2020 2020-2021
Revenues
Program revenues:
Fines, fees and charges for services
$ 83.1 $
72.7 $
249.6 $
235.6 $
332.7 $
308.3
7.9%
Operating grants and contributions
98.7
34.0
26.4
11.5
125.1
45.5
174.9 io
Capital grants and contributions
50.3
47.4
43.0
42.1
93.3
89.5
4.2%
General revenues:
Property taxes
400.6
376.1
-
-
400.6
376.1
6.5%
Other taxes and shared revenues
234.5
192.9
-
-
234.5
192.9
21.6%
Interest income
1.6
14.3
0.4
5.9
2.0
20.2
(90.1)°i
Miscellaneous
18.4
11.5
1.5
0.9
19.9
12.4
60.5%
Total revenues
887.2
748.9
320.9
296.0
1,208.1
1,044.9
15.6%
Expenses
General government
129.8
136.0
-
-
129.8
136.0
(4.6)i
Public safety
237.4
266.7
237.4
266.7
(11.0)i
Physical environment
23.2
23.9
23.2
23.9
(2.9)%
Transportation
88.7
90.0
88.7
90.0
(1.4)i
Economic environment
14.4
10.2
14.4
10.2
41.2%
Human services
77.2
20.9
77.2
20.9
269.4%
Culture and recreation
59.3
56.9
59.3
56.9
4.2%
Interest on long-term debt
14.6
12.3
-
-
14.6
12.3
18.7%
Water and sewer
-
-
166.0
155.4
166.0
155.4
6.8°i
Solid waste
51.9
49.1
51.9
49.1
5.7%
Emergency medical services
27.8
33.8
27.8
33.8
(17.8) i
Airport authority
7.8
6.2
7.8
6.2
25.8°i
Mass transit
-
13.7
13.7
13.7
13.7
0.0%
Total expenses
644.6
616.9
267.2
258.2
911.8
875.1
4.2%
Increase in net position
before net transfers
242.6
132.0
53.7
37.8
296.3
169.8
74.5%
Transfers, net
(8.9)
(15.0)
8.9
15.0
-
-
0.0
Change in net position
233.7
117.0
62.6
52.8
296.3
169.8
74.5%
Net position - beginning
1,866.6
1,749.6
1,075.7
1,022.9
2,942.3
2,772.5
6.1 io
Net position - ending
$ 2,100.3 $
1,866.6 $
1,138.3 $
1,075.7 $
3,238.6 $
2,942.3
10.1 %
Expenses and revenues, in the form of fees, fines, grants and contributions, for governmental activities are shown graphically by
function. General revenues, such as property taxes, must be used to the extent that the fees, fines, grants and contributions do not
cover the cost of the governmental function. Public safety is the largest category of expenses followed by general government.
Revenues and Expenses Governmental Activities
Fiscal Year 2021
250
200
tA
C 150
O
100
50
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Revenues 0 Expenses
Revenues for governmental activities are shown graphically by type. The largest type of revenue for governmental activities is
property taxes followed by infrastructure sales tax.
intrastructure sales tax'.
Miscellaneous revenue: 5.1
Tourist Taxes: 4.1 %
Sales Taxes: 6.2%
Gas Taxes: 2.6%
Capital Grants and
Contributions: 5.6%
Operating Grants
Contributions: 11
Revenue by Type Governmental Activities
Fiscal Year 2021
Property Taxes: 44.9%
Fines, Fees and Charges
for Services: 9.3%
N.
Revenues and expenses are shown by business -type activity. The Water and Sewer system is the largest business -type activity
followed by the Solid Waste system.
Revenues and Expenses Business -type Activities
Fiscal Year 2021
250
200
r_
150
c
0
100
50
0 . ■
Water and Sewer Solid Waste Emergency Medical Airport Authority Mass Transit
Services
Revenues 0 Expenses
Revenues for business -type activities are shown graphically by type. The largest type of revenue is fines, fees and charges for
services followed by capital grants and contributions.
Revenue by Type Business -type Activities
Fiscal Year 2021
Other Income: 0.6%
Capital Grants and
Contributions: 13.4%
Operating Grants and
Contributions: 8.2%
Fines, Fees and Charges
for Services: 77.8%
0j
Governmental Activities
The current year increase in the net position of governmental activities amounted to $233,724,640, an increase of 12.5% when
compared to the previous year's net position. The previous fiscal years' increase in net position was 6.7%. The current years'
increase is mainly due to the following:
• Overall, revenues related to governmental activities increased by 18.5%, or $138,417,816 while expenses increased by
4.5%, or $27,815,665.
• Governmental activities revenues increased primarily due to the 1 % Local Government Sales Tax. Effective January 1,
2019, the tax generated $99,588,370 in revenue during fiscal year 2021. Also contributing to the increase was an increase
in total ad valorem taxes collected in fiscal year 2021, when compared to fiscal year 2020, of $24,466,613. The increase
in ad valorem revenues was due to a 6.1 % increase in county wide taxable value.
• Public safety expenses decreased by $29,301,477 largely due to decrease in costs related to the COVID-19 pandemic,
versus fiscal year 2020, and pension costs. The focus of Collier County in the 2020 fiscal year was response to the
COVID-19 pandemic, while the 2021 fiscal year shifted the focus to recovery. As such, economic environment expenses
increased by $10,071,799 or 98.9% and human services expenses increased by $56,309,484 or 269.3% primarily due to
COVID-19 related expenses and community assistance programs such as rental and mortgage assistance, small business
assistance and food bank support.
• Interest expense increased 18.5% over fiscal year 2020, primarily due to interest and closing costs related to the Series
2020A and 2020B Special Obligation Bonds. These issuances are discussed in more detail in the notes to these financial
statements.
Business -type Activities
The increase in net position related to business -type activities amounted to $62,572,406 in the aggregate, representing a 5.8%
increase over the previous year's net position. The previous fiscal year's increase in net position was 5.2%. The current year's
increase is mainly due to the following:
• Collier County Water and Sewer District (District) saw an increase of $37,448,992 in net position. The increase in the
District's net position is largely due to a 2.9% user fee rate increase that went into effect October 1, 2020 and $34,493,156 of
water and sewer capital grants and contributions, the majority of which is related to developer infrastructure contributions.
• Solid Waste Disposal experienced an increase of $9,464,511 in net position. This increase is primarily due to a 2.9%
rate increase, $1,155,581 in operating grants and contributions and $1,344,998 in insurance reimbursements related to
reimbursements for Hurricane Irma.
• Emergency Medical Services saw an increase of $8,401,400 in net position. This increase primarily due to the decrease
in personal services as a result in the decrease in the allocated pension plan expense of $7,734,734.
Fund Financial Statement Analysis
As mentioned above, Collier County utilizes fund accounting to ensure compliance with finance related legal requirements
Governmental Funds
Governmental funds provide information on near term inflows, outflows and balances of spendable resources. Unassigned fund
balance is a useful measure of net resources available to be spent at the end of the fiscal year. Governmental funds consist of
the General Fund, Special Revenue Funds, Permanent Funds, Debt Service Funds and Capital Project Funds.
As of September 30, 2021, Collier County governmental funds reported combined fund balances of $990,656,234, an increase of
$212,726,886 when compared to prior year combined fund balances. The governmental funds had non -spendable fund balances
of $9,407,504 consisting of inventory, prepaid items, notes receivable, endowments and advances to other funds. The restricted
fund balance was $722,877,680 and consists of monies whose expenditure is externally constrained by grantors, creditors, binding
law or enabling legislation. Of the remaining $258,371,050 in fund balance, $44,582,017 is classified as committed, $96,673,130
is recorded as assigned and $117,115,903 is recorded as unassigned.
The following were noteworthy activities and changes relating to the major governmental funds for fiscal year 2021:
The General Fund is the primary operating fund of Collier County. At September 30, 2021, total fund balance in the General
Fund was $132,761,951, of which $117,115,903 was unassigned. As a percentage of total general fund expenditures and
net transfers, the unassigned portion is 27.8%. The total fund balance increased by $12,933,195 or 10.8% , compared to
the September 30, 2020 total fund balance. The General Fund's total fund balance increased due to increased Ad Valorem
Tax collections of $19,577,047. This increase was directly related to a 6.1 % increase in county wide taxable value. The
increase in revenue was offset by a $5.3 million increase in the Sheriff's personal services due to step raises given and
retirement payouts.
10
• The Bayshore Gateway Community Redevelopment Agency was created to benefit blighted areas in the Bayshore Gateway
Triangle community. During fiscal year 2021, the Bayshore Gateway Community Redevelopment Agency collected
$2,348,500 in tax increment revenues. In addition, the agency received $638,963 in miscellaneous revenues for rents
and net proceeds from sale of land inventory and earned $6,188 in interest income. Operating expenditures of $1,520,181,
mainly consisting of personal services and improvements to the water lines and fire hydrants within the district. In
addition, capital expenditures of $2,716,244 were made for land and a parking lot.
• The Immokalee Community Redevelopment Agency was created to benefit blighted areas in Immokalee. During fiscal
year 2021, the Immokalee Community Redevelopment Agency collected #REF! in tax increment revenues. Operating
expenditures of $409,775, mainly personal services and general operating expenditures, were associated with the
Immokalee Community Redevelopment Agency. In addition, capital expenditures of $875,607 were made for bus shelters
and sidewalk projects in the district. In addition, debt service expenditures of $35,166 were made for leased office space.
• The Grants and Shared Revenue fund was established to account for the revenues received from federal, state and
local grants. The Grants and Shared Revenue fund saw an increase in intergovernmental revenue of $62,877,965 and
an increase in human services expenditures of $56,426,796 primarily as a result of state and local grants related to
the COVID-19 pandemic for community assistance. Grant funded capital outlay included $1,635,367 for stormwater
improvements and $140,810 in vehicles and equipment.
• The Infrastructure Sales Tax fund was established to account for the proceeds of the 1 % Infrastructure Sales Tax. The tax
was effective as of January 1, 2019 and fiscal year 2021 collections were $99,588,370. The Infrastructure Sales Tax Fund
earned interest revenue of $121,201 and capital outlay totaled $28,642,763. Capital outlay included $15,452,233 for the
Big Corkscrew Island Regional Park, $2,601,618 for various air conditioning improvements, $2,711,985 for road and bridge
projects, $5,317,011 for the Sheriff's Forensics Building and other jail improvements, $1,155,510 for building automation
and energy management system improvements, $293,124 for hurricane resiliency projects, $975,540 in electrical system
upgrades for the main campus, $68,657 for the Emergency Operations Center garage enclosure and $67,085 for the new
Emergency Medical Services Station in Golden Gate Estates.
Proprietary Funds
Proprietary fund statements provide the same information as the business -type activities in the government -wide financial
statements, but in greater detail, and on a fund basis for enterprise funds.
At September 30, 2021, total net position amounted to $1,141,034,869 for enterprise funds, as compared to $1,077,516,482, as
of September 30, 2020, an increase of $63,518,387. Net position changes as a result of operations, non -operating revenues and
expenses, capital contributions and grants and donations. For fiscal year 2021, the County Water and Sewer fund's activities
represent the largest share of the increase in the business -type net position.
For the year ended September 30, 2021, the Collier County Water and Sewer District (District) reported capital grants and
contributions of $34,493,156, which consists of water and sewer impact fees of $16,273,483, $18,180,218 in developer
infrastructure contributions and other capital contributions of $39,455.
Net Operating Income/(Loss)
2021 2020
County Water and Sewer $ 11,192,448 $ 13,721,643
Solid Waste Disposal 7,401,517 4,869,424
Emergency Medical Services (13,574,387) (20,735,848)
Non -major enterprise funds (12,854,780) (13,924,783)
Total $ (7,835,202) $ (16,069,564)
The Collier County Water and Sewer District's net operating income decreased by $2,529,195, or 18.4%, when compared to fiscal
year 2020. The decrease in net operating income was primarily the result of a 2.9% rate increase effective October 2020, offset
by a 5.3% increase in total operating expenses, including depreciation and amortization. Personal services expenses decreased
due to a reduction of $3,744,503 in pension expense, and operating expenses increased by $11,692,838 mostly due to increases in
utility parts and temporary labor costs. County Water and Sewer payments in lieu of taxes paid to the General Fund of $8,934,700
were reclassified from operating expense to transfers out for financial statement purposes. These payments are reclassified
pursuant to generally accepted accounting principles as the amount charged is not an approximation of services rendered.
The Solid Waste Disposal fund's net operating income increased by $2,532,093, or 52.0%, when compared to fiscal year 2020.
The increase in net operating income was primarily the result of a 2.9% increase in tipping rate offset by a 5.4% increase in total
operating expenses, including depreciation and amortization. The Solid Waste Disposal payments in lieu of taxes paid to the
General Fund of $414,800 were reclassified from operating expense to transfers out for financial statement purposes. These
payments are reclassified pursuant to generally accepted accounting principles as the amount charged is not an approximation
of services rendered.
11
The Emergency Medical Services fund's net operating loss decreased by $7,161,461, or 34.5%, when compared to fiscal year
2020. The decrease in net operating loss was mainly brought by the decrease in personal services as a result of a reduction in
the allocated pension plan expense of $7,734,734.
Capital Assets
Collier County's financial statements present capital assets in two distinct groups, those that are depreciated and those not subject
to depreciation. Buildings and equipment are examples of assets that are depreciated and land and construction in progress
are examples of assets not depreciated. Collier County's investment in capital assets for the governmental and business -type
activities amounted to $2,811,206,727, net of accumulated depreciation. This investment in capital assets includes land, buildings
and improvements, water and wastewater plants, machinery and equipment, parks, roads, beach renourishment and drainage
structures. Investment in capital assets for the current fiscal year net of accumulated depreciation increased by $121,273,006,
when compared to the previous year. There was an increase in the governmental activities capital assets of $76,119,764, or 4.5%,
while the business -type activities capital assets increased by $45,153,242, or 4.5%. The major capital asset activities during the
current and previous fiscal years are as follows:
• Capitalization as construction in process of $87,628,218 in governmental activity costs including $23,176,558 related
to the construction of the Paradise Coast Sports Complex, $17,136,658 for the Big Corkscrew Island Regional Park,
$10,026,784 for the acquisition of the HHH Ranch and $5,614,205 for Thomasson Drive Beautification. The remaining
$31,674,013 is related to $5,607,657 in other transportation projects, $1,814,404 in beach renourishment, $11,056,106 in
public safety projects, $6,709,406 in stormwater projects and $6,486,438 in other capital projects.
• The business -type activities capitalized $91,185,571 of construction in process during fiscal year 2021 including $7,668,990
for a new EMS helicopter, $15,230,694 for the Marco Airport Terminal renovations, $2,100,084 for the Immokalee Runway
improvements, $27,278,616 in master pump and force main system improvements, $18,073,530 for Vanderbilt Drive Utility
improvements, $8,354,524 for improvements to the Naples Park Basin, and $12,124,418 in other County Water and Sewer
projects. The remaining $354,715 was for various Mass Transit projects.
• Developer donated water and wastewater infrastructure in fiscal year 2021 amounted to $18,180,218 and $16,625,111
in fiscal year 2020. Subdivisions are required to meet County standards when installing water and wastewater services.
Once completed and inspected, these assets are donated to and accepted by the County.
• Collier County acquired $39,481,138 of land and non -depreciable assets in fiscal year 2021, compared to $5,831,649 for
fiscal year 2020. Fiscal year 2021 land purchases were primarily related to the acquisition of the Camp Keais property
and various transportation projects.
Additional information regarding Collier County's capital assets can be found in Note 6 beginning on page 55 of this report.
Debt Administration
At September 30, 2021, Collier County had total bonded debt, notes, loans, leases and financed purchase obligations of
$809,595,785, an increase of $217,204,627 from the previous year. The following table illustrates the balances of all bonds,
notes, loans, capital leases and financed purchase obligations for the fiscal years ended September 30, 2021 and 2020:
Outstanding Debt
2021
2020
Limited General Obligation Bonds
$ - $
1,060,000
Revenue Bonds
607,311,269
348,349,213
Direct Placement Loans Payable
143,698,000
160,773,962
Commercial Paper and Notes Payable
50,429,848
74,010,065
Leases
8,128,231
8,063,564
Financed purchase obligations
28,437
134,354
Total
$ 809,595,785 $
592,391,158
Collier County's Special Obligation Revenue Bonds carry ratings of Aa1, AAA and AA by Moody's, Standard and Poor's and Fitch
Ratings, Inc., respectively. The Series 2017 and 2019 Special Obligation Refunding Revenue Notes (Bank Term Loans) were issued
as direct placements with commercial banks and therefore carry an implied rating of Aa1, AAA and AA by Moody's, Standard and
Poor's and Fitch Ratings, Inc., respectively. The County's Series 2012 Gas Tax Revenue Bonds carry ratings of A2, A+ and AA- by
Moody's, Standard and Poor's and Fitch Ratings, Inc., respectively. The Series 2014 Gas Tax Revenue Bond (Bank Term Loan)
was issued as a direct placement with a commercial bank and therefore carries an implied rating of A2, A+ and AA- by Moody's,
Standard and Poor's and Fitch Ratings, Inc., respectively. Collier County's Tourist Development Tax Revenue Bonds carry ratings
of Aa3 and AA+ by Moody's and Fitch Ratings, Inc., respectively. Collier County's Water and Sewer Revenue Bonds carry ratings
of Aaa and AAA, respectively, by Moody's and Fitch Ratings, Inc. The Series 2015 and 2018 County Water and Sewer Revenue
12
Bonds were issued as direct placements with commercial banks and, as such, carry an implied rating of Aaa and AAA by Moody's
and Fitch Ratings, Inc., respectively.
The Constitution of the State of Florida, Florida Statute 200.181 and Collier County set no legal debt limit. Further information
regarding Collier County's long-term debt can be found in Note 7 beginning on page 56 of this report.
General Fund Budgetary Highlights
During the 2021 fiscal year, the General Fund expenditure appropriations increased by $4,287,977. Significant variances between
the original budget and the final amended budget are listed below:
• $767,900 decrease in Other general administration operating to provide funding for land acquisition and to transfer funds
to the County Manager's Office for retirement payouts.
• $673,900 increase in the Clerk of the Circuit Court personal services due to an increase in staff to process client and
subrecipient grant assistance from COVID-19 grant funds as well as a reorganization of the Inspector General's office.
• $930,100 increase in the Clerk of the Circuit Court operating for office furniture and data processing equipment.
• $457,008 increase in Public Services personal services due to a reorganization.
• $719,000 increase in Sheriff's personal services related to special detail duties.
• $761,820 increase in Economic Development operating due to re -budgeting of lapsed appropriations from the previous
fiscal year and to provide impact fee assistance for the new Immokalee Career Path Learning Lab.
Significant variances between actual results and final budget amounts in the General Fund occurred during fiscal year 2021. Tax
revenues were under budget by $11,674,776 primarily due to the early payment discount allowed for property taxes. The discount
ranges from a maximum 4.0%to 1.0%, depending on the date of payment. The Economic Development operating was $1,173,643
under budget due to delays in various projects due to the pandemic. The Economic Development Department re -budgeted these
funds in fiscal year 2022. Park operations were $1,633,222 under budget in large part due to the delay of opening the new Big
Corkscrew Regional Park, cost savings while the water park was closed for renovations and lower than expected maintenance
costs at the Golden Gate Golf Course property. The Parks Department has re -budgeted $780,947 of those funds in fiscal year
2022 to finish acquiring new equipment and supplies for the new park.
Economic Factors and Year 2022 Budgets and Rates
The following factors were taken into account in preparing the fiscal year 2022 budget:
• A 3.0% increase in countywide taxable property values.
• Millage neutral General Fund tax rate.
• A $1,000 per employee general wage adjustment.
• Maintain health care program contributions at 80% employer and 20% employee across all agencies (excluding Sheriff).
During fiscal year 2021, the General Fund unassigned fund balance increased by $12,817,278 to $117,115,903. As of January 31,
2022, $102,203,636 of the fiscal year 2021 unassigned fund balance has been appropriated as carryforward for fiscal year 2022,
with $65,403,725 budgeted in reserves.
Contact Information
This financial report is intended to give the user a general overview of Collier County Government's finances. Any questions
resulting from review of this information may be addressed to:
Collier County Clerk of the Circuit Court and Comptroller
Department of Finance and Accounting
3299 Tamiami Trail East, Suite #403
Naples, Florida 34112-5746
Our office may also be contacted via the internet at www.colliercierk.com.
13
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COLLIER COUNTY, FLORIDA
STATEMENT OF NET POSITION
September 30, 2021
ASSETS
Current assets:
Cash and investments
Cash with fiscal agent
Trade receivables, net
Special assessments receivable
Interest receivable
Due from other governments
Lease receivable
Internal balances
Deposits
Inventory
Prepaid costs
Restricted assets:
Cash and investments
Trade receivables, net
Lease receivable
Notes receivable
Interest receivable
Due from other governments
Deposits
Inventory
Inventory for resale
Prepaid costs
Total current assets
Noncurrent assets:
Restricted assets:
Cash and investments
Lease receivable
Notes receivable
Impact fee receivable
Special assessments receivable
Lease receivable
Notes receivable
Capital assets:
Land and non -depreciable capital assets
Depreciable capital assets, net
Total noncurrent assets
Total assets
DEFERRED OUTFLOWS OF RESOURCES
Deferred charges on debt refundings
Deferred outflows of resources related to OPEB
Deferred outflows of resources related to pensions
Total deferred outflows of resources
The notes to the financial statements are an integral part of this statement.
Primary Government
Governmental Business -type Component
Activities Activities Total Units
$ 347,630,238 $
280,119,201 $
627,749,439 $ 387,083
10,678,128
-
10,678,128 -
1,070,912
17,667,540
18,738,452
1,405
86,778
88,183
441,263
595,607
1,036,870
17,971,395
5,469,528
23,440,923
228,194
219,841
448,035
4,639,166
(4,639,166)
-
20,118
2,000
22,118
1,437,907
7,478,097
8,916,004
3,037,158
77,679
3,114,837
106,189,204
13,621,627
119,810,831
2,127,995
-
2,127,995
562
562
54,612
-
54,612
845,316
23,287
868,603
25,021,422
6,825,302
31,846,724
1,875
-
1,875
894,059
894,059
3,923,733
3,923,733
3,091
-
3,091 -
526,217,753
327,547,321
853,765,074 387,083
670,725,388 216,873,175
887,598,563
19,097 -
19,097
244,036
244,036
6,602,193 -
6,602,193
- 49,620
49,620
6,571,821 1,172,672
7,744,493
1,492,849 -
1,492,849
619,120,069
169,379,539
788,499,608
1,133,805,148
888,901,971
2,022,707,119
2,438,580,601
1,276,376,977
3,714,957,578 -
2,964,798,354
1,603,924,298
4,568,722,652 387,083
9,207,197 2,502,980 11,710,177
9,071,489 212,265 9,283,754
64,822,516 13,849,284 78,671,800
$ 83,101,202 $ 16,564,529 $ 99,665,731 $
16
COLLIER COUNTY, FLORIDA
STATEMENT OF NET POSITION (continued)
September 30, 2021
Primary Government
Governmental
Business -type
Component
Activities
Activities
Total Units
LIABILITIES
Current liabilities:
Accounts payable
$ 19,408,863
$ 15,809,416 $
35,218,279 $
Wages payable
7,524,457
2,955,712
10,480,169
Retainage payable
561,464
2,379,541
2,941,005
Due to other governments
3,295,280
56,327
3,351,607
Self-insurance claims payable
8,724,652
-
8,724,652
Compensated absences
12,027,963
2,544,545
14,572,508
Financed purchase obligation
28,437
-
28,437
Notes payable
-
5,918,250
5,918,250
Unearned revenue
132,653
68,980
201,633
Total OPEB liability
1,676,578
147,887
1,824,465
Net pension liability
369,393
76,986
446,379
Landfill post -closure liability
-
53,162
53,162
Interest payable
6,605,243
-
6,605,243
Leases payable
877,023
95,448
972,471
Bonds and loans payable
27,753,000
6,762,000
34,515,000
Liabilities payable from restricted assets:
Accounts payable
21,435,818
4,403,672
25,839,490
Wages payable
2,104,753
-
2,104,753
Retainage payable
6,811,908
2,271,743
9,083,651
Refundable deposits
6,725,435
142,692
6,868,127
Interest payable
-
2,673,326
2,673,326
Due to other governments
5,415,504
115,560
5,531,064
Unearned revenue
48,874,410
98,171
48,972,581
Notes payable
-
2,042,598
2,042,598
Bonds and loans payable
-
2,254,000
2,254,000
Total current liabilities
180,352,834
50,870,016
231,222,850
Noncurrent liabilities:
Self-insurance claims payable
2,219,757
-
2,219,757
Compensated absences
22,898,715
636,137
23,534,852
Leases payable
6,548,375
607,385
7,155,760
Landfill post -closure liability
-
1,573,710
1,573,710
Total OPEB liability
33,152,979
2,693,429
35,846,408
Net pension liability
116,996,840
24,490,381
141,487,221
Notes payable
-
42,469,000
42,469,000
Bonds and loans payable, net
393,684,629
320,555,640
714,240,269
Total noncurrent liabilities
575,501,295
393,025,682
968,526,977
Total liabilities
755,854,129
443,895,698
1,199,749,827
DEFERRED INFLOWS OF RESOURCES
Deferred inflows of resources related to leases
6,446,111
1,326,468
7,772,579
Deferred inflows of resources related to OPEB
1,196,687
248,234
1,444,921
Deferred inflows of resources related to pensions
184,116,574
36,694,943
220,811,517
Total deferred inflows of resources
191,759,372
38,269,645
230,029,017
NET POSITION
Net investment in capital assets
1,396,961,998
846,257,322
2,243,219,320
Restricted for:
Growth related capital expansion
173,077,925
23,302,654
196,380,579
Transportation capital projects
53,187,427
-
53,187,427
Community development
42,148,812
42,148,812
Tourist development
102,873,491
102,873,491
Conservation Collier
26,306,541
26,306,541
Community redevelopment
11,337,073
11,337,073
Infrastructure sales tax capital projects
196,877,780
-
196,877,780
Grants
15,094,920
4,700,944
19,795,864
Debt service
6,013,148
22,523,245
28,536,393
Court programs
16,831,676
-
16,831,676
Public safety
6,801,780
6,801,780
Nonexpendable purposes - other
5,522,800
5,522,800
Special revenues - other
4,368,837
-
4,368,837
Renewal and replacement
-
300,000
300,000
Unrestricted
42,881,847
241,239,319
284,121,166 387,083
Total net position
S 2,100,286,055
S 1,138,323,484 S
3,238,609,539 S 387,083
17
COLLIER COUNTY, FLORIDA
STATEMENT OF ACTIVITIES
For the Fiscal Year Ended September 30, 2021
FUNCTIONS/PROGRAMS
Primary Government:
Governmental Activities:
General government
Public safety
Physical environment
Transportation
Economic environment
Human services
Culture and recreation
Interest and fiscal charges
Total governmental activities
Business -type Activities:
Water and sewer
Solid waste
Emergency medical services
Airport authority
Mass transit
Total business -type activities
Total primary government
Component Units:
Industrial Development Authority
Health Facilities Authority
Housing Finance Authority
Educational Facilities Authority
Total component units
The notes to the financial statements are an integral part of this statement.
Program Revenues
Fees, Fines and Operating Capital
Charges for Grants and Grants and
Expenses Services Contributions Contributions
$ 129,810,111 $
40,237,055 $
1,654,866 $
3,841,376
237,434,594
29,790,277
3,112,645
4,512,900
23,201,132
1,394,793
8,843,030
1,913,278
88,678,747
1,896,777
6,316,104
27,154,326
14,379,364
1,527,876
10,723,108
40,810
77,218,243
643,638
67,875,715
-
59,347,688
7,617,146
182,179
12,848,390
14,601,388
-
-
-
644,671,267 83,107,562 98,707,647 50,311,080
166,034,701
168,016,889
2,576,939
34,462,062
51,89 5,861
59,078,126
1,155,581
50,000
27,781,858
14,205,951
17,386,521
-
7,805,046
7,241,681
81,727
5,912,022
13,638,048
1,086,264
5,193,113
2,549,917
267,155,514 249,628,911 26,393,881 42,974,001
$ 911,826,781 $ 332,736,473 $ 125,101,528 $ 93,285,081
$ 7,690
$ 61,500 $
25 $
4,884
-
25
4,690
120,000
25
5,392
-
25
$ 22,656
$ 181,500 $
100 $
General revenues:
Property taxes
Gas taxes
Sales tax
Tourist taxes
Communications services tax
Infrastructure sales tax
State revenue sharing
Othertaxes
Interest income
Miscellaneous
Transfers, net
Total general revenues and transfers
Change in net position
Net position - beginning
Net position - ending
18
Net (Expense) Revenue and Changes in Net Position
Primary Government
Governmental Business -type Component
Activities Activities Total Units
$ (84,076,814) $
$
(84,076,814) $
(200,018,772)
(200,018,772)
(11,050,031)
(11,050,031)
(53,311,540)
(53,311,540)
(2,087,570)
(2,087,570)
(8,698,890)
(8,698,890)
(38,699,973)
(38,699,973)
(14,601,388)
(14,601,388)
(412,544,978)
(412,544,978)
39,021,189
39,021,189
8,387,846
8,387,846
3,810,614
3,810,614
5,430,384
5,430,384
(4,808,754)
(4,808,754)
51,841,279
51,841,279
$ (412,544,978) $
51,841,279 $
(360,703,699)
$ 53,835
(4,859)
115,335
(5,367)
$ 158,944
$ 400,607,034 $
$
400,607,034 $
22,919,742
22,919,742
55,732,311
55,732,311
36,192,117
36,192,117
3,860,657
3,860,657
99,588,370
99,588,370
13,775,595
13,775,595
2,428,077
2,428,077
1,638,888
393,795
2,032,683
18,407,054
1,457,105
19,864,159
(8,880,227)
8,880,227
-
646,269,618
10,731,127
657,000,745 -
233,724,640
62,572,406
296,297,046 158,944
1,866,561,415 1,075,751,078 2,942,312,493 228,139
$ 2,100,286,055 $ 1,138,323,484 $ 3,238,609,539 $ 387, 883
19
COLLIER COUNTY, FLORIDA
BALANCE SHEET
GOVERNMENTAL FUNDS
September 30, 2021
Bayshore
Gateway
Immokalee
Community
Community
Grants and
Other
Total
General Redevelopment
Redevelopment
Shared
Infrastructure Governmental
Governmental
Fund
Agency
Agency
Revenue
Sales Tax Funds
Funds
ASSETS
Cash and investments
$ 144,534,201 $
6,251,545 $
1,457,615 $
61,781,502
$ 182,512,816 $ 648,236,614
$ 1,044,774,293
Cash with fiscal agent
-
-
-
-
- 10,678,128
10,678,128
Receivables:
Interest
180,085
7,865
1,742
61,027
192,373 733,648
1,176,740
Trade, net
226,135
-
-
13,254
- 2,222,024
2,461,413
Notes
1,492,849
-
298,648
1,791,497
Impact fee
-
6,602,193
6,602,193
Special assessments
-
1,405
1,405
Lease
445,552
-
-
6,374,122
6,819,674
Due from other funds
4,686,446
554,600
87,925
9,466,625
14,795,596
Due from other governments
8,449,185
13,355
-
3,615,707
16,082,637 14,813,363
42,974,247
Deposits
20,118
-
625
-
- 1,250
21,993
Inventory for resale
-
3,694,000
-
229,733
3,923,733
Inventory
772,780
-
1,093,901
1,866,681
Advances to other funds
500,962
19,460,080
19,961,042
Prepaid costs
18,121
-
-
6,091
24,212
Total assets
$ 161,326,434 $
10,521,365 $
1,459,982 $
65,559,415
$ 198,787,826 $ 720,217,825
$ 1,157,872,847
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES
Liabilities:
Accounts payable
$ 13,387,539 $
103,410 $
5,772 $
2,128,964 $
3,136,789 $ 20,489,021 $
39,251,495
Wages payable
6,091,365
16,181
8,938
165,380
- 2,979,084
9,260,948
Due to other funds
3,945,447
319,882
68,817
1,423,483
10,428,581
16,186,210
Due to other governments
3,085,410
-
227
1,630,250
3,969,813
8,685,700
Unearned revenues
4,286
-
-
48,789,378
89,857
48,883,521
Refundable deposits
1,623,340
1,500
-
5,100,595
6,725,435
Retainage payable
-
42,586
-
85,920
1,910,046 5,334,820
7,373,372
Advances from other funds
-
-
88,901
-
- 17,710,226
17,799,127
Total liabilities
28,137,387
483,559
172,655
54,223,375
5,046,835 66,101,997
154,165,808
Deferred inflows of resources:
Unavailable revenue
2,500
-
-
-
- 6,602,194
6,604,694
Related to leases
424,596
6,021,515
6,446,111
Total deferred inflows of
resources
427,096
12,623,709
13,050,805
Fund balances:
Nonspendable
2,784,712 -
- - - 6,622,792
9,407,504
Restricted
580,524 10,037,806
1,287,327 11,336,040 193,740,991 505,894,992
722,877,680
Committed
- -
- - - 44,582,017
44,582,017
Assigned
12,280,812
84,392,318
96,673,130
Unassigned
117,115,903
-
117,115,903
Total fund balances
132,761,951 10,037,806
1,287,327 11,336,040 193,740,991 641,492,119
990,656,234
Total liabilities, deferred inflows of
resources and fund balances
$ 161,326,434 $ 10,521,365 $
1,459,982 $ 65,559,415 $ 198,787,826 $ 720,217,825
$ 1,157,872,847
The notes to the financial statements are an integral part of this statement
20
COLLIER COUNTY, FLORIDA
RECONCILIATION OF THE BALANCE SHEET OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF NET POSITION
September 30, 2021
Differences in amounts reported for governmental activities in the statement of net position on pages 16-17:
Fund balances - total governmental funds $ 990,656,234
Capital assets used in governmental activities are not financial resources and therefore are not reported in the funds. Those assets consist of:
Land and other non -depreciable assets S 524,086,375
Construction in progress 94,184,755
Depreciable assets, net of $1,186,273,214
in accumulated depreciation 1,114,343,686 1,732,614,816
Certain revenues will be collected after year-end, but are not available to pay for the current period's expenditures, and therefore are
reported as deferred inflows in the funds. 6,604,694
Certain liabilities applicable to the County's governmental activities are not due and payable in the current period and accordingly are not
reported as fund liabilities. Interest on long-term debt is not accrued in the governmental funds, but is recognized as an expenditure when
due. All liabilities are reported in the statement of net position. Balances at September 30, 2021 are:
Accrued interest on bonds
$ (6,605,243)
Bonds, loans and notes payable
(394,712,000)
Financed purchase obligations
(28,437)
Lease obligations
(7,415,266)
Compensated absences
(34,326,791)
Total OPEB liability
(34,495,752)
Pension liability
(114,631,647)
Unamortized premium
(26,725,629) (618,940,765)
Unamortized deferred charges on refunding 9,207,197
OPEB deferred outflows
9,044,421
Pension deferred outflows
63,441,710
OPEB deferred inflows
(1,166,076)
Pension deferred inflows
(180,598,443)
Internal service funds are used by the County to charge self-insurance, fleet management, motor pool capital recovery and information
technology services to individual funds. The assets, deferred outflows, liabilities and deferred inflows of the internal service funds are
included in governmental activities in the statement of net position. Internal service fund net position is:
89,422,267
Total net position - governmental activities
$ 2,100,286,055
The notes to the financial statements are an integral part of this statement
21
COLLIER COUNTY, FLORIDA
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
GOVERNMENTAL FUNDS
For the Fiscal Year Ended September 30, 2021
Bayshore
Gateway
Immokalee
Community
Community
Grants and
Other
Total
General
Redevelopment
Redevelopment
Shared
Infrastructure Governmental
Governmental
Fund
Agency
Agency
Revenue
Sales Tax
Funds
Funds
Revenues:
Taxes
$ 336,470,724
$ 2,348,500
1,334
$
$ 99,588,370 $
117,978,047
$ 556,386,975
Licenses, permits and impact fees
388,820
-
-
79,079,005
79,467,825
Intergovernmental
71,504,172
722,572
-
78,284,407
23,719,281
174,230,432
Charges for services
15,958,531
487,070
608,730
65,682
21,450,066
38,570,079
Fines and forfeitures
578,961
-
-
-
1,988,212
2,567,173
Interest income
631,077
6,188
1,523
18,585
121,201
796,490
1,575,064
Special assessments
-
-
-
-
-
5,609,938
5,609,938
Miscellaneous
8,213,343
638,963
-
111,591
-
2,886,721
11,850,618
Total revenues
433,745,628
4,203,293
611,587
78,480,265
99,709,571
253,507,760
870,258,104
Expenditures:
Current:
General government
80,381,511
801,691
28,545,662
109,728,864
Public safety
193,802,036
820,308
32,032,503
226,654,847
Physical environment
758,771
1,281,921
19,009,001
21,049,693
Transportation
243,616
684,850
52,860,117
53,788,583
Economic environment
1,752,853
1,520,181
409,775
6,881,129
3,260,698
13,824,636
Human services
13,498,007
-
-
63,285,623
407,052
77,190,682
Culture and recreation
18,052,787
-
631,417
30,808,837
49,493,041
Debt service
Principal
773,120
34,978
43,914
30,231,629
31,083,641
Interest
78,211
188
120
13,072,218
13,150,737
Fiscal charges
-
-
-
-
1,084,533
1,084,533
Capital outlay
28,377,497
2,716,244
875,607
2,685,814
28,642,763 101,046,325
164,344,250
Total expenditures
337,718,409
4,236,425
1,320,548
77,116,787
28,642,763 312,358,575
761,393,507
Excess (deficit) of revenues
over (under) expenditures
96,027,219
(33,132)
(708,961)
1,363,478
71,066,808 (58,850,815)
108,864,597
Other financing sources (uses):
Bondsissued
Payment to current refunding
escrow
Premium on bonds issued
Leases
Sale of capital assets
Insurance proceeds
Transfers in
Transfers out
Total other financing sources
(uses)
Net change in fund balances
271,054 73,042 -
221,988 - 95
1,056,911 - - -
47,206,761 529,603 87,503 47,146,993
(131,850,738) (3,125,300) (127,900) (46,000,000)
(83,094,024) (2,595,697) 32,645 1,147,088
12,933,195 (2,628,829) (676,316) 2,510,566
99,175,000 99,175,000
(10,000,000) (10,000,000)
16,925,397 16,925,397
2,313,620 2,657,716
115,423 337,506
3,099,660 4,156,571
141,530,851 236,501,711
(65,680,974) (246,784,912)
- 187,478,977 102,968,989
71,066,808 128,628,162 211,833,586
Fund balances at beginning of year 119,828,756 12,666,635 1,070,343 8,825,474 122,674,183 512,863,957 777,929,348
Fund balances at end of year $ 132, 661,951 $ 10, 337,806 $ 994,027 $ 11, 336,040 $ 193,740,991 $ 641, 992,119 $ 989, 662,934
The notes to the financial statements are an integral part of this statement.
22
COLLIER COUNTY, FLORIDA
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF ACTIVITIES
For the Fiscal Year Ended September 30, 2021
Differences in amounts reported for governmental activities in the statement of activities on pages 18-19:
Net change in fund balances - total governmental funds
Governmental funds report capital outlays as expenditures. However, in the statement of net position the cost of
these assets is allocated over their estimate useful lives and reported as depreciation and amortization expense.
Capital outlay
Depreciation and amortization expense
Donations of capital assets are not financial resources to governmental funds, but receiving donated assets
increases net position in the statement of net position.
Capital assets transferred to and from proprietary funds are not recorded in the governmental funds as there is no
flow of current financial resources.
In the statement of net position, the gain or loss on the sale of capital assets is reported. However, in the
governmental funds the proceeds from the sale of capital assets increase financial resources. The change in net
position differs from the change in fund balances by the net book value of assets disposed.
The statement of net position records the loss on termination of lease payable obligations as a reduction of net
position. However, this is not recorded in the governmental funds as there is no flow of current financial resources
Certain revenues not considered available are not recognized in the governmental funds but are included in the
statement of activities.
Debt proceeds provide current financial resources for governemntal funds, but issuing debt increases liabilities in the
statement of net position. Repayment of principal on long-term debt is an expenditure in governmental funds, but a
reduction of long-term liabilities in the statement of net position.
Bond proceeds
Bond, loan and note principal payments
Payment to current refunding escrow
Premium on bonds issued
Lease proceeds
Payments on lease obligations
Certain amounts reported in the statement of activities do not require the use of current financial resources and
therefore are not reported as expenditures in the governmental funds.
$ 212,726,886
$ 164,344,250
(86,658,757) 77,685,493
801,740
2,440,560
(2,811,082)
1,265,311
453,411
$ (99,175,000)
29,837,218
10,000,000
(16,925,397)
(2,657,716)
1,246,423 (77,674,472)
Compensated absences
$ (2,609,554)
OPEB expense
(1,331,211)
Pension expense
21,996,675
Accrued interest on bonds and loans
(1,348,440)
Amortization of bond insurance premium
(3,114)
Amortization of deferred charges on refunding
(1,274,546)
Amortization of premium
2,260,160 17,689,970
The net revenues of internal service funds are reported with governmental activities.
Change in net position - governmental activities
The notes to the financial statements are an integral part of this statement.
1,146,823
$ 233,724,640
23
COLLIER COUNTY, FLORIDA
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
BUDGET AND ACTUAL (BUDGETARY BASIS)
For the Fiscal Year Ended September 30, 2021
Original Final
Budget Budget Actual Variance
Revenues:
Taxes
Licenses, permits and impact fees
Intergovernmental
Charges for services
Fines and forfeitures
Interest income
Miscellaneous
Total revenues
Expenditures:
Current:
General government
Board of County Commissioners personal services
Board of County Commissioners operating
County manager administrative personal services
County manager administrative operating
Corporate planning and improvement personal services
Corporate planning and improvement operating
Corporate planning and improvement capital outlay
Budget and management personal services
Budget and management operating
Budget and management capital outlay
Administrative services personal services
Administrative services operating
Administrative services capital outlay
Human resources administration personal services
Human resources administration operating
Human resources administration capital outlay
Clerk of the Circuit Court personal services
Clerk of the Circuit Court operating
Clerk of the Circuit Court capital outlay
Property Appraiser personal services
Property Appraiser operating
Property Appraiser capital outlay
Tax Collector personal services
Tax Collector operating
Tax Collector capital outlay
County attorney personal services
County attorney operating
County attorney capital outlay
Circuit court operating
County court operating
State Attorney operating
Public Defender operating
Other general administrative personal services
Other general administrative operating
Facilities management personal services
Facilities management operating
Facilities management capital outlay
Sheriff personal services
Sheriff operating
$ 348,145,500 $
348,145,500 $
336,470,724 $
(11,674,776)
381,300
381,300
388,820
7,520
49,701,000
49,701,000
71,504,172
21,803,172
10,528,385
12,962,219
15,958,531
2,996,312
417,300
417,300
578,961
161,661
2,326,300
2,326,300
1,231,300
(1,095,000)
15,314,300
15,314,300
16,643,143
1,328,843
426,814,085
429,247,919
442,775,651
13,527,732
1,228,000
1,238,900
1,234,039
4,861
122,800
125,800
68,051
57,749
1,072,600
1,427,600
1,403,135
24,465
63,100
83,100
48,476
34,624
1,123,900
1,128,900
1,074,797
54,103
109,900
115,100
79,784
35,316
5,200
-
-
-
736,900
736,900
718,555
18,345
71,600
71,600
48,293
23,307
1,500
1,500
-
1,500
3,292,900
3,296,886
3,170,198
126,688
403,500
485,200
354,430
130,770
20,000
-
-
-
1,798,300
1,798,300
1,649,531
148,769
657,100
751,236
572,271
178,965
2,000
2,000
-
2,000
8,949,200
9,623,100
9,596,063
27,037
2,934,500
3,864,600
3,761,590
103,010
506,800
536,800
537,043
(243)
6,810,211
6,820,545
6,600,049
220,496
2,126,774
2,126,774
1,627,499
499,275
35,000
35,000
42,475
(7,475)
12,687,363
12,535,156
12,170,964
364,192
3,984,699
3,565,976
3,593,762
(27,786)
8,832,446
9,403,376
9,403,376
-
2,452,500
2,452,500
2,251,238
201,262
361,100
682,668
262,447
420,221
10,200
10,200
-
10,200
40,300
40,300
35,101
5,199
27,000
27,000
15,262
11,738
420,200
438,200
426,782
11,418
308,900
378,900
362,969
15,931
200,000
266,200
197,580
68,620
11,351,700
10,583,800
10,217,860
365,940
5,799,800
5,896,600
5,883,741
12,859
9,903,100
9,861,560
9,035,068
826,492
43,000
15,950
15,950
-
4,401,500
4,401,500
4,841,677
(440,177)
179,000
179,000
89,840
89,160
(continued)
24
COLLIER COUNTY, FLORIDA
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
BUDGET AND ACTUAL (BUDGETARY BASIS)
For the Fiscal Year Ended September 30, 2021
Original
Final
Budget
Budget
Actual
Variance
Supervisor of Elections personal services
2,502,600
2,547,600
2,497,875
49,725
Supervisor of Elections operating
1,742,900
1,641,150
1,559,171
81,979
Supervisor of Elections capital outlay
15,000
71,750
99,084
(27,334)
Public services operations personal services
978,600
1,435,608
1,390,558
45,050
Public services operations operating
143,800
215,781
162,453
53,328
Real property management personal services
701,500
731,500
727,665
3,835
Real property management operating
110,800
69,800
53,107
16,693
Total general government
99,269,793
101,721,916
97,879,809
3,842,107
Public safety
Sheriff personal services
163,265,400
163,984,400
153,074,559
10,909,841
Sheriff operating
36,280,600
36,461,600
37,306,596
(844,996)
Sheriff capital outlay
6,427,100
6,427,100
15,940,795
(9,513,695)
Emergency management administration personal services
1,099,600
1,099,600
1,054,511
45,089
Emergency management administration operating
883,000
915,930
706,415
209,515
Emergency management administration capital outlay
-
11,000
10,995
5
Helicopter operations operating
43,900
43,900
43,580
320
Medical examiner services operating
1,873,000
1,877,000
1,876,011
989
Total public safety
209,872,600
210,820,530
210,013,462
807,068
Physical environment
Conservation and resource management personal services
644,400
627,384
593,577
33,807
Conservation and resource management operating
138,200
160,686
140,234
20,452
Conservation and resource management capital outlay
38,500
62,275
11,607
50,668
Immokalee cemetery operating
28,200
28,200
24,960
3,240
Total physical environment
849,300
878,545
770,378
108,167
Transportation
Alternative transportation modes personal services
282,000
226,719
223,471
3,248
Alternative transportation modes operating
22,400
22,400
20,145
2,255
Total transportation
304,400
249,119
243,616
5,503
Economic environment
Veterans services personal services
310,500
281,500
250,747
30,753
Veterans services operating
81,400
81,400
63,949
17,451
Veterans services capital outlay
2,600
2,600
-
2,600
Economic development personal services
251,700
272,559
189,766
82,793
Economic development operating
1,864,700
2,626,520
1,452,877
1,173,643
Economic development capital outlay
-
32,955
(32,955)
Total economic environment
2,510,900
3,264,579
1,990,294
1,274,285
Human services
Health Care Responsibility Act operating
46,160
46,160
-
46,160
Domestic animal services personal services
2,393,000
2,353,000
2,315,252
37,748
Domestic animal services operating
1,131,800
1,373,719
1,258,316
115,403
Domestic animal services capital outlay
5,700
-
-
-
Health department operating
1,858,400
1,858,400
1,690,740
167,660
Mental health operating
3,059,500
3,059,500
3,059,500
-
Client assistance personal services
1,214,300
1,214,300
1,040,161
174,139
Client assistance operating
3,787,540
3,785,754
3,717,181
68,573
Client assistance capital outlay
7,600
-
-
-
(continued)
25
COLLIER COUNTY, FLORIDA
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
BUDGET AND ACTUAL (BUDGETARY BASIS)
For the Fiscal Year Ended September 30, 2021
Public services division office personal services
Public services division office operating
Public services division office capital outlay
Total human services
Culture and recreation
Library administration personal services
Library administration operating
Park operations personal services
Park operations operating
Park operations capital outlay
Parks maintenance personal service
Parks maintenance operating
Total culture and recreation
Total expenditures
Excess of revenues over expenditures
Other financing sources (uses):
Leases
Sale of capital assets
Insurance proceeds
Transfers in
Transfers out
Total other financing sources (uses)
Net change in fund balance
Fund balance at beginning of year
Fund balance at end of year
Original Final
Budget Budget Actual Variance
280,600 379,600 373,275 6,325
23,400 26,900 21,447 5,453
1,500 - - -
13,809,500 14,097,333 13,475,872 621,461
5,812,900
5,517,029
5,162,253
354,776
2,348,500
2,478,500
2,172,196
306,304
5,190,400
4,501,745
3,809,880
691,865
4,463,700
4,754,190
3,120,968
1,633,222
-
179,040
149,342
29,698
1,643,300 1,716,300 1,713,683 2,617
2,193,400 2,377,844 2,047,859 329,985
21,652,200 21,524,648 18,176,181 3,348,467
348,268,693 352,556,670 342,549,612 10,007,058
78,545,392 76,691,249 100,226,039 23,534,790
271,054
271,054
150,638
150,638
- - 145,733
145,733
15,193,600 49,278,658 47,396,861
(1,881,797)
(104,045,892) (140,756,351) (131,850,738)
8,905,613
(88,852,292) (91,477,693) (83,886,452)
7,591,241
(10,306,900) (14,786,444) 16,339,587 31,126,031
89,955,600 92,399,811 92,399,811
$ 79,648,700 $ 77,613,367 $ 108,739,398 $ 31,126,031
Reconciliation:
Net change in fund balance, budgetary basis
Net change in fair value of investments
Miscellaneous revenue related to indirect cost
Change in inventory
General government expenditures related to indirect cost
Property Appraiser general government refunds to other governments not budgeted
Public safety expenditures for multi -period projects not budgeted
Public safety capital outlay funded by outside sources not budgeted
Insurance proceeds related to Sheriff assets not budgeted
Proceeds from sale of Sheriff assets not budgeted
Advances budgeted as transfers
Net change in fund balance, GAAP basis
The notes to the financial statements are an integral part of this statement.
$ 16,339,587
(600,223)
(8,429,800)
(227,006)
8,429,800
(1,237,716)
(1,151,347)
(982,528)
911,178
71,350
(190,100)
$ 12,933,195
26
COLLIER COUNTY, FLORIDA
BAYSHORE GATEWAY COMMUNITY REDEVELOPMENT AGENCY
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
BUDGET AND ACTUAL (BUDGETARY BASIS)
For the Fiscal Year Ended September 30, 2021
Revenues:
Taxes
Intergovernmental
Charges for services
Interest income
Miscellaneous
Total revenues
Expenditures:
Economic environment
Personal services
Operating
Capital outlay
Total expenditures
Excess (deficit) of revenues over (under) expenditures
Other financing sources (uses):
Transfers in
Transfers out
Total other financing sources (uses)
Net change in fund balances
Fund balances at beginning of year
Fund balances at end of year
Reconciliation:
Net change in fund balance, budgetary basis
Net change in fair value of investments
Net change in fund balance, GAAP basis
The notes to the financial statements are an integral part of this statement.
Original
Final
Budget
Budget
Actual
Variance
$ 2,348,500 $
2,348,500 $
2,348,500 $
-
358,560
722,572
364,012
-
300,000
487,070
187,070
40,000
40,000
29,214
(10,786)
6,397,900
6,397,900
638,963
(5,758,937)
8,786,400
9,444,960
4,226,319
(5,218,641)
446,200
446,200
410,725
35,475
706,400
3,206,915
1,109,456
2,097,459
1,401,500
7,710,360
2,716,244
4,994,116
2,554,100
11,363,475
4,236,425
7,127,050
6,232,300
(1,918,515)
(10,106)
1,908,409
5,759,400
9,119,700
3,729,603
(5,390,097)
(9,555,800)
(12,586,100)
(6,325,300)
6,260,800
(3,796,400)
(3,466,400)
(2,595,697)
870,703
2,435,900
(5,384,915)
(2,605,803)
2,779,112
436,500 5,706,815 5,706,815
$ 2, 772,400 $ 321,900 $ 3,101,012 $ 2,779,112
$ (2,605,803)
(23,026)
$ (2,628,8291
27
COLLIER COUNTY, FLORIDA
IMMOKALEE COMMUNITY REDEVELOPMENT AGENCY
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
BUDGET AND ACTUAL (BUDGETARY BASIS)
For the Fiscal Year Ended September 30, 2021
Revenues:
Taxes
Licenses, permits and impact fees
Charges for services
Interest income
Total revenues
Expenditures:
Economic environment
Personal services
Operating
Debt service
Capital outlay
Total expenditures
Excess (deficit) of revenues over (under) expenditures
Other financing sources (uses):
Leases
Transfers in
Transfers out
Total other financing sources (uses)
Net change in fund balances
Fund balances at beginning of year
Fund balances at end of year
Reconciliation:
Net change in fund balance, budgetary basis
Net change in fair value of investments
Advances budgeted as transfers
Net change in fund balance, GAAP basis
The notes to the financial statements are an integral part of this statement.
Original
Final
Budget
Budget
Actual
Variance
$ 893,300 $
893,300 $
893,300 $
-
-
1,334
1,334
-
675,365
608,730
(66,635)
12,000
12,000
6,814
(5,186)
905,300
1,580,665
1,510,178
(70,487)
194,700
211,600
207,644
3,956
397,600
763,200
202,131
561,069
35,200
35,200
35,166
34
3,500
2,001,010
875,607
1,125,403
631,000 3,011,010 1,320,548 1,690,462
274,300 (1,430,345) 189,630 1,619,975
- - 73,042 73,042
185,000 1,864,645 320,769 (1,543,876)
(257,900) (1,842,866) (391,166) 1,451,700
(72,900) 21,779 2,645 (19,134)
201,400 (1,408,566) 192,275 1,600,841
898,500 1,509,166 1,509,166 -
$ 1, 999,900 $ 100,600 $ 1,701,441 $ 1,600,841
$ 192,275
(5,291)
30,000
$ 216,984
28
COLLIER COUNTY, FLORIDA
GRANTS AND SHARED REVENUE
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
BUDGET AND ACTUAL (BUDGETARY BASIS)
For the Fiscal Year Ended September 30, 2021
Revenues:
Intergovernmental
Charges for services
Interest income
Miscellaneous
Total revenues
Expenditures:
Current:
General government
Public safety
Physical environment
Transportation
Economic environment
Human services
Culture and recreation
Debt service
Capital outlay
Total expenditures
Excess (deficit) of revenues over (under) expenditures
Other financing sources (uses):
Sale of capital assets
Transfers in
Transfers out
Total other financing sources (uses)
Net change in fund balances
Fund balances at beginning of year
Fund balances at end of year
Reconciliation:
Net change in fund balance, budgetary basis
Net change in fair value of investments
Unbudgeted funds
Net change in fund balance, GAAP basis
The notes to the financial statements are an integral part of this statement.
Original
Final
Budget
Budget
Actual
Variance
$728,100
$217,221,492
$77,515,420
$(139,706,072)
-
552,863
65,682
(487,181)
40,700
68,921
147,099
78,178
-
269,643
111,591
(158,052)
768,800
218,112,919
77,839,792
(140,273,127)
11,500
1,806,714
801,691
1,005,023
688,800
831,826
316,054
515,772
312,600
2,722,577
1,281,921
1,440,656
-
859,850
684,850
175,000
-
116,867,341
7,099,256
109,768,085
756,600
102,532,903
94,285,623
8,247,280
100
1,975,399
631,417
1,343,982
4,500
4,500
4,437
63
-
32,068,613
2,280,513
29,788,100
1,774,100
259,669,723
107,385,762
152,283,961
(1,005,300) (41,556,804) (29,545,970) 12,010,834
- 4 95 91
1,133,000 53,601,374 47,241,993 (6,359,381)
95,000 15,171,354 (15,095,000) (30,266,354)
1,228,000 68,772,732 32,147,088 (36,625,644)
222,700 27,215,928 2,601,118 (24,614,810)
328,000 5,406,780 5,406,780
$550,700 $32,622,708 $8,007,898 $(24,614,810)
$2,601,118
(128,514)
37,962
$2,510,566
29
ASSETS
Current assets:
Cash and investments
Receivables:
Trade, net
Special assessments
Interest
Leases
Due from other funds
Due from other governments
Deposits
Inventory
Prepaid costs
Restricted assets:
Cash and investments
Interest receivable
Due from other governments
Total current assets
Noncurrent assets:
Restricted assets:
Cash and investments
Receivables:
Special assessments
Leases
Capital assets:
Land and nondepreciable capital assets
Depreciable capital assets, net
Total noncurrent assets
Total assets
DEFERRED OUTFLOWS OF RESOURCES
Deferred charges on debt refundings
Deferred outflows of resources related to OPEB
Deferred outflows of resources related to pensions
Total deferred outflows of resources
COLLIER COUNTY, FLORIDA
STATEMENT OF NET POSITION
PROPRIETARY FUNDS
September 30, 2021
Business -type Activities Enterprise Funds
Governmental
Emergency
Activities -
County Water Solid Waste Medical Other
Internal
and Sewer Disposal Services Funds
Total Service Funds
$ 217,377,731 $
34,210,570 $
20,450,805 $
8,080,095 $
280,119,201 $
79,770,537
14,225,243
1,046,323
2,296,216
99,758
17,667,540
737,494
86,778
-
-
-
86,778
-
402,483
158,560
25,486
9,078
595,607
109,839
26,147
-
-
193,694
219,841
-
425
232,973
-
12,120
245,518
1,216,480
3,425,514
1,296,427
742,692
4,895
5,469,528
18,570
2,000
-
-
-
2,000
-
6,297,266
1,095,140
85,691
7,478,097
465,285
77,679
-
-
77,679
3,016,037
12,901,422
98,171
156,752
465,282
13,621,627
-
23,038
-
249
-
23,287
-
-
6,825,302
6,825,302
-
254,845,726
37,043,024
24,767,340
15,775,915
332,432,005
85,334,242
216,873,175
216,873,175
49,620
49,620
784,120
-
388,552
1,172,672
-
139,183,515
18,857,985
11,338,039
169,379,539
848,939
787,155,501
27,438,639
13,265,023 61,042,808
888,901,971
19,461,462
1,144,045,931
46,296,624
13,265,023 72,769,399
1,276,376,977
20,310,401
1,398,891,657
83,339,648
38,032,363 88,545,314
1,608,808,982
105,644,643
2,502,980
- - - 2,502,980 -
129,675
11,200 65,845 5,545 212,265 27,068
6,164,882
573,783 6,854,770 255,849 13,849,284 1,380,806
$ 8,797,537 $
584,983 $ 6,920,615 $ 261,394 $ 16,564,529 $ 1,407,874
(Continued)
30
COLLIER COUNTY, FLORIDA
STATEMENT OF NET POSITION
PROPRIETARY FUNDS
September 30, 2021
Business -type Activities Enterprise Funds
Governmental
Activities -
County
Emergency
Internal
Water
Solid Waste
Medical
Other
Service
and Sewer
Disposal
Services
Funds
Total
Funds
LIABILITIES
Current liabilities:
Accounts payable
$ 11,391,064 $
3,203,460 $
656,806 $
558,086 $
15,809,416
$ 1,593,186
Wages payable
1,618,679
153,014
1,113,763
70,256
2,955,712
368,262
Retainage payable
2,361,928
17,613
-
-
2,379,541
-
Due to other funds
8,218
-
3,166
-
11,384
60,000
Due to other governments
31,678
422
2,214
22,013
56,327
25,084
Unearned revenues
47,163
-
-
21,817
68,980
123,542
Self-insurance claims payable
-
-
-
-
-
8,724,652
Compensated absences
1,946,301
180,944
326,595
90,705
2,544,545
479,910
Total OPEB liability
89,559
8,688
45,297
4,343
147,887
17,375
Net pension liability
48,891
4,829
21,133
2,133
76,986
9,432
Landfill post -closure liability
-
53,162
-
-
53,162
-
Notes payable
5,918,250
-
-
5,918,250
-
Lease payable
66,559
28,889
95,448
3,234
Bonds and loans payable
6,762,000
-
6,762,000
-
Liabilities payable from restricted assets:
Accounts payable
2,172,307
2,109
2,229,256
4,403,672
Retainage payable
1,881,953
-
389,790
2,271,743
Due to other governments
-
115,560
115,560
Refundable deposits
132,766
-
9,926
142,692
Unearned revenue
-
98,171
-
98,171
Interest payable
2,673,326
-
2,673,326
Notes payable
2,042,598
2,042,598
Bonds and loans payable
2,254,000
-
2,254,000
-
Total current liabilities
41,447,240
3,720,303
2,199,972
3,513,885
50,881,400
11,404,677
Noncurrent liabilities:
Self-insurance claims payable
-
-
-
-
-
2,219,757
Advance from other funds
51,022
-
-
2,110,893
2,161,915
-
Compensated absences
486,575
45,236
81,649
22,677
636,137
119,977
Lease payable
224,831
-
382,554
-
607,385
6,898
Total OPEB liability
1,631,126
158,215
824,980
79,108
2,693,429
316,430
Net pension liability
13,260,544
1,279,051
9,383,603
567,183
24,490,381
2,725,154
Landfill post closure liability
-
1,573,710
-
-
1,573,710
-
Notes payable
42,469,000
-
42,469,000
Bonds and loans payable net
320,555,640
-
320,555,640
-
Total noncurrent liabilities
378,678,738
3,056,212
10,672,786
2,779,861
395,187,597
5,388,216
Total liabilities
420,125,978
6,776,515
12,872,758
6,293,746
446,068,997
16,792,893
DEFERRED INFLOWS OF RESOURCES
Deferred inflows of resources related to leases
764,512
-
-
561,956
1,326,468
-
Deferred inflows of resources related to OPEB
150,446
13,937
76,896
6,955
248,234
30,611
Deferred inflows of resources related to
pensions
15,165,501
1,389,264
19,519,145
621,033
36,694,943
3,518,131
Total deferred inflows of resources
16,080,459
1,403,201
19,596,041
1,189,944
38,269,645
3,548,742
NET POSITION
Net investment in capital assets
717,871,805
45,606,209 12,853,580
70,691,851
847,023,445 20,300,268
Restricted for grants and other purposes
-
- 154,892
4,546,052
4,700,944 -
Restricted for growth related capital expansion
23,302,654
-
-
23,302,654
Restricted for renewal and replacement
300,000
300,000
Restricted for debt service
22,523,245
-
-
22,523,245 -
Unrestricted
207,485,053
30,138,706 (524,293)
6,085,115
243,184,581 66,410,614
Total net position $
971,482, 557 $
75,744,915 $ 12,484,179 $
81,323,018
1,141,034,869 $ 86,710,882
Cumulative consolidation adjustment for internal service fund activities related to enterprise funds
(2,711,385)
Net position of Business -type Activities
$
1,138,323,484
The notes to the financial statements are an integral part of this statement.
31
COLLIER COUNTY, FLORIDA
STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET POSITION
PROPRIETARY FUNDS
For the Fiscal Year Ended September 30, 2021
Business -type Activities Enterprise Funds
Governmental
Emergency
Activities -
County Water
Solid Waste
Medical
Other
Internal
and Sewer
Disposal
Services
Funds
Total
Service Funds
Operating revenues:
Charges for services
$ 167,468,393
$ 58,500,481
$ 14,149,779 $
8,201,301 $
248,319,954
$ 114,142,814
Miscellaneous
548,496
577,645
56,172
198,477
1,380,790
64,068
Total operating revenues
168,016,889
59,078,126
14,205,951
8,399,778
249,700,744
114,206,882
Operating expenses:
Personal services
36,185,929
3,590,259
19,742,095
1,569,962
61,088,245
8,105,000
General and administrative
70,726,652
46,170,892
5,348,263
15,621,035
137,866,842
26,381,760
Insurance claims paid
-
-
-
-
-
77,373,881
Depreciation and amortization
49,911,860
1,915,458
2,689,980
4,063,561
58,580,859
4,014,619
Total operating expenses
156,824,441
51,676,609
27,780,338
21,254,558
257,535,946
115,875,260
Operating income (loss)
11,192,448
7,401,517
(13,574,387)
(12,854,780)
(7,835,202)
(1,668,378)
Non -operating revenues (expenses):
Operating grants and contributions
2,576,939
1,155,581
17,386,521
5,274,840
26,393,881
3,959
Interest income
302,706
43,635
25,947
21,507
393,795
63,824
Insurance reimbursement
79,482
1,344,998
8,915
23,710
1,457,105
2,410,307
Interest expense
(8,458,928)
(12,836)
(8,108)
(5,958)
(8,485,830)
(178)
Gain (loss) on disposal of capital assets
(2,642,466)
24,578
16,514
(92,594)
(2,693,968)
357,061
Total non -operating revenues (expenses) (8,142,267) 2,555,956 17,429,789 5,221,505 17,064,983 2,834,973
Income (loss) before contributions
and transfers
3,050,181
9,957,473
3,855,402
(7,633,275)
9,229,781
1,166,595
Capital grants and contributions
34,493,156
50,000
-
8,489,149
43,032,305
7,347
Transfers in
10,146,066
547,200
4,553,798
7,362,610
22,609,674
503,500
Transfers out
(10,240,411)
(1,090,162)
(7,800)
(15,000)
(11,353,373)
(1,476,600)
Total transfers and contributions
34,398,811
(492,962)
4,545,998
15,836,759
54,288,606
(965,753)
Change in net position
37,448,992
9,464,511
8,401,400
8,203,484
63,518,387
200,842
Net position - beginning
934,033,765
66,280,404
4,082,779
73,119,534
86,510,040
Net position - ending $
971,482, 557 $
75,744,915 $
12,484,179 $
81,323,018
$
86,710,882
Consolidation adjustment for internal service fund
activities related to enterprise funds
(945,981)
Change in net position of Business -type Activities
$
62,572,406
The notes to the financial statements are an integral part of this statement
32
Cash flows from operating activities:
Cash received for services
Cash received from other funds for services
Cash received from employees for services
Cash received from refundable deposits
Cash received from retirees for services
Cash payments on behalf of retirees
Cash payments for goods and services
Cash payments for self insurance claims
Cash payments to employees
Cash payments for interfund services
Cash payments from refundable deposits
Cash payments on refundable deposits
Net cash provided by (used for)
operating activities
Cash flows from non -capital financing activities:
Cash received from operating grants
Cash transfers from other funds
Cash transfers to other funds
Net cash provided by (used for)
non -capital financing activities
Cash flows from capital and related financing
activities:
System development charges
Special assessment collections
Receipts from insurance reimbursements
Proceeds from bond issued
Proceeds from disposal of capital assets
Proceeds from capital grants
Proceeds from leasing activities
Payments for capital acquisitions
Principal payments on direct placement loans and
notes
Principal payments on leases and financed
purchase obligations
Interest and fiscal agent fees paid
Net cash provided by (used for) capital and
related financing activities
Cash flows from investing activities:
Interest on investments
Net cash provided by investing activities
Net increase (decrease) in cash and investments
COLLIER COUNTY, FLORIDA
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
For the Fiscal Year Ended September 30, 2021
Business -type Activities Er
Emergency
County Water Solid Waste Medical
and Sewer Disposal Services
$ 167,977,122 $ 59,140,427 $ 13,689,115 $
113,000
570,737
(59,434,910)
(44,824,167) (1,559,511)
(36,500,282)
(3,633,871) (24,211,273)
(12,881,192)
(1,300,057) (3,820,671)
(102,000)
(596,279)
Funds Governmental
Activities -
Other Internal
Funds Total Service Funds
8,384,362 $ 249,191,026 $ -
- - 103,709,340
- 7,704,320
683,737 -
- 1,901,385
- (1,216,913)
(12,240,689) (118,059,277) (25,631,018)
- (77,539,667)
(1,597,146) (65,942,572) (8,345,539)
(3,462,066) (21,463,986) (1,281,013)
50 50
- (698,279)
59,171,738 9,356,790 (15,902,340) (8,915,489) 43,710,699 (699,105)
- 114,653 16,402,279 4,399,344 20,916,276 -
17,263,084 20,814,502 4,553,798 8,504,139 51,135,523 503,500
(10,307,924) (28,081,743) (7,800) (106,767) (38,504,234) (1,476,600)
6,955,160 (7,152,588) 20,948,277 12,796,716 33,547,565 (973,100)
16,273,483
16,273,483
76,034
76,034
-
79,482
1,344,998
8,915
23,710
1,457,105
3,310,307
159,417,819
-
-
-
159,417,819
-
200,193
70,903
40,254
142,507
453,857
361,861
375,000
50,000
-
7,817,438
8,242,438
-
15,082
-
187,813
202,895
(69,466,110)
(7,625,194)
(6,188,924)
(7,875,000)
(91,155,228)
(2,163,756)
(15,688,962)
(15,688,962)
(77,012)
(107,035)
(184,047)
(3,184)
(7,645,212)
(8,108)
(7,653,320)
(178)
83,559,797
(6,159,293)
(6,254,898)
296,468
71,442,074
1,505,050
155,057 40,613 23,429 17,457 236,556 61,869
155,057 40,613 23,429 17,457 236,556 61,869
149,841,752 (3,914,478) (1,185,532) 4,195,152 148,936,894 (105,286)
Cash and investments, October 1, 2020
297,310,576
38,223,219
21,793,089
4,350,225
361,677,109
79,875,823
Cash and investments, September 30, 2021
$ 447,152,328
$ 34, 008,741
$ 20, 007,557
$ 8, 445,377
$ 510, 114,003
$ 79, 770,537
Current cash and investments
$ 217,377,731
$ 34,210,570
$ 20,450,805
$ 8,080,095
$ 280,119,201
$ 79,770,537
Current cash and investments -restricted
12,901,422
98,171
156,752
465,282
13,621,627
-
Noncurrent cash and investments -restricted
216,873,175
-
-
-
216,873,175
-
Cash and investments, September 30, 2021
$ 447,152,328
$ 34,308,741
$ 20,607,557
$ 8,545,377
$ 510,614,003
$ 79,770,537
(Continued)
33
COLLIER COUNTY, FLORIDA
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
For the Fiscal Year Ended September 30, 2021
Business -type Activities Enterprise Funds Governmental
Emergency Activities -
County Water Solid Waste Medical Other Internal
and Sewer Disposal Services Funds Total Service Funds
Operating income (loss) $ 11,192,448 $ 7,401,517 $ (13,574,387) $ (12,854,780) $ (7,835,202) $ (1,668,378)
Adjustments to reconcile operating income (loss) to net cash provided by (used for) operating activities:
Depreciation and amortization expense
Net changes in assets and liabilities:
Trade receivable
Due from other funds
Due from other governments
Inventory
Prepaid costs
Accounts payable
Retainage payable
Wages payable
Due to other funds
Due to other governments
Compensated absences
Refundable deposits
Unearned revenue
Self-insurance claims payable
Total OPEB liability
Deferred outflows of resources related to
OPEB
Deferred inflows of resources related to OPEB
Net pension liability
Deferred outflows of resources related to
pensions
Deferred inflows of resources related to
pensions
Deferred inflows of resources related to
leases
Landfill post closure liability
Total adjustments
Net cash provided by (used for) operating
activities
Non -cash investing, capital and financing
activities:
49,911,860 1,915,458 2,689,980 4,063,561 58,580,859 4,014,619
(348,825)
60,822
(670,792)
(9,415)
(968,210)
(457,695)
157,961
34,812
-
192,773
(709,680)
200,502
204
88,982
-
289,688
21,635
(105,028)
-
(42,150)
23,608
(123,570)
(96,757)
(1,495)
-
-
-
(1,495)
(1,708,673)
(1,856,423)
46,668
78,513
90,170
(1,641,072)
(31,571)
363,806
-
-
-
363,806
-
111,214
(1,571)
130,388
7,419
247,450
36,356
(33,652)
(4,800)
3,166
-
(35,286)
60,000
31,676
422
(3,308)
232
29,022
19,895
3,348
9,445
(523,573)
8,437
(502,343)
12,974
11,000
-
50
11,050
-
-
(25,542)
(6,233)
(31,775)
328,869
-
-
-
(230,830)
1,050
(11,549)
46,961
(1,719)
34,743
(19,044)
(37,739)
3,304
17,230
1,653
(15,552)
6,608
76,746
7,444
38,816
3,722
126,728
14,888
34,067
(1,567,616)
(26,949,829)
(734,581)
(29,217,959)
(4,212,517)
(17,286,411)
217,236
3,985,510
107,129
(12,976,536)
594,479
2,464,879
1,299,695
18,782,153
580,756
23,127,483
3,325,717
14,280,754
-
-
(195,498)
14,085,256
-
-
(29,159)
-
(29,159)
-
47,979,290
1,955,273
(2,327,953)
3,939,291
51,545,901
969,273
$ 59,171,738 $ 9,356,790 $ (15,902,340) $ (8,915,489) $ 43,710,699 $ (699,105)
Change in fair value of investments
$ (1,118,306) $
Developer infrastructure contributions
18,180,218
Contributed capital assets
31,094
Change in capital related grant receivable
(375,000)
Change in special assessment receivable
(67,673)
Bond underwriters discount net from
bond proceeds
579,471
Capital related accounts payable
6,743,246
Capital related retainage
3,674,674
The notes to the financial statements are an integral
part of this statement.
(137,178) $ (83,042) $ (25,256) $ (1,363,782) $ (239,441)
- 18,180,218 -
470,879 501,973 7,347
200,832 (174,168) -
- (67,673)
- - 579,471 -
672,802 1,299,206 8,715,254 10,132
17,613 389,790 4,082,077 -
34
COLLIER COUNTY, FLORIDA
STATEMENT OF FIDUCIARY NET POSITION
FIDUCIARY FUNDS
September 30, 2021
Custodial
Funds
ASSETS
Cash and investments $ 39,239,345
Trade receivable, net 25,930
Total assets
$
39,265,275
LIABILITIES
Due to other governments
$
12,570,847
Due to individuals
94,943
Total liabilities
$
12,665,790
FIDUCIARY NET POSITION
Restricted for individuals and governments
$
26,599,485
The notes to the financial statements are an integral part of this statement.
35
COLLIER COUNTY, FLORIDA
STATEMENT OF FIDUCIARY NET POSITION
FIDUCIARY FUNDS
For the Fiscal Year Ended September 30, 2021
Custodial
Funds
ADDITIONS:
Contributions for individuals
$ 38,309,381
Fees collected for other governments
754,019,093
Miscellaneous
140,683
Total additions
792,469,157
DEDUCTIONS:
Beneficiary payments to individuals
28,078,817
Payment of fees to other governments
753,891,979
Payments to other entities
63,683
Total deductions 782,034,479
Net increase in fiduciary net position 10,434,678
Fiduciary net position - beginning of year, as restated 16,164,807
Fiduciary net position - end of year $ 26,599,485
The notes to the financial statements are an integral part of this statement.
36
NOTE 1 —SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The financial statements of Collier County, Florida (County) have been prepared in accordance with accounting principles generally
accepted in the United States of America for governmental entities (GAAP). The more significant of the County's accounting
policies are described below.
THE REPORTING ENTITY
Entity status for financial reporting purposes is governed by Governmental Accounting Standards Board (GASB) Statement No. 14,
The Financial Reporting Entity, as amended. The GASB is the standard setting body for the establishment of GAAP in governmental
entities. Determination of the financial reporting entity of the County is founded upon the objective of accountability. These
financial statements include the County government (the primary government) and two types of legally separate component units
(blended and discrete). Component units are legally separate agencies that the primary government is financially accountable
for or organizations which should be included in the reporting entity because of the nature and significance of their relationship
with the primary government.
Financial accountability is determined by the primary government's ability to appoint the voting majority of the entity's board and
impose its will on the organization or there is a potential specific financial benefit/burden relationship. Financial accountability
also exists if an organization is fiscally dependent and there is a potential specific financial benefit/burden relationship.
The primary government consists of Collier County, a political subdivision of the State of Florida that was established in 1923
by the Florida State Legislature. The County is governed by a Board of County Commissioners which consists of five members
elected within single member districts. In addition, there are five separately elected Constitutional Officers: the Tax Collector,
Property Appraiser, Sheriff, Clerk of the Circuit Court and Comptroller and Supervisor of Elections. The Constitutional Officers are
elected county wide. Under the direction of the Clerk of the Circuit Court and Comptroller, the Finance and Accounting Department
maintains the accounting system for the operations of the Board of County Commissioners, Supervisor of Elections and the
Clerk of the Circuit Court and Comptroller. The Tax Collector, Property Appraiser and Sheriff each maintain their own accounting
systems. For financial reporting purposes, the operations of the Board of County Commissioners and the Constitutional Officers
are combined and presented as the primary government.
The County's blended component units consist of organizations whose respective governing Boards are composed entirely of
the Board of County Commissioners serving ex-officio. These entities are legally separate, however the County has the financial
and operational responsibility for these component units. In accordance with GASB Statement No. 14, as amended, these
organizations are reported as if they were part of the County's operations.
Collier County Water and Sewer District (District) - The District was established by Chapter 88-499, Laws of Florida, as amended
by Chapter 03-353, to provide water, sewer and effluent services to portions of the unincorporated area of Collier County.
Collier County Community Redevelopment Agency (CRA)_ The CRA was established by Resolution 2000-82 to benefit blighted
areas in both the Immokalee Redevelopment and Bayshore/Gateway Triangle Redevelopment Areas. These two redevelopment
areas are geographically separate and distinct.
Collier County Airport Authority - The Board of County Commissioners was established as the governing body of the Airport
Authority by Ordinance 2010-10. The Airport Authority is responsible for construction, improvement, equipment, development,
regulation, operation and maintenance of the Marco Island, Immokalee and Everglades Airports and all related airport facilities.
Collier County Metropolitan Planning Organization (MPO) - The MPO was created in 1981 by Collier County Resolution 81-222
pursuant to Section 334.215, Florida Statutes, as amended by Section 339.175, Florida Statutes. The purpose of the MPO is
to provide planning for all modes of travel in order to benefit the citizens of Collier County. The MPO is reported as part of the
Grants and Shared Revenues fund.
The County's discretely presented component units consist of organizations whose board members are appointed by the Board
of County Commissioners. The County is able to impose its will on these entities because of its ability to remove appointed
members from the component units' Boards. The Authorities maintain their own financial records, but do not issue separate
financial statements. GASB Statement No. 14, as amended, requires that the financial data of the following organizations be
reported in separate columns to emphasize that they are legally separate from the County.
Collier County Housing Finance Authority - The Authority was formed in 1980 by Collier County Ordinance 80-66 for the purpose
of stimulating the construction of residential housing for low and moderate income families through the use of public financing.
Their financial position and results of operations are reported in the accompanying financial statements and the outstanding
conduit debt issued by the Authority is disclosed in Note 8, "Conduit Debt Obligations".
Collier County Health Facilities Authority -The Authority was established in 1979 by Collier County Ordinance 79-95 for the purpose
of assisting health facilities in the acquisition, construction and financing of projects within the County. Their financial position
and results of operations are reported in the accompanying financial statements and the outstanding conduit debt issued by the
Authority is disclosed in Note 8, "Conduit Debt Obligations".
37
NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Collier County Industrial Development Authority -The Authority was created in 1978 by Collier County Resolution 78-94, rescinded
and replaced by Resolution 79-34, to facilitate the financing of projects that promote economic growth and increase opportunities
for employment in the County. Their financial position and results of operations are reported in the accompanying financial
statements and the outstanding conduit debt issued by the Authority is disclosed in Note 8, "Conduit Debt Obligations".
Collier County Educational Facilities Authority - The Authority was created in 1999 by Collier County Resolution 99-17 to assist
institutions for higher education in the construction, financing and refinancing of projects. Their financial position and results of
operations are reported in the accompanying financial statements and the outstanding conduit debt issued by the Authority is
disclosed in Note 8, "Conduit Debt Obligations".
Financial information on the individual component units can be obtained from their respective administrative offices or from the
Finance and Accounting Department of the Clerk of the Circuit Court and Comptroller.
Administrative Offices
Collier Water and Sewer District Collier County Airport Authority
3339 East Tamiami Trail, Suite #302 2005 Mainsail Drive, Suite #1
Naples, Florida 34112 Naples, Florida 34114
Collier County Metropolitan Planning Organization Immokalee Community Redevelopment Agency
2885 South Horseshoe Drive 750 South 5th Street
Naples, Florida 34104 Immokalee, Florida 34142
Bayshore Gateway Community Redevelopment Agency Collier County Health Facilities Authority
3299 Tamiami Trail East, Bldg. F Suite #103 Collier County Housing Finance Authority
Naples, Florida 34112 Collier County Industrial Development Authority
Collier County Educational Facilities Authority
725 High Pines Drive
Naples, Florida 34103
GOVERNMENT -WIDE AND FUND FINANCIAL STATEMENTS
The basic financial statements are made up of the government -wide financial statements and fund financial statements. Both
of these sets of financial statements distinguish between the governmental and business -type activities of Collier County. The
government -wide financial statements consist of a Statement of Net Position and a Statement of Activities. These statements
report on the financial condition of Collier County, at the reporting entity level. Internal balances represent net amounts due
between the governmental and business -type activities. As a general rule, the effect of interfund activity has been eliminated from
the government -wide financial statements with the exception of interfund services provided and used. The internal service activity
has also been eliminated from the government -wide financial statements. Aggregate internal service fund activity is reported
in full as a single column in the proprietary fund financial statements. Fiduciary funds are not included in these presentations
as their assets do not represent amounts that are available for Collier County government operations. The Statement of Net
Position reports all financial and capital resources of Collier County's governmental and business -type activities. Net position
equals assets plus deferred outflows of resources minus liabilities plus deferred inflows of resources, and is shown in three
categories: net investment in capital assets; restricted net position and unrestricted net position. The Statement of Activities
reports results of operations on a functional activity (program) basis and demonstrates to what degree the particular program
has been self-supporting.
Direct expenses are those that are specifically associated with a service, program or department and, thus are clearly identifiable to
a particular function. The effect of indirect expense allocations has been eliminated in the government -wide financial statements.
Depreciation expense for capital assets that can specifically be identified with a function is recorded as a direct expense of that
function. Depreciation for capital assets that serve all functions is recorded as a direct expense of the general government
function on the government -wide Statement of Activities. All interest on general long term debt is considered indirect and is
reported separately in the government -wide Statement of Activities.
Program revenues are reported in the following three categories: charges for services, operating grants and contributions and
capital grants and contributions. Charges for services are amounts charged to customers for a particular service, and are netted
against the cost of the relevant program. Internal charges for indirect services are allocated across functions as direct expenses.
Grants and contributions refer to revenues restricted for capital or operational use in a particular program. The general revenue
category encompasses all other revenue types and represents revenue collected to support all functions of Collier County
government.
The fund financial statements follow the government -wide statements and report more detailed information about operations
of major funds on an individual basis and nonmajor funds on an aggregate basis for the governmental and proprietary funds.
Following the governmental fund balance sheet and statement of revenues, expenditures and changes in fund balances are
reconciliations explaining the differences between the governmental fund presentation and the government -wide presentation.
38
NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
BASIS OF PRESENTATION
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 that
are not accounted for in other funds are accounted for in the General Fund. The general operating funds of the Clerk of the
Circuit Court and Comptroller, Property Appraiser, Sheriff, Supervisor of Elections and Tax Collector are presented together
with the Board of County Commissioners' general operating fund in the County's consolidated General Fund.
Bayshore/Gateway and Immokalee Community Redevelopment Area Special Revenue Funds — the Redevelopment funds are
used to account forthe receipt and expenditure of tax increment revenues generated by the Bays hore/G ateway and Immokalee
Community Redevelopment Areas.
Grants and Shared Revenue Special Revenue Fund — the Grants and Shared Revenue fund is used to account for the receipt
and expenditure of federal, state and local grants.
Infrastructure Sales Tax Capital Project Fund — the Infrastructure Sales Tax fund is used to account for the receipt and
expenditure of an additional one -cent sales surtax approved by the voters.
The following are reported as major enterprise funds:
County Water and Sewer Fund — the County Water and Sewer fund is used to account for the provision of water, wastewater
and effluent services to certain portions of the County's unincorporated area.
Solid Waste Disposal Fund — the Solid Waste Disposal fund is used to account for the provision of solid waste disposal
services to users throughout the County.
Emergency Medical Services Fund — the Emergency Medical Services fund is used to account for the provision of emergency
ambulance and paramedical services to users throughout the County.
Collier County also maintains the following nonmajor fund types:
Special Revenue Funds — Special revenue funds are used to account for the proceeds of specific revenue sources that are
restricted or committed to expenditure for specific purposes other than debt service or capital projects.
Permanent Fund — Permanent funds are used to account for resources that were legally restricted to the extent that only
earnings and not principal may be spent. Collier County operates a permanent fund to defray costs associated with the
maintenance and management of conservation land.
Debt Service Funds — Debt service funds are used to account for the accumulation of resources that are restricted, committed
or assigned to expenditure for principal and interest related to long-term obligations.
Capital Project Funds — Capital project funds are used to account for the accumulation of resources that are restricted,
committed or assigned to expenditure for capital outlays including the acquisition or construction of capital facilities and
other capital assets.
Enterprise Funds — Enterprise funds are used to account for activities for which a fee is charged to external users for goods
or services.
Internal Service Funds — Internal service funds are used to account for the provision of goods and services by one department
to other departments within the County or to other governmental units on a cost reimbursement basis. Collier County currently
reports the following Internal Service Funds: Self -Insurance, Sheriff's Self -Insurance, Fleet Management, Motor Pool Capital
Recovery and Information Technology.
Fiduciary Funds - Custodial Funds — Fiduciary funds - custodial funds are used to account for assets held by Collier County
as an agent for individuals, private organizations and other governments. Custodial funds are custodial in nature. Custodial
funds are accounted for using the accrual basis of accounting. The Sheriff, Clerk of the Circuit Court and Comptroller and
Tax Collector all maintain custodial funds.
MEASUREMENT FOCUS AND BASIS OF ACCOUNTING
Measurement focus indicates the type of resources being measured such as current financial resources (current assets less
current liabilities) or economic resources (all assets and liabilities). Basis of accounting refers to when revenues and expenditures
or expenses are recognized in the accounts and reported in the financial statements. The basis of accounting relates to the
timing of the measurements made regardless of the measurement focus applied.
The government -wide and proprietary fund financial statements are reported using the economic resources measurement focus
and the accrual basis of accounting. With this measurement focus, all assets and liabilities associated with the operation of
these funds are included on the Statement of Net Position and the operating statements present increases (i.e., revenues) and
39
NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
decreases (i.e., expenses) in net position. Under the accrual basis of accounting, revenues are recognized in the period in which
they are earned and measurable, and expenses are recognized in the period incurred. Grant and similar revenues are recognized
when eligibility requirements are met. 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. Operating expenses for proprietary funds include the cost of sales and
services, administrative expenses and depreciation on capital assets. All revenues and expenses not meeting this definition are
reported as non -operating revenues and expenses.
Governmental fund financial statements are reported using the current financial resources measurement focus and the modified
accrual basis of accounting. With this measurement focus, only current assets and current liabilities generally are included
on the balance sheet. Operating statements of these funds present increases (i.e., revenues and other financing sources) and
decreases (i.e., expenditures and other financing uses) in fund balance. Under the modified accrual basis of accounting, revenues
are recognized when they become measurable and available to finance expenditures of the fiscal period. Generally, revenues are
considered available when they are collected within the current period or within 60 days after the end of the fiscal year. Grant
revenues are an exception and are considered available when eligibility requirements are met. Primary revenues which have
been treated as susceptible to accrual include, where material, charges for services, interest earnings and certain taxes and
intergovernmental revenues. Property taxes are discussed later in Note 1. Expenditures are recorded when the related fund
liability is incurred. Exceptions to this general rule include accrued compensated absences, pension, other postemployment
benefits and principal and interest on long-term debt.
When both restricted and unrestricted resources are available, restricted resources will be used first for incurred expenses, and
then unrestricted as needed. When using the unrestricted resources, committed amounts would be reduced first, followed by
assigned amounts, and then unassigned amounts when expenditures are incurred for purposes for which amounts in any of
those unrestricted fund balance classifications could be used.
BUDGETS AND BUDGETARY DATA
The following are the statutory procedures followed by the Board of County Commissioners in establishing the budgets for the
County:
1. Within fifteen days after certification of the ad valorem tax roll by the Property Appraiser, the County budget officer
prepares and presents to the Board a tentative budget for the ensuing fiscal year. The budget includes all estimated
receipts and all estimated expenditures, reserves and balances to be carried forward at the end of the year as specified
in Section 129.03, Florida Statutes.
2. Within eighty days of the certification of value, but not earlierthan sixty-five days after certification, the Board holds a public
hearing on the tentative budget and proposed millage rate. At this hearing the Board amends and adopts the tentative
budget, recomputes the proposed millage rate, and announces publicly the percentage, if any, by which the recomputed
proposed millage rate exceeds the rolled -back rate. If the millage rate tentatively adopted exceeds that proposed, each
taxpayer within the jurisdiction is notified of the increase by first class mail, at the expense of the Board.
3. Within fifteen days of the meeting adopting the tentative budget, the Board advertises the County's intent to adopt a final
budget and millage rate.
4. A public hearing is held by the Board to finalize the budget and adopt a millage rate. This hearing is held not less than
two days and not more than five days after the day that the advertisement is first published. Prior to September 30, the
millage levy is adopted by a separate vote. The millage rate adopted is not allowed to exceed the tentatively adopted
millage rate, except as allowed for by emergency provision with strict public notice requirements. This is followed by the
approval and ratification of the final budget.
5. The resolution approved at the final hearing is forwarded to the Property Appraiser, Tax Collector and Florida Department
of Revenue, not later than thirty days following the adoption of the Resolution, the Board certifies to the State of Florida,
Department of Revenue, Division of Ad Valorem Tax, that it has complied with the provisions of Chapter 200, Florida
Statutes.
6. The County Manager approves intradepartmental budget changes within the same fund of $50,000 or less that do
not impact reserves or recognize revenue. All other budgetary changes must be approved by the Board of County
Commissioners as a matter of policy. The initial adopted budget was amended in accordance with Florida Statutes.
7. Florida State Section 129.07, as amended in 1978, provides that expenditures in excess of total fund budgets are unlawful.
However, because the Board approves all budgetary changes between departments, except those approved by the County
Manager, the departmental budget becomes the level of control.
Formal budgetary integration is employed as a management control device during the fiscal year for all funds. Budgets have
been legally adopted by the Board for all Board departments except for the custodial funds. The Property Appraiser and the Tax
Collector adopt budgets for their general funds independently of the Board. The Clerk of Courts operates as a fee officer, and as
such, prepares its non -court budget in accordance with Section 218.35, Florida Statutes.
40
NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
The Sheriff and Supervisor of Elections prepare budgets for their general funds, which are submitted to and approved by the Board.
The Clerk of Court's budget for court related functions is prepared according to Section 28.36 Florida Statutes and submitted to
the Clerks of Court Operations Corporation for approval by the Legislative Budget Commission.
Budgets are adopted for all governmental departments except as described in the previous paragraph. These budgets are
adopted on a basis consistent with generally accepted accounting principles (GAAP) except for certain non -budgeted revenues
and expenditures and mark to market activity on investments. All unencumbered appropriations lapse at the end of the current
year. For further information regarding encumbrances, refer to Note 17 on page 78.
Capital project costs are budgeted in the year they are anticipated to be obligated. In subsequent years, the unused budget is
reappropriated until the project is completed. Proprietary funds are budgeted on a basis consistent with generally accepted
accounting principles, except that capital related and debt transactions are based upon cash receipts and disbursements.
Estimated beginning fund balances are considered in the budgetary process.
For purposes of the budgetary presentation, certain transactions that have been accounted for in the governmental funds
statements of revenues, expenditures and changes in fund balances have not been reflected in the budgetary financial statements.
Specifically, bad debt expense and the net change in fair value of investments are not presented in the budget to actual statements.
CASH AND INVESTMENTS
Florida Statutes Section 218.415 establishes guidelines for Florida local government investment policies. The County's current
investment policy, as amended, was adopted December 9, 2014 by Resolution 2014-260 and is consistent with the requirements
of that statute. This investment policy authorized the following investments:
1. U.S. Treasury and 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 — Debt obligations, participations or other instruments issued or fully
guaranteed by any U.S. Federal agency, instrumentality or government sponsored enterprise;
3. 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;
4. Municipals — Obligations, including both taxable and tax-exempt, issued or guaranteed by any State, territory or possession
of the United States, political subdivision, public corporation, authority, agency board, instrumentality or other unit of local
government of any State or territory;
5. Agency Mortgage Backed Securities — Mortgage backed securities, 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;
6. Non -Negotiable Certificates of Deposit - Non-negotiable interest bearing time certificates of deposit or savings accounts
in banks organized under the laws of this state or in national banks organized under the laws of the United States and
doing business in this state, provided that any such deposits are secured by the Florida Security for Public Deposits Act,
Chapter 280, Florida Statutes;
7. Depository Bank Account — Negotiated Order of Withdrawal accounts in banks organized under the laws of this state or
in national banks organized under the laws of the United States and doing business in this state, provided that any such
deposits are secured by the Florida Security for Public Deposits Act, Chapter 280, Florida Statutes;
8. Commercial Paper — U.S. dollar denominated commercial paper issued or guaranteed by a domestic corporation, company,
financial institution, trust or other entity, including both unsecured debt and asset backed programs;
9. Repurchase Agreements — Repurchase agreements must be governed by written agreement, counterparty must be a
Federal Reserve Bank, a Primary Dealer or a nationally chartered commercial bank. Acceptable underlying securities
must be direct obligations of, or that are fully guaranteed by, the United States or any agency of the United States, or
U.S. Agency backed mortgage related securities with an aggregate current market value of at least 102% (or 100% if the
counterparty is a Federal Reserve Bank) of the purchase price plus current accrued price differential;
10. 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 Security and Exchange Commission Rule 2a-7;
11. Fixed -Income Mutual Funds — Shares in open end and no load fixed income mutual funds whose underlying investments
would be permitted for purchase under the investment policy and all its restriction;
41
NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
12. Local Government Investment Pools — State, local government or privately sponsored investment pools that are authorized
pursuant to state law;
13. The Florida Local Government Surplus Funds Trust Funds (Florida Prime).
The County maintains a cash and investment pool that is available for use by all funds. Investment income is allocated to
individual funds based upon their average daily balance in the cash and investment pool. Each fund's individual equity in the
County's cash and investment pool is considered to be a cash equivalent as the funds can deposit or withdraw cash at any time
without notice or penalty. The statement of cash flows for the proprietary funds also uses this methodology.
Investments in debt securities are recorded at fair value based upon values obtained from an independent pricing service.
Investments in the Local Government Investment Pools (FL PALM and FLCLASS) and the Local Government Surplus Funds Trust
Fund (Florida PRIME) are stated at fair value. The County categorizes its fair value measurements within the fair value hierarchy
established in GASB Statement No. 72, Fair Value Measurements and Application.
Florida Public Assets for Liquidity Management's FL PALM Portfolio Board of Trustees has determined that it will manage the FL
PALM Portfolio in accordance with GASB Statement No. 79, Certain External Investment Pools and Pool Participants requirements,
as applicable, for continued use of amortized cost. Therefore, the fair value of the County's position in the pool is the same as
the value of the pool shares. Throughout the year, and as of September 30, 2021, FL PALM Portfolio contained certain floating
and adjustable rate securities. These investments represented 34.0% of the FL PALM Portfolio's investments as of September
30, 2021. In addition, and in accordance with GASB 79, the County should disclose the presence of any limitations or restrictions
on withdrawals in notes to the financial statements. The FL PALM portfolio Board of Trustees (Trustees) can suspend the right
of withdrawal or postpone the date of payment if the Trustees determine that there is an emergency that makes the sale of a
Portfolio's securities or determination of its net asset value not reasonably practical.
Florida Cooperative Liquid Assets Securities System (FLCLASS) follows Financial Accounting Standards Board (FASB) Accounting
Standards Topic (ASC) 820 Fair Value Measurement and Disclosure for financial reporting purposes. ASC 820 defines fair value,
establishes a single framework for measuring fair value, and requires disclosures about fair value measurement. FLCLASS
does not meet all of the specific criteria outlined in GASB 79 for measurement at amortized cost. FLCLASS measures its
investments at fair value in accordance with paragraph 41 of GASB 79 and paragraph 11 of GASB Statement No. 31, Accounting
and Financial Reporting for Certain Investments and for External Investment Pools, as amended, and therefore a participant's
investment in FLCLASS is not required to be categorized within the fair value hierarchy for purposes of paragraph 81a(2) of
GASB 72. Throughout the year, and as of September 30, 2021, FLCLASS Daily Liquidity Pool and FLCLASS Enhanced Cash Pool
contained certain floating and adjustable rate securities. These investments represented 29.0% and 7.9%, respectively, of the
FLCLASS Daily Liquidity Pool and Enhanced Cash Pool as of September 30, 2021.
Florida PRIME, administered by the State Board of Administration (SBA) is considered a qualifying external investment pool that
meets all of the necessary criteria to elect to measure all of the investments at amortized cost. Therefore, the fair value of the
County's position in the pool is the same as the value of the pool shares. The Florida PRIME investments are not categorized
because they are not evidenced by securities that exist in physical or book entry form. Throughout the year, and as of September
30, 2021, Florida PRIME contained certain floating and adjustable rate securities. These investments represented 9.6% of Florida
PRIME's portfolio at September 30, 2021.
In accordance with GASB Statement No. 79, Certain External Investment Pools and Pool Participants, as a participant in a
qualifying external investment pool, the County should disclose the presence of any limitations or restrictions on withdrawals
(such as redemption notice periods, maximum transaction amounts, and the qualifying external investment pool's authority to
impose liquidity fees or redemption gates) in notes to the financial statements.
With regard to redemption gates, Chapter 218.409(8)(a), Florida Statutes, states that "The principal, and any part thereof, of each
account constituting the trust fund is subject to payment at any time from the moneys in the trust fund. However, the Executive
Director may, in good faith, on the occurrence of an event that has a material impact on liquidity or operations of the trust fund,
for 48 hours limit contributions to or withdrawals from the trust fund to ensure that the Board can invest moneys entrusted to
it in exercising its fiduciary responsibility. Such action must be immediately disclosed to all participants, the Trustees, the Joint
Legislative Auditing Committee, the Investment Advisory Council, and the Participant Local Government Advisory Council. The
Trustees shall convene an emergency meeting as soon as practicable from the time the Executive Director has instituted such
measures and review the necessity of those measures. If the Trustees are unable to convene an emergency meeting before the
expiration of the 48-hour moratorium on contributions and withdrawals, the moratorium may be extended by the Executive Director
until the Trustees are able to meet to review the necessity for the moratorium. If the Trustees agree with such measures, the
Trustees shall vote to continue the measures for up to an additional 15 days. The Trustees must convene and vote to continue any
such measures before the expiration of the time limit set, but in no case may the time limit set by the Trustees exceed 15 days"
With regard to liquidity fees, Florida Statute 218.409(4) provides authority for the SBA to impose penalties for early withdrawal,
subject to disclosure in the enrollment materials of the amount and purpose of such fees. At present, no such disclosure has
been made.
42
NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
As of September 30, 2021, there were no redemption fees or maximum transaction amounts, or any other requirements that serve
to limit a participant's daily access to 100 percent of their account value.
RECEIVABLES
All trade receivables are reported net of an allowance for uncollectibles, which is generally all receivables outstanding in excess
of one year, except for Emergency Medical Services receivable, which uses an estimated uncollectible percentage.
INVENTORIES AND PREPAID COSTS
Inventory is valued at cost using the first -in, first -out method. Inventory in the governmental funds consists of supplies held for
consumption. The cost is recorded as an expenditure at the time inventory items are consumed rather than when purchased.
Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid items. Inventories
and prepaid costs reported within governmental funds are classified as non -spendable, which indicates that they do not constitute
available resources. Inventories and prepaid costs in the government -wide and proprietary fund financial statements are reported
as an expense when consumed.
Inventory held for resale consists of real estate holdings, acquired through various programs, which the County intends to sell.
The value of these properties includes the original purchase price plus the cost of any rehabilitation. Inventory held for resale of
$3,923,733 is classified as restricted, which indicates that they do not constitute available resources.
CAPITAL ASSETS
Capital assets, which include property, plant, equipment and infrastructure (e.g., roads and bridges, water and wastewater
systems, drainage systems and similar items), are reported in the proprietary fund financial statements and in the governmental
or business -type activities columns in the government -wide financial statements. Capital assets are reported at cost where
historical records are available and at estimated fair value in the absence of historical cost records. Capital contributions are
recorded at acquisition value on the date donated.
The County capitalizes expenditures with a cost of $5,000 or more and with a useful life in excess of one year. Betterments and
major improvements which significantly increase value, change capacity or extend useful lives are also capitalized. Expenditures
for maintenance and repairs are charged to operating expenses. The cost of capital assets retired or sold, together with the
related accumulated depreciation, is removed from the respective accounts and any gain or loss on disposition is credited or
charged to earnings in the government -wide financial statements and proprietary fund financial statements.
Depreciation is calculated using the straight-line method. The estimated useful life of the various classes of depreciable capital
assets is as follows:
Capital Asset Class Estimated Useful Life
Buildings 20-45 years
Infrastructure 3-30 years
Improvements other than buildings 4-45 years
Machinery and equipment 3-20 years
FINANCED PURCHASE OBLIGATIONS
In the government -wide financial statements and proprietary fund financial statements, financed purchase obligations and the
related cost of assets acquired are reflected in the Statement of Net Position. For financed purchase obligations originating
in governmental funds, an expenditure for the asset and an offsetting other financial source are reflected in the fund financial
statements in the year of inception.
LEASES
The County is a lessee for noncancellable leases of land, building, office space and equipment. The County recognizes a lease
liability and an intangible right -to -use lease asset (lease asset) in the government -wide and proprietary fund financial statements.
At the commencement of a lease, the County initially measures the lease liability at the present value of payments expected to
be made during the lease term. Subsequently, the lease liability is reduced by the principal portion of lease payments made. The
lease asset is initially measured as the initial amount of the lease liability, adjusted for lease payments made at or before the
lease commencement date, plus certain initial direct costs. Subsequently, the lease asset is amortized on a straight-line basis
over the term of the lease.
Key estimates and judgments related to leases include how the County determines (1) the discount rate it uses to discount the
expected lease payments to present value, (2) lease term, and (3) lease payments.
43
NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
The County uses the interest rate charged by the lessor as the discount rate. When the interest rate charged by the lessor is not
provided, the County generally uses its estimated incremental borrowing rate as the discount rate for leases.
The lease term includes the noncancellable period of the lease. Lease payments included in the measurement of the lease liability
are comprised of fixed payments and any purchase option price that the County is reasonably certain to exercise. In determining
the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension
option, or not exercise a termination option. Extension options are only included in the lease term if the lease is reasonably certain
to be extended.
The County monitors changes in circumstances that would require a remeasurement of its lease and will remeasure the lease
asset and liability if certain changes occur that are expected to significantly affect the amount of the lease liability.
Leased assets are reported with other capital assets and lease liabilities are reported with long-term debt on the statement of
net position.
Payments due under the lease contracts include fixed payments plus, for many of the County's leases, variable payments. For
office space leases that include variable payments, those payments include the County's proportionate share of property taxes,
insurance, and common area maintenance. For office equipment leases for which the County has elected not to separate lease
and non -lease components, maintenance services are provided by the lessor at a fixed cost and are included in the fixed lease
payments.
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present
value of the following lease payments:
• Fixed payments (including in -substance fixed payments), less any lease incentives receivable.
• Amounts expected to be payable by the County under residual value guarantees.
• The exercise price of a purchase option if it is reasonably certain the option will be executed.
• Payments of penalties for terminating the lease, if the lease term reflects the County exercising that option.
Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability.
Extension and termination options are included in a number of property and equipment leases across the County. These are used
to maximize operational flexibility in terms of managing the assets used in the County's operations. The majority of extension
and termination options held are exercisable only by the County and not by the respective lessor.
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which
is generally the case for leases in the group, the lessee's incremental borrowing rate is used. The incremental borrowing rate
is the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the
right -of -use asset in a similar economic environment with similar terms, security and conditions.
Variable payments that depend on an index or a rate (such as the Consumer Price Index or a market interest rate) are initially
measured using the index or rate as of the commencement of the lease term.
The County is a lessor for noncancellable leases of land, building, office space and equipment. The County recognizes a lease
receivable and a deferred inflow of resources in the government -wide, proprietary fund and governmental fund financial statements.
At the commencement of a lease, the County initially measures the lease receivable at the present value of payments expected
to be received during the lease term. Subsequently, the lease receivable is reduced by the principal portion of lease payments
received. The deferred inflow of resources is initially measured as the initial amount of the lease receivable, adjusted for lease
payments received at or before the lease commencement date. Subsequently, the deferred inflow of resources is recognized as
revenue over the term of the lease.
Key estimates and judgments include how the County determines (1) the discount rate it uses to discount the expected lease
receipts to present value, (2) lease term, and (3) lease receipts.
The County uses its estimated incremental borrowing rate as the discount rate for leases.
The lease term includes the noncancellable period of the lease. Lease receipts included in the measurement of the lease receivable
is comprised of fixed payments from the lessee.
The County monitors changes in circumstances that would require a remeasurement of its lease, and will remeasure the lease
receivable and deferred inflows of resources if certain changes occur that are expected to significantly affect the amount of the
lease receivable.
44
NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
DEFERRED OUTFLOWS/INFLOWS OF RESOURCES
In addition to assets, the statement of financial position reports a separate section for deferred outflows of resources. This
separate financial statement element, deferred outflows of resources, represents a consumption of net position that applies to
a future period(s) and so will not be recognized as an outflow of resources (expense/expenditure) until then.
The deferred outflows of resources reported in the County's statement of net position represent changes in actuarial assumptions,
the net difference between projected and actual earnings on investments, changes in the proportion and differences between the
County's contributions and proportionate share of contributions and the County's contributions subsequent to the measurement
date, relating to the Florida Retirement System Pension Plan and the Retiree Health Insurance Subsidy Program. In addition,
deferred outflows related to the difference between expected and actual economic experience relating to the Florida Retirement
System Pension and the Other Post Employment Benefits Plan were reported. These amounts will be recognized as increases
in pension expense and OPEB expense in future years. The County also reports the deferred charge on refunding as a deferred
outflow in the proprietary and government wide statements of net position. A deferred charge results from the difference in the
carrying value of refunded debt and its reacquisition price. This amount is deferred and amortized over the shorter of the life of
the refunded or refunding debt.
In addition to liabilities, the statement of financial position reports a separate section for deferred inflows of resources. This
separate financial statement element, deferred inflows of resources, represents an acquisition of net position that applies to a
future period(s) and so will not be recognized as an inflow of resources (revenue) until that time. The deferred inflows of resources
reported in the County's statement of net position represent the difference between expected and actual economic experience,
changes in actuarial assumptions, net difference between projected and actual earnings on investments, and changes in the
proportion and differences between the County's contributions and proportionate share of contributions relating to the Florida
Retirement System Pension Plan, the Retiree Health Insurance Subsidy Program and the Other Post Employment Benefits Plan.
These amounts will be recognized as reductions in pension expense and OPEB expense in future years. The County has also
recorded amounts associated with long term receivables, primarily related to deferred impact fee agreements and leases, as
deferred inflows.
BOND PREMIUMS, LOSS ON DEFEASANCE AND ISSUANCE COSTS
Bond premiums and bond insurance costs for the governmental activities and the business -type activities are deferred and
amortized over the term of the bonds using the straight-line method which approximates the effective interest method. Bond
premiums are presented as an increase to the face amount of bonds payable, while bond insurance costs are recorded as deferred
charges and shown on the face of the Statement of Net Position as a component of noncurrent assets.
Pursuant to GASB Statement No. 65, Items Previously Reported as Assets and Liabilities, the gain or loss on defeasance of debt is
reported as a deferred inflow or outflow of resources. The gain or loss is calculated as the difference between the reacquisition
price of the refunded debt and the net carrying amount at the time of the refunding. The gain or loss is amortized on a straight
line basis over the shorter of the life of the new debt or the remaining life of the old debt as a component of interest expense.
In the governmental fund financials, bond premiums and issuance costs, including bond insurance costs, are recognized in the
current period. The face amount of debt is reported as other financing sources. Premiums received on debt issuances are also
reported as other financing sources. Issuance costs, including bond insurance costs, whether or not they have been paid from
debt proceeds are reported as debt service expenditures.
PROPERTY TAXES
Property taxes become due and payable on November 1st of each year and become delinquent on April 1st of the following
year. Property taxes receivable and a corresponding allowance for uncollectible property taxes are not included in the financial
statements, as delinquent taxes as of September 30, 2021 are not significant. Discounts on property taxes are allowed for
payments made prior to the April 1 st delinquent date as follows: November - 4%, December - 3%, January - 2%, and February -1 %.
Tax certificates for the full amount of any unpaid taxes must be sold no later than June 1 st of each year.
No accrual for the property tax levy becoming due in November 2021 is included in the accompanying financial statements, since
such taxes are collected to finance expenditures of the subsequent period.
45
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Key dates in the property tax cycle for the fiscal year ended September 30, 2021 are as follows:
Property Tax Cycle
Assessment roll compiled
Assessment roll certified
Millage resolution approved
Beginning of fiscal year for tax levy
Taxes due and payable (levy date)
Collection dates
Due date
Delinquent (lien date)
Tax certificates sold
ACCOUNTING ESTIMATES
Date
January 1, 2020
July 1, 2020
Within 35 days of the certification of the assessment roll
October 1, 2020
November 1, 2020
By November 30: 4% discount
By December 31: 3% discount
By January 31: 2% discount
By February 29: 1 % discount
March 31, 2021
April 1, 2021
Prior to June 1, 2021
The preparation of financial statements in conformity with generally accepted accounting principles requires management to
make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets
and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting
period. Actual results may differ from those estimated.
UNEARNED REVENUE
In instances where assets have been received by the County for services to be rendered in future periods, asset balances are
offset by an unearned revenue liability account in the financial statements. Unearned revenues of the County as of September
30, 2021 are gift certificates issued and prepayments on accounts.
ACCRUED COMPENSATED ABSENCES
The County follows the provisions of GASB Statement No. 16, Accounting for Compensated Absences. This statement provides
for the measurement of accrued vacation leave and other compensated absences using the pay or salary rates in effect at the
balance sheet date. It also requires additional amounts to be accrued for certain salary related payments associated with the
payment of compensated absences.
It is the Board of County Commissioners' policy to allow employees of record on August 2, 1996 a sick leave payment upon
termination for any service period earned prior to August 2, 1996 and a payout of unused vacation up to 440 hours for all
employees. The Sheriff's policy allows for a percentage of unused sick leave payout based upon years of service, not to exceed
2,000 hours, and up to 500 hours of unused vacation time.
Both the Clerk of the Circuit Court and Comptroller's and Tax Collector's policies allow for a percentage of unused sick leave
payout based upon years of service, and up to 240 hours of unused vacation hours. The Property Appraiser's policy allows for a
percentage of unused sick leave payout based upon years of service, not to exceed 1,040 hours, and up to 200 hours of unused
vacation hours. The Supervisor of Election's policy allows for a percentage of unused sick leave payout based upon years of
service, and up to 440 hours of unused vacation.
Payments for compensated absences are made by the respective fund. Accrued compensated absences are recorded as
liabilities in the government -wide financial statements and the proprietary fund financials. A liability is reported in governmental
funds only if they have matured, for example, as a result of employee resignations or retirements, and are considered due and
payable as of year end.
PENSIONS
In the government -wide and proprietary funds statements of net position, liabilities are recognized for the County's proportionate
share of each pension plan's net pension liability. For purposes of measuring the net pension liability, deferred outflows/inflows
of resources, and pension expense, information about the fiduciary net position of the Florida Retirement System (FRS) defined
benefit plan and the Health Insurance Subsidy (HIS) and additions to/deductions from FRS's and HIS's fiduciary net position
have been determined on the same basis as they are reported by the FRS and HIS plans. For this purpose, plan contributions are
recognized as of employer payroll paid dates and benefit payments and refunds of employee contributions are recognized when
due and payable in accordance with the benefit terms. Investments are reported at fair value.
46
NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
OTHER POST EMPLOYMENT BENEFITS (OPEB)
In the government -wide and proprietary funds statements of net position, liabilities are recognized for the County's total OPEB
liability as determined by an actuarial review of the healthcare coverage purchased by retirees to continue participation in the
County's self -insured health plan. The County is responsible for covering the excess of retiree claims over premium payments
made by retirees to the County, which creates an other post employment benefit. OPEB expense is recognized immediately for
changes in the OPEB liability resulting from current year service cost, interest on the total OPEB liability and changes of benefit
terms or actuarial assumptions.
ADOPTION OF NEW ACCOUNTING PRONOUNCEMENTS
For the year ended September 30, 2021, the financial statements include the impact of the adoption of GASB Statement No. 84,
Fiduciary Activities. The primary objective of this statement is to enhance the consistency and comparability of fiduciary activity
reporting by state and local governments. This statement establishes criteria for identifying fiduciary activities and a reporting
model to improve the usefulness of fiduciary activity information for assessing the accountability of governments in their role as
a fiduciary. For additional information, please see Note 19 on page 81.
47
NOTE 2 — CASH AND INVESTMENTS
As of September 30, 2021, the County had the following cash, cash equivalents and investments:
Investment
Final Maturities
Fair Value
First Call Date
Call Frequency
Rating
Cash on hand
N/A $
86,350
N/A
N/A
N/A
Demand deposits
N/A
120,565,759
N/A
N/A
N/A
Cash with fiscal agent
N/A
10,678,128
N/A
N/A
N/A
Money market / CD
N/A
570,690
N/A
N/A
N/A
State Board of Administration Pool:
Florida PRIME
N/A
393,987,398
N/A
N/A
AAAm
Other Intergovernmental Pools:
FLCLASS
N/A
110,415,080
N/A
N/A
AAAm
FL PALM
N/A
60,190,973
N/A
N/A
AAAm
US Treasury Note
10/15/21
25,026,925
none
N/A
AA+
US Treasury Note
12/31/21
476,853
none
N/A
AA+
US Treasury Note
12/31/21
50,194,950
none
N/A
AA+
US Treasury Note
12/31/21
50,194,950
none
N/A
AA+
US Treasury Note
02/28/22
503,515
none
N/A
AA+
US Treasury Note
04/15/22
505,900
none
N/A
AA+
US Treasury Note
05/15/22
506,405
none
N/A
AA+
US Treasury Note
06/30/22
400,124
none
N/A
AA+
US Treasury Note
08/31/22
325,075
none
N/A
AA+
Federal Farm Credit Bank
03/03/23
9,930,015
none
N/A
AA+
Federal Home Loan Mortgage Corp.
06/01/23
27,198,784
12/01/21
quarterly
AA+
US Treasury Note
06/15/23
500,115
none
N/A
AA+
Bank of America Corp Note
06/21/23
24,706,062
12/21/21
quarterly
AA+
Federal Home Loan Mortgage Corp.
11/02/23
24,999,225
11/02/21
annual
AA+
Federal Home Loan Mortgage Corp.
11/13/23
24,986,690
05/13/22
semi-annual
AA+
Federal Home Loan Mortgage Corp.
11/24/23
24,987,638
11/24/21
quarterly
AA+
Federal Farm Credit Bank
11/30/23
549,879
none
N/A
AA+
CitiGroup Global Markets
01/29/24
24,766,333
01/29/22
quarterly
AA+
Federal Home Loan Bank
01/29/24
16,938,553
07/29/21
quarterly
AA+
Federal Home Loan Bank
01/29/25
23,244,382
07/29/21
quarterly
AA+
Bank of America Corp Note
02/16/24
27,880,693
02/16/22
quarterly
AA+
Federal Home Loan Bank
03/12/24
24,998,974
04/12/21
monthly
AA+
US Treasury Note
03/15/24
24,911,125
none
N/A
AA+
Federal Farm Credit Bank
03/28/24
498,470
none
N/A
AA+
Farmer Mac
04/01/24
9,983,367
none
N/A
AA+
US Treasury Note
04/15/24
24,968,750
none
N/A
AA+
Federal Home Loan Bank
05/24/24
24,948,237
02/24/21
continuously
AA+
US Treasury Note
07/15/24
24,927,725
none
N/A
AA+
US Treasury Note
08/15/24
49,813,010
none
N/A
AA+
Federal Farm Credit Bank
10/15/24
497,890
none
N/A
AA+
Federal Home Loan Bank
11/26/24
24,964,261
11/26/21
quarterly
AA+
Federal National Mortgage Assoc.
12/16/24
24,919,199
06/16/21
quarterly
AA+
Federal Home Loan Bank
12/30/24
24,970,478
09/30/21
quarterly
AA+
Federal Farm Credit Bank
01/13/25
392,136
none
N/A
AA+
Federal Home Loan Bank
01/15/25
496,690
none
N/A
AA+
Federal Farm Credit Bank
02/04/25
246,633
none
N/A
AA+
Federal Farm Credit Bank
02/10/25
498,065
none
N/A
AA+
Federal Home Loan Bank
02/26/25
24,979,211
11/26/21
quarterly
AA+
Federal Home Loan Bank
03/28/25
498,750
none
N/A
AA+
Federal Farm Credit Bank
05/06/25
24,956,670
05/06/22
continuously
AA+
Federal Home Loan Bank
08/27/25
25,014,397
09/27/21
monthly
AA+
Federal Farm Credit Bank
09/16/25
495,455
none
N/A
AA+
Federal Home Loan Bank Step
09/30/25
23,949,408
12/30/21
quarterly
AA+
Federal Home Loan Mortgage Corp.
11/25/25
494,830
none
N/A
AA+
Federal Home Loan Mortgage Corp.
12/01/25
24,818,104
12/01/21
quarterly
AA+
Federal National Mortgage Assoc.
12/10/25
24,791,877
06/10/21
quarterly
AA+
Federal Home Loan Mortgage Corp.
12/17/25
24,810,856
12/17/21
quarterly
AA+
Federal Home Loan Mortgage Corp.
01/07/26
350,836
none
N/A
AA+
Federal Home Loan Bank
01/29/26
247,068
none
N/A
AA+
Federal Home Loan Bank Step
01/29/26
247,510
none
N/A
AA+
Federal Home Loan Bank Step
02/18/26
494,800
none
N/A
AA+
Federal Home Loan Bank
02/26/26
495,325
none
N/A
AA+
Federal Home Loan Bank Step
03/17/26
24,951,931
06/17/21
quarterly
AA+
Federal Home Loan Bank Step
03/23/26
498,210
none
N/A
AA+
Federal Home Loan Bank Step
04/28/26
24,977,121
07/28/21
quarterly
AA+
Federal Home Loan Bank Step
06/16/26
24,902,195
09/16/21
quarterly
AA+
Federal Home Loan Mortgage Corp.
06/23/26
495,565
none
N/A
AA+
Federal Home Loan Bank Step
06/24/26
24,894,067
09/24/21
quarterly
AA+
Federal Home Loan Bank Step
06/30/26
24,934,175
09/30/21
quarterly
AA+
Federal Home Loan Mortgage Corp.
07/30/26
123,948
none
N/A
AA+
Federal Farm Credit Bank
08/03/26
99,111
none
N/A
AA+
Federal Farm Credit Bank
09/01/26
494,615
none
N/A
AA+
Federal Farm Credit Bank
09/01/26
24,833,147
09/01/22
continuously
AA+
Federal Home Loan Bank
09/16/26
14,956,995
09/16/22
quarterly
AA+
Federal Home Loan Bank
09/30/26
24,917,675
12/30/21
quarterly
AA+
$
1,685,076,306
* Standard and Poor's rating
48
NOTE 2 — CASH AND INVESTMENTS
The County maintains a cash and investment pool that is available for use by all funds. Each fund's portion of this pool is displayed
on the balance sheet under the heading of Cash and Investments. Investment income is allocated monthly to participating funds
based on the percentage of each fund's average daily balance in the total pool.
CREDIT RISK
Credit risk is the risk that an issuer or other counterparty to an investment will not fulfill its obligations. The County's investment
policy limits credit risk by restricting authorized investments to the Florida Local Government Surplus Trust Fund (Florida PRIME),
other Local Government Investment Pools rated AAAm/Aaa-mf, S1 or equivalent, local direct obligations of, or obligations backed
by the full faith and credit of the United States Government, U.S. government sponsored Corporation/Instrumentalities (except
for Student Loan Marketing Association), certificates of deposit collateralized by U.S. Government Securities or Agencies, fixed
income mutual funds collateralized by U.S. Government Securities or Agencies, domestic bankers' acceptances rated "AA" or
higher, prime commercial paper rated "A-1" and "P-1", tax-exempt obligations rated "AA" or higher and issued by state or local
governments, NOW accounts fully collateralized in accordance with Chapter 280, Florida Statutes and qualifying repurchase
agreements. The policy requires that each firm involved in a repurchase agreement must execute the County's master repurchase
agreement, a third party custodian must hold collateral for all repurchase agreements with a term of more than one day and the
market value of the collateral shall maintain a minimum price of 101 percent on U.S. Government securities and 104 percent on
Agencies and Instrumentalities with a term over five (5) years, and must be marked to market at least weekly.
Florida PRIME is an investment pool administered by the State Board of Administration (SBA), under the regulatory oversight of
the State of Florida. As of September 30, 2021, the County had $393,987,398 invested in the State Board of Administration's Local
Government Surplus Funds Trust Fund Investment Pool. All of these funds are held in the Florida PRIME pool. Florida PRIME is
rated "AAAm" by Standard & Poor's Global Ratings Services.
Florida Cooperative Liquid Assets Securities System (FLCLASS) is an intergovernmental investment pool established pursuant to
the Florida Interlocal Cooperation Act of 1969, as amended, (Section 163.01, Florida Statutes) and is an authorized investment
under Section 218.415, Florida Statutes. FLCLASS is supervised by a board of trustees comprised of eligible participants of the
FLCLASS program. As of September 30, 2021, the County had $110,415,080 invested in FLCLASS. Of this amount, $20,389,909
was invested in the FL CLASS Daily Liquidity Fund and $90,025,171 was invested in the FL CLASS Enhanced Cash Pool. The
FLCLASS Daily Liquidity Pool is rated "AAAm" by Standard and Poor's Global Ratings Services and the FLCLASS Enhanced Cash
Pool is rated "AAAf/S1" by Fitch Ratings.
Florida Public Assets for Liquidity Management (FL PALM) is a common law trust organized under the authority of the Florida
Interlocal Cooperation Act of 1969, as amended, (Section 163.01, Florida Statutes) and Section 218.415 of the Florida Statutes.
FL PALM was created on October 22, 2010 by contract among its participating governmental units and is governed by trustees.
The fund is an investment opportunity for State school districts, political subdivisions of the State or instrumentalities of political
subdivisions of the State. As of September 30, 2021, the County had $60,190,973 invested in FL PALM. Of this amount, $4,190,973
was invested in the FL PALM Portfolio and $56,000,000 was invested in the FL PALM Term Pool. The FL PALM Portfolio is rated
"AAAm" by Standard and Poor's Global Ratings Services.
All cash deposits are held in qualified public depositories pursuant to Florida Statutes Chapter 280, "Florida Security for Public
Deposits Act". Under the Act, all qualified public depositories are required to pledge eligible collateral having a market value equal
to or greater than the average daily or monthly balance of all public deposits, multiplied by the depository's collateral pledging
level. The pledging level may range from 25% to 150% depending upon the depository's financial condition. Any losses to public
deposits are covered by applicable deposit insurance, sale of securities pledged as collateral, and if necessary, assessments
against other qualified public depositories of the same type as the depository in default.
CUSTODIAL CREDIT RISK
Custodial credit risk for deposits is the risk that, in the event of the failure of a depository financial institution, a government will
not be able to recover deposits or will not be able to recover collateral securities that are in the possession of an outside party.
As of September 30, 2021, the County had demand deposits of $120,565,759. All balances in excess of the Federal Depository
Insurance Corporation (FDIC) insurance for these demand deposits are fully collateralized by the multiple financial institutions'
collateral pool in accordance with Florida Statutes Section 280. The discretely presented component unit demand deposits of
$387,083 are secured by the FDIC as individual entity balances do not exceed $250,000. Custodial credit risk for investments
is the risk that, in the event of the failure of the counterparty to a transaction, a government will not be able to recover the value
of the investment or collateral securities that are in the possession of an outside party. The County's investment policy requires
execution of a third -party custodial safekeeping agreement for purchased securities and collateral, and requires that securities
be held in the County's name.
49
NOTE 2 — CASH AND INVESTMENTS (Continued)
CREDIT RISK
The County's investment policy establishes limitations on portfolio composition in order to control the concentration of credit
risk. The following maximum limits per sector, are established by policy:
Sector
U.S. Treasury
U.S. Agencies
Corporates
Certificates of Deposit
Repurchase Agreements
Commercial Paper
State Investment Pools
INTEREST RATE RISK
Investment Policy Limit
100%
80% - Maximum 40% per issuer
25%
30%
20%
25%
50%
Interest rate risk is the risk that changes in market interest rates will adversely affect the fair value of an investment. One of the
primary objectives of the investment policy is to match investment cash flow and maturity with known cash needs and anticipated
cash flow requirements. The County limits exposure to interest rate risk by structuring the portfolio to meet daily cash flow
demands. Investments shall have an average maturity of not more than five years, except for mortgage securities. Mortgage
securities will not be used to match liabilities that are reasonably definable as to amount and disbursement date and are used
to invest funds associated with reserves or liabilities that are not associated with a specifically identified cash flow schedule.
The weighted average days to maturity (WAM) of Florida PRIME on September 30, 2021, was 49 days. The weighted average
life (WAL) of Florida PRIME at September 30, 2021, was 64 days. The weighted average days to maturity (WAM) of the FL PALM
Portfolio was 53 days, while the weighted average life (WAL) was 80 days. The weighted average days to maturity (WAM) of
the FLCLASS Liquidity Pool on September 30, 2021, was 47 days, while the weighted average life (WAL) was 84 days. The
weighted average days to maturity (WAM) of the FLCLASS Enhanced Cash Pool at September 30, 2021 was 177 days, while the
weighted average life (WAL) was 192 days. Next interest rate reset dates for floating rate securities are used in the calculation
of the respective weighted average days to maturity.
The portion of the County's cash and investments invested in U.S. Government Agencies is detailed as follows, at September
30, 2021:
Issuer % of Portfolio
Federal Home Loan Bank 22.64%
Federal Farm Credit Bank 3.77%
Federal Home Loan Mortgage Corporation 9.10%
Federal National Mortgage Association
Federal Agricultural Mortgage Corporation
Total U.S. Government Agencies
Reconciliation of cash and investments to the basic financial statements:
Primary government:
Cash and investments
Cash with Fiscal Agent
Restricted cash and investments - current
Restricted cash and investments - noncurrent
Custodial funds:
Cash and investments
Total
2.95%
0.59%
39.05%
627,749,439
10,678,128
119,810,831
887,598,563
39,239,345
$ 1,685,076,306
50
NOTE 2 — CASH AND INVESTMENTS (Continued)
FAIR VALUE MEASUREMENTS
GASB Statement No. 72, Fair Value Measurements and Application, sets forth the framework for measuring fair value. That
framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The
hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1
measurements) and the lowest priority to unobservable inputs (Level 3 measurements).
The three levels of the fair value hierarchy under GASB Statement No. 72 are described as follows:
Level 1 — Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets
that the County has the ability to access.
Level 2 — Inputs to the valuation methodology include:
Quoted prices for similar assets or liabilities in active markets;
Quoted prices for identical or similar assets or liabilities in inactive markets;
Inputs other than quoted prices that are observable for the asset or liability;
Inputs that are derived principally from or corroborated by observable market data by correlation or other means.
Level 3 — Inputs to the valuation methodology are unobservable and significant to the fair value measurement. Unobservable
inputs, if any, reflect the County's own assumptions about the inputs market participants would use in pricing the asset or
liability (including assumptions about risk). Unobservable inputs are developed based on the best information available in
the circumstances and may include the County's own data.
The County has the following recurring fair value measurements as of September 30, 2021:
US Treasury Notes and Bills classified as Level 1 of the fair value hierarchy were valued using prices quoted in active markets
for those securities. As of September 30, 2021, the fair value of the County's US Treasury Notes and Bills was $253,255,422.
US Agency obligations and corporate notes classified as Level 2 of the fair value hierarchy were valued using quoted prices
for similar assets in active markets for those securities. As of September 30, 2001, the fair value of the County's US Agency
obligations was $657,973,419 and the fair value of its corporate note was $77,353,088.
NOTE 3 — TRADE RECEIVABLES
Trade receivables for Governmental and Business -type Activities are net of an allowance for doubtful accounts as follows
Less Allowance
Trade
for Doubtful
Net Trade
Receivables
Accounts
Receivables
General Fund
$ 716,115
$ 489,980 $
226,135
Grants and Shared Revenue
13,254
-
13,254
Nonmajor Governmental Funds
2,623,120
401,096
2,222,024
Total receivables reported in Governmental Funds
3,352,489
891,076
2,461,413
Total receivables reported in Internal Service Funds
Total Governmental Activities trade receivables
County Water and Sewer
Solid Waste Disposal
Emergency Medical Services
Nonmajor Enterprise Funds
Total Business -type Activities trade receivables
737,494
737,494
$ 4,089,983 $ 891,076 $ 3,198,907
$ 14,321,327 $ 96,084 $ 14,225,243
1,064,124 17,801 1,046,323
23,658,678 21,362,462 2,296,216
116,050 16,292 99,758
$ 39,160,179 $ 21,492,639 $ 17,667,540
The County has multi and single-family home rehabilitation and homeownership loan programs funded under the Community
Development Block Grant (CDBG), HOME Investment Partnership Loan Program (HOME), Disaster Recovery Initiative (DRI),
Neighborhood Stabilization Program (NSP) and the State Housing Initiative Partnership Program (SHIP) in addition to some
affordable housing impact fee programs. If the homeowners remain in their homes for the full term of the agreement, the loan
or deferred impact fee is forgiven. If the property is transferred or sold before the end of the agreement, the proceeds from the
repayment including interest, if any, are then repaid and returned to the appropriate program. A lien is placed against the property
to ensure the repayment of the loan and interest, if any. As collection is uncertain on these loans, they are not recognized in the
financial statements.
51
NOTE 4 - LEASE RECEIVABLES
The County leases land, building, office space and equipment to third parties. As of September 30, 2021, the County's lease
receivables were valued at $8,212,187 and the deferred inflow of resources associated with these leases that will be recognized
as revenue over the term of the leases was $7,772,579. The lease receivables for Governmental and Business -type Activities at
September 30, 2021 were as follows:
GOVERNMENTAL ACTIVITIES
Land leases - annual lease payments totaling $87,957 plus interest at a rate of 2.29%, due dates ranging from
January 20, 2022 to March 13, 2048. $5,510,218
Building and office space leases - annual lease payments totaling $55,691 plus interest at a rate ranging from
2.29%- 2.31%, due dates ranging from October 1, 2021 to January 1, 2029. 506,113
Equipment leases - annual lease payments totaling $73,668 plus interest at a rate of 2.29%, due dates ranging
from December 19, 2021 to May 21, 2030. 803,343
Total Governmental Activities Lease Receivables $6,819,674
BUSINESS -TYPE ACTIVITIES
Land leases - annual lease payments totaling $15,081 plus interest at a rate ranging from 0.15%to 2.29%, due
dates ranging from October 1, 2021 to August 26, 2041. $810,267
Building and office space leases - annual lease payments totaling $187,813 plus interest at a rate of 2.29%,
due dates ranging from October 1, 2021 to August 1, 2028. 582,246
Total Business -type Activities Lease Receivables $1,392,513
The payments for the lease receivables are expected to be received in the subsequent years as follows:
Fiscal Year
Governmental Activities
Principal Interest
2022
$228,756
$151,267
2023
256,260
145,713
2024
274,758
140,066
2025
291,850
133,230
2026
311,528
126,384
2027-2031
1,510,376
522,756
2032-2036
1,370,208
372,898
2037-2041
1,749,000
189,254
2042-2046
590,768
56,946
2047-2051
236,170
5,600
Business -like Activities
Principal
Interest
$219,841
$29,059
104,947
25,365
80,308
23,622
83,783
21,697
85,702
19,778
281,389
74,516
225,710
50,770
310,833
20,943
$6,819,674 $1,844,114 $1,392,513 $265,750
52
NOTE 4 - LEASE RECEIVABLES (Continued)
The County has two leasing agreements which qualify to be treated as regulated in accordance with the requirements of GASB
87. The County leases land and a building to third parties under these agreements. The land lease is for twenty one years with
an option to extend for nine years and annual lease payments of $2,448. The building lease is for ten years and monthly lease
payments of $1,753. The County recognized $23,200 in lease revenue during the current fiscal year related to these leases. As of
September 30, 2021, the remaining nominal amount of revenue that will be recognized as revenue over the lease term associated
with these leases amounts to $102,922 which is expected to be received for each of the subsequent five years and in five-year
increments thereafter as stated below:
Ficral Vaar
2022
2023
2024
2025
2026
2027-2031
2032-2036
2037-2041
2042-2046
2047-2051
NOTE 5 — INTERFUND PAYABLES AND RECEIVABLES
ADVANCES
Business -type
Activities
$23,491
18,230
2,448
2,448
2,448
12,240
12,240
12,240
12,240
4,896
Advances were made to funds for the purposes of capital acquisitions and improvements. Reimbursements will take place over
the next several years as funds are available. Advances to and advances from other funds at September 30, 2021 were as follows:
Governmental Activities:
General Fund
Immokalee Community Redevelopment Agency
Other governmental funds:
Unincorporated Area MSTD
Community Development
Improvement Districts
Fire Control Districts
Tourist Development
Amateur Sports Complex
Other Capital Projects
Total Governmental Activities
Business -type Activities:
County Water and Sewer
Other business -type funds:
Airport Authority
Total Business -type Activities
Total Advances
Advance To Advance From
$ 500,962 $
88,901
139,923
2,120,157 -
- 232,862
- 268,100
17,200,000 -
17,200,000
9,264
19,961,042 17,799,127
51,022
2,110,893
2,161,915
$ 19,961,042 $ 19,961,042
53
NOTE 5 - INTERFUND PAYABLES AND RECEIVABLES (Continued)
DUE FROM AND DUE TO
Interfund receivables and payables generally result from recording the excess fees associated with Tax Collector and Property
Appraiser services, as excess fees are allocated from the General Fund back to the funds that paid for the collection services.
Excess fees are calculated after year end, and as such are interfund receivables and payables. Other outstanding balances are
the result of time delays between the provision and payment of interfund services and to cover temporary cash deficits.
Due from and due to other funds at September 30, 2021 were as follows:
Due From
Due To
Governmental Activities:
General Fund
$ 4,686,446 $
3,945,447
Bayshore Gateway Community Redevelopment Agency
554,600
319,882
Immokalee Community Redevelopment Agency
-
68,817
Grants and Shared Revenues
87,925
1,423,483
Other Governmental Funds:
Road Districts
531,016
23,040
Unincorporated Area MSTD
823,269
245
Community Development
1,752
-
Water Management and Pollution Control
27,240
Pelican Bay Special Revenue
110,142
-
Improvement Districts
42,314
557,215
Fire Control Districts
11,608
-
Lighting Districts
6,637
-
911 Enhancement Fee
-
95,888
Tourist Development
2,017,211
39,703
800 MHz IRCP Fund
22,559
-
State Court Administration
65,427
-
Conservation Collier
1
21,116
Court Information Technology
103,666
-
Court Services
-
358,193
Court Facilities
73,849
-
Other Public Safety Revenue Funds
12,018
99,013
Other Special Revenue Funds
21,764
-
Pepper Ranch Conservation Bank
21,116
Forest Lakes Limited General Obligation Bonds
4,358
-
Special Obligation Revenue Bonds
-
9,045,000
County -Wide Capital Improvement
8,077
170,515
Parks Improvements
8,275
-
County Wide Library
248,300
Correctional Facilities Impact Fee
804,800
Emergency Medical Services Impact Fee
127,100
Water Management
585,697
Pelican Bay Capital
21,437
Parks Impact Fee
1,524,500
Road Construction
233,544
Government Facilities Impact Fee
1,701,000
Law Enforcement Impact Fee
307,800
-
Other Capital Projects
148
18,653
Total other governmental funds
9,466,625
10,428,581
Business -type Activities:
County Water and Sewer
$ 425 $
8,218
Solid Waste
232,973
-
Emergency Medical Services
-
3,166
Other Nonmajor Business -type Funds:
Collier Area Transit
12,120
-
Internal Service Funds
1,216,480
60,000
Total All Funds
$ 16,257,594 $
16,257,594
54
NOTE 6 — CAPITAL ASSETS
A summary of capital asset activity for the year ended September 30, 2021 is as follows:
October 1,
Transfers and
September 30,
2020
Additions
Deductions
Reclassifications
2021
Governmental Activities:
Capital assets not depreciated:
Land and other non -depreciable assets
$ 473,415,268 $
38,535,009 $
(443,522) $
12,579,620
$ 524,086,375
Construction in progress
82,353,087
101,324,290
(1,015,465)
(87,628,218)
95,033,694
Total capital assets not depreciated
555,768,355
139,859,299
(1,458,987)
(75,048,598)
619,120,069
Capital assets depreciated:
Buildings
Infrastructure
Improvements other than buildings
Machinery and equipment
Right -to -use leased land
Right -to -use leased buildings
Right -to -use leased equipment
Total capital assets depreciated
Less accumulated depreciation:
Buildings
Infrastructure
Improvements other than buildings
Machinery and equipment
Right -to -use leased land
Right -to -use leased buildings
Right -to -use leased equipment
Total accumulated depreciation
Total depreciable capital assets, net
Total Governmental Activities
capital assets, net
Business -type Activities:
Capital assets not depreciated:
Land and other non -depreciable assets
Construction in progress
Total capital assets not depreciated
Capital assets depreciated:
Buildings
Improvements other than buildings
Machinery and equipment
Right -to -use leased buildings
Right -to -use leased equipment
Total capital assets depreciated
Less accumulated depreciation:
Buildings
Improvements other than buildings
Machinery and equipment
Right -to -use leased buildings
Right -to -use leased equipment
Total accumulated depreciation
Total depreciable capital assets, net
Total Business -type Activities
capital assets, net
479,446,517
1,127,674
(110,720)
26,894,678
507,358,149
1,190,805,581
313,516
(5,800)
12,739,299
1,203,852,596
334,266,912
2,253,641
(724,302)
34,066,636
369,862,887
263,957,995
20,949,272
(23,404,989)
4,090,077
265,592,355
454,273
16,123
(19,544)
-
450,852
4,145,357
73,042
(1,776,166)
2,442,233
3,648,115
2,568,551
(374,972)
-
5,841,694
2,276,724,750
27,301,819
(26,416,493)
77,790,690
2,355,400,766
233,970,722
15,582,697
(110,720)
249,442,699
518,927,017
38,204,700
(5,800)
557,125,917
216,057,076
10,575,238
(614,076)
- 226,018,238
185,551,860
24,930,042
(23,364,206)
294,185 187,411,881
45,891
46,216
(19,544)
- 72,563
662,979
586,549
(863,162)
386,366
472,107
747,937
(82,090)
- 1,137,954
1,155,687,652
90,673,379
(25,059,598)
294,185 1,221,595,618
1,121,037,098 (63,371,560) (1,356,895) 77,496,505 1,133,805,148
$ 1,676,805,453 $ 76,487,739 $ (2,815,882) $ 2,447,907 $ 1,752,925,217
$ 34,429,530 $
946,129 $
(14,149) $
(2,452,441) $
32,909,069
144,469,979
83,623,154
(437,092)
(91,185,571)
136,470,470
178,899,509
84,569,283
(451,241)
(93,638,012)
169,379,539
168,183,096
-
(1,225)
10,651,121
178,832,992
1,329,492, 567
18,416,416
72, 556,831
1,420,465,814
89,730,178
3,742,814
(3,520,372)
7,687,968
97,640,588
751,507
-
(24,529)
-
726,978
158,456
-
158,456
1,588,315,804
22,159,230
(3,546,126)
90,895,920
1,697,824,828
103,130,220
4,977,094
(1,225)
108,106,089
596,160,855
44,329,629
640,490,484
54,684,841
9,161,622
(3,425,108)
(294,185) 60,127,170
80,513
79,243
(24,529)
135,227
30,616
33,271
63,887
754,087,045
58,580,859
(3,450,862)
(294,185) 808,922,857
834,228,759
(36,421,629)
(95,264)
91,190,105
888,901,971
$ 1,013,128,268 $
48,147, 554 $
(546,505) $
(2,447,907) $
1,058,281,510
55
NOTE 6 - CAPITAL ASSETS (Continued)
Schedule of depreciation and amortization for fiscal year 2021:
General Government
$ 8,023,138
Public Safety
22,965,126
Physical Environment
6,964,579
Transportation
36,595,305
Economic Environment
791,741
Human Services
307,690
Culture and Recreation
11,011,178
Subtotal
86,658,757
Internal Service Funds 4,014,622
Total Governmental Activities $ 90,673,379
Water and Sewer
$ 49,911,860
Solid Waste
1,915,458
EMS
2,689,980
Airport Authority
1,907,088
Mass Transit
2,156,473
Total Business -type Activities $ 58,580,859
NOTE 7 - LONG-TERM DEBT
SUMMARY OF CHANGES IN LONG-TERM OBLIGATIONS
The following is a summary of changes in long-term obligations for the year ended September 30, 2021:
Governmental Activities:
Limited General Obligation Bonds
Revenue Bonds Payable
Premiums on Bonds Payable
Direct Placement Loans and Notes
Financed Purchase Obligations
Leases Payable
Self -Insurance Claims
Compensated Absences
Total
Business -type Activities:
Revenue Bonds Payable
Premiums on Bonds Payable
Direct Placement Loans and Notes
Notes Payable
Financed Purchase Obligations
Leases Payable
Landfill Closure Liability
Compensated Absences
Total
000's Omitted
October 1, Premium September Due within
2020 Additions Reductions Amortized 30, 2021 one year
$ 1,060 $
- $
(1,060) $ $
- $
197,765
99,175
(13,810)
283,130
16,910
12,060
16,926
(2,260)
26,726
-
136,549
-
(24,967)
111,582
10,843
56
-
(28)
28
28
7,255
2,658
(2,488)
7,425
877
10,364
78,168
(77,588)
10,944
8,725
32,304
12,780
(10,157) -
34,927
12,028
$ 397,413 $
009,707 $
(130,098) $ (2, 660) $
774,762 $
49,411
$ 124,290 $
128,900 $ $ - $
253,190 $
2,055
14,234
31,097 (1,065)
44,266
-
98,165
- (15,689)
82,476
14,852
70
-
70
70
79
(79)
-
-
808
(105)
703
95
1,656
- (29)
1,627
53
3,683
1,492 (1,994) -
3,181
2,545
$ 242,985 $
661,489 $ (17,896) $ (1,065) $
385,513 $
19,670
56
NOTE 7 — LONG-TERM DEBT (Continued)
DESCRIPTIONS OF BONDS, LOANS AND NOTES PAYABLE
Bonds, loans and notes payable at September 30, 2021 were composed of the following:
GOVERNMENTAL ACTIVITIES
Governmental Activities Revenue Bonds
$38,680,000 2012 Gas Tax Refunding Revenue Bonds, due in annual installments of $2,700,000 to $6,605,000
through June 1, 2023; interest at 3.00% to 5.00% and collateralized by a pledge on the combined gas tax
proceeds. Bonds were issued for purposes of advance refunding the County's 2003 Gas Tax Revenue Bonds. $ 7,375,000
$24,620,000 2010B Special Obligation Refunding Revenue Bonds, due in annual installments of $1,830,000
to $2,630,000 through October 1, 2021; interest at 3.00% to 5.00% and collateralized by pledge on legally
available non -ad valorem revenues, including but not limited to the proceeds of the local government half
cent sales tax, state revenue sharing, communications services tax and charges and services generated by
governmental activities. Bonds were issued for purposes of advance refunding the County's 2002 Capital
Improvement Revenue Bonds. 2,630,000
$92,295,000 2011 Special Obligation Refunding Revenue Bonds, due in annual installments of $1,605,000
to $8,270,000 through October 1, 2029; interest at 2.50% to 5.00% and collateralized by a pledge on legally
available non -ad valorem revenues, including but not limited to the proceeds of the local government half
cent sales tax, state revenue sharing, communications services tax and charges and services generated by
governmental activities. Bonds were issued for purposes of advance refunding a portion of the County's 2003
and 2005 Capital Improvement and Refunding Revenue Bonds. 39,360,000
$73,805,000 2013 Special Obligation Refunding Revenue Bonds, due in annual installments of $4,860,000
to $8,525,000 through October 1, 2035; interest at 3.50% to 4.00% and collateralized by a pledge on legally
available non -ad valorem revenues, including but not limited to the proceeds of the local government half
cent sales tax, state revenue sharing, communications services tax and charges and services generated by
governmental activities. Bonds were issued for purposes of advance refunding all of the County's remaining
2003 and 2005 Capital Improvement and Refunding Revenue Bonds. 73,805,000
$62,965,000 2018 Tourist Development Tax Revenue Bonds, due in annual installments of $1,030,000 to
$3,605,000 through October 1, 2048; interest at 4.00% to 5.00% and collateralized by a pledge on tourist
development tax revenues. Bonds were issued for purposes of financing the development, acquisition,
construction and equipping of a regional tournament caliber amateur sports complex. 60,785,000
$75,100,000 2020A Special Obligation Revenue Bonds, due in annual installments of $165,000 to $6,045,000
through October 1, 2045; interest at 4.00% to 5.00% and collateralized by a pledge on legally available non -
ad valorem revenues, including but not limited to the proceeds of the local government half cent sales tax,
state revenue sharing, communications services tax and charges and services generated by governmental
activities. Bonds were issued for purposes of providing funding for the acquisition, construction and equipping
of various capital improvements and refunding a commercial paper loan. 75,100,000
$24,075,000 2020B Taxable Special Obligation Revenue Bonds, due in annual installments of $2,275,000 to
$2,920,000 through October 1, 2029; interest at 2.00% and collateralized by a pledge on legally available non -
ad valorem revenues, including but not limited to the proceeds of the local government half cent sales tax,
state revenue sharing, communications services tax and charges and services generated by governmental
activities. Bonds were issued for purposes of financing the purchase of certain real property. 24,075,000
Total Governmental Activities Revenue Bonds
$ 283,130,000
57
NOTE 7 — LONG-TERM DEBT (Continued)
Governmental Activities Direct Placement Loans and Notes Payable
$89,780,000 2014 Gas Tax Refunding Revenue Bond (Bank Term Loan) due in annual installments of $1,065,000
to $13,265,000 through June 1, 2025; interest at 2.33% and collateralized by a pledge on the combined gas
tax proceeds. Loan was issued to advance refund a portion of the County's 2005 Gas Tax Revenue Bonds. $ 42,945,000
$43,713,000 2017 Special Obligation Refunding Revenue Note (Bank Term Loan) due in annual installments
of $113,000 to $3,724,000 through July 1, 2034; interest at 3.09% and collateralized by a pledge on legally
available non -ad valorem revenues, including but not limited to the proceeds of the local government half
cent sales tax, state revenue sharing, communications services tax and charges and services generated by
governmental activities. Loan was issued to advance refund a portion of the County's 2010 Special Obligation
Revenue Bonds. 40,577,000
$28,060,000 2019 Taxable Special Obligation Taxable Revenue Note (Bank Term Loan) due in annual
installments of $1,555,000 to $5,165,000 through October 1, 2029; interest at 2.74% and collateralized by a
pledge on legally available non -ad valorem revenues, including but not limited to the proceeds of the local
government half cent sales tax, state revenue sharing, communications services tax and charges and services
generated by governmental activities. Loan was issued to acquire the real property known as the Golden
Gate Golf Course. 28,060,000
Total Governmental Activities Direct Placement Loans and Notes Payable $ 111,582,000
Total Governmental Activities Obligations 394,712,000
Unamortized Bond Premium 26,725,629
Governmental Activities Obligations, Net 421,437,629
Less Current Portion of Governmental Activities Obligations (27,753,000)
Long -Term Portion of Governmental Activities Obligations, Net $ 393,684,629
BUSINESS -TYPE ACTIVITIES
Business -type Activities Revenue Bonds
$48,105,000 2016 Collier County Water and Sewer Refunding Revenue Bonds due in annual installments of
$5,035,000 to $7,090,000 through July 1, 2036; interest at 5.00% and collateralized by a lien on and a pledge
of net revenues of the Collier County Water and Sewer District (District). Bonds were issued for purposes of
currently refunding all of the District's remaining 2006 Water and Sewer Revenue Bonds. $ 48,105,000
$76,185,000 2019 Collier County Water and Sewer Revenue Bonds due in annual installments of $4,385,000
to $14,160,000 through July 1, 2039; interest at 3.00% to 5.00% and collateralized by a lien on and a pledge
of net revenues of the Collier County Water and Sewer District (District). Bonds were issued for purposes of
financing the acquisition, construction and equipping of various utility capital improvements within the Collier
County Water and Sewer District. 76,185,000
$128,900,000 2021 Collier County Water and Sewer Revenue Bonds due in annual installments of $2,055,000
to $11,300,000 through July 1, 2046; interest at 4.00% to 5.00% and collateralized by a lien on and a pledge
of net revenues of the Collier County Water and Sewer District (District). Bonds were issued for purposes of
financing the acquisition, construction and equipping of various water and wastewater improvements within
the Collier County Water and Sewer District. 128,900,000
Total Business -type Activities Revenue Bonds
$ 253,190,000
58
NOTE 7 — LONG-TERM DEBT (Continued)
Business -type Activities Direct Placement Loans and Notes Payable
$17,687,000 2015 Collier County Water and Sewer Refunding Revenue Bond (Bank Term Loan) due in annual
installments of $2,533,000 to $4,561,000 through July 1, 2022; interest at 1.75% and collateralized by a lien
on and a pledge of net revenues of the Collier County Water and Sewer District. Loan was issued to advance
refund a portion of the District's 2006 Water and Sewer Revenue Bonds. $ 4,561,000
$35,965,000 2018 Collier County Water and Sewer Revenue Bond (Bank Term Loan) due in annual installments
of $1,560,000 to $3,945,000 through July 1, 2029; interest at 2.41 % and collateralized by a lien on and a pledge
of net revenues of the Collier County Water and Sewer District. Loan was issued to finance the acquisition of
water and wastewater utility facilities within the Golden Gate Community. 27,555,000
$89,982,000 2016 County Water and Sewer District Refunding Revenue Note with Synovus Financial
Corporation, due in monthly installments of $2,881,000 to $9,574,000 through July 1, 2029; interest at 1.80%
and collateralized by a subordinated pledge on the net revenues of the Collier County Water and Sewer District.
Loan was issued to currently refund all of the District's State Revolving Fund Loans. 50,360,000
Total Business -type Activities Direct Placement Loans and Notes Payable
$ 82,476,000
Business -type Activities Note Payable
$166,580 County Water and Sewer District agreement with private developer payable through use of sewer
impact fee credits. Non -interest bearing agreement. $ 69,848
Total Business -type Activities Note Payable $ 69,848
Total Business -type Activities Obligations $ 335,735,848
Unamortized Bond Premium $ 44,265,640
Business -type Activities Obligations, Net $ 380,001,488
Less Current Portion of Business -type Activities Obligations Payable from Unrestricted Assets $ (12,680,250)
Less Current Portion of Business -type Activities Obligations Payable from Restricted Assets (4,296,598)
Long -Term Portion of Business -type Activities Obligations, Net $ 363,024,640
59
NOTE 7 — LONG-TERM DEBT (Continued)
SUMMARY OF DEBT SERVICE REQUIREMENTS TO MATURITY
The total annual debt service requirements to maturity of long-term debt, excluding compensated absences, capitalized leases,
premiums, discounts and arbitrage rebate liability, are as follows:
Governmental Activities
Fiscal
Year
Revenue Bonds
Direct Placement Loans
and Notes Payable
Totals
Principal
Interest
Principal
Interest
2022
$ 16,910,000 $
10,885,881 $
10,843,000 $
3,023,292 $
41,662,173
2023
15,130,000
10,196,882
13,300,000
2,721,153
41,348,035
2024
11,865,000
9,580,156
17,966,000
2,381,044
41,792,200
2025
12,380,000
9,135,181
18,336,000
1,932,527
41,783,708
2026
13,545,000
8,702,350
4,474,000
1,483,982
28,205,332
2027-31
58,490,000
37,210,473
35,825,000
4,293,044
135,818,517
2032-36
66,375,000
24,566,463
10,838,000
676,617
102,456,080
2037-41
35,205,000
14,276,900
-
-
49,481,900
2042-46
42,830,000
6,497,000
49,327,000
2047-51
10,400,000
635,000
11,035,000
Total $ 283,130,000 $ 131,686,286 $ 111,582,000 $ 16,511,659 $ 542,909,945
Business -type Activities
Fiscal
Direct Placement Loans
Year
Revenue Bonds
and Notes Payable
Notes Payable
Totals
Principal
Interest
Principal
Interest
Principal Interest
2022
$ 2,055,000
$ 10,214,806
$ 14,852,000 $
1,650,373 $
69,848 $
$ 28,842,027
2023
2,105,000
10,502,681
11,539,000
1,370,677
-
25,517,358
2024
2,210,000
10,397,431
11,763,000
1,141,595
25,512,026
2025
2,320,000
10,286,931
11,429,000
907,993
24,943,924
2026
2,435,000
10,170,931
10,103,000
679,884
23,388,815
2027-31
39,010,000
47,913,656
22,790,000
890,774
110,604,430
2032-36
75,985,000
34,157,246
-
-
110,142,246
2037-41
74,750,000
17,734,500
92,484,500
2042-46
52,320,000
6,442,400
-
-
-
58,762,400
Total
$253,190,000
$157,820,582
$ 82,476,000 $
6,641,296 $
69,848 $
$500,197,726
CURRENT YEAR FINANCING ACTIVITIES
On November 3, 2020, Collier County issued the Series 2020A Special Obligation Revenue Bonds and the Series 2020B Taxable
Special Obligation Revenue Bonds in the respective par amounts of $75,100,000 and $24,075,000. The Series 2020A bonds
were issued for various stormwater and aquatic facility improvements as well as to refinance an outstanding commercial paper
loan. The Series 2020B bonds were issued for purposes of acquiring certain real property. The final maturity of the Series 2020A
bonds is October 1, 2045, with interest rates from 4.00% to 5.00%. The final maturity of the Series 2020B bonds is October 1,
2029, with an interest rate fixed at 2.00%.
On July 27, 2021, the Board of County Commissioners of Collier County, Florida and ex-officio as the governing Board of the
Collier County Water -Sewer District (District) issued the Series 2021 Water and Sewer Revenue Bonds in the par amount of
$128,900,000. These bonds were issued for purposes of financing the acquisition, construction and equipping of various utility
capital improvements related to Golden Gate City and surrounding areas, the northeast service area and the utilities' portion of
the planned Government Operations Business Park. The Series 2021 bonds were issued on a parity with the District's outstanding
Water and Sewer Refunding Revenue Bond, Series 2015, Water and Sewer Refunding Revenue Bond, Series 2016, Water and Sewer
Revenue Bond, Series 2018 and Water and Sewer Revenue Bond, Series 2019. The final maturity of the Series 2021 bonds is July
1, 2046, with interest rates from 4.00%to 5.00%
NOTE 7 — LONG-TERM DEBT (Continued)
RESTRICTIVE COVENANTS
According to County resolutions authorizing the issuance of the Series 2010B, 2011, 2013, 2020A and 2020B Special Obligation
Refunding Revenue Bonds and Series 2017 and 2019 Special Obligation Refunding Revenue Notes, the County has covenanted,
subject to certain restrictions and limitations, to appropriate in its annual budget, by amendment if necessary, from non -ad
valorem revenues amounts sufficient to pay principal and interest on the combined Special Obligation Bonds and Notes. The
total non -ad valorem revenue collections pledged to payment of the Special Obligation Bonds and Notes for the fiscal year ended
September 30, 2021 was $137,768,005.
According to County resolutions authorizing the issuance of the Series 2012 Gas Tax Revenue Refunding Bonds and Series 2014
Gas Tax Refunding Revenue Bond, the issues are payable from and secured by liens on gas tax revenues.
Total pledged gas tax revenue collections for the fiscal year ended September 30, 2021 were $22,919,743.
According to County resolutions authorizing the issuance of the Series 2018 Tourist Development Tax Revenue Bonds, the issues
are payable from and secured by a lien on tourist development tax revenues. Total tourist development tax revenues for the fiscal
year ended September 30, 2021 were $36,192,118.
The County Water and Sewer District (District) has pledged future water and sewer customer revenues, net of certain operating
expenses, to repay $285,306,000 in Series 2015, 2016, 2018, 2019 and 2021 senior lien revenue bonds and direct placement
loans. Proceeds from the bonds and loans were used for the expansion of the District's water and sewer systems as well as
the refinancing of bonds issued for purposes of rehabilitation or expansion of the District's water and sewer systems. Principal
and interest are payable through July 1, 2046, solely from the net revenues and certain other fees and charges derived from
operation of the County's Water and Sewer District (District). The pledge of net revenues by the District from the operation of the
system does not constitute a lien upon the system or any other property of the County. The resolutions authorizing the revenue
bonds include an obligation for the District to fix, establish and maintain such rates and collect such fees so as to provide in
each year net revenues, as defined in the bond resolutions, which together with system development fees (impact fees) and
special assessment proceeds (if applicable) received shall be at least 125% of the annual debt service requirements for the
bonds; provided, however, that net revenues in each fiscal year shall be adequate to pay at least 100% of the annual debt service
on the bonds. Fiscal year 2021 pledged revenues, net of operating expenses (excluding depreciation and amortization), were
$64,014,693, and $80,288,176 when system development fees were included. Principal and interest paid on the bonds during
fiscal year 2021 totaled $12,565,757, providing coverage of 509% and 639%, respectively. In addition, bond covenants require a
renewal and replacement amount equal to $300,000 in the District funds. The District was in compliance with these covenants
for the year ended September 30, 2021.
In addition, the District has a note outstanding in the amount of $50,360,000 with Synovus Financial Corporation. This note is
collateralized by a lien on pledged revenues consisting of net revenues from the operations of the County Water and Sewer System
and system development fees. The lien is subordinate in all respects to the liens placed upon pledged revenues established by
bonded and direct placement loan indebtedness. The District's note was in compliance with these covenants for the year ended
September 30, 2021.
LEGAL DEBT MARGIN
The Constitution of the State of Florida and the Florida Statutes set no legal debt limit.
FINANCED PURCHASE OBLIGATIONS
Financed purchase obligations at September 30, 2021 amounted to $28,437. These obligations, which are collateralized by
equipment and vehicles, have total annual installments of $29,702 including interest of 4.45% and mature through 2022. As of
year-end, equipment acquired through financed purchase in the governmental activities had a historical cost of $240,498 and
accumulated depreciation of $228,473.
M
NOTE 7 — LONG-TERM DEBT (Continued)
Future payments of financed purchase obligations as of September 30, 2021 were as follows:
Governmental
Activities
2022 $ 29,702
Total payments 29,702
Less amount representing interest (1,265)
Present value of financed purchase payments $ 28,437
LEASES PAYABLE
The County is a lessee for noncancellable leases of land, building, office space and equipment. At September 30, 2021, the
County's lease payable of $8,128,231 was composed of the following:
GOVERNMENTAL ACTIVITIES
Leases with options to purchase equipment - annual payments totaling $66,101 plus interest at rates ranging
from 0.32%to 11.75%, due dates ranging from October 1, 2021 to February 1, 2023. $85,164
Land leases - annual payments totaling $38,896 plus interest at rates ranging from 1.51 % to 2.40%, due dates
ranging from October 1, 2021 to July 1, 2051. 378,771
Building and office space leases - annual payments totaling $195,320 plus interest at rates ranging from 0.17%
to 2.11%, due dates ranging from October 1, 2021 to December 11, 2039. 2,174,140
Equipment and vehicle leases - annual payments totaling $576,290 plus interest at rates ranging from 0.14%
to 1.93%, due dates ranging from October 1, 2021 to September 1, 2033. 4,787,323
Total Governmental Activities Leases Payable $7,425,398
BUSINESS -TYPE ACTIVITIES
Lease with option to purchase equipment - annual payments totaling $5,575 plus interest at a rate of 1.51 %,
due dates ranging from October 1, 2021 to September 1, 2023.
Building and office space leases - annual payments totaling $62,504 plus interest at rates ranging from 1.56%
to 1.93%, due dates ranging from October 1, 2021 to September 1, 2034.
Equipment leases - annual payments totaling $27,369 plus interest at rates ranging from 0.24% to 1.55%, due
dates ranging from October 1, 2021 to October 1, 2024.
Total Business -type Activities Leases Payable
$11,234
606,781
84,818
$702,833
62
NOTE 7 - LONG-TERM DEBT (Continued)
The future principal and interest lease payments as of September 30, 2021, were as follows:
Governmental Activities
Business -type Activities
Fiscal year
Principal Interest
Principal Interest
2022
$ 877,023 $
96,375 $
95,448 $
11,552
2023
780,677
85,119
97,704
9,949
2024
675,543
76,689
94,708
8,371
2025
533,064
68,639
71,630
6,939
2026
461,197
62,161
71,706
5,723
2027-2031
2,293,640
220,581
175,482
17,090
2032-2036
1,358,934
86,222
96,155
2,445
2037-2041
442,627
15,266
-
-
2042-2046
1,276
224
-
2047-2051
1,417
83
-
Total
$ 7,425,398 $
711,359 $
702,833 $
62,069
NOTE 8 - CONDUIT DEBT OBLIGATIONS
COMPONENT UNIT CONDUIT DEBT
The Industrial Development Authority, Housing Finance Authority, Health Facilities Authority and Educational Facilities Authority,
all component units of Collier County, issue debt instruments for the purpose of providing capital financing to independent
third parties. Industrial development revenue bonds have been issued to provide financial assistance to public entities for the
acquisition and construction of industrial and commercial facilities. Housing revenue bonds have been issued for the purpose
of financing the development of multi -family residential rental communities. The health facility revenue bonds were issued
to provide financing for the construction of health park facilities. The educational facility revenue bonds were used to provide
financing for the construction of educational facilities. These bonds were secured by the financed property, a letter of credit or
a corporate guarantee. The primary revenues pledged to pay the debt are those revenues derived from the project or facilities
constructed. Neither the issuing authority, nor the County, is obligated in any manner for repayment of the bonds and as such
they are not reported as liabilities in the accompanying financial statements.
As of September 30, 2021, the outstanding principal amount payable on all component unit conduit debt was $630,406,651 and
is made up of the following:
Industrial development revenue bonds
$ 284,254,344
Housing finance revenue bonds
83,961,859
Health facilities revenue bonds
196,313,242
Educational facilities revenue bonds
65,877,206
Total
$ 630,406,651
NOTE 9 - DEFINED BENEFIT PENSION PLANS
BACKGROUND
The Florida Retirement System (FRS) Pension Plan was created by Chapter 121, Florida Statutes, effective December 1, 1970.
The FRS is a qualified retirement plan under Section 401(a), Internal Revenue Code, created to provide a defined benefit pension
plan for participating public employees. The FRS was amended in 1998 to add the Deferred Retirement Option Program under
the defined benefit plan and amended in 2000 to provide a defined contribution plan alternative to the defined benefit plan for
FRS members effective July 1, 2002. This integrated defined contribution pension plan is the FRS Investment Plan. Chapter 112,
Florida Statutes, established the Retiree Health Insurance Subsidy (HIS) Program, a cost -sharing multiple -employer defined benefit
pension plan, to assist retired members of any State -administered retirement system in paying the costs of health insurance.
Essentially all regular employees of the County are eligible to enroll as members of the State -administered FRS. Provisions relating
to the FRS are established by Chapters 121 and 122, Florida Statutes; Chapter 112, Part IV, Florida Statutes; Chapter 238, Florida
Statutes; and FRS Rules, Chapter 60S, Florida Administrative Code; wherein eligibility, contributions and benefits are defined
and described in detail. Such provisions may be amended at any time by the Florida Legislature. The FRS is a single retirement
system administered by the Florida Department of Management Services, Division of Retirement, and consists of the two cost
sharing, multiple employer defined benefit plans and other nonintegrated programs.
M
NOTE 9 — DEFINED BENEFIT PENSION PLANS (Continued)
A comprehensive annual financial report of the FRS, which includes its financial statements, required supplementary information,
actuarial report, and other relevant information, is available from the Florida Department of Management Services' web site (www.
dms.myflorida.com).
The County's pension expense totaled $6,933,515 for both the FRS Pension Plan and HIS Plan for the year ended September 30,
2021.
FLORIDA RETIREMENT SYSTEM PENSION PLAN
PLAN DESCRIPTION
The Florida Retirement System Pension Plan (FRS Plan) is a cost -sharing multiple -employer defined benefit pension plan, with a
Deferred Retirement Option Program (DROP) for eligible employees. The general classes of membership are as follows:
Regular Class — Members of the FRS who do not qualify for membership in the other classes.
Elected County Officers Class — Members who hold specified elective offices in local government.
Senior Management Service Class (SMSC) — Members in senior management level positions.
Special Risk Class — Members who are special risk employees, such as law enforcement officers, meet the criteria to qualify for
this class.
Employees enrolled in the FRS Plan prior to July 1, 2011, vest at 6 years of creditable service and employees enrolled in the FRS
Plan on or after July 1, 2011, vest at 8 years of creditable service. All vested members, enrolled prior to July 1, 2011, are eligible
for normal retirement benefits at age 62 or at any age after 30 years of service, except for members classified as special risk who
are eligible for normal retirement benefits at age 55 or at any age after 25 years of service. All members enrolled in the FRS Plan
on or after July 1, 2011, once vested, are eligible for normal retirement benefits at age 65 or any time after 33 years of creditable
service, except for members classified as special risk who are eligible for normal retirement benefits at age 60 or at any age after
30 years of service. Employees enrolled in the FRS Plan may include up to 4 years of credit for military service toward creditable
service. The FRS Plan also includes an early retirement provision; however, there is a benefit reduction for each year a member
retires before his or her normal retirement date. The FRS Plan provides retirement, disability, death benefits, and annual cost -of -
living adjustments to eligible participants.
DROP, subject to provisions of Section 121.091, Florida Statutes, permits employees eligible for normal retirement under the FRS
Plan to defer receipt of monthly benefit payments while continuing employment with an FRS participating employer. An employee
may participate in DROP for a period not to exceed 60 months after electing to participate, except that certain instructional
personnel may participate for up to 96 months. During the period of DROP participation, deferred monthly benefits are held in the
FRS Trust Fund and accrue interest. The net pension liability does not include amounts for DROP participants, as these members
are considered retired and are not accruing additional pension benefits.
BENEFITS PROVIDED
Benefits under the FRS Plan are computed on the basis of age and/or years of service, average final compensation, and service
credit. Credit for each year of service is expressed as a percentage of the average final compensation. For members initially
enrolled before July 1, 2011, the average final compensation is the average of the 5 highest fiscal years' earnings; for members
initially enrolled on or after July 1, 2011, the average final compensation is the average of the 8 highest fiscal years' earnings.
The total percentage value of the benefit received is determined by calculating the total value of all service, which is based on
the retirement class to which the member belonged when the service credit was earned. Members are eligible for in -line -of -duty
or regular disability and survivors' benefits.
64
NOTE 9 — DEFINED BENEFIT PENSION PLANS (Continued)
The following chart shows the percentage value for each year of service credit earned:
Class, Initial Enrollment and Retirement Age/Years of Service:
% Value
(per year of
service)
Regular Class members initially enrolled before July 1, 2011
Retirement up to age 62 or up to 30 years of service
1.60
Retirement at age 63 or with 31 years of service
1.63
Retirement at age 64 or with 32 years of service
1.65
Retirement at age 65 or with 33 or more years of service
1.68
Regular Class members initially enrolled on or after July 1, 2011
Retirement up to age 65 or up to 33 years of service
1.60
Retirement at age 66 or with 34 years of service
1.63
Retirement at age 67 or with 35 years of service
1.65
Retirement at age 68 or with 36 or more years of service
1.68
Elected County Officers' Class
3.00
Senior Management Service Class
2.00
Special Risk Class
Service from December 1, 1970 through September 30, 1974
2.00
Service on and after October 1, 1974
3.00
As provided in Section 121.101, Florida Statutes, if the member is initially enrolled in the FRS before July 1, 2011, and all service
credit was accrued before July 1, 2011, the annual cost -of -living adjustment is 3 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 3 percent determined by dividing the sum of the pre -July 2011 service
credit by the total service credit at retirement multiplied by 3 percent. FRS Plan members initially enrolled on or after July 1, 2011,
will not have a cost -of -living adjustment after retirement.
CONTRIBUTIONS
The Florida Legislature establishes contribution rates for participating employers and employees. Effective July 1, 2011, all
FRS Plan members (except those in DROP) are required to make 3% employee contributions on a pretax basis. The employer
contribution rates by job class for the periods from October 1, 2020 through June 30, 2021 and from July 1, 2021 through
September 30, 2021, respectively, were as follows: Regular employees — 10.00% and 10.82%; Special Risk — Regular-24.45% and
25.89%; County Elected Officials — 49.18% and 51.42%1- Senior Management Services — 27.29% and 29.01 %; and DROP participants
— 16.98% and 18.34%. The County's contributions to the FRS Plan were $30,034,061 for the year ended September 30, 2021.
PENSION COSTS
At September 30, 2021, the County reported a liability of $58,187,652 for its proportionate share of the FRS Plan's net pension
liability. The net pension liability was measured as of June 30, 2021, and the total pension liability used to calculate the net
pension liability was determined by an actuarial valuation as of July 1, 2021. The County's proportion of the net pension liability
was based on the County's contributions received by FRS during the measurement period for employer payroll paid dates from
July 1, 2020, through June 30, 2021, relative to the total employer contributions received from all of FRS's participating employers.
At June 30, 2021, the County's proportion was 0.770303%, which was a decrease of 0.024639% from its proportion measured
as of June 30, 2020.
M
NOTE 9 — DEFINED BENEFIT PENSION PLANS (Continued)
For the year ended September 30, 2021, the County recognized pension expense of $139,132 for its proportionate share of FRS's
pension expense. In addition, the County reported its proportionate share of FRS's deferred outflows of resources and deferred
inflows of resources from the following sources:
Description
Differences Between Expected and Actual Economic Experience
Changes in Actuarial Assumptions
Net Difference Between Projected and Actual Earnings on Pension Plan
Investments
Changes in Proportion and Differences Between County Contributions and
Proportionate Share of Contributions
County Contributions Subsequent to the Measurement Date
Total
Deferred Deferred
Outflows of Inflows of
Resources Resources
$ 9,973,457 $
39,814,876
203,002,090
6,750,144 12,656,898
8,431,859
$ 64,970,336 $ 215,658,988
Deferred outflows of resources related to pensions of $8,431,859, resulting from County contributions to the FRS Plan subsequent
to the measurement date, will be recognized as a reduction of the net pension liability in the year ended September 30, 2022.
Other amounts reported as deferred outflows and inflows of resources related to pensions will be recognized as a decrease in
pension expense as follows:
Year Ending
September 30
Amount
2022
$ (27,554,347)
2023
(32,706,101)
2024
(43,283,893)
2025
(54,961,322)
2026
(614,848)
ACTUARIAL ASSUMPTIONS
The total pension liability in the July 1, 2021, actuarial valuation was determined using the following actuarial assumptions,
applied to all periods included in the measurement:
Inflation 2.40% per year
Salary Increases 3.25%, including inflation
Investment Rate of Return 6.80%, Net of Pension Plan investment expense
Mortality rates were based on the PUB-2010 base table projected generationally with Scale MP-2018. The actuarial assumptions
used in the July 1, 2021 valuation were based on the results of an actuarial experience study for the period July 1, 2013, through
June 30, 2018.
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.
NOTE 9 — DEFINED BENEFIT PENSION PLANS (Continued)
The target allocation, as outlined in the FRS Plan's investment policy, and best estimates of arithmetic and geometric real rates
of return for each major asset class are summarized in the following table:
Asset Class
Target
Allocation
Annual
Arithmetic
Return
Compound
Annual
(Geometric)
Return
Standard
Deviation
Cash
1.0%
2.1 %
2.1 %
1.1 %
Fixed income
20.0%
3.8%
3.7%
3.3%
Global equity
54.2%
8.2%
6.7%
17.8%
Real estate (property)
10.3%
7.1 %
6.2%
13.8%
Private equity
10.8%
11.7%
8.5%
26.4%
Strategic investments
3.7%
5.7%
5.4°%
8.4%
Totals
100.0%
Assumed Inflation - Mean
2.4%
1.2%
DISCOUNT RATE
The discount rate used to measure the total pension liability for the FRS Plan in fiscal year 2021 was 6.80% which was the same
rate as in fiscal year 2020. The projection of cash flows used to determine the discount rate assumed that employee and employer
contributions will be made at the rate specified in statute. Based on that assumption, 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 long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to
determine the total pension liability.
PENSION LIABILITY SENSITIVITY
The following presents the County's proportionate share of the net pension liability for the FRS Plan, calculated using the discount
rate disclosed in the preceding paragraph, as well as what the County's proportionate share of the net pension liability would be if
it were calculated using a discount rate one percentage point lower or one percentage point higher than the current discount rate:
Descri
FRS Plan Discount Rate
County's Proportionate Share of the FRS Plan
Net Pension Liability
PENSION PLAN FIDUCIARY NET POSITION
1 % Decrease in Current Discount 1 % Increase in
Discount Rate Rate Discount Rate
5.80% 6.80% 7.80%
260,219,076 $ 58,187,652 $ (110,687,967)
Detailed information about the FRS Plan's fiduciary net position is available in a separately -issued FRS Pension Plan and Other
State -Administered Systems Annual Comprehensive Financial Report. That report may be obtained through the Florida Department
of Management Services website at www.dms.myflorida.com.
RETIREE HEALTH INSURANCE SUBSIDY PROGRAM
PLAN DESCRIPTION
The Retiree Health Insurance Subsidy Program (HIS Plan) is a non -qualified, 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 June 30, 2021, eligible retirees and beneficiaries received a monthly HIS payment of $5 for each year
of creditable service completed at the time of retirement, with a minimum HIS payment of $30 and a maximum HIS payment
of $150 per month, pursuant to Section 112.363, Florida Statutes. To be eligible to receive a HIS Plan benefit, a retiree under a
State -administered retirement system must provide proof of health insurance coverage, which may include Medicare.
M
NOTE 9 — DEFINED BENEFIT PENSION PLANS (Continued)
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. The FRS contribution rates include a 1.66%
HIS Plan subsidy for the periods October 1, 2020 through June 30, 2021 and from July 1, 2021 through September 30, 2021,
pursuant to Section 112.363, Florida Statutes. The County contributed 100 percent of its statutorily required contributions for
the current and preceding 3 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 the legislative
appropriation or available funds fail to provide full subsidy benefits to all participants, benefits may be reduced or canceled. The
County's contributions to the HIS Plan were $4,008,775 for the year ended September 30, 2021.
PENSION COSTS
At September 30, 2021, the County reported a liability of $83,745,948 for its proportionate share of the HIS Plan's net pension
liability. The net pension liability was measured as of June 30, 2021, and the total pension liability used to calculate the net pension
liability was determined by an actuarial valuation as of July 1, 2021. The County's proportion of the net pension liability was
based on the County's contributions received during the measurement period for employer payroll paid dates from July 1, 2020,
through June 30, 2021, relative to the total employer contributions received from all participating employers. At June 30, 2021,
the County's proportion was 0.682721 %, which was a decrease of 0.009243% from its proportion measured as of June 30, 2020.
For the year ended September 30, 2021, the County recognized pension expense of $6,794,383 for its proportionate share of HIS's
pension expense. In addition, the County reported its proportionate share of HIS's deferred outflows of resources and deferred
inflows of resources from the following sources:
Description
Differences Between Expected and Actual Economic Experience
Changes in Actuarial Assumptions
Net Difference Between Projected and Actual Earnings on HIS Program
Investments
Changes in Proportion and Differences Between County Contributions and
Proportionate Share of Contributions
County Contributions Subsequent to the Measurement Date
Total
Deferred Outflows
of Resources
$ 2,802,351
6,580,556
87,302
3,172,251
1,059,004
Deferred Inflows of
Resources
$ 35,077
3,450,546
1,666,906
$ 13,701,464 $ 5,152,529
Deferred outflows of resources related to pensions of $1,059,004, 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 year ended September 30, 2022.
Other amounts reported as deferred outflows and inflows of resources related to pensions will be recognized as an increase in
pension expense as follows:
Year Ending September
30
2022
2023
2024
2025
2026
Thereafter
ACTUARIAL ASSUMPTIONS
Amount
2,271,731
1,066,907
1,402,161
1,424,986
1,074,360
249,786
The total pension liability in the July 1, 2021, actuarial valuation was determined using the following actuarial assumptions,
applied to all periods included in the measurement:
Inflation 2.40% per year
Salary Increases 3.25%, including inflation
Municipal Bond Rate 2.16%
Mortality rates were based on the PUB-2010 base table projected generationally with Scale MP-2018. The actuarial assumptions
used in the July 1, 2021 valuation were based on the results of an actuarial experience study for the period July 1, 2013, through
June 30, 2018
.:
NOTE 9 — DEFINED BENEFIT PENSION PLANS (Continued)
DISCOUNT RATE
The discount rate used to measure the total pension liability for HIS plan has decreased from 2.21 % in fiscal year 2020 to 2.16%
in fiscal year 2021. In general, the discount rate for calculating the total pension liability is equal to the single rate equivalent to
discounting at the long-term expected rate of return for benefit payments prior to the projected depletion date. Because the HIS
benefit is essentially funded on a pay-as-you-go basis, the depletion date is considered to be immediate, and the single equivalent
discount rate is equal to the municipal bond rate selected by the HIS Plan sponsor. The Bond Buyer General Obligation 20-Bond
Municipal Bond Index was adopted as the applicable municipal bond index.
PENSION LIABILITY SENSITIVITY
The following presents the County's proportionate share of the net pension liability for the HIS Plan, calculated using the discount
rate disclosed in the preceding paragraph, as well as what the County's proportionate share of the net pension liability would be if
it were calculated using a discount rate one percentage point lower or one percentage point higher than the current discount rate:
1 % Decrease in Current 1 % Increase in
Description Discount Rate Discount Rate Discount Rate
HIS Plan Discount Rate 1.61% 2.16% 3.16
County's Proportionate Share of the HIS Plan
Net Pension Liability $ 96,818,428 $ 83,745,948 $ 73,035,974
PENSION PLAN FIDUCIARY NET POSITION
Detailed information about the HIS Plan's fiduciary's net position is available in a separately -issued FRS Pension Plan and Other
State -Administered Systems Comprehensive Annual Financial Report. That report may be obtained through the Florida Department
of Management Services website at www.dms.mytlorida.com.
SUMMARY
The aggregate amount of net pension liability, related deferred outflows of resources and deferred inflows of resources and
pension expense for the County's defined benefit pension plans are summarized below:
FRS Plan
HIS Plan
Total
Net pension liability
$ 58,187,652 $
83,745,948 $
141,933,600
Deferred outflows of resources related to pensions
64,970,336
13,701,464
78,671,800
Deferred inflows of resources related to pensions
215,658,988
5,152,529
220,811,517
Pension expense
139,132
6,794,383
6,933,515
NOTE 10 — DEFINED CONTRIBUTION PLAN
The Florida State Board of Administration (SBA) administers the defined contribution plan officially titled the FRS Investment
Plan (Investment Plan). The Investment Plan is reported in the SBA's annual financial statements and in the State of Florida
Comprehensive Annual Financial Report. As provided in Section 121.4501, Florida Statutes, eligible FRS members may elect
to participate in the Investment Plan in lieu of the FRS defined benefit plan. County employees participating in DROP are not
eligible to participate in the Investment Plan. Employer and employee contributions, including amounts contributed to individual
member's accounts, are defined by law, but the ultimate benefit depends in part on the performance of investment funds.
Benefit terms, including contribution requirements, for the Investment Plan are established and may be amended by the Florida
Legislature. The Investment Plan is funded with the same employer and employee contribution rates that are based on salary and
membership class (Regular Class, Elected County Officers, etc.), as the FRS defined benefit 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 plan, including the FRS Financial Guidance Program, are funded through an
employer contribution of .06% of payroll from July 1, 2020 to June 30, 2021 and .06% of payroll from July 1, 2021 to June 30,
2022 in addition to forfeited benefits of plan members. The County's Investment Plan pension expense totaled $5,400,770 for
the year ended September 30, 2021.
For all membership classes, employees are immediately vested in their own contributions and are vested after 1 year of service
for employer contributions and investment earnings. If an accumulated benefit obligation for service credit originally earned
under the FRS Pension Plan is transferred to the Investment Plan, the member must have the years of service required for FRS
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 5 years. If the employee
returns to FRS -covered employment within the 5-year period, the employee will regain control over their account. If the employee
does not return within the 5-year period, the employee will forfeit the accumulated account balance. For the fiscal year ended
At
NOTE 10 — DEFINED CONTRIBUTION PLAN (Continued)
June 30, 2021, 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
FRS Pension Plan when approved for disability retirement to receive guaranteed lifetime monthly benefits under the FRS Pension
Plan, or remain in the Investment Plan and rely upon that account balance for retirement income.
NOTE 11 —TRANSFERS
Transfers between funds were used to (1) move revenues from the fund that statute or budget requires they be collected in to
the fund that statute or budget requires they be expended from, (2) move receipts restricted to debt service to the debt service
fund as payments become due and (3) use unrestricted revenues collected in the General Fund to finance operating and capital
programs accounted for in other funds in accordance with budgetary authorizations.
Transfers for the year ended September 30, 2021 were as follows:
Transfers from Fund Transfers to Fund
Governmental Activities:
General Fund Grants and Shared Revenue
Nonmajor Governmental Funds
County Water and Sewer
Emergency Medical Services
Nonmajor Business -type
Internal Service Funds
Bayshore Gateway Community
Redevelopment Agency
General Fund
Nonmajor Governmental Funds
Immokalee Community
Redevelopment Agency
General Fund
Bayshore Gateway Community Redevelopment Agency
Grants and Shared Revenues
General Fund
Nonmajor Governmental Funds
County Water and Sewer
Nonmajor Governmental Funds
General Fund
Bayshore Gateway Community Redevelopment Agency
Immokalee Community Redevelopment Agency
Grants and Shared Revenue
Nonmajor Governmental Funds
County Water and Sewer
Business -type Activities:
County Water and Sewer
General Fund
Grants and Shared Revenue
Nonmajor Governmental Funds
Solid Waste Disposal
Internal Service Funds
Solid Waste Disposal
General Fund
County Water and Sewer
Internal Service Funds
Emergency Medical Services
Internal Service Funds
Nonmajor Business -type
Nonmajor Governmental Funds
Internal Service Funds
General Fund
Nonmajor Governmental Funds
Total Transfers
Amount
45,380,429
74,337,253
548
4,553,798
7,362,610
216,100
53,800
3,071,500
53,800
74,100
31,000,000
5,000,000
10,000,000
4,870,006
455,503
87,503
1,756,264
58,488,598
23,100
9,190,011
10,300
218,500
547,200
274,400
962,544
122,418
5,200
7,800
15,000
1,076,600
400,000
$ 259,614,885
70
NOTE 12 — NET POSITION/FUND BALANCE CLASSIFICATION
Net position represents the difference between total assets plus deferred outflows of resources and liabilities plus deferred
inflows of resources and is categorized as follows:
Net investment in capital assets: Total capital assets, net of debt issued and deferred amounts on refundings related to the
acquisition of these assets and net of depreciation is reported separately in the net position section.
Restricted for growth related capital expansion: Impact fees are restricted for growth related capital expansion.
Restricted for transportation capital projects: Gas taxes and other revenues restricted for transportation capital improvements.
Restricted for tourist development: Tourist development tax proceeds are restricted for tourist related activities.
Restricted for Conservation Collier: Balances generated bythe former levy of one quarter mill of ad valorem revenues restricted
for the maintenance and management of environmentally sensitive land.
Restricted for community redevelopment: Tax increment revenues generated in the redevelopment areas are restricted for
redevelopment purposes.
Restricted for grants: State and federal government grant monies restricted for grant related purposes.
Restricted for infrastructure sales tax capital projects: Infrastructure sales tax proceeds are restricted for infrastructural
capital improvements.
Restricted for debt service: Balances are restricted in conjunction with the issuance of bonds and have been funded by
operating transfers from the appropriate funds. The use of monies in the sinking fund is restricted to the payment of principal
and interest on long-term debt.
Restricted for court programs: Balances are restricted for court programs
Restricted for public safety: Balances are restricted for public safety programs.
Restricted for nonexpendable purposes — other: Balances are restricted in conjunction with the maintenance and management
of certain conservation lands for mitigation purposes.
Restricted for special revenues — other: Balances are restricted for specific uses associated with the revenue collected.
Restricted for renewal and replacement: Balance is restricted in conjunction with the issuance of County Water and Sewer
District Bonds for use in funding the cost of additions, replacement or major repair of District capital assets.
Unrestricted: Balances are not restricted for specific purposes.
Governmental funds report fund balances as either spendable or non -spendable as follows:
Non -spendable fund balance: Amounts that are not in spendable form or that are legally or contractually required to be maintained
intact. Items that are not spendable also include inventories, prepaid amounts and long term portions of advances, loans and
notes receivable.
Spendable fund balance:
Restricted fund balance — Amounts that can be spent only for specific purposes through restrictions placed upon them by
external resource providers such as creditors, grantors or contributors; or imposed by law through constitutional provisions
or enabling legislation.
Committed fund balance — Amounts that can be spent only for specific purposes determined by the County's highest decision
making authority, the Board of County Commissioners, via ordinance. Commitments may be modified or removed by the
Board of County Commissioners only by amending the ordinance that created the original commitment.
Assigned fund balance — Amounts that are intended to be spent for specific purposes as determined by the Board of County
Commissioners, but that are neither restricted nor committed to the specific purpose.
Unassigned fund balance — Unassigned fund balance is the residual classification for the County's general fund. Amounts
in this classification are spendable but have not been deemed restricted, committed or assigned. Unassigned fund balance
may also include negative balances for any governmental fund whose expenditures have exceeded the amounts restricted,
committed or assigned for those specific purposes.
When both restricted and unrestricted amounts are available, the County spends the restricted amounts first, unless prohibited
by law, grant agreements or other contractual arrangement. Further, when committed fund balance is available the County will
use it first, followed by assigned fund balance and then unassigned fund balance for purposes in which any of the unrestricted
fund balance classifications could be used.
71
NOTE 12 — NET POSITION/FUND BALANCE CLASSIFICATION (Continued)
A detailed schedule of fund balances at September 30, 2021 is as follows
Bayshore
Gateway
Immokalee
Community
Community Grants and
Other
Total
General
Redevelopment
Redevelopment Shared
Infrastructure Governmental Governmental
Fund
Agency
Agency Revenue
Sales Tax Funds
Funds
Nonspendable:
Endowments
$ -
$
$ $
$ $ 5,522,800 $
5,522,800
Inventory
772,780
1,093,901
1,866,681
Advances to other funds
500,962
-
500,962
Notes
1,492,849
-
1,492,849
Prepaid costs
18,121
6,091
24,212
Total nonspendable fund balance
2,784,712
6,622,792
9,407,504
Restricted for:
Community redevelopment $
$ 10,037,806 $ 1,287,327 $ $ $ $
11,325,133
Federal and state grants
580,524 - - 11,336,040 - 2,591,234
14,507,798
Infrastructure sales tax capital projects
- - 193,740,991 -
193,740,991
Bond covenants or debt service
- 6,013,148
6,013,148
Transportation growth related capital
105,948,230
105,948,230
Parks growth related capital expansion
44,002,393
44,002,393
Parks and recreation
17,599,229
17,599,229
Transportation capital projects
55,915,038
55,915,038
Community development
42,118,531
42,118,531
Transportation operations
2,447,372
2,447,372
Tourist development
108,109,896
108,109,896
Conservation Collier
26,306,541
26,306,541
Emergency 911
3,415,900
3,415,900
Law Enforcement
9,269,528
9,269,528
General government facilities
4,064,063
4,064,063
Water management
58,550,543
58,550,543
Libraries
1,117,289
1,117,289
Court functions
9,659,550
9,659,550
Public records modernization
7,172,126
7,172,126
Other purposes
1,594,381
1,594,381
Total restricted fund balance
580,524 10,037,806 1,287,327 11,336,040 193,740,991 505,894,992
722,877,680
Committed for:
Special districts
34,016,126
34,016,126
Natural resource management
4,644,574
4,644,574
Utility regulation
1,229,869
1,229,869
Other purposes
4,691,448
4,691,448
Total committed fund balance
44,582,017
44,582,017
Assigned for:
Parks and recreation
14,300,750
14,300,750
General building & improvements
36,392,095
36,392,095
Water management
-
21,146,290
21,146,290
Subsequent year budget
9,429,200
-
9,429,200
Other purposes
2,851,612
12,553,183
15,404,795
Total assigned fund balance
12,280,812
84,392,318
96,673,130
Unassigned:
117,115,903
-
117,115,903
Total Fund Balances
$ 132, 661,951 $ 10,037,806 $
1,287,327 $ 11, 336,040 $ 193, 440,991 $ 641,492,119 $ 990,656,234
72
NOTE 13 — 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. A self-insurance internal service fund is maintained by the County to administer
insurance activities relating to workers' compensation, health and property and casualty, which covers general, property, auto,
public official and crime liabilities. The County self-insurance program covers operations of the Board and the constitutional
officers, except for the Sheriff. Under these programs, the self-insurance fund provides coverage up to a maximum amount for
each claim. The County purchases commercial insurance for claims in excess of coverage provided by the self-insurance fund
and for all other covered risks of loss.
Claim Type
Property and casualty claims
Auto liability claims
Employee health claims
Workers' compensation claims
County's Coverage
$50,000 - $500,000
($250,000 named storm deductible;
3% deductible of reported values
per damaged building; subject to
$5,000,000 deductible cap)
$300,000
$1,000,000
$500,000
Excess Carrier's Coverage
50,000 - $75,000,000
$300,001 - $5,000,000
$1,000,001 - Unlimited
$500,001 - Statutory
Settled claims have not exceeded the insurance provided by third party carriers in any of the past three years. All divisions of the
County, excluding the Sheriff, participate in this program. Charges to operating departments are based upon amounts believed
by management to meet the required annual payouts during the fiscal year and to pay for the estimated operating costs of the
programs. For the fiscal year ended September 30, 2021 the operating departments were charged $47,894,348 for workers'
compensation, health and property and casualty self-insurance programs.
The claims loss reserve for workers' compensation, health and property and casualty of $7,708,409 reported at September
30, 2021 was calculated by third party actuaries based upon GASB Statement No. 30, Risk Financing Omnibus, which requires
that a liability for claims be reported when it is probable that a loss has been incurred and the amount of that loss can be
reasonably estimated. The estimated liabilities for unpaid losses related to workers' compensation and property and casualty
were discounted at 3.5%. It should be noted that the discount rate is an estimate based on the expected rate of return over
extended periods. The estimated liabilities for unpaid losses related to health were not discounted as their turnover period is
much shorter. Claims loss reserves of $5,488,652 are recorded as current liabilities.
The Sheriff participates in the Statewide Florida Sheriff's Self -Insurance Fund for its professional liability insurance. The fund is
managed by representatives of the participating Sheriff offices and provides professional liability insurance to participating Sheriff
agencies. The Florida Sheriff's Self -Insurance Fund provides liability insurance coverage subject to the following limitations:
$5,000,000 for any one incident or occurrence and $10,000,000 for an annual aggregate per member.
The Sheriff also participates in the Statewide Florida Sheriff's Self -Insurance Fund program for workers' compensation coverage.
The Florida Sheriff's Association Workers' Compensation Insurance Trust (FSAWIT) is a limited self-insurance fund providing
coverage for the first $500,000 of every claim. Re -insurance is provided through a third party insurer for all claims exceeding
$500,000 up to $15,000,000.
Settled claims have not exceeded the insurance provided by third party carriers in any of the past three years.
Premiums charged to participating Sheriffs are based upon amounts believed by Fund management to meet the estimated annual
payouts during the fiscal year and to pay for the estimated operating costs of the program. All liabilities associated with these
self -insured risks are reported in the basic financial statements of the Statewide Florida Sheriff's Self -Insurance Fund. The Sheriff
cannot be additionally assessed for claims paid by the program.
The Sheriff has also established a self -funded employee health plan. An internal service fund is used to account for the activities
of the plan. Excess coverage has been purchased which provides specific claim excess coverage for any one incident exceeding
$200,000. In 2021, there was one covered individual who had higher deductible amounts because of a history of high claims. This
individual had a deductible of $1,185,000. Specific claim excess coverage for this individual was for claims exceeding $1,185,000.
The maximum annual individual stop loss payment amount is unlimited. Payments to the internal service fund are based on
actuarial estimates of amounts needed to pay prior year and current year claims including claims incurred but not yet reported.
The claims loss reserve for health of $3,236,000 reported at September 30, 2021 was calculated by third party actuaries based
upon GASB Statement No. 30, Risk Financing Omnibus, which requires that a liability for claims be reported when it is probable
that a loss has been incurred and the amount of that loss can be reasonably estimated. The entire Sheriff's health claim loss
reserve is recorded as a current liability.
73
NOTE 13 — RISK MANAGEMENT (Continued)
CHANGES IN SELF-INSURANCE CLAIMS PAYABLE
Changes in the self-insurance claims payable for fiscal years 2020 and 2021 were as follows for the County and Sheriff self-
insurance programs:
Balance at September 30, 2019
Current year claims incurred and
changes in estimates
Claim payments
Balance at September 30, 2020
Current year claims incurred and
changes in estimates
Claim payments
Balance at September 30, 2021
NOTE 14 — LANDFILL LIABILITY
Property and Group Workers'
Casualty Health Compensation Total
$ 2,736,191 $ 7,715,000 $ 1,418,527 $ 11,869,718
2,377,081 65,023,781 43,687 67,444,549
(3,103,445) (65,398,781) (447,684) (68,949,910)
2,009,827 7,340,000 1,014,530 10,364,357
2,271,313 75,263,626 632,799 78,167,738
(2,978,144) (74,070,626) (538,916) (77,587,686)
$ 1,302, 996 $ 8,533,000 $ 1,108,413 $ 10,944,409
On May 1, 1995, the County entered into a landfill operating agreement with a third party for the privatization of the County's
landfill operations. Under the contract, the third party is responsible for the daily operations, capital improvements, closure,
postclosure and financial assurance requirements of the active cells within the Naples and Immokalee landfill sites. Collier
County is responsible for the postclosure costs relating to portions of the Naples and Immokalee landfill sites. None of the cells
that Collier County is responsible for has accepted waste since December 1989. The County is also responsible for staffing and
operating the scale house at each site.
In accordance with U.S. Environmental Protection Agency rule Solid Waste Disposal and Facility Criteria and GASB Statement No.
18, Accounting for Municipal Solid Waste Landfill Closure and Postclosure Care Costs, a liability has been established representing
amounts estimated to be spent on postclosure relating to cells for which Collier County is responsible. The County's estimated
liability in connection with the landfills is included in the proprietary funds statement of net position. The landfill liability will
be reassessed on an annual basis, and any increase due to inflation, changes in technology or additional postclosure care
requirements will be recorded as a current cost.
NOTE 15 — OTHER POSTEMPLOYMENT BENEFITS
COUNTY'S PLAN DESCRIPTION AND BENEFITS PROVIDED
The County provides post employment healthcare benefits for retirees through a single employer defined benefit plan (County's
OPEB Plan) and can amend the benefits provisions. The participants of this plan include retirees of the Board of County
Commissioners, the Clerk of the Circuit Court and Comptroller, the Property Appraiser, the Tax Collector and the Supervisor
of Elections. The Sheriff also provides post employment healthcare benefits under as separate plan. In accordance with
Florida Statute 112.0801, employees who retire and immediately begin receiving benefits from the FRS have the option of paying
premiums to continue in the County's health insurance plan at the same group rate as for active employees.
The Board of County Commissioners and the Tax Collector also subsidize the cost of the post employment healthcare for
qualifying retirees and each has the authority to amend benefit provisions. The Board of County Commissioners offers a subsidy
for its retirees who have at least 60% of eligible accrued sick leave remaining at the time of retirement and have completed 15
years of continuous service with the Board. In addition, the retiree must retire from the Board, be at least 55 years of age or
have completed 30 years of service under the Florida Retirement System (FRS) and be eligible to receive an FRS benefit with no
break in time. Such employees are eligible to receive a 50% to 100% subsidy toward the cost of coverage under the active plan.
A subsidy is currently provided to 18 retirees. The Tax Collector offers a subsidy of 100% the cost of health care for employees
with 10 years of service, between the ages of 54 and 64 and who exchange 800 hours of sick leave at retirement for employees
hired prior to June 1, 2015. A subsidy is currently provided to 2 retirees.
The County's OPEB Plan is currently being funded on a pay as you go basis. No trust fund has been established for the plan. The
plan does not issue a separate financial report.
74
NOTE 15 — OTHER POSTEMPLOYMENT BENEFITS (Continued)
PARTICIPANT DATA
As of September 30, 2021, the following employees were covered by the benefit terms:
Inactive employees or beneficiaries currently receiving benefits 49
Active employees 2,433
Total employees 2,482
TOTAL OPEB LIABILITY
The County's total OPEB liability of $9,500,959 was measured as of September 30, 2021 and was determined by an actuarial
valuation as of October 1, 2021. The following table shows the changes in the County's total OPEB liability for the year ended
September 30, 2021.
Total OPEB
Liability
Balance, as of October 1, 2020
$ 9,817,087
Changes:
Service cost
609,931
Interest on total OPEB liability
162,236
Changes in assumptions or other inputs
(513,843)
Benefit payments
(574,452)
Net changes
(316,128)
Balance, as of September 30, 2021
$ 9, 000,959
OPEB LIABILITY DISCOUNT RATE SENSITIVITY
The following presents the County's total OPEB liability, as well as what the County's total OPEB liability would be if it were
calculated using a discount rate one percentage point lower or one percentage point higher than the current discount rate:
1 % Decrease in
Current 1 % Increase in
Description Discount Rate
Discount Rate Discount Rate
OPEB Plan Discount Rate 0.50%
1.50% 2.50%
Total OPEB Liability $ 10,272,180
$ 9,500,959 $ 8,799,005
OPEB LIABILITY HEALTHCARE TREND RATE SENSITIVITY
The following presents the County's total OPEB liability, as well as what the County's total OPEB liability would be if it were
calculated using a healthcare trend rate one percentage point lower or one percentage point higher than the current healthcare
trend rate:
1 % Decrease in
1 % Increase in
Healthcare Cost
Healthcare Cost
Healthcare Cost
Description
Trend Rate
Trend Rate
Trend Rate
Healthcare Cost Trend Rate
4.00%
5.00%
6.00%
Total OPEB Liability
$ 8,547,113
$ 9,500,959
$ 10,614,283
75
NOTE 15 — OTHER POSTEMPLOYMENT BENEFITS (Continued)
DEFERRED OUTFLOWS AND INFLOWS OF RESOURCES RELATED TO OPEB
For the year ended September 30, 2021, the County's OPEB expense was $880,973. In addition, the County reported deferred
outflows of resources and deferred inflows of resources from the following sources:
Deferred
Outflows of Deferred Inflows
Description Resources of Resources
Differences Between Expected and Actual Economic Experience $ - $ 823,755
Changes in assumptions 763,744 60,162
$ 763,744 $ 883,917
Amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be amortized over
4.6 years and will be recognized as follows:
Year Ending
September 30
2022
2023
2024
2025
Thereafter
ACTUARIAL METHODS AND ASSUMPTIONS
Deferred
Outflows of
Deferred Inflows
Resources
of Resources
282,180
$ 283,712
282,180
235,884
150,267
159,575
39,393
127,998
9,724
76,748
Actuarial valuations of an ongoing plan involve estimates of the value of reported amounts and assumptions about the probability
of occurrence of events far into the future. Examples include assumptions about future employment, mortality and the healthcare
cost trend. Amounts determined regarding the funded status of the plan and the annual required contributions of the employer are
subject to continual revision as actual results are compared with past expectations and new estimates are made about the future.
Calculations for financial reporting purposes are based on the benefits provided under terms of the plan as understood by the
employer and the plan members in effect at the time of each valuation and on the pattern of sharing of costs between the employer
and plan members to that point. The projection of benefits for financial reporting purposes does not explicitly incorporate the
potential effects of legal or contractual funding limitations on the pattern of cost sharing between the employer and plan members
in the future. Actuarial calculations reflect a long-term perspective. Consistent with that perspective, actuarial methods and
assumptions used include techniques that are designed to reduce the effects of short-term volatility in actuarial accrued liabilities
and the actuarial value of assets.
The actuarial methods are:
Actuarial cost method
The actuarial assumptions are:
Discount rate
Healthcare cost trend rate
Salary increase
New employees
Entry Age Actuarial
1.5% (Based on the 20 year AA municipal bond rate)
5%
3%
None
Mortality rates were based on the Pri-2012 Mortality Fully Generational tables using Projection Scale MP-2021.
Since the most recent valuation, the following changes have been made:
The discount rate was changed from 1.6% to 1.5%.
The mortality assumption has been updated from Pri-2012 Mortality Fully Generational using Projection Scale MP-2020 to
Pri-2012 Mortality Fully Generational using Projection Scale MP-2021.
SHERIFF'S PLAN DESCRIPTION AND BENEFITS PROVIDED
The Sheriff provides post employment healthcare benefits for retirees through a single employer defined benefit plan (Sheriff's
OPEB Plan) and can amend the benefit provisions. In accordance with Florida Statute 112.0801, employees who retire and
immediately begin receiving benefits from the FRS have the option of paying premiums to continue in the Sheriff's health insurance
plan at the same group rate as for active employees.
76
NOTE 15 — OTHER POSTEMPLOYMENT BENEFITS (Continued)
Prior to 2010, the Sheriff subsidized approximately 26% of the cost for both single and family healthcare for its retirees who have
6 years of creditable service with the Sheriff and who receive a monthly retirement benefit from the Florida Retirement System.
Approximately 22% of retirees receive the subsidy.
The Sheriff's OPEB Plan is currently being funded on a pay as you go basis. No trust fund has been established for the plan. The
plan does not issue a separate financial report.
PARTICIPANT DATA
As of September 30, 2021, the following employees were covered by the benefit terms:
Inactive employees or beneficiaries currently receiving benefits 141
Active employees 1,150
Total employees 1,291
TOTAL OPEB LIABILITY
The Sheriff's total OPEB liability of $28,169,914 was measured as of September 30, 2021 and was determined by an actuarial
valuation as of October 1, 2020. The following table shows the changes in the Sheriff's total OPEB liability for the year ended
September 30, 2021.
Total OPEB
Liability
Balance, as of October 1, 2020 $ 27,920,433
Changes
Service cost 777,037
Interest on total OPEB liability 448,520
Differences between expected and actual experience 451
Changes in assumptions or other inputs 353,427
Benefit payments (1,329,954)
Net changes 249,481
Balance, as of September 30, 2021 $ 28,169,914
OPEB LIABILITY DISCOUNT RATE SENSITIVITY
The following presents the Sheriff's total OPEB liability, as well as what the Sheriff's total OPEB liability would be if it were
calculated using a discount rate one percentage point lower or one percentage point higher than the current discount rate:
1 % Decrease in Current Discount 1 % Increase in
Description Discount Rate Rate Discount Rate
OPEB Plan Discount Rate 0.50% 1.50% 2.50%
Total OPEB Liability $ 30,800,891 $ 28,169,914 $ 25,840,363
OPEB LIABILITY HEALTHCARE TREND RATE SENSITIVITY
The following presents the Sheriff's total OPEB liability, as well as what the Sheriff's total OPEB liability would be if it were
calculated using a healthcare trend rate one percentage point lower or one percentage point higher than the current healthcare
trend rate:
1 % Decrease in
1 % Increase in
Healthcare Cost
Healthcare Cost
Healthcare Cost
Description
Trend Rate
Trend Rate
Trend Rate
Healthcare Cost Trend Rate
4.00%
5.00%
6.00%
Total OPEB Liability
$ 25,637,156
$ 28,169,914
$ 31,082,145
77
NOTE 15 — OTHER POSTEMPLOYMENT BENEFITS (Continued)
DEFERRED OUTFLOWS AND INFLOWS OF RESOURCES RELATED TO OPEB
For the year ended September 30, 2021, the Sheriff's OPEB expense was $2,574,820. In addition, the Sheriff reported deferred
outflows of resources and deferred inflows of resources from the following sources:
Deferred
Outflows of Deferred Inflows
Description Resources of Resources
Differences Between Expected and Actual Economic Experience $ 5,735,347 $ 38,168
Changes in assumptions 2,784,663 522,836
$ 8,520,010 $ 561,004
Amounts reported as deferred inflows and outflows of resources related to OPEB will be amortized over 7.07 years:
Year Ending
September 30
2022
2023
2024
2025
2026
Thereafter
ACTUARIAL METHODS AND ASSUMPTIONS
Deferred Deferred
Outflows of Inflows of
Resources Resources
$ 1,536,775 $ 136,740
1,536,775
136,740
1,536,775
136,740
1,536,775
129,469
1,299,645
21,315
1,073,265
0
Actuarial valuations of an ongoing plan involve estimates of the value of reported amounts and assumptions about the probability
of occurrence of events far into the future. Examples include assumptions about future employment, mortality and the healthcare
cost trend. Amounts determined regarding the funded status of the plan and the annual required contributions of the employer are
subject to continual revision as actual results are compared with past expectations and new estimates are made about the future.
Calculations for financial reporting purposes are based on the benefits provided under terms of the plan as understood by the
employer and the plan members in effect at the time of each valuation and on the pattern of sharing of costs between the employer
and plan members to that point. The projection of benefits for financial reporting purposes does not explicitly incorporate the
potential effects of legal or contractual funding limitations on the pattern of cost sharing between the employer and plan members
in the future. Actuarial calculations reflect a long-term perspective. Consistent with that perspective, actuarial methods and
assumptions used include techniques that are designed to reduce the effects of short-term volatility in actuarial accrued liabilities
and the actuarial value of assets.
The actuarial methods are:
Actuarial cost method Entry Age Actuarial
The actuarial assumptions are:
Discount rate 1.5% (Based on the 20 year AA municipal bond rate)
Healthcare cost trend rate 5%
Salary increase None
New employees None
Mortality rates were based on the Pri-2012 Mortality Fully Generational tables using Projection Scale MP-2020
Since the most recent valuation, the following changes have been made:
The discount rate was changed from 1.6% to 1.5%.
The healthcare cost trend rate was changed from 6% to 5%
The mortality assumption has been updated from RP-2014 Mortality Fully Generational using Projection Scale MP-2019 to
Pri-2012 Mortality Fully Generational using Projection Scale MP-2020.
78
NOTE 15 — OTHER POSTEMPLOYMENT BENEFITS (Continued)
SUMMARY
The aggregate amount of total OPEB liability, related deferred outflows of resources and deferred inflows of resources and OPEB
expense for the County's postemployment benefits plans are summarized below:
County's
Sheriff's
OPEB Plan
OPEB Plan
Total
Total OPEB liability
$ 9,500,959 $
28,169,914 $
37,670,873
Deferred outflows of resources related to OPEB
763,744
8,520,010
9,283,754
Deferred inflows of resources related to OPEB
883,917
561,004
1,444,921
OPEB expense
880,973
2,574,820
3,455,793
NOTE 16 — SIGNIFICANT CONTINGENCIES
LITIGATION
The County is involved as defendant or plaintiff in certain litigation and claims arising in the ordinary course of operations. In the
opinion of County legal counsel, the range of potential recoveries or liabilities, other than as disclosed here, will not materially
affect the financial position of the County.
STATE AND FEDERAL GRANTS
Grant monies received and disbursed by the County are for specific purposes and are subject to review by the grantor agencies.
Such audits may result in requests for reimbursement due to disallowed expenditures. Based upon prior experience, the County
does not believe that such disallowances, if any, would have a material effect on the financial position of the County.
HURRICANE IRMA
On September 10, 2017, Category 3 Hurricane Irma made landfall in Collier County. Statewide, an estimated 6.5 million Floridians
were ordered to evacuate, mostly those living on barrier islands or in coastal areas, in mobile or sub -standard homes and in low
lying or flood prone areas. Mandatory evacuations were ordered for portions of Collier County. The primary impacts of Hurricane
Irma were widespread power outages and debris, coastal flooding and beach erosion. The County has spent approximately $108.7
million on recovery efforts and has budgeted an additional $1.6 million in the 2022 fiscal year. In 2021, the County recognized
$3.8 million in insurance proceeds and $10 million in revenue from the Federal Emergency Management Agency (FEMA). The
County continues to expect reimbursements from FEMA.
NOTE 17 — SIGNIFICANT COMMITMENTS
Collier County has active construction projects as of September 30, 2021. The projects include road construction, governmental
facilities and utilities improvements. At year end, the County's significant commitments with contractors include the following:
Governmental Activities:
Grants and Shared Revenue
Infrastructure Sales Tax
Other Governmental Funds
Business -type Activities:
Water and Sewer
Solid Waste Disposal
Other Enterprise Funds
Total
Category
Culture and Recreation
Transportation
Culture and Recreation
General Government
Physical Environment
Transportation
Culture and Recreation
Utilities
Solid Waste
Airports
Construction
Commitments
363,704
30,698,271
9,462,882
749,900
8,058,502
12,779,994
38,000,337
66,008,272
1,536,269
732,596
$ 168,390,727
79
NOTE 17 — SIGNIFICANT COMMITMENTS (Continued)
Encumbrances represent commitments for future expenditures, based on purchase orders or contracts issued, where the goods
or services have been ordered but not received. Encumbrance commitments do not include construction contracts, as they are
included as contract commitments.
Collier County had the following significant individual encumbrances as of September 30, 2021:
Governmental Activities:
Bayshore Gateway Community
Redevelopment Agency
Grants and Shared Revenue
Infrastructure Sales Tax
Other Governmental Funds
Business -type Activities:
Water and Sewer
Other Enterprise Funds
Internal Service Funds
Total
NOTE 18 — SUBSEQUENT EVENTS
Encumbrance
Category Commitments
Economic Environment
$ 600,000
Physical Environment
631,625
Transportation
1,108,363
Economic Environment
9,689,319
Public Safety
905,513
Physical Environment
3,355,892
Public Safety
600,000
Physical Environment
2,558,451
Transportation
3,945,658
Economic Environment
500,000
Culture and Recreation
679,430
Utilities 2,929,635
Airport Authority 4,275,111
Collier Area Transit 3,237,845
Motor Pool Capital Recovery 504,836
$ 35,521,678
As of the date of this report, Collier County expects to issue the Series 2022A Special Obligation Refunding Revenue Bond
(Bank Term Loan) in the par amount of $32,920,000. The proceeds of the Series 2022A Bond will be used to refund all of the
outstanding Special Obligation Refunding Revenue Bonds, Series 2011. The final maturity of the Series 2022A Bond is October
1, 2029, with a fixed interest rate of 1.43%. The refunding achieved a net present value savings of 5.42% on the refunded bonds
and an aggregate debt service savings of $1,864,171. The Series 2022A Special Obligation Revenue Bond was issued as a direct
placement financing, secured with a lien on parity with all outstanding Special Obligation Bonds. The refunded Series 2011 Special
Obligation Refunding Revenue Bonds have a redemption date of March 15, 2022.
As of the date of this report, Collier County expects to enter into a forward refunding agreement to issue the Series 2022B Special
Obligation Refunding Revenue Bond (Bank Term Loan) in the par amount of $75,365,000. The proceeds of the Series 2022B
Bond will be used to refund all of the outstanding Special Obligation Refunding Revenue Bonds, Series 2013. The final maturity
of the Series 2022B Bond is October 1, 2035, with an interest rate of 1.85%. The refunding achieved a net present value savings
of 14.47% on the refunded bonds and an aggregate debt service savings of $12,104,059. The Series 2022B Special Obligation
Revenue Bond was issued as a direct placement financing, secured with a lien on parity with all outstanding Special Obligation
Bonds. The refunded Series 2013 Special Obligation Refunding Revenue Bonds have a redemption date of October 1, 2022.
During fiscal year 2020, the World Health Organization declared the spread of Coronavirus Disease (COVID-19) a worldwide
pandemic. The COVID-19 pandemic is having significant effects on global markets, supply chains, businesses and communities.
Specific to Collier County, COVID-19 may impact various parts of its 2022 operations and financial results including, but not limited
to, revenue sources, costs for emergency preparedness and increases in costs for materials and supplies for daily operations.
Management believes that Collier County is taking appropriate actions to mitigate the negative impact. In June 2021, Collier
County was awarded $74.8 million in Coronavirus State and Local Fiscal Recovery Funds from the American Rescue Plan Act of
2021. However, the full impact of COVID-19 and the related Federal assistance is unknown and cannot be reasonably estimated
at this time.
NOTE 19 — CHANGE IN ACCOUNTING PRINCIPLE
During the year ended September 30, 2021, the County adopted GASB Statement No. 84, Fiduciary Activities. The goal of this
statement is to improve financial reporting by establishing specific criteria for identifying activities that should be reported as
fiduciary activities.
This change requires the restatement of the September 30, 2020 fiduciary net position of the fiduciary funds as follows:
Custodial
Funds
Fiduciary Net Position, September 30, 2020, as Previously Reported
Cumulative Effect of Application of GASB 84 16,164,807
Fiduciary Net Position, September 30, 2020, as Restated $ 16,164,807
The Deposit Agency fund and the Pine Ridge and Naples Production Park Agency fund balances at September 30, 2020 did not
meet the criteria for fiduciary activities. In fiscal year 2021, the assets and liabilities for these funds were moved to the General
Fund and the Improvement Districts respectively.
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COLLIER COUNTY, FLORIDA
SCHEDULE OF THE COUNTY'S PROPORTIONATE SHARE OF THE NET PENSION LIABILITY
FLORIDA RETIREMENT SYSTEM PENSION PLAN
Last Ten Fiscal Years
2021 2020 2019 2018
County's Proportion of the Net Pension Liability 0.770303194% 0.794941674% 0.797837050% 0.804668214%
County's Proportionate Share of the Net Pension Liability $ 58,187,652 $ 344,539,437 $ 274,763,972 $ 242,370,237
County's Covered Payroll * $ 241,529,826 $ 234,174,659 $ 228,455,160 $ 225,786,565
County's Proportionate Share of the Net Pension Liability (Asset) as a
Percentage of Its Covered Payroll 24.09% 147.13% 120.27% 107.34%
Plan Fiduciary Net Position as a Percentage of the total Pension Liability 96.40% 78.85°i 82.61 % 84.26%
* Covered Payroll consists of pensionable wages calculated as of the respective measurement date, restated for periods 2014 to 2017 pursuant to GASB No. 82, Pension Issues.
SCHEDULE OF COUNTY CONTRIBUTIONS
FLORIDA RETIREMENT SYSTEM PENSION PLAN
Last Ten Fiscal Years
2021 2020 2019 2018
Contractually Required Contribution
$ 30,034,061 $
27,741,964 $
25,202,730 $
23,401,059
Contributions in Relation to the Contractually Required Contribution
(30,034,061)
(27,741,964)
(25,202,730)
(23,401,059)
Contribution Deficiency (Excess)
$ - $
- $
- $
-
County's Covered Payroll - Fiscal Year *
$ 241,604,760 $
240,018,783 $
230,500,331 $
226,283,207
Contributions as a Percentage of Covered Payroll
12.43 i
11.56 i
10.93 i
10.34 i
* Covered Payroll - Fiscal Year consists of pensionable wages calculated forthe respective fiscal year, restated for periods 2014 to 2017 pursuantto
GASB No. 82, Pension Issues.
SCHEDULE OF THE COUNTY'S PROPORTIONATE SHARE OF THE NET PENSION LIABILITY
RETIREE HEALTH INSURANCE SUBSIDY PROGRAM
Last Ten Fiscal Years
2021 2020 2019 2018
County's Proportion of the Net Pension Liability 0.682720614°i 0.673478223°i 0.683003525°i 0.690065185°i
County's Proportionate Share of the Net Pension Liability $ 83,745,948 $ 82,230,597 $ 76,421,260 $ 73,037,274
County's Covered Payroll * $ 241,529,826 $ 234,174,659 $ 228,455,160 $ 225,786,565
County's Proportionate Share of the Net Pension Liability (Asset) as a
Percentage of Its Covered Payroll 34.67% 35.12% 33.45% 32.35%
Plan Fiduciary Net Position as a Percentage of the totalPension Liability 3.56% 3.00 i 2.63 i 2.15%
* Covered Payroll consists of pensionable wages calculated as of the respective measurement date pursuant to GASB No.82, Pension Issues.
SCHEDULE OF COUNTY CONTRIBUTIONS
RETIREE HEALTH INSURANCE SUBSIDY PROGRAM
Last Ten Fiscal Years
2021 2020 2019 2018
Contractually Required Contribution $ 4,008,775 $ 3,982,772 $ 3,792,652 $ 3,750,438
Contributions in Relation to the Contractually Required Contribution (4,008,775) (3,982,772) (3,792,652) (3,750,438)
Contribution Deficiency (Excess) $ - $ - $ - $ -
County's Covered Payroll - Fiscal Year * $ 241,604,760 $ 240,018,783 $ 230,500,331 $ 226,283,207
Contributions as a Percentage of Covered Payroll 1.66% 1.66% 1.65% 1.66%
* Covered Payroll consists of pensionable wages calculated as of the respective measurement date pursuant to GASB No.82, Pension Issues.
Note: Information is required to be presented for 10years. However, until a full 10-year trend is compiled, the County will present information for only those years for which information
is available.
84
2017 2016 2015 2014
0.796720676 % 0.772938545% 0.736106708 % 0.703655077%
$ 235,664,630 $ 195,167,590 $ 95,078,054 $ 42,933,306
$ 212,195,163 $ 199,870,915 $ 195,154,275 $ 184,577,284
111.06 % 97.65 % 48.72 % 23.26 %
83.89% 84.88% 92.00% 96.09%
2017 2016 2015 2014
$ 20,299,090 $ 20,563,824 $ 17,830,147 $ 17,287,796
(20,299,090) (20,563,824) (17,830,147) (17,287,796)
$ 216,521,253 $ 206,179,415 $ 193,543,352 $ 185,505,694
9.38% 9.97% 9.21 % 9.32%
2017 2016 2015 2014
0.665383863% 0.645620406 % 0.642983194% 0.621385755%
$ 71,145,914 $ 75,244,385 $ 65,574,171 $ 58,101,084
$ 212,195,163 $ 199,870,915 $ 195,154,275 $ 184,577,284
33.53 % 37.65 % 33.60 % 31.48 %
1.64% 0.97% 0.50% 0.99%
2017
2016
2015
2014
$ 3,593,353
$ 3,415,537
$ 2,614,704
$ 2,131,155
(3,593,353)
(3,415,537)
(2,614,704)
(2,131,155)
$ 216,521,253
$ 206,179,415
$ 193,543,352
$ 185,505,694
1.66%
1.66%
1.35%
1.15%
COLLIER COUNTY, FLORIDA
SCHEDULE OF CHANGES IN THE COLLIER COUNTY
TOTAL OPEB LIABILITY AND RELATED RATIOS
Last Ten Fiscal Years
2021 2020 2019 2018 2017
Board of County Commissioners and
Constitutional Officers
Total OPEB liability
Service Cost
$ 609,931
$ 609,998
$ 438,933
$ 491,865
$ 464,531
Interest
162,236
190,846
287,048
252,345
248,849
Changes of benefit terms
-
-
-
-
-
Differences between expected and actual
experience
(588,396)
(1,190)
-
(8,258)
Changes of assumptions or other inputs
74,553
322,360
387,596
(221,309)
Benefit payments
(574,452)
(474,429)
(674,797)
(625,275)
(589,882)
Net change in total OPEB liability
(316,128)
647,585
438,780
(102,374)
115,240
Total OPEB liability, beginning
9,817,087
9,169,502
8,730,722
8,833,096
8,717,856
Total OPEB liability, ending
$ 9,500,959
$ 9,817,087
$ 9,169,502
$ 8,730,722
$ 8,833,096
Covered -employee payroll
$141,768,412
$135,688,734
$132,769,448
$123,441,030
$121,574,778
Total OPEB liability as a percentage of covered
employee payroll
6.70 io
7.24%
6.91 %
7.07 is
7.27%
Notes to the Schedule
Changes in Assumptions: Change in the discount
rate of 1.6% as of September 30,
2020 to 1.5% as of September 30, 2021.
The mortality assumption has been updated from
Pri-2012 Mortality Fully Generational
using Projection
Scale MP-2020
to Pri-2012
Mortality Fully Generational using Projection Scale
MP-2021.
Note: Information is required to be presented for 10 years. However,
until a full 10-year
trend is compiled, the County will present
information for only those years for which information is available.
2021 2020 2019 2018 2017
Sheriff
Total OPEB liability
Service Cost
$ 777,037
$ 555,065
$ 485,365 $
520,082 $
491,420
Interest
448,520
435,838
631,825
503,525
502,621
Changes of benefit terms
-
-
-
-
-
Differences between expected and actual
experience
451
5,292,054
-
2,048,462
(83,607)
Changes of assumptions or other inputs
353,427
949,878
2,250,569
(898,977)
Benefit payments
(1,329,954)
(1,098,451)
(1,074,207)
(941,061)
(871,353)
Net change in total OPEB liability
249,481
6,134,384
2,293,552
1,232,031
39,081
Total OPEB liability, beginning
27,920,433
21,786,049
19,492,497
18,260,466
18,221,385
Total OPEB liability, ending
$ 28,169,914
$ 27, 220,433
$ 21,7 66,049
$ 19,4 22,497
$ 18,2 00,466
Covered -employee payroll
$ 87,324,387
$ 83,944,157
$ 81,378,975
$ 80,473,682
$ 91,192,818
Total OPEB liability as a percentage of covered
employee payroll
32.26%
33.26%
26.77%
24.22%
20.02%
Notes to the Schedule
Changes in Assumptions: Change in the discount rate of 1.6% as of September 30, 2020 to 1.5% as of September 30, 2021
The mortality assumption has been updated from RP-2014 Mortality Fully Generational using Projection Scale MP-2019 to Pri-2012
Mortality Fully Generational Projection Scale MP-2020.
Note: Information is required to be presented for 10 years. However, until a full 10-year trend is compiled, the County will present
information for only those years for which information is available.
86
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Combining & Individual
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NONMAJOR GOVERNMENTAL FUNDS
Special Revenue Funds
ROAD DISTRICTS — To account for taxes levied and expenditures to carry on all work on roads and bridges in the County except
that provided for in capital project funds.
UNINCORPORATED AREA MUNICIPAL SERVICES TAXING DISTRICT — To account for revenues derived from and expanded for
the benefit of the unincorporated areas of the County.
COMMUNITY DEVELOPMENT — To account for building permit and development fees to support licensing, permitting and
inspection services.
WATER MANAGEMENT AND POLLUTION CONTROL — To account for taxes levied County -wide to provide water resource
management and water pollution control.
PELICAN BAY — To account for taxes levied in the Pelican Bay development to provide water resource management and
beautification services.
STORMWATER UTILITY — To account for the accumulation of resources and expenditures related to the management of facilities
and services for drainage and flood protection County -wide.
IMPROVEMENT DISTRICTS — To account for taxes levied within municipal service taxing districts to provide for specified
improvements and/or the maintenance of such improvements.
FIRE CONTROL DISTRICTS — To account for taxes levied within municipal service taxing districts for fire prevention and control.
LIGHTING DISTRICTS — To account for taxes levied within municipal service taxing district for street lighting.
911 ENHANCEMENT FEE — To account for fees levied on each telephone access line in the County for the enhancement of the
911 emergency telephone system.
TOURIST DEVELOPMENT — To account for the 5% tourist development tax.
STATE HOUSING INITIATIVE PARTNERSHIP — To account for state revenues received to provide affordable residential housing
for very low to moderate income persons and those who have special housing needs.
800 MHZ INTERGOVERNMENTAL RADIO COMMUNICATIONS PROGRAM FUND — To account for moving traffic violation
surcharges received to fund the County's intergovernmental radio communications program.
STATE COURT ADMINISTRATION — To account for County monies used to fund the operation of the court system.
CONFISCATED PROPERTY — To account for the accumulation and expenditure of proceeds from the sale of property confiscated
by the Sheriff.
GAC LAND SALES, ROADS AND CANALS — To account for principal and settlement fees received from a 1977 settlement with
GAC Properties, Inc., and interest thereon to be expended for the restoration and maintenance of roads, facilities and drainage
improvements in the Golden Gate Estates area.
UTILITY FEE — To account for fees to be used to effectively and efficiently regulate private water and wastewater utilities operating
within the unincorporated areas of Collier County and the City of Marco Island.
CONSERVATION COLLIER — To account for the acquisition and management of environmentally sensitive lands.
COURT INFORMATION TECHNOLOGY — To account for the accumulation of resources to enhance and increase access to court
information.
COURT SERVICES — To account for the accumulation of revenues associated with the function of the local court system.
UNIVERSITY EXTENSION — To account for fund accumulation to meet the educational goals of the Collier County OF/IFAS
extension.
COURT FACILITIES FEE — To account for the accumulation of resources to improve court facilities.
AFFORDABLE HOUSING — To account for fees to be used to provide for affordable housing related projects.
ECONOMIC AND INNOVATION ZONE — To account for the accumulation of resources for economic development in accordance
with an approved tax increment financing plan.
OTHER COURT SPECIAL REVENUE FUNDS — To account for the statutory surcharge on recording documents to be paid to the
Clerk of the Circuit Court for modernization.
OTHER PUBLIC SAFETY SPECIAL REVENUE FUNDS — To account for the accumulation of resources for the Sheriff's Inmate
Welfare, Federal Equitable Sharing and other statutory revenues paid to the Sheriff to fund various inmate welfare, crime prevention
and training programs.
OTHER SPECIAL REVENUE FUNDS — To account for the accumulation of resources for the following programs:
Miscellaneous Florida Statutes Fee Collections
Adoption Awareness
Teen Court
Animal Control
Public Library
Law Library
Freedom Memorial
County Drug Abuse
Permanent Funds
Euclid and Lakeland Assessment
Legal Aid Society
Law Enforcement Training
Domestic Violence
Juvenile Assessment Center
Driver Education
Crime Prevention
RESOURCE RECOVERY PARK ENDOWMENT — To account for the permanent endowment established for the benefit of the
County's land conservation program.
PEPPER RANCH CONSERVATION BANK — To account for the permanent endowment established for the benefit of establishing
and maintaining a panther habitat land conservation bank.
Debt Service Funds
POOLED COMMERCIAL PAPER PROGRAM — To account for the accumulation of resources and payment of interest and principal
on variable rate debt incurred for the acquisition of land for the County's amateur sports park.
GAS TAX REFUNDING REVENUE BONDS — To account for the accumulation of resources and payment of interest and principal on
the Series 2012 Gas Tax Refunding Revenue Bonds and Series 2014 Gas Tax Refunding Revenue Bond (bank term loan) incurred
in the refinancing of Gas Tax Revenue Bonds.
COMMUNITY REDEVELOPMENT TAXABLE NOTE — To account for the accumulation of resources and payment of interest and
principal on taxable long-term debt incurred for the acquisition of land in the Bayshore Gateway Community Redevelopment
Agency.
FOREST LAKES LIMITED GENERAL OBLIGATION BONDS — To account for the accumulation of resources and payment of interest
and principal on the Series 2007 Forest Lakes Limited General Obligation Bonds debt incurred to finance the cost of certain
roadway lighting, drainage and restoration in the Forest Lakes Municipal Services Taxing Unit.
SPECIAL OBLIGATION REFUNDING REVENUE BONDS — To account for the accumulation of resources and payment of interest
and principal on the Series 2010, 2010B, 2011 and 2013 Special Obligation Refunding Revenue Bonds and the Series 2017 Special
Obligation Refunding Revenue Note (bank term loan) incurred in the refinancing of variable rate commercial paper loans and
revenue bonds. Also used to account for the accumulation of resources and payment of interest and principal on the Series 2019
Taxable Special Obligation Revenue Note (bank term loan) used to purchase the Golden Gate Golf Course.
TOURIST DEVELOPMENT TAX REVENUE BONDS — To account for the accumulation of resources and payment of interest and
principal on the Series 2018 Tourist Development Tax Revenue Bonds incurred to pay the cost of the development, acquisition,
construction and equipping of a regional tournament caliber amateur sports complex.
Capital Project Funds
COUNTY -WIDE CAPITAL IMPROVEMENTS — To account for capital projects, designated by the Board of County Commissioners,
to be funded by a County -wide one third mil levy.
PARKS IMPROVEMENTS — To account for the expenditure of funds raised specifically for improvements to parks. Projects include
land acquisition, design, construction and equipping of certain Community Park sites in the unincorporated areas of the County.
Primary funding is ad valorem taxes.
COUNTY -WIDE LIBRARY IMPACT FEES — To account for the receipt and expenditure of library impact fees collected from all
qualifying new construction. These impact fees must be used for acquisition of County -wide library facilities.
.E
CORRECTIONAL FACILITIES IMPACT FEES — To account for the receipt and expenditure of correctional facilities impact fees
collected from all qualifying new construction. These impact fees must be used for the acquisition/construction of correctional
facilities.
EMERGENCY MEDICAL SERVICES IMPACT FEES — To account for the receipt and expenditure of emergency medical service
impact fees collected from all qualifying new construction. These impact fees must be used for acquisition/construction of
emergency service facilities.
WATER MANAGEMENT — To account for the receipt and expenditure of funds raised specifically for water management purposes.
Primary funding is ad valorem taxes.
PELICAN BAY CAPITAL IMPROVEMENTS — To account for the receipt and expenditure of funds raised specifically for water
management purposes and the restoration of the Clam Bay estuary in the Pelican Bay Development. Primary funding is a special
assessment.
PARKS IMPACT DISTRICTS — To account for the receipt and expenditure of parks impact fees collected from all qualifying new
construction. The impact fees must be used for the acquisition/construction of park facilities.
ROAD IMPACT DISTRICTS — To account for the receipt and expenditure of road impact fees collected from all qualifying new
construction. The impact fees must be used for the acquisition/construction of roads.
ROAD CONSTRUCTION — To account for the receipt and expenditure of gas taxes. Projects include, but are not limited to, right-
of-way acquisition, design and construction of various transportation improvements.
GOVERNMENT FACILITIES IMPACT FEES — To account for the receipt and expenditure of government facilities impact fees
collected from qualifying new construction. The impact fees must be used for the acquisition and construction of government
facilities.
LAW ENFORCEMENT IMPACT FEES — To account for the receipt and expenditure of law enforcement impact fees collected from
all qualifying new construction. The impact fees must be used for the acquisition and construction of law enforcement related
facilities.
ALL TERRAIN VEHICLE PARK — To account for the receipt and expenditure of funds for the creation of an All Terrain Vehicle park.
AMATEUR SPORTS COMPLEX — To account for major capital expenditures related to the new Amateur Sports Complex.
OTHER CAPITAL PROJECTS — To account for major capital expenditures financed from resources other than proceeds from the
issuance of long-term debt and the one third mil levy.
91
COLLIER COUNTY, FLORIDA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
September 30, 2021
Special Revenue Funds
Water
Management
Road
Unincorporated
Community
and Pollution
Pelican
Stormwater
Districts
Area MSTD
Development
Control
Bay
Utility
ASSETS
Cash and investments
$ 2,685,305 $
16,586,170
$ 47,366,475 $
1,853,282 $
3,308,761 $
2,241,681
Cash with fiscal agent
-
-
-
-
-
-
Receivables:
Interest
5,431
24,929
47,997
2,414
4,750
3,710
Trade, net
23,929
23,589
2,959
-
56,772
-
Notes
-
-
-
-
Impact fee
Special assessments
-
-
Leases
19,659
5,841,724
-
-
-
Due from other funds
531,016
823,269
1,752
27,240
110,142
Due from other governments
82,949
936,939
639,329
22,743
8
Deposits
-
-
-
-
-
Inventory for resale
-
-
-
-
Inventory
894,059
28,940
-
105,627
65,275
Advances to other funds
-
139,923
2,120,157
-
-
Prepaid costs
-
-
381
-
Total assets
$ 4,242,348 $
24,405,483
$ 50,179,050 $
2,011,306 $
3,480,433 $
2,310,666
Liabilities, Deferred Inflows of
Resources and Fund Balances
Liabilities:
Accounts payable
$ 257,487 $
1,176,339
$ 521,927 $
29,602 $
110,984 $
435,488
Wages payable
601,100
670,668
853,343
79,002
87,317
97,525
Due to other funds
23,040
245
-
-
-
-
Due to other governments
4
3,701
2,773,831
Unearned revenues
-
4,825
-
Refundable deposits
22,978
3,911,037
Retainage payable
-
-
Advances from other funds
-
-
-
-
-
-
Total liabilities
881,631
1,878,756
8,060,138
108,604
198,301
533,013
Deferred inflows of resources:
Unavailable revenue
-
-
-
-
-
-
Related to leases
19,286
5,516,167
Total deferred inflows of resources
19,286
5,516,167
-
Fund balances:
Nonspendable
894,059
28,940
381
105,627
65,275
Restricted
2,447,372
-
42,118,531
-
-
-
Committed
-
16,981,620
-
1,797,075
3,282,132
-
Assigned
-
-
-
-
-
1,712,378
Total fund balances
3,341,431
17,010,560
42,118,912
1,902,702
3,282,132
1,777,653
Total liabilities, deferred inflows of
resources and fund balances
$ 4,242,348 $
24,405,483
$ 5 1179,050 $
2,011,306 $
3,480,433 $
2,310,666
See accompanying independent auditors' report
92
State
Fire
911
Housing
Improvement
Control
Lighting
Enhancement
Tourist
Initiative
800 MHz
State Court
Districts
Districts
Districts
Fee
Development
Partnership
IRCP Fund
Administration
$ 18,087,175 $
502,171 $
635,014 $
2,055,268 $
83,247,960 $
2,295,957 $
256,528 $
333,672
21,492
1,376
874
2,606
94,223
2,277
432
605
-
-
-
-
1,985,521
7,424
-
-
-
298,648
-
-
-
-
512,739
-
42,314
11,608
6,637
2,017,211
22,559
65,427
-
-
-
8,024
-
-
17,200,000
-
2,710
-
3,000
$ 18,150,981 $
515,155 $
642,525 $
2,057,874 $
104,555,649 $
2,604,306 $
792,258 $
402,704
$ 326,361 $ $
43,236 $ 140,215 $ 1,517,590 $
1,156 $ 31,741 $ 3,619
13,839
- - 138,345
8,088 6,349 94,544
557,215
95,888 39,703
- - -
30
- 1,547
3,828
1,017,771
-
249,374
31,880
232,862 268,100
- - -
- - -
2,397,452 268,100
43,236 236,103 1,729,065
13,072 38,090 98,163
486,062
486,062
- 2,710 - 3,000
- - - 1,821,771 102,823,874 2,591,234 - -
15,753,529 247,055 599,289 - - - 268,106 301,541
15,753,529 247,055 599,289 1,821,771 102,826,584 2,591,234 268,106 304,541
$ 18,150,981 $ 515,155 $ 642,525 $ 2,057,874 $ 1 , 44555,649 $ 2,604,306 $ 792,258 $ 402,704
93
ASSETS
Cash and investments
Cash with fiscal agent
Receivables:
Interest
Trade, net
Notes
Impact fee
Special assessments
Leases
Due from other funds
Due from other governments
Deposits
Inventory for resale
Inventory
Advances to other funds
Prepaid costs
Total assets
Liabilities, Deferred Inflows of
Resources and Fund Balances
Liabilities:
Accounts payable
Wages payable
Due to other funds
Due to other governments
Unearned revenues
Refundable deposits
Retainage payable
Advances from other funds
Total liabilities
Deferred inflows of resources:
Unavailable revenue
Related to leases
Total deferred inflows of resources
Fund balances:
Nonspendable
Restricted
Committed
Assigned
Total fund balances
Total liabilities, deferred inflows of
resources and fund balances
See accompanying independent auditors' report
COLLIER COUNTY, FLORIDA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
September 30, 2021
Special Revenue Funds
GAC Land
Court
Confiscated Sales, Roads Utility
Conservation
Information
Court
Property and Canals Fee
Collier
Technology
Services
$ 519,345 $ 740,635 $ 1,209,118
$ 26,133,165
$ 1,654,576 $
1,510,101
601 800 1,299
30,090
1,829
- - 26,922
-
-
-
1
103,666
-
3,489
80
-
31,514
229,733
$ 519,946 $ 971, 668 $ 1,240,828
$ 26,163,336
$ 1,760,071 $
1,541,615
$ $ $ - $ 40,241 $ 30,112 $ 9,210
10,959 19,173 5,534 250,928
- 21,116 - 358,193
10 166,373 838,252
- - 85,032
44,949 -
44,949 10,959 80,540 202,019 1,541,615
519,946 926,219 - 26,082,796 1,558,052
- - 1,229,869 - -
519,946 926,219 1,229,869 26,082,796 1,558,052 -
$ 519,946 $ 971, 668 $ 1,240,828 $ 26,163,336 $ 1,760,071 $ 1,541,615
94
Special Revenue Funds
Other
Other
Other
Total
Court
Economic and
Court Special
Public Safety
Special
Special
University
Facilities
Affordable
Innovation
Revenue
Special
Revenue
Revenue
Extension
Fee
Housing
Zones
Funds
Revenue Funds
Funds
Funds
$ 42,220 $
8,018,678 $
849,912 $
3,278,059 $
7,208,079
$ 4,277,398 $
1,559,923 $
238,456,628
58
8,971
988
3,734
1,564
1,904
264,954
-
-
-
-
44,908
-
2,172,024
-
298,648
-
-
-
6,374,122
73,849
12,018
21,764
3,870,473
-
-
332
1,725,407
229,733
1,093,901
19,460,080
6,091
$ 42,278 $
8,101,498 $
850,900 $
3,281,793 $
7,208,079
$ 4,335,888 $
1,583,923 $
273,952,061
$ $ $ 6,264 $ $ 634 $ 7,776 $ 23,130 $ 4,713,112
4,628 35,319 - 2,423 2,979,084
- - 99,013 - 1,194,413
- 116 3,787,692
- 89,857
4,996,735
281,254
500,962
10,892 35,953 106,789 25,669 18,543,109
6,021,515
6,021,515
- - - - - 1,099,992
42,278 8,101,498 - - 7,172,126 4,229,099 242,553 200,677,349
- - 840,008 3,281,793 - - - 44,582,017
- - - - - - 1,315,701 3,028,079
42,278 8,101,498 840,008 3,281,793 7,172,126 4,229,099 1,558,254 249,387,437
$ 42,278 $ 8,101,498 $ 850,900 $ 3,281,793 $ 7,208,079 $ 4,335,888 $ 1,583,923 $ 273,952,061
95
COLLIER COUNTY, FLORIDA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
September 30, 2021
Permanent Funds
Debt Service Funds
Forest Lakes
Resource Pepper Pooled
Limited
Recovery Ranch Total Commercial
Gas Tax Community
General
Park Conservation Permanent Paper
Refunding Redevelopment
Obligation
Endowment Bank Funds Program Revenue Bonds Taxable Note
Bonds
ASSETS
Cash and investments
$ 1,805,007 $ 3,915,095 $ 5,720,102 $ 16,551 $
941,017 $
$ 33,638
Cash with fiscal agent
- - - -
-
-
Receivables:
Interest
2,050 4,459 6,509 19
789
51
Trade, net
- - - -
-
-
Notes
Impact fee
Special assessments
Leases
- -
-
Due from other funds
21,116 21,116
-
4,358
Due from other governments
- -
334,228
-
Deposits
-
Inventory for resale
Inventory
Advances to other funds
Prepaid costs
- - -
-
-
Total assets
$ 1, 007,057 $ 3, 440,670 $ 5, 447,727 $ 16,570 $
1,276,034 $
$ 38,047
Liabilities, Deferred Inflows of
Resources and Fund Balances
Liabilities:
Accounts payable $
$
$
$ $ $ $
Wages payable
Due to other funds
Due to other governments
512
670
1,182
Unearned revenues
-
-
-
Refundable deposits
Retainage payable
Advances from other funds
-
-
-
Total liabilities
512
670
1,182
Deferred inflows of resources:
Unavailable revenue
-
-
-
Related to leases
Total deferred inflows of resources
-
-
-
Fund balances:
Nonspendable
1,582,800
3,940,000
5,522,800
Restricted
223,745
-
223,745 16,570 1,276,034 38,047
Committed
-
- - - -
Assigned
-
-
- - - -
Total fund balances
1,806,545
3,940,000
5,746,545 16,570 1,276,034 38,047
Total liabilities, deferred inflows of
resources and fund balances $
1, 007,057 $
3, 440,670 $
5, 447,727 $ 16,570 $ 1,276,034 $ $ 38,047
See accompanying independent auditors' report
Debt Service Funds
Capital Project Funds
Tourist
Special
Development
Total
Emergency
Obligation
Tax
Debt
County -Wide
Count -Wide
Correctional
Medical
Refunding
Revenue
Service
Capital
Parks
Library
Facilities
Services
Revenue Bonds
Bonds
Funds
Improvements
Improvements
Impact Fees
Impact Fees
Impact Fees
$ 89,135
$ 2,955,409 $
4,035,750
$ 34,715,227
$ 30,181,812
$ 842,546 $
1,317,280
$ 1,456,012
10,678,128
-
10,678,128
-
-
-
-
-
1,463
3,362
5,684
35,380
35,502
1,073
2,323
1,862
-
-
-
-
50,000
-
-
-
213,229
135,242
71,824
4,358
8,077
8,275
248,300
804,800
127,100
334,228
2,731,728
130,766
25,370
32,684
9,155
$ 10,768,726
$ 2,958,771 $
15,058,148
$ 37,490,412
$ 30,406,355
$ 1,330,518 $
2,292,329
$ 1,665,953
$ $ $ $ 746,863 $ 1,575,742 $ $ $
9,045,000 9,045,000 170,515
- - 180,939
114,347
9,045,000 9,045,000 1,098,317 1,690,089
213,229 135,242 71,824
213,229 135,242 71,824
1,723,726 2,958,771 6,013,148 17,599,229 1,117,289 2,157,087 1,594,129
- - 36,392,095 11,117,037 - - -
1,723,726 2,958,771 6,013,148 36,392,095 28,716,266 1,117,289 2,157,087 1,594,129
$ 10,768,726 $ 2,958,771 $ 15,058,148 $ 37,490,412 $ 30,406,355 $ 1,330,518 $ 2,292,329 $ 1,665,953
97
COLLIER COUNTY, FLORIDA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
September 30, 2021
Capital Project
Funds
Pelican Bay Parks
Road
Government
Water Capital Impact
Impact
Road
Facilities
Management Improvements Districts
Districts
Construction
Impact Fees
ASSETS
Cash and investments
$ 66,038,130 $ 7,298,064 $ 42,546,469 $
107,501,831
$ 55,301,985
$ 2,298,252
Cash with fiscal agent
- - -
-
-
-
Receivables:
Interest
77,380 8,474 48,618
123,513
62,797
4,602
Trade, net
- - -
-
-
-
Notes
-
-
-
Impact fee
1,592,976
4,122,368
315,359
Special assessments
-
-
-
Leases
-
-
-
Due from other funds
585,697 21,437 1,524,500
-
233,544
1,701,000
Due from other governments
5,471,896 184,961 205,080
550,666
3,330,435
60,209
Deposits
- - 1,250
-
-
-
Inventory for resale
-
Inventory
Advances to other funds
-
Prepaid costs
- -
-
-
-
Total assets
$ 72,173,103 $ 7,512,936 $ 45,918,893 $
112,298,378
$ 58,928,761
$ 4,379,422
Liabilities, Deferred Inflows of
Resources And Fund Balances
Liabilities
Accounts payable
$ 1,105,650 $
279,241 $
186,271 $
1,792,283 $
2,718,244 $
Wages payable
-
-
-
-
-
Due to other funds
Due to other governments
Unearned revenues
-
-
Refundable deposits
-
-
-
22,500
81,360
Retainage payable
297,671
19,022
137,253
412,996
214,119
Advances from other funds
-
-
-
-
Total liabilities
1,403,321
298,263
323,524
2,227,779
3,013,723
Deferred inflows of resources:
Unavailable revenue
-
-
1,592,976
4,122,369
-
315,359
Related to leases
-
-
-
Total deferred inflows of resources
1,592,976
4,122,369
315,359
Fund balances:
Nonspendable
-
-
-
-
Restricted
58,550,543
44,002,393
105,948,230
55,915,038
4,064,063
Committed
-
-
-
-
-
Assigned
12,219,239
7,214,673
-
-
-
-
Total fund balances
70,769,782
7,214,673
44,002,393
105,948,230
55,915,038
4,064,063
Total liabilities, deferred inflows of
resources and fund balances
$ 72,173,103 $
7,512,936 $
45,918,893 $
112,298,378 $
58,928,761 $
4,379,422
See accompanying independent auditors' report
98
Capital Project Funds
Total
Total
Law
All Terrain
Amateur
Other
Capital
Nonmajor
Enforcement
Vehicle
Sports
Capital
Project
Governmental
Impact Fees
Park
Complex
Projects
Funds
Funds
$ 2,341,794 $
3,180,100 $
33,649,229 $
11,355,403 $
400,024,134
$ 648,236,614
-
-
-
-
-
10,678,128
2,784
3,613 35,734 12,846
456,501
733,648
-
- - -
50,000
2,222,024
-
-
298,648
151,195
-
6,602,193
6,602,193
-
1,405
1,405
1,405
-
-
-
6,374,122
307,800
148
5,570,678
9,466,625
-
20,778
12,753,728
14,813,363
-
1,250
1,250
-
229,733
1,093,901
19,460,080
-
- - -
-
6,091
$ 2,803,573 $
3,183,713 $ 33,684,963 $ 11,390,580 $
425,459,889 $
720,217,825
$ $ $ 7,340,783 $ 30,832 $ 15,775,909 $ 20,489,021
- - - 2,979,084
18,653 189,168 10,428,581
- 180,939 3,969,813
- 89,857
- 103,860 5,100,595
3,858,158 - 5,053,566 5,334,820
17,200,000 9,264 17,209,264 17,710,226
28,398,941 58,749 38,512,706 66,101,997
151,195 6,602,194 6,602,194
- - 6,021,515
151,195 6,602,194 12,623,709
- - - - 6,622,792
2,652,378 5,286,022 94,349 298,980,750 505,894,992
- - - - - 44,582,017
3,183,713 - 11,237,482 81,364,239 84,392,318
2,652,378 3,183,713 5,286,022 11,331,831 380,344,989 641,492,119
$ 2,803,573 $ 3,183,713 $ 33,684,963 $ 11,390,580 $ 425,459,889 $ 720,217,825
• o
COLLIER COUNTY, FLORIDA
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
For The Fiscal Year Ended September 30, 2021
IRevenue Funds
Water
Management
Road
Unincorporated
Community
and Pollution
Pelican
Stormwater
Districts
Area MSTD
Development
Control
Bay
Utility
Revenues:
Taxes
$
$ 52,004,292
$ -
$ 2,800,500 $
632,247
$
Licenses, permits and impact fees
55,995
31,756,441
-
-
Intergovernmental
2,045,980
141,872
-
-
8
62,500
Charges for services
285,696
2,424,418
3,937,389
322,914
-
-
Fines and forfeitures
-
341,293
-
-
-
-
Interest income
4,716
167,800
43,739
2,734
6,609
3,279
Special assessments
-
-
-
-
4,075,210
-
Miscellaneous
42,764
295,669
60,243
-
60,922
3,530
Total revenues
2,379,156
55,431,339
35,797,812
3,126,148
4,774,996
69,309
Expenditures:
Current:
General government
6,175,622
8,405,910
Public safety
4,325,750
20,055,331
-
-
-
Physical environment
-
588,731
1,356,596
2,654,316
1,095,621
7,285,936
Transportation
22,501,259
12,951,162
360,745
-
3,125,209
-
Economic environment
-
101,800
-
-
Human services
-
Culture and recreation
-
12,566,594
-
Debt service
Principal
158
7,792
12,987
Interest
142
56
190
Fiscal charges
-
-
-
-
-
-
Capital outlay
191,416
150,929
85,666
27,502
292,274
214,652
Total expenditures
22,692,975
36,868,436
30,264,248
2,681,818
4,526,281
7,500,588
Excess (deficit) of revenues
over (under) expenditures
(20,313,819)
18,562,903
5,533,564
444,330
248,715
(7,431,279)
Other financing sources (uses):
Bondsissued
Payment to current refunding escrow
Premium on bonds issued
Leases
-
-
-
Sale of capital assets
33
-
2,207
97,650
-
Insurance proceeds
249,310
979,660
-
-
701
215
Transfers in
21,092,906
1,782,650
934,702
68,588
144,230
7,506,000
Transfers out
(1,229,604)
(17,814,220)
(337,400)
(302,067)
(2,184,159)
(20,000)
Total other financing sources (uses)
20,112,645
(15,051,910)
599,509
(233,479)
(1,941,578)
7,486,215
Net change in fund balances
(201,174)
3,510,993
6,133,073
210,851
(1,692,863)
54,936
Fund balances at beginning of year
3,542,605
13,499,567
35,985,839
1,691,851
4,974,995
1,722,717
Fund balances at end of year $
3,341,431 $
17,010,560 $
42,118,912 $
1,902,702 $
3,282,132 $
1,777,653
See accompanying independent auditors' report
100
State
Fire
911
Housing
Improvement
Control
Lighting
Enhancement
Tourist
Initiative
800 MHz
State Court
Districts
Districts
Districts
Fee
Development
Partnership
IRCP Fund
Administration
$ 5,207,394 $
1,380,883 $
853,302
$ $
36,192,118
$ $
$
113,027
1,930,322
1,919,936
3,083,684
126,858
-
1,046,852
-
350,290
156,740
-
-
-
-
-
-
-
549,261
20,909
1,405
919
2,377
84,452
1,935
12,386
438
42,820
-
9,659
89,993
139,209
562,028
109,919
11,515
5,511,008
1,382,288
863,880
2,022,692
39,382,567
3,647,647
472,595
717,954
- - - 1,274,594
- 1,921,403 1,977,500 - 1,052,469 1,492,863
611,479 - - - 1,578,359 - -
1,046,477 718,945 - -
- - 2,807,903
884,197 15,324,339
- 27,224 346,250
1,200 2,478 54,082
4,018,683 - - - 3,059,111 - 2,360,646 -
6,562,036 1,951,105 718,945 1,977,500 19,961,809 2,807,903 3,813,447 2,767,457
(1,051,028) (568,817) 144,935 45,192 19,420,758 839,744 (3,340,852) (2,049,503)
-
-
2,313,620
3,400
1,050
-
60,396
-
-
1,415
-
-
697,981
576,600
6,586
3,234,000
817,100
2,409,700
(764,448)
(41,575)
(24,450)
(7,790,654)
-
(244,600)
(2,671)
535,025
(17,864)
- (4,554,189)
- 3,130,720
2,165,100
(1,053,699)
(33,792)
127,071
45,192 14,866,569
839,744 (210,132)
115,597
16,807,228
280,847
472,218
1,776,579 87,960,015
1,751,490 478,238
188,944
$ 15,753,529 $
247,055 $
599,289 $
1,821,771 $ 102,826,584 $
2,591,234 $ 268,106 $
304,541
101
COLLIER COUNTY, FLORIDA
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
For The Fiscal Year Ended September 30, 2021
Revenue Funds
GAC Land
Court
Confiscated
Sales, Roads
Utility
Conservation
Information
Court
Property
and Canals
Fee
Collier
Technology
Services
Revenues:
Taxes $
$ $
101,762
$ 170
$ $
Licenses, permits and impact fees
-
-
Intergovernmental
-
-
-
314,839
Charges for services
100,000
747,778
1,492,300
7,085,844
Fines and forfeitures
-
-
-
-
Interest income
468
683
11155
26,665
1,173
11,409
Special assessments
-
-
-
-
-
Miscellaneous
-
700
-
72,789
-
-
Total revenues
468
1,383
202,917
847,402
1,493,473
7,412,092
Expenditures:
Current:
General government
-
-
-
-
952,125
7,412,092
Public safety
6,500
-
-
11,800
-
Physical environment
-
253,760
811,647
-
Transportation
-
-
Economic environment
-
Human services
42,515
Culture and recreation
-
Debt service
Principal
Interest
Fiscal charges
-
-
Capital outlay
-
67,087
10,263
-
Total expenditures
6,500
-
253,760
878,734
1,016,703
7,412,092
Excess (deficit) of revenues
over (under) expenditures
(6,032)
1,383
(50,843)
(31,332)
476,770
-
Other financing sources (uses):
Bondsissued
-
-
Payment to current refunding escrow
Premium on bonds issued
Leases
-
Sale of capital assets
1,575
Insurance proceeds
-
-
Transfers in
-
1
Transfers out
(1)
(3,001,300)
-
Total other financing sources (uses)
(1)
(3,001,299)
1,575
Net change in fund balances
(6,032)
1,382
(50,843)
(3,032,631)
478,345
Fund balances at beginning of year
525,978
924,837
1,280,712
29,115,427
1,079,707
Fund balances at end of year $
519,9 66
$ 926,219 $
1,229,869
$ 26,082,796
$ 1,558,052 $
See accompanying independent auditors' report
102
Special Revenue Funds
Other
Other
Other
Total
Court Economic and
Court Special
Public Safety
Special
Special
University Facilities Affordable Innovation
Revenue
Special
Revenue
Revenue
Extension Fee Housing Zone
Funds
Revenue Funds
Funds
Funds
$ $ $ $ 1,942,900
$
$ $
- $
101,115,568
-
45,660
31,858,096
331
9,612,499
320,000
1,886,667
836,734
271,722
21,392,202
966,715 - -
-
86,944
43,999
1,988,212
64 7,221 571 2,540
12,337
1,297
1,404
420,685
- - - -
-
-
-
4,075,210
537,432
2,039,192
64 973,936 320,571 1,945,440 1,899,004 924,975 900,548 172,501,664
146,111 373,870 - 148,833 24,889,157
- - - 524,923 141,800 31,510,339
23,944 - - 16,260,389
- - - 40,703,797
221,158 129,837 3,260,698
- - 346,636 389,151
22,094 28,797,224
394,411
58,148
4,367 10,482,596
23,944 146,111 221,158 129,837 373,870 524,923 663,730 156,745,910
(23,880) 827,825 99,413 1,815,603 1,525,134 400,052 236,818 15,755,754
2,313,620
105,915
- - 1,291,697
223,400 243,900 39,738,344
- - (33,754,478)
- 223,400 - - - 243,900 9,695,098
(23,880) 827,825 322,813 1,815,603 1,525,134 400,052 480,718 25,450,852
66,158 7,273,673 517,195 1,466,190 5,646,992 3,829,047 1,077,536 223,936,585
$ 42,278 $ 8,101,498 $ 840,008 $ 3,281,793 $ 7,172,126 $ 4,229,099 $ 1,558,254 $ 249,387,437
103
COLLIER COUNTY, FLORIDA
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
For The Fiscal Year Ended September 30, 2021
Permanent Funds Debt Service Funds
Pooled
Resource
Pepper Ranch
Total
Commercial
Gas Tax
Community
Forest Lakes
Recovery Park
Conservation
Permanent
Paper
Refunding
Redevelopment
Limited General
Endowment
Bank
Funds
Program
Revenue Bonds
Taxable Note
Obligation Bonds
Revenues:
Taxes
$
$
$
$
$
$
$ 556,374
Licenses, permits and impact fees
-
Intergovernmental
2,033,421
Charges for services
7,875
7,875
-
Fines and forfeitures
-
-
-
-
Interest income
1,775
3,492
5,267
27
1,176
474
445
Special assessments
-
-
-
-
-
-
-
Miscellaneous
-
41,200
41,200
-
-
-
-
Total revenues
9,650
44,692
54,342
27
2,034,597
474
556,819
Expenditures:
Current:
General government
-
-
-
-
-
-
-
Public safety
-
-
-
Physical environment
26,770
72,057
98,827
Transportation
-
-
-
Economic environment
Human services
Culture and recreation
-
-
-
-
Debt service
Principal
1,100,000
11,515,000
3,291,218
1,060,000
Interest
12,362
1,801,953
28,921
22,525
Fiscal charges
805
1,610
-
3,571
Capital outlay
-
-
-
-
Total expenditures
26,770
72,057
98,827
1,113,167
13,318,563
3,320,139
1,086,096
Excess (deficit) of revenues
over (under) expenditures
(17,120)
(27,365)
(44,485)
(1,113,140)
(11,283,966)
(3,319,665)
(529,277)
Other financing sources (uses):
Bonds issued
10,000,000
Payment to current refunding
escrow
(10,000,000)
Premium on bonds issued
Leases
Sale of capital assets
Insurance proceeds
-
-
-
-
Transfers in
3,001,300
3,001,300
965,000
11,465,000
3,071,500
54,358
Transfers out
-
-
-
-
(318,703)
(93,587)
Total other financing
sources (uses)
3,001,300
3,001,300
965,000
11,465,000
2,752,797
(39,229)
Net change in fund balances
(17,120)
2,973,935
2,956,815
(148,140)
181,034
(566,868)
(568,506)
Fund balances at beginning of year
1,823,665
966,065
2,789,730
164,710
1,095,000
566,868
606,553
Fund balances at end of year
$ 1,806,545
$ 3,940,000
$ 5,746,545
$ 66,570
$ 1, 776,034
$ -
$ 38,047
See accompanying independent auditors' report
104
Debt Service Funds
Capital Project Funds
Special
Tourist
Total
Emergency
Obligation
Development
Debt
County -Wide
Count -Wide
Correctional
Medical
Refunding
Tax
Service
Capital
Parks
Library
Facilities
Services
Revenue Bonds
Revenue Bonds
Funds
Improvements
Improvements
Impact Fees
Impact Fees
Impact Fees
$
$
$ 556,374
$ -
$ -
$ - $
-
$
-
-
584,603
1,075,336
1,820,697
517,098
2,033,421
598,210
3,584
-
-
-
1,357
1,141
4,620
29,743
23,503
1,207
1,424
1,791
-
-
-
78,498
70,000
-
-
45
1,357
1,141
2,594,415
706,451
681,690
1,076,543
1,822,121
518,934
3,632,069 - -
460,800 4,330 49,120
35,563 - -
17,901 - -
1,521 1,610,733 336
11,841,000 1,030,000 29,837,218
8,457,559 2,690,750 13,014,070
1,076,097 2,450 1,084,533 - - -
- - - 24,510,038 4,803,838 - - 97,345
21,374,656 3,723,200 43,935,821 28,657,892 6,414,571 336 4,330 146,465
(21,373,299) (3,722,059) (41,341,406) (27,951,441) (5,732,881) 1,076,207 1,817,791 372,469
841,195 10,841,195
24,075,000
16,064,701
- (10,000,000)
-
-
259,203 259,203
925,000
3,935,299
-
1,000 -
- -
619,856
81,146 14,174
20,004,100 3,722,800 39,282,758
24,637,100
6,910,051 -
- - (412,290)
(3,931,998)
(34,244) (1,060,900) (1,822,000) (442,900)
21,104,498
3,722,800
39,970,866
46,324,958
26,957,953
(1,060,900)
(1,822,000)
(428,726)
(268,801)
741
(1,370,540)
18,373,517
21,225,072
15,307
(4,209)
(56,257)
1,992,527
2,958,030
7,383,688
18,018,578
7,491,194
1,101,982
2,161,296
1,650,386
$ 1,723,726 $
2,958,771
$ 6,013,148 $
36,392,095 $
28,716,266 $
1,117,289 $
2,157,087 $
1,594,129
105
COLLIER COUNTY, FLORIDA
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
For The Fiscal Year Ended September 30, 2021
Capital Project Funds
Revenues:
Taxes
Licenses, permits and impact fees
Intergovernmental
Charges for services
Fines and forfeitures
Interest income
Special assessments
Miscellaneous
Total revenues
Expenditures:
Current:
General government
Public safety
Physical environment
Transportation
Economic environment
Human services
Culture and recreation
Debt service
Principal
Interest
Fiscal charges
Capital outlay
Total expenditures
Excess (deficit) of revenues
over (under) expenditures
Other financing sources (uses):
Bondsissued
Payment to current refunding escrow
Premium on bonds issued
Leases
Sale of capital assets
Insurance proceeds
Transfers in
Transfers out
Total other financing sources (uses)
Net change in fund balances
Fund balances at beginning of year
Fund balances at end of year
See accompanying independent auditors' report
Pelican Bay
Parks
Road
Government
Water
Capital
Impact
Impact
Road
Facilities
Management
Improvements
Districts
Districts
Construction
Impact Fees
$
$ $
-
$ -
$ 16,292,025
$
11,611,094
26,361,112
-
3,206,011
5,471,897
3,469
-
1,382,720
4,594,297
-
-
-
-
47,989
50,670
5,770
39,700
114,858
54,636
3,659
-
1,534,728
-
-
-
-
16
649,368
-
5,522,583
1,543,967
11,650,794
27,858,690
21,638,315
3,209,670
934
2,236,820 377,402 - -
- - 514,950 11,641,370
128,661
5,431,708 829,315 3,310,014 29,315,743 7,064,054 -
7,668,528 1,206,717 3,438,675 29,830,693 18,705,424 934
(2,145,945) 337,250 8,212,119 (1,972,003) 2,932,891 3,208,736
48,194,104
11,805,895
-
8,504
-
4
-
689,212
-
403,575
-
7,994,000
2,603,237
11,817,301
2,192,100
(1,548,354)
(64,794)
(3,713,100)
(11,465,005)
(5,575,800)
66,445,645
3,227,655
(3,704,596)
755,871
(3,383,696)
64,299,700
3,564,905
4,507,523 (1,972,003)
3,688,762
(174,960)
6,470,082
3,649,768
39,494,870 107,920,233
52,226,276
4,239,023
$ 70,769, 882 $
7,214,673 $
44, 002,393 $ 105, 448,230 $
55,915,038 $
4,064,063
106
Capital Project Funds
Total
Total
Law
All Terrain Amateur
Other
Capital
Nonmajor
Enforcement
Vehicle Sports
Capital
Project
Governmental
Impact Fees
Park Complex
Projects
Funds
Funds
$
$ $ $
14,080 $
16,306,105
$ 117,978,047
2,006,245
38,713
47,220,909
79,079,005
-
19,184
12,073,361
23,719,281
2,000
49,989
21,450,066
-
-
-
1,988,212
2,415
3,102 22,992
10,448
365,918
796,490
-
- -
-
1,534,728
5,609,938
-
- -
8,402
806,329
2,886,721
2,008,660
3,102 22,992
92,827
78,357,339
253,507,760
- 23,502 3,656,505
28,545,662
6,314 1,600 522,164
32,032,503
- - 2,649,785
19,009,001
12,156,320
52,860,117
-
3,260,698
17,901
407,052
850 183,330 86,182 2,011,613
30,808,837
30,231,629
13,072,218
- - - 1,084,533
15,075,475 126,199 90,563,729 101,046,325
6,314 850 15,258,805 237,483 111,578,017 312,358,575
2,002,346 2,252 (15,235,813) (144,656) (33,220,678) (58,850,815)
88,333,805
99,175,000
-
(10,000,000)
16,666,194
16,925, 397
-
2,313,620
9,508
115,423
1,807,963
3,099,660
3,140,186
214,474
59,508,449
141,530,851
(1,831,300)
-
(23,811)
(31,514,206)
(65,680,974)
(1,831,300)
- 3,140,186
190,663
134,811,713
187,478,977
171,046
2,252 (12,095,627)
46,007
101,591,035
128,628,162
2,481,332
3,181,461 17,381,649
11,285,824
278,753,954
512,863,957
$ 2, 552,378 $
3,183,713 $ 5,286,022 $
11,331,831 $
380,344,989 $
641,492,119
107
COLLIER COUNTY, FLORIDA
COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
BUDGET AND ACTUAL (BUDGETARY BASIS)
NONMAJOR GOVERNMENTAL FUNDS
For The Fiscal Year Ended September 30, 2021
Revenues:
Taxes
Licenses, permits and impact fees
Intergovernmental
Charges for services
Fines and forfeitures
Interest income
Special assessments
Miscellaneous
Total revenues
Expenditures:
Current:
General government
Public safety
Physical environment
Transportation
Economic environment
Human services
Culture and recreation
Debt service
Capital outlay
Total expenditures
Excess (deficit) of revenues
over (under) expenditures
Other financing sources (uses):
Bondsissued
Payment to current refunding escrow
Premiums on bonds issued
Loansissued
Sale of capital assets
Insurance proceeds
Transfers in
Transfers out
Total other financing sources (uses)
Net change in fund balances
Fund balances at beginning of year
Fund balances at end of year
Infrastructure Sales Tax
Road Districts
(Budgetary Basis)
(Budgetary Basis)
Budget
Actual
Variance
Budget
Actual
Variance
$ 86,591,800
$ 99,588,370 $
12,996,570
$
$ $
1,951,500
2,045,980
94,480
217,700
285,696
67,996
1,000,000
624,359
(375,641)
50,000
17,475
(32,525)
-
-
38,900
42,764
3,864
87,591,800
100,212,729
12,620,929
2,258,100
2,391,915
133,815
23,626,873
22,438,077
1,188,796
-
-
-
300
300
-
142,685,279
28,642,763
114,042,516
299,792
191,416
108,376
142,685,279
28,642,763
114,042,516
23,926,965
22,629,793
1,297,172
(55,093,479)
71,569,966
126,663,445
(21,668,865)
(20,237,878)
1,430,987
(913,824)
(913,824)
(56,007,303)
- 33 33
139,400 249,310 109,910
- 21,092,900 21,092,906 6
913,824 (1,229,600) (1,229,604) (4)
913,824 20,002,700 20,112,645 109,945
71,569,966 127,577,269 (1,666,165) (125,233) 1,540,932
125,595,330 125,595,330 - 1,864,765 1,864,765 -
$ 69,588,027 $ 197,165,296 $ 127,577,269 $ 198,600 $ 1,739,532 $ 1,540,932
Reconciliation:
Net change in fund balance, budgetary basis $ 71,569,966 $ (125,233)
Change in fair value of investments (503,158) (12,759)
Change in inventory (63,182)
Advances budgeted as transfers
Unbudgeted funds -
Net change in fund balance, GAAP basis $ 71,066,808 $ (201,174)
See accompanying independent auditors' report
108
Unincorporated Area MSTD
(Budgetary Basis)
Budget
Actual
Variance
$ 53,898,700 $
52,004,292 $
(1,894,408)
34,300
55,995
21,695
-
141,872
141,872
2,899,900
2,424,418
(475,482)
212,000
341,293
129,293
450,000
255,593
(194,407)
255,100
295,669
40,569
57,750,000
55,519,132
(2,230,868)
7,730,151
6,175,622
1,554,529
4,766,586
4,325,750
440,836
875,200
588,731
286,469
16,862,714
12,947,255
3,915,459
115,300
101,800
13,500
13,706,790 12,566,594 1,140,196
8,000 7,848 152
1,399,285 150,929 1,248,356
45,464,026 36,864,529 8,599,497
Community Development
(Budgetary Basis)
Budget
Actual
Variance
21,263,700
31,756,441
10,492,741
2,785,100
3,937,389
1,152,289
480,000
89,070
(390,930)
50,200
60,243
10,043
24,579,000
35,843,143
11,264,143
9,832,450
8,405,910
1,426,540
24,510,768
20,055,331
4,455,437
1,426,200
1,356,596
69,604
363,700
360,745
2,955
632,058
85,666
546,392
36,765,176 30,264,248 6,500,928
12,285,974 18,654,603 6,368,629 (12,186,176) 5,578,895 17,765,071
50,000
979,660
929,660
12,261,200
2,007,875
(10,253,325)
(28,686,086)
(17,814,220)
10,871,866
(16,374,886)
(14,826,685)
1,548,201
(4,088,912)
3,827,918
7,916,830
10,538,158
10,538,158
-
$ 6,449,246 $
14,366,076 $
7,916,830
$ 3,827,918
(87,793)
(3,907)
(225,225)
100
2,207
2,107
300
-
(300)
1,063,000
1,063,002
2
(3,921,458)
(1,514,140)
2,407,318
(2,858,058)
(448,931)
2,409,127
(15,044,234)
5,129,964
20,174,198
31,564,334
31,564,334
-
$ 16,520,100 $
36,694,298 $
20,174,198
$ 5,129,964
(45,331)
1,048,440
109
COLLIER COUNTY, FLORIDA
COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND
BALANCES
BUDGET AND ACTUAL (BUDGETARY BASIS)
NONMAJOR GOVERNMENTAL FUNDS
For The Fiscal Year Ended September 30, 2021
Water Management and Pollution Control
Pelican Bay
(Budgetary Basis)
(Budgetary Basis)
Budget
Actual Variance
Budget
Actual
Variance
Revenues:
Taxes $
2,896,100
$ 2,800,500 $ (95,600) $
656,400
$ 632,247 $
(24,153)
Licenses, permits and impact fees
-
-
-
-
-
Intergovernmental
-
- -
8
8
Charges for services
275,000
322,914 47,914
-
-
Fines and forfeitures
-
- -
-
-
Interest income
16,800
10,565 (6,235)
42,100
23,893
(18,207)
Special assessments
-
-
4,224,600
4,075,210
(149,390)
Miscellaneous
-
-
60,922
60,922
Total revenues
3,187,900
3,133,979 (53,921)
4,923,100
4,792,280
(130,820)
Expenditures:
Current:
General government
-
-
-
-
Public safety
-
- -
-
-
-
Physical environment
3,226,926
2,644,154 582,772
1,291,700
1,095,621
196,079
Transportation
-
-
3,526,200
3,125,209
400,991
Economic environment
-
-
-
-
Human services
Culture and recreation
-
-
-
Debt service
-
- -
13,500
13,177
323
Capital outlay
99,600
27,502 72,098
299,200
292,274
6,926
Total expenditures
3,326,526
2,671,656 654,870
5,130,600
4,526,281
604,319
Excess (deficit) of revenues
over (under) expenditures
(138,626)
462,323 600,949
(207,500)
265,999
473,499
Other financing sources (uses):
Bondsissued
- -
-
-
Payment to current refunding escrow
Premiums on bonds issued
Loansissued
-
-
Sale of capital assets
97,650
97,650
Insurance proceeds
-
- -
-
701
701
Transfers in
43,300
68,588 25,288
34,100
144,230
110,130
Transfers out
(313,300)
(302,067) 11,233
(2,327,600)
(2,184,159)
143,441
Total other financing sources (uses)
(270,000)
(233,479) 36,521
(2,293,500)
(1,941,578)
351,922
Net change in fund balances
(408,626)
228,844 637,470
(2,501,000)
(1,675,579)
825,421
Fund balances at beginning of year
1,295,026
1,295,026 -
4,443,800
4,443,800
-
Fund balances at end of year $
886,400
$ 1,523,870 $ 637,470 $
1,942,800
$ 2,768,221 $
825,421
Reconciliation:
Net change in fund balance, budgetary basis
$ 228,844
$ (1,675,579)
Change in fair value of investments
(7,831)
(17,284)
Change in inventory
(10,162)
Advances budgeted as transfers
Unbudgeted funds
-
-
Net change in fund balance, GAAP basis
$ 210,851
$ (1,692,863)
See accompanying independent auditors' report
110
Stormwater Utility
Improvement Districts
(Budgetary Basis)
(Budgetary Basis)
Budget
Actual
Variance
Budget
Actual
Variance
$
$ $
$ 5,390,100
$ 5,207,394 $
(182,706)
62,500
62,500
-
113,027
113,027
-
-
212,100
126,858
(85,242)
10,000
14,050
4,050
131,700
87,244
(44,456)
-
3,530
3,530
-
42,820
42,820
72,500
80,080
7,580
5,733,900
5,577,343
(156,557)
8,135,779
7,316,097
819,682
5,210,091
611,479
4,598,612
-
-
-
1,858,118
1,046,477
811,641
1,141,690
884,197
257,493
-
-
-
2,000
1,200
800
267,582
214,652
52,930
11,123,724
4,018,683
7,105,041
8,403,361
7,530,749
872,612
19,335,623
6,562,036
12,773,587
(8,330,861)
(7,450,669)
880,192
(13,601,723)
(984,693)
12,617,030
-
-
3,400
3,400
-
215
215
-
60,396
60,396
7,506,000
7,506,000
-
2,921,200
2,238,690
(682,510)
(20,000)
(20,000)
-
(2,768,725)
(2,631,057)
137,668
7,486,000
7,486,215
215
152,475
(328,571)
(481,046)
(844,861)
35,546
880,407
(13,449,248)
(1,313,264)
12,135,984
1,019,861
1,019,861
-
17,626,112
17,626,112
-
$ 775,000
$ 1,055,407 $
880,407
$ 4, 776,864
$ 16, 112,848 $
12,135,984
$ 35,546 $ (1,313,264)
(10,771) (66,335)
30,161 -
- 325,900
111
COLLIER COUNTY, FLORIDA
COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
BUDGET AND ACTUAL (BUDGETARY BASIS)
NONMAJOR GOVERNMENTAL FUNDS
For The Fiscal Year Ended September 30, 2021
Revenues:
Taxes
Licenses, permits and impact fees
Intergovernmental
Charges for services
Fines and forfeitures
Interest income
Special assessments
Miscellaneous
Total revenues
Expenditures:
Current:
General government
Public safety
Physical environment
Transportation
Economic environment
Human services
Culture and recreation
Debt service
Capital outlay
Total expenditures
Excess (deficit) of revenues
over (under) expenditures
Other financing sources (uses):
Bondsissued
Payment to current refunding escrow
Premiums on bonds issued
Loansissued
Sale of capital assets
Insurance proceeds
Transfers in
Transfers out
Total other financing sources (uses)
Net change in fund balances
Fund balances at beginning of year
Fund balances at end of year
Reconciliation:
Net change in fund balance, budgetary basis
Change in fair value of investments
Change in inventory
Advances budgeted as transfers
Unbudgeted funds
Net change in fund balance, GAAP basis
See accompanying independent auditors' report
Fire Control Districts
Lighting Districts
(Budgetary Basis)
(Budgetary Basis)
Budget
Actual
Variance
Budget
Actual
Variance
$ 1,423,700
$ 1,380,883 $
(42,817)
$ 884,000
$ 853,302 $
(30,698)
1,000
5,447
4,447
4,300
3,636
(664)
1,200
-
(1,200)
-
9,659
9,659
1,425,900
1,386,330
(39,570)
888,300
866,597
(21,703)
2,077, 900
1,921,403
156,497
850,800
718,945
131,855
30,000
29,702
298
2,107,900
1,951,105
156,795
850,800
718,945
131,855
(682,000)
(564,775)
117,225
37,500
147,652
110,152
576,700
576,600
(100)
6,586
6,586
(47,100)
(41,575)
5,525
(30,700)
(24,450)
6,250
529,600
535,025
5,425
(30,700)
(17,864)
12,836
(152,400)
(29,750)
122,650
6,800
129,788
122,988
498,800
498,800
-
429,300
429,300
-
$ 346,400 $
469,050 $
122,650 $
436,100 $
559,088 $
122,988
$ (29,750) $ 129,788
(4,042) (2,717)
112
911 Enhancement Fee
Tourist Development
(Budgetary Basis)
(Budgetary Basis)
Budget
Actual
Variance
Budget
Actual
Variance
$
$
$
$ 24,972,100
$ 36,192,118 $
11,220,018
1,800,000
1,930,322
130,322
-
1,919,936
1,919,936
-
-
-
24,000
1,046,852
1,022,852
25,900
10,493
(15,407)
742,000
369,057
(372,943)
89,993
89,993
2,700
139,209
136,509
1,825,900
2,030,808
204,908
25,740,800
39,667,172
13,926,372
2,063,100
1,977,500
85,600
-
-
-
-
-
-
3,682,116
1,578,359
2,103,757
17,819,261
15,324,339
2,494,922
39,600
-
39,600
18,743,263
3,059,111
15,684,152
2,102,700
1,977,500
125,200
40,244,640
19,961,809
20,282,831
(276,800)
53,308
330,108
(14,503,840)
19,705,363
34,209,203
1,050
1,050
-
1,415
1,415
6,052,800
6,052,800
-
(27,863,011)
(27,809,454)
53,557
(21,810,211)
(21,754,189)
56,022
(276,800)
53,308
(330,108)
(36,314,051)
(2,048,826)
34,265,225
1,639,700
1,639,700
-
78,392,972
78,392,972
-
$ 1,362,900
$ 1,693,008
$ (330,108)
$ 42,078,921
$ 76,344,146 $
34,265,225
$ 53,308
$ (2,048,826)
(8,116)
(284,605)
17,200,000
113
COLLIER COUNTY, FLORIDA
COMBINING SCHEDULE
OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCES
BUDGET AND ACTUAL (BUDGETARY BASIS)
NONMAJOR GOVERNMENTAL FUNDS
For The Fiscal Year Ended September 30, 2021
State Housing Initiativeship Partnership
800 MHZ IRCP Fund
(Budgetary Basis)
(Budgetary Basis)
Budget Actual Variance
Budget
Actual
Variance
Revenues:
Taxes
$ $ $ $
$ $
Licenses, permits and impact fees
Intergovernmental
4,650,828 3,083,684 (1,567,144)
Charges for services
- -
348,500
350,290
1,790
Fines and forfeitures
- -
-
-
-
Interest income
184,051 8,557 (175,494)
1,000
13,923
12,923
Special assessments
- -
-
-
-
Miscellaneous
1,793,244 562,028 (1,231,216)
143,300
109,919
(33,381)
Total revenues
6,628,123 3,654,269 (2,973,854)
492,800
474,132
(18,668)
Expenditures:
Current:
General government
- -
-
-
-
Public safety
1,171,074
1,052,469
118,605
Physical environment
-
-
-
-
Transportation
- -
Economic environment
6,662,449 2,807,903 3,854,546
Human services
- - -
Culture and recreation
-
-
-
Debt service
- -
401,000
400,332
668
Capital outlay
5,000 - 5,000
47,026
47,026
-
Total expenditures
6,667,449 2,807,903 3,859,546
1,619,100
1,499,827
119,273
Excess (deficit) of revenues
over (under) expenditures
(39,326) 846,366 885,692
(1,126,300)
(1,025,695)
100,605
Other financing sources (uses):
Bondsissued
- -
-
Payment to current refunding escrow
Premiums on bonds issued
Loansissued
Sale of capital assets
Insurance proceeds
Payment to refunding bond escrow
-
-
Transfers in
817,100
817,100
Transfers out
-
-
Total other financing sources (uses)
-
817,100
817,100
-
Net change in fund balances
(39,326) 846,366 885,692
(309,200)
(208,595)
100,605
Fund balances at beginning of year
39,326 39,326 -
547,400
547,400
-
Fund balances at end of year
$ - $ 885,692 $ 885,692 $
338,200
$ 338,805 $
000,605
Reconciliation:
Net change in fund balance, budgetary basis $ 846,366 $ (208,595)
Change in fair value of investments (6,622) (1,537)
Change in inventory
Advances budgeted as transfers
Unbudgeted funds -
Net change in fund balance, GAAP basis $ 839, 444 $ (210,132)
See accompanying independent auditors' report
114
State Court Administration
Confiscated Property
(Budgetary Basis)
(Budgetary Basis)
Budget
Actual Variance
Budget
Actual
Variance
145,000
156,740
11,740
646,000
549,261
(96,739)
-
-
1,000
1,977
977
2,400
2,247
(153)
11,515
11,515
-
-
-
792,000
719,493
(72,507)
2,400
2,247
(153)
1,287,000
1,274,594
12,406
-
-
-
1,680,100
1,492,863
187,237
461,500
6,500
455,000
6,000
-
6,000
-
-
-
2,973,100
2,767,457
205,643
461,500
6,500
455,000
(2,181,100)
(2,047,964)
133,136
(459,100)
(4,253)
454,847
2,409,700
2,409,700
(244,600)
(244,600)
2,165,100
2,165,100
-
-
(16,000)
117,136
133,136
(459,100)
(4,253)
454,847
20,600
20,600
-
545,000
545,000
-
$ 4,600
$
337,736 $
333,136
$ 85,900
$ 440,747 $
554,847
$
117,136
$ (4,253)
(1,539)
(1,779)
1 55,597
$
$ (6,032)
115
COLLIER COUNTY, FLORIDA
COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCES
BUDGET AND ACTUAL (BUDGETARY BASIS)
NONMAJOR GOVERNMENTAL FUNDS
For The Fiscal Year Ended September 30, 2021
GAC Land Sales, Roads and Canals
Utility Fee
(Budgetary Basis)
(Budgetary Basis)
Budget Actual Variance
Budget
Actual
Variance
Revenues:
Taxes
$ $ $ $
80,000
$ 101,762 $
21,762
Licenses, permits and impact fees
-
-
-
Intergovernmental
-
-
Charges for services
100,000
100,000
Fines and forfeitures
-
-
Interest income
9,000 3,037 (5,963)
10,000
5,067
(4,933)
Special assessments
- - -
-
-
Miscellaneous
- 700 700
-
Total revenues
9,000 3,737 (5,263)
190,000
206,829
16,829
Expenditures:
Current:
General government
Public safety
Physical environment
Transportation
Economic environment
Human services
Culture and recreation
Debt service
Capital outlay
Total expenditures
Excess (deficit) of revenues
over (under) expenditures
Other financing sources (uses):
Bondsissued
Payment to current refunding escrow
Premiums on bonds issued
Loansissued
Sale of capital assets
Insurance proceeds
Transfers in
Transfers out
Total other financing sources (uses)
Net change in fund balances
Fund balances at beginning of year
Fund balances at end of year
Reconciliation:
Net change in fund balance, budgetary basis
Change in fair value of investments
Change in inventory
Advances budgeted as transfers
Unbudgeted funds
Net change in fund balance, GAAP basis
See accompanying independent auditors' report
326,900 253,760 73,140
326,900 253,760 73,140
9,000 3,737 (5,263) (136,900) (46,931) 89,969
9,000 3,736 (5,264) (136,900) (46,931) 89,969
699,500 699,500 1,230,500 1,230,500 -
$ 708,500 $ 703,236 $ (5,264) $ 1,093,600 $ 1,183,569 $ 89,969
$ 3,736 $ (46,931)
(2,354) (3,912)
116
Conservation Collier
Court Information Technology
(Budgetary Basis)
(Budgetary Basis)
Budget
Actual
Variance
Budget
Actual
Variance
$
$ 170 $
170
$
$ $
747,778
747,778
750,000
1,492,300
742,300
602,300
115,967
(486,333)
4,200
5,942
1,742
28,200
72,789
44,589
-
-
-
630,500
936,704
306,204
754,200
1,498,242
744,042
-
-
-
1,184,600
952,125
232,475
-
-
-
27,500
11,800
15,700
1,040,062
811,647
228,415
-
-
-
58,900
42,515
16,385
253,180
67,087
186,093
71,000
10,263
60,737
1,293,242
878,734
414,508
1,342,000
1,016,703
325,297
(662,742)
57,970
720,712
(587,800)
481,539
1,069,339
1,575
1,575
335,300
335,301
1
(3,346,600)
(3,336,600)
10,000
-
-
(3,011,300)
(3,001,299)
10,001
1,575
1,575
(3,674,042)
(2,943,329)
730,713
(587,800)
483,114
1,070,914
29,273,342
29,273,342
-
744,800
744,800
-
$ 25,5 99,300
$ 26, 330,013 $
330,713
$ 557,000
$ 1, 227,914 $
1,070,914
$ (2,943,329)
$ 483,114
(89,302)
(4,769)
117
COLLIER COUNTY, FLORIDA
COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
BUDGET AND ACTUAL (BUDGETARY BASIS)
NONMAJOR GOVERNMENTAL FUNDS
For The Fiscal Year Ended September 30, 2021
Revenues:
Taxes
Licenses, permits and impact fees
Intergovernmental
Charges for services
Fines and forfeitures
Interest income
Special assessments
Miscellaneous
Total revenues
Expenditures:
Current:
General government
Public safety
Physical environment
Transportation
Economic environment
Human services
Culture and recreation
Debt service
Capital outlay
Total expenditures
Excess (deficit) of revenues
over (under) expenditures
Other financing sources (uses):
Bondsissued
Payment to current refunding escrow
Premiums on bonds issued
Loansissued
Sale of capital assets
Insurance proceeds
Transfers in
Transfers out
Total other financing sources (uses)
Net change in fund balances
Fund balances at beginning of year
Fund balances at end of year
Reconciliation:
Net change in fund balance, budgetary basis
Change in fair value of investments
Change in inventory
Advances budgeted as transfers
Unbudgeted funds
Net change in fund balance, GAAP basis
See accompanying independent auditors' report
University Extension
Court Services
(Budgetary Basis)
Budget
Actual
Variance
Budget
Actual
Variance
449,522
314,839
(134,683)
-
5,915,791
7,085,844
1,170,053
10,000
(10,000)
43,100
11,409
(31,691)
253
253
6,408,413
7,412,092
1,003,679
10,000
253
(9,747)
6,408,413
6,108,783
299,630
-
-
36,900
23,944
12,956
6,408,413 6,108,783 299,630 36,900 23,944 12,956
- 1,303,309 1,303,309 (26,900) (23,691) 3,209
(10,000) 10,000
- (10,000) 10,000
1,303,309 1,303,309 (36,900) (23,691) 13,209
- - 66,800 66,800 -
$ $ 1,303,309 $ 1,303,309 $ 29,900 $ 43,109 $ 13,209
$ 1,303,309 $ (23,691)
- (189)
(1,303,309)
$ $ (23,880)
118
Court Facilities Fee Affordable Housing
(Budgetary Basis) (Budgetary Basis)
Budget Actual Variance Budget Actual Variance
- - - 320,000 320,000
810,000 966,715 156,715 - -
65,000 32,936 (32,064) 2,975 2,975
875,000 999,651 124,651 322,975 322,975
4,750, 520 146,111 4,604,409
688,751 221,158 467,593
1,238,358 - 1,238,358 1,300 - 1,300
5,988,878 146,111 5,842,767 690,051 221,158 468,893
(5,113,878) 853,540 5,967,418 (690,051) 101,817 791,868
223,400 223,400
223,400 223,400
(5,113,878) 853,540 5,967,418 (466,651) 325,217 791,868
7,136,342 7,136,342 - 466,651 466,651 -
$ 2,022,464 $ 7,989,882 $ 5,967,418 $ - $ 791,868 $ 791,868
$ 853,540 $ 325,217
(25,715) (2,404)
119
COLLIER COUNTY, FLORIDA
COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
BUDGET AND ACTUAL (BUDGETARY BASIS)
NONMAJOR GOVERNMENTAL FUNDS
For The Fiscal Year Ended September 30, 2021
Economic and Innovation Zones
(Budgetary Basis) Other Court Special Revenue Funds
Budget Actual Variance Budget Actual Variance
Revenues:
Taxes $ $ (1) $ (1) $ - $
Licenses, permits and impact fees
Intergovernmental
Charges for services
Fines and forfeitures
Interest income
Special assessments
Miscellaneous
Total revenues
Expenditures:
Current:
General government
Public safety
Physical environment
Transportation
Economic environment
Human services
Culture and recreation
Debt service
Capital outlay
Total expenditures
Excess (deficit) of revenues
over (under) expenditures
Other financing sources (uses):
Bondsissued
Payment to current refunding escrow
Premiums on bonds issued
Loansissued
Sale of capital assets
Insurance proceeds
Transfers in
Transfers out
Total other financing sources (uses)
Net change in fund balances
Fund balances at beginning of year
Fund balances at end of year
Reconciliation:
Net change in fund balance, budgetary basis
Change in fair value of investments
Change in inventory
Advances budgeted as transfers
Unbudgeted funds
Net change in fund balance, GAAP basis
See accompanying independent auditors' report
10,259 10,259
10,258 10,258
10,258 10,258
10,258 10,258
$ $ 10,258 $ 10,258 $ $ $
$ 10,258
(10,258)
120
Other Public Safety Revenue Funds Other Special Revenue Funds
(Budgetary Basis) (Budgetary Basis)
Budget Actual Variance Budget Actual Variance
(765,367) (765,367)
4,546 4,546 5,257 5,257
(760,821) (760,821) 5,257 5,257
(440,825) 440,825
(440,825) 440,825
- (319,996) (319,996) 5,257 5,257
(319,996) (319,996) 5,257 5,257
$ $ (319,996) $ (319,996) $ $ 5,257 $ 5,257
$ (319,996) $ 5,257
(4,546) (5,257)
324,541
$ (1) $
121
COLLIER COUNTY, FLORIDA
COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
BUDGET AND ACTUAL (BUDGETARY BASIS)
NONMAJOR GOVERNMENTAL FUNDS
For The Fiscal Year Ended September 30, 2021
Resource Recovery Park Endowment
Pepper Ranch Conservation Bank
(Budgetary Basis)
(Budgetary Basis)
Budget Actual Variance
Budget
Actual
Variance
Revenues:
Taxes
$ $ $ $
$
$
Licenses, permits and impact fees
Intergovernmental
Charges for services
8,200 7,875 (325)
Fines and forfeitures
- - -
Interest income
40,000 7,838 (32,162)
78,800
6,993
(71,807)
Special assessments
- -
-
-
-
Miscellaneous
- -
24,200
41,200
17,000
Total revenues
48,200 15,713 (32,487)
103,000
48,193
(54,807)
Expenditures:
Current:
General government
- -
-
-
Public safety
- - -
-
-
-
Physical environment
51,000 26,770 24,230
97,473
72,057
25,416
Transportation
- - -
-
-
-
Economic environment
Human services
Culture and recreation
Debt service
Capital outlay
- - -
-
-
-
Total expenditures
51,000 26,770 24,230
97,473
72,057
25,416
Excess (deficit) of revenues
over (under) expenditures
(2,800) (11,057) (8,257)
5,527
(23,864)
(29,391)
Other financing sources (uses):
Bondsissued
-
Payment to current refunding escrow
Premiums on bonds issued
Loansissued
Sale of capital assets
Insurance proceeds
-
-
Transfers in
3,001,300
3,001,300
Transfers out
-
-
Total other financing sources (uses)
3,001,300
3,001,300
Net change in fund balances
(2,800) (11,057) (8,257)
3,006,827
2,977,436
(29,391)
Fund balances at beginning of year
1,808,700 1,808,700
938,373
938,373
-
Fund balances at end of year
$ 1,805,900 $ 1,797,643 $ (8,257) $
3,945,200 $
3,915,809
$ (29,391)
Reconciliation:
Net change in fund balance, budgetary basis
$ (11,057)
$
2,977,436
Change in fair value of investments
(6,063)
(3,501)
Change in inventory
Advances budgeted as transfers
Unbudgeted funds
-
-
Net change in fund balance, GAAP basis
$ (17,120)
$
2, 773,935
See accompanying independent auditors' report
122
Pooled Commercial Paper Program
Gas Tax Refunding Revenue Bonds
(Budgetary Basis)
(Budgetary Basis)
Budget
Actual
Variance
Budget
Actual Variance
1,800,000
2,033,421
233,421
110
110
1,000
1,259
259
110
110
1,801,000
2,034,680
233,680
1,133,500
1,113,167
20,333
13,334,000
13,318,563
15,437
1,133,500
1,113,167
20,333
13,334,000
13,318,563
15,437
(1,133,500)
(1,113,057)
20,443
(11,533,000)
(11,283,883)
249,117
10,000,000
10,000,000
-
-
(10,000,000)
(10,000,000)
1,119,000
965,000
(154,000)
11,465,000
11,465,000
1,119,000
965,000
(154,000)
11,465,000
11,465,000
-
(14,500)
(148,057)
(133,557)
(68,000)
181,117
249,117
14,500
14,500
1,011,700
1,011,700
-
$
$ (133,557)
$ (133,557)
$ 943,700
$ 1, 992,817 $
249,117
$ (148,057)
$ 181,117
(83)
(83)
$ 181,034
$ (148,140)
123
COLLIER COUNTY, FLORIDA
COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
BUDGET AND ACTUAL (BUDGETARY BASIS)
NONMAJOR GOVERNMENTAL FUNDS
For The Fiscal Year Ended September 30, 2021
Community Redevelopment Taxable Note
Forest Lakes Limited General
(Budgetary Basis)
Obligation
Bonds (Budgetary
Basis)
Budget
Actual
Variance
Budget
Actual
Variance
Revenues:
Taxes
$
$
$
$ 577,300
$ 556,374
$ (20,926)
Licenses, permits and impact fees
-
-
Intergovernmental
Charges for services
Fines and forfeitures
-
-
-
Interest income
474
474
2,000
1,027
(973)
Special assessments
-
-
-
-
-
Miscellaneous
-
-
-
Total revenues
474
474
579,300
557,401
(21,899)
Expenditures:
Current:
General government
-
-
-
-
Public safety
Physical environment
Transportation
Economic environment
Human services
Culture and recreation
-
-
-
-
-
Debt service
3,464,000
3,320,139
143,861
1,087,900
1,086,096
1,804
Capital outlay
-
-
-
-
-
-
Total expenditures
3,464,000
3,320,139
143,861
1,087,900
1,086,096
1,804
Excess (deficit) of revenues
over (under) expenditures
(3,464,000)
(3,319,665)
144,335
(508,600)
(528,695)
(20,095)
Other financing sources (uses):
Bondsissued
-
Payment to current refunding escrow
Premiums on bonds issued
Loansissued
Sale of capital assets
Insurance proceeds
-
-
-
-
-
Transfers in
3,253,000
3,071,500
(181,500)
50,000
54,358
4,358
Transfers out
(330,000)
(318,703)
11,297
(93,200)
(93,587)
(387)
Total other financing sources (uses)
2,923,000
2,752,797
(170,203)
(43,200)
(39,229)
3,971
Net change in fund balances
(541,000)
(566,868)
(25,868)
(551,800)
(567,924)
(16,124)
Fund balances at beginning of year
561,000
561,000
-
596,100
596,100
-
Fund balances at end of year
$ 20,000
$ (5,868)
$ (25,868)
$ 44,300
$ 28,176
$ (16,124)
Reconciliation:
Net change in fund balance, budgetary basis
$ (566,868)
$ (567,924)
Change in fair value of investments
(582)
Change in inventory
-
Advances budgeted as transfers
Unbudgeted funds
-
Net change in fund balance, GAAP basis
$ (566,868)
$ (568,506)
See accompanying independent auditors' report
124
Special Obligation Refunding Revenue Bonds Tourist Development Tax Revenue Bonds
(Budgetary Basis) (Budgetary Basis)
Budget Actual Variance Budget Actual Variance
20,100 5,529 (14,571) 5,000 7,997 2,997
20,100 5,529 (14,571) 5,000 7,997 2,997
21,446,700
21,374,656
72,044
3,737,800
3,723,200
14,600
21,446,700
21,374,656
72,044
3,737,800
3,723,200
14,600
(21,426,600)
(21,369,127)
57,473
(3,732,800) (3,715,203) 17,597
841,195
841,195
-
260,400
259,203
(1,197)
840,000
-
(840,000)
20,004,100
20,004,100
3,722,800
3,722,800
21,104,500
21,104,498
(840,000)
3,722,800
3,722,800 -
(322,100)
(264,629)
(782,527)
(10,000)
7,597 17,597
1,865,300
1,865,300
2,918,300
2,918,300 -
$ 1,5 33,200
$ 1, 000,671
$ (782,527)
$ 2,908,300 $
2, 225,897 $ 17,597
$ (264,629)
$
7,597
(4,172)
(6,856)
125
COLLIER COUNTY, FLORIDA
COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
BUDGET AND ACTUAL (BUDGETARY BASIS)
NONMAJOR GOVERNMENTAL FUNDS
For The Fiscal Year Ended September 30, 2021
County -Wide Capital Improvements
Parks Improvements
(Budgetary Basis)
(Budgetary Basis)
Budget
Actual
Variance
Budget
Actual
Variance
Revenues:
Taxes $
$
$
$
$ -
$
Licenses, permits and impact fees
590,000
584,603
(5,397)
Intergovernmental
2,267,600
598,210
(1,669,390)
200,000
3,584
(196,416)
Charges for services
-
-
-
-
Fines and forfeitures
-
-
-
-
-
Interest income
189,300
138,730
(50,570)
93,000
119,662
26,662
Special assessments
-
-
-
-
-
-
Miscellaneous
22,495
78,498
56,003
-
70,000
70,000
Total revenues
2,479,395
815,438
(1,663,957)
883,000
777,849
(105,151)
Expenditures:
Current:
General government
8,313,396
3,632,069
4,681,327
-
-
Public safety
4,144,147
460,800
3,683,347
Physical environment
64,024
35,563
28,461
Transportation
-
-
-
Economic environment
-
-
-
Human services
27,419
17,901
9,518
-
-
-
Culture and recreation
16,577
1,521
15,056
4,003,955
1,610,733
2,393,222
Debt service
-
-
-
-
-
-
Capital outlay
37,448,961
24,510,038
12,938,923
19,877,152
4,803,838
15,073,314
Total expenditures
50,014,524
28,657,892
21,356,632
23,881,107
6,414,571
17,466,536
Excess (deficit) of revenues
over (under) expenditures
(47,535,129)
(27,842,454)
19,692,675
(22,998,107)
(5,636,722)
17,361,385
Other financing sources (uses):
Bonds issued
24,075,000
24,075,000
-
16,064,701
16,064,701
Payment to current refunding escrow
-
-
-
-
Premiums on bonds issued
925,000
925,000
3,935,299
3,935,299
Loans issued
-
-
20,000,000
-
(20,000,000)
Sale of capital assets
-
-
-
1,000
1,000
Insurance proceeds
638,525
619,856
(18,669)
-
81,146
81,146
Transfers in
27,963,600
24,637,100
(3,326,500)
6,910,051
6,910,051
-
Transfers out
(2,937,975)
(3,931,998)
(994,023)
(66,932)
(34,244)
32,688
Total other financing sources (uses)
50,664,150
46,324,958
(4,339,192)
26,843,119
26,957,953
114,834
Net change in fund balances
3,129,021
18,482,504
15,353,483
3,845,012
21,321,231
17,476,219
Fund balances at beginning of year
12,369,485
12,369,485
-
6,930,056
6,930,056
-
Fund balances at end of year $
15,498,506
$ 3 8851,989
$ 15, 553,483
$ 10, 775,068
$ 28, 551,287
$ 17,476,219
Reconciliation:
Net change in fund balance, budgetary basis
$ 18,482,504
$ 21,321,231
Change in fair value of investments
(108,987)
(96,159)
Change in inventory
Advances budgeted as transfers
Unbudgeted funds
-
-
Net change in fund balance, GAAP basis
$ 18,373,517
$ 21,225,072
See accompanying independent auditors' report
126
County -Wide Library Impact Fees Correctional Facilities Impact Fees
(Budgetary Basis) (Budgetary Basis)
Budget Actual Variance Budget Actual Variance
775,000 1,075,336 300,336 1,350,000 1,820,697 470,697
11,000 4,267 (6,733) 12,000 7,097 (4,903)
786,000 1,079,603 293,603 1,362,000 1,827,794 465,794
89,158
89,158
336
88,822
138,147 4,330
133,817
336 88,822 138,147 4,330 133,817
696,842 1,079,267 382,425 1,223,853 1,823,464 599,611
(1,060,900)
(1,060,900)
(1,822,000)
(1,822,000)
(1,060,900)
(1,060,900)
- (1,822,000)
(1,822,000) -
(364,058)
18,367
382,425 (598,147)
1,464 599,611
898,158
898,158
- 2,159,947
2,159,947 -
$ 334,100 $
116,525 $
382,425 $ 1,561,800
$ 2, 661,411 $ 599,611
$
18,367
$ 1,464
(3,060)
(5,673)
$
55,307
$ (4,209)
127
COLLIER COUNTY, FLORIDA
COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
BUDGET AND ACTUAL (BUDGETARY BASIS)
NONMAJOR GOVERNMENTAL FUNDS
For The Fiscal Year Ended September 30, 2021
Emergency Medical Services Impact Fees Water Management
(Budgetary Basis) (Budgetary Basis)
Budget Actual Variance Budget Actual Variance
Revenues:
Taxes
$
$ - $
$
$ $
Licenses, permits and impact fees
375,000
517,098
142,098
Intergovernmental
-
-
-
5,471,897
5,471,897
Charges for services
-
-
Fines and forfeitures
-
-
-
-
Interest income
20,000
7,207
(12,793)
95,000
262,379
167,379
Special assessments
-
-
-
-
-
-
Miscellaneous
-
45
45
-
16
16
Total revenues
395,000
524,350
129,350
95,000
5,734,292
5,639,292
Expenditures:
Current:
General government
-
-
-
-
-
-
Public safety
136,724
49,120
87,604
-
-
-
Physical environment
-
-
-
4,317,868
2,236,820
2,081,048
Transportation
-
-
Economic environment
-
Human services
Culture and recreation
Debt service
-
-
-
-
-
-
Capital outlay
229,998
97,345
132,653
29,864,354
5,431,708
24,432,646
Total expenditures
366,722
146,465
220,257
34,182,222
7,668,528
26,513,694
Excess (deficit) of revenues
over (under) expenditures
28,278
377,885
349,607
(34,087,222)
(1,934,236)
32,152,986
Other financing sources (uses):
Bonds issued
-
-
-
48,194,104
48,194,104
Payment to current refunding escrow
-
-
Premiums on bonds issued
11,805,895
11,805,895
Loans issued
60,000,000
-
(60,000,000)
Sale of capital assets
-
Insurance proceeds
14,174
14,174
-
-
Transfers in
-
-
19,311,800
7,994,000
(11,317,800)
Transfers out
(442,900)
(442,900)
-
(1,797,050)
(1,548,354)
248,696
Total other financing sources (uses)
(442,900)
(428,726)
14,174
77,514,750
66,445,645
(11,069,105)
Net change in fund balances
(414,622)
(50,841)
363,781
43,427,528
64,511,409
21,083,881
Fund balances at beginning of year
1,496,922
1,496,922
-
6,184,018
6,184,018
-
Fund balances at end of year
$ 1,082,300
$ 1,446,081 $
363,781
$ 49,611,546
$ 70,695,427 $
21,083,881
Reconciliation:
Net change in fund balance, budgetary basis
$ (50,841)
$ 64,511,409
Change in fair value of investments
(5,416)
(211,709)
Change in inventory
Advances budgeted as transfers
Unbudgeted funds
-
Net change in fund balance, GAAP basis
$ (56,257)
$ 64,299,700
See accompanying independent auditors' report
128
Pelican Bay Capital Improvements
Parks Impact Districts
(Budgetary Basis)
(Budgetary Basis)
Budget
Actual
Variance
Budget
Actual
Variance
-
-
8,475,000
11,611,094
3,136,094
3,469
3,469
-
-
-
13,400
28,161
14,761
512,000
176,865
(335,135)
1,597,200
1,534,728
(62,472)
-
-
-
-
70,000
-
(70,000)
1,610,600
1,566,358
(44,242)
9,057,000
11,787,959
2,730,959
1,568,276 377,402 1,190,874
265,303 128,661 136,642
5,122,812 829,315 4,293,497 40,518,421 3,310,014 37,208,407
6,691,088 1,206,717 5,484,371 40,783,724 3,438,675 37,345,049
(5,080,488) 359,641 5,440,129 (31,726,724) 8,349,284 40,076,008
-
-
-
8,504 8,504
529,212
689,212
160,000
- -
2,581,800
2,603,237
21,437
(113,900)
(64,794)
49,106 (3,713,100)
(3,713,100) -
2,997,112
3,227,655
230,543 (3,713,100)
(3,704,596) 8,504
(2,083,376)
3,587,296
5,670,672 (35,439,824)
4,644,688 40,084,512
3,511,110 3,511,110 - 39,660,324 39,660,324 -
$ 1,4 77,734 $ 7, 998,406 $ 5, 770,672 $ 4, 220,500 $ 44, 005,012 $ 40, 884,512
$ 3,587,296 $ 4,644,688
(22,391) (137,165)
129
COLLIER COUNTY, FLORIDA
COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
BUDGET AND ACTUAL (BUDGETARY BASIS)
NONMAJOR GOVERNMENTAL FUNDS
For The Fiscal Year Ended September 30, 2021
Revenues:
Taxes
Licenses, permits and impact fees
Intergovernmental
Charges for services
Fines and forfeitures
Interest income
Special assessments
Miscellaneous
Total revenues
Expenditures:
Current:
General government
Public safety
Physical environment
Transportation
Economic environment
Human services
Culture and recreation
Debt service
Capital outlay
Total expenditures
Excess (deficit) of revenues
over (under) expenditures
Other financing sources (uses):
Bondsissued
Payment to current refunding escrow
Premiums on bonds issued
Loansissued
Sale of capital assets
Insurance proceeds
Transfers in
Transfers out
Total other financing sources (uses)
Net change in fund balances
Fund balances at beginning of year
Fund balances at end of year
Reconciliation:
Net change in fund balance, budgetary basis
Change in fair value of investments
Change in inventory
Advances budgeted as transfers
Unbudgeted funds
Net change in fund balance, GAAP basis
See accompanying independent auditors' report
Road Impact Districts
Road Construction
(Budgetary Basis)
(Budgetary Basis)
Budget
Actual
Variance
Budget
Actual
Variance
$ -
$ - $
-
$ 16,267,400
$ 16,292,025 $
24,625
15,460,000
26,361,112
10,901,112
-
-
-
1,382,720
1,382,720
-
4,732,600
4,594,297
(138,303)
-
-
17,518
47,989
30,471
1,270,000
486,426
(783,574)
975,000
242,836
(732,164)
-
-
655,862
649,368
(6,494)
18,112,720
28,230,258
10,117,538
22,648,380
21,826,515
(821,865)
1,832,201
514,950
1,317,251
11,711,647
11,641,370
70,277
79,178,843
29,315,743
49,863,100
47,368,218
7,064,054
40,304,164
81,011,044
29,830,693
51,180,351
59,079,865
18,705,424
40,374,441
(62,898,324) (1,600,435) 61,297,889 (36,431,485) 3,121,091 39,552,576
-
403,575
403,575
-
11,817,300
11,817,301
1
(9,400,000) 9,400,000
(27,165,973)
(11,465,005)
15,700,968
(9,400,000) 9,400,000
(15,348,673)
755,871
16,104,544
(72,298,324) (1,600,435) 70,697,889
(51,780,158)
3,876,962
55,657,120
102,238,427 102,238,427 -
54,291,448
54,291,448
-
$ 29,940,103 $ 100,637,992 $ 70,697,889 $ 2,511,290 $ 58,168,410 $ 55,657,120
$ (1,600,435) $ 3,876,962
(371,568) (188,200)
130
Government Facilities Impact Fees Law Enforcement Impact Fees
(Budgetary Basis) (Budgetary Basis)
Budget Actual Variance Budget Actual Variance
2,500,000 3,206,011 706,011 1,400,000 2,006,245 606,245
35,000 16,353 (18,647) 20,000 10,576 (9,424)
2,535,000 3,222,364 687,364 1,420,000 2,016,821 596,821
98,166 934 97,232
144,898 6,314 138,584
98,166 934 97,232 144,898 6,314 138,584
2,436,834 3,221,430 784,596 1,275,102 2,010,507 735,405
4
4
2,192,100
2,192,100
(5,575,800)
(5,575,800)
-
(1,831,300)
(1,831,300)
(3,383,700)
(3,383,696)
4
(1,831,300)
(1,831,300) -
(946,866)
(162,266)
784,600
(556,198)
179,207 735,405
4,103,066
4,103,066
-
1,855,498
1,855,498 -
$ 3,156,200 $
3,940,800 $
784,600
$ 1,299,300 $
2,034,705 $ 735,405
$ (162,266) $ 179,207
(12,694) (8,161)
$ (174, 6601 $ 171,046
131
COLLIER COUNTY, FLORIDA
COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
BUDGET AND ACTUAL (BUDGETARY BASIS)
NONMAJOR GOVERNMENTAL FUNDS
For The Fiscal Year Ended September 30, 2021
All Terrain Vehicle Park
Amateur
Sports Complex
(Budgetary Basis)
(Budgetary Basis)
Budget Actual Variance
Budget
Actual
Variance
Revenues:
Taxes
$ $ $ $
$ $
Licenses, permits and impact fees
Intergovernmental
Charges for services
Fines and forfeitures
Interest income
30,000 13,748 (16,252)
950,000
108,995
(841,005)
Special assessments
- -
-
-
Miscellaneous
-
Total revenues
30,000 13,748 (16,252)
950,000
108,995
(841,005)
Expenditures:
Current:
General government
- -
-
-
Public safety
Physical environment
Transportation
Economic environment
Human services
- - -
-
-
-
Culture and recreation
70,420 850 69,570
185,000
183,330
1,670
Debt service
- - -
-
-
-
Capital outlay
- - -
56,541,628
15,075,475
41,466,153
Total expenditures
70,420 850 69,570
56,726,628
15,258,805
41,467,823
Excess (deficit) of revenues
over (under) expenditures
(40,420) 12,898 53,318
(55,776,628)
(15,149,810)
40,626,818
Other financing sources (uses):
Bondsissued
- -
-
Payment to current refunding escrow
Premiums on bonds issued
Loansissued
Sale of capital assets
Insurance proceeds
-
-
Transfers in
29,340,185
3,140,186
(26,199,999)
Transfers out
-
-
Total other financing sources (uses)
29,340,185
3,140,186
(26,199,999)
Net change in fund balances
(40,420) 12,898 53,318
(26,436,443)
(12,009,624)
14,426,819
Fund balances at beginning of year
3,144,120 3,144,120 -
26,483,943
26,483,943
-
Fund balances at end of year
$ 3, 003,700 $ 3, 557,018 $ 53,318 $
47,500
$ 14, 774,319 $
14, 226,819
Reconciliation:
Net change in fund balance, budgetary basis
$ 12,898
$ (12,009,624)
Change in fair value of investments
(10,646)
(86,003)
Change in inventory
Advances budgeted as transfers
Unbudgeted funds
-
Net change in fund balance, GAAP basis
$ 2,252
$ (12,095,627)
See accompanying independent auditors' report
132
Other Capital Projects
(Budgetary Basis)
Budget
Actual
Variance
$ 14,700 $
14,080
$ (620)
8,000
38,713
30,713
-
19,184
19,184
2,000
2,000
33,400
48,177
14,777
8,402
8,402
56,100
130,556
74,456
69,114
23,502
45,612
158,417
1,600
156,817
574,483
86,182
488,301
10,187,691
126,199
10,061,492
10,989,705 237,483 10,752,222
(10,933,605) (106,927) 10,826,678
214,326
214,474
148
(91,823)
(23,811)
68,012
122,503
190,663
68,160
(10,811,102)
83,736
10,894,838
11,203,802
11,203,802
-
$ 392,700 $
11,287,538 $
10,894,838
$ 83,736
(37,729)
$ 46,007
133
11:IMyLTe[HMION1:10IN[670MAN aIII anQW_\01:/
NONMAJOR ENTERPRISE FUNDS
AIRPORT AUTHORITY - To account for the provision of landing facilities and the sale of fuel at the airports.
COLLIER AREA TRANSIT - To account for the provision of public transportation throughout the County.
135
COLLIER COUNTY, FLORIDA
COMBINING STATEMENT OF NET POSITION
NONMAJOR ENTERPRISE FUNDS
September 30, 2021
ASSETS
Current assets:
Cash and investments
Receivables:
Trade, net
Interest
Leases
Due from other funds
Due from other governments
Inventory
Restricted assets:
Cash and investments
Due from other governments
Total current assets
Noncurrent assets:
Receivables:
Leases
Capital assets:
Land and nondepreciable capital assets
Depreciable capital assets, net
Total noncurrent assets
Total assets
DEFERRED OUTFLOWS OF RESOURCES
Deferred outflows of resources related to OPEB
Deferred outflows of resources related to pensions
Total deferred outflows of resources
LIABILITIES
Current liabilities:
Accounts payable
Wages payable
Due to other governments
Unearned revenues
Compensated absences
Total OPEB liability
Net pension liability
Liabilities payable from restricted assets:
Accounts payable
Retainage payable
Due to other governments
Refundable deposits
Total current liabilities
Noncurrent liabilities:
Advances from other funds
Compensated absences
Total OPEB liability
Net pension liability
Total noncurrent liabilities
Total liabilities
DEFERRED INFLOWS OF RESOURCES
Deferred inflows of resources related to leases
Deferred inflows of resources related to OPEB
Deferred inflows of resources related to pensions
Total deferred inflows of resources
NET POSITION
Net investment in capital assets
Restricted for grants and other purposes
Unrestricted
Total net position
See accompanying independent auditors' report
Total
Collier Nonmajor
Airport Area Enterprise
Authority Transit Funds
$ 6,747,751 $ 1,332,344 $ 8,080,095
84,243
15,515 99,758
7,250
1,828 9,078
193,694
- 193,694
-
12,120 12,120
4,895
- 4,895
85,691
85,691
217,372 247,910 465,282
3,445,224 3,380,078 6,825,302
10,786,120 4,989,795 15,775,915
388,552 - 388,552
5,085,846
6,252,193
11,338,039
43,148,779
17,894,029
61,042,808
48,623,177
24,146,222
72,769,399
59,409,297
29,136,017
88,545,314
3,931 1,614 5,545
180,296 75,553 255,849
184,227 77,167 261,394
144,284
413,802
558,086
49,592
20,664
70,256
5,269
16,744
22,013
21,817
-
21,817
64,530
26,175
90,705
3,309
1,034
4,343
1,572
561
2,133
1,419,162
810,094
2,229,256
389,790
-
389,790
-
115,560
115,560
9,826
100
9,926
2,109,151
1,404,734
3,513,885
2,110,893
-
2,110,893
16,133
6,544
22,677
60,273
18,835
79,108
410,757
156,426
567,183
2,598,056
181,805
2,779,861
4,707,207
1,586,539
6,293,746
561,956
- 561,956
5,148
1,807 6,955
432,161
188,872 621,033
999,265
190,679 1,189,944
46,548,479 24,143,372 70,691,851
1,843,818 2,702,234 4,546,052
5,494,755 590,360 6,085,115
$ 53,8 77,052 $ 27,435,966 $ 81.323,018
136
COLLIER COUNTY, FLORIDA
COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
NONMAJOR ENTERPRISE FUNDS
For The Fiscal Year Ended September 30, 2021
Operating revenues:
Charges for services
Miscellaneous
Total operating revenues
Operating expenses:
Personal services
Operating
Depreciation
Total operating expenditures
Operating loss
Non -operating revenues:
Operating grants and contributions
Interest income
Insurance reimbursement
Interest expense
Gain on disposal of capital assets
Total non -operating revenues
Loss before contributions and transfers
Capital grants and contributions
Transfers in
Transfers out
Total transfers and contributions
Changes in net position
Net position - beginning
Net position - ending
See accompanying independent auditors' report
Total
Collier Nonmajor
Airport Area Enterprise
Authority Transit Funds
$ 7,298,942 $ 902,359 $ 8,201,301
14,572 183,905 198,477
7,313,514 1,086,264 8,399,778
1,119,018 450,944 1,569,962
4,648,863 10,972,172 15,621,035
1,907,088 2,156,473 4,063,561
7,674,969 13,579,589 21,254,558
(361,455) (12,493,325) (12,854,780)
81,727
5,193,113
5,274,840
19,844
1,663
21,507
23,710
-
23,710
(5,958)
-
(5,958)
(100,127)
7,533
(92,594)
19,196
5,202,309
5,221,505
(342,259)
(7,291,016)
(7,633,275)
5,912,022
2,577,127
8,489,149
1,426,500
5,936,110
7,362,610
(15,000)
-
(15,000)
7,323,522
8,513,237
15,836,759
6,981,263 1,222,221 8,203,484
46,905,789 26,213,745 73,119,534
$ 53,887,052 $ 27, 335,966 $ 81.323.018
137
COLLIER COUNTY, FLORIDA
COMBINING STATEMENT OF CASH FLOWS
NONMAJOR ENTERPRISE FUNDS
For The Fiscal Year Ended September 30, 2021
Total
Collier
Nonmajor
Airport
Area
Enterprise
Authority
Transit
Funds
Cash flows from operating activities:
Cash received for services
$
7,305,223 $
1,079,139
$ 8,384,362
Cash payments for goods and services
(4,092,758)
(8,147,931)
(12,240,689)
Cash payments to employees
(1,132,204)
(464,942)
(1,597,146)
Cash received from refundable deposits
50
50
Cash payments for interfund services
(594,177)
(2,867,889)
(3,462,066)
Net cash provided by (used for) operating activities
1,486,084
(10,401,573)
(8,915,489)
Cash flows from non -capital financing activities:
Cash received from operating grants
27,291
4,372,053
4,399,344
Cash transfers from other funds
2,483,241
6,020,898
8,504,139
Cash transfers to other funds
(23,300)
(83,467)
(106,767)
Net cash provided by non -capital financing activities
2,487,232
10,309,484
12,796,716
Cash flows from capital and related financing activities:
Receipts from insurance reimbursements
23,710
-
23,710
Proceeds from disposal of capital assets
35,600
106,907
142,507
Proceeds from capital grants
4,934,235
2,883,203
7,817,438
Proceeds from leasing activities
187,813
-
187,813
Payments for capital acquisitions
(6,361,239)
(1,513,761)
(7,875,000)
Net cash provided by (used for) capital and related financing activities
(1,179,881)
1,476,349
296,468
Cash flows from investing activities:
Interest on investments
16,605
852
17,457
Net cash provided by investing activities
16,605
852
17,457
Net increase in cash and investments
2,810,040
1,385,112
4,195,152
Cash and investments, October 1, 2020
4,155,083
195,142
4,350,225
Cash and investments, September 30, 2021
$
6,9 55,123 $
1, 880,254
$ 8, 445,377
Cash and investments
$
6,747,751 $
1,332,344
$ 8,080,095
Cash and investments - restricted
217,372
247,910
465,282
Cash and investments, September 30, 2021
$
6,965,123 $
1, 880,254
$ 8, 445,377
Operating loss
$
(361,455) $
(12,493,325)
$ (12,854,780)
Adjustments to reconcile operating loss to net cash
provided by operating activities:
Depreciation expense
1,907,088
2,156,473
4,063,561
Net changes in assets and liabilities:
Trade receivable
(2,040)
(7,375)
(9,415)
Inventory
23,608
23,608
Accounts payable
133,818
(43,648)
90,170
Wages payable
5,655
1,764
7,419
Due to other governments
(18)
250
232
Compensated absences
12,189
(3,752)
8,437
Refundable deposits
-
50
50
Unearned revenue
(6,233)
-
(6,233)
Total OPEB liability
2,746
(4,465)
(1,719)
Deferred outflows of resources related to OPEB
1,259
394
1,653
Deferred inflows of resources related to OPEB
2,836
886
3,722
Net pension liability
(518,059)
(216,522)
(734,581)
Deferred outflows of resources related to pensions
77,443
29,686
107,129
Deferred inflows of resources related to pensions
402,745
178,011
580,756
Deferred inflows of resources related to leases
(195,498)
-
(195,498)
Total adjustments
1,847,539
2,091,752
3,939,291
Net cash provided by (used for) operating activities
$
1,486,084 S (10,401,573)
$ (8,915,489)
Non -cash investing, capital and financing activities:
Change in fair value of investments
$
(19,573) $
(5,683)
$ (25,256)
Contributed capital assets
-
470,879
470,879
Change in capital related grant receivable
977,787
(776,955)
200,832
Capital related accounts payable
1,296,356
2,850
1,299,206
Capital related retainage payable
389,790
-
389,790
See accompanying independent auditors' report
138
INTERNAL SERVICE FUNDS
SELF-INSURANCE — To account for the self-insurance costs of providing coverage for property, general and vehicle liability. To
account for the provisions of health benefits to Board and participating constitutional officer employees and their dependents.
To account for payment of workers' compensation claims, in lieu of insurance.
SHERIFF'S SELF-INSURANCE — To account for the provisions of health benefits to Sheriff employees and their dependents. To
account for payment of workers' compensation claims, in lieu of insurance.
FLEET MANAGEMENT — To account for fuel, oil, lubricants, repairs and maintenance of County vehicles and the use of certain
County owned vehicles by County employees.
MOTOR POOL CAPITAL RECOVERY — To account for the accumulation of resources for the replacement of vehicles and heavy
equipment for County governmental activities.
INFORMATION TECHNOLOGY — To account for the costs of operating the County data processing facility and telephone
communication system.
139
ASSETS
Current assets:
Cash and investments
Receivables:
Trade, net
Interest
Due from other funds
Due from other governments
Inventory
Prepaid costs
Total current assets
Noncurrent assets:
Capital assets:
Land and nondepriciable capital assets
Depreciable capital assets, net
Total noncurrent assets
Total assets
DEFERRED OUTFLOWS OF RESOURCES
Deferred outflows of resources related to OPEB
Deferred outflows of resources related to pensions
Total deferred outflows of resources
LIABILITIES
Current liabilities:
Accounts payable
Wages payable
Due to other funds
Due to other governments
Unearned revenues
Self-insurance claims payable
Compensated absences
Lease payable
Total OPEB liability
Net pension liability
Total current liabilities
Noncurrent liabilities:
Self-insurance claims payable
Compensated absences
Lease payable
Total OPEB liability
Net pension liability
Total noncurrent liabilities
Total liabilities
DEFERRED INFLOWS OF RESOURCES
Deferred inflows of resources related to OPEB
Deferred inflows of resources related to pensions
Total deferred inflows of resources
NET POSITION
Net investment in capital assets
Unrestricted
Total net position
See accompanying independent auditors' report
COLLIER COUNTY, FLORIDA
COMBINING STATEMENT OF NET POSITION
INTERNAL SERVICE FUNDS
September 30, 2021
Sheriffs Motor Pool
Self- Self- Fleet Capital Information
Insurance Insurance Management Recovery Technology Total
$ 43,473,006 $ 14,382,313 $ 2,107,056 $ 15,349,388 $ 4,458,774 $ 79,770,537
443,712
293,782
- -
-
737,494
58,379
25,703
1,937 17,417
6,403
109,839
16,480
1,200,000
- -
-
1,216,480
-
-
14,868
3,702
18,570
-
465,285
-
465,285
2,383,443
- -
632,594
3,016,037
46,375,020
15,901,798
2,589,146 15,366,805
5,101,473
85,334,242
- - - 848,939 848,939
258,933 8,336,751 8,646,393 2,219,385 19,461,462
258,933 8,336,751 8,646,393 3,068,324 20,310,401
46,633,953 15,901,798 10,925,897 24,013,198 8,169,797 105,644,643
4,452 8,094 312 14,210 27,068
233,612 383,713 14,033 749,448 1,380,806
238,064 391,807 14,345 763,658 1,407,874
906,301
391,897
-
294,988
1,593,186
57,665
108,253
4,253
198,091
368,262
60,000
-
-
-
60,000
4,630
20,454
25,084
19,250 104,292
-
123,542
5,488,652 3,236,000
-
8,724,652
86,823 -
144,478
8,407
240,202
479,910
3,234
-
-
-
3,234
2,690
5,584
207
8,894
17,375
1,459 -
2,920
112
4,941
9,432
6,630,704 3,340,292
673,586
12,979
747,116
11,404,677
2,219,757
-
-
-
2,219,757
21,706
36,119
2,102
60,050
119,977
6,898
-
-
-
6,898
48,971
101,710
3,767
161,982
316,430
439,109
805,431
30,346
1,450,268
2,725,154
2,736,441
943,260
36,215
1,672,300
5,388,216
9,367,145 3,340,292 1,616,846 49,194 2,419,416 16,792,893
4,833 9,766 356 15,656 30,611
606,091 953,801 34,440 1,923,799 3,518,131
610,924 963,567 34,796 1,939,455 3,548,742
248,801 - 8,336,751 8,646,393 3,068,324 20,300,269
36,645,147 12,561,506 400,540 15,297,160 1,506,260 66,410,613
$ 36,893,948 $ 12,561,506 $ 8,737,291 $ 23,943,553 $ 4,574,584 $ 86,710,882
140
COLLIER COUNTY, FLORIDA
COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
INTERNAL SERVICE FUNDS
For The Fiscal Year Ended September 30, 2021
Sheriffs Motor Pool
Self- Self- Fleet Capital Information
Insurance Insurance Management Recovery Technology Total
Operating revenues:
Charges for services $ 55,929,601 $ 32,577,051 $ 9,517,067 $ 4,694,245 $ 11,424,850 $ 114,142,814
Miscellaneous 47,746 - 16,092 - 230 64,068
Total operating revenues 55,977,347 32,577,051 9,533,159 4,694,245 11,425,080 114,206,882
Operating expenses:
Personal services
1,246,837
-
2,421,987
93,340
4,342,836
8,105,000
General and administrative
10,684,638
2,734,650
6,474,549
6,110
6,481,813
26,381,760
Insurance claims paid
47,284,659
30,089,222
-
-
-
77,373,881
Depreciation and amortization
51,951
-
618,785
2,423,439
920,444
4,014,619
Total operating expenditures
59,268,085
32,823,872
9,515,321
2,522,889
11,745,093
115,875,260
Operating income (loss)
(3,290,738)
(246,821)
17,838
2,171,356
(320,013)
(1,668,378)
Non -operating revenues:
Operating grants and contributions
-
362
-
3,597
3,959
Interest income
49,045
(5,408)
1,456
12,956
5,775
63,824
Insurance reimbursement
2,366,748
366
43,193
-
2,410,307
Interest expense
(178)
-
-
-
(178)
Gain on disposal of capital assets
22,575
333,250
1,236
357,061
Total non -operating revenues
2,415,615
(5,408)
24,759
389,399
10,608
2,834,973
Income before contributions
and transfers
(875,123)
(252,229)
42,597
2,560,755
(309,405)
1,166,595
Capital grants and contributions
7,347
-
-
7,347
Transfers in
-
257,600
245,900
503,500
Transfers out
(1,076,600)
-
(400,000)
(1,476,600)
Total transfers and contributions (1,076,600) - 7,347 257,600 (154,100) (965,753)
Changes in net position (1,951,723) (252,229) 49,944 2,818,355 (463,505) 200,842
Net position - beginning 38,845,671 12,813,735 8,687,347 21,125,198 5,038,089 86,510,040
Net position - ending $ 36,893, 448 $ 12,561,506 $ 8,737,291 $ 23,943,553 $ 4,574,584 $ 86,710,882
See accompanying independent auditors' report
141
COLLIER COUNTY, FLORIDA
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
For The Fiscal Year Ended September 30, 2021
Sheriff's
Motor Pool
Self-
Self-
Fleet
Capital
Information
Insurance
Insurance
Management
Recovery
Technology
Total
Cash flows from operating activities:
Cash received from other funds for services
$ 47,841,720 $
30,500,000
$ 9,248,295 $
4,694,245
$ 11,425,080 $
103,709,340
Cash received from employees for services
7,397,821
-
306,499
-
-
7,704,320
Cash received from retirees for services
532,828
1,368,557
-
1,901,385
Cash payments on behalf of retirees
(1,216,913)
-
(1,216,913)
Cash payments for goods and services
(9,278,925)
(2,729,528)
(6,086,306)
(610)
(7,535,649)
(25,631,018)
Cash payments for self insurance claims
(47,284,660)
(30,255,007)
-
-
(77,539,667)
Cash payments to employees
(1,350,468)
(2,502,831)
(93,296)
(4,398,944)
(8,345,539)
Cash payments for interfund services
(790,359)
(318,856)
(5,500)
(166,298)
(1,281,013)
Net cash provided by (used for) operating activities
(4,148,956)
(1,115,978)
646,801
4,594,839
(675,811)
(699,105)
Cash flows from non -capital financing activities:
Cash transfers from other funds
257,600
245,900
503,500
Cash transfers to other funds
(1,076,600)
-
(400,000)
(1,476,600)
Net cash provided by (used for) non -capital
financing activities
(1,076,600)
257,600
(154,100)
(973,100)
Cash flows from capital and related financing activities:
Receipts from insurance reimbursements
3,266,748
366
43,193
-
3,310,307
Proceeds from disposal of capital assets
-
22,575
338,050
1,236
361,861
Payments for capital acquisitions
(32,355)
(223,693)
(831,282)
(1,076,426)
(2,163,756)
Principal payments on leases
(3,184)
(3,184)
Interest and fiscal agent fees paid
(178)
(178)
Net cash provided by (used for) capital and
related financing activities
3,231,031
(200,752)
(450,039)
(1,075,190)
1,505,050
Cash flows from investing activities:
Interest on investments
39,010
8,350
862
7,450
6,197
61,869
Net cash provided by investing activities
39,010
8,350
862
7,450
6,197
61,869
Net increase in cash and investments
(1,955,515)
(1,107,628)
446,911
4,409,850
(1,898,904)
(105,286)
Cash and investments, October 1, 2020
45,428,521
15,489,941
1,660,145
10,939,538
6,357,678
79,875,823
Cash and investments, September 30, 2021
$ 43,473,006 $
14,382,313 $
2,107,056 $
15,349,388 $
4,458,774 $
79,770,537
(Continued)
142
COLLIER COUNTY, FLORIDA
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
For The Fiscal Year Ended September 30, 2021
Sheriff's
Motor Pool
Self-
Self-
Fleet
Capital
Information
Insurance
Insurance Management
Recovery
Technology
Total
Operating income (loss)
$ (3,290,738) $
(246,821) $
17,838 $
2,171,356
$ (320,013) $
(1,668,378)
Adjustments to reconcile operating income (loss) to net cash provided by operating activities:
Depreciation and amortization expense
51,951
-
618,785
2,423,439
920,444
4,014,619
Net changes in assets and liabilities:
Trade receivable
(429,420)
(28,275)
-
-
-
(457,695)
Due from other funds
(14,480)
(700,000)
4,800
(709,680)
Due from other governments
21,635
21,635
Inventory
(96,757)
(96,757)
Prepaid costs
(1,321,008)
-
(387,665)
(1,708,673)
Accounts payable
660,008
140,890
(832,469)
(31,571)
Wages payable
(721)
7,356
414
29,307
36,356
Due to other funds
60,000
-
-
-
60,000
Due to other governments
(559)
20,454
-
-
19,895
Compensated absences
(16,208)
13,556
3,315
12,311
12,974
Unearned revenue
(6,131)
335,000
-
-
328,869
Self-insurance claims payable
245,052
(475,882)
-
-
(230,830)
Total OPEB liability
(5,119)
(2,211)
(82)
(11,632)
(19,044)
Deferred outflows of resources related to OPEB
1,022
2,124
79
3,383
6,608
Deferred inflows of resources related to OPEB
2,304
4,786
177
7,621
14,888
Net pension liability
(771,551)
(1,174,551)
(42,489)
(2,223,926)
(4,212,517)
Deferred outflows of resources related to pensions
113,045
173,010
6,384
302,040
594,479
Deferred inflows of resources related to pensions
573,597
895,086
32,246
1,824,788
3,325,717
Total adjustments
(858,218)
(869,157)
628,963
2,423,483
(355,798)
969,273
Net cash provided (used) by operating activities
$ (4,148,956) $ (1,115,978) $
646,801 $
4, 994,839
$ (675,811) $ (699,105)
Non -cash investing, capital and financing activities:
Change in fair value of investments
$ (168,227) $
$
(5,627) $
(46,759)
$ (18,828) $
(239,441)
Contributed capital assets
7,347
7,347
Capital related accounts payable 10,132 10,132
See accompanying independent auditors' report
143
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FIDUCIARY FUNDS
CLERK OF COURTS CUSTODIAL FUND -To account for monies held in Trust by the Clerk of the Circuit Court prior to disbursement.
SHERIFF CUSTODIAL FUND - To account for monies held in a custodial capacity by the Sheriff.
TAX COLLECTOR CUSTODIAL FUND - To account for assets held by the Tax Collector prior to legal disbursement.
145
COLLIER COUNTY, FLORIDA
COMBINING STATEMENT OF FIDUCIARY NET POSITION
CUSTODIAL FUNDS
September 30, 2021
Clerk
Tax
of Courts
Sheriff
Collector
Custodial Fund
Custodial Fund
Custodial Fund
Total
ASSETS
Cash and investments
$
33,428,877
$ 595,658
$ 5,214,810
$ 39,239,345
Trade receivable, net
-
5,165
20,765
25,930
Total assets
$
33,428,877
$ 600,823
$ 5,235,575
$ 39,265,275
LIABILITIES
Due to other governments
$
7,383,291
$ 41,550
$ 5,146,006
$ 12,570,847
Due to individuals
-
5,374
89,569
94,943
Total liabilities
$
7,383,291
$ 46,924
$ 5,235,575
$ 12,665,790
FIDUCIARY NET POSITION
Restricted for individuals and governments
$
26,045,586
$ 553,899
$ -
$ 26,599,485
See accompanying independent auditors' report
146
COLLIER COUNTY, FLORIDA
COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
CUSTODIAL FUNDS
For The Fiscal Year Ended September 30, 2021
Clerk
Tax
of Courts
Sheriff
Collector
Custodial Fund
Custodial Fund
Custodial Fund
Total
ADDITIONS:
Contributions for individuals
$ 34,880,183
$ 3,429,198
$ - $
38,309,381
Fees collected for other governments
1,827,943
198,452
751,992,698
754,019,093
Miscellaneous
-
10,439
130,244
140,683
Total additions
36,708,126
3,638,089
752,122,942
792,469,157
DEDUCTIONS:
Beneficiary payments to individuals
24,646,701
3,432,116
-
28,078,817
Payment of fees to other governments
1,633,899
135,138
752,122,942
753,891,979
Payments to other entities
-
63,683
-
63,683
Total deductions
26,280,600
3,630,937
752,122,942
782,034,479
Net increase in fiduciary net position
10,427,526
7,152
-
10,434,678
Fiduciary net position - beginning of year, as
restated
15,618,060
546,747
16,164,807
Fiduciary net position - end of year
$ 26,045,586
$ 553,899
$ $
26,599,485
147
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COMPONENT UNITS
COLLIER COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY - The authority was established for the purpose of facilitating
projects that promote economic growth and opportunities for employment in Collier County.
COLLIER COUNTY HEALTH FACILITIES AUTHORITY - The authority was established for the purpose of assisting health facilities
in the acquisition, construction and financing of projects within the County.
COLLIER COUNTY HOUSING FINANCE AUTHORITY - The authority was established for the purpose of stimulating the construction
of residential housing for low and moderate income families through the use of public financing.
COLLIER COUNTY EDUCATIONAL FACILITIES AUTHORITY - The authority was established for the purpose of assisting
institutions of higher education in the construction, financing and refinancing of projects.
149
COLLIER COUNTY, FLORIDA
COMBINING STATEMENT OF NET POSITION
COMPONENT UNITS
September 30, 2021
Industrial Health Housing Educational
Development Facilities Finance Facilities
Authority Authority Authority Authority Total
ASSETS
Cash and investments $ 131,388 $ 16,968 $ 234,045 $ 4,682 $ 387,083
Total assets $ 131,388 $ 16,968 $ 234,045 $ 4,682 $ 387,083
NET POSITION
Net position - unrestricted $ 131,388 $ 16,968 $ 234,045 $ 4,682 $ 387,083
Total Net Position $ 131,388 $ 16,968 $ 234,045 $ 4,682 $ 387,083
See accompanying independent auditors' report
150
COLLIER COUNTY, FLORIDA
COMBINING STATEMENT OF ACTIVITIES
COMPONENT UNITS
For The Fiscal Year Ended September 30, 2021
Revenues
Fees, Fines and Operating Grants
Functions/Programs Expenses Charges for Services and Contributions
Industrial Development Authority $ 7,690 $ 61,500 $
Health Facilities Authority 4,884 -
Housing Finance Authority 4,690 120,000
Educational Facilities Authority 5,392 -
Total $ 22,656 $ 181,500 $
See accompanying independent auditors' report
General revenues:
Interest income
Total general
revenues
Change in net position
Net position - beginning
Net position - ending
Net (Expense)
Revenue and Changes
in Net Position
Governmental
Activities
25 $
53,835
25
(4,859)
25
115,335
25
(5,367)
00 $
158,944
158,944
228,139
$ 387,083
151
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OTHER SUPPLEMENTAL INFORMATION
Schedule of receipts and expenditures of funds related to the Deepwater Horizon Oil Spill.
153
COLLIER COUNTY, FLORIDA
SCHEDULE OF RECEIPTS AND EXPENDITURES OF
FUNDS RELATED TO THE DEEPWATER HORIZON OIL SPILL
For The Fiscal Year Ended September 30, 2021
Amount
Amount
Received
Expended
in the
in the
2021
2021
Source Fiscal Year
Fiscal Year
British Petroleum:
Gulf Seafood and Tourism Promotional Fund $
$
Note: This schedule does not include funds related to the Deepwater Horizon Oil Spill that are considered Federal
awards or State financial assistance. The Schedule of Expenditures of Federal Awards and State Financial
Assistance does not include any expenditures of Federal awards or State financial assistance related to the
Deepwater Horizon Oil Spill for the 2021 fiscal year.
154
`
1.
400,
A i
a ■ l lb1 ■ twig
I "r[•
i
11:IMyLTe[HMION1:10IN[670MAN aIII anQW_\01:/
Statistical schedules differ from financial statements because they usually cover more than one fiscal year and
may present non -accounting data. These schedules reflect social and economic data, and financial trends of
Collier County, Florida.
FINANCIAL TRENDS
These schedules contain trend information to help the reader understand how the government's
financial perfomance and wellbeing have changed over time.
NetPosition by Component....................................................................................................................................... 158
Changein Net Position............................................................................................................................................... 160
Governmental Activities Tax Revenues by Source.................................................................................................. 162
Fund Balances of Governmental Funds.................................................................................................................... 163
Changes in Fund Balances of Governmental Funds...............................................................................................164
REVENUE CAPACITY
These schedules contain trend information to help the reader assess the County's most
significant local revenue source, Property Tax.
Assessed Value and Estimated Actual Value of Taxable Property.......................................................................166
Property Tax Rates — All Direct and Overlapping Governments............................................................................168
PrincipalTaxpayers County-Wide.............................................................................................................................. 169
Property Tax Levies and Collections......................................................................................................................... 170
DEBT CAPACITY
These schedules present information to help the reader assess the affordability of the County's
current levels of outstanding debt and the County's ability to issue additional debt in the future.
Ratios of Outstanding Debt by Type.......................................................................................................................... 171
LegalDebt Margin Information.................................................................................................................................. 172
Direct, Overlapping and Underlapping Governmental Activities Debt...................................................................172
Pledged -Revenue Coverage....................................................................................................................................... 173
DEMOGRAPHIC AND ECONOMIC INFORMATION
These schedules offer demographic and economic indicators to help the reader understand the
environment within which the County's financial activities take place.
Demographic and Economic Statistics.................................................................................................................... 174
PrincipalEmployers..................................................................................................................................................... 175
OPERATING INFORMATION
These schedules contain service and infrastructure data to help the reader understand how the
information in the County's financial report relates to the services the County provides and the
activities it performs.
Budgeted Full -Time Equivalent County Employees by Function...........................................................................176
Operating Indicators by Function.............................................................................................................................. 177
Capital Asset Statistics by Function......................................................................................................................... 178
Sources: Unless otherwise noted, the information in these schedules is derived from the comprehensive annual
financial reports for the relevant year.
157
COLLIER COUNTY, FLORIDA
NET POSITION BY COMPONENT
Last Ten Fiscal Years
(accrual basis of accounting)
(amounts expressed in thousands)
(unaudited)
Fiscal Year
2021
2020
2019
2018
2017
2016
Governmental Activities:
Net investment in capital assets
$
1,396,962
$ 1,331,163
$ 1,302,980
$ 1,287,184
$ 1,257,685
$ 1,225,520
Restricted
660,442
559,050
478,719
362,045
336,922
327,968
Unrestricted
42,882
(23,652)
(32,158)
(29,328)
(24,011)
2,478
Total governmental activities net position
$
2,100,286
$ 1,866,561
$ 1,749,541
$ 1,619,901
$ 1,570,596
$ 1,555,966
Business -type Activities:
Net investment in capital assets
$
846,257
$ 818,092
$ 777,814
$ 763,259
$ 741,912
$ 723,000
Restricted
50,827
42,036
39,371
31,982
32,619
35,760
Unrestricted
241,239
215,623
205,756
143,198
168,602
169,287
Total business -type activities net position
$
1,138,323
$ 1,075,751
$ 1,022,941
$ 938,439
$ 943,133
$ 928,047
Primary Government:
Net investment in capital assets
$
2,243,219
$ 2,149,255
$ 2,080,794
$ 2,050,443
$ 1,999,597
$ 1,948,520
Restricted
711,269
601,086
518,090
394,027
369,541
363,728
Unrestricted
284,121
191,971
173,598
113,870
144,591
171,765
Total primary government net position
$
3,238,609
$ 2,942,312
$ 2,772,482
$ 2,558,340
$ 2,513,729
$ 2,484,013
158
Fiscal Year
2015 2014 2013 2012
$ 1,217,176 $
1,207,751 $
1,198,971 $
1,187,298
298,360
223,526
221,501
226,934
13,109
169,633
152,790
147,188
$ 1,528,645 $
1,600,910 $
1,573,262 $
1,561,420
$ 714,239 $
705,065 $
668,160 $
650,684
31,511
29,749
34,379
34,199
165,128
185,420
196,050
194,389
$ 910,878 $
920,234 $
898,589 $
879,272
$ 1,931,415 $
1,912,816 $
1,867,131 $
1,837,982
329,871
253,275
255,880
261,133
178,237
355,053
348,840
341,577
$ 2,439,523 $
2,521,144 $
2,471,851 $
2,440,692
159
CHANGE IN NET POSITION
Last Ten Fiscal Years
(accrual basis of accounting)
(amounts expressed in thousands)
(unaudited)
Fiscal Year
2021
2020
2019
2018
2017
2016
Expenses
Governmental activities:
General government
$ 129,810
$ 135,978
$ 134,018
$ 126,920
$ 108,388
$ 104,188
Public safety
237,435
266,736
254,341
223,177
225,360
205,347
Transportation
88,679
89,954
88,200
83,386
75,589
70,560
Culture and recreation
59,348
56,900
59,401
58,042
51,889
49,526
Other activities
114,798
54,967
52,500
64,822
41,899
48,256
Interest on long-term debt
14,601
12,321
13,223
9,736
11,294
12,077
Total governmental activities expenses
$ 644,671
$ 616,856
$ 601,683
$ 566,083
$ 514,419
$ 489,954
Business -type activities:
Water and Sewer
$ 166,035
$ 155,368
$ 153,602
$ 144,113
$ 144,850
$ 130,792
Solid Waste
51,896
49,158
47,529
106,823
43,664
39,271
Emergency Medical Services
27,782
33,761
34,871
32,275
28,644
26,529
Airport Authority
7,805
6,168
6,361
5,533
4,905
4,402
Mass Transit
13,638
13,716
13,090
12,680
11,354
11,333
Total business -type activities expenses
267,156
258,171
255,453
301,424
233,417
212,327
Total primary government expenses
S 111.827
$ 775.027
$ 557.136
S 667.507
$ 447.836
$ 002,281
Program Revenues
Governmental activities:
Charges for services:
General government
$ 40,237
$ 39,204
$ 39,981
$ 37,703
$ 33,377
$ 35,184
Public safety
29,790
25,037
26,137
28,040
24,240
25,276
Transportation
1,897
1,425
1,206
2,111
2,024
4,880
Culture and recreation
7,617
5,055
7,808
7,886
8,192
8,393
Other activities
3,566
1,959
1,862
2,235
1,467
1,230
Operating Grants and Contributions
98,708
34,025
30,313
29,549
26,539
26,387
Capital Grants and Contributions
50,311
47,343
56,268
47,645
38,124
36,818
Total governmental activities program revenues
232,126
154,048
163,575
155,169
133,963
138,168
Business -type activities:
Charges for services:
Water and Sewer
$ 168,017
$ 162,702
$ 155,839
$ 145,757
$ 135,045
$ 123,856
Solid Waste
59,078
53,885
51,928
50,449
45,209
41,918
Emergency Medical Services
14,206
13,069
13,854
12,836
11,812
13,161
Airport Authority
7,242
4,959
4,639
3,951
3,734
3,073
Mass Transit
1,086
978
1,203
1,129
1,267
1,225
Operating Grants and Contributions
26,394
11,548
46,592
16,426
5,025
4,435
Capital Grants and Contributions
42,974
42,099
37,888
38,670
26,993
25,367
Total business -type activities program revenues
318,997
289,240
311,943
269,218
229,085
213,035
Total primary government program revenues
551,123
443,288
475,518
424,387
363,048
351,203
Net (expense)/revenue:
Governmental activities
(412,545)
(462,808)
(438,108)
(410,914)
(380,456)
(351,786)
Business -type activities
51,841
31,069
56,490
(32,206)
(4,332)
708
Total primary government net expense
$ (360,704)
S (431,739)
$ (381,618)
$ (443,120)
$ (384,788)
$ (351,078)
General Revenues and Other Changes in Net Position
Governmental Activities:
Taxes:
Property taxes
$ 400,607
$ 376,140
$ 356,099
$ 337,447
$ 312,633
$ 281,136
Gas taxes
22,920
21,005
24,485
22,749
21,799
20,478
Sales taxes
55,732
45,228
49,550
44,093
41,799
40,659
Infrastructure sales tax
99,588
81,735
60,787
-
-
-
Tourist taxes
36,192
26,062
31,653
27,962
21,961
21,838
Other taxes
6,289
6,438
7,140
6,914
7,478
7,280
State revenue sharing
13,776
12,343
13,194
12,564
11,602
11,100
Interest income
1,639
14,336
24,113
6,857
3,574
4,891
Miscellaneous
18,407
11,523
17,594
18,121
9,714
5,976
Transfers, net
(8,880)
(15,020)
(16,837)
(16,487)
(14,793)
(14,250)
Total governmental activities
$ 646,270
S 579,790
S 567,778
S 460.220
$ 415.767
$ 379,108
Business -type Activities:
Interest income
$ 394
$ 5,870
$ 9,699
$ 2,602
$ 1,379
$ 2,011
Miscellaneous
1,457
851
1,476
8,423
126
200
Transfers, net
8,880
15,020
16,837
16,487
14,793
14,250
Total business -type activities
10,731
21,741
28,012
27,512
16,298
16,461
Total primary government
S 557.001
S 001.531
S 995,790
S 887.732
S 332.065
S 995.569
Change in Net Position
Governmental activities
$ 233,725
$ 116,982
$ 129,670
$ 49,306
$ 35,311
$ 27,322
Business -type activities
62,572
52,810
84,502
(4,694)
11,966
17,169
Total primary government
S 296,297
S 169,792
S 214,172
S 44,612
$ 47,277
S 44,491
160
Fiscal Year
2015 2014 2013 2012
$ 93,644 $
92,176 $
95,941 $
94,227
174,874
177,267
171,210
165,782
70,296
71,623
69,275
73,000
45,117
41,630
41,453
42,507
45,621
39,171
43,067
51,057
12,912
12,674
16,129
16,412
$ 442,464 $
434,541 $
437,075 $
442,985
$ 122,858 $
112,643 $
114,041 $
102,642
36,411
33,787
32,760
29,618
24,094
23,208
21,545
21,792
4,771
3,764
4,439
4,601
10,416
10,306
10,111
9,925
198,550
183,708
182,896
168,578
$ 641,014 $
618,249 $
619,971 $
611,563
$ 34,240 $
34,662 $
36,080 $
31,388
25,227
21,765
19,735
16,743
1,094
959
1,045
880
8,685
7,943
8,416
9,126
4,237
2,661
3,667
4,941
35,521
31,444
20,921
22,892
29,986
28,945
28,280
20,279
138,990
128,379
118,144
106,249
$ 116,645 $
107,924 $
109,176 $
103,042
39,121
35,368
34,585
34,275
12,327
9,922
10,335
10,249
3,350
2,589
3,021
2,805
1,719
1,641
1,450
1,360
5,142
3,077
3,914
2,948
21,165
30,662
24,953
17,818
199,469
191,183
187,434
172,497
338,459
319,562
305,578
278,746
(303,474) (306,162) (318,931) (336,736)
919 7,475 4,538 3,919
S (302,5551 $(298.687) S (314,393) S (332.817)
$ 259,779 $ 244,404 $ 249,352 $ 248,232
19,547 18,556 18,229 18,525
38,573 35,786 32,168 29,713
21,188
19,137
16,183
14,898
7,322
7,840
9,403
9,997
10,589
9,657
8,792
8,233
5,069
2,599
1,496
2,430
17,510
13,333
9,063
7,397
(14,192)
(13,185)
(13,912)
(14,447)
$ 365,385 $
338,127 $
330,774 $
324,978
$ 2,209 $
1,301 $
712 $
1,106
94
68
154
82
14,192
13,184
13,912
14,447
16,495
14,553
14,778
15,635
S 381,880 S
352,680 S
345.552 S
340,613
$ 61,911 $ 31,965 $ 11,843 $ (11,758)
17,414 22,028 19,316 19,554
S 79,325 S 53,993 $ 31.159 $ 7,796
161
GOVERNMENTAL ACTIVITIES TAX REVENUES BY SOURCE
Last Ten Fiscal Years
(amounts expressed in thousands)
(unaudited)
Fiscal
Property
Gas
Sales
Infrastructure
Tourist
Year
Tax
Tax
Tax
Sales Tax
Tax
2012 $
248,232 $
18,525 $
29,713
$ $
14,898 $
2013
249,352
18,229
32,168
16,183
2014
244,404
18,556
35,786
19,137
2015
259,779
19,547
38,573
21,188
2016
281,136
20,478
40,659
21,838
2017
312,633
21,799
41,799
21,961
2018
337,447
22,749
44,093
27,962
2019
356,099
24,485
49,550
60,787
31,653
2020
376,140
21,005
45,228
81,735
26,062
2021
400,607
22,920
55,732
99,588
36,192
Other
Taxes
Total
9,997 $
321,365
9,403
325,335
7,840
325,723
7,322
346,409
7,280
371,391
7,478
405,670
6,914
439,165
7,140
529,714
6,438
556,608
6,289
621,328
162
COLLIER COUNTY, FLORIDA
FUND BALANCES OF GOVERNMENTAL FUNDS
Last Ten Fiscal Years
(modified accrual basis of accounting)
(amounts expressed in thousands)
(unaudited)
Fiscal Year
2021
2020
2019
2018
2017
2016
2015
2014
2013
2012
General fund
Nonspendable
$
2,785 $
2,779 $
2,383 $
2,645 $
3,386 $
3,675
$ 3,546
$ 19,843
$ 15,744
$ 12,914
Restricted
580
1,087
461
306
2,440
264
345
125
96
110
Assigned
12,281
11,664
1,115
1,736
1,598
1,674
1,299
850
813
952
Unassigned
117,116
104,299
103,707
77,342
54,805
53,961
55,002
57,781
56,497
57,091
Total general fund
$
132,762 $
1 99,829 $
1 77,666 $
82,029 $
22,229 $
59,574
$ 00,192
$ 88,599
$ 33,150
$ 11,067
All other governmental funds
Nonspendable
$
6,623 $
3,490 $
2,887 $
8,135 $
2,385 $
3,055
$ 3,112
$ 53,544
$ 46,049
$ 42,238
Restricted
722,297
560,480
522,311
354,514
328,447
324,334
293,281
242,981
223,700
209,352
Committed
44,582
41,517
40,355
34,788
32,759
26,069
25,663
27,349
29,810
47,406
Assigned
84,392
52,613
31,977
21,129
33,822
28,644
30,800
28,391
36,364
38,533
Unassigned
-
-
-
(246)
-
(89)
(514)
(62,085)
(55,212)
(48,944)
Total all other
governmental funds
$
857,894 $
658,100 $
597,530 $
418,320 $
397,413 $
382,013
$ 352,342
$ 290,180
$ 280,711
$ 288,585
163
CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
Last Ten Fiscal Years
(modified accrual basis of accounting)
(amounts expressed in thousands)
Revenues:
Taxes
Licenses, permits and impact fees
Intergovernmental
Charges for services
Fines and forfeitures
Interest income
Special assessments
Miscellaneous
Total revenues
Expenditures:
Current:
General government
Public safety
Physical environment
Transportation
Economic environment
Human services
Culture and recreation
Debt service:
Principal
Interest
Redemption of debt
Payment to refunding bond escrow
Other fiscal charges
Capital outlay
Total expenditures
Excess (deficit) of revenues
over (under) expenditures
Other financing sources (uses):
Bondsissued
Payment to current refunding escrow
Premiums on bonds issued
Notes issued
Payment to refunding escrow
Leases
Loansissued
Sale of capital assets
Insurance proceeds
Transfers in
Transfers out
Total other financing sources (uses)
Net change in fund balances
Debt service as a percentage of noncapital
expenditures
Fiscal Year
2021 2020 2019 2018 2017 2016
$ 556,387 $
503,593 $
471,127 $
386,814 $
355,885 $
322,915
79,468
68,989
78,182
75,102
59,217
61,033
174,230
96,684
100,191
92,206
86,656
83,949
38,570
34,959
37,255
36,981
34,008
38,362
2,567
2,334
2,491
2,375
2,263
2,708
1,575
13,178
22,046
6,133
3,233
4,440
5,610
5,619
7,452
4,789
4,350
3,746
11,851
6,799
5,566
4,527
8,705
6,600
870,258 732,155 724,310 608,927 554,317 523,753
109,729
108,008
103,445
101,198
89,193
84,599
226,655
219,808
213,829
198,097
197,762
177,375
21,050
20,986
23,728
31,994
12,465
15,283
53,788
53,316
45,245
45,904
41,003
36,011
13,824
9,395
8,378
9,942
8,199
11,061
77,191
20,242
17,005
15,849
15,058
14,038
49,493
46,246
48,793
47,671
42,889
40,886
31,084
26,507
23,127
21,864
21,439
20,743
13,151
12,731
11,521
10,165
11,908
12,713
-
-
-
-
5,588
-
1,084
21
801
128
48
19
164,344
129,056
107,881
82,871
80,495
67,198
761,393
646,316
603,753
565,683
526,047
479,926
108,865 85,839 120,557 43,244 28,270 43,827
99,175
62,965
(10,000)
-
16,925
3,238
-
-
-
5,293
-
-
(44,525)
-
2,658
358
-
-
-
-
28,060
55,713
-
-
337
712
376
1,065
155
306
4,157
2,104
6,416
3,762
339
796
236,502
144,991
140,633
114,358
117,833
121,654
(246,785)
(161,271)
(157,399)
(132,910)
(133,834)
(137,530)
102,969
(13,106)
84,289
(2,537)
(10,214)
(14,774)
$ 211,834 $
72,733 $
004,847 $
40,707 $
18,056 $
29,053
7.59 % 7.59
6.99% 6.63% 7.48% 8.11%
164
Fiscal Year
2015 2014 2013 2012
$ 300,341 $
282,315 $
285,765 $
284,124
51,319
40,631
35,168
30,436
92,818
89,392
83,667
79,402
37,172
35,149
32,435
30,739
2,866
3,252
3,712
4,205
4,606
2,393
1,406
2,197
3,132
2,922
2,924
3,035
16,063
11,553
4,833
4,664
508,317 467,607 449,910 438,802
78,147
73,739
75,725
73,812
167,788
163,169
153,566
151,858
16,157
11,276
13,790
22,870
36,992
38,789
37,170
42,176
9,159
9,265
14,436
14,393
13,151
12,367
12,254
10,988
37,523
34,114
33,744
34,253
20,039
18,510
25,125
31,602
13,555
14,177
17,565
18,149
- 2,086 132 -
21 173 2,165 1,082
62,186 63,613 61,278 49,406
454,718 441,278 446,950 450,589
53,599 26,329 2,960 (11,787)
89,780
73,805
131,525
2,082
17,192
-
(89,622)
(73,747)
(150,550)
1,915
236
595
314
233
313
379
316
300
270
196,026
97,854
90,637
91,524
(208,760)
(110,052)
(102,061)
(103,738)
(9,845)
(11,410)
(8,751)
(13,228)
$ 43,754 $
14,919 $
(5,791) $
(25,015)
8.56% 8.66% 11.07% 12.40%
165
COLLIER COUNTY, FLORIDA
ASSESSED VALUE AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY
Last Ten Fiscal Years
(amounts expressed in thousands)
(unaudited)
Fiscal Year
Government
Ended
Residential
Commercial
Institutional and
Industrial
September 30
Property
Property
Other Property
Property
2012
$ 55,452,450 $
3,793,589 $
4,339,737 $
633,463
2013
55,738,290
3,785,006
4,337,007
609,058
2014
57,656,527
3,912,768
4,523,093
629,143
2015
61,457,718
4,082,445
4,692,490
651,646
2016
66,559,709
4,377,974
5,067,190
682,762
2017
73,334,846
4,681,110
5,252,880
763,216
2018
79,459,537
5,047,802
5,438,701
841,128
2019
83,819,751
5,360,190
5,681,034
923,980
2020
87,951,024
6,001,743
5,936,391
1,073,086
2021
93,113,447
6,691,606
6,257,252
1,195,303
Agricultural
Property
Personal
Property
$ 252,730 $
2,253,274
261,964
2,240,098
266,888
2,200,895
268,161
2,186,145
282,725
2,353,841
282,376
2,342,953
280,507
2,448,008
283,625
2,534,892
282,370
2,619,748
276,441
2,755,010
Property is assessed as of January 1, and taxes based on these assessments are levied and become due on the following November 1.
Therefore, assessments and levies applicable to a certain tax year are collected in the fiscal year ending during the next succeeding calendar year.
(1) The basis of assessed value required by the state is 100% of actual value including tax exemptions.
Source: Property Appraiser Recapitulation Report
166
Centrally
Assessed
Property
Less:
Tax
Exempt
Total Taxable
Assessed
Value
Total
Direct
Tax
Rate
Estimated
Actual
Taxable
Value
Assessed
Value as a
Percentage of
Actual Value(')
$ 187 $
8,513,638
$ 58,211,792
4.4149 $
66,725,430
100%
184
8,473,811
58,497,796
4.4126
66,971,607
100%
152
8,539,822
60,649,644
4.1592
69,189,466
100%
195
8,741,753
64,597,047
4.1582
73,338,800
100%
134
9,235,508
70,088,827
4.1572
79,324,335
100%
211
9,537,260
77,120,332
4.2029
86,657,592
100%
246
9,905,942
83,609,987
4.1851
93,515,929
100%
244
10,317,449
88,286,267
4.1827
98,603,716
100
232
10,676,611
93,187,983
4.1876
103,864,594
100%
221
11,121,148
99,168,132
4.1906
110,289,280
100%
167
COLLIER COUNTY, FLORIDA
PROPERTY TAX RATES - ALL DIRECT AND OVERLAPPING GOVERNMENTS
Last Ten Fiscal Years
(unaudited)
Collier County
Other
Special
Debt
Capital
Fiscal
General
Revenue
Service
Project
Collier County
Independent
Year
Fund
Funds
Funds
Funds
Total
School District
Districts
Total
2012
3.5645
0.7627
0.0877
0.0000
4.4149
5.5270
1.2202
11.1621
2013
3.5645
0.7555
0.0926
0.0000
4.4126
5.5760
1.2395
11.2281
2014
3.5645
0.5873
0.0074
0.0000
4.1592
5.6900
1.2228
11.0720
2015
3.5645
0.5860
0.0077
0.0000
4.1582
5.5800
1.1853
10.9235
2016
3.5645
0.5856
0.0071
0.0000
4.1572
5.4800
1.1331
10.7703
2017
3.5645
0.6323
0.0061
0.0000
4.2029
5.2450
1.1138
10.5617
2018
3.5645
0.6145
0.0061
0.0000
4.1851
5.1220
1.2375
10.5446
2019
3.5645
0.6122
0.0060
0.0000
4.1827
5.0490
1.2331
10.4648
2020
3.5645
0.6172
0.0059
0.0000
4.1876
5.0830
1.2272
10.4978
2021
3.5645
0.6202
0.0058
0.0001
4.1906
5.0160
1.2262
10.4328
Basis for property tax rates is 1 mill
per $1,000 of assessed value. Property is assessed
as of January 1
and taxes based on those assessments are levied
according to the tax rate in effect that tax year and
become due on November 1. Therefore, assessments and levies applicable to a certain tax
year are
collected in the fiscal year ending during the following calendar year.
Sources:
Property Appraiser Recapitulation Report
Collier County Adopted Budget
168
COLLIER COUNTY, FLORIDA
PRINCIPAL TAXPAYERS COUNTY -WIDE
2021 TAX ROLL
(unaudited)
2021
Property
Taxes
Owner/Taxpayer
Levied
HHR Naples, LLC
$ 1,705,222
Marco Hotel, LLC
1,652,947
The Moorings, Inc.
1,452,058
PR Mercato, LLP
1,307,545
Res Florida 1250 Holdings, LLC
1,116,690
Continental 422 Fund, LLC
798,671
IPXI MF Inspria Investors, LLC
747,149
CC -Naples, Inc.
705,920
Legacy Naples, LLC
692,452
Westbury Props, Inc.
685,365
Florida Power & Light Company
-
City National Bank of Miami
Century Link
Lee County Electric Co -Op, Inc.
Naples HMA, Inc.
Wal-Mart Stores East, LP
Coastland Center, LLC
Collier HMA, Inc.
-
Total
$ 10,864,019
Total Property Taxes Levied - County -Wide
$ 1,125,875,026
Amounts for taxpayers with similar names have
not been combined.
Sources:
Property Appraiser's taxpayer listing in order of taxes levied.
Property Appraiser Recapitulation Report.
Rank
1
2
3
4
5
6
7
8
9
10
2012
Percent of
Total
Taxes Levied
Property
Taxes
Levied
Rank
Percent of
Total
Taxes Levied
0.15%
$
1,461,259
2
0.21 %
0.15%
-
0.00%
0.13%
-
0.00%
0.11 %
689,525
8
0.10%
0.10%
-
0.00%
0.07 %
0.00%
0.07%
0.00%
0.06 %
0.00%
0.06 %
0.00%
0.06%
-
0.00%
0.00%
2,569,278
1
0.37%
0.00%
941,776
3
0.14%
0.00%
888,421
4
0.13%
0.00%
881,968
5
0.13%
0.00%
723,779
6
0.10%
0.00%
697,905
7
0.10%
0.00%
672,473
9
0.10%
0.00%
667,824
10
0.10%
0.96%
$
10,194,208
1.48%
$
694,918,682
169
COLLIER COUNTY, FLORIDA
PROPERTY TAX LEVIES AND COLLECTIONS
Last Ten Fiscal Years
(amounts expressed in thousands)
(unaudited)
Fiscal Year Total County Tax Collected within the Total County Tax
Ended Levy for Fiscal Year of the Levy Levy Cost
September 30 Population (') Fiscal Year Amount Percentage of Levy Per Person
2012
323,785 $
257,189 $
247,749
96.1 % $
794
2013
329,849
258,650
248,648
96.3 %
784
2014
339,642
252,323
243,084
96.5%
743
2015
348,777
268,604
259,121
96.5%
770
2016
353,936
291,369
281,114
96.4%
823
2017
360,846
324,123
312,507
96.4%
898
2018
368,534
349,928
337,361
96.4%
950
2019
376,086
369,258
356,075
96.4%
982
2020
383,166
390,115
376,086
96.4%
1,018
2021
389,754
415,562
400,531
96.4%
1,106
Property taxes levied apply only to General, Special Revenue, Debt Service Funds and Capital Projects Funds
Property tax levies are based on assessed values as of January 1 st and become due and payable on November 1 st of each year. A four percent discount
is allowed if the taxes are paid by November 30, with the discount declining by one percent each month thereafter. Accordingly, taxes collected are not 100
percent of the amount levied. Taxes become delinquent on April 1 st of each year and tax certificates for the unpaid taxes must be sold no later than June 1 st
of each year.
Property taxes receivable and a corresponding reserve for uncollectible property taxes are not included in the financial statements as there are no significant
delinquent taxes as of September 30, 2021.
Sources:
(1) www.colliergov.net/your-government/divisions-a-e/comprehensive-planning/population-and-demographics
(2) Property Appraiser Recapitulation Report
170
COLLIER COUNTY, FLORIDA
RATIOS OF OUTSTANDING DEBT BY TYPE
Last Ten Fiscal Years
(amounts expressed in thousands)
(unaudited)
Governmental Activities Business-tvoe Activities
Direct
Limited
Direct
Placement
General
Placement
Other Loans
Loans and
Other Loans
Total
Percentage
Fiscal
Obligation
Revenue
Loans and
and Leases
Revenue
Notes Payable
and Leases
Primary
of Personal
Per
Year
Bonds(')
BondsM Notes Payable
(3)
Bonds')
(4)
(3) Government
Income(2) Capita(2)
2012 $
9,994 $
390,585 $
10,224
$ 412 $
132,013
$ 6,970
$ 92,613 $
642,811
3.31% $
1,988
2013
4,664
373,371
7,923
323
83,498
23,067
111,827
604,673
3.01 %
1,832
2014
4,223
277,885
96,861
230
78,470
17,100
114,235
589,004
2.67%
1,732
2015
3,369
259,563
95,116
1,519
60,976
28,714
105,549
554,806
2.26%
1,592
2016
2,941
246,135
87,360
937
59,954
24,727
96,954
519,008
2.01 %
1,463
2017
2,499
232,147
79,227
316
59,351
108,278
931
482,749
1.57%
1,336
2018
2,037
175,975
102,930
236
58,748
129,141
587
469,654
1.51%
1,342
2019
1,560
226,896
145,952
153
139,382
113,576
239
627,758
1.79%
1,670
2020
1,063
209,822
136,549
7,311
138,524
98,165
957
592,391
1.55%
1,547
2021
-
309,856
111,582
7,425
297,456
82,476
703
809,498
1.67%
1,749
(1) Amounts include the unamortized premium.
(2) See the Schedule of Demographic and Economic Statistics for personal income and population data
(3) Collier County adopted GASB Statement No. 87, Leases in the 2020 fiscal year.
(4) Does not include private development note payable
171
COLLIER COUNTY, FLORIDA
LEGAL DEBT MARGIN INFORMATION
As Of September 30, 2021
(unaudited)
The Constitution of the State of Florida, Florida Statute 200.181 and Collier County set no legal debt limit.
DIRECT, OVERLAPPING AND UNDERLYING DEBT
As of September 30, 2021
(unaudited)
Estimated
Estimated
Percentage
Share of
Debt
Applicable Based
Overlapping
Outstanding
on Population(-)
Debt
Direct Debt:
Governmental Activities
Gas Tax Revenue Bonds (1)
$ 8,097,178
100.00%
$ 8,097,178
Special Obligation Revenue Bonds (1,3)
239,924,938
100.00%
239,924,938
Tourist Development Tax Revenue Bonds (1)
61,833,513
100.00°i
61,833,513
Direct Placement Loans and Notes Payable (3)
111,582,000
100.00%
111,582,000
Leases (3)
7,425,398
100.00%
7,425,398
Total Governmental Activities Direct Debt
428,863,027
428,863,027
Overlapping Debt:
N/A 0.00 i
Underlying Debt:
City of Naples (4)
2,883,166
5.58 i 160,881
City of Marco Island (5)
17,349,444
4.52°i 784,195
City of Everglades (6)
-
0.00 i -
Subtotal, Underlying Debt
20,232,610
10.10 i 945,076
Total Direct, Overlapping and Underlying Debt $
449,095,637
$ 429,808,103
(1) Amounts include the unamortized premium.
(2) Population numbers obtained from www.worldpopulationreview.com/states/cities/florida
(3) Totals consist of more than one issuance.
(4) Governmental activities debt outstanding amount obtained from the City of Naples.
(5) Governmental activities debt outstanding amount obtained from the City of Marco Island.
(6) Governmental activities debt outstanding amount obtained from the City of Everglades.
172
Governmental Activities:
COLLIER COUNTY, FLORIDA
PLEDGED -REVENUE COVERAGE
Last Ten Fiscal Years
(amounts expressed in thousands)
(unaudited)
Gas Tax Bonds and Direct Placement Loans
Fiscal
Year
Gas
Tax
Collections
Debt Service
Principal Interest
Coverage(')
2012
$ 18,525 $
7,505 $
7,077
1.27
2013
18,229
7,855
6,453
1.27
2014
18,556
8,040
4,018
1.54
2015
19,547
9,440
3,697
1.49
2016
20,478
9,900
3,242
1.56
2017
21,799
10,195
2,939
1.66
2018
22,749
10,510
2,737
1.72
2019
22,709
10,830
2,542
1.70
2020
21,005
11,170
2,178
1.57
2021
22,920
11,515
1,802
1.72
Business -type Activities:
Special Obligation Bonds and Direct Placement Loans(")
Legally
Available
Non -Ad
Valorem
Debt Service
Collections(2)
Principal Interest
CoverageM
$ 82,866 $
4,265 $
4,265
9.71
86,640
9,695
7,249
5.11
91,043
9,145
9,674
4.84
102,375
8,885
9,426
5.59
107,268
9,280
9,020
5.86
108,577
9,705
8,591
5.93
118,725
10,258
7,012
6.87
125,162
10,865
7,191
6.93
124,638
11,362
7,244
6.70
129,594
11,841
7,689
6.64
Fiscal
Year
Water/ Sewer
Charges
and Otheri*i
Water and Sewer Revenue Bonds and Direct Placement Loans
Less: Net
Operating Available Debt Service
Expenses(5) Revenue Principal Interest
CoverageM
2012
$ 104,164 $
58,155 $
46,009 $
5,189 $
6,494
3.94
2013
105,682
68,916
36,766
5,422
6,268
3.15
2014
109,514
69,710
39,804
5,967
3,986
4.00
2015
118,066
74,344
43,722
6,073
3,639
4.50
2016
125,456
84,474
40,982
3,986
2,841
6.00
2017
136,064
97,904
38,160
3,902
2,818
5.68
2018
155,847
90,507
65,340
5,528
3,050
7.62
2019
163,653
98,281
65,372
6,261
4,091
6.31
2020
169,444
100,866
68,578
6,384
6,189
5.45
2021
170,927
106,913
64,014
6,500
6,066
5.09
(') Gas Tax Collections divided by annual total debt service requirements for the respective fiscal year.
(2)The revenues that comprise the legally available non -ad valorem revenues are defined by bond documents; these revenues include Sales Tax and certain impact fees and
averaged over two fiscal years.
(3) Legally Available Non -Ad Valorem Collections divided by annual total debt service requirements for the respective fiscal year.
(4) Operating revenues plus other income; certain interest income, gain on disposal of assets, capital grants and contributions and transfers in are not included.
MTotal operating expenses, excluding depreciation and amortization; loss on disposal of assets, interest expense and transfers out are not included.
173
COLLIER COUNTY, FLORIDA
DEMOGRAPHIC AND ECONOMIC STATISTICS
Last Ten Fiscal Years
(unaudited)
Per Capita
Fiscal Personal Personal Median School Unemployment
Year Population(') Income(z) Income Age(') Enrollment() Rate(5)
2012
323,785
$ 19,446,631,000
$ 60,060
46.9
43,238
9.3%
2013
329,849
20,075,468,000
60,863
47.1
43,789
7.2%
2014
339,642
22,033,344,000
64,872
47.4
44,415
6.3%
2015
348,777
24,571,667,000
70,451
47.5
45,228
5.2%
2016
353,936
25,763,656,000
72,792
47.9
47,289
4.9%
2017
360,846
30,708,249,000
85,101
48.5
49,394
3.6%
2018
368,534
32,749,753,000
88,865
49.7
47,934
3.3%
2019
376,086
35,080,466,000
93,278
50.3
48,441
3.2%
2020
383,166
38,252,405,000
99,832
50.8
47,048
5.7%
2021
389,754
40,816,238,000
104,723
50.8
48,838
3.6%
Sources:
(1) colliercountyfl.gov/government/growth-management/divisions/planning-and-zoning-division/comprehensive-planning-section
(2) fred.stlouisfed.org/series/P112021
(3) fred.stlouisfed.org/series/801002001E012021
(4) collierschools.com/Page/349
(5) floridajobs.org
174
COLLIER COUNTY, FLORIDA
PRINCIPAL EMPLOYERS
(unaudited)
Employer
Employees
2021
Rank
Percent of
Total County
Employment
Employees
2012
Rank
Percent of
Total County
Employment
Collier County Public Schools
5,785
1
3.89%
5,451
1
5.16%
NCH Healthcare System
4,315
2
2.90%
3,007
2
2.85%
Publix Supermarkets
3,041
3
2.04%
2,214
3
2.10%
Arthex, Inc.
2,856
4
1.92%
Collier County Government (excl. Sheriff)
2,477
5
1.66°i
2,184
4
2.07°i
Collier County Sheriffs Office
1,440
6
0.97%
1,387
6
1.31 i
Ritz Carlton Hotel
1,100
7
0.74%
Seminole Casino - Immokalee
900
8
0.60%
JW Marriott- Marco Island
862
9
0.58%
743
7
0.70%
City of Naples
488
10
0.33%
Other employers
125,590
84.37%
90,599
85.81 i
Totals
148,854
100.00%
105,585
100.00%
Sources:
Southwest Florida Economic Development
Alliance
Collier County Public Schools
NCH Healthcare System
Publix Corporate Office
Arthrex, Inc.
175
Function:
General government
Public safety
Physical environment
Transportation
Economic environment
Human services
Culture and recreation
Water and Sewer
Solid Waste
Emergency Medical
Services
Airport Authority
Collier Area Transit
Total
COLLIER COUNTY, FLORIDA
BUDGETED FULL-TIME EQUIVALENT COUNTY EMPLOYEES BY FUNCTION (1)
Last Ten Fiscal Years
(unaudited)
Fiscal Year
2021
2020
2019
2018
2017
2016
2015
2014
2013
2012
1,374
1,366
1,342
1,299
1,351
1,262
1,217
1,216
1,203
1,222
1,111
1,100
1,080
1,089
1,112
1,124
1,096
1,072
1,061
1,061
94
90
80
73
73
70
69
67
67
69
233
235
228
224
219
211
192
187
187
199
26
27
31
30
29
26
27
28
26
28
70
61
58
58
58
56
56
53
51
50
370
340
347
337
324
304
298
294
289
293
434
438
436
414
410
384
342
340
342
344
45
44
45
43
31
28
27
28
29
27
202
202
202
199
194
193
193
172
172
172
15
15
15
15
15
15
14
14
16
16
5
5
5
5
4
4
3
3
3
3
3,979
3,923
3,869
3,786
3,820
3,677
3,534
3,474
3,446
3,484
(') Includes the Board of County Commissioners and the Constitutional Officers
176
COLLIER COUNTY, FLORIDA
OPERATING INDICATORS BY FUNCTION
Last Ten Fiscal Years
(unaudited)
Fiscal Year
2021
2020
2019 2018
2017
2016
2015
2014
2013
2012
Function:
Police:
Physical arrests 6,519
6,227
9,072 9,266
8,269
9,359
9,347
11,277
11,277
11,297
Parking violations 362
333
817 894
1068
867
931
964
1,182
1,175
Traffic violations 24,674
22,370
26,773 17,157
15,473
14,462
16,355
19,868
22,211
19,237
Fire:
Fires reported **
**
** **
**
31
82
37
52
46
Emergency responses
(exclude fires) **
**
** **
**
839
1,093
1,080
1,024
764
Number of calls answered 886
680
870 804
795
870
1,175
1,117
1,076
810
Transportation:
Collier Area Transit ridership 649,391
723,423
913,569 944,931
996,687
1,082,519
1,177,029
1,181,530
1,361,294
1,207,866
Street resurfacing (lane miles) 42
34
43 40
38
34
34
80
78
142
Culture and recreation:
Beach parking stickers issued 144,254
131,645
146,500 143,500
149,490
139,828
134,051
181,878
122,415
114,778
Library circulation 2,554,082
2,080,277
2,471,878 2,253,555
2,193,351
2,349,418
2,302,017
2,578,588
2,578,589
2,768,648
Water:
New connections 2,864
2,031
2,297 2,776
1,951
2,023
2,204
1,878
1,417
1189
Wastewater:
Average daily sewage
treatment 21,343
21,015
18,853 18,030
18,555
17,864
17,090
17,150
16,954
15,834
(millions of gallons)
** -Due to the consolidation of Fire Districts, this information
is no
longer being tracked.
Sources:
Police -Collier County Sheriff's Department
Fire -Collier County Bureau of Emergency Services, Greater Naples Fire District
Transportation -Collier County Alternative Transportation, Road and Bridge
Culture and Recreation -Collier County Parks and
Recreation,
Public Library
Water -Collier County Utility Billing
Wastewater -Collier County Wastewater
177
COLLIER COUNTY, FLORIDA
CAPITAL ASSET STATISTICS BY FUNCTION
Last Ten Fiscal Years
(unaudited)
Fiscal Year
2021
2020
2019
2018
2017
2016
2015
2014
2013
2012
Function:
Public Safety:
Police stations 7
7
7
7
7
7
7
7
7
7
Patrol units 273
273
272
272
270
274
276
276
275
275
Fire:
Fire stations 4
4
4
4
4
4
4
4
3
3
Highways and streets:
Streets* (miles) 1,167
1,172
1,169
1,166
1,161
1,159
1,149
1,151
1,184
1,184
Streetlights 5,378
5,364
4,635
5,083
5,074
5,182
4,958
4,958
4,868
4,781
Traffic signals 381
377
377
377
374
365
360
370
353
297
Culture and recreation:
Parks acreage 1,561
1,560
1,521
1,521
1,521
1,521
1,521
1,521
1,521
1,520
Parks 66
66
61
61
61
61
61
61
61
61
Swimming pools 9
9
9
9
8
8
8
8
8
8
Tennis courts 40
40
45
45
45
45
45
45
45
45
Community centers 9
9
9
9
9
9
9
8
8
8
Libraries 10
10
10
10
10
10
10
10
10
10
Number of volumes in libraries 653,726
659,112
663,811
593,378
557,188
567,248
605,408
683,237
692,229
673,131
Water:
Number of customers 81,339
75,837
73,854
71,614
66,010
61,830
59,443
57,548
55,878
54,190
Water mains (miles) 1,191
1,166
1,149
1,132
1067
1015
986
925
888
888
Maximum daily capacity (per
million gallons) 32,726
33,658
32,113
30,956
32,243
33,877
31,376
30,460
30,120
29,988
Wastewater:
Sanitary sewers (miles) 1,201
1,186
1,181
1,156
1,085
1,021
1,028
1,030
1,081
1,116
Primary and secondary
drainage facilities 325
325
322
312
289
294
306
306
305
305
Sources:
Police -Collier County Sheriff's Department
Fire -Collier County Bureau of Emergency Services
Highway and Streets -Collier County Traffic Operations,
Transportation Engineering, Road
and Bridge
Culture and Recreation -Collier County Public Library,
Parks and Recreation
Water -Collier County Water, Utility Billing
Wastewater -Collier County Stormwater, Wastewater
178
OPF
Clifton LarsonAllen LLP
CLAconnect.com
INDEPENDENT AUDITORS' 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 Board of County Commissioners
Collier 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 units, each major
fund, and the aggregate remaining fund information of Collier County, Florida (County), as of and for
the year ended September 30, 2021, 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 7, 2022.
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. A material 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 may exist that have not been identified.
A member of CLA is an independent member of Nexia International, a leading, global network of independent
Nexia accounting and consulting firms. See nexia.com/member-firm-disclaimer for details.
International
Honorable Board of County Commissioners
Collier County, Florida
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, noncompliance 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 noncompliance 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
entity's internal control or on compliance. This report is an integral part of an audit performed in
accordance with Government Auditing Standards in considering the County's internal control and
compliance. Accordingly, this communication is not suitable for any other purpose.
Clifton LarsonAllen LLP
Naples, Florida
March 7, 2022
2
Clifton LarsonAllen LLP
PAW
CLAconnect.com
MANAGEMENT LETTER
Honorable Board of County Commissioners
Collier County, Florida
Report on the Financial Statements
We have audited the financial statements of the Collier County, Florida, (County) as of and for the fiscal
year ended September 30, 2021, and have issued our report thereon dated March 7, 2022.
Auditor's Responsibility
We conducted our audit in accordance with auditing standards generally accepted in the United States
of America; the standards applicable to financial audits contained in Government Auditing Standards,
issued by the Comptroller General of the United States; and Chapter 10.550, Rules of the Auditor
General.
Other Reporting Requirements
We have issued our Independent Auditors' Report on Internal Control over Financial Reporting and on
Compliance and Other Matters Based on an Audit of the Financial Statements Performed in Accordance
with Government Auditing Standards and Independent Accountants' Report on an examination
conducted in accordance with AICPA Professional Standards, AT-C Section 315, regarding compliance
requirements in accordance with Chapter 10.550, Rules of the Auditor General. Disclosures in those
reports, which are dated March 7, 2022, should be considered in conjunction with this management
letter.
Prior Audit Findings
Section 10.554(1)(i)l ., 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
this management letter, unless disclosed in the notes to the financial statements. This information is
included in the notes to the basic financial statements.
A member of CLA is an independent member of Nexia International, a leading, global network of independent
Nexia accounting and consulting firms. See nexia.com/member-firm-disclaimer for details.
International
Honorable Board of County Commissioners
Collier County, Florida
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 did not have any
such recommendations.
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.
Specific Information (For a dependent special district or an independent special district, or a
local government entity that includes the information of a dependent special district)
As required by Section 218.39(3)(c), Florida Statutes, and Section 10.554(1)(i)6, Rules of the Auditor
General, the Collier County Airport Authority reported:
a. The total number of district employees compensated in the last pay period of the district's fiscal
year as 16.
b. The total number of independent contractors to whom nonemployee compensation was paid in
the last month of the district's fiscal year as 21.
c. All compensation earned by or awarded to employees, whether paid or accrued, regardless of
contingency as $1,119,018.
d. All compensation earned by or awarded to nonemployee independent contractors, whether paid
or accrued, regardless of contingency as $185,558.
e. Each construction project with a total cost of at least $65,000 approved by the district that is
scheduled to begin on or after October 1 of the fiscal year being reported, together with the total
expenditures for such project: See Appendix A.
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 district amends a final adopted
budget under Section 189.016(6), Florida Statutes, as $24,448,101.
Honorable Board of County Commissioners
Collier County, Florida
As required by Section 218.39(3)(c), Florida Statutes, and Section 10.554(1)(i)6, Rules of the Auditor
General, the Collier County Community Redevelopment Agency reported:
a. The total number of district employees compensated in the last pay period of the district's fiscal
year as 5.
b. The total number of independent contractors to whom nonemployee compensation was paid in
the last month of the district's fiscal year as 1.
c. All compensation earned by or awarded to employees, whether paid or accrued, regardless of
contingency as $618,369.
d. All compensation earned by or awarded to nonemployee independent contractors, whether paid
or accrued, regardless of contingency as $7,140.
e. Each construction project with a total cost of at least $65,000 approved by the district that is
scheduled to begin on or after October 1 of the fiscal year being reported, together with the total
expenditures for such project: See Appendix A.
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 district amends a final adopted
budget under Section 189.016(6), Florida Statutes, as $3,964,976.
As required by Section 218.39(3)(c), Florida Statutes, and Section 10.554(1)(i)6, Rules of the Auditor
General, the Collier County Educational Facilities Authority reported:
a. The total number of district employees compensated in the last pay period of the district's fiscal
year as 0.
b. The total number of independent contractors to whom nonemployee compensation was paid in
the last month of the district's fiscal year as 1.
c. All compensation earned by or awarded to employees, whether paid or accrued, regardless of
contingency as $0.
d. All compensation earned by or awarded to nonemployee independent contractors, whether paid
or accrued, regardless of contingency as $5,000.
e. Each construction project with a total cost of at least $65,000 approved by the district that is
scheduled to begin on or after October 1 of the fiscal year being reported, together with the total
expenditures for such project: None.
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 district amends a final adopted
budget under Section 189.016(6), Florida Statutes, as $0.
As required by Section 218.39(3)(c), Florida Statutes, and Section 10.554(1)(i)6, Rules of the Auditor
General, the Collier County Health Facilities Authority reported:
a. The total number of district employees compensated in the last pay period of the district's fiscal
year as 0.
b. The total number of independent contractors to whom nonemployee compensation was paid in
the last month of the district's fiscal year as 1.
Honorable Board of County Commissioners
Collier County, Florida
c. All compensation earned by or awarded to employees, whether paid or accrued, regardless of
contingency as $0.
d. All compensation earned by or awarded to nonemployee independent contractors, whether paid
or accrued, regardless of contingency as $4,500.
e. Each construction project with a total cost of at least $65,000 approved by the district that is
scheduled to begin on or after October 1 of the fiscal year being reported, together with the total
expenditures for such project: None.
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 district amends a final adopted
budget under Section 189.016(6), Florida Statutes, as $0.
As required by Section 218.39(3)(c), Florida Statutes, and Section 10.554(1)(i)6, Rules of the Auditor
General, the Collier County Housing Finance Authority reported:
a. The total number of district employees compensated in the last pay period of the district's fiscal
year as 0.
b. The total number of independent contractors to whom nonemployee compensation was paid in
the last month of the district's fiscal year as 1.
c. All compensation earned by or awarded to employees, whether paid or accrued, regardless of
contingency as $0.
d. All compensation earned by or awarded to nonemployee independent contractors, whether paid
or accrued, regardless of contingency as $4,500.
e. Each construction project with a total cost of at least $65,000 approved by the district that is
scheduled to begin on or after October 1 of the fiscal year being reported, together with the total
expenditures for such project: None.
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 district amends a final adopted
budget under Section 189.016(6), Florida Statutes, as $0.
As required by Section 218.39(3)(c), Florida Statutes, and Section 10.554(1)(i)6, Rules of the Auditor
General, the Collier County Industrial Development Authority reported:
a. The total number of district employees compensated in the last pay period of the district's fiscal
year as 0.
b. The total number of independent contractors to whom nonemployee compensation was paid in
the last month of the district's fiscal year as 1.
c. All compensation earned by or awarded to employees, whether paid or accrued, regardless of
contingency as $0.
d. All compensation earned by or awarded to nonemployee independent contractors, whether paid
or accrued, regardless of contingency as $7,500.
e. Each construction project with a total cost of at least $65,000 approved by the district that is
scheduled to begin on or after October 1 of the fiscal year being reported, together with the total
expenditures for such project: None.
4
Honorable Board of County Commissioners
Collier County, Florida
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 district amends a final adopted
budget under Section 189.016(6), Florida Statutes, as $0.
As required by Section 218.39(3)(c), Florida Statutes, and Section 10.554(1)(i)6, Rules of the Auditor
General, the Collier County Water -Sewer District reported:
a. The total number of district employees compensated in the last pay period of the district's fiscal
year as 433.
b. The total number of independent contractors to whom nonemployee compensation was paid in
the last month of the district's fiscal year as 126.
c. All compensation earned by or awarded to employees, whether paid or accrued, regardless of
contingency as $36,185,929.
d. All compensation earned by or awarded to nonemployee independent contractors, whether paid
or accrued, regardless of contingency as $940,134.
e. Each construction project with a total cost of at least $65,000 approved by the district that is
scheduled to begin on or after October 1 of the fiscal year being reported, together with the total
expenditures for such project: See Appendix A.
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 district amends a final adopted
budget under Section 189.016(6), Florida Statutes, as $358,656,806.
Additional Matters
Section 10.554(1)(i)3., Rules of the Auditor General, requires us to communicate noncompliance with
provisions of contracts or grant agreements, or abuse, that have occurred, or are likely to have
occurred, that have an effect on the financial statements that is less than material but warrants the
attention of those charged with governance. In connection with our audit, we did not note any such
findings.
Purpose of this Letter
Our management letter is intended solely for the information and use of the Legislative Auditing
Committee, members of the Florida Senate and the Florida House of Representatives, the Florida Auditor
General, Federal and other granting agencies, the 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.
Clifton LarsonAllen LLP
Naples, Florida
March 7, 2022
Appendix A
Listing of Special District Construction Projects
September 30, 2021
Special District
Name of Project
Total Expenditures
Collier County Airport Authority
Everglades Airport Runway Rehabilitation
$
277,900
Collier County Community Redevelopment Agency
Bayshore Parking Lot
$
445,314
Bayshore Fire Suppression
$
651,721
Collier County Water -Sewer District
Wellfield generator project
$
166,394
Wellfield electrical upgrades
$
258,647
Well abandonment/closure
$
9,788
Pelican Bay IQ maintenance and storage building
$
129,189
South County Regional Treatment Plant guard house
$
24,825
North County Regional Water Treatment Plant overhead crane system
$
51,108
Naples Park public utility renewal
$
160,989
North County Water Reclamation facility odor control improvements
$
106,515
North County Water Reclamation facility deep injection well rehabilitaiton
$
247,515
North County Water Reclamation storm water swale repair
$
1,388,063
Above ground storage tanks
$
195,421
Pump station rehabilitation
$
335,612
Transmission water main improvements
$
318,834
Water quality montoring panels
$
59,689
Sourth County Regional Water Treatment Plant field trailer site
$
14,733
Carica field trailer site
$
17,501
North County Regional Water Treatment Plant chemical feed controller upgrades
$
17,443
North County Regional Water Treatment Plant chemical bulk tank replacement
$
68,021
Wastewater force main extension
$
39,885
6
Clifton LarsonAllen LLP
PAW
CLAconnect.com
INDEPENDENT ACCOUNTANTS' REPORT
Honorable Board of County Commissioners
Collier County, Florida
We have examined Collier County, Florida's (County) compliance with Section 218.415, Florida
Statutes, regarding the investment of public funds and Section 365.172(10) and 365.172(2)(d), Florida
Statutes, regarding emergency communications number E911 system fund during the year ended
September 30, 2021. Management of the County is responsible for the County's compliance with the
specified requirements. Our responsibility is to express an opinion on the County's compliance with the
specified requirements 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 specified 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 noncompliance, 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.
Our examination does not provide a legal determination on the County's compliance with specified
requirements.
In our opinion, the County complied, in all material respects, with Section 218.415, Florida Statutes,
regarding the investment of public funds and Section 365.172(10) and 365.173(2) (d), Florida
Statutes, regarding emergency communications number E911 system fund during the year ended
September 30, 2021.
This report is intended solely for the information and use of the County and the Auditor General, state
of Florida, and is not intended to be, and should not be, used by anyone other than these specified
parties.
CliftonLarsonAllen LLP
Naples, Florida
March 7, 2022
A member of CLA is an independent member of Nexia International, a leading, global network of independent
Nexia accounting and consulting firms. See nexia.com/member-firm-disclaimer for details.
International
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ANNUAL DEBT REPORT (UNAUDITED)
Pursuant to the Collier County Debt Policy, the following Tables were prepared for the fiscal
year ended September 30, 2021.
Table 1. Calculation of Collier County General Governmental Debt Ratio
Table 2. Calculation of Collier County Enterprise Debt Ratios
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TABLE 1
Calculation of Collier County General Governmental Debt Ratio
For the Fiscal Year Ended September 30, 2021
Bondable revenues, as defined by Collier County Debt Policy:
Current Ad Valorem Taxes
$
400,050,661
Governmental Impact Fees
46,653,551
Half Cent Sales Tax
55,732,311
Developmental Fees
34,563,449
State Revenue Sharing
13,775,595
5th Cent Local Option Gas Tax
6,252,189
6th Cent Local Option Gas Tax
8,295,677
Constitutional Gas Tax
4,594,297
Seventh Cent Gas Tax
2,033,421
Ninth Cent Gas Tax
1,744,158
Parks and Recreation Fees
5,775,771
Tourist Development Tax
36,192,117
Court Facilities Fees
966,715
Communications Services Tax
3,860,657
Total bondable revenues
$
620,490,569
Fiscal 2021 governmental debt service requirements:
Series 2012 Gas Tax Bonds
Principal:
$
3,445,000
Interest:
429,650
Series 2014 Gas Tax Bonds
Principal:
8,070,000
Interest:
1,372,304
Series 2010E Special Obligation Bonds
Principal:
2,530,000
Interest:
182,100
Series 2011 Special Obligation Bonds
Principal:
6,805,000
Interest:
1,844,881
Series 2013 Special Obligation Bonds
Principal:
-
Interest:
2,846,975
Series 2017 Special Obligation Bond
Principal:
2,506,000
Interest:
1,331,265
Series 2019 Special Obligation Bond
Principal:
-
Interest:
768,844
Series 2020A Special Obligation Bonds
Principal:
-
Interest:
1,285,544
Series 2020E Special Obligation Bonds
Principal:
-
Interest:
197,950
Series 2018 Tourist Development Tax Bonds
Principal:
1,030,000
Interest:
2,690,750
Commercial Paper Program
Principal:
-
Interest:
12,362
Total fiscal 2021 governmental debt service requirements
$
37,348,625
Governmental debt ratio of fiscal year 2021 debt service requirements
to total bondable revenues (13.0% maximum allowed by County policy)
6.0%
Notes:
Debt service is based upon current amortization tables forth e fiscal year
indicated. Debt prepayments, if any, are not included as debt service requirements
TABLE 2
Calculation of Collier County Enterprise Debt Ratios
For the Fiscal Year Ended September 30, 2021
Collier County Water and Sewer District:
Total Sales Revenues
$
163,709,984
Miscellaneous Revenues
4,306,905
Total Operating Revenues
168,016,889
Non -Operating Revenues
2,910,385
Gross Revenues
170,927,274
Less: Operation and Maintenance
Expense (excluding Depreciation and Amortization)
106,912,581
Net Revenues Available for Debt Service (1)
$
64,014,693
Total Fiscal Year 2021 Debt Service on Bonds (2)
$
12,565,757
Net Revenues Debt Service Coverage on Bonded Debt
(100% Required) - (1/2)
509%
Other Pledged Funds:
System Development Fees (Impact Fees)
$
16,273,483
Total Pledged Funds Available for Debt Service (3)
$
80,288,176
Total Fiscal Year 2021 Debt Service on Bonds (4)
$
12,565,757
Total Pledged Funds Debt Service Coverage on Bonded Debt
(125% Required) - (3/4)
639%
Total Pledged Funds Available for Debt
Service After Payment of Bonds (5)
$
67,722,419
Total Fiscal Year 2021 Debt Service on
Subordinated Indebtedness (6)
$
10,260,882
Calculated Coverage on Subordinated Indebtedness - (5/6)
660%
Total Pledged Funds Available for System
Purposes
$
57,461,537
Notes:
Coverage calculations utilitize definitions of Gross Revenues, Net Revenues, System
Development Fees and Pledged Funds established in Resolution CWS 85-5, as
Amended and Restated.
`,
Summary Debt Statement for Fiscal Year 2021
General Governmental Debt:
While the Florida State Constitution and the Florida Statutes set no legal debt limit at the local level, prudent
fiscal management requires a self-imposed level of restraint. Collier County's Debt Policy sets the
maximum allowable governmental debt ratio at 13.0%, and the County continues to operate below this
threshold. The governmental debt ratio is the ratio of debt service requirements to total bondable revenues,
as defined by Collier County's Debt Policy. It should be noted that while ad valorem taxes are bondable
for purposes of the governmental debt ratio calculation, they may only be pledged pursuant to voter
referendum.
The governmental debt ratio decreased by .5% for the fiscal year ended September 30, 2021, to 6.0% (see
Table 1), or less than half of the allowable ratio. This decrease is mainly reflective of increases in ad
valorem collections, as well as half cent sales tax and tourist development tax revenues. These revenue
increases were offset by a 2.4% increase in debt service related to the newly issued Series 2020 A and B
Special Obligation Revenue Bonds. Overall governmental revenues, even with the lingering effects of the
COVID-19 pandemic, increased by 11.0% over fiscal year 2020. This increase was largely related to a
6.5% increase in ad valorem collections.
Aggressive debt restructuring over the last ten years, coupled with the growth of general governmental
revenues, produced several consecutive years of decreases in the general governmental debt ratio. The
trend in the governmental debt ratio is shown in the table below:
Comparison of Governmental Debt Ratio to
Maximum Allowable Governmental Debt Ratio
Collier County, Florida (FY14 - FY21)
14.00%
12.00%
10.00%
8.1%
8.00%7.0%
6.00%
4.00%
2.00%
0.00%
13.0%
6.5% 6.5%
6.0% 6.0% 6.0%
FY-2014 FY-2015 FY-2016 FY-2017 FY-2018 FY-2019 FY-2020 FY-2021
Annual Governmental Debt Ratio Maximum Allowable Governmental Debt Ratio
3
Summary of Existing and Newly Issued General Government Debt
Existing General Government Debt
The following table lists outstanding General Governmental Debt as of September 30, 2021:
Issue
Amount
Interest Rates
Final Maturity
Purpose
Series 2010B Special
$2,630,000
4.00% - 5.00%
October 1, 2021
Advance refund Series 2002
Obligation Refunding
Capital Improvement Revenue
Revenue Bonds
Bonds.
Series 2011 Special
$39,360,000
3.00% - 5.00%
October 1, 2029
Advance refund portions of the
Obligation Refunding
Series 2003 and 2005 Capital
Revenue Bonds
Improvement and Refunding
Revenue Bonds.
Series 2013 Special
$73,805,000
3.50% - 4.00%
October 1, 2035
Advance refund remaining
Obligation Refunding
portions of the Series 2003 and
Revenue Bonds
2005 Capital Improvement and
Refunding Revenue Bonds.
Series 2017 Special
$40,577,000
3.09%
July 1, 2034
Advance refund a portion of the
Obligation Refunding
Series 2010 Special Obligation
Revenue Note (Term Loan)
Revenue Bonds.
Series 2019 Special
$28,060,000
2.74%
October 1, 2029
Fund the purchase of the Golden
Obligation Revenue Note
Gate Golf Course.
(Taxable Term Loan)
Series 2020A Special
$75,100,000
4.00% - 5.00%
October 1, 2045
Fund stormwater capital
Obligation Revenue Bonds
improvements, parks capital
improvements and refinance loan
related to sports complex land
purchase.
Series 2020B Special
$24,075,000
2.00%
October 1, 2029
Fund the purchase of the HHH
Obligation Revenue Bonds
Ranch and the Camp Keais
(Taxable)
property.
Series 2012 Gas Tax
$7,375,000
3.00% - 5.00%
June 1, 2023
Advance refund Series 2003 Gas
Refunding Revenue Bonds
Tax Revenue Bonds.
Series 2014 Gas Tax
$42,945,000
2.33%
June 1, 2025
Advance refund a portion of the
Refunding Revenue Bond
Series 2005 Gas Tax Revenue
(Term Loan)
Bonds.
Series 2018 Tourist
$60,785,000
4.00% - 5.00%
October 1, 2048
Fund the construction and
Development Tax Revenue
equipping of a regional
Bonds
tournament caliber amateur
sports complex.
New General Government Debt
On November 3, 2020, Collier County issued the Series 2020A Special Obligation Revenue Bonds in the
par amount of $75,100,000. The proceeds of the Series 2020A Bonds will be used to finance the acquisition,
construction and equipping of various stormwater capital improvements, aquatic and other park related
improvements, refinance prior indebtedness related to land purchased for the Paradise Coast Sports
Complex and pay issuance costs. The final maturity of the Series 2020A Bonds is October 1, 2045. The
bonds are due on installments of $165,000 to $6,045,000 and bear coupon rates of 4.00% and 5.00%,
depending upon the maturity. The Series 2020A Special Obligation Revenue Bonds were issued as a
competitive public offering, secured by the County's covenant to budget and appropriate in its annual
budget, by amendment, if necessary, from non -ad valorem revenues.
On November 3, 2020, Collier County also issued the Series 2020B Taxable Special Obligation Revenue
Bonds in the par amount of $24,075,000. The proceeds of the Series 2020B Bonds will be used to purchase
real property, consisting of 967 acres know as the Hussey property, approximately three miles east of Collier
Boulevard and directly north of Alligator Alley, and approximately 1,046 acres known as the Camp Keais
property located southeast of the intersection of Camp Keais Road and Oil Well Road east of Ave Maria
Boulevard and pay issuance costs. The bonds were issued as taxable so that the County has flexibility in
determining the future uses of the respective properties. The final maturity of the Series 2020B Bonds is
October 1, 2029. The bonds are due on installments of $2,275,000 to $2,920,000 and bear coupon rates of
2.00%. The Series 2020B Taxable Special Obligation Revenue Bonds were issued as a competitive public
offering, secured by the County's covenant to budget and appropriate in its annual budget, by amendment,
if necessary, from non -ad valorem revenues.
Collier County Governmental Bonded Debt Ratings Table:
Current Ratings (as of 3/14/2022)
Fitch
Moody's
Standard & Poor's
Gas Tax Revenue Bonds
AA-
A2
A+
Special Obligation Bonds
AA
Aal
AAA
Tourist Development Tax Bonds*
AA+
Aa3
-
* Standard & Poor's does not currently rate the Tourist Development Tax Bonds.
A rating of AA by Fitch Ratings denotes the expectations of very low default risk and indicates very strong
capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable
events. Fitch also uses intermediate +/- modifiers for each AA category.
A Moody's Investors Service rating of Aa is indicative of a high quality investment grade instrument with
very low credit risk, whereas an A rating indicative of an upper -medium grade instrument subject to low
credit risk. Moody's uses intermediate modifiers of 1 (higher) to 3 (lower) within the Aa and A ranges.
Moody's also maintains an Issuer Credit Rating of Aaa for Collier County which indicates excellent overall
credit worthiness.
An obligation rated AAA has the highest rating assigned by Standard and Poor's Global Ratings. The
obligor's capacity to meet its financial commitments on the obligation is extremely strong. An obligation
rated A is somewhat more susceptible to the adverse effects of changes in circumstances and economic
conditions than obligations in higher -rated categories. However, the obligor's capacity to meet its financial
commitments on the obligation is still strong. Standard and Poor's Global Ratings also uses intermediate
+/- modifiers for each category to indicate relative standing within the major rating categories.
Collier County Enterprise Debt:
Currently, the Collier County Water and Sewer District (District) is the only County enterprise activity with
bonded debt outstanding. The Collier County Debt Policy does not set a maximum allowable enterprise
debt ratio, but coverage requirements related to the District's debt are set by bond covenants. Net revenues,
defined as operating revenues plus specific non -operating revenues less operating expenses, excluding
depreciation, must cover senior lien bonded debt service at 100%. Total pledged funds, defined as net
revenues plus impact fees and special assessments, if applicable, must cover senior lien bonded debt service
at 125%. Net revenue coverage on senior lien bonded debt was 509% and total pledged funds coverage on
senior lien bonded debt was 639% for FY-2021, down from 545% and 675%, respectively, for FY-2020.
Bonded debt coverages for FY-2021 decreased primarily due to a 6.0% increase in in operations and
maintenance costs and a 5.7% decrease in non -operating revenues. Operating expenses increased due to
higher costs for emergency repairs and utility and electrical parts used in the maintenance of the system.
Non -operating revenues decreased mainly due to decreased interest earnings when compared to FY-2020.
The District's calculated coverage on subordinated debt, all in the form of a bank loan with Synovus Bank,
also decreased from 705% to 660% (see Table 2). The total pledged funds coverage required by the
subordinated loan agreement is equivalent to 115% of total subordinated debt service in each fiscal year,
after payment of bonded senior lien debt service.
User rates for potable water, wastewater and irrigation water, as well as miscellaneous revenues, offset
system operating, maintenance, debt service and capital costs. In July of 2018 the District's governing
board adopted rate increases of 2.8% effective October 1, 2018, 2.9% effective October 1, 2019 and 2.9%
effective October 1, 2020, for fiscal years 2019, 2020 and 2021, respectively. The District's current focus
is the optimization of resources, risk -based prioritization of capital projects and infrastructure expansion in
Golden Gate City and the northeast service area to serve future residents and businesses.
Existing Enterprise Debt
The following table lists outstanding Enterprise Debt as of September 30, 2021:
Issue
Amount
Interest Rates
Final Maturity
Purpose
Series 2015 Water and Sewer
$4,561,000
1.75%
July 1, 2022
Advance refund a portion of the
Refunding Revenue Bond
Series 2006 Water and Sewer
(Bank Term Loan)
Revenue Bonds.
Series 2016 Water and Sewer
$48,105,000
5.00%
July 1, 2036
Refund remaining portion of the
Refunding Revenue Bonds
Series 2006 Water and Sewer
Revenue Bonds.
Series 2016 Water and Sewer
$50,360,000
1.80%
July 1, 2029
Refund all outstanding State
Refunding Revenue Note
Revolving Fund Loans.
(Subordinated)
Series 2018 Water and Sewer
$27,555,000
2.41%
July 1, 2029
Fund the purchase of water and
Revenue Bond (Bank Term
wastewater facilities within the
Loan)
Golden Gate Community.
Series 2019 Water and Sewer
$76,185,000
3.00% - 5.00%
July 1, 2039
Fund utility improvements in the
Revenue Bonds
northeast area of the District.
Series 2021 Water and Sewer
$128,900,000
4.00% - 5.00%
July 1, 2046
Fund utility improvements in
Revenue Bonds
Golden Gate City, the
Governmental Operations
Business Park and the northeast
area of the District.
New Enterprise Debt
On July 27, 2021, the Board of County Commissioners of Collier County, Florida and ex-officio as the
governing Board of the Collier County Water -Sewer District (District) issued the Series 2021 Water and
Sewer Revenue Bonds in the par amount of $128,900,000. These bonds were issued for purposes of
financing the acquisition, construction and equipping of various utility capital improvements related to
Golden Gate City and surrounding areas, the northeast service area and the utilities' portion of the planned
Government Operations Business Park. The Series 2021 bonds were issued on a parity with the District's
outstanding Water and Sewer Refunding Revenue Bond, Series 2015, Water and Sewer Refunding Revenue
Bonds, Series 2016, Water and Sewer Revenue Bond, Series 2018 and Water and Sewer Revenue Bonds,
Series 2019. The final maturity of the Series 2021 bonds is July 1, 2046, with interest rates from 4.00% to
5.00%.
Collier County Enterprise Debt Ratings Table:
Current Ratings (as of 3/14/2022)
Fitch
Moody's
Standard & Poor's*
Water and Sewer Revenue Bonds
AAA
Aaa
-
* Standard & Poor's does not currently rate County Water and Sewer Revenue Bonds.
A rating of AAA by Fitch Ratings denotes the lowest expectation of default risk. A rating of AAA is only
assigned in cases of exceptionally strong capacity for payment of financial commitments. This capacity is
highly unlikely to be adversely affected by foreseeable events.
A Moody's Investors Service rating of Aaa is indicative of an investment grade instrument of the highest
quality, with minimum credit risk.
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Collier County, Florida
Clerk of the Circuit Court and Comptroller
Financial
Suppler
Year Ended
Collier County, Florida
Clerk of the Circuit Court and Comptroller
Financial Statements and Other Reports
Year Ended September 30, 2021
Contents
IndependentAuditors' Report..........................................................................................................1
Financial Statements
Balance Sheet — Governmental Funds........................................................................................4
Statement of Revenues, Expenditures, and Changes in Fund Balance —
GovernmentalFunds................................................................................................................5
Statement of Revenues, Expenditures, and Changes in Fund Balance — Budget and
Actual— General Fund.............................................................................................................6
Statement of Revenues, Expenditures, and Changes in Fund Balance — Budget and
Actual — Court Services Fund..................................................................................................7
Statement of Revenues, Expenditures, and Changes in Fund Balance — Budget and
Actual — Other Special Revenue Fund.....................................................................................8
Statement of Fiduciary Net Position — Custodial Funds.............................................................9
Statement of Changes in Fiduciary Net Position — Custodial Funds........................................10
Notes to Financial Statements................................................................................................... I I
Supplementary Information
Combining Statement of Fiduciary Net Position — All Custodial Funds..................................26
Combining Statement of Changes in Fiduciary Net Position — All Custodial Funds ...............27
Clifton LarsonAllen LLP
. CLAconnect.com
INDEPENDENT AUDITORS' REPORT
Honorable Crystal K. Kinzel
Clerk of the Circuit Court and Comptroller
Collier County, Florida
Report on the Financial Statements
We have audited the accompanying financial statements of each major fund and the aggregate
remaining fund information of the Collier County, Florida Clerk of the Circuit Court and Comptroller
(Clerk), as of and for the year ended September 30, 2021, and the related notes to the financial
statements, which collectively comprise the Clerk's basic financial statements, as listed in the table
of contents.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in
accordance with accounting principles generally accepted in the United States of America; this
includes 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.
Auditors' Responsibility
Our responsibility is to express opinions on these financial statements based on our audit. 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. Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the financial statements are
free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures
in the financial statements. The procedures selected depend on the auditors' judgment, including the
assessment of the risks of material misstatement of the financial statements, whether due to fraud or
error. In making those risk assessments, the auditor considers internal control relevant to the entity's
preparation and fair presentation of the financial statements 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 entity's internal control. Accordingly, we express no such opinion. An audit also
includes evaluating the appropriateness of accounting policies used and the reasonableness of
significant accounting estimates made by management, as well as evaluating the overall presentation
of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our audit opinions.
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Honorable Crystal K. Kinzel
Clerk of the Circuit Court and Comptroller
Opinions
In our opinion, the financial statements referred to above present fairly, in all material respects, the
respective financial position of each major fund and the aggregate remaining fund information of the
Clerk as of September 30, 2021, and the respective changes in financial position and budgetary
comparisons for the General Fund, Court Services Fund and Other Special Revenue Fund for the
year then ended in accordance with accounting principles generally accepted in the United States of
America.
Emphasis of Matter
As discussed in Note 1 to the financial statements, the financial statements referred to above were
prepared solely for the purpose of complying with the Rules of the Auditor General of the State of
Florida. In conformity with the Rules, the accompanying financial statements are intended to present
the financial position and changes in financial position of each major fund and the aggregate
remaining fund information only for that portion of the major funds and the aggregate remaining
fund information of Collier County, Florida that is attributable to the Clerk. They do not purport to,
and do not, present fairly the financial position of Collier County as of September 30, 2021, and the
changes in its financial position for the fiscal year then ended in conformity with accounting
principles generally accepted in the United States of America. Our opinion is not modified with
respect to this matter.
During fiscal year ended September 30, 2021, the Clerk adopted GASB Statement No. 84, Fiduciary
Activities. As a result of the implementation of this standard, the Clerk reported a restatement of
beginning fiduciary net position for the change in accounting principal (see Note 12). Our auditors'
opinion was not modified with respect to this restatement.
Other Matters
Required Supplementary Information
Management has omitted management's discussion and analysis that accounting principles generally
accepted in the United States of America require to be presented to supplement the basic financial
statements. Such missing information, 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. Our opinion on the basic financial statements is not affected by this
missing information.
Other Information
Our audit was conducted for the purpose of forming opinions on the financial statements that
collectively comprise the Clerk's basic financial statements. The combining statements, as listed in
the table of contents, are presented for purposes of additional analysis and are not a required part of
the basic financial statements.
OA
Honorable Crystal K. Kinzel
Clerk of the Circuit Court and Comptroller
The combining statements are the responsibility of management and were derived from and relate
directly to the underlying accounting and other records used to prepare the basic financial statements.
Such 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 statements are fairly stated, in all material respects, in relation to the basic
financial statements as a whole.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated
January 31, 2022, on our consideration of the Clerk'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 Clerk'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 Clerk's internal control over financial reporting and
compliance.
CliftonLarsonAllen LLP
Naples, Florida
January 31, 2022
Collier County, Florida
Clerk of the Circuit Court and Comptroller
Balance Sheet — Governmental Funds
September 30, 2021
Other Total
Court Special Governmental
General Services Revenue Funds
Assets
Cash and cash equivalents $ 2,544,031 $ 1,510,101 $ 7,208,079 $ 11,262,211
Accounts receivable, net 7,358 - - 7,358
Due from Collier County, Florida Board
of County Commissioners 4,302 - - 4,302
Due from other governments 9,305 31,514 - 40,819
Total assets $ 2,564,996 $ 1,541,615 $ 7.208,079 $ 11,314,690
Liabilities and fund balances
Liabilities:
Vouchers payable and accrued liabilities
$ 1,022,291
$ 260,138
$ 35,953
$ 1,318,382
Due to Collier County, Florida Board of
County Coirniussioners
630,361
358,193
-
988,554
Due to other governments
-
838,252
-
838,252
Deferred revenue
-
85,032
-
85,032
Deposits
912,344
-
-
912,344
Total liabilities
2,564,996
1,541,615
35,953
4,142,564
Fund balance:
Restricted
-
-
7,172,126
7,172,126
Total fund balance
-
-
7,172,126
7,172,126
Total liabilities and fund balance
$ 2,564,996
$ 1,541,615
$ 7,208,079
$ 11,314,690
See accompanying Notes to Financial Statements.
4
Collier County, Florida
Clerk of the Circuit Court and Comptroller
Statement of Revenues, Expenditures, and
Changes in Fund Balance
Governmental Funds
Year Ended September 30, 2021
Revenues:
Intergovernmental
Charges for services
Miscellaneous
Interest income
Total revenues
Expenditures:
General government:
Personal services
Operating
Capital outlay
Debt service principal
Debt service interest
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
Other financing sources (uses):
Proceeds from right to use leases
Transfers in:
Collier County, Florida Board of County
Commissioners appropriations
Transfers out:
Distribution of excess fees to State of
Florida
Distribution of excess appropriations to
Collier County, Florida Board of
County Commissioners
Total other financing sources (uses)
Net change in fund balance
Fund balances — beginning of year
Fund balances — end of year
Other
Total
Court
Special
Governmental
General
Services
Revenue
Funds
$ 178,140
$ 314,839
$ -
$ 492,979
5,160,955
7,085,844
1,886,667
14,133,466
50
-
-
50
29,256
11,409
12,337
53,002
5,368,401
7,412,092
1,899,004
14,679,497
9,596,063
5,589,259 373,870
15,559,192
3,137,437
519,524 -
3,656,961
537,043
- -
537,043
35,816
- -
35,816
477
- -
477
13,306,836
6,108,783 373,870
19,789,489
(7,938,435)
1,303,309 1,525,134
(5,109,992)
2,896 - - 2,896
8,565,900 - - 8,565,900
(1,303,309) - (1,303,309)
(630,361) - - (630,361)
7,938,435 (1,303,309) - 6,635,126
1,525,134 1,525,134
51646,992 5,646,992
7,172,126 $ 7,172,126
See accompanying Notes to Financial Statements.
5
Collier County, Florida
Clerk of the Circuit Court and Comptroller
Statement of Revenues, Expenditures, and
Changes in Fund Balance — Budget and Actual
General Fund
Year Ended September 30, 2021
Revenues:
Intergovernmental
Charges for services
Miscellaneous
Interest income
Total revenues
Expenditures:
General government:
Personal services
Operating expenditures
Capital outlay
Debt Service Principal
Debt Service Interest
Total expenditures
Excess (deficiency) of revenues over
(under) expenditures
Other financing sources (uses):
Proceeds from right to use leases
Transfers in:
Collier County, Florida Board of County
Comrrvssioners appropriations
Transfers out:
Distribution of excess appropriations to
Collier County, Florida Board of County
Comm ssioners
Total other financing sources (uses)
Net change in fund balance
Fund balance — beginning of year
Fund balance — end of year
Variance
With Final
Budget
Budget Positive
Original Final Actual (Negative)
$ - $ - $ 178,140 $ 178,140
3,138,700 4,772,700 5,160,955 388,255
- - 50 50
72,000 72,000 29,256 (42,744)
3,210,700 4,844,700 5,368,401 523,701
8,949,200
9,623,100
9,596,063
27,037
2,320,600
3,250,700
3,137,437
113,263
506,800
536,800
537,043
(243)
-
-
35,816
(35,816)
-
-
477
(477)
11,776,600
13,410,600
13,306, 836
103,764
(8,565,900)
(8,565,900)
(7,938,435)
627,465
- - 2,896 2,896
8,565,900 8,565,900 8,565,900 -
- (630,361) (630,361)
8,565,900 8,565,900 7,938,435 (627,465)
See accompanying Notes to Financial Statements.
6
Collier County, Florida
Clerk of the Circuit Court and Comptroller
Statement of Revenues, Expenditures, and
Changes in Fund Balance — Budget and Actual
Court Services Fund
Year Ended September 30, 2021
Revenues:
Intergovernmental
Charges for services
Interest income
Total revenues
Expenditures:
General government:
Personal services
Operating expenditures
Total expenditures
Excess of revenues over expenditures
Other financing uses:
Transfers out:
Distribution of excess fees to State of Florida
Total other financing uses
Net change in fund balance
Fund balance — beginning of year
Fund balance — end of year
Variance
With Final
Budget
Budget
Positive
Original
Final
Actual
(Negative)
$ 435,309 $
467,005
$ 314,839
$ (152,166)
5,941,104
5,915,791
7,085,844
1,170,053
32,000
43,100
11,409
(31,691)
6,408,413
6,425,896
7,412,092
986,196
6,003,413 5,760,696 5,589,259
171,437
405,000 665,200 519,524
145,676
6,408,413 6,425,896 6,108,783
317,113
- - 1,303,309
1,303,309
(1,303,309) (1,303,309)
- (1,303,309) (1,303,309)
See accompanying Notes to Financial Statements.
7
Collier County, Florida
Clerk of the Circuit Court and Comptroller
Statement of Revenues, Expenditures, and
Changes in Fund Balance — Budget and Actual
Other Special Revenue Fund
Year Ended September 30, 2021
Variance
With Final
Budget
Budget
Positive
Original
Final
Actual
(Negative)
Revenues:
Charges for services
$ 1,120,000 $
1,120,000
$ 1,886,667
$ 766,667
Interest income
57,000
57,000
12,337
(44,663)
Total revenues
1,177,000
1,177,000
1,899,004
722,004
Expenditures:
General government:
Personal services
1,379,700
1,577,700
373,870
1,203,830
Operating expenditures
1,690,500
1,696,500
-
1,696,500
Capital outlay
-
634,200
-
634,200
Total expenditures
3,070,200
3,908,400
373,870
3,534,530
Net change in fund balance
(1,893,200)
(2,731,400)
1,525,134
4,256,534
Fund balance — beginning of year
4,053,626
5,250,315
5,646,992
396,677
Fund balance — end of year
$ 2,160,426 $
2,518,915
$ 7,172,126
$ 4,653,211
See accompanying Notes to Financial Statements.
8
Collier County, Florida
Clerk of the Circuit Court and Comptroller
Statement of Fiduciary Net Position
Custodial Funds
September 30, 2021
Assets
Cash and cash equivalents
$ 33,428,877
Total assets
$ 33,428,877
Liabilities
Due to other governments
$ 7,383,291
Total liabilities
7,383,291
Fiduciary Net Position
Restricted for:
Individuals, organizations, and other governments
26,045,586
Total fiduciary net position
26,045,586
Total liabilities and fiduciary net position
$ 33,428,877
See accompanying Notes to Financial Statements.
9
Collier County, Florida
Clerk of the Circuit Court and Comptroller
Statement of Changes in Fiduciary Net Position
Custodial Funds
Year Ended September 30, 2021
Additions
Fees/Fines collected for other governments $ 1,827,943
Registry and other deposits collected 34,880,183
Total additions $ 36,708,126
Deductions
Fees/Fines disbursed to other governments $ 1,633,899
Registry and other deposits disbursed 24,646,701
Total deductions 26,280,600
Change in fiduciary net position 10,427,526
Fiduciary net position - beginning of year (as restated) 15,618,060
Fiduciary net position - end of year $ 26,045,586
See accompanying Notes to Financial Statements.
10
Collier County, Florida
Clerk of the Circuit Court and Comptroller
Notes to Financial Statements
September 30, 2021
1. Summary of Significant Accounting Policies
Reporting Entity
The Collier County, Florida Clerk of the Circuit Court and Comptroller (Clerk) is an elected
constitutional officer as provided for by the Constitution of the State of Flofida. The Clerk's Budget is
presented pursuant to Chapter 218, Florida Statutes. Additionally, a budget is submitted to the Florida
Clerks of Court Operations Corporation for the Court Services Fund.
The financial statements presented include the general fund, special revenue funds, and custodial funds
of the Clerk's office. The accompanying financial statements were prepared for the purpose of
complying with Section 218.39(2), Florida Statutes, and Chapter 10.550, Rules of the Auditor General
- Local Governmental Entity Audits, which allows the Clerk to only present fund financial statements.
These financial statements present only the portion of the funds of Collier County, Florida that are
attributable to the Clerk. They are not intended to present fairly the financial position and results of
operations of Collier County, Florida in conformity with accounting principles generally accepted in
the United States of America.
The financial activities of the Clerk, as a constitutional officer, are included in the Collier County,
Florida Comprehensive Annual Financial Report. There are no separate legal entities (component units)
for which the Clerk is considered to be financially accountable.
The general operations of the Clerk are funded by fees from third parties, transfer in lieu of fees
from the Collier County, Florida Board of County Commissioners (Board), appropriations from
the State of Florida, and interest income. Pursuant to Chapter 218 Florida Statutes, funds
remaining in the general fund at fiscal year-end, in excess of amounts expended, are returned to the
Board. Excess revenues returned to the Board are reflected as transfers out in the Clerk's general
fund. Court -related operations are funded by the collection of fines, fees, costs and service charges
and a child support grant. Any surplus of revenues after expenditures in this fund is remitted to the
State in January of the next year. Special revenue funds are retained by the Clerk and budgeted
according to requirements of each source.
Measurement Focus, Basis of Accounting, and Basis of Presentation
These fund financial statements report detailed information about the Clerk. The focus of
governmental fund financial statements is on major funds rather than reporting funds by type. Each
major fund is reported in a separate column.
11
Collier County, Florida
Clerk of the Circuit Court and Comptroller
Notes to Financial Statements
September 30, 2021
1. Summary of Significant Accounting Policies (continued)
Governmental Funds
Governmental funds are accounted for using the flow of current financial resources measurement focus.
Only current assets and current liabilities, generally, are included on the balance sheet. Operating
statements for these funds present increases (i.e., revenues and other financing sources) and decreases
(i.e., expenditures and other financing uses) in net current assets.
The Clerk reports the following major governmental funds:
General Fund —The general fund is used to account for all revenue and expenditures applicable to the
general operations of the Clerk, which are not accounted for in another fund. All operating revenue not
specifically restricted or designated as to use, is recorded in the general fund.
Court Services Fund — The court services fund is a special revenue fund established to account for
court -related filing fees, service charges, fines, court costs, appropriations and expenses of the Clerk as
mandated by Section 28.35, Florida Statutes.
Other Special Revenue Fund — The other special revenue fund is a special revenue fund used to
account for revenues mandated by Section 28.24(12)(d), Florida Statutes, to be held in trust by the
Clerk and used exclusively for equipment and maintenance of equipment, personnel training, and
technical assistance in modernizing the public records system of the office; and revenues
mandated by Section 28.24(12)(e) and Section 28.37(5), Florida Statutes, to be used exclusively for
funding court -related technology needs.
The modified accrual basis of accounting is used by governmental funds. Under the modified accrual
basis of accounting, revenues are recognized when susceptible to accrual (i.e., when they become
measurable and available to finance liabilities of the current fiscal year). For this purpose, the Clerk
considers revenues to be available if they are collected within 60 days after year-end. Expenditures are
recorded when the related fund liability is incurred, except for certain compensated absences, which
are recognized as expenditures to the extent they have matured.
Charges for services, interest income, and other revenues are recognized as they are earned and
become measurable and available to pay liabilities of the current period.
With the implementation of Revision 7 to Article V on July 1, 2004, the Clerk's activities are
classified as court -related and non -court -related. The Clerk's general fund activity, which is classified
as non -court -related, is funded through service charges for recording instruments and documents into
the official records, interest income and through transfers in from the Board of County
Commissioners.
12
Collier County, Florida
Clerk of the Circuit Court and Comptroller
Notes to Financial Statements
September 30, 2021
1. Summary of Significant Accounting Policies (continued)
Governmental Funds (continued)
Florida Statutes provide that the amount by which revenues and transfers exceed annual expenditures
for the general fund be remitted to the Board immediately following the fiscal year for which the
funding was provided or following the fiscal year during which other revenues were recognized. The
amount of this distribution is recorded as a liability and as an other financing use in the accompanying
purpose financial statements.
Capital outlays expended in governmental funds are capitalized in the basic financial statements of
Collier County, Florida rather than in the governmental funds of the Clerk.
Additionally, the Clerk reports the following fund type:
Fiduciary Funds — Custodial Funds — Custodial funds are used to account for assets held by the
Clerk in a fiduciary capacity or as an agent for individuals, private organizations, and other
governments. Custodial funds are accounted for using the accrual basis of accounting.
Cash Equivalents
Cash equivalents are defined as highly liquid investments with original maturities of three months or
less. The Clerk does not currently hold investments.
Compensated Absences
All full-time employees of the Clerk are allowed to accumulate an unlimited number of hours of
unused sick leave and up to 240 hours of unused vacation leave (with limited exceptions per the
employee manual). Upon termination, employees receive 100% of allowable accumulated vacation
hours and a percentage of unused sick leave, depending on years of service. Vacation leave and sick
leave are included in governmental funds when the payments are made to employees. The Clerk is
not legally required to accumulate financial resources for these un-matured obligations. Accordingly,
the liability for compensated absences is not reported in the Clerk's funds, but rather is reported in
the basic financial statements of Collier County, Florida.
13
Collier County, Florida
Clerk of the Circuit Court and Comptroller
Notes to Financial Statements
September 30, 2021
1. Summary of Significant Accounting Policies (continued)
Prepaid Expenses
The Clerk has elected to follow GASB Codification 1600.127 Other Expenditure Recognition
Alternatives and expends maintenance costs as they are incurred and does not allocate the cost
between periods.
Use of Estimates
The preparation of these financial statements requires management of the Clerk to make a number of
estimates and assumptions relating to the reported amounts of assets and liabilities and the disclosure
of contingent assets and liabilities at the date of the financial statements and the reported amounts of
revenues and expenditures during the period. Actual results could differ slightly from those
estimates.
Fund Balance Reporting and Governmental Fund -Type Definitions
Fund balances are classified either as non -spendable or as spendable. Spendable fund balances are
further classified in a hierarchy based on the extent to which there are external and/or internal
constraints in how fund balance amounts may be spent.
Non -spendable fund balances include amounts that cannot be spent because they are not in spendable
form or are legally or contractually required to be maintained intact. There were no non -spendable
fund balances at the Clerk as of September 30, 2021.
Spendable fund balances are classified based on a hierarchy of the Clerk's ability to control the
spending of these fund balances and are reported in the following categories: restricted, committed,
assigned and unassigned. The Clerk's fund balances for the special revenue funds fall into the
spendable restricted category. Fund balances maintained in the special revenue funds are restricted
pursuant to certain Florida Statutes and have been presented as restricted fund balances in the fund
financial statements in accordance with GASB Statement No. 54.
14
Collier County, Florida
Clerk of the Circuit Court and Comptroller
Notes to Financial Statements
September 30, 2021
1. Summary of Significant Accounting Policies (continued)
Fund Balance Reporting and Governmental Fund -Type Definitions (continued)
When an expenditure is incurred for purposes for which both restricted and unrestricted fund balance
is available, the Clerk considers restricted funds to have been spent first.
When an expenditure is incurred for which committed, assigned, or unassigned fund balances are
available, the Clerk considers amounts to have been spent first out of committed funds, then assigned
funds, and finally unassigned funds, as needed, unless the Clerk has provided otherwise in its
commitment or assignment actions.
2. Budgetary Process
Florida Statutes govern the preparation, adoption, and administration of the Clerk's annual budget.
The Clerk prepares and approves the budget for the Clerk's non -court functions, including special
revenue fund and the budget related to the recording function based on anticipated fees. The budget
of the Clerk for services to the Board is submitted to the Board.
Pursuant to Section 28.36, Florida Statutes, a balanced court -related budget must be prepared on or
before June 1 (for the period starting the next October 1 through September 30) and submitted to the
Florida Clerks of Court Operations Corporation (Corporation).
If the Clerk estimates that projected revenues are insufficient to meet anticipated expenditures, the
Clerk must report the revenue deficit to the Corporation. Once the Corporation verifies the revenue
deficit, the Clerk can increase fees up to the maximum amounts specified by law to resolve the
deficit. If a deficit is still projected, a request can be submitted to release funds from the Department
of Revenue Clerks of the Court Trust Fund. For the year ending September 30, 2021, the Clerk had
sufficient revenues to meet expenditures.
15
Collier County, Florida
Clerk of the Circuit Court and Comptroller
Notes to Financial Statements
September 30, 2021
2. Budgetary Process (continued)
The budget is prepared on a basis consistent with accounting principles generally accepted in the
United States of America, except for the classification and presentation of the distribution of excess
court revenue to the State for the court services fund, which is treated as other financing use (transfer
out) for budgetary purposes and as an expenditure in the statement of revenues, expenditures, and
changes in fund balance in the court services fund. The annual budget serves as the legal
authorization for expenditures. Any subsequent amendments to the Board approved transfer must be
approved by the Board; amendments to the Clerk's fee budget are at the discretion of the Clerk, and
any amendments that increase or decrease the court budget must be approved by the Corporation for
the court services fund. Budgetary changes within the court services fund not affecting the overall
budget are made at the discretion of the Clerk.
Expenditures may not legally exceed appropriations at the fund level. Appropriations lapse at year-
end. Budgetary control is maintained at the departmental major object expenditure level. Budgetary
changes within major object expenditure categories are made at the discretion of the Clerk.
The original budget is the first complete appropriated budget. The final budget is the original budget
adjusted by all reserves, transfers, allocations, supplemental appropriations, and other legally
authorized changes applicable to the fiscal year.
3. Cash and Cash Equivalents
At September 30, 2021, the carrying value of the Clerk's cash and cash equivalents was as follows:
Carrying
Type Maturity Value Credit Rating
Cash on hand N/A $ 9,100 N/A
Demand deposits N/A 44,681,988 N/A
Total cash and cash equivalents $ 44,691,088
The Clerk maintains a cash pool for the deposits of all governmental and custodial funds. Each fund
type's portion of these balances is presented as cash and cash equivalents in the accompanying
financial statements. Interest income is allocated to each fund based on its proportionate balance in
the pool.
16
Collier County, Florida
Clerk of the Circuit Court and Comptroller
Notes to Financial Statements
September 30, 2021
3. Cash and Cash Equivalents (continued)
Cash and cash equivalents as of September 30, 2021 are reported as $11,262,211 and $33,428,877 in
the governmental funds and fiduciary funds, respectively.
Custodial Credit Risk
At September 30, 2021, the Clerk's deposits were entirely covered by Federal Depository Insurance
or by collateral pledged with the State Treasurer pursuant to Chapter 280, Florida Statutes. Under
this Chapter, in the event of default by a participating financial institution (a qualified public
depository), all participating institutions are obligated to reimburse the governmental entity for the
loss.
Credit Risk
The Clerk's policy is to follow the guidance in Section 219.075, Florida Statutes, regarding the
deposit of funds received and the investment of surplus funds. Sections 219.075 and 218.415,
Florida Statutes, authorize the Clerk to invest in Florida PRIME or any intergovernmental
investment pool authorized pursuant to the Florida Inter -local Cooperation Act; Securities and
Exchange Commission registered money market funds with the highest credit quality rating from a
nationally recognized rating agency; direct obligations of the United States Treasury, federal
agencies and instrumentalities, or interest -bearing time deposits or savings accounts in banks
organized under the laws of the United States and doing business and situated in the State of Florida,
savings and loan associations which are under state supervision, or in federal savings and loan
associations located in the State of Florida and organized under federal law and federal supervision,
provided that any such deposits are secured by collateral as may be prescribed by law. Additionally,
Florida Statutes allow local governments to place public funds with institutions that participate in a
collateral pool under the Florida Security for Public Deposits Act. The pool is administered by the
State Treasurer, who may make additional assessments to ensure that no public funds will be lost.
Interest Rate Risk
Investment of Clerk's funds is based on maintaining 24-hour liquidity. All Clerks funds are held in
local banks or short-term investment instruments.
17
Collier County, Florida
Clerk of the Circuit Court and Comptroller
Notes to Financial Statements
September 30, 2021
4. Interest Income and Investment of County Funds
Pursuant to Florida Statutes, Section 28.33, the Clerk invests all County funds in excess of those
required to meet expenses. Interest income is allocated to each fund based on its proportionate
balance in the pool. Interest income of $29,256 is reported in the general fund for the year ended
September 30, 2021, as the portion of interest earned on Clerk funds.
5. Capital Assets
Capital assets used by the governmental fund type operations are capitalized in the basic financial
statements of Collier County, Florida rather than in the governmental funds of the Clerk. Upon
acquisition, such assets are recorded as expenditures in the governmental funds of the Clerk and are
capitalized at cost in the basic financial statements of Collier County, Florida. Capital assets are
valued at historical cost or estimated historical cost if actual historical cost is not available. Donated
capital assets are valued at acquisition value on the date received.
The Clerk maintains custodial responsibility for capital assets used by the office. No depreciation
expense has been provided on capital assets in these financial statements. However, depreciation
expense on these assets is recorded in the basic financial statements of Collier County, Florida.
The following is a summary of changes in capital assets, which are reported in the basic financial
statements of Collier County, Florida:
October 1, Transfer- September 30,
2020 Additions Deductions out 2021
Capital assets depreciated:
Machinery and equipment $ 6,917,443 $ 534,147 $ (198,404) $ 378,600 $ 7,631,786
Less accumulated depreciation (5,872,904) (486,568) 198,404 (378,600) (6,539,668)
Total capital assets depreciated
Total capital assets, net
1,044,539 47,579 - - 1,092,118
$ 1,044,539 $ 47,579 $
- $ - $ 1,092,118
During the year ended September 30, 2021, capital assets totaling $378,600 were transferred to
another department of Collier County, Florida.
IR
Collier County, Florida
Clerk of the Circuit Court and Comptroller
Notes to Financial Statements
September 30, 2021
6. Long -Term Liabilities
The following is a summary of changes in long-term liabilities which are reported in the basic
financial statements of Collier County, Florida:
October 1, September 30,
2020 Additions Deletions 2021
Accrued compensated absences $ 2,089,231 $ 869,386 $ (1,035,372) $ 1,923,245
Of these liabilities, $884,693 is expected to be paid during the fiscal year ending September 30,
2022. These long-term liabilities are not reported in the financial statements of the Clerk since they
have not matured.
The Clerk leases assets for various terms under certain agreements that meet the definition of a lease
under GASB Statement No. 87 — Leases. Detailed information about the Clerk's leases can be found
in the Collier County comprehensive annual financial report or County -wide financial statements.
Leases entered into by the Clerk are included as other financing sources and capital outlay
expenditures in the statement of revenues, expenditures, and changes in fund balance in the year of
inception. Payments made in accordance with the lease terms are reported as debt service
expenditures in the statement of revenues, expenditures, and changes in fund balance as they are
incurred.
During the year ended September 30, 2021, the Clerk entered into leases in the amount of $2,896.
During the year ended September 30, 2021, the Clerk's payments of principal on leases totaled
$35,816.
7. Pension Plans
Background
The Florida Retirement System (FRS) was created by Chapter 121, Florida Statutes, to provide a
defined benefit pension plan for participating public employees. The FRS was amended in 1998 to
add the Deferred Retirement Option Program under the defined benefit plan and amended in 2000 to
provide a defined contribution plan alternative to the defined benefit plan for FRS members effective
July 1, 2002. This integrated defined contribution pension plan is the FRS Investment Plan.
Chapter 112, Florida Statutes, established the Retiree Health Insurance Subsidy (HIS) Program, a
19
Collier County, Florida
Clerk of the Circuit Court and Comptroller
Notes to Financial Statements
September 30, 2021
7. Pension Plans (continued)
Background (continued)
cost -sharing multiple -employer defined benefit pension plan, to assist retired members of any State -
administered retirement system in paying the costs of health insurance.
Essentially all regular employees of the Clerk are eligible to enroll as members of the State -
administered FRS. Provisions relating to the FRS are established by Chapters 121 and 122, Florida
Statutes; Chapter 112, Part IV, Florida Statutes; Chapter 238, Florida Statutes; and FRS Rules,
Chapter 60S, Florida Administrative Code; wherein eligibility, contributions, and benefits are
defined and described in detail. Such provisions may be amended at any time by further action from
the Florida Legislature. The FRS is a single retirement system administered by the Florida
Department of Management Services, Division of Retirement, and consists of the two cost -sharing,
multiple -employer defined benefit plans and other nonintegrated programs. An annual
comprehensive financial report of the FRS, which includes its financial statements, required
supplementary information, actuarial report, and other relevant information, is available from the
Florida Department of Management Services' Web site (www.dms.myflorida.com).
Florida Retirement System Pension Plan
Plan Description
The Florida Retirement System Pension Plan (FRS Plan) is a cost -sharing multiple -employer defined
benefit pension plan, with a Deferred Retirement Option Program (DROP) for eligible employees.
The general classes of membership are as follows:
• Regular Class — Members of the FRS who do not qualify for membership in the other classes.
• Elected County Officers Class — Members who hold specified elective offices in local
government.
• Senior Management Service Class (SMSQ — Members in senior management level positions.
• Special Risk Class — Members who are special risk employees, such as law enforcement
officers, meet the criteria to qualify for this class.
Employees enrolled in the FRS Plan prior to July 1, 2011, vest at 6 years of creditable service and
employees enrolled in the FRS Plan on or after July 1, 2011, vest at 8 years of creditable service. All
vested members, enrolled prior to July 1, 2011, are eligible for normal retirement benefits at age 62
or at any age after 30 years of service, except for members classified as special risk who are eligible
for normal retirement benefits at age 55 or at any age after 25 years of service. All members enrolled
in the FRS Plan on or after July 1, 2011, once vested, are eligible for normal retirement benefits at
20
Collier County, Florida
Clerk of the Circuit Court and Comptroller
Notes to Financial Statements
September 30, 2021
7. Pension Plans (continued)
Plan Description (continued)
age 65 or any time after 33 years of creditable service, except for members classified as special risk
who are eligible for normal retirement benefits at age 60 or at any age after 30 years of service.
Employees enrolled in the FRS Plan may include up to 4 years of credit for military service toward
creditable service. The FRS Plan also includes an early retirement provision; however, there is a
benefit reduction for each year a member retires before his or her normal retirement date. The FRS
Plan provides retirement, disability, death benefits, and annual cost -of -living adjustments to eligible
participants.
DROP, subject to provisions of Section 121.091, Florida Statutes, permits employees eligible for
normal retirement under the FRS Plan to defer receipt of monthly benefit payments while continuing
employment with an FRS participating employer. An employee may participate in DROP for a
period not to exceed 60 months after electing to participate, except that certain instructional
personnel may participate for up to 96 months. During the period of DROP participation, deferred
monthly benefits are held in the FRS Trust Fund and accrue interest. The net pension liability does
not include amounts for DROP participants, as these members are considered retired and are not
accruing additional pension benefits.
Benefits Provided
Benefits under the FRS Plan are computed on the basis of age and/or years of service, average final
compensation, and service credit. Credit for each year of service is expressed as a percentage of the
average final compensation. For members initially enrolled before July 1, 2011, the average final
compensation is the average of the 5 highest fiscal years' earnings; for members initially enrolled on
or after July 1, 2011, the average final compensation is the average of the 8 highest fiscal years'
earnings. The total percentage value of the benefit received is determined by calculating the total
value of all service, which is based on the retirement class to which the member belonged when the
service credit was earned. Members are eligible for in -line -of -duty or regular disability and
survivors' benefits.
As provided in Section 121.101, Florida Statutes, if the member is initially enrolled in the FRS
before July 1, 2011, and all service credit was accrued before July 1, 2011, the annual cost -of -living
adjustment is 3% per year. If the member is initially enrolled before July 1, 2011, and has service
credit on or after July 1, 2011, there is an individually calculated cost -of -living adjustment. The
annual cost -of -living adjustment is a proportion of 3% determined by dividing the sum of the pre -
July 2011 service credit by the total service credit at retirement multiplied by 3%. FRS Plan members
initially enrolled on or after July 1, 2011, will not have a cost -of -living adjustment after retirement.
21
Collier County, Florida
Clerk of the Circuit Court and Comptroller
Notes to Financial Statements
September 30, 2021
7. Pension Plans (continued)
Benefits Provided (continued)
Detailed information about the County's proportionate share of FRS's net pension liability, deferred
outflows/inflows of resources, and pension expense are reported in the government -wide statements
of the County.
Retiree Health Insurance Subsidy Program
Plan Description
The Retiree Health Insurance Subsidy Program (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 June 30, 2021, eligible retirees and beneficiaries received a monthly HIS
payment of $5 for each year of creditable service completed at the time of retirement, with a
minimum HIS payment of $30 and a maximum HIS payment of $150 per month, pursuant to Section
112.363, Florida Statutes. To be eligible to receive a HIS Plan benefit, a retiree under a State -
administered retirement system must provide proof of health insurance coverage, which may include
Medicare.
Detailed information about the County's proportionate share of HIS's net pension liability, deferred
outflows/inflows of resources, and pension expense are reported in the government -wide statements
of the County.
FRS Investment Plan
The Florida State Board of Administration (SBA) administers the defined contribution plan officially
titled the FRS Investment Plan (Investment Plan). The Investment Plan is reported in the SBA's
annual financial statements and in the State of Florida Comprehensive Annual Financial Report.
As provided in Section 121.4501, Florida Statutes, eligible FRS members may elect to participate in
the Investment Plan in lieu of the FRS defined benefit plan. Clerk employees participating in DROP
are not eligible to participate in the Investment Plan. Employer and employee contributions,
including amounts contributed to individual member's accounts, are defined by law, but the ultimate
benefit depends in part on the performance of investment funds. Benefit terms, including
contribution requirements, for the Investment Plan are established and may be amended by the
22
Collier County, Florida
Clerk of the Circuit Court and Comptroller
Notes to Financial Statements
September 30, 2021
7. Pension Plans (continued)
FRS Investment Plan (continued
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 FRS defined benefit 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 plan, including the FRS Financial Guidance
Program are funded through an employer contribution of 0.06 percent of payroll and by forfeited
benefits of plan members.
For all membership classes, employees are immediately vested in their own contributions and are
vested after I year of service for employer contributions and investment earnings. If an accumulated
benefit obligation for service credit originally earned under the FRS Pension Plan is transferred to the
Investment Plan, the member must have the years of service required for FRS 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
5 years. If the employee returns to FRS -covered employment within the 5-year period, the employee
will regain control over their account. If the employee does not return within the 5-year period, the
employee will forfeit the accumulated account balance. For the fiscal year ended June 30, 2021, 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 Clerk.
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 FRS
Pension Plan when approved for disability retirement to receive guaranteed lifetime monthly benefits
under the FRS Pension Plan or remain in the Investment Plan and rely upon that account balance for
retirement income.
Contributions
Participating employer contributions are based upon statewide rates established by the State of
Florida. The Clerk's contributions made to the plans during the years ended September 30, 2021,
2020, and 2019 were $1,323,776, $1,138,484, and $1,009,015, respectively, equal to the actuarially
determined contribution requirements for each year.
Additional information about pension plans can be found in the Collier County comprehensive
annual financial report or County -wide financial statements.
23
Collier County, Florida
Clerk of the Circuit Court and Comptroller
Notes to Financial Statements
September 30, 2021
8. Related Party Transactions
The Board provided funding for the Clerk in the amount of $8,565,900. The Supervisor of Elections
provided funding in the amount of a $50,000 fee for financial services performed by the Clerk. At
September 30, 2021, the Clerk had a payable due to the Board of $988,554, comprised as follows:
Distribution of excess fees $ 630,361
Amounts due for various court fees 358,193
Total due to Board of County Commissioners
9. Risk Management
$ 988,554
Collier County, Florida (County) is exposed to various risks of loss, including, but not limited to,
general liability, health and life, property and casualty, auto and physical damage, and workers'
compensation. The County is substantially self -insured and accounts for and finances its risk of
uninsured losses through an internal service fund. All liabilities associated with these self -insured
risks are reported in the basic financial statements of the County. During the year ended
September 30, 2021, the Clerk was charged $2,572,693 by the County for participation in the risk
management program.
The County retains the first $500,000 per claim for workers' compensation and has purchased
outside excess coverage for up to the statutory limits for each injury and illness. The County also
provides coverage for $250,000 per occurrence for general liability and $300,000 per occurrence
for auto liability coverage and has purchased outside excess coverage for up to $5 million per
claim. Negligence claims in excess of the statutory limits set in Section 768.28, Florida Statutes,
which provide for limited sovereign immunity of $200,000/$300,000 per occurrence can only be
recovered through an act of the State Legislature. Property claims are subject to a 3 % wind
deductible and a $50,000 deductible for all other perils. The County retains the first $100,000
per claim/$200,000 per occurrence for public official errors and omissions and crime coverage and
has purchased outside excess coverage for up to $5 million per claim. There have been no
significant reductions in insurance coverage in the last year. Settled claims have not exceeded the
insurance provided by third -party carriers in any of the last three years.
The County is self -insured for health claims covering all of its employees and their eligible
dependents. The County retains the first $450,000 per covered member and has purchased outside
excess coverage for all claims exceeding this amount. An actuarial valuation is performed each year
to estimate the amounts needed to pay prior and future claims and to establish reserves.
24
Collier County, Florida
Clerk of the Circuit Court and Comptroller
Notes to Financial Statements
September 30, 2021
10. Other Postemployment Healthcare Benefits (OPEB) Plan
In accordance with Section 112.0801, Florida Statutes, the Clerk participates with Collier County in
offering retiring employees the opportunity to continue participation in the County's health insurance
plan. The participating retirees pay 100% of the premium cost applicable to an active employee. The
liability and expense for other postemployment benefits, calculated in accordance with Governmental
Accounting Standards Board Statement No. 75 Accounting and Financial Reporting for
Postemployment Benefits Other Than Pensions, are reported in the financial statements of the
County.
11. Claims and Contingencies
Litigation
The Clerk is routinely involved as defendant, plaintiff and as a "party in interest" in carrying out its
statutorily and constitutionally assigned tasks. During the year ended September 30, 2021, the Clerk
was involved in approximately 120,907 collection cases. These are court actions designed to collect
fees and costs imposed by the courts in criminal cases. The Clerk was involved in 226 bond
forfeiture actions. Those cases involve collecting forfeitures of criminal appearance bonds. There are
5 active actions for foreclosure of property in which the Clerk has been a named defendant.
In the opinion of the Clerk and legal counsel, the range of potential recoveries or liabilities from
matters involving litigation will not materially affect the financial position of the Clerk. The Clerk's
Office carries insurance to protect against loss.
12. Change in Accounting Principle
During the year ended September 30, 2021, the Clerk implemented GASB Statement No. 84,
Fiduciary Activities. The goal of the statement is to improve financial reporting by establishing
specific criteria for identifying activities that should be reported as fiduciary activities. The
implementation of the pronouncement required the restatement of the September 30, 2020 fiduciary
net position of the custodial funds.
Custodial Funds
Fiduciary net position, as previously reported $ -
Change in accounting principle 15,618,060
Fiduciary net position, as restated $ 15,618,060
25
Collier County, Florida
Clerk of the Circuit Court and Comptroller
Combining Statement of Fiduciary Net Position
Custodial Funds
September 30, 2021
As s ets
Cash and cash equivalents
Total assets
Liabilities
Due to other governments
Total liabilities
Fiduciary Net Position
Restricted for:
Individuals, organizations, and other governments
Total fiduciary net position
Total liabilities and fiduciary net position
Jury and
Clerk's
Court
Ordinary
Total
Agency
Registry
Witness
Custodial Funds
$ 9,013,277
$ 24,396,847
$ 18,753
$ 33,428,877
$ 9,013,277
$ 24,396,847
$ 18,753
$ 33,428,877
$ 7,383,291
$ -
$ -
$ 7,383,291
7,383,291
-
-
7,383,291
1,629,986 24,396,847 18,753 26,045,586
1,629,986 24,396,847 18,753 26,045,586
$ 9,013,277 $ 24,396,847 $ 18,753 $ 33,428,877
26
Collier County, Florida
Clerk of the Circuit Court and Comptroller
Combining Statement of Changes in Fiduciary Net Position
Custodial Funds
Year Ended September 30, 2021
Additions
Fees/Fines collected for other governments
Registry and other deposits collected
Total additions
Deductions
Fees/Fines disbursed to other governments
Registry and other deposits disbursed
Total deductions
Change in fiduciary net position
Fiduciary net position - beginning of year (as restated)
Fiduciary net position - end of year
Jury and
Clerk's Court Ordinary Total
Agency Registry Witness Custodial Funds
$ 1,827,943 $ - $ - $ 1,827,943
- 34,880,183 - 34,880,183
$ 1,827,943 $ 34,880,183 $ - $ 36,708,126
$ 1,633,899 $ - $ - $ 1,633,899
- 24,638,066 8,635 24,646,701
1,633,899 24,638,066 8,635 26,280,600
194,044 10,242,117 (8,635) 10,427,526
1,435,942 14,154,730 27,388 15,618,060
$ 1,629,986 $ 24,396,847 $ 18,753 $ 26,045,586
27
eir
Clifton LarsonAllen LLP
CLAconnect.com
INDEPENDENT AUDITORS' 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 Crystal K. Kinzel
Clerk of the Circuit Court and Comptroller
Collier County, Florida
We have audited, in accordance with the auditing standards generally accepted in the United States
of America and the standards applicable to financial audits contained in Government Auditing
Standards issued by the Comptroller General of the United States, the financial statements of each
major fund and the aggregate remaining fund information of the Collier County, Florida Clerk of the
Circuit Court and Comptroller (Clerk), as of and for the year ended September 30, 2021, and the
related notes to the financial statements, which collectively comprise the Clerk's basic financial
statements, and have issued our report thereon dated January 31, 2022.
Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered the Clerk'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 Clerk's
internal control. Accordingly, we do not express an opinion on the effectiveness of the Clerk'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. A material 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 may exist that have not been identified.
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Nexia accounting and consulting firms. See nexia.com/member-firm-disclaimer for details. 28
International g g
Honorable Crystal K. Kinzel
Clerk of the Circuit Court and Comptroller
Compliance and Other Matters
As part of obtaining reasonable assurance about whether the Clerk's financial statements are free
from material misstatement, we performed tests of its compliance with certain provisions of laws,
regulations, contracts, and grant agreements, noncompliance 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 noncompliance 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
entity's internal control or on compliance. This report is an integral part of an audit performed in
accordance with Government Auditing Standards in considering the entity's internal control and
compliance. Accordingly, this communication is not suitable for any other purpose.
LLB
CliftonLarsonAllen LLP
Naples, Florida
January 31, 2022
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MANAGEMENT LETTER
Honorable Crystal K. Kinzel
Clerk of the Circuit Court and Comptroller
Collier County, Florida
Report on the Financial Statements
We have audited the financial statements of the Collier County, Florida Clerk of the Circuit Court and
Comptroller (Clerk), as of and for the fiscal year ended September 30, 2021, and have issued our report
thereon dated January 31, 2022.
Auditors' Responsibility
We conducted our audit in accordance with auditing standards generally accepted in the United
States of America; the standards applicable to financial audits contained in Government Auditing
Standards, issued by the Comptroller General of the United States; and Chapter 10.550, Rules of the
Auditor General.
Other Reporting Requirements
We have issued our Independent Auditors' Report on Internal Control over Financial Reporting and
on Compliance and Other Matters Based on an Audit of Financial Statements Performed in
Accordance with Government Auditing Standards and Independent Accountants' Report on an
examination conducted in accordance with AICPA Professional Standards, AT-C Section 315,
regarding compliance requirements in accordance with Chapter 10.550, Rules of the Auditor
General. Disclosures in those reports, which are dated January 31, 2022, should be considered in
conjunction with this management letter.
Prior Audit Findings
Section 10.554(1)(i)l., Rules of the Auditor General, requires that we determine whether or not
corrective actions have been taken to address findings and recommendations made in the preceding
annual financial audit report. There were no findings or recommendations made in the preceding annual
financial audit report.
Official Title and Legal Authority
Section 10.554(1)(i)4., Rules of the Auditor General, requires that the name or official title and legal
authority for the primary government and each component unit of the reporting entity be disclosed in
this management letter, unless disclosed in the notes to the financial statements. See Note 1 in the
notes to the financial statements.
n member of CLA is an independent member of Nexia International, a leading, global network of independent
Nexia accounting and consulting firms. See nexia.com/member-firm-disclaimer for details. 30
�nternat�ona� g g
Honorable Crystal K. Kinzel
Clerk of the Circuit Court and Comptroller
Financial Management
Section 10.554(1)(i)2., Rules of the Auditor General, requires that we communicate any
recommendations to improve financial management. In connection with our audit, we did not have
any such recommendations.
Additional Matters
Section 10.554(1)(i)3., Rules of the Auditor General, requires us to communicate noncompliance
with provisions of contracts or grant agreements, or abuse, that have occurred, or are likely to have
occurred, that have 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 Clerk and applicable management, and is
not intended to be, and should not be used by anyone other than these specified parties.
G?���.txL�u a�ld c LLB
CliftonLarsonAllen LLP
Naples, Florida
January 31, 2022
31
Clifton LarsonAllen LLP
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INDEPENDENT ACCOUNTANTS' REPORT
Honorable Crystal K. Kinzel
Clerk of the Circuit Court and Comptroller
Collier County, Florida
We have examined the Collier County, Florida Clerk of the Circuit Court and Comptroller's (Clerk)
compliance with Section 218.415, Florida Statutes, regarding the investment of public funds;
Section 61.181, Florida Statutes, regarding clerks of the courts alimony and child support payments;
and Sections 28.35 and 28.36, Florida Statutes, regarding clerks of the courts performance standards
and budgets, during the year ended September 30, 2021. Management of the Clerk is responsible for
the Clerk's compliance with the specified requirements. Our responsibility is to express an opinion
on the Clerk's compliance with the specified requirements 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 Clerk complied, in all
material respects, with the specified requirements referenced above. An examination involves
performing procedures to obtain evidence about whether the Clerk complied with the specified
requirements. The nature, timing, and extent of the procedures selected depend on our judgement,
including an assessment of the risks of material noncompliance, 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.
Our examination does not provide a legal determination on the Clerk's compliance with specified
requirements.
In our opinion, the Clerk complied, in all material respects, with Section 218.415, Florida Statutes,
regarding the investment of public funds; Section 61.181, Florida Statutes, regarding clerks of the
courts alimony and child support payments; and Sections 28.35 and 28.36, Florida Statutes,
regarding clerks of the courts performance standards and budgets during the year ended
September 30, 2021.
This report is intended solely for the information and use of the Clerk and the Auditor General, State
of Florida and is not intended to be, and should not be, used by anyone other than these specified
parties.
CliftonLarsonAllen LLP
Naples, Florida
January 31, 2022
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Interratlonal g g
Collier County, Florida
Property Appraiser
Financial
Suppler
Year Ended
Collier County, Florida
Property Appraiser
Financial Statements and Other Reports
Year Ended September 30, 2021
Contents
IndependentAuditors' Report ..........................................................................................................1
Financial Statements
Balance Sheet — General Fund......................................................................................................3
Statement of Revenues, Expenditures, and Changes in Fund
Balance— General Fund.............................................................................................................4
Statement of Revenues, Expenditures, and Changes in Fund
Balance — Budget (Non-GAAP) and Actual — General Fund....................................................5
Notesto Financial Statements.......................................................................................................6
Other Reports
Independent Auditors' 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................................................................21
ManagementLetter........................................................................................................................23
Independent Accountants' Report ..................................................................................................25
0
Honorable Abe Skinner
Property Appraiser
Collier County, Florida
CliftonLarsonAllen LLP
CLAconnect.com
INDEPENDENT AUDITORS' REPORT
Report on the Financial Statements
We have audited the accompanying financial statements of the general fund of the Collier County, Florida
Property Appraiser (Property Appraiser), as of and for the year ended September 30, 2021, and the related
notes to the financial statements, which collectively comprise the Property Appraiser's basic financial
statements as listed in the table of contents.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance
with accounting principles generally accepted in the United States of America; this includes 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.
Auditors' Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. 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. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the auditors' judgment, including the assessment of
the risks of material misstatement of the financial statements, whether due to fraud or error. In making those
risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation
of the financial statements 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 entity's internal control. Accordingly, we
express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and
the reasonableness of significant accounting estimates made by management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
audit opinion.
A member of CLA is an independent member of Nexia International, a leading, global network of independent
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International
Honorable Abe Skinner
Property Appraiser
Opinion
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial
position of the general fund of the Property Appraiser as of September 30, 2021, and the changes in financial
position and budgetary comparison of its general fund for the year then ended in accordance with accounting
principles generally accepted in the United States of America.
Emphasis of Matter
As discussed in Note 1 to the financial statements, the financial statements referred to above were prepared
solely for the purpose of complying with the Rules of the Auditor General of the State of Florida. In conformity
with the Rules, the accompanying financial statements are intended to present the financial position and
changes in financial position of the general fund, only for that portion of the major funds of Collier County,
Florida that is attributable to the Property Appraiser. They do not purport to, and do not, present fairly the
financial position of Collier County, Florida as of September 30, 2021, and the changes in its financial position
for the fiscal year then ended in conformity with accounting principles generally accepted in the United States
of America. Our opinion is not modified with respect to these matters.
Other Matters
Management has omitted management's discussion and analysis that accounting principles generally accepted
in the United States of America require to be presented to supplement the basic financial statements. Such
missing information, 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. Our opinion on the basic
financial statements is not affected by this missing information.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated December 22, 2021
on our consideration of the Property Appraiser's internal control over financial reporting and on our tests of its
compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters.
The purpose of that report is solely to describe the scope of our testing of internal control over financial
reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of
the Property Appraiser's internal control over financial reporting or on compliance. That report is an integral
part of an audit performed in accordance with Government Auditing Standards in considering the Property
Appraiser's internal control over financial reporting and compliance.
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CliftonLarsonAllen LLP
Naples, Florida
December 22, 2021
2
Collier County, Florida
Property Appraiser
Balance Sheet — General Fund
September 30, 2021
Assets
Cash and cash equivalents
Total assets
Liabilities and fund balance
Liabilities:
Accounts payable and accrued expenses
Due to Collier County, Florida Board of
County Commissioners
Due to other taxing districts
Total liabilities
Fund balance
Total liabilities and fund balance
See accompanying Notes to Financial Statements.
$ 1,875,425
$ 1, 775,425
$ 147,782
489,425
1,238,218
1,875,425
$ 1,875,425
3
Collier County, Florida
Property Appraiser
Statement of Revenues, Expenditures, and
Changes in Fund Balance
General Fund
Year Ended September 30, 2021
Revenues:
Commissions and fees $ 10,013,074
Miscellaneous 7,251
Total revenues 10,020,325
Expenditures:
General government:
Personal services
6,600,049
Operating
1,540,462
Capital outlay
42,475
Debt service - principal
66,216
Debt service - interest
6,886
Total expenditures
8,256,088
Excess of revenues over expenditures
1,764,237
Other financing uses:
Proceeds from lease 22,475
Distribution of excess fees and commissions to Collier County, Florida
Board of County Commissioners (489,425)
Distribution of excess fees and commissions to other
governmental agencies (1,297,287)
Total other financing uses (1,764,237)
Net change in fund balance -
Fund balance, beginning of year -
Fund balance, end of year $ -
See accompanying Notes to Financial Statements.
0
Collier County, Florida
Property Appraiser
Statement of Revenues, Expenditures, and
Changes in Fund Balance — Budget (Non-GAAP) and Actual
General Fund
Year Ended September 30, 2021
Revenues:
Commissions and fees
Interest revenue
Miscellaneous
Total revenues
Expenditures:
General government:
Personal services
Operating
Capital outlay
Debt service - principal
Debt service - interest
Total expenditures
Excess of revenues over expenditures
Other financing uses:
Proceeds from lease
Distribution of excess fees to
Collier County, Florida Board
of County Commissioners
Distribution of excess commissions
and fees to other governmental
agencies
Total other financing uses
Net change in fund balance
Fund balance, beginning of year
Fund balance, end of year
Variance With
Final Budget
Budget Positive
Original Final Actual (Negative)
$ 8,763,885 $ 8,774,219 $ 8,774,218 $ (1)
- - 7,251 7,251
8,763,885 8,774,219 8,781,469 7,250
6,810,211
6,820,545
6,600,049
220,496
1,918,674
1,918,674
1,539,322
379,352
35,000
35,000
42,475
(7,475)
-
-
66,216
(66,216)
-
-
6,886
(6,886)
8,763,885
8,774,219
8,254,948
519,271
-
-
526,521
526,521
See accompanying Notes to Financial Statements.
- - 22,475 22,475
- - (489,425) (489,425)
(59,571) (59,571)
(526,521) (526,521)
5
Collier County, Florida
Property Appraiser
Notes to Financial Statements
September 30, 2021
1. Summary of Significant Accounting Policies
The following is a summary of significant accounting principles and policies used in the
preparation of the financial statements of the Collier County, Florida Property Appraiser (Property
Appraiser).
Reporting Entity
The Property Appraiser is an elected official of the County, pursuant to the Constitution of the
State of Florida, Article VIII, Section 1(d). The Property Appraiser is part of the primary
government of the County. Although the Board and the Florida Department of Revenue approve
the Property Appraiser's total operating budget, the Property Appraiser is responsible for the
administration and the operation of the Property Appraiser's office. The Property Appraiser's
financial statements include only the funds of the Property Appraiser's office.
For financial reporting purposes, the Property Appraiser is deemed to be part of the primary
government of the County, and, therefore, is included as such in the County's Annual
Comprehensive Financial Report (ACF 12). There are no component units included in the Property
Appraiser's financial statements.
Measurement Focus, Basis of Accounting, and Basis of Presentation
These financial statements have been prepared for the purpose of complying with Section
218.39(2), Florida Statutes, and Chapter 10.550, Rules of the Auditor General — Local
Governmental Entity Audits, which allows the Property Appraiser to only present fund financial
statements. These financial statements present only the portion of the funds of Collier County,
Florida that are attributable to the Property Appraiser. They are not intended to present fairly the
financial position and results of operations of Collier County, Florida in conformity with
accounting principles generally accepted in the United States of America. The financial activities
of the Property Appraiser, as a constitutional officer, are included in the County's Annual
Comprehensive Financial Report (ACF 12).
These fund financial statements report detailed information about the Property Appraiser. The
focus of governmental fund financial statements is on major funds rather than reporting funds by
type. Each major fund is reported in a separate column.
0
Collier County, Florida
Property Appraiser
Notes to Financial Statements
September 30, 2021
1. Summary of Significant Accounting Policies (continued)
Governmental Funds
Governmental funds are accounted for using the flow of current financial resources measurement
focus. Only current assets and current liabilities, generally, are included on the balance sheet.
Operating statements for these funds' present increases (i.e., revenues and other financing sources)
and decreases (i.e., expenditures and other financing uses) in net current assets. The Property
Appraiser's only governmental fund is the general fund. The general fund is used to account for the
general operations of the Property Appraiser.
The modified accrual basis of accounting is used by governmental funds. Under the modified
accrual basis of accounting, revenues are recognized when susceptible to accrual (i.e., when they
become measurable and available to finance liabilities of the current fiscal year). For this purpose,
the Property Appraiser considers revenues to be available if they are collected within 60 days after
year-end. Expenditures are recorded when the related fund liability is incurred, except for certain
compensated absences, which are recognized as expenditures to the extent they have matured.
Interest revenue and miscellaneous revenue are recognized as they are earned and become
measurable and available to pay liabilities of the current period.
Substantially all of the Property Appraiser's revenue is received from taxing authorities. These
monies are virtually unrestricted and are revocable only for failure to comply with prescribed
compliance requirements. These resources are reflected as revenue at the time of receipt, earlier if
the "susceptible to accrual" criteria are met.
Florida Statutes provide that the amount by which revenues exceed annual expenditures be
remitted to each governmental agency or the Board immediately following the fiscal year for
which the funding was provided or following the fiscal year during which other revenue was
recognized.
Capital outlays expended in the general fund operations are capitalized in the basic financial
statements of Collier County, Florida rather than in the governmental fund of the Property
Appraiser.
7
Collier County, Florida
Property Appraiser
Notes to Financial Statements
September 30, 2021
1. Summary of Significant Accounting Policies (continued)
Refund of "Excess Fees"
Florida Statutes further provide that the excess of revenues over expenditures held by the Property
Appraiser be distributed to each governmental agency or the Board in the same proportion as the
fees paid by each governmental agency bear to total fee revenues. The amount of this distribution
is recorded as a liability and as another financing use -transfer out in the accompanying financial
statements.
Cash and Cash Equivalents
Cash and cash equivalents are highly liquid investments with original maturities of three months or
less.
Compensated Absences
All full-time employees of the Property Appraiser are allowed to accumulate an unlimited number
of hours of unused sick leave and up to 200 hours of unused vacation leave. Upon termination,
employees receive 100% of allowable accumulated vacation hours and a percentage of unused sick
leave, depending on years of service, not to exceed 1,040 hours. Vacation and sick leave payments
are included in operating costs of the general fund when the payments are made to the employees.
The Property Appraiser does not, nor is legally required to, accumulate financial resources for
these unmatured obligations. Accordingly, the liability for compensated absences is not reported
in the general fund of the Property Appraiser, but rather is reported in the basic financial
statements of Collier County, Florida.
Prepaid Expenses
The Property Appraiser has elected to follow GASB Codification 1600.127 Other Expenditure
Recognition Alternatives and expends maintenance costs as they are incurred and does not allocate
the cost between periods.
Collier County, Florida
Property Appraiser
Notes to Financial Statements
September 30, 2021
1. Summary of Significant Accounting Policies (continued)
Use of Estimates
The preparation of the financial statements requires management of the Property Appraiser to
make a number of estimates and assumptions relating to the reported amounts of assets and
liabilities and the disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenditures during the period. Actual
results could differ from those estimates.
2. Budgetary Process
Florida Statutes govern the preparation, adoption, and administration of the Property Appraiser's
annual budget. The Property Appraiser prepares a budget for the general fund and submits it to the
Florida Department of Revenue for approval. A copy of the approved budget is provided to the
Board. Any subsequent amendments to the Property Appraiser's total budget must be approved by
the Florida Department of Revenue. The annual budget serves as the legal authorization for
expenditures. Expenditures may not legally exceed appropriations at the fund level.
Appropriations lapse at year-end. Budget control is maintained at the departmental major object
expenditure level. Budgetary changes within major object expenditure categories are made at the
discretion of the Property Appraiser.
The original budget is the first complete appropriated budget. The final budget is the original
budget adjusted by all reserves, transfers, allocations, supplemental appropriations, and other
legally authorized changes applicable to the fiscal year, whenever legally authorized.
The Property Appraiser's budget is prepared under a budgetary basis of accounting that differs
from generally accepted accounting principles (GAAP). Certain revenues received from non -ad
valorem commissions, expenditures of such revenue, and other financing uses related to non -ad
valorem revenue are not recognized under the budgetary basis of accounting; however, these items
have been recognized under GAAP.
0
Collier County, Florida
Property Appraiser
Notes to Financial Statements
September 30, 2021
2. Budgetary Process (continued)
A reconciliation of revenues, expenditures, and other financing uses on a budgetary basis to a
GAAP is as follows:
Total revenues - budgetary basis $ 8,781,469
Revenues not budgeted:
Non -ad valorem commissions are not budgeted 1,238,856
Non -ad valorem interest is not budgeted -
Total revenues - GAAP basis $10,020,325
Total expenditures - budgetary basis $ 8,254,948
Expenditures not budgeted:
Non -ad valorem related expenditures are not budgeted 1,140
Total expenditures - GAAP basis $ 8,256,088
Total other financing uses - budgetary basis $ (526,521)
Other financing uses not budgeted:
Distribution of non -ad valorem excess fees are not budgeted (1,237,716)
Total other financing uses - GAAP basis $ (1,764,237)
3. Cash
At September 30, 2021, the carrying value of the Property Appraiser's cash was as follows:
Cash on hand
Demand deposits
Total cash
Carrying
Type Value
$ 125
1,875,300
$ 1,875,425
10
Collier County, Florida
Property Appraiser
Notes to Financial Statements
September 30, 2021
3. Cash (continued)
Custodial Credit Risk
At September 30, 2021, the Property Appraiser's deposits were entirely covered by Federal
Depository Insurance or by collateral pledged with the State Treasurer pursuant to Chapter 280,
Florida Statutes. Under this Chapter, in the event of default by a participating financial institution
(a qualified public depository), all participating institutions are obligated to reimburse the
governmental entity for the loss.
Credit Risk
The Property Appraiser's policy is to follow the guidance in Section 219.075, Florida Statutes,
regarding the deposit of funds received and the investment of surplus funds. Sections 219.075 and
218.415, Florida Statutes, authorize the Property Appraiser to invest in Florida PRIME (formerly
the Local Government Surplus Funds Trust Fund) or any intergovernmental investment pool
authorized pursuant to the Florida Interlocal Cooperation Act; Securities and Exchange
Commission registered money market funds with the highest credit quality rating from a nationally
recognized rating agency; direct obligations of the United States Treasury; federal agencies and
instrumentalities or interest -bearing time deposits or savings accounts in banks organized under
the laws of the United States and doing business and situated in the State of Florida, savings and
loan associations which are under state supervision; or in federal savings and loan associations
located in the State of Florida and organized under federal law and federal supervision, provided
that any such deposits are secured by collateral as may be prescribed by law.
Interest Rate Risk
The Property Appraiser has no specific investment policy regarding interest rate risk.
11
Collier County, Florida
Property Appraiser
Notes to Financial Statements
September 30, 2021
4. Capital Assets
Capital assets used by the Property Appraiser are capitalized in the basic financial statements of
Collier County, Florida rather than in the governmental funds of the Property Appraiser. Upon
acquisition, such assets are recorded as expenditures in the general fund of the Property Appraiser
and are capitalized at cost in the basic financial statements of Collier County, Florida. Capital
assets are valued at historical cost or estimated historical cost if actual historical cost is not
available. Donated capital assets are valued at acquisition value on the date received. The Property
Appraiser maintains custodial responsibility for the capital assets used by the office. No
depreciation expense has been provided on capital assets in these financial statements. However,
depreciation expense on these assets is recorded in the basic financial statements of Collier
County, Florida.
The following is a summary of changes in capital assets for the year ended September 30, 2021:
October 1, September 30,
2020 Additions Deductions 2021
Improvements other than buildings $ 15,332 $ - $ - $ 15,332
Machinery and equipment 1,586,914 20,000 (114,471) 1,492,443
Total capital assets 1,602,246 20,000 (114,471) 1,507,775
Less: accumulated depreciation (1,443,020) (78,514) 114,471 (1,407,063)
Total capital assets, net $ 159,226 $ (58,514) $ - $ 100,712
5. Long -Term Liabilities
The following is a summary of changes in long-term liabilities, which are reported in the basic
financial statements of Collier County, Florida:
October 1, September 30,
2020 Increase Decrease 2021
Accrued compensated absences $ 577,683 $ 389,359 $ (434,780) $ 532,262
12
Collier County, Florida
Property Appraiser
Notes to Financial Statements
September 30, 2021
5. Long -Term Liabilities (continued)
Of these liabilities, approximately $150,000 is expected to be paid during the fiscal year ending
September 30, 2021, which will be included in the operating costs of the general fund when
expended. These long-term liabilities are not reported in the financial statements of the Property
Appraiser since they have not matured.
6. Pension Plans
Background
The Florida Retirement System (FRS) was created by Chapter 121, Florida Statutes, to provide a
defined benefit pension plan for participating public employees. The FRS was amended in 1998 to
add the Deferred Retirement Option Program under the defined benefit plan and amended in 2000
to provide a defined contribution plan alternative to the defined benefit plan for FRS members
effective July 1, 2002. This integrated defined contribution pension plan is the FRS Investment
Plan. Chapter 112, Florida Statutes, established the Retiree Health Insurance Subsidy (HIS)
Program, a cost -sharing multiple -employer defined benefit pension plan, to assist retired members
of any State -administered retirement system in paying the costs of health insurance.
Essentially all regular employees of the Property Appraiser are eligible to enroll as members of the
State -administered FRS. Provisions relating to the FRS are established by Chapters 121 and 122,
Florida Statutes; Chapter 112, Part IV, Florida Statutes; Chapter 238, Florida Statutes; and FRS
Rules, Chapter 605, Florida Administrative Code; wherein eligibility, contributions, and benefits
are defined and described in detail. Such provisions may be amended at any time by further action
from the Florida Legislature. The FRS is a single retirement system administered by the Florida
Department of Management Services, Division of Retirement, and consists of the two
cost -sharing, multiple -employer defined benefit plans and other nonintegrated programs. A annual
comprehensive financial report of the FRS, which includes its financial statements, required
supplementary information, actuarial report, and other relevant information, is available from the
Florida Department of Management Services' Web site (www.dms.myflorida.com).
13
Collier County, Florida
Property Appraiser
Notes to Financial Statements
September 30, 2021
6. Pension Plans (continued)
Florida Retirement System Pension Plan
Plan Description
The Florida Retirement System Pension Plan (FRS Plan) is a cost -sharing multiple -employer
defined benefit pension plan, with a Deferred Retirement Option Program (DROP) for eligible
employees. The general classes of membership are as follows:
• Regular Class — Members of the FRS who do not qualify for membership in the other
classes.
• Elected County Officers Class — Members who hold specified elective offices in local
government.
• Senior Management Service Class (SMSQ — Members in senior management level
positions.
• Special Risk Class — Members who are special risk employees, such as law enforcement
officers, meet the criteria to qualify for this class.
Employees enrolled in the FRS Plan prior to July 1, 2011, vest at 6 years of creditable service and
employees enrolled in the FRS Plan on or after July 1, 2011, vest at 8 years of creditable service.
All vested members, enrolled prior to July 1, 2011, are eligible for normal retirement benefits at
age 62, or at any age after 30 years of service, except for members classified as special risk who are
eligible for normal retirement benefits at age 55 or at any age after 25 years of service. All
members enrolled in the FRS Plan on or after July 1, 2011, once vested, are eligible for normal
retirement benefits at age 65 or any time after 33 years of creditable service, except for members
classified as special risk who are eligible for normal retirement benefits at age 60 or at any age
after 30 years of service. Employees enrolled in the FRS Plan may include up to 4 years of credit
for military service toward creditable service. The FRS Plan also includes an early retirement
provision; however, there is a benefit reduction for each year a member retires before his or her
normal retirement date. The FRS Plan provides retirement, disability, death benefits, and annual
cost -of -living adjustments to eligible participants.
14
Collier County, Florida
Property Appraiser
Notes to Financial Statements
September 30, 2021
6. Pension Plans (continued)
DROP, subject to provisions of Section 121.091, Florida Statutes, permits employees eligible for
normal retirement under the FRS Plan to defer receipt of monthly benefit payments while
continuing employment with an FRS participating employer. An employee may participate in
DROP for a period not to exceed 60 months after electing to participate, except that certain
instructional personnel may participate for up to 96 months. During the period of DROP
participation, deferred monthly benefits are held in the FRS Trust Fund and accrue interest. The
net pension liability does not include amounts for DROP participants, as these members are
considered retired and are not accruing additional pension benefits.
Benefits Provided
Benefits under the FRS Plan are computed on the basis of age and/or years of service, average final
compensation, and service credit. Credit for each year of service is expressed as a percentage of the
average final compensation. For members initially enrolled before July 1, 2011, the average final
compensation is the average of the 5 highest fiscal years' earnings; for members initially enrolled
on or after July 1, 2011, the average final compensation is the average of the 8 highest fiscal years'
earnings. The total percentage value of the benefit received is determined by calculating the total
value of all service, which is based on the retirement class to which the member belonged when the
service credit was earned. Members are eligible for in -line -of -duty or regular disability and
survivors' benefits.
As provided in Section 121.101, Florida Statutes, if the member is initially enrolled in the FRS
before July 1, 2011, and all service credit was accrued before July 1, 2011, the annual
cost -of -living adjustment is 3 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 3 percent
determined by dividing the sum of the pre -July 2011 service credit by the total service credit at
retirement multiplied by 3 percent. FRS Plan members initially enrolled on or after July 1, 2011,
will not have a cost -of -living adjustment after retirement.
Detailed information about the County's proportionate share of FRS's net pension liability,
deferred outflows/inflows of resources, and pension expense are reported in the government -wide
statements of the County.
15
Collier County, Florida
Property Appraiser
Notes to Financial Statements
September 30, 2021
6. Pension Plans (continued)
Retiree Health Insurance Subsidy Program
Plan Description
The Retiree Health Insurance Subsidy Program (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 June 30, 2021, eligible retirees and beneficiaries received a monthly HIS
payment of $5 for each year of creditable service completed at the time of retirement, with a
minimum HIS payment of $30 and a maximum HIS payment of $150 per month, pursuant to
Section 112.363, Florida Statutes. To be eligible to receive a HIS Plan benefit, a retiree under a
State -administered retirement system must provide proof of health insurance coverage, which may
include Medicare.
Detailed information about the County's proportionate share of HIS's net pension liability,
deferred outflows/inflows of resources, and pension expense are reported in the government -wide
statements of the County.
FRS Investment Plan
The Florida State Board of Administration (SBA) administers the defined contribution plan
officially titled the FRS Investment Plan (Investment Plan). The Investment Plan is reported in the
SBA's annual financial statements and in the State of Florida Annual Comprehensive Financial
Report.
As provided in Section 121.4501, Florida Statutes, eligible FRS members may elect to participate
in the Investment Plan in lieu of the FRS defined benefit plan. Property Appraiser employees
participating in DROP are not eligible to participate in the Investment Plan. Employer and
employee contributions, including amounts contributed to individual member's accounts, are
defined by law, but the ultimate benefit depends in part on the performance of investment funds.
16
Collier County, Florida
Property Appraiser
Notes to Financial Statements
September 30, 2021
6. Pension Plans (continued)
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 FRS defined benefit 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 plan, including the
FRS Financial Guidance Program, are funded through an employer contribution of 0.06 percent of
payroll and by forfeited benefits of plan members.
For all membership classes, employees are immediately vested in their own contributions and are
vested after 1 year of service for employer contributions and investment earnings. If an
accumulated benefit obligation for service credit originally earned under the FRS Pension Plan is
transferred to the Investment Plan, the member must have the years of service required for FRS
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 5 years. If the employee returns to FRS -covered
employment within the 5-year period, the employee will regain control over their account. If the
employee does not return within the 5-year period, the employee will forfeit the accumulated
account balance. For the fiscal year ended June 30, 2021, 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 Property Appraiser.
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
FRS Pension Plan when approved for disability retirement to receive guaranteed lifetime monthly
benefits under the FRS Pension Plan, or remain in the Investment Plan and rely upon that account
balance for retirement income.
17
Collier County, Florida
Property Appraiser
Notes to Financial Statements
September 30, 2021
6. Pension Plans (continued)
rnwrih"tin» c
The contribution requirements of the Property Appraiser are established and may be amended by
the State of Florida. The Property Appraiser's employer contributions to the plan for the years
ended September 30, 2021, 2020, and 2019, were $650,648, $573,446, and $512,315,
respectively, equal to the required contributions for each year.
Additional information about pension plans can be found in the County's annual comprehensive
financial report or County -wide financial statements.
7.Other Postemployment Benefits
In accordance with Section 112.0801, Florida Statutes, the Property Appraiser participates with
Collier County in offering retiring employees the opportunity to continue participation in the
County's health insurance plan. The participating retirees pay 100% of the premium cost
applicable to an active employee. The liability and expense for other postemployment benefits,
calculated in accordance with Governmental Accounting Standards Board Statement No. 75,
Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions, are
reported in the financial statements of the County.
8. Transactions with the Board of County Commissioners
During the fiscal year ended September 30, 2021, the Board paid fees to the Property Appraiser
that amounted to $7,822,139. At September 30, 2021, the Property Appraiser had a payable due to
the Board as follows:
Distribution of excess commissions and fees $ 489,425
Collier County, Florida
Property Appraiser
Notes to Financial Statements
September 30, 2021
9. Risk Management
Collier County, Florida (County) is exposed to various risks of loss including but not limited to,
general liability, health and life, property, and casualty, auto and physical damage, and workers'
compensation. The County is substantially self -insured and accounts for and finances its risk of
uninsured losses through an internal service fund. All liabilities associated with these self -insured
risks are reported in the basic financial statements of the County. The Property Appraiser
participates in the County's self-insurance program. During the year ended September 30, 2021,
the Property Appraiser was charged $1,247,243 by the County for participation in the risk
management program.
The County retains the first $500,000 per claim for workers' compensation and has purchased
outside excess coverage for up to the statutory limits for each injury or illness. The County also
provides coverage for up to $250,000 per occurrence for general liability and $300,000 per
occurrence for auto liability coverage and has purchased outside excess coverage for up to
$5 million per claim. Negligence claims in excess of the statutory limits set in Section 768.20,
Florida Statutes, which provide for limited sovereign immunity of $200,000/$300,000 per
occurrence can only be recovered through an act of the State Legislature. Property claims are
subject to a 3% wind deductible and a $50,000 deductible for all other perils. The County retains
the first $100,000 per claim/$200,000 per occurrence for public official errors and omissions and
crime coverage and has purchased outside excess coverage for up to $5 million per claim. There
have been no significant reductions in insurance coverage in the last year. Settled claims have not
exceeded the insurance provided by third -party carriers in any of the last three years.
The County is self -insured for health claims covering all its employees and their eligible
dependents. The County retains the first $450,000 per covered member and has purchased outside
excess coverage for all claims exceeding this amount. An actuarial valuation is performed each
year to estimate the amounts needed to pay prior and future claims and to establish reserves.
10. Commitments and Contingencies
Litigation
The Property Appraiser is involved as a defendant or plaintiff in certain litigation and claims
arising from the ordinary course of operations. In the opinion of the Property Appraiser and legal
counsel, the range of potential recoveries or liabilities will not materially affect the financial
position of the Property Appraiser.
19
Collier County, Florida
Property Appraiser
Notes to Financial Statements
September 30, 2021
10. Commitments and Contingencies (continued)
Leases
The Property Appraiser leases assets for various terms under certain agreements that meet the
definition of a lease under GASB Statement No. 87 — Leases. Detailed information about the Property
Appraiser's leases can be found in the Collier County annual comprehensive financial report or
County -wide financial statements.
Leases entered by the Property Appraiser are included as other financing sources and capital outlay
expenditures in the statement of revenues, expenditures, and changes in fund balance in the year of
inception. Payments made in accordance with the lease terms are reported as debt service expenditures
in the statement of revenues, expenditures, and changes in fund balance as they are incurred.
During the year ended September 30, 2021, the Property Appraiser entered into one lease in the amount
of $22,475. During the year ended September 30, 2021, the Property Appraiser's payments of principal
on leases totaled $66,216.
20
0
CliftonLarsonAllen LLP
CLAconnect.com
INDEPENDENT AUDITORS' 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 Abe Skinner
Property Appraiser
Collier 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 general fund of the Collier County,
Florida Property Appraiser (Property Appraiser), as of and for the year ended September 30, 2021, and the
related notes to the financial statements, which collectively comprise the Property Appraiser's basic financial
statements, and have issued our report thereon dated December 22, 2021.
Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered the Property Appraiser's
internal control over financial reporting (internal control) as a basis for designing audit procedures that are
appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not
for the purpose of expressing an opinion on the effectiveness of the Property Appraiser's internal control.
Accordingly, we do not express an opinion on the effectiveness of the Property Appraiser's internal control.
A deficiency in internal control exists when the design or operation of a control does not allow management or
employees, in the normal course of performing their assigned functions, to prevent, or detect and correct,
misstatements on a timely basis. A material 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 may exist that have
not been identified.
A member of CLA is an independent member of Nexia International, a leading, global network of independent
Nexia accounting and consulting firms. See nexia.com/member-firm-disclaimer for details.
International 21
Honorable Abe Skinner
Property Appraiser
Compliance and Other Matters
As part of obtaining reasonable assurance about whether the Property Appraiser's financial statements are free
from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations,
contracts, and grant agreements, noncompliance 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 noncompliance 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 result of that testing, and not to provide an opinion on the effectiveness of the Property Appraiser's internal
control or on compliance. This report is an integral part of an audit performed in accordance with Government
Auditing Standards in considering the Property Appraiser's internal control and compliance. Accordingly, this
communication is not suitable for any other purpose.
LLB
Clifton LarsonAllen LLP
Naples, Florida
December 22, 2021
22
0
Honorable Abe Skinner
Property Appraiser
Collier County, Florida
CliftonLarsonAllen LLP
CLAconnect.com
MANAGEMENT LETTER
Report on the Financial Statements
We have audited the financial statements of the Collier County, Florida Property Appraiser (Property Appraiser)
as of and for the year ended September 30, 2021, and have issued our report thereon dated December 22, 2021.
Auditors' Responsibility
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 and Chapter 10.550, Rules of the Florida Auditor General.
Other Reporting Requirements
We have issued our Independent Auditors' Report on Internal Control over Financial Reporting and on
Compliance and Other Matters based on an Audit of Financial Statements Performed in Accordance with
Government Auditing Standards and Independent Accountants' Report on an examination conducted in
accordance with AICPA Professional Standards, AT-C Section 315, regarding compliance requirements in
accordance with Chapter 10.550, Rules of the Auditor General. Disclosures in those reports which are dated
December 22, 2021 should be considered in conjunction with this management letter.
Prior Audit Findings
Section 10.554(1)(i)l., Rules of the Auditor General, requires that we determine whether or not corrective
actions have been taken to address findings and recommendations made in the preceding annual financial audit
report. Corrective actions have been taken to address findings and recommendations made in the preceding
annual financial audit report.
Official Title and Legal Authority
Section 10.554(1)(i)4., Rules of the Auditor General, requires that the name or official title and legal authority
for the primary government and each component unit of the reporting entity be disclosed in this management
letter, unless disclosed in the notes to the financial statements. The Property Appraiser is a separately elected
county official established pursuant to the Constitution of the State of Florida. There are no component units
related to the Property Appraiser.
A member of CLA is an independent member of Nexia International, a leading, global network of independent
Nexia accounting and consulting firms. See nexia.com/member-firm-disclaimer for details.
International 23
Honorable Abe Skinner
Property Appraiser
Financial Management
Section 10.554(1)(i)2., Rules of the Auditor General, requires that we communicate any recommendations to
improve financial management. In connection with our audit, we did not have any such recommendations.
Additional Matters
Section 10.554(1)(i)3., Rules of the Auditor General, requires us to communicate noncompliance with
provisions of contracts or grant agreements, or abuse, that have occurred, or are likely to have occurred, that
have 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 have any such findings.
Purpose of this Letter
Our management letter is intended solely for the information and use of the Legislative Auditing Committee,
members of the Florida Senate and the Florida House of Representatives, the Florida Auditor General, Federal
and other granting agencies, and the Property Appraiser and applicable management and is not intended to be,
and should not be, used by anyone other than these specified parties.
��Qx,�i..l� LLB
CliftonLarsonAllen LLP
Naples, Florida
December 22, 2021
24
0
Honorable Abe Skinner
Property Appraiser
Collier County, Florida
CliftonLarsonAllen LLP
CLAconnect.com
INDEPENDENT ACCOUNTANTS' REPORT
We have examined the Collier County Property Appraiser, Collier County, Florida's (Property Appraiser)
compliance with Section 218.415, Florida Statutes, regarding the investment of public funds during the year
ended September 30, 2021. Management of the Property Appraiser is responsible for the Property Appraiser's
compliance with the specified requirements. Our responsibility is to express an opinion on the Property
Appraiser's compliance with the specified requirements 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 Property Appraiser complied, in all material respects, with the
specified requirements referenced above. An examination involves performing procedures to obtain evidence
about whether the Property Appraiser complied with the specified requirements. The nature, timing, and extent
of the procedures selected depend on our judgment, including an assessment of the risks of material
noncompliance, 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.
Our examination does not provide a legal determination on the Property Appraiser's compliance with specified
requirements.
In our opinion, the Property Appraiser complied, in all material respects, with Section 218.415, Florida
Statutes, regarding the investment of public funds during the year ended September 30, 2021.
This report is intended solely for the information and use of the Property Appraiser and the Auditor General,
State of Florida and is not intended to be, and should not be, used by anyone other than these specified parties.
i
CliftonLarsonAllen LLP
Naples, Florida
December 22, 2021
A member of CLA is an independent member of Nexia International, a leading, global network of independent
Nexia accounting and consulting firms. See nexia.com/member-firm-disclaimer for details.
International 25
11:IMyLTe[HMION1:10IN[670MAN aIII anQW_\01:/
Collier County, Florida
Sheriff
Financial CtatamPnte and
Suppler
Year Ended
Contents
Independent Auditors' Report ..........................................................................................................1
Financial Statements
Balance Sheet — Governmental Funds.............................................................................................4
Statement of Revenues, Expenditures, and Changes in Fund Balances —
GovernmentalFunds.....................................................................................................................5
Statement of Revenues, Expenditures, and Changes in Fund Balances —
Budget (Non-GAAP) and Actual — General Fund........................................................................6
Statement of Net Position — Internal Service Fund..........................................................................7
Statement of Revenues, Expenses, and Changes in Net Position
InternalService Fund....................................................................................................................8
Statement of Cash Flows — Internal Service Fund...........................................................................9
Statement of Fiduciary Net Position — Fiduciary Funds................................................................10
Statement of Changes in Fiduciary Net Position — Fiduciary Funds.............................................11
Notes to Financial Statements........................................................................................................12
Required Supplementary Information
Schedule of Changes in Total OPEB Liability and Related Ratios...............................................37
Combining Financial Information — Supplementary Information
Combining Statement of Fiduciary Net Position — Custodial Funds.............................................3 8
Combining Statement of Changes in Fiduciary Net Position - Custodial Funds ...........................39
Contents (continued)
Other Reports
Independent Auditors' 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.................................................................................................40
ManagementLetter........................................................................................................................42
Independent Accountants' Report ..................................................................................................45
Independent Accountants' Report on Applying Agreed -Upon Procedures...................................46
0
Honorable Kevin Rambosk
Sheriff
Collier County, Florida
Clifton LarsonAllen LLP
CLAconnect.com
INDEPENDENT AUDITORS' REPORT
Report on the Financial Statements
We have audited the accompanying financial statements of each major fund and the aggregate
remaining fund information of the Collier County, Florida Sheriff (Sheriff), as of and for the year ended
September 30, 2021, and the related notes to the financial statements, which collectively comprise the
Sheriff's basic financial statements as listed in the table of contents.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in
accordance with accounting principles generally accepted in the United States of America; this
includes 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.
Auditors' Responsibility
Our responsibility is to express opinions on these financial statements based on our audit. 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. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial statements are free from
material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures
in the financial statements. The procedures selected depend on the auditors' judgment, including the
assessment of the risks of material misstatement of the financial statements, whether due to fraud or
error. In making those risk assessments, the auditor considers internal control relevant to the entity's
preparation and fair presentation of the financial statements 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 entity's internal control. Accordingly, we express no such opinion. An audit also includes
evaluating the appropriateness of accounting policies used and the reasonableness of significant
accounting estimates made by management, as well as evaluating the overall presentation of the
financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our audit opinions.
A member of CLA is an independent member of Nexia International, a leading, global network of independent 1
Nexia
International accounting and consulting firms. See nexia.com/member-firm-disclaimer for details.
Honorable Kevin Rambosk
Sheriff
Opinions
In our opinion, the financial statements referred to above present fairly, in all material respects, the
respective financial position of each major fund and the aggregate remaining fund information for the
Sheriff as of September 30, 2021, and the respective changes in financial position and, where
applicable, cash flows and budgetary comparison thereof for the year then ended in accordance with
accounting principles generally accepted in the United States of America.
Emphasis of Matters
As discussed in Note 1 to the financial statements, the financial statements referred to above were
prepared solely for the purpose of complying with the Rules of the Auditor General of the State of
Florida. In conformity with the Rules, the accompanying financial statements are intended to present
the financial position and changes in financial position of each major fund, and the aggregate remaining
fund information, only for that portion of the major funds, and the aggregate remaining fund
information, of Collier County that is attributable to the Sheriff. They do not purport to, and do not,
present fairly the financial position of Collier County as of September 30, 2021, and the changes in its
financial position, or, where applicable, its cash flows for the fiscal year then ended in conformity with
accounting principles generally accepted in the United States of America. Our opinion is not modified
with respect to this matter.
During fiscal year ended September 30, 2021, the Sheriff adopted GASB Statement No. 84, Fiduciary
Activities. As a result of the implementation of this standard, the Sheriff reported a restatement of
beginning fiduciary net position for the change in accounting principle (see Note 1). Our auditors'
opinion was not modified with respect to the restatement.
Other Matters
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the Schedule of
Changes in Total OPEB Liability and Related Ratios, as listed in the table of contents, be presented to
supplement the financial statements. Such information, although not a required part of the financial
statements, is required by the Governmental Accounting Standards Board who considers it to be an
essential part of financial reporting for placing the financial statements in an appropriate operational,
economic, or historical context. We have applied certain limited procedures to the required
supplementary information in accordance with auditing standards generally accepted in the United
States of America, which consisted of inquiries of management about the methods of preparing the
information and comparing the information for consistency with management's responses to our
inquiries, the financial statements, and other knowledge we obtained during our audit of the financial
statements. We do not express an opinion or provide any assurance on the information because the
limited procedures do not provide us with sufficient evidence to express an opinion or provide any
assurance.
Management has omitted management's discussion and analysis that accounting principles generally
accepted in the United States of America require to be presented to supplement the basic financial
statements. Such missing information, 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
2
Honorable Kevin Rambosk
Sheriff
historical context. Our opinion on the basic financial statements is not affected by this missing
information.
Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that
collectively comprise the Sheriff's financial statements. The combining statements, as listed in the
table of contents, are presented for purposes of additional analysis and are not a required part of the
financial statements. The combining statements are the responsibility of management and were derived
from and relate directly to the underlying accounting and other records used to prepare the financial
statements. Such information has been subjected to the auditing procedures applied in the audit of the
financial statements and certain additional procedures, including comparing and reconciling such
information directly to the underlying accounting and other records used to prepare the financial
statements or to the financial statements themselves, and other additional procedures in accordance
with auditing standards generally accepted in the United States of America. In our opinion, the
combining statements are fairly stated in all material respects in relation to the financial statements as
a whole.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated February 26,
2022 on our consideration of the Sheriff 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 Sheriffs 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 Sheriff s internal control over financial reporting and compliance.
CliftonLarsonAllen LLP
Naples, Florida
February 26, 2022
Assets
Cash and cash equivalents
Accounts receivable
Other receivable
Due from other funds
Due from other governments
Due from Collier County, Florida Board of
County Commissioners
Total assets
Liabilities and fund balances
Liabilities:
Accounts payable
Accrued expenses
Due to other funds
Due to Collier County, Florida Board of
County Commissioners
Due to other governments
Unearned revenue
Total liabilities
Fund balances:
Restricted
Total liabilities and fund balances
Collier County, Florida
Sheriff
Balance Sheet - Governmental Funds
September 30, 2021
Grant
Other Non -Major
Special
Prisoner
Special Revenue
General
Revenue Fund
Welfare
Funds
Total
$ 12,661,812
$ 1,583,722
$ 2,894,784
$ - $
17,140,318
72,492
-
-
-
72,492
25,690
-
16,168
11
41,869
430,642
-
28,729
-
459,371
21,516
415,128
-
-
436,644
-
16,862
-
465,205
482,067
$ 13,212,152
$ 2,015,712
$ 2,939,681
$ 465,216 $
18,632,761
$ 3,770,881 $ 3,058 $ 8,259 $ 133,455 $ 3,915,653
8,146,747 7,181 146 6,131 8,160,205
1,200,000 - 92,191 325,630 1,617,821
90,273 - - - 90,273
4,251 57,656 - - 61,907
13,212,152 67,895 100,596 465,216 13,845,859
- 1,947,817 2,839,085 - 4,786,902
$ 13,212,152 $ 21015,712 $ 2,939,681 $ 465,216 $ 18,632,761
See accompanying Notes to Financial Statements 4
Collier County, Florida
Sheriff
Statement of Revenues, Expenditures, and Changes in Fund Balances
Governmental Funds
Year Ended September 30, 2021
Grant
Other Non -Major
Special Prisoner
Special Revenue
General Revenue Fund Welfare
Funds Total
Revenues:
Grant revenue $ 128,078 $ 987,114 $ — $ — $ 1,115,192
Charges for services 1,037,078 — 765,366 — 1,802,444
Other revenue — — — — —
Total revenues
Expenditures:
General government:
Personal services
Operating expenditures
Capital outlay
Public safety:
Personal services
Operating expenditures
Capital outlay
Debt service - principal
Debt service - interest
Total expenditures
Excess (deficiency) of revenues over (under) expenditures
Other financing sources (uses):
Proceeds from leases
Transfers in:
Collier County, Florida Board of County
Commissioners appropriations
Collier County, Florida Board of County Commissioners
Transfers out:
Collier County, Florida Board of County
Commissioners
Distribution of excess appropriations to Collier County,
Florida Board of County Commissioners
Total other financing sources (uses)
Net change in fund balances
Fund balances — beginning of year
Fund balances — end of year
1,165,156
987,114
765,366
—
2,917,636
4,841,677
—
—
—
4,841,677
89,840
—
—
—
89,840
153,074,559
385,290
292,010
578,808
154,330,667
33,814,744
341,884
148,815
1,489,290
35,794,733
17,013,669
182,381
—
222,920
17,418,970
131,341
39,483
—
—
170,824
3,318
114
—
—
3,432
208,969,148
949,152
440,825
2,291,018
212,650,143
(207,803,992)
37,962
324,541
(2,291,018)
(209,732,507)
202,222
—
—
—
202,222
206,622,700
—
—
—
206,622,700
32,151,347
—
—
2,291,018
34,442,365
(31,128,078)
—
—
—
(31,128,078)
(44,199)
—
—
—
(44,199)
207,803,992
—
—
2,291,018
210,095,010
—
37,962
324,541
—
362,503
—
1,909,855
2,514,544
—
4,424,399
$ — $
1,947,817 $
2,839,085 $
—
$ 4,786,902
See accompanying Notes to Financial Statements 5
Collier County, Florida
Sheriff
Statement of Revenues, Expenditures and
Changes in Fund Balance — Budget (Non-GAAP) and Actual
General Fund
Year Ended September 30, 2021
Revenues:
Charges for services
Total revenues
Expenditures:
General government:
Personal services
Operating expenditures
Capital outlay
Public safety:
Personal services
Operating expenditures
Capital outlay
Debt service - principal
Debt service - interest
Total expenditures
Excess of expenditures over revenues
Other financing sources:
Transfers in:
Proceeds from Leases
Collier County, Florida Board of County
Commissioners appropriations
Transfers out:
Distribution of excess appropriations to
Collier County, Florida Board of
County Commissioners
Total other financing sources
Net change in fund balance
Fund balance — beginning of year
Fund balance — end of year
Budget
Original Final
Actual
Variance With
Budget
Positive
(Negative)
$
$ 900,000
$ 1,037,078
$ 137,078
—
900,000
1,037,078
137,078
4,401,500
4,401,500
4,841,677
(440,177)
179,000
179,000
89,840
89,160
163,265,400
163,984,400
153,074,559
10,909, 841
32,349,700
32,530,700
33,814,744
(1,284,044)
6,427,100
6,427,100
15,862,322
(9,435,222)
131,341
(131,341)
—
—
3,318
(3,318)
206,622,700
207,522,700
207,817,801
(295,101)
(206,622,700)
(206,622,700)
(206,780,723)
(158,023)
—
—
202,222
202,222
206,622,700
206,622,700
206,622,700
—
(44,199)
(44,199)
206,622,700
206,622,700
206,780,723
158,023
Total revenues - budgetary basis
$ 1,037,078
Revenues not budgeted:
Revenues for disaster cost reimbursements that are not budgeted
128,078
Total revenues - GAAP basis
Total expenditures - budgetary basis
$ 207,817,801
Expenditures not budgeted:
Expenditures for multi -period projects that are not budgeted
1,151,347
Total expenditure - GAAP basis
$ 208,969,148
Total other financing sources - budgetary basis
$ 206,780,723
Transfers in from Collier County Florida Board of County
Commissioners (non -appropriations)
32,151,347
Transfers out to Collier County, Florida Board of County
Commissioners
(31,128,078)
Total other financing sources (uses) - GAAP basis
$ 207,803,992
See accompanying Notes to Financial Statements 6
Collier County, Florida
Sheriff
Statement of Net Position — Internal Service Fund
September 30, 2021
Assets:
Cash and cash equivalents
$ 2,377,852
Investments
12,004,461
Due from stop loss
293,779
Due from other
3
Due from other funds
1,200,000
Interest receivable
25,703
Total assets
15,901,798
Liabilities:
Claims payable —
Self insurance claims payable 3,236,000
Unearned revenue 104,292
Total liabilities 3,340,292
Net position:
Unrestricted 12,561,506
Total net position $ 12,561,506
See accompanying Notes to Financial Statements 7
Collier County, Florida
Sheriff
Statement of Revenues, Expenses, and
Changes in Net Position — Internal Service Fund
Year Ended September 30, 2021
Operating revenues:
Charges for services $ 32,571,928
Interest 5,123
Total operating revenues 32,577,051
Operating expenses:
Claims and claims expenses 30,089,222
Reinsurance premiums 2,034,623
Administrative and other expenses 700,027
Total operating expenses 32,823,872
Operating income (246,821)
Nonoperating revenues:
Interest income, net of management fees 105,458
Realized gain on sale of investments (2,633)
Decrease in fair value of investments (108,233)
Total nonoperating revenues (5,408)
Change in net position (252,229)
Net position — beginning of year 12,813,735
Net position — end of year $ 12,561,506
See accompanying Notes to Financial Statements 8
Collier County, Florida
Sheriff
Statement of Cash Flows — Internal Service Fund
Year Ended September 30, 2021
Operating activities
Cash payments for claims and claims related services
Cash payments for reinsurance premiums
Cash payments for administrative services and supplies
Cash received from other funds for services
Cash received from retirees for services
Net cash used by operating activities
Investing activities
Interest earnings, net of management fees
Purchase of securities
Proceeds from sales of securities
Net cash used by investing activities
Net decrease in cash, cash equivalents, and investments
Cash, cash equivalents, and investments — beginning of year
Cash, cash equivalents, and investments — end of year
Reconciliation of operating income to net cash
provided by operating activities
Operating income
Adjustments to reconcile operating income to
net cash provided by operating activities:
Due from stop loss
Decrease in due from other funds
Increase in self-insurance claims payable
Increase in claims payable
Increase in unearned revenue
Net cash used by operating activities
$ (30,255,007)
(2,034,623)
(694,905)
30,500,000
1,368,557
(1,115,978)
105,458
(8,018,560)
7,413,102
(500,000)
(1,615,978)
3,993,830
$ 2,377,852
$ (246,821)
(28,275)
(700,000)
(3,839)
(472,043)
335,000
$ (1,115,978)
See accompanying Notes to Financial Statements 9
Collier County, Florida
Sheriff
Statement of Fiduciary Net Position — Fiduciary Funds
September 30, 2021
Assets:
Cash and cash equivalents
Due from individuals and businesses
Total assets
Liabilities:
Due to other funds
Due to other
Total liabilities
Net Position:
Restricted for individuals and businesses
Private Purpose
Trust Fund
$ 270,226
$ 270,226
Custodial Funds
$ 325,432
5,165
$ 330,597
$ 41,550
5,374
46,924
$ 270,226 $ 283,673
See accompanying Notes to Financial Statements 10
Collier County, Florida
Sheriff
Statement of Changes in Fiduciary Net Position — Fiduciary Funds
Year Ended September 30, 2021
Additions:
Contributions:
Individuals
Fees collected for Other Governments
Miscellaneous
Total additions
Deductions:
Beneficiary Payments to Individuals
Payment of Fees to Other Governments
Payments to Other Entities
Total deductions
Net Increase (Decrease)
in Fiduciary Net Position
Fiduciary Net Position - Beginning of Year, as restated
Fiduciary Net Position - End of Year
See accompanying Notes to Financial Statements
Private Purpose Custodial Funds
Trust Fund
$ 500,999 $ 2,928,199
— 198,452
— 10,439
$ 500,999 $ 3,137,090
503,685 $ 2,928,431
— 135,138
63,683
$ 3,127,252
$ (2,686) $ 9,838
272,912 273,835
$ 270,226 $ 283,673
Collier County, Florida
Sheriff
Notes to Financial Statements
September 30, 2021
1. Summary of Significant Accounting Policies
Reporting Entity
The Collier County, Florida Sheriff (Sheriff) is an elected constitutional officer as provided for
by the Constitution of the State of Florida. Pursuant to Chapter 129, Florida Statutes, the
Sheriff's budget is submitted to the Collier County, Florida Board of County Commissioners
(Board) for approval. The Sheriff is the chief law enforcement officer of Collier County, Florida
(County) and is responsible for operating the County's corrections facilities.
The financial statements include the general fund, special revenue funds, proprietary fund (internal
service fund), and custodial funds of the Sheriff's office. The accompanying financial statements
were prepared for the purpose of complying with Section 218.39(2), Florida Statutes, and
Chapter 10.550, Rules of the Auditor General - Local Governmental Entity Audits, which allows
the Sheriff to only present fund financial statements. These financial statements present only the
portion of the funds of Collier County, Florida that are attributable to the Sheriff. They are not
intended to present fairly the financial positions and results of operations of Collier County, Florida
in conformity with accounting principles generally accepted in the United States of America. There
are no separate legal entities (component units) for which the Sheriff is financially accountable.
Chapter 10.550, Rules of the Auditor General - Local Governmental Entity Audits, requires the
Sheriff to only present fund financial statements. Accordingly, due to the omission of
government -wide financial statements and related disclosures, including management's
discussion and analysis, these financial statements do not constitute a complete presentation of
the financial position of the Sheriff as of September 30, 2021 and the changes in its financial
position and its cash flows, where applicable, for the year then ended, in conformity with
Governmental Accounting Standards Board (GASB) Statement No.34, Basic Financial
Statements — and Management's Discussion and Analysis —for State and Local Governments,
but otherwise constitute financial statements prepared in conformity with accounting principles
generally accepted in the United States of America.
As a result of the budgetary oversight by the Board and the financial dependency on the Board,
the financial activities of the Sheriff are included in the Collier County, Florida Annual
Comprehensive Financial Report.
12
Collier County, Florida
Sheriff
Notes to Financial Statements
September 30, 2021
1. Summary of Significant Accounting Policies (continued)
Measurement Focus, Basis of Accounting, and Basis of Presentation
Transfers are provided by appropriations from the Board pursuant to law. Estimated receipts and
budgeted fund balances must equal appropriations. The Sheriff is required to refund to the Board
all excess appropriations annually; therefore, no unappropriated general fund balance is
carried forward.
The fund financial statements report detailed information about the Sheriff. The focus of
governmental fund financial statements is on major funds rather than reporting funds by type.
Each major fund is reported in a separate column.
Governmental Funds
Governmental funds are accounted for using the flow of current financial resources measurement
focus. Only current assets and current liabilities, generally, are included on the balance sheet.
Operating statements for these funds present increases (i.e., revenues and other financing
sources) and decreases (i.e., expenditures and other financing uses) in net current assets.
The modified accrual basis of accounting is used by governmental funds. Under the modified
accrual basis of accounting, revenues are recognized when susceptible to accrual (i.e., when they
become measurable and available to finance liabilities of the current fiscal year). For this
purpose, the Sheriff considers revenues to be available if they are collected within 60 days after
year-end with the exception of grants, which have a period of availability of one year. Grants are
recognized as revenue as soon as all eligibility requirements have been met. Expenditures are
recorded when the related fund liability is incurred, except for compensated absences, which are
recognized as expenditures to the extent they have matured.
Substantially all of the Sheriff's funding is appropriated by the Board. In applying the
susceptible to accrual concept to intergovernmental revenue, there are essentially two types of
revenue. In one, money must be expended on the specific purpose or project before any amounts
will be paid to the Sheriff; therefore, revenue is recognized based upon the expenditures
incurred. In the other, money is virtually unrestricted and is revocable only for failure to comply
with prescribed compliance requirements. These resources are reflected as revenue at the time of
receipt, or earlier, if the "susceptible to accrual" criteria are met.
Other revenue is recognized as earned and becomes measurable and available to pay liabilities of
the current period.
13
Collier County, Florida
Sheriff
Notes to Financial Statements
September 30, 2021
1. Summary of Significant Accounting Policies (continued)
Governmental Funds (continued)
Florida Statutes provide that the amount by which revenues and transfers exceed annual
expenditures be remitted to the Board immediately following the fiscal year for which the
funding was provided or following the fiscal year during which other revenue was recognized. The
amount of this distribution is recorded as a liability and as another financing use in the
accompanying financial statements.
Capital outlays expended in governmental fund operations are capitalized in the basic financial
statements of Collier County, Florida rather than in the governmental funds of the Sheriff.
The Sheriff has three major governmental funds:
General Fund — The general fund is used to account for the general operations of the Sheriff
and includes all transactions which are not accounted for in another fund.
Grant Special Revenue Fund — This fund is used to account for the proceeds of federal and
state grant revenues that are legally restricted to specified purposes. It also includes funds
donated to the Collier County Sheriff's Office. Donated funds are used in accordance with
how each donor designates the use of funds. The majority of donated funds are usually
designated for youth programs, however, funds have also been donated for officer safety, use
by specific districts/substations for community activities, or other programs/activities in the
community.
Prisoner Welfare Fund — This fund is used to account for the proceeds of inmate -related
services and is legally restricted to specified purposes, which benefit the inmate population.
The Sheriff also has the following non -major funds:
Reported as Other Non -major Special Revenue Funds
Confiscated Trust Fund — This fund is used to account for the proceeds of funds collected
pursuant to Florida Statute 932.705. Funds are generally used for local match for grants, drug
abuse education and prevention programs, and for other law enforcement purposes as the
Board deems appropriate.
Civil Citation — This fund is used to account for the proceeds of funds collected pursuant to
Florida Statute 775.083. Funds are used for local match for grants and to defray the costs for
crime prevention programs in the county.
14
Collier County, Florida
Sheriff
Notes to Financial Statements
September 30, 2021
1. Summary of Significant Accounting Policies (continued)
Governmental Funds (continued)
Education Trust Fund— This fund is used to account for the proceeds of funds collected
pursuant to Florida Statute 943.25. Funds are used to defray training costs.
E911— This fund is used to account for the proceeds of funds collected pursuant to Florida
Statute 365.172. Funds are used to pay certain costs associated with the Emergency 911
System.
Criminal Justice Education and Training — This fund is used to account for the proceeds of
funds collected pursuant to Florida Statute 943.25. Funds are used to defray training costs.
Domestic Violence Training Fund — This fund is used to account for the proceeds of funds
collected pursuant to Florida Statute 938.08. Funds are used to defray of incarcerating
persons sentenced under Florida Statute 741.283 and to provide additional training to law
enforcement personnel in combating domestic violence.
Federal Equitable Sharing Fund — The revenue from this fund is the result of joint
investigations with federal agencies that result in the equitable sharing of the net proceeds of
the forfeiture.
Fund balances reported in these funds are to be used for the specified purpose of the
respective fund.
Fiduciary Funds
Fiduciary Funds — Private -Purpose Trust Fund — This fund is used to account for assets held by
the Sheriff as an agent for individuals participating the Sheriff's flexible -spending plan. This fund
is accounted for using the accrual basis of accounting.
Fiduciary Funds — Custodial Funds — These funds are used to account for assets held by the
Sheriff as an agent for individuals, private organizations, and other governments. Custodial funds
are custodial in nature. Custodial funds are accounted for using the accrual basis of accounting.
For Fiscal Year Ending September 30, 2021, the Collier County Sheriff's Office adopted GASB
84 Fiduciary Activities reporting standards. During this implementation, the financial statements
were restated which created a beginning fiduciary net position as of October 1, 2020 in the
amounts of $272,912 in the Private -Purpose Trust Fund and $273,835 in the Custodial Funds.
15
Collier County, Florida
Sheriff
Notes to Financial Statements
September 30, 2021
Proprietary Fund
Internal Service Fund — This fund is used to account for the health and dental insurance services
provided to departments and retirees of the Sheriff on a cost -reimbursement basis. Proprietary
funds are accounted for using the economic resources measurement focus and the accrual basis
1. Summary of Significant Accounting Policies (continued)
of accounting. Revenues are recorded when earned and expenses are recorded when a liability is
incurred, regardless of the timing of related cash flows.
Cash Equivalents and Investments
Cash equivalents are defined as highly liquid investments with original maturities of three
months or less.
The Sheriff invests funds throughout the year with Florida PRIME, an investment pool
administered by the State Board of Administration (SBA), under the regulatory oversight of the
State of Florida. Investments in Florida PRIME are made pursuant to Chapter 125.31, Florida
Statutes. Florida PRIME is considered a qualifying external investment pool that meets all the
necessary criteria to elect to measure all of the investments at amortized cost. Therefore, the fair
value of the Sheriff's position in the pool is the same as the value of the pool shares. The
investments are not categorized because they are not evidenced by securities that exist in
physical or book entry form. Throughout the year, and as of September 30, 2021, Florida PRIME
contained certain floating and adjustable rate securities. These investments represented 4.4% of
Florida PRIME's portfolio at September 30, 2021.
In accordance with GASB Statement No. 79, as a participant in a qualifying external investment
pool, the Sheriff should disclose the presence of any limitations or restrictions on withdrawals
such as redemption notice periods, maximum transaction amounts, and the qualifying external
investment pool's authority to impose liquidity fees or redemption gates in the notes to the
financial statements.
With regards to redemption gates, Chapter 218.409(8)(a), Florida Statutes, states that "The
principal, and any part thereof, of each account constituting the trust fund is subject to payment
at any time from the moneys in the trust fund. However, the Executive Director may, in good
faith, on the occurrence of an event that has a material impact on liquidity or operations of the
trust fund, for 48 hours limit contributions to or withdrawals from the trust fund to ensure that
the Board can invest moneys entrusted to it in exercising its fiduciary responsibility. Such action
must be immediately disclosed to all participants, the Trustees, the Joint Legislative Auditing
16
Collier County, Florida
Sheriff
Notes to Financial Statements
September 30, 2021
Committee, the Investment Advisory Council, and the Participant Local Government Advisory
council. The Trustees shall convene an emergency meeting before the expiration of the 48-hour
moratorium on contributions and withdrawals, the moratorium may be extended by the
Executive Director until the Trustees are able to meet to review the necessity for the moratorium.
If the Trustees agree with such measures, the Trustees shall vote to continue any such measures
1. Summary of Significant Accounting Policies (continued)
before the expiration of the time limit set, but in no case may the time limit set by the Trustees
exceed 15 days."
With regard to liquidity fees, Florida Statute 218.409(4) provides authority for the SBA to
impose penalties for early withdrawal, subject to disclosure in the enrollment materials of the
amount and purpose of such fees. At present, no such disclosure has been made.
At September 30, 2021, there were no redemption fees or maximum transaction amounts, or any
other requirements that serve to limit a participant's daily access to 100 percent of their account
value.
Compensated Absences
All full-time employees of the Sheriff are allowed to accumulate an unlimited number of hours
of unused sick time and up to 500 hours of unused vacation leave. Upon termination, employees
receive 100% of allowable accumulated vacation hours. If the member leaves in good standing
they will also receive a percentage of unused sick leave, depending on years of service, not to
exceed 2,000 hours. Vacation time and sick leave are included in operating costs when the
payments are made to the employees. The Sheriff does not, nor is the Sheriff legally required to,
accumulate expendable financial resources for these unmatured obligations. Accordingly, the
liability for compensated absences is not reported in the governmental funds, but rather is
reported in the basic financial statements for the County.
Use of Estimates
The preparation of the financial statements requires management of the Sheriff to make a number
of estimates and assumptions relating to the reported amounts of assets and liabilities and the
disclosure of contingent assets and liabilities at the date of the financial statements and the
reported amounts of revenues and expenditures during the period. Significant items subject to
such estimates and assumptions include the self-insurance claims payable. Actual results could
differ from those estimates.
17
Collier County, Florida
Sheriff
Notes to Financial Statements
September 30, 2021
Fund Balance Reporting and Governmental Fund -Type Definitions
Fund balances are classified either as non -spendable or as spendable. Spendable fund balances
are further classified in a hierarchy based on the extent to which there are external and/or internal
constraints in how fund balance amounts may be spent.
1. Summary of Significant Accounting Policies (continued)
Non -spendable fund balances include amounts that cannot be spent because they are not in
spendable form or are legally or contractually required to be maintained intact. The Sheriff did
not have any non -spendable fund balances as of September 30, 2021.
Spendable fund balances are classified based on a hierarchy of the Sheriff's ability to control the
spending of these fund balances and are reported in the following categories: restricted,
committed, assigned, and unassigned. The Sheriff's fund balances for the Grant Special Revenue
Fund, and Prisoner Welfare Fund fall into this category.
Fund balances maintained in the Grant Special Revenue Fund and Prisoner Welfare Fund are
constrained for specific purposes that are externally imposed by donors, grantors, laws, or
regulations or imposed by law through constitutional provisions or enabling legislation, and are
reports as restricted fund balances.
2. Budgetary Process
Florida Statutes govern the preparation, adoption, and administration of the Sheriff's annual
budget. The Sheriff prepares a budget for the general fund and submits it to the Board for
approval. The budget is prepared on a basis consistent with accounting principles generally
accepted in the United States of America, except that the proceeds from leases and the related
capital outlay are not budgeted and certain expenditures for long-term projects which are
reimbursed by the Board are also not budgeted. Any subsequent amendments to the budget must
be approved by the Board. The annual budget serves as the legal authorization for expenditures.
Expenditures may not legally exceed appropriations at the fund level. Appropriations lapse at
year-end. Budgetary control is maintained at the departmental major object expenditure level.
Budgetary changes within the major object expenditure categories are made at the discretion of
the Sheriff.
The Sheriff does not budget for the grant special revenue fund as it is funded by federal and state
grants and is governed by those documents. Additionally, the prisoner welfare fund does not
have a legally adopted budget.
MV
Collier County, Florida
Sheriff
Notes to Financial Statements
September 30, 2021
The original budget is the first complete appropriated budget. The final budget is the original
budget adjusted by all reserves, transfers, allocations, supplemental appropriations, and other
legally authorized changes applicable to the fiscal year, whenever legally authorized.
19
Collier County, Florida
Sheriff
Notes to Financial Statements
September 30, 2021
3. Cash, Cash Equivalents and Investments
At September 30, 2021, the carrying value of the Sheriff's cash, cash equivalents, and
investments was as follows:
Credit
Type
Maturity
Carrying Value
Rating
Cash on hand
N/A
$ 21,931
N/A
Demand deposits
N/A
19,292,806
N/A
Local government surplus funds trust fund:
Florida Prime (SBA)
N/A
799,089
Aaa
Total cash and cash equivalents
$ 20,113,826
Money Market
N/A
78,690
Not rated
Federal Home Loan Bank
1/15/2025
4969690
AA+
Federal Home Loan Bank STEP
1/29/2026
2479510
AA+
Federal Home Loan Bank
1/29/2026
2479068
AA+
Federal Home Loan Bank
2/26/2026
4959325
AA+
Federal Home Loan Bank STEP
2/18/2026
4949800
AA+
Federal Home Loan Bank STEP
3/23/2026
498,210
AA+
Federal Home Loan Bank
3/28/2025
498,750
AA+
Federal Farm Credit Bank
8/3/2026
99,111
AA+
Federal Farm Credit Bank
9/16/2025
495,455
AA+
Federal Farm Credit Bank
9/l/2026
494,615
AA+
Federal Farm Credit Bank
3/28/2024
498,470
AA+
Federal Farm Credit Bank
10/15/2024
497,890
AA+
Federal Farm Credit Bank
11/30/2023
549,879
AA+
Federal Farm Credit Bank
1/13/2025
392,136
AA+
Federal Farm Credit Bank
2/4/2025
246,631
AA+
Federal Farm Credit Bank
2/10/2025
498,065
AA+
Federal Home Loan Mortgage Corp.
7/30/2026
123,950
Aaa
Federal Home Loan Mortgage Corp.
6/23/2026
495,565
Aaa
Federal Home Loan Mortgage Corp.
1/7/2026
350,836
Aaa
Federal Home Loan Mortgage Assn.
11/25/2025
494,830
AA+
Certificate of Deposit
4/4/2022
246,000
Not Rated
Certificate of Deposit
4/4/2022
246,000
Not Rated
Treasury Note
4/15/2022
505,900
AA+
Treasury Note
5/15/2022
506,405
AA+
Treasury Note
2/28/2022
503,515
AA+
Treasury Note
12/31/2021
476,853
AA+
Treasury Note
6/15/2023
500,115
AA+
Treasury Note
6/30/2022
400,124
AA+
Treasury Note
8/31/2022
325,075
AA+
Total Investments
12,004,463
Total cash, cash equivalents and investments
$ 32,118,289
*Credit ratings are Standard & Poor ratings except for FHLMC and Florida Prime which are
Moody ratings.
20
Collier County, Florida
Sheriff
Notes to Financial Statements
September 30, 2021
3. Cash, Cash Equivalents and Investments (continued)
The total cash, cash equivalent and investments balances at September 30, 2021, were
as follows:
General fund
Grant special revenue fund
Prisoner welfare fund
Internal service fund
Custodial funds
Custodial Credit Risk
$ 12,661,812
1,583,722
2,894,784
14,382,313
595,658
$ 32,118,289
At September 30, 2021, the Sheriff's demand deposits were entirely covered by Federal
Depository Insurance or by collateral pledged with the State Treasurer pursuant to Chapter 280,
Florida Statutes. Under this Chapter, in the event of default by a participating financial
institution (a qualified public depository), all participating institutions are obligated to reimburse
the government entity for the loss.
The investments in the Internal Service Fund are part of the Florida Sheriffs Employer Benefits
Trust (FSEBT) and are administered by FSEBT. FSEBT's policy requires execution of a third -
party custodial safekeeping agreement for purchased securities and collateral, and requires that
securities be held in the Sheriff's name.
Credit Risk
The Sheriff's policy is to follow the guidance in Sections 218.415 and 219.075, Florida Statutes,
regarding the deposit of funds received and the investment of surplus funds. The Sheriff's
Investment Policy authorizes investments in Florida PRIME (formerly the Local Government
Surplus Funds Trust Fund), or any intergovernmental investment pool authorized pursuant to the
Florida Interlocal Cooperation Act, as provided in s. 163.01, F.S.; Securities and Exchange
Commission registered money market funds with the highest credit quality rating from a
nationally recognized rating agency; interest -bearing time deposits or savings accounts in
qualified public depositories, as defined in s. 280.02, F.S.; and direct obligations of the
U.S. Treasury.
21
Collier County, Florida
Sheriff
Notes to Financial Statements
September 30, 2021
3. Cash, Cash Equivalents and Investments (continued)
Credit Risk (continued)
Additionally, Florida Statutes allow local governments to place public funds with institutions
that participate in a collateral pool under the Florida Security for Public Deposits Act. The pool
is administered by the State Treasurer, who may make additional assessments to ensure that no
public funds will be lost.
Florida PRIME is administered by the State Board of Administration. Florida PRIME consisted
of money market appropriate assets. At September 30, 2021, the Sheriff had $799,089 invested
in Florida PRIME. Florida PRIME is rated "Aaa" by Moody's Ratings Services.
Interest Rate Risk
The Sheriff has no specific investment policy regarding interest rate risk.
Concentration of Credit Risk
The Sheriff's investments are included in the internal service fund which is used to account for
the Sheriff's self -insured health plan. FSEBT administers the investments for the Sheriff's
self -insured health plan and has an investment policy that allows for the investment of funds that
exceed one month's required funding by more than $100,000. Investments can be made in
government securities. The Sheriff's portfolio managed by FSEBT includes investments in U.S.
government instrumentalities, and demand deposits. There are also demand deposits that are not
managed by FSEBT and are available dollars managed by the Sheriff to cover daily operations.
The portion of the Sheriff's portfolio invested in FSEBT is detailed as follows, at September 30,
2021:
Money Market
Treasury Note
Certificate of Deposit
Federal Home Loan Mortgage Corp.
Federal Home Loan Mortgage Assn.
Federal Home Loan Bank
Federal Farm Credit Bank
Total
% of Portfolio
1%
27%
4%
8%
4%
25%
31%
100%
22
Collier County, Florida
Sheriff
Notes to Financial Statements
September 30, 2021
3. Cash, Cash Equivalents and Investments (continued)
Fair Value Measurements
The Sheriff categorizes its fair value measurements within the fair value hierarchy established by
generally accepted accounting principles. The hierarchy is based on the valuation inputs used to
measure the fair value of the asset. Level 1 inputs are quoted prices in active markets for
identical assets; Level 2 inputs are significant other observable inputs; Level 3 inputs are
significant unobservable inputs.
The Sheriff has the following recurring fair value measurements as of September 30, 2021:
• U.S. Treasury Notes classified as level 1 of the fair value hierarchy are valued using
prices quoted in active markets for those securities.
• U.S. Agency obligations classified as level 2 of the fair value hierarchy are valued using
quoted prices for similar assets in active markets.
4. Capital Assets
Capital assets used by the Sheriff are capitalized in the basic financial statements of Collier
County, Florida rather than in the governmental funds of the Sheriff. Upon acquisition, such
assets are recorded as expenditures in the governmental funds of the Sheriff and are capitalized
at cost in the basic financial statements of the County. Capital assets are valued at historical cost
or estimated historical cost if actual historical cost is not available. Donated capital assets are
recorded at acquisition value on the date received. The Sheriff maintains custodial responsibility
for the capital assets used by his office. No depreciation expense has been provided on capital
assets in these financial statements. However, depreciation expense on these assets is recorded in
the basic financial statements of Collier County, Florida.
23
Collier County, Florida
Sheriff
Notes to Financial Statements
September 30, 2021
4. Capital Assets (continued)
The following is a summary of changes in capital assets which are reported in the basic financial
statements of Collier County, Florida:
Governmental Activities
Capital assets not depreciated:
Construction in Progress
Total capital assets not depreciated
Capital assets depreciated :
Machinery and equipment
Total capital assets depreciated
Less accumulated depreciation:
Machinery and equipment
Total Accumulated depreciation
Total Depreciable capital
assets, net
Total Governmental Activities capital
assets, net
5. Long -Term Liabilities
October 1, Deductions/ September 30,
2020 Additions Reclassifications 2021
$ 2,434,481 $ 2,195,401 $ (2,260,658) $ 2,369,224
2,434,481 2,195,401 (2,260,658) 2,369,224
102,390,957 17,385,262 (7,542,083) 112,234,136
102,390,957 17,385,262 (7,542,083) 112,234,136
(65,073,350) (13,018,985) 7,542,083 (70,550,252)
(65,073,350) (13,018,985) 7,542,083 (70,550,252)
37,317,607 4,366,277
41,683,884
$ 39,752,088 $ 6,561,678 $ (2,260,658) $ 44,053,108
The following is a summary of changes in long-term liabilities, which are reported in the basic
financial statements of Collier County, Florida:
October 1,
Deductions/ September 30,
2020 Additions Reclassifications 2021
Compensated Absences $21,837,448 $4,561,192 ($3,806,720) $ 22,591,920
Of these liabilities, approximately $1,050,000 is expected to be paid during the fiscal year ending
September 30, 2022. These long-term liabilities are not reported in the financial statements of the
Sheriff since they have not matured.
24
Collier County, Florida
Sheriff
Notes to Financial Statements
September 30, 2021
5. Long -Term Liabilities continued
The Sheriff leases assets for various terms under certain agreements that meet the definition of a
lease under GASB Statement No. 87 — Leases. Detailed information about the Sheriff's leases
can be found in the Collier County Annual Comprehensive Financial Report or County -wide
financial statements.
Leases entered into by the Sheriff are included as other financing sources and capital outlay
expenditures in the Statement of Revenues, Expenditures, and Changes in Fund Balance in the
year of inception. Payments made in accordance with the lease terms are reported as debt
service expenditures in the Statement of Revenues, Expenditures, and Changes in Fund Balance
as they are incurred.
During the year ended September 30, 2021, the Sheriff entered into leases in the amount of
$202,222. During the year ended September 30, 2021, the Sheriff's principal and interest
payments on leases totaled $174,256.
6. Interfund Balances and Transfers
Due from and due to other funds at September 30, 2021, were as follows:
General Fund
Prisoner Welfare Fund
Internal Service Fund
Other non -major special revenue funds
Custodial funds
Total
Due From Due To
$ 430,642
28,729
1,200,000
$ 1,659,371
$ 1,200,000
92,191
325,630
41,550
$ 1,659,371
Interfund receivables and payables generally represent recurring activities between funds.
25
Collier County, Florida
Sheriff
Notes to Financial Statements
September 30, 2021
7. Related Party Transactions
The Board provided funding for the Sheriff for the year of $206,622,700. At September 30,
2021, the Sheriff had a payable due to the Board of $90,273 comprised of the following:
General fund:
Distributions of excess appropriations $ 44,199
Distribution of interest collected 10,851
Miscellaneous payables 35,223
Total $ 90,273
Additionally, the Sheriff had a receivable from the Board related to services provided to the
County of $482,067 at September 30, 2021.
8. Pension Plans
Background
The Florida Retirement System (FRS) was created by Chapter 121, Florida Statutes, to provide a
defined benefit pension plan for participating public employees. The FRS was amended in 1998
to add the Deferred Retirement Option Program under the defined benefit plan and amended in
2000 to provide a defined contribution plan alternative to the defined benefit plan for FRS
members effective July 1, 2002. This integrated defined contribution pension plan is the FRS
Investment Plan. Chapter 112, Florida Statutes, established the Retiree Health Insurance Subsidy
(HIS) Program, a cost -sharing multiple -employer defined benefit pension plan, to assist retired
members of any State -administered retirement system in paying the costs of health insurance.
Essentially all regular employees of the Sheriff are eligible to enroll as members of the
State -administered FRS. Provisions relating to the FRS are established by Chapters 121 and 122,
Florida Statutes; Chapter 112, Part IV, Florida Statutes; Chapter 238, Florida Statutes; and FRS
Rules, Chapter 605, Florida Administrative Code; wherein eligibility, contributions, and benefits
are defined and described in detail. Such provisions may be amended at any time by further
action from the Florida Legislature. The FRS is a single retirement system administered by the
Florida Department of Management Services, Division of Retirement, and consists of the two
cost -sharing, multiple -employer defined benefit plans and other nonintegrated programs. An
annual comprehensive financial report of the FRS, which includes its financial statements,
required supplementary information, actuarial report, and other relevant information, is available
from the Florida Department of Management Services' Web site (www.dms.myflorida.com).
26
Collier County, Florida
Sheriff
Notes to Financial Statements
September 30, 2021
8. Pension Plans (continued)
Florida Retirement System Pension Plan
Plan Description
The Florida Retirement System Pension Plan (FRS Plan) is a cost -sharing multiple -employer
defined benefit pension plan, with a Deferred Retirement Option Program (DROP) for eligible
employees. The general classes of membership are as follows:
• Regular Class — Members of the FRS who do not qualify for membership in the other
classes.
• Elected County Officers Class — Members who hold specified elective offices in local
government.
• Senior Management Service Class (SMSC) — Members in senior management level positions.
• Special Risk Class — Members who are special risk employees, such as law enforcement
officers, meet the criteria to qualify for this class.
• Renewed Membership Class —Members who retired from July 1, 1991 through June 30, 2010,
and are reemployed in a regularly established position with a covered employer, upon vesting
again, are eligible for an additional retirement benefit based on service as a renewed member.
Retirees of the FRS Investment Plan who are employed on or after July 1, 2017 are eligible
for renewed membership in the Investment Plan.
Employees enrolled in the FRS Plan prior to July 1, 2011, vest at 6 years of creditable service
and employees enrolled in the FRS Plan on or after July 1, 2011, vest at 8 years of creditable
service. All vested members, enrolled prior to July 1, 2011, are eligible for normal retirement
benefits at age 62 or at any age after 30 years of service, except for members classified as special
risk who are eligible for normal retirement benefits at age 55 or at any age after 25 years of
service. All members enrolled in the FRS Plan on or after July 1, 2011, once vested, are eligible
for normal retirement benefits at age 65 or any time after 33 years of creditable service, except
for members classified as special risk who are eligible for normal retirement benefits at age 60 or
at any age after 30 years of service. Employees enrolled in the FRS Plan may include up to
4 years of credit for military service toward creditable service. The FRS Plan also includes an
early retirement provision; however, there is a benefit reduction for each year a member retires
before his or her normal retirement date. The FRS Plan provides retirement, disability, death
benefits, and annual cost -of -living adjustments to eligible participants.
DROP, subject to provisions of Section 121.091, Florida Statutes, permits employees eligible for
normal retirement under the FRS Plan to defer receipt of monthly benefit payments while
27
Collier County, Florida
Sheriff
Notes to Financial Statements
September 30, 2021
8. Pension Plans (continued)
Plan Description (continued)
continuing employment with an FRS participating employer. An employee may participate in
DROP for a period not to exceed 60 months after electing to participate, except that certain
instructional personnel may participate for up to 96 months. During the period of DROP
participation, deferred monthly benefits are held in the FRS Trust Fund and accrue interest. The
net pension liability does not include amounts for DROP participants, as these members are
considered retired and are not accruing additional pension benefits.
Benefits Provided
Benefits under the FRS Plan are computed on the basis of age and/or years of service, average
final compensation, and service credit. Credit for each year of service is expressed as a
percentage of the average final compensation. For members initially enrolled before July 1,
2011, the average final compensation is the average of the 5 highest fiscal years' earnings; for
members initially enrolled on or after July 1, 2011, the average final compensation is the average
of the 8 highest fiscal years' earnings. The total percentage value of the benefit received is
determined by calculating the total value of all service, which is based on the retirement class to
which the member belonged when the service credit was earned. Members are eligible for in -
line -of -duty or regular disability and survivors' benefits.
As provided in Section 121.101, Florida Statutes, if the member is initially enrolled in the FRS
before July 1, 2011, and all service credit was accrued before July 1, 2011, the annual cost -of -
living adjustment is 3 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 3 percent determined by
dividing the sum of the pre -July 2011 service credit by the total service credit at retirement
multiplied by 3 percent. FRS Plan members initially enrolled on or after July 1, 2011, will not
have a cost -of -living adjustment after retirement.
Detailed information about the County's proportionate share of FRS's net pension liability,
deferred outflows/inflows of resources, and pension expense are reported in the government -
wide statements of the County.
WV
Collier County, Florida
Sheriff
Notes to Financial Statements
September 30, 2021
8. Pension Plans (continued)
Benefits Provided (continued)
Retiree Health Insurance Subsidy Prozram
Plan Description
The Retiree Health Insurance Subsidy Program (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 June 30, 2021, eligible retirees and beneficiaries received a monthly
HIS payment of $5 for each year of creditable service completed at the time of retirement, with a
minimum HIS payment of $30 and a maximum HIS payment of $150 per month, pursuant to
Section 112.363, Florida Statutes. To be eligible to receive a HIS Plan benefit, a retiree under a
State -administered retirement system must provide proof of health insurance coverage, which
may include Medicare.
Detailed information about the County's proportionate share of HIS's net pension liability,
deferred outflows/inflows of resources, and pension expense are reported in the government -
wide statements of the County.
FRS Investment Plan
The Florida State Board of Administration (SBA) administers the defined contribution plan
officially titled the FRS Investment Plan (Investment Plan). The Investment Plan is reported in
the SBA's annual financial statements and in the State of Florida Annual Comprehensive
Financial Report.
29
Collier County, Florida
Sheriff
Notes to Financial Statements
September 30, 2021
8. Pension Plans (continued)
Benefits Provided (continued)
As provided in Section 121.4501, Florida Statutes, eligible FRS members may elect to
participate in the Investment Plan in lieu of the FRS defined benefit plan. Sheriff employees
participating in DROP are not eligible to participate in the Investment Plan. Employer and
employee contributions, including amounts contributed to individual member's accounts, are
defined by law, but the ultimate benefit depends in part on the performance of investment funds.
Benefit terms, including contribution requirements, for the Investment Plan are established and
may be amended by the Florida Legislature. The Investment Plan is funded with the same
employer and employee contribution rates that are based on salary and membership class
(Regular Class, Elected County Officers, etc.), as the FRS defined benefit 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 plan,
including the FRS Financial Guidance Program, are funded through an employer contribution of
0.06 percent of payroll and by forfeited benefits of plan members.
For all membership classes, employees are immediately vested in their own contributions and are
vested after 1 year of service for employer contributions and investment earnings. If an
accumulated benefit obligation for service credit originally earned under the FRS Pension Plan is
transferred to the Investment Plan, the member must have the years of service required for FRS
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 5 years. If the employee returns to FRS -covered
employment within the 5-year period, the employee will regain control over their account. If the
employee does not return within the 5-year period, the employee will forfeit the accumulated
account balance. For the fiscal year ended June 30, 2021, 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 Sheriff.
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 FRS Pension Plan when approved for disability retirement to receive
guaranteed lifetime monthly benefits under the FRS Pension Plan, or remain in the Investment
Plan and rely upon that account balance for retirement
income.
30
Collier County, Florida
Sheriff
Notes to Financial Statements
September 30, 2021
8. Pension Plans (continued)
Contributions
Participating employer contributions are based upon statewide rates established by the State of
Florida. The Sheriff's contributions made to the plans during the years ended September 30,
2021, 2020, and 2019 were $20,409,973, $19,677,937, and $18,763,457, respectively, equal to
the actuarially determined contribution requirements for each year.
Additional information about pension plans can be found in the County's annual comprehensive
financial report.
31
Collier County, Florida
Sheriff
Notes to Financial Statements
September 30, 2021
9. Other Postemployment Benefits
The Sheriff follows the provisions of GASB Statement No. 75 Accounting and Financial
Reporting for Postemployment Benefits Other Than Pensions, for its other postemployment
benefits (OPEB). The liability, expense, deferred outflows of resources and deferred inflows of
resources for OPEB, calculated in accordance with GASB Statement No. 75, are reported in the
financial statements of the County.
Plan Description
The Sheriff administers a single -employer defined benefit plan (OPEB Plan) and can amend the
benefit provisions. Prior to 2010, the Sheriff offered an OPEB Plan that subsidized the cost of
health care for retirees who have six years of creditable service with the Sheriff and who receive
a monthly retirement benefit from the Florida Retirement System. The Sheriff subsidizes
approximately 26% for both single coverage and family coverage for qualifying individuals. In
2010, the subsidy was no longer made available to eligible retirees who chose to continue their
health insurance coverage. Approximately 22% of retirees receive the subsidy. Additionally, in
accordance with Florida Statute 112.0801, Sheriff's employees who retire and immediately begin
receiving benefits from the FRS have the option of paying premiums to continue in the Sheriff's
health insurance plan at the same group rate as for active employees.
Participant Data
At September 30, 2021, the Sheriff's plan participation consisted of:
Active employees 1,150
Inactive employees or beneficiaries currently receiving benefit payments 141
Funding Policy
The Sheriff has the authority to establish and amend funding policy. The OPEB Plan is currently
being funded on a pay -as -you go basis. No trust or custodial fund has been established for the
plan.
32
Collier County, Florida
Sheriff
Notes to Financial Statements
September 30, 2021
9. Other Postemployment Benefits (continued)
Total OPEB Liability
The Sheriff's OPEB liability of $28,169,914 was measured as of September 30, 2021, and was
determined by an actuarial valuation as of October 1, 2020. The following table shows the
changes in the Sheriff's total OPEB liability for the year ended September 30, 2021.
Total OPEB
Liability
Balance, as of October 1, 2020 $ 27,920,433
Changes:
Service cost 777,037
Interest 448,520
Differences between expected and actual experience 451
Changes in assumptions or other inputs 353,427
Benefit payments (1,329,954)
Net changes 249,481
Balance, as of September 30, 2021 $ 28,169,914
The following presents the total OPEB liability of the Sheriff, as well as what the Sheriff's total
OPEB liability would be if it were calculated using a discount rate one percentage point lower or
one percentage point higher than the current discount rate:
Total OPEB Liability
1% Decrease Discount Rate 1% Increase
0.50% 1.50% 2.50%
$ 30,800,891 $ 28,169,914 $ 25,840,363
The following presents the total OPEB liability of the Sheriff, as well as what the Sheriff's total
OPEB liability would be if it were calculated using healthcare cost trend rates that are 1 % point
lower (4% decreasing to 3%) or 1% point higher (6% decreasing to 5%) than the current
healthcare cost trend rates:
Healthcare rate sensitivity
1% Decrease Discount Rate 1% Increase
(4% decreasing (5% decreasing (6% decreasing
to 3%) to 4%) to 5%)
Total OPEB Liability $ 25,637,156 $ 28,169,914 $ 31,082,145
33
Collier County, Florida
Sheriff
Notes to Financial Statements
September 30, 2021
9. Other Postemployment Benefits (continued)
Deferred Outflows and Inflows of Resources Related to OPEB
For the year ended September 30, 2021, the Sheriff's OPEB expense was $2,574,820. In addition
the Sheriff reported deferred outflow of resources and deferred inflow of resources from the
following sources:
Description
Differences between expected and actual experience
Changes in assumptions
Total
Deferred
Deferred
Outflows of
Inflows of
Resources
Resources
$ 5,735,347
2,784,663
$ 8,520,010
$ 38,168
522,836
$ 561,004
Amounts reported as deferred inflows of resources and deferred outflows of resources as an
increase/decrease to OPEB expense will be recognized as follows:
Year beginning October 1
2021
2022
2023
2024
2025
Thereafter
Actuarial Methods and Assumptions
Deferred Outflows Deferred Inflows
of Resources of Resources
$ 1,536,775 $ 136,740
1,536,775 136,740
1,536,775 136,740
1,536,775 129,469
1,299,645 21,315
1,073,265 —
Actuarial valuations of an ongoing plan involve estimates of the value of reported amounts and
assumptions about the probability of occurrence of events far into the future. Examples include
assumptions about future employment, mortality, and the healthcare cost trend. Amounts
determined regarding the funded status of the plan and the annual required contributions of the
employer are subject to continual revision as actual results are compared with past expectations
and new estimates are made about the future.
34
Collier County, Florida
Sheriff
Notes to Financial Statements
September 30, 2021
9. Other Postemployment Benefits (continued)
Actuarial Methods and Assumptions (continued)
Calculations for financial reporting purposes are based on the benefits provided under terms of
the plan as understood by the employer and the plan members in effect at the time of each
valuation and on the pattern of sharing of costs between the employer and plan members to that
point. The projection of benefits for financial reporting purposes does not explicitly incorporate
the potential effects of legal or contractual funding limitations on the pattern of cost sharing
between the employer and plan members in the future. Actuarial calculations reflect a long-term
perspective. Consistent with that perspective, actuarial methods and assumptions used include
techniques that are designed to reduce the effects of short-term volatility in actuarial accrued
liabilities and the actuarial value of assets.
The actuarial methods are:
Actuarial cost method
The actuarial assumptions are:
Discount rate
Healthcare cost trend rate
Salary increase
New employees
Entry Age Actuarial
1.5% (Based on 20 year AA municipal bond rate)
5%
None
None
Mortality rates were based on the Pri-2012 Mortality Fully Generational tables using Projection
Scale MP-2020.
The following changes have been made since the prior year valuation:
• The discount rate was changed from 1.6% to 1.5%
• The healthcare cost trend rate was changed from 6% to 5%
• The mortality assumption has been updated from RP-2014 Mortality Fully Generational
using Projection Scale MP-2019 to Pri-2012 Mortality Fully Generational using
Projection Scale MP-2020.
35
Collier County, Florida
Sheriff
Notes to Financial Statements
September 30, 2021
10. Self -Insurance Program
The Sheriff's Office participates in the Statewide Florida Sheriff's Self -Insurance Fund
(the Fund) for its professional liability insurance. The Fund is managed by representatives of the
participating Sheriff offices and provides professional liability insurance to participating
agencies. The Fund provides liability insurance coverage subject to the following limitations:
$5,000,000 for any one incident, and $10,000,000 for an annual aggregate. The Sheriff also
participates in the Fund for workers' compensation coverage. The Florida Sheriffs Workers'
Compensation Self Insurance Program is a self-insurance program providing coverage for the
first $1,000,000 of every claim. Reinsurance is purchased by the Program to cover claims
exceeding $1,000,000 (or $500,000 or $350,000 where applicable, based upon occurrence year
of claim) up to $18,000,000. Reinsurance coverage up to $20,000,000 for any one person on a
catastrophic basis is available when applicable. Settled claims have not exceeded the insurance
provided by third -party carriers in any of the past three years.
Premiums charged to participating Sheriffs are based upon amounts believed by the Fund
management to meet the estimated annual payout during the fiscal year and to pay for the
estimated operating costs of the program. All liabilities associated with these self -insured risks
are reported in the basic financial statements of the Fund.
The Sheriff has also established a self -funded employee health plan for active employees and
retirees. An internal service fund is used to account for the activities of the plan. Excess coverage
has been purchased which provides specific claim excess coverage for any one incident
exceeding $200,000. In FY21 there was one covered individual who had a higher deductible
amount because of a history of high claims. This individual had a deductible of $1,185,000.
Specific claim excess coverage for this individual is for claims exceeding $1,185,000. The
maximum annual individual stop loss payment amount is unlimited. Payments to the internal
service fund are based on actuarial estimates of amounts needed to pay prior year and current
year claims including claims incurred but not yet reported.
The Sheriff's Office uses a Third -Party Administrator (TPA) to administer and pay claims for the
health plan. Meritain Health, Inc. has been the TPA since July 1, 2013.
Changes in the balance of estimated insurance claims payable for the fiscal year ended
September 30, 202121 and 2020 are as follows:
New Claims
Balance
and Changes
Claim
Balance
Fiscal year ending: October 1
in Estimates
Payments
September 30
2020 $2,946,000
$26,017,032
($26,062,032)
$2,901,000
2021 $2,901,000
$30,590,007
($30,255,007)
$3,236,000
36
Collier County, Florida
Sheriff
Notes to Financial Statements
September 30, 2021
11. Commitments and Contingencies
Litigation
The Sheriff is involved in various claims and legal actions arising in the ordinary course of
operations. In the opinion of management, the ultimate disposition of these matters will not have
a material adverse effect on the Sheriff.
Federal and State Grants
Grant funds received by the Sheriff are subject to audit by grantor agencies. Audits of these
grants may result in disallowed costs, which may constitute a liability of the Sheriff. In the
opinion of management, disallowed costs, if any, would be immaterial to the financial position of
the Sheriff.
Purchase Commitment
On May 17, 2021, the Sheriff signed a Letter of Intent with Florida Bullet, Inc. to purchase
several rounds of ammunition for $284,858.50 obligating the Sheriff to purchase this
ammunition. Delivery of this ammunition is scheduled for January — March 2022. Payment is to
be made within 30 days of delivery.
On July 19, 2021, the Sheriff signed a Letter of Intent with Life Proof Boats by IMS to purchase
a 31WC120-PRO Police Boat for $348,945.55 obligating the Sheriff to purchase this boat.
Delivery of this boat is scheduled for June 2022. Payment is to be made within 30 days of
delivery.
37
Collier County, Florida
Sheriff
Required Supplementary Information
Schedule of Changes in Total OPEB Liability and Related Ratios
Total OPEB Liability
Service cost
Interest
Differences between expected and actual experience
Changes in assumptions or other inputs
Benefit payments
Net change in total OPEB Liability
Total OPEB Liability, beginning
Total OPEB Liability, ending
Covered -employee payroll
Total OPEB Liability as a percentage of covered -employee payroll
Notes to Schedule
September 30, 2021
2021 2020 2019 2018 2017
$ 777,037 $
555,065 $
485,365 $
520,082 $
491,420
448,520
435,838
631,825
503,525
502,621
451
5,292,054
—
2,048,462
(83,607)
353,427
949,878
2,250,569
(898,977)
—
(1,329,954)
(1,098,451)
(1,074,207)
(941,061)
(871,353)
249,481
6,134,384
2,293,552
1,232,031
39,081
27,920,433 21,786,049 19,492,497 18,260,466 18,221,385
$ 28,169,914 $ 27,920,433 $ 21,786,049 $ 19,492,497 $ 18,260,466
$ 87,324,387 $ 85,054,216 $ 82,604,011 $ 80,473,682 $ 79,806,491
32.26% 32.83% 26.37% 24.22% 22.88%
Changes in Assumptions: Change in the discount rate of 1.6% as of September 30, 2020 to 1.5% as of September 30, 2021.
The mortality assumption has been updated from RP-2014 Mortality Fully Generational using Projection Scale MP-2019 to Pri-2012 Mortality
Fully Generational Projection Scale MP-2020.
Note: Information is required to be presented for 10 years. However, until a full 10-year trend is completed, the County will present information
for only those years for which information is available.
Collier County, Florida
Sheriff
Combining Statement of Fiduciary Net Position — Custodial Funds
September 30, 2021
Total
Civil Evidence Inmate Custodial
Custodial Fund Custodial Fund Custodial Fund Explorers Funds
Assets:
Cash and cash equivalents
$
30,618 $
203,521 $
66,366
$
24,927 $
325,432
Due from individuals and businesses
—
—
5,165
5,165
Total assets
$
30,618 $
203,521 $
71,531
$
24,927 $
330,597
Liabilities:
Due to other funds
$
— $
— $
41,550
$
— $
41,550
Due to Other
—
—
5,374
—
5,374
Total liabilities
—
—
46,924
—
46,924
Fiduciary Net Position
Restricted for individuals and businesses
$
30,618 $
203,521 $
24,607
$
24,927 $
283,673
39
Collier County, Florida
Sheriff
Combining Statement of Changes in Fiduciary Net Position - Custodial Funds
Additions:
Contributions:
Individuals
Fees collected for Other Governments
Miscellaneous
Total additions
Deductions:
Beneficiary Payments to Individuals
Payment of Fees to Other Governments
Payments to Other Entities
Total deductions
Year Ended September 30, 2021
Civil Evidence Inmate
Custodial Fund Custodial Fund Custodial Fund
Explorers
Total
Custodial
Funds
$ - $ - $ 2,920,527 $ 7,672 $ 2,928,199
198,452 - - - 198,452
- 10,439 - - 10,439
$ 198,452 $ 10,439 $ 2,920,527 $ 7,672 $ 3,137,090
$ - $ 11,632 $ 2,916,799 $ - $ 2,928,431
135,138 - - - 135,138
59,863 3,820 63,683
$ 195,001 $ 11,632 $ 2,916,799 $ 3,820 $ 3,127,252
Net Increase (Decrease)
in Fiduciary Net Position $ 3,451 $ (1,193) $ 3,728 $ 3,852 $ 9,838
Fiduciary Net Position - Beginning of Year, as restated 27,167 204,714 20,879 21,075 273,835
Fiduciary Net Position - End of Year $ 30,618 $ 203,521 $ 24,607 $ 24,927 $ 283,673
M
0
Clifton LarsonAllen LLP
CLAconnect.com
INDEPENDENT AUDITORS' 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 Kevin Rambosk
Sheriff
Collier County, Florida
We have audited, in accordance with the auditing standards generally accepted in the United States of
America and the standards applicable to financial audits contained in Government Auditing Standards
issued by the Comptroller General of the United States, the financial statements of each major fund
and the aggregate remaining fund information of the Collier County, Florida Sheriff (Sheriff), as of
and for the year ended September 30, 2021, and the related notes to the financial statements, which
collectively comprise the Sheriff's basic financial statements, and have issued our report thereon dated
February 26, 2022.
Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered the Sheriff's internal
control over financial reporting (internal control) as a basis for designing the 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 Sheriff s internal control.
Accordingly, we do not express an opinion on the effectiveness of Sheriffs 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. A material 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 may exist that have not been identified.
A member of CLA is an independent member of Nexia International, a leading, global network of independent 41
Nexia
International accounting and consulting firms. See nexia.com/member-firm-disclaimer for details.
Honorable Kevin Rambosk
Sheriff
Compliance and Other Matters
As part of obtaining reasonable assurance about whether the Sheriff s financial statements are free from
material misstatement, we performed tests of its compliance with certain provisions of laws,
regulations, contracts, and grant agreements, noncompliance 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 noncompliance 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
entity's internal control or on compliance. This report is an integral part of an audit performed in
accordance with Government Auditing Standards in considering the entity's internal control and
compliance. Accordingly, this communication is not suitable for any other purpose.
�,�� LL-
CliftonLarsonAllen LLP
Naples, Florida
February 26, 2022
42
0
Honorable Kevin Rambosk
Sheriff
Collier County, Florida
Clifton LarsonAllen LLP
CLAconnect.com
MANAGEMENT LETTER
Report on the Financial Statements
We have audited the financial statements of the Collier County, Florida Sheriff (Sheriff), as of and for
the fiscal year ended September 30, 2021, and have issued our report thereon dated February 26, 2022.
Auditors' Responsibility
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; and Chapter 10.550, Rules of the
Auditor General.
Other Reporting Requirements
We have issued our Independent Auditors' Report on Internal Control over Financial Reporting and
on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance
with Government Auditing Standards; and our Independent Accountants' Report on an examination
conducted in accordance with AICPA Professional Standards, AT-C Section 315, regarding
compliance requirements in accordance with Chapter 10.550, Rules of the Auditor General.
Disclosures in those reports, which are dated February 26, 2022, should be considered in conjunction
with this management letter.
Prior Audit Findings
Section 10.554(1)(i)l., Rules of the Auditor General, requires that we determine whether or not
corrective actions have been taken to address findings and recommendations made in the preceding
annual financial audit report. There were no findings or recommendations made in the preceding annual
financial audit report.
Official Title and Legal Authority
Section 10.554(1)(i)4., Rules of the Auditor General, requires that the name or official title and legal
authority for the primary government and each component unit of the reporting entity be disclosed in
this management letter, unless disclosed in the notes to the financial statements. See Note 1 in the notes
to the financial statements.
A member of CLA is an independent member of Nexia International, a leading, global network of independent 43
Nexia
International accounting and consulting firms. See nexia.com/member-firm-disclaimer for details.
Honorable Kevin Rambosk
Sheriff
Financial Management
Section 10.554(1)(i)2., Rules of the Auditor General, requires that we communicate any
recommendations to improve financial management. In connection with our audit, we did not have any
such recommendations.
Additional Matters
Section 10.554(l)(i)3., Rules of the Auditor General, requires us to communicate noncompliance with
provisions of contracts or grant agreements, or abuse, that have occurred, or are likely to have occurred,
that have 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 have any such findings.
Purpose of this Letter
Our management letter is intended solely for the information and use of the Legislative Auditing
Committee, members of the Florida Senate and the Florida House of Representatives, the Florida
Auditor General, Federal and other granting agencies, and the Sheriff and applicable management, and
is not intended to be, and should not be, used by anyone other than these specified parties.
LLB
CliftonLarsonAllen LLP
Naples, Florida
February 26, 2022
Clifton LarsonAllen LLP
. CLAconnect.com
INDEPENDENT ACCOUNTANTS' REPORT
Honorable Kevin Rambosk
Sheriff
Collier County, Florida
We have examined the Collier County, Florida Sheriff s (Sheriff) compliance with Section 218.415,
Florida Statutes, regarding the investment of public funds during the year ended September 30, 2021.
Management of the Sheriff is responsible for the Sheriff s compliance with the specified requirements.
Our responsibility is to express an opinion on the Sheriff s compliance with the specified requirements
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 Sheriff complied, in all material
respects, with the specified requirements referenced above. An examination involves performing
procedures to obtain evidence about whether the Sheriff 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 noncompliance, 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.
Our examination does not provide a legal determination on the Sheriffs compliance with specified
requirements.
In our opinion, the Sheriff complied, in all material respects, with Section 218.415, Florida Statutes,
regarding the investment of public funds during the year ended September 30, 2021.
This report is intended solely for the information and use of the Sheriff and the Auditor General, State
of Florida, and is not intended to be, and should not be, used by anyone other than these specified
parties.
CliftonLarsonAllen LLP
Naples, Florida
February 26, 2022
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0
Honorable Kevin Rambosk
Sheriff
Collier County, Florida
Clifton LarsonAllen LLP
CLAconnect.com
INDEPENDENT ACCOUNTANTS' REPORT
We have performed the procedures enumerated below on the Collier County, Florida Sheriff's (Sheriff) policies
and procedures as defined by the Sheriff over its investigative funds for the year ended September 30,
2021. The Sheriff is responsible for those policies and procedures.
The Sheriff has agreed to and acknowledged that the procedures performed are appropriate to meet the
intended purpose of policies and procedures as defined by the Sheriff over its investigative funds. This report
may not be suitable for any other purpose. The procedures performed may not address all the items of interest
to a user of this report and may not meet the needs of all users of this report and, as such, users are responsible
for determining whether the procedures performed are appropriate for their purposes.
The procedures and the associated findings are as follows:
1. We randomly selected 25 investigative fund disbursements during the fiscal year ended
September 30, 2021 (the population sampled included transactions from October 1, 2020 through
September 30, 2021), and performed the following procedures with respect to the Sheriff's policies
and procedures over investigative funds:
2. We obtained the "Disbursement for Investigation" form and observed the form was properly
completed and authorized by appropriate personnel. No exceptions were noted.
3. We obtained the "Purchase of Evidence/Information Voucher" and observed the form was
properly completed to reflect the expenses incurred within the investigation procedures, the
investigative expenditures were properly supported, and the use of funds was for authorized
purposes. No exceptions were noted.
4. We observed the unused funds returned, if applicable, agreed to the corresponding deposit and bank
statement detail and observed the amount deposited agreed to the amount returned per the "Receipt for
Funds Received" form detail. No exceptions were noted.
We were engaged by the Collier County, Florida Sheriff (Sheriff) to perform this agreed -upon
procedures engagement and conducted our engagement in accordance with attestation standards established
by the AICPA. We were not engaged to and did not conduct an examination or review engagement, the
objective of which would be the expression of an opinion or conclusion, respectively, on the Sheriffs policies
and procedures over the investigative funds. Accordingly, we do not express such an opinion or conclusion.
Had we performed additional procedures, other matters might have come to our attention that would have
been reported to you.
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International
Honorable Kevin Rambosk
Page 2
We are required to be independent of Collier County Sheriff (Sheriff) and to meet our other ethical
responsibilities, in accordance with the relevant ethical requirements related to our agreed -upon
procedures engagement.
This report is intended solely for the information and use of the Sheriff and the management of the Sheriff
and is not intended to be, and should not be, used by anyone other than these specified parties.
CliftonLarsonAllen LLP
Naples, Florida
December 16, 2021
EVA
Collier County, Florida
Supervisor of Elections
Financial Statements and
Supple
Year Ended
Collier County, Florida
Supervisor of Elections
Financial Statements and Other Reports
Year Ended September 30, 2021
Contents
IndependentAuditors' Report ..........................................................................................................1
Financial Statements
Balance Sheet — Governmental Funds.............................................................................................3
Statement of Revenues, Expenditures, and Changes in Fund Balances —
GovernmentalFunds.....................................................................................................................4
Statement of Revenues, Expenditures, and Changes in Fund Balances — Budget and
Actual— General Fund..................................................................................................................5
Notes to Financial Statements..........................................................................................................6
Other Reports
Independent Auditors' 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..............................................20
ManagementLetter........................................................................................................................22
Independent Accountants' Report ..................................................................................................24
0
Honorable Jennifer J. Edwards
Supervisor of Elections
Collier County, Florida
Clifton LarsonAllen LLP
CLAconnect.com
INDEPENDENT AUDITORS' REPORT
Report on the Financial Statements
We have audited the accompanying financial statements of each major fund of the Collier County, Florida
Supervisor of Elections (Supervisor), as of and for the year ended September 30, 2021, and the related notes
to the financial statements, which collectively comprise the Supervisor's basic financial statements as listed
in the table of contents.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in
accordance with accounting principles generally accepted in the United States of America; this includes 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.
Auditors' Responsibility
Our responsibility is to express opinions on these financial statements based on our audit. 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. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the auditors' judgment, including the assessment of
the risks of material misstatement of the financial statements, whether due to fraud or error. In making those
risk assessments, the auditor considers internal control relevant to the entity's preparation and fair
presentation of the financial statements 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 entity's internal
control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of significant accounting estimates made by management, as
well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
audit opinions.
,,be, of
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ia
International accounting and consulting firms. See nexia.com/member-firm-disclaimer for details. 1
Honorable Jennifer J. Edwards
Supervisor of Elections
Opinions
In our opinion, the financial statements referred to above present fairly, in all material respects, the
respective financial position of each major fund of the Supervisor as of September 30, 2021, and the
respective changes in financial position and budgetary comparison of its general fund thereof for the year
then ended in accordance with accounting principles generally accepted in the United States of America.
Emphasis of Matter
As discussed in Note 1 to the financial statements, the financial statements referred to above were prepared
solely for the purpose of complying with the Rules of the Auditor General of the State of Florida. In
conformity with the Rules, the accompanying financial statements are intended to present the financial
position and changes in financial position of each major fund, only for that portion of the major funds of
Collier County, Florida that is attributable to the Supervisor. They do not purport to, and do not, present
fairly the financial position of Collier County, Florida as of September 30, 2021, and the changes in its
financial position for the fiscal year then ended in conformity with accounting principles generally accepted
in the United States of America. Our opinion is not modified with respect to this matter.
Other Matters
Management has omitted management's discussion and analysis that accounting principles generally
accepted in the United States of America require to be presented to supplement the basic financial
statements. Such missing information, 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. Our
opinion on the basic financial statements is not affected by this missing information.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued a report dated February 15, 2022 on
our consideration of the Supervisor'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 Supervisor'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 Supervisor's
internal control over financial reporting and compliance.
LLB
CliftonLarsonAllen LLP
Naples, Florida
February 15, 2022
2
Collier County, Florida
Supervisor of Elections
Balance Sheet — Governmental Funds
September 30, 2021
Grant
Special
General
Revenue
Total
Assets
Cash and cash equivalents
$
261,539
$ -
$
261,539
Accounts receivable
836
-
836
Total assets
$
262,375
$ -
$
262,375
Liabilities and fund balance
Liabilities:
Accounts payable
$
39,902
$ -
$
39,902
Accrued liabilities
63,094
-
63,094
Due to Collier County, Florida
Board of County Commissioners
159,379
-
159,379
Total liabilities
262,375
-
262,375
Fund balances:
Restricted
-
-
-
Total fund balances
-
-
-
Total liabilities and fund balances
$
262,375
$ -
$
262,375
See accompanying Notes to Financial Statements
3
Collier County, Florida
Supervisor of Elections
Statement of Revenues, Expenditures, and
Changes in Fund Balances — Governmental Funds
Year Ended September 30, 2021
Revenues:
Intergovernmental
Interest
Total revenues
Expenditures:
General government:
Personal services
Operating
Capital outlay
Debt service principal
Debt service interest
Total expenditures
Excess (deficiency) of expenditures over
revenues
Other financing sources (uses):
Proceeds from right to use leases
Transfers in:
Collier County, Florida Board of
County Commissioners appropriations
Transfers out:
Distribution of excess appropriations:
Collier County, Florida Board of
County Commissioners
Total other financing sources (uses)
Net chanize in fund balances
Fund balances — beginning of the year
Fund balances — end of the year
See accompanying Notes to Financial Statements
Grant
Special
General Revenue Total
$ - $ 113,008 $ 113,008
- 13 13
- 113,021 113,021
2,497,875
3,553
2,501,428
1,479,427
109,516
1,588,943
99,084
-
99,084
2,731
-
2,731
213
-
213
4,079,330
113,069
4,192,399
(4,079,330)
(48)
(4,079,378)
27,338
-
27,338
4,168,500
-
4,168,500
(116,508) - (116,508)
4,079,330 - 4,079,330
- (48) (48)
- 48 48
0
Collier County, Florida
Supervisor of Elections
Statement of Revenues, Expenditures, and
Changes in Fund Balances — Budget and Actual
General Fund
Year Ended September 30, 2021
Revenues
Expenditures:
General government:
Personal services
Operating
Capital outlay
Debt Service Principal
Debt Service Interest
Total expenditures
Deficiency of expenditures over revenues
Other financing sources (uses):
Proceeds from right to use leases
Transfers in:
Collier County, Florida Board of
County Commissioners appropriations
Transfers out:
Distribution of excess appropriations:
Collier County, Florida Board of
County Commissioners
Total other financing sources
Net change in fund balance
Fund balance — beginning of the year
Fund balance — end of the year
See accompanying Notes to Financial Statements
Variance
With Final
Budget
Budget Positive
Original Final Actual (Negative)
2,502,600
2,547,600
2,497,875
49,725
1,650,900
1,549,150
1,479,427
69,723
15,000
71,750
99,084
(27,334)
-
-
2,731
(2,731)
-
-
213
(213)
4,168,500
4,168,500
4,079,330
89,170
(4,168,500) (4,168,500) (4,079,330) 89,170
- - 27,338 27,338
4,168,500 4,168,500 4,168,500 -
- - (116,508) (116,508)
4,168,500 4,168,500 4,079,330 (89,170)
5
Collier County, Florida
Supervisor of Elections
Notes to Financial Statements
September 30, 2021
1. Summary of Significant Accounting Policies
Reporting Entity
The Collier County, Florida Supervisor of Elections (Supervisor) is an elected constitutional
officer as provided for by the Constitution of the State of Florida. Pursuant to Chapter 129,
Florida Statutes, the Supervisor of Elections' budget is submitted to the Collier County, Florida
Board of County Commissioners (Board) for approval.
The financial statements presented include the general fund and grant special revenue fund of the
Supervisor's office. The accompanying financial statements have been prepared for the purpose
of complying with Section 218.39(2), Florida Statutes, and Chapter 10.550, Rules of the Auditor
General — Local Governmental Entity Audits, which allows the Supervisor to only present fund
financial statements. These financial statements present only the portion of the funds of Collier
County, Florida that are attributable to the Supervisor. They are not intended to present fairly the
financial position and results of operations of Collier County, Florida in conformity with
accounting principles generally accepted in the United States of America.
The financial activities of the Supervisor, as a constitutional officer, are included in the Collier
County, Florida Comprehensive Annual Financial Report. There are no separate legal entities
(component units) for which the Supervisor is considered to be financially accountable.
The general operations of the Supervisor are funded by appropriations from the Collier County,
Florida Board of County Commissioners (Board), and grant revenue is funded from the State of
Florida. Pursuant to Chapter 218, Florida Statutes, funds remaining in the general fund at fiscal
year-end, in excess of amounts expended, are returned to the Board. Excess revenues returned to
the Board are reflected as transfers out in the Supervisor's general fund. The special revenue
fund of the Supervisor is not budgeted and is governed by grant agreements.
As a result of the budgetary oversight by the Board and financial dependency on the Board, the
financial activities of the Supervisor are included in the Collier County, Florida Comprehensive
Annual Financial Report.
Measurement Focus, Basis of Accounting, and Basis of Presentation
These fund financial statements report detailed information about the Supervisor. The focus of
governmental fund financial statements is on major funds rather than reporting funds by type.
Each major fund is reported in a separate column.
0
Collier County, Florida
Supervisor of Elections
Notes to Financial Statements
September 30, 2021
1. Summary of Significant Accounting Policies (continued)
Governmental Funds
Governmental funds are accounted for using the flow of current financial resources measurement
focus. Only current assets and current liabilities, generally, are included on the balance sheet.
Operating statements for these funds present increases (i.e., revenues and other financing
sources) and decreases (i.e., expenditures and other financing uses) in net current assets.
The Supervisor has the following major governmental funds:
General Fund — The general fund is used to account for the general operations of the Supervisor
and includes all revenues and expenditures which are not accounted for in another fund.
Grant Special Revenue Fund — The grants fund is used to account for the activities of voter
education and poll worker training grants from the State of Florida.
The modified accrual basis of accounting is used by governmental funds. Under the modified
accrual basis of accounting, revenues are recognized when susceptible to accrual (i.e., when they
become measurable and available to finance liabilities of the current fiscal year). For this
purpose, the Supervisor considers revenues to be available if they are collected within 60 days
after year-end. Expenditures are recorded when the related fund liability is incurred, except for
compensated absences, which are recognized as expenditures to the extent they have matured.
The appropriations from the Board are the primary source of funds considered to be susceptible
to accrual.
Intergovernmental revenues are recognized when eligibility requirements are met and related
amounts are available from the grantor.
Interest income and other revenues are recognized as they are earned and become measurable
and available to pay liabilities of the current period.
Florida Statutes provide that the amount by which revenues and transfers exceed annual
expenditures be remitted to the Board immediately following the fiscal year for which the
funding was provided or following the fiscal year during which other revenue was recognized.
The amount of this distribution is recorded as a liability and as an other financing use in the
accompanying financial statements.
7
Collier County, Florida
Supervisor of Elections
Notes to Financial Statements
September 30, 2021
1. Summary of Significant Accounting Policies (continued)
Governmental Funds (continued)
Capital outlays expended in general fund operations are capitalized in the basic financial
statements of Collier County, Florida rather than in the governmental funds of the Supervisor.
Cash Equivalents
Cash equivalents are defined as highly liquid investments with original maturities of three
months or less.
Compensated Absences
All full-time employees of the Supervisor are allowed to accumulate an unlimited number of
hours of unused sick time and up to 440 hours of unused vacation leave. Effective October 1,
2007, the vacation leave limit was increased to 480 hours, with Supervisor approval. Upon
termination, employees receive 100% of allowable accumulated vacation hours and a percentage
of unused sick leave, depending on years of service. Vacation time and sick leave are included in
operating costs of the general fund when the payments are made to employees. The Supervisor
does not, nor is legally required to accumulate financial resources for these unrnatured
obligations. Accordingly, the liability for compensated absences is not reported in the general
fund of the Supervisor, but rather is reported in the basic financial statements of Collier County,
Florida.
Use of Estimates
The preparation of the financial statements requires management of the Supervisor to make a
number of estimates and assumptions relating to the reported amounts of assets and liabilities
and the disclosure of contingent assets and liabilities at the date of the financial statements and
the reported amounts of revenues and expenditures during the period. Actual results could differ
from those estimates.
Fund Balance Reporting and Governmental Fund -Type Definitions
Fund balances are classified either as non -spendable or as spendable. Spendable fund balances
are further classified in a hierarchy based on the extent to which there are external and/or internal
constraints in how fund balance amounts may be spent.
Collier County, Florida
Supervisor of Elections
Notes to Financial Statements
September 30, 2021
1. Summary of Significant Accounting Policies (continued)
Fund Balance Reporting and Governmental Fund -Type Definitions (continued)
Non -spendable fund balances include amounts that cannot be spent because they are not in
spendable form or are legally or contractually required to be maintained intact. The Supervisor
did not have any non -spendable fund balances as of September 30, 2021.
Spendable fund balances are classified based on a hierarchy of the Supervisor's ability to control
the spending of these fund balances and are reported in the following categories: restricted,
committed, assigned and unassigned. The Supervisor's fund balances for the Grant Special
Revenue Fund fall into the spendable restricted category. Fund balances maintained in the Grant
Special Revenue Fund are restricted pursuant to specific grant agreements and have been
presented in the fund financial statements in accordance with GASB Statement No. 54.
2. Budgetary Process
Florida Statutes govern the preparation, adoption and administration of the Supervisor's annual
budget. The Supervisor submits a budget for the general fund to the Board for approval. The
budget is prepared on a basis consistent with accounting principles generally accepted in the
United States of America. The annual budget serves as the legal authorization for expenditures.
Any subsequent amendments to the Supervisor's total budget must be approved by the Board.
Expenditures may not legally exceed appropriations at the fund level. Appropriations lapse at
year-end. Budgetary control is maintained at the departmental major object expenditure
level. Budgetary changes within major object expenditure categories are made at the discretion
of the Supervisor.
The Supervisor does not budget for the grant special revenue fund as it is funded by state grants
and is governed by those documents.
The original budget is the first complete appropriated budget. The final budget is the original
budget adjusted by all reserves, transfers, allocations, supplemental appropriations, and other
legally authorized changes applicable to the fiscal year, whenever legally authorized.
E
Collier County, Florida
Supervisor of Elections
Notes to Financial Statements
September 30, 2021
3. Cash and Cash Equivalents
At September 30, 2021, the carrying value of the Supervisor's cash and cash equivalents was as
follows:
Carrying Credit
Type Value Rating
Cash on hand
Demand deposits
Total cash and cash equivalents
Custodial Credit Risk
200 N/A
261,339 N/A
$ 261,539
At September 30, 2021, the Supervisor's deposits were entirely covered by Federal
Depository Insurance or by collateral pledged with the State Treasurer pursuant to Chapter
280, Florida Statutes. Under this Chapter, in the event of default by a participating financial
institution (a qualified public depository), all participating institutions are obligated to
reimburse the governmental entity for the loss.
Credit Risk
The Supervisor's policy is to follow the guidance in Section 219.075, Florida Statutes, regarding
the deposit of funds received and the investment of surplus funds. Sections 219.075 and 218.415,
Florida Statutes, authorize the Supervisor to invest in Florida PRIME (formerly the Local
Government Surplus Funds Trust Fund) or any intergovernmental investment pool authorized
pursuant to the Florida Interlocal Cooperation Act; Securities and Exchange Commission
registered money market funds with the highest credit quality rating from a nationally recognized
rating agency; direct obligations of the United States Treasury; federal agencies and
instrumentalities or interest -bearing time deposits or savings accounts in banks organized under
the laws of the United States and doing business and situated in the State of Florida, savings and
loan associations which are under state supervision, or in federal savings and loan associations
located in the State of Florida and organized under federal law and federal supervision, provided
that any such deposits are secured by collateral as may be prescribed by law. The pool is
administered by the State Treasurer, who may make additional assessments to ensure that no
public funds will be lost.
10
Collier County, Florida
Supervisor of Elections
Notes to Financial Statements
September 30, 2021
3. Cash and Cash Equivalents (continued)
Interest Rate Risk
The Supervisor has no specific investment policy regarding interest rate risk.
4. Capital Assets
Capital assets used by the Supervisor are capitalized in the basic financial statements of Collier
County, Florida rather than in the governmental funds of the Supervisor. Upon acquisition, such
assets are recorded as expenditures in the governmental funds of the Supervisor and are
capitalized at cost in the basic financial statements of Collier County, Florida. Capital assets are
valued at historical cost or estimated historical cost if actual historical cost is not available.
Donated capital assets are valued at acquisition value on the date received.
The Supervisor maintains custodial responsibility for the capital assets used by the office. No
depreciation expense has been provided on capital assets in these financial statements. However,
depreciation expense is recorded in the basic financial statements of Collier County, Florida.
The following is a summary of changes in capital assets, which are reported in the basic financial
statements of Collier County, Florida:
October 1, September 30,
2020 Additions Deductions 2021
Machinery and equipment $
1,044,573 $
71,746 $
(68,878) $ 1,047,441
Less accumulated depreciation
(651,424)
(143,112)
68,878 (725,658)
Machinery and equipment, net $
393,149 $
(71,366) $
- $ 321,783
5. Long -Term Liabilities
The following is a summary of changes in long-term liabilities, which are reported in the basic
financial statements of Collier County, Florida:
October 1, September 30,
2020 Additions Deductions 2021
Accrued Compensated
Absences $ 214,678 $ 124,610 $ (119,849) $ 219,439
Collier County, Florida
Supervisor of Elections
Notes to Financial Statements
September 30, 2021
5. Long -Term Liabilities (continued)
Of these liabilities, approximately $120,691 is expected to be paid during the fiscal year
ending September 30, 2022, which will be included in the operating costs of the general
fund when expended. These long-term liabilities are not reported in the financial statements
of the Supervisor since they have not matured.
The Supervisor leases assets for various terms under certain agreements that meet the definition
of a lease under GASB Statement No. 87 — Leases. Detailed information about the Supervisor's
leases can be found in the Collier County comprehensive annual financial report or County -wide
financial statements.
Leases entered into by the Supervisor are included as other financing sources and capital outlay
expenditures in the statement of revenues, expenditures, and changes in fund balance in the year
of inception. Payments made in accordance with the lease terms are reported as debt service
expenditures in the statement of revenues, expenditures, and changes in fund balance as they are
incurred.
During the year ended September 30, 2021, the Supervisor entered into a lease in the amount of
$27,338. During the year ended September 30, 2021, the Supervisor's payments of principal on
leases totaled $2,731.
6. Pension Plans
Background
The Florida Retirement System (FRS) was created by Chapter 121, Florida Statutes, to provide a
defined benefit pension plan for participating public employees. The FRS was amended in 1998
to add the Deferred Retirement Option Program under the defined benefit plan and amended in
2000 to provide a defined contribution plan alternative to the defined benefit plan for FRS
members effective July 1, 2002. This integrated defined contribution pension plan is the FRS
Investment Plan. Chapter 112, Florida Statutes, established the Retiree Health Insurance Subsidy
(HIS) Program, a cost -sharing multiple -employer defined benefit pension plan, to assist retired
members of any State -administered retirement system in paying the costs of health insurance.
12
Collier County, Florida
Supervisor of Elections
Notes to Financial Statements
September 30, 2021
6. Pension Plans (continued)
Background (continued)
Essentially all regular employees of the Supervisor are eligible to enroll as members of the State -
administered FRS. Provisions relating to the FRS are established by Chapters 121 and 122,
Florida Statutes; Chapter 112, Part IV, Florida Statutes; Chapter 238, Florida Statutes; and FRS
Rules, Chapter 605, Florida Administrative Code; wherein eligibility, contributions, and benefits
are defined and described in detail. Such provisions may be amended at any time by further
action from the Florida Legislature. The FRS is a single retirement system administered by the
Florida Department of Management Services, Division of Retirement, and consists of the two
cost -sharing, multiple -employer defined benefit plans and other nonintegrated programs. An
annual comprehensive financial report of the FRS, which includes its financial statements,
required supplementary information, actuarial report, and other relevant information, is available
from the Florida Department of Management Services' Web site (www.dms.myflorida.com).
Florida Retirement System Pension Plan
Plan Description
The Florida Retirement System Pension Plan (FRS Plan) is a cost -sharing multiple -employer
defined benefit pension plan, with a Deferred Retirement Option Program (DROP) for eligible
employees. The general classes of membership are as follows:
Regular Class — Members of the FRS who do not qualify for membership in the other classes.
Elected County Officers Class — Members who hold specified elective offices in local
government.
Senior Management Service Class (SMSQ — Members in senior management level positions.
Special Risk Class — Members who are special risk employees, such as law enforcement officers,
meet the criteria to qualify for this class.
13
Collier County, Florida
Supervisor of Elections
Notes to Financial Statements
September 30, 2021
6. Pension Plans (continued)
Florida Retirement System Pension Plan (continued)
Plan Description (continued)
Employees enrolled in the FRS Plan prior to July 1, 2011, vest at 6 years of creditable service
and employees enrolled in the FRS Plan on or after July 1, 2011, vest at 8 years of creditable
service. All vested members, enrolled prior to July 1, 2011, are eligible for normal retirement
benefits at age 62, or at any age after 30 years of service, except for members classified as
special risk who are eligible for normal retirement benefits at age 55 or at any age after 25 years
of service. All members enrolled in the FRS Plan on or after July 1, 2011, once vested, are
eligible for normal retirement benefits at age 65 or any time after 33 years of creditable service,
except for members classified as special risk who are eligible for normal retirement benefits at
age 60 or at any age after 30 years of service. Employees enrolled in the FRS Plan may include
up to 4 years of credit for military service toward creditable service. The FRS Plan also includes
an early retirement provision; however, there is a benefit reduction for each year a member
retires before his or her normal retirement date. The FRS Plan provides retirement, disability,
death benefits, and annual cost -of -living adjustments to eligible participants.
DROP, subject to provisions of Section 121.091, Florida Statutes, permits employees eligible for
normal retirement under the FRS Plan to defer receipt of monthly benefit payments while
continuing employment with an FRS participating employer. An employee may participate in
DROP for a period not to exceed 60 months after electing to participate, except that certain
instructional personnel may participate for up to 96 months. During the period of DROP
participation, deferred monthly benefits are held in the FRS Trust Fund and accrue interest. The
net pension liability does not include amounts for DROP participants, as these members are
considered retired and are not accruing additional pension benefits.
14
Collier County, Florida
Supervisor of Elections
Notes to Financial Statements
September 30, 2021
6. Pension Plans (continued)
Florida Retirement System Pension Plan (continued)
Benefits Provided
Benefits under the FRS Plan are computed on the basis of age and/or years of service, average
final compensation, and service credit. Credit for each year of service is expressed as a
percentage of the average final compensation. For members initially enrolled before July 1,
2011, the average final compensation is the average of the 5 highest fiscal years' earnings; for
members initially enrolled on or after July 1, 2011, the average final compensation is the average
of the 8 highest fiscal years' earnings. The total percentage value of the benefit received is
determined by calculating the total value of all service, which is based on the retirement class to
which the member belonged when the service credit was earned. Members are eligible for in -
line -of -duty or regular disability and survivors' benefits.
As provided in Section 121.101, Florida Statutes, if the member is initially enrolled in the FRS
before July 1, 2011, and all service credit was accrued before July 1, 2011, the annual cost -of -
living adjustment is 3 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 3 percent determined by
dividing the sum of the pre -July 2011 service credit by the total service credit at retirement
multiplied by 3 percent. FRS Plan members initially enrolled on or after July 1, 2011, will not
have a cost -of -living adjustment after retirement.
Detailed information about the County's proportionate share of FRS's net pension liability,
deferred outflows/inflows of resources, and pension expense are reported in the government -
wide statements of the County.
Retiree Health Insurance Subsidy Program
Plan Description
The Retiree Health Insurance Subsidy Program (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.
15
Collier County, Florida
Supervisor of Elections
Notes to Financial Statements
September 30, 2021
6. Pension Plans (continued)
Retiree Health Insurance Subsidy Program (continued)
Benefits Provided
For the fiscal year ended June 30, 2021, eligible retirees and beneficiaries received a monthly
HIS payment of $5 for each year of creditable service completed at the time of retirement, with a
minimum HIS payment of $30 and a maximum HIS payment of $150 per month, pursuant to
Section 112.363, Florida Statutes. To be eligible to receive a HIS Plan benefit, a retiree under a
State -administered retirement system must provide proof of health insurance coverage, which
may include Medicare.
Detailed information about the County's proportionate share of HIS's net pension liability,
deferred outflows/inflows of resources, and pension expense are reported in the government -
wide statements of the County.
FRS Investment Plan
The Florida State Board of Administration (SBA) administers the defined contribution plan
officially titled the FRS Investment Plan (Investment Plan). The Investment Plan is reported in
the SBA's annual financial statements and in the State of Florida Annual Comprehensive
Financial Report.
As provided in Section 121.4501, Florida Statutes, eligible FRS members may elect to
participate in the Investment Plan in lieu of the FRS defined benefit plan. Supervisor employees
participating in DROP are not eligible to participate in the Investment Plan. Employer and
employee contributions, including amounts contributed to individual member's accounts, are
defined by law, but the ultimate benefit depends in part on the performance of investment funds.
Benefit terms, including contribution requirements, for the Investment Plan are established and
may be amended by the Florida Legislature. The Investment Plan is funded with the same
employer and employee contribution rates that are based on salary and membership class
(Regular Class, Elected County Officers, etc.), as the FRS defined benefit 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 plan,
including the FRS Financial Guidance Program, are funded through an employer contribution of
0.06 percent of payroll and by forfeited benefits of plan members.
16
Collier County, Florida
Supervisor of Elections
Notes to Financial Statements
September 30, 2021
6. Pension Plans (continued)
FRS Investment Plan (continued)
For all membership classes, employees are immediately vested in their own contributions and are
vested after 1 year of service for employer contributions and investment earnings. If an
accumulated benefit obligation for service credit originally earned under the FRS Pension Plan is
transferred to the Investment Plan, the member must have the years of service required for FRS
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 5 years. If the employee returns to FRS -covered
employment within the 5-year period, the employee will regain control over their account. If the
employee does not return within the 5-year period, the employee will forfeit the accumulated
account balance. For the fiscal year ended June 30, 2021, 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 Supervisor.
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 FRS Pension Plan when approved for disability retirement to receive guaranteed lifetime
monthly benefits under the FRS Pension Plan or remain in the Investment Plan and rely upon
that account balance for retirement income.
Contributions
Participating employer contributions are based upon statewide rates established by the State of
Florida. The Supervisor's contributions made to the plans during the years ended September 30,
2021, 2020, and 2019, were $181,001, $154,299, and $137,524 respectively, equal to the
actuarially determined contribution requirements for each year.
Additional information about pension plans can be found in the County's comprehensive annual
financial report.
17
Collier County, Florida
Supervisor of Elections
Notes to Financial Statements
September 30, 2021
7. Related -Party Transactions
For the year ended September 30, 2021, the Board provided funding for the Supervisor that
amounted to $4,168,500. At September 30, 2021, the Supervisor had a payable due to the Board
of $159,380 comprised as follows:
Distribution of excess appropriations $ 116,508
Distribution of interest earnings 1,404
Amounts due for various services 41,467
Total due to Board of County Commissioners $ 159,379
8. Risk Management
Collier County, Florida (County) is exposed to various risks of loss including, but not limited to,
general liability, health and life, property and casualty, auto and physical damage and workers'
compensation. The County is substantially self -insured and accounts for and finances its risk of
uninsured losses through an internal service fund. All liabilities associated with these self -
insured risks are reported in the basic financial statements of the County. The Supervisor
participates in the County's self-insurance program. During the year ended September 30, 2021,
the Supervisor was charged $358,423 by the County for participation in the risk management
program.
The County retains the first $500,000 per claim for workers' compensation and has purchased
excess coverage for up to statutory limit for each injury or illness. The County also
provides coverage for up to $500,000 per occurrence for general liability and $300,000 per
occurrence for auto liability coverage and has purchased outside excess coverage for up to $5
million per claim. Negligence claims in excess of the statutory limits set in Section 768.28,
Florida Statutes, which provide for limited sovereign immunity of $200,000/$300,000 per
occurrence can only be recovered through an act of the State Legislature. Property claims
are subject to a 5 percent wind deductible and a $50,000 deductible for all other perils. The
County retains the first $300,000 per claim for general liability, public official errors and
omissions, automobile liability, and crime coverage and has purchased excess coverage for up
to $5 million per claim. There have been no significant reductions in insurance coverage in the
last year. Settled claims have not exceeded the insurance provided by third -party carriers in any
of the last three years.
Collier County, Florida
Supervisor of Elections
Notes to Financial Statements
September 30, 2021
8. Risk Management (continued)
The County is self -insured for health claims covering all of its employees and their eligible
dependents. The County retains the first $1,000,000 per covered member and has purchased
outside excess coverage for all claims exceeding this amount. An actuarial valuation is
performed each year to estimate the amounts needed to pay prior and future claims and to
establish reserves.
9. Other Postemployment Benefits
In accordance with Section 112.0801, Florida Statutes, the Supervisor participates with Collier
County in offering retiring employees the opportunity to continue participation in the County's
health insurance plan. The participating retirees pay 100% of the premium cost applicable to an
active employee. The liability and expense for other postemployment benefits, calculated in
accordance with Governmental Accounting Standards Board Statement No. 75 Accounting and
Financial Reporting for Postemployment Benefits Other Than Pensions, are reported in the
financial statements of the County.
10. Contingencies
Grant funds received by the Supervisor are subject to audit by grantor agencies. Audits of these
grants may result in disallowed costs, which may constitute a liability of the office of the
Supervisor. In the opinion of management, disallowed costs, if any, would not have a significant
impact on the financial position of the Supervisor.
11. Transfers
Transfers between funds are for the purpose of providing matching funds to the Supervisor's
grants. Transfers were not required for the year ending September 30, 2021.
19
0
Clifton LarsonAllen LLP
CLAconnect.com
INDEPENDENT AUDITORS' 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 Jennifer J. Edwards
Supervisor of Elections
Collier County, Florida
We have audited, in accordance with the auditing standards generally accepted in the United States of
America and the standards applicable to financial audits contained in Government Auditing Standards issued
by the Comptroller General of the United States, the financial statements of each major fund of the Collier
County, Florida Supervisor of Elections (Supervisor), as of and for the year ended September 30, 2021, and
the related notes to the financial statements, which collectively comprise the Supervisor's basic financial
statements, and have issued our report thereon dated February 15, 2022.
Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered the Supervisor'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 Supervisor's internal control.
Accordingly, we do not express an opinion on the effectiveness of the Supervisor'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. A material 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 may exist that
have not been identified.
,,be, of
NexiaCLA is an independent member of Nexia International, a leading, global network of independent
ia
International accounting and consulting firms. See nexia.com/member-firm-disclaimer for details.
20
Honorable Jennifer J. Edwards
Supervisor of Elections
Compliance and Other Matters
As part of obtaining reasonable assurance about whether the Supervisor's financial statements are free from
material misstatement, we performed tests of its compliance with certain provisions of laws, regulations,
contracts, and grant agreements, noncompliance 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 noncompliance 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 entity's internal
control or on compliance. This report is an integral part of an audit performed in accordance with
Government Auditing Standards in considering the entity's internal control and compliance. Accordingly,
this communication is not suitable for any other purpose.
CliftonLarsonAllen LLP
Naples, Florida
February 15, 2022
21
0
Honorable Jennifer J. Edwards
Supervisor of Elections
Collier County, Florida
Report on the Financial Statements
Clifton LarsonAllen LLP
CLAconnect.com
MANAGEMENT LETTER
We have audited the financial statements of each major fund of the Collier County, Florida Supervisor of
Elections (Supervisor) as of and for the fiscal year ended September 30, 2021 and have issued our report
thereon dated February 15, 2022.
Auditors' Responsibility
We conducted our audit in accordance with auditing standards generally accepted in the United States of
America; the standards applicable to financial audits contained in Government Auditing Standards, issued by
the Comptroller General of the United States; and Chapter 10.550, Rules of the Florida Auditor General.
Other Reporting Requirements
We have issued our Independent Auditors' Report on Internal Control over Financial Reporting and
Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with
Government Auditing Standards and Independent Accountants' Report on an examination conducted in
accordance with AICPA Professional Standards, AT-C Section 315, regarding compliance requirements in
accordance with Chapter 10.550, Rules of the Auditor General. Disclosures in those reports, which are dated
February 15, 2022, should be considered in conjunction with this management letter.
Prior Audit Findings
Section 10.554(1)(i)l., Rules of the Auditor General, requires that we determine whether or not corrective
actions have been taken to address findings and recommendations made in the preceding annual financial
audit report. There were no findings and recommendations reported in the preceding annual financial audit
report.
Official Title and Legal Authority
Section 10.554(1)(i)4., Rules of the Auditor General, requires that the name or official title and legal
authority for the primary government and each component unit of the reporting entity be disclosed in this
management letter, unless disclosed in the notes to the financial statements. See Note 1 in the notes to the
financial statements.
,,be, of
NexiaCLA is an independent member of Nexia International, a leading, global network of independent
ia
International accounting and consulting firms. See nexia.com/member-firm-disclaimer for details.
22
Honorable Jennifer J. Edwards
Supervisor of Elections
Financial Management
Section 10.554(1)(i)2., Rules of the Auditor General, requires that we communicate any recommendations to
improve financial management. In connection with our audit, we did not have any such recommendations.
Additional Matters
Section 10.554(1)(i)3., Rules of the Auditor General, requires us to communicate noncompliance with
provisions of contracts or grant agreements, or abuse, that have occurred, or are likely to have occurred, that
have 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 Supervisor and applicable management, and is not intended to be
and should not be used by anyone other than these specified parties.
LLB
CliftonLarsonAllen LLP
Naples, Florida
February 15, 2022
23
Clifton LarsonAllen LLP
. CLAconnect.com
INDEPENDENT ACCOUNTANTS' REPORT
Honorable Jennifer J. Edwards
Supervisor of Elections
Collier County, Florida
We have examined the Collier County, Florida Supervisor of Elections' (Supervisor) compliance with
Section 218.415, Florida Statutes, regarding the investment of public funds, during the year ended
September 30, 2021. Management of the Supervisor is responsible for the Supervisor's compliance with the
specified requirements. Our responsibility is to express an opinion on the Supervisor's compliance with the
specified requirements 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 Supervisor complied, in all material respects, with the
specified requirements referenced above. An examination involves performing procedures to obtain evidence
about whether the Supervisor 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
noncompliance, 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.
Our examination does not provide a legal determination on the Supervisor's compliance with specified
requirements.
In our opinion, the Supervisor complied, in all material respects, with Section 218.415, Florida Statutes,
regarding the investment of public funds during the year ended September 30, 2021.
This report is intended solely for the information and use of the Supervisor and the Auditor General, State of
Florida and is not intended to be, and should not be, used by anyone other than these specified parties.
CliftonLarsonAllen LLP
Naples, Florida
February 15, 2022
,,be, of
NexiaCLA is an independent member of Nexia International, a leading, global network of independent
ia
International accounting and consulting firms. See nexia.com/member-firm-disclaimer for details.
24
Collier County, Florida
Tax Collector
Financial Statements and
Suppler
Year Ended
Collier County, Florida
Tax Collector
Financial Statements and Other Reports
Year Ended September 30, 2021
Contents
IndependentAuditors' Report ..........................................................................................................1
Financial Statements
Balance Sheet — General Fund......................................................................................................3
Statement of Revenues, Expenditures, and Changes in Fund
Balance— General Fund.............................................................................................................4
Statement of Revenues, Expenditures, and Changes in Fund
Balance — Budget to Actual — General Fund.............................................................................5
Statement of Fiduciary Net Position — Custodial Fund.................................................................6
Statement of Changes in Fiduciary Net Position — Custodial Fund..............................................7
Notesto Financial Statements.......................................................................................................8
Other Reports
Independent Auditors' 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................................................................25
ManagementLetter........................................................................................................................27
Independent Accountants' Report ..................................................................................................29
0
Honorable Rob Stoneburner
Tax Collector
Collier County, Florida
CliftonLarsonAllen LLP
CLAconnect.com
INDEPENDENT AUDITORS' REPORT
Report on the Financial Statements
We have audited the accompanying financial statements of the general fund and the aggregate remaining fund
information of the Tax Collector, Collier County, Florida (Tax Collector), as of and for the year ended
September 30, 2021, and the related notes to the financial statements, which collectively comprise the Tax
Collector's basic financial statements as listed in the table of contents.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance
with accounting principles generally accepted in the United States of America; this includes 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.
Auditors' Responsibility
Our responsibility is to express opinions on these financial statements based on our audits. We conducted our
audits 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. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the auditors' judgment, including the assessment of
the risks of material misstatement of the financial statements, whether due to fraud or error. In making those
risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation
of the financial statements 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 entity's internal control. Accordingly,
we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used
and the reasonableness of significant accounting estimates made by management, as well as evaluating the
overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
audit opinions.
A me CLA is an independent member of Nexia International, a leading, global network of independent
Nexia ia accounting and consulting firms. See nexia.com/member-firm-disclaimer for details.
International g g
Honorable Rob Stoneburner
Tax Collector
Opinions
In our opinion, the financial statements referred to above present fairly, in all material respects, the respective
financial position of the general fund and the aggregate remaining fund information of the Tax Collector as of
September 30, 2021, and the respective changes in financial position for the year then ended and the budgetary
comparison for the general fund thereof for the year ended September 30, 2021, in accordance with accounting
principles generally accepted in the United States of America.
Emphasis of Matter
As discussed in Note 1 to the financial statements, the financial statements referred to above were prepared
solely for the purpose of complying with the Rules of the Auditor General of the State of Florida. In conformity
with the Rules, the accompanying financial statements are intended to present the financial position and
changes in financial position of each major fund, and the aggregate remaining fund information, only for that
portion of the major funds, and the aggregate remaining fund information, of Collier County, Florida that is
attributable to the Tax Collector. They do not purport to, and do not, present fairly the financial position of
Collier County, Florida as of September 30, 2021, and the changes in its financial position for the fiscal year
then ended in conformity with accounting principles generally accepted in the United States of America. Our
opinion is not modified with respect to this matter.
Other Matters
Required Supplementary Information
Management has omitted management's discussion and analysis that accounting principles generally accepted
in the United States of America require to be presented to supplement the basic financial statements. Such
missing information, 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. Our opinion on the
basic financial statements is not affected by this missing information.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated February 8, 2022 on
our consideration of the Tax Collector'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 Tax Collector'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 Tax Collector's
internal control over financial reporting and compliance.
CliftonLarsonAllen LLP
Naples, Florida
February 8, 2022
2
Collier County, Florida
Tax Collector
Balance Sheet — General Fund
Year Ended September 30, 2021
Assets
Cash and cash equivalents
Accounts receivable
Due from Collier County, Florida Board of
County Commssioners
Prepaid rent
Prepaid expense
Security deposit
Total assets
Liabilities and fund balance
Liabilities:
Accounts payable
Due to Collier County, Florida Board of
County Commissioners
Due to other governmental agencies
Other current liabilities
Total liabilities
Fund balance
Total liabilities and fund balance
See accompanying Notes to Financial Statements.
$ 11,002,007
36
481
16,024
2,097
14,868
$ 11,035,513
$ 825,962
8,519,964
1,100,490
589,097
11,035,513
$ 11,035,513
3
Collier County, Florida
Tax Collector
Statement of Revenues, Expenditures, and
Changes in Fund Balance
General Fund
Year Ended September 30, 2021
Revenues:
Commissions and fees $ 26,107,763
Miscellaneous 5,224,266
Total revenues 31,332,029
Expenditures:
General government:
Personal services
12,170,963
Operating
2,025,204
Capital outlay
9,403,376
Debt Service - Principal
216,859
Debt Service - Interest
39,461
Total expenditures
23,855,863
Excess of revenues over expenditures
7,476,166
Other financing uses:
Distribution of excess commissions and
fees to Collier County, Florida Board of County
Commissioners (6,375,976)
Distribution of excess commissions and
fees to other governmental agencies (1,100,190)
Total other financing uses (7,476,166)
Net change in fund balance -
Fund balance, beginning of year -
Fund balance, end of year $ -
See accompanying Notes to Financial Statements.
0
Collier County, Florida
Tax Collector
Statement of Revenues, Expenditures, and
Changes in Fund Balance — Budget to Actual
General Fund
Year Ended September 30, 2021
Revenues:
Commissions and fees
Miscellaneous
Total revenues
Expenditures:
General government:
Personal services
Operating
Capital outlay
Debt Service - Principal
Debt Service - Interest
Total expenditures
Balance of revenues over expenditures
Other financing uses:
Distribution of excess commissions and
fees to Collier County, Florida
Board of County Commissioners
Distribution of excess commissions
and fees to other governmental
agencies
Total other financing uses
Net change in fund balance
Fund balance, beginning of year
Fund balance, end of year
Variance With
Final Budget
Budget Positive
Original Final Actual (Negative)
$ 25,423,200
$ 25,423,200
$ 26,107,763 $
684,563
5,239,800
5,239,800
5,224,266
(15,534)
30,663,000
30,663,000
31,332,029
669,029
12687,363
12,535,156
12,170,963
364,193
2:804,265
2,385,542
2,025,204
360,338
8,832,446
9,403,376
9,403,376
-
-
-
216,859
(216,859)
-
-
39,461
(39,461)
24,324,074
24,324,074
23,855,863
468,211
See accompanying Notes to Financial Statements.
6,338,926 6,338,926 7,476,166 1,137,240
(5,406,092) (5,406,092) (6,375,976) (969,884)
(932,834) (932,834) (1,100,190) (167,356)
(6,338,926) (6,338,926) (7,476,166) (1,137,240)
5
Collier County, Florida
Tax Collector
Statement of Fiduciary Net Position
Custodial Fund
September 30, 2021
Assets
Cash and cash equivalents
Accounts receivable
Total assets
Liabilities
Due to other governmental agencies
Due to individuals and businesses
Total liabilities
Fiduciary Net Position
See accompanying Notes to Financial Statements.
$ 5,096,654
20,284
5,116,938
5,027,369
89,569
5,116,938
0
Collier County, Florida
Tax Collector
Statement of Changes in Fiduciary Net Position
Custodial Fund
September 30, 2021
Additions
Tax Collections for Other Governments
License and Fee Collections for Other Governments
Miscellaneous
Total Additions
Deductions
Payments of Tax to Other Governments
Payments of Licenses and Fees to Other Governments
Total Deductions
Change in Fiduciary Net Position
Fiduciary Net Position - Beginning of Year
Fiduciary Net Position - End of Year
See accompanying Notes to Financial Statements.
$ 710,680,245
41,312,453
130,244
752,122,942
k
710,680,245
41,442,697
752,122,942
7
Collier County, Florida
Tax Collector
Notes to Financial Statements
September 30, 2021
1. Summary of Significant Accounting Policies
Reporting Entity
The Tax Collector is an elected official of the County, pursuant to the Constitution of the State of
Florida, Article VIII, Section 1(d). The Tax Collector is part of the primary government of the
County. Although the Florida Department of Revenue approves the Tax Collector's operating
budget, the Tax Collector is responsible for the administration and the operation of the Tax
Collector's office. Upon approval, the operating budget is provided to the Collier County Board of
County Commissioners (Board). The Tax Collector's financial statements include only the funds
of the Tax Collector's office. There are no separate legal entities (component units) for which the
Tax Collector is considered to be financially accountable.
Measurement Focus, Basis of Accounting, and Basis of Presentation
These financial statements have been prepared for the purpose of complying with
Section 218.39(2), Florida Statutes, and Chapter 10.550, Rules of the Auditor General — Local
Governmental Entity Audits, which allows the Tax Collector to only present fund financial
statements. These financial statements present only the portion of the funds of Collier County,
Florida that are attributable to the Tax Collector. They are not intended to present fairly the
financial position and results of operations of Collier County, Florida in conformity with
accounting principles generally accepted in the United States of America.
The financial activities of the Tax Collector, as a constitutional officer, are included in the Collier
County, Florida Comprehensive Annual Financial Report.
These fund financial statements report detailed information about the Tax Collector. The focus of
governmental fund financial statements is on major funds rather than reporting funds by type.
n.
Collier County, Florida
Tax Collector
Notes to Financial Statements
September 30, 2021
1. Summary of Significant Accounting Policies (continued)
Governmental Funds
Governmental funds are accounted for using the flow of current financial resources measurement
focus. Only current assets and current liabilities, generally, are included on the balance sheets.
Operating statements for these funds present increases (i.e., revenues and other financing sources)
and decreases (i.e., expenditures and other financing uses) in net current assets. The Tax
Collector's only governmental fund is the general fund. The general fund is used to account for the
general operations of the Tax Collector and includes all transactions not accounted for in another
fund.
The modified accrual basis of accounting is used by governmental funds. Under the modified
accrual basis of accounting, revenues are recognized when susceptible to accrual (i.e., when they
become measurable and available to finance liabilities of the current fiscal year). For this purpose,
the Tax Collector considers revenues to be available if they are collected within 60 days after
year-end. Expenditures are recorded when the related fund liability is incurred, except for certain
compensated absences, which are recognized as expenditures to the extent they have matured.
Interest income and other revenue are recognized as they are earned and become measurable and
available to pay liabilities of the current period.
Substantially all of the Tax Collector's revenue is received from taxing authorities. These monies
are virtually unrestricted and are revocable only for failure to comply with prescribed compliance
requirements. These resources are reflected as revenue at the time of receipt, earlier if the
"susceptible to accrual" criteria are met.
Florida Statutes provide that the amount by which revenues exceed annual expenditures be
remitted to each governmental agency or the Board immediately following the fiscal year for
which the funding was provided or following the fiscal year during which other revenue was
recognized.
Capital outlays expended in the general fund operations are capitalized in the basic financial
statements of Collier County, Florida rather than in the governmental funds of the Tax Collector.
0
Collier County, Florida
Tax Collector
Notes to Financial Statements
September 30, 2021
1. Summary of Significant Accounting Policies (continued)
Fiduciary Funds
Custodial funds — Fiduciary funds are used to account for assets held by the Tax Collector in a
trustee capacity or as an agent for individuals, private organizations, and other governments.
Custodial funds are accounted for using the accrual basis of accounting.
Refund of "Excess Fees"
Florida Statutes further provide that the excess of revenues over expenditures held by the Tax
Collector be distributed to each governmental agency or the Board in the same proportion as the
fees paid by each governmental agency bear to total fee revenues. The amount of this distribution
is recorded as a liability and as an other financing use -transfer out in the accompanying financial
statements.
Compensated Absences
All full-time, non-exempt employees of the Tax Collector are allowed to accumulate an unlimited
number of hours of unused sick leave and up to 240 hours of unused vacation leave. Exempt
employees do not accrue sick time, however, many of them have a balance that will remain until
they terminate employment, and vacation accrual is the same for both classes of employees. Upon
termination, employees receive 100% of allowable accumulated vacation hours and a percentage
of unused sick leave, depending on years of service. Vacation and sick leave payments are
included in operating costs of the general fund when the payments are made to the employees. The
Tax Collector does not, nor is legally required to, accumulate financial resources for these
unmatured obligations. Accordingly, the liability for compensated absences is not reported in the
general fund of the Tax Collector, but rather is reported in the basic financial statements of Collier
County, Florida.
10
Collier County, Florida
Tax Collector
Notes to Financial Statements
September 30, 2021
1. Summary of Significant Accounting Policies (continued)
Property Taxes
Property taxes in Collier County are levied by the Board and other taxing authorities. The millage
levies are determined on the basis of estimates of revenue needs and the total taxable valuations
within the jurisdiction of the Board and other taxing authorities. No aggregate ad valorem tax
millage in excess of 10 mills on the dollar can be levied by the Board against property in the
County as specified in Florida Statutes, Section 200.071.
Each year the total taxable property valuation is established by the Collier County, Florida
Property Appraiser, and the list of property assessments is submitted to the State Department of
Revenue for approval. Taxes, assessed as of January 1 of each year, are due and payable on
November 1 of each year or as soon thereafter as the assessment roll is opened for collection.
Pursuant to Florida law, all owners of property have the responsibility of ascertaining the amount
due and paying it before April 1 of the year following the year in which the tax was assessed.
Chapter 197, Florida Statutes, governs property tax collections as follows:
Current Taxes
All property taxes become due and payable on November 1, and are delinquent on April 1 of
the following year. Discounts are allowed for early payment of 4% in November; 3% in
December; 2% in January; and 1 % for payment in February.
Unpaid Taxes — Sale of Tax Certificates
The Tax Collector advertises, as required by Florida Statutes, and sells tax certificates on all
real property for unpaid taxes. The taxes assessed on the property are struck off the tax roll to
the purchaser of the tax certificate. Certificates not sold are struck off to the County. The Tax
Collector must receive payment before the certificates are delivered. Any person owning land
upon which a tax certificate has been sold may redeem the tax certificate by paying the Tax
Collector the face amount of the tax certificate plus interest and other costs.
Tax Deeds
Two years after the purchase of a tax certificate the owner may file an application for tax deed
sale. The County, as a certificate owner, exercises similar procedures. Tax deeds are issued to
the highest bidder for the property which is sold at public auction. The Clerk of the Circuit
Court administers these sales.
11
Collier County, Florida
Tax Collector
Notes to Financial Statements
September 30, 2021
1. Summary of Significant Accounting Policies (continued)
Use of Estimates
The preparation of these financial statements requires management of the Tax Collector to make a
number of estimates and assumptions relating to the reported amounts of assets and liabilities and
the disclosure of contingent assets and liabilities at the date of the financial statements and the
reported amounts of revenues and expenditures during the period. Actual results could differ from
those estimates.
New Accounting Standard
During the year ended September 20, 2021, the Collier County Tax Collector implemented GASB
Statement No. 84, "Fiduciary Activities". The goal of the statement is to improve financial
reporting by establishing specific criteria for identifying activities that should be reported as
fiduciary activities. The focus of the criteria generally is on (1) whether a government is
controlling the assets of the fiduciary activity and (2) the beneficiaries with whom a fiduciary
relationship exists. Separate criteria are included to identify fiduciary component units and
postemployment benefit arrangements that are fiduciary activities. The requirements of GASB 84
are effective for reporting periods beginning after December 15, 2019. A statement of fiduciary net
position and a statement of changes in fiduciary net position are required to be presented for these
activities. This Statement describes four fiduciary funds that should be reported: (1) pension (and
other employee benefit) trust funds, (2) investment trust funds, (3) private -purpose trust funds, and
(4) custodial funds (formerly agency funds). The implementation of the pronouncement did not
require the restatement of the September 30, 2020 net position of the custodial funds.
2. Budgetary Process
Florida Statutes govern the preparation, adoption, and administration of the Tax Collector's
annual budget. The Tax Collector submits a budget for the general fund to the Florida Department
of Revenue for approval. A copy of the approved budget is provided to the Board. Any subsequent
amendments to the Tax Collector's total budget must be approved by the Florida Department of
Revenue. The budget for the general fund is prepared on a basis consistent with accounting
principles generally accepted in the United States of America. The annual budget serves as the
legal authorization for expenditures.
12
Collier County, Florida
Tax Collector
Notes to Financial Statements
September 30, 2021
2. Budgetary Process (continued)
Expenditures may not legally exceed appropriations at the fund level. Appropriations lapse at
year-end. Budget control is maintained at the departmental major object expenditure level.
Budgetary changes within major object expenditure categories are made at the discretion of the
Tax Collector.
The original budget is the first complete appropriated budget. The final budget is the original
budget adjusted by all reserves, transfers, allocations, supplemental appropriations, and other
legally authorized changes applicable to the fiscal year, whenever legally authorized.
3. Cash
At September 30, 2021, the carrying value of the Tax Collector's cash was as follows:
Cash on hand
Demand deposits
2021
Carrying
Value
$ 29,640
16,069,021
Total cash and cash equivalents $ 16,098,661
Such amounts are reported as $11,002,007 and $5,096,654 for 2021 in the general and fiduciary
funds, respectively.
Custodial Credit Risk
At September 30, 2021, the Tax Collector's deposits were entirely covered by Federal Depository
Insurance or by collateral pledged with the State Treasurer pursuant to Chapter 280, Florida
Statutes. Under this Chapter, in the event of default by a participating financial institution (a
qualified public depository), all participating institutions are obligated to reimburse the
governmental entity for the loss.
13
Collier County, Florida
Tax Collector
Notes to Financial Statements
September 30, 2021
3. Cash (continued)
Credit Risk
The Tax Collector's policy is to follow the guidance in Section 219.075, Florida Statutes,
regarding the deposit of funds received and the investment of surplus funds. Sections 219.075 and
218.415, Florida Statutes, authorize the Tax Collector to invest in Florida PRIME or any
intergovernmental investment pool authorized pursuant to the Florida Interlocal Cooperation Act;
Securities and Exchange Commission registered money market funds with the highest credit
quality rating from a nationally recognized rating agency; direct obligations of the United States
Treasury; federal agencies and instrumentalities or interest -bearing time deposits or savings
accounts in banks organized under the laws of the United States and doing business and situated in
the State of Florida, savings and loan associations which are under state supervision, or in federal
savings and loan associations located in the State of Florida and organized under federal law and
federal supervision, provided that any such deposits are secured by collateral as may be prescribed
by law.
Interest Rate Risk
The Tax Collector has no specific investment policy regarding interest rate risk.
4. Capital Assets
Capital assets used by the Tax Collector are capitalized in the basic financial statements of Collier
County, Florida rather than in the governmental funds of the Tax Collector. Upon acquisition, such
assets are recorded as expenditures in the general fund of the Tax Collector, and are capitalized at
cost in the basic financial statements of Collier County, Florida. Capital assets are valued at
historical cost or estimated historical cost if actual historical cost is not available. Donated capital
assets are valued at acquisition value on the date received.
The Tax Collector maintains custodial responsibility for the capital assets used by the office. No
depreciation expense has been provided on capital assets in these financial statements. However,
depreciation expense on these assets is recorded in the basic financial statements of Collier
County, Florida.
14
Collier County, Florida
Tax Collector
Notes to Financial Statements
September 30, 2021
4. Capital Assets (continued)
The following is a summary of changes in capital assets for the year ended September 30, 2021:
Capital assets not depreciated:
Construction in progress
Total assets not depreciated
Infrastructure
Improvements other than buildings
Machinery and equipment
Total capital assets
Less accumulated depreciation:
Total capital assets, net
October 1, Deletions/ September 30,
2020 Additions Reclassifications 2021
$ 791,908 $ 9,403,376 $ (187,728) $ 10,007,556
791,908 9,403,376 (187,728) 10,007,556
21,988 - -
105,093 - -
1,886,435 - (69,823)
2,805,424 9,403,376 (257,551)
21,988
105,093
1,816,612
11,951,249
(1,722,128) (107,311) 69,823 (1,759,616)
$ 1,083,296 $ 9,296,065 $ (187,728) $ 10,191,633
During the fiscal year ended September 30, 2021, costs related to completed leasehold
improvements totaling $187,728 were transferred to Collier County, Florida.
5. Long -Term Liabilities
The following is a summary of changes in long-term liabilities which are reported in the basic
financial statements of Collier County, Florida:
October 1, September 30,
2020 Increase Decrease 2021
Accrued compensated absences $ 1,363,632 $ 681,581 $ (789,780) $ 1,255,433
Of these liabilities, approximately $868,000 is expected to be paid during the fiscal year ending
September 30, 2022, which will be included in the operating costs of the general fund when
expended. These long-term liabilities are not reported in the financial statements of the Tax
Collector since they have not matured.
15
Collier County, Florida
Tax Collector
Notes to Financial Statements
September 30, 2021
6. Pension Plans
Background
The Florida Retirement System (FRS) was created by Chapter 121, Florida Statutes, to provide a
defined benefit pension plan for participating public employees. The FRS was amended in 1998 to
add the Deferred Retirement Option Program under the defined benefit plan and amended in 2000
to provide a defined contribution plan alternative to the defined benefit plan for FRS members
effective July 1, 2002. This integrated defined contribution pension plan is the FRS Investment
Plan. Chapter 112, Florida Statutes, established the Retiree Health Insurance Subsidy (HIS)
Program, a cost -sharing multiple -employer defined benefit pension plan, to assist retired members
of any State -administered retirement system in paying the costs of health insurance.
Essentially all regular employees of the Tax Collector are eligible to enroll as members of the
State -administered FRS. Provisions relating to the FRS are established by Chapters 121 and 122,
Florida Statutes; Chapter 112, Part IV, Florida Statutes; Chapter 238, Florida Statutes; and FRS
Rules, Chapter 605, Florida Administrative Code; wherein eligibility, contributions, and benefits
are defined and described in detail. Such provisions may be amended at any time by further action
from the Florida Legislature. The FRS is a single retirement system administered by the Florida
Department of Management Services, Division of Retirement, and consists of the two
cost -sharing, multiple -employer defined benefit plans and other nonintegrated programs. A
comprehensive annual financial report of the FRS, which includes its financial statements,
required supplementary information, actuarial report, and other relevant information, is available
from the Florida Department of Management Services' Web site (www.dms.myflorida.com).
16
Collier County, Florida
Tax Collector
Notes to Financial Statements
September 30, 2021
6. Pension Plans (continued)
Florida Retirement System Pension Plan
Plan Description
The Florida Retirement System Pension Plan (FRS Plan) is a cost -sharing multiple -employer
defined benefit pension plan, with a Deferred Retirement Option Program (DROP) for eligible
employees. The general classes of membership are as follows:
• Regular Class — Members of the FRS who do not qualify for membership in the other
classes.
• Elected County Officers Class — Members who hold specified elective offices in local
government.
• Senior Management Service Class (SMSQ — Members in senior management level
positions.
• Special Risk Class — Members who are special risk employees, such as law enforcement
officers, meet the criteria to qualify for this class.
Employees enrolled in the FRS Plan prior to July 1, 2011, vest at 6 years of creditable service and
employees enrolled in the FRS Plan on or after July 1, 2011, vest at 8 years of creditable service.
All vested members, enrolled prior to July 1, 2011, are eligible for normal retirement benefits at
age 62, or at any age after 30 years of service, except for members classified as special risk who are
eligible for normal retirement benefits at age 55 or at any age after 25 years of service. All
members enrolled in the FRS Plan on or after July 1, 2011, once vested, are eligible for normal
retirement benefits at age 65 or any time after 33 years of creditable service, except for members
classified as special risk who are eligible for normal retirement benefits at age 60 or at any age
after 30 years of service. Employees enrolled in the FRS Plan may include up to 4 years of credit
for military service toward creditable service. The FRS Plan also includes an early retirement
provision; however, there is a benefit reduction for each year a member retires before his or her
normal retirement date. The FRS Plan provides retirement, disability, death benefits, and annual
cost -of -living adjustments to eligible participants.
17
Collier County, Florida
Tax Collector
Notes to Financial Statements
September 30, 2021
6. Pension Plans (continued)
Florida Retirement System Pension Plan (continued)
Plan Description (continued)
DROP, subject to provisions of Section 121.091, Florida Statutes, permits employees eligible for
normal retirement under the FRS Plan to defer receipt of monthly benefit payments while
continuing employment with an FRS participating employer. An employee may participate in
DROP for a period not to exceed 60 months after electing to participate, except that certain
instructional personnel may participate for up to 96 months. During the period of DROP
participation, deferred monthly benefits are held in the FRS Trust Fund and accrue interest. The
net pension liability does not include amounts for DROP participants, as these members are
considered retired and are not accruing additional pension benefits.
Benefits Provided
Benefits under the FRS Plan are computed on the basis of age and/or years of service, average final
compensation, and service credit. Credit for each year of service is expressed as a percentage of the
average final compensation. For members initially enrolled before July 1, 2011, the average final
compensation is the average of the 5 highest fiscal years' earnings; for members initially enrolled
on or after July 1, 2011, the average final compensation is the average of the 8 highest fiscal years'
earnings. The total percentage value of the benefit received is determined by calculating the total
value of all service, which is based on the retirement class to which the member belonged when the
service credit was earned. Members are eligible for in -line -of -duty or regular disability and
survivors' benefits.
As provided in Section 121.101, Florida Statutes, if the member is initially enrolled in the FRS
before July 1, 2011, and all service credit was accrued before July 1, 2011, the annual
cost -of -living adjustment is 3% per year. If the member is initially enrolled before July 1, 2011,
and has service credit on or after July 1, 2011, there is an individually calculated cost -of -living
adjustment. The annual cost -of -living adjustment is a proportion of 3% determined by dividing the
sum of the pre -July 2011 service credit by the total service credit at retirement multiplied by 3%.
FRS Plan members initially enrolled on or after July 1, 2011, will not have a cost -of -living
adjustment after retirement.
Detailed information about the County's proportionate share of FRS's net pension liability,
deferred outflows/inflows of resources, and pension expense are reported in the government -wide
statements of the County.
Collier County, Florida
Tax Collector
Notes to Financial Statements
September 30, 2021
6. Pension Plans (continued)
Retiree Health Insurance Subsidy Program
Plan Description
The Retiree Health Insurance Subsidy Program (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 June 30, 2021, eligible retirees and beneficiaries received a monthly HIS
payment of $5 for each year of creditable service completed at the time of retirement, with a
minimum HIS payment of $30 and a maximum HIS payment of $150 per month, pursuant to
Section 112.363, Florida Statutes. To be eligible to receive a HIS Plan benefit, a retiree under a
State -administered retirement system must provide proof of health insurance coverage, which may
include Medicare.
Detailed information about the County's proportionate share of HIS's net pension liability,
deferred outflows/inflows of resources, and pension expense are reported in the government -wide
statements of the County.
FRS Investment Plan
The Florida State Board of Administration (SBA) administers the defined contribution plan
officially titled the FRS Investment Plan (Investment Plan). The Investment Plan is reported in the
SBA's annual financial statements and in the State of Florida Comprehensive Annual Financial
Report.
19
Collier County, Florida
Tax Collector
Notes to Financial Statements
September 30, 2021
6. Pension Plans (continued)
FRS Investment Plan (continued)
As provided in Section 121.4501, Florida Statutes, eligible FRS members may elect to participate
in the Investment Plan in lieu of the FRS defined benefit plan. Tax Collector employees
participating in DROP are not eligible to participate in the Investment Plan. Employer and
employee contributions, including amounts contributed to individual member's accounts, are
defined by law, but the ultimate benefit depends in part on the performance of investment funds.
Benefit terms, including contribution requirements, for the Investment Plan are established and
may be amended by the Florida Legislature. The Investment Plan is funded with the same
employer and employee contribution rates that are based on salary and membership class (Regular
Class, Elected County Officers, etc.), as the FRS defined benefit 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 plan, including the
FRS Financial Guidance Program, are funded through an employer contribution of 0.06% of
payroll and by forfeited benefits of plan members.
For all membership classes, employees are immediately vested in their own contributions and are
vested after 1 year of service for employer contributions and investment earnings. If an
accumulated benefit obligation for service credit originally earned under the FRS Pension Plan is
transferred to the Investment Plan, the member must have the years of service required for FRS
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 5 years. If the employee returns to FRS -covered
employment within the 5-year period, the employee will regain control over their account. If the
employee does not return within the 5-year period, the employee will forfeit the accumulated
account balance. For the fiscal year ended June 30, 2021, 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 Tax Collector.
20
Collier County, Florida
Tax Collector
Notes to Financial Statements
September 30, 2021
6. Pension Plans (continued)
FRS Investment Plan (continued)
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
FRS Pension Plan when approved for disability retirement to receive guaranteed lifetime monthly
benefits under the FRS Pension Plan, or remain in the Investment Plan and rely upon that account
balance for retirement income.
Contributions
Participating employer contributions are based upon statewide rates established by the State of
Florida. The Tax Collector's contributions made to the plans during the years ended September 30,
2021, 2020, and 2019 were $992,718, $843,840, and $768,338, respectively, equal to the
actuarially determined contribution requirements for each year.
Additional information about pension plans can be found in the County's comprehensive annual
financial report or County -wide financial statements.
7.Other Postemployment Benefits (OPEB)
In accordance with Section 112.0801, Florida Statutes, the Tax Collector participates with Collier
County in offering retiring employees the opportunity to continue participation in the County's
health insurance plan. The participating retirees pay 100% of the premium cost applicable to an
active employee. The liability and expense for other postemployment benefits, calculated in
accordance with Governmental Accounting Standards Board Statement No. 75 Accounting and
Financial Reporting for Postemployment Benefits Other Than Pensions, are reported in the
financial statements of the County.
21
Collier County, Florida
Tax Collector
Notes to Financial Statements
September 30, 2021
8. Related Party Transactions
During the fiscal year ended September 30, 2021, the Board paid commissions and fees to the Tax
Collector that amounted to $18,998,458.
At September 30, 2021, the Tax Collector had a payable due to the Board of $8,519,964 comprised
as follows:
Distribution of unused commissions and fees
Tax and fee collections due to the Board
Total
9. Risk Management
2021
$ 6,375,976
2,143,988
$ 8,519,964
Collier County, Florida (County) is exposed to various risks of loss including but not limited to,
general liability, health and life, property and casualty, auto and physical damage, and workers'
compensation. The County is substantially self -insured and accounts for and finances its risk of
uninsured losses through an internal service fund. All liabilities associated with these self -insured
risks are reported in the basic financial statements of the County. The Tax Collector participates in
the County's self-insurance program. During the year ended September 30, 2021 the Tax Collector
was charged $3,182,343 by the County for participation in the risk management program.
22
Collier County, Florida
Tax Collector
Notes to Financial Statements
September 30, 2021
9. Risk Management (continued)
The County retains the first $500,000 per claim for workers' compensation and has purchased
excess coverage for up to statutory limit for each injury or illness. The County also provides
coverage for up to $500,000 per occurrence for general liability and $300,000 per occurrence for
auto liability coverage and has purchased outside excess coverage for up to $5 million per claim.
Negligence claims in excess of the statutory limits set in Section 768.28, Florida Statutes, which
provide for limited sovereign immunity of $200,000/$300,000 per occurrence can only be
recovered through an act of the State Legislature. Property claims are subject to a 5 percent wind
deductible and a $50,000 deductible for all other perils. The County retains the first $300,000 per
claim for general liability, public official errors and omissions, automobile liability and crime
coverage and has purchased excess coverage for up to $5 million per claim. There have been no
significant reductions in insurance coverage in the last year. Settled claims have not exceeded the
insurance provided by third -party carriers in any of the last three years.
The County is self -insured for health claims covering all of its employees and their eligible
dependents. The County retains the first $1,000,000 per covered member and has purchased
outside excess coverage for all claims exceeding this amount. An actuarial valuation is performed
each year to estimate the amounts needed to pay prior and future claims and to establish reserves.
10. Commitments and Contingencies
Leases
The Collier County Tax Collector leases assets for various terms under certain agreements that
meet the definition of a lease under GASB Statement No. 87 - Leases. Detailed information about
the Collier County Tax Collector's leases can be found in the Collier County Annual
Comprehensive Financial Report or County -wide financial statements.
Leases entered into by the Collier County Tax Collector are included as other financing sources
and capital outlay expenditures in the statement of revenues, expenditures, and changes in fund
balance in the year of inception. Payments made in accordance with the lease terms are reported as
debt service expenditures in the statement of revenues, expenditures, and changes in fund balance
as they are incurred.
23
Collier County, Florida
Tax Collector
Notes to Financial Statements
September 30, 2021
10. Commitments and Contingencies (continued)
Leases (continued)
During the year ended September 30, 2021, the Collier County Tax Collector did not enter into any
new leases. During the year ended September 30, 2021, the Collier County Tax Collector's
payments on leases totaled $216,859.
Litigation
The Tax Collector is involved as a defendant or plaintiff in certain litigation and claims arising
from the ordinary course of operations. In the opinion of the Tax Collector and legal counsel, the
range of potential recoveries or liabilities will not materially affect the financial position of the Tax
Collector.
24
0
Clifton LarsonAllen LLP
CLAconnect.com
INDEPENDENT AUDITORS' 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 Rob Stoneburner
Tax Collector
Collier 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 general fund and the aggregate
remaining fund information of the Tax Collector, Collier County, Florida (Tax Collector), as of and for the
year ended September 30, 2021, and the related notes to the financial statements, which collectively comprise
the Tax Collector's basic financial statements, and have issued our report thereon dated February 8, 2022.
Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered the Tax Collector'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 Tax Collector's internal control. Accordingly, we
do not express an opinion on the effectiveness of the Tax Collector'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. A material 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 may exist that have
not been identified.
A me CLA is an independent member of Nexia International, a leading, global network of independent
Nexia ia accounting and consulting firms. See nexia.com/member-firm-disclaimer for details.
International g g
25
Honorable Rob Stoneburner
Tax Collector
Compliance and Other Matters
As part of obtaining reasonable assurance about whether the Tax Collector's financial statements are free from
material misstatement, we performed tests of its compliance with certain provisions of laws, regulations,
contracts, and grant agreements, noncompliance 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 noncompliance 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 result of that testing, and not to provide an opinion on the effectiveness of the Tax Collector's internal
control or on compliance. This report is an integral part of an audit performed in accordance with Government
Auditing Standards in considering the Tax Collector's internal control and compliance. Accordingly, this
communication is not suitable for any other purpose.
LLB
CliftonLarsonAllen LLP
Naples, Florida
February 8, 2022
26
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Honorable Rob Stoneburner
Tax Collector
Collier County, Florida
Report on the Financial Statements
Clifton LarsonAllen LLP
CLAconnect.com
MANAGEMENT LETTER
We have audited the financial statements of the general fund and the aggregate remaining fund information of
the Collier County, Florida Tax Collector (Tax Collector) as of and for the year ended September 30, 2021, and
have issued our report thereon dated February 8, 2022.
Auditors' Responsibility
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 and Chapter 10.550, Rules of the Florida Auditor General.
Other Reporting Requirements
We have issued our Independent Auditors' Report on Internal Control over Financial Reporting and on
Compliance and Other Matters based on an Audit of Financial Statements Performed in Accordance with
Government Auditing Standards and Independent Accountants' Report on an examination conducted in
accordance with AICPA Professional Standards, AT-C Section 315, regarding compliance requirements in
accordance with Chapter 10.550, Rules of the Auditor General. Disclosures in those reports which are dated
DATE should be considered in conjunction with this management letter.
Prior Audit Findings
Section 10.554(1)(i)l., Rules of the Auditor General, requires that we determine whether or not corrective
actions have been taken to address findings and recommendations made in the preceding annual financial audit
report. There were no such findings reported in the prior audit report.
Official Title and Legal Authority
Section 10.554(1)(i)4., Rules of the Auditor General, requires that the name or official title and legal authority
for the primary government and each component unit of the reporting entity be disclosed in this management
letter, unless disclosed in the notes to the financial statements. See Note 1 in the notes to the financial
statements.
A me CLA is an independent member of Nexia International, a leading, global network of independent
Nexia ia accounting and consulting firms. See nexia.com/member-firm-disclaimer for details.
International g g
27
Honorable Rob Stoneburner
Tax Collector
Financial Management
Section 10.554(1)(i)2., Rules of the Auditor General, requires that we communicate any recommendations to
improve financial management. In connection with our audit, we did not have any such recommendations.
Additional Matters
Section 10.554(1)(i)3., Rules of the Auditor General, requires us to communicate noncompliance with
provisions of contracts or grant agreements, or abuse, that have occurred, or are likely to have occurred, that
have 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 Tax Collector and applicable management and is not intended to be, and
should not be, used by anyone other than these specified parties.
i
CliftonLarsonAllen LLP
Naples, Florida
February 8, 2022
OPF
Honorable Rob Stoneburner
Tax Collector
Collier County, Florida
CliftonLarsonAllen LLP
CLAconnect.com
INDEPENDENT ACCOUNTANTS' REPORT
We have examined the Collier County Tax Collector, Collier County, Florida's (Tax Collector) compliance
with Section 218.415, Florida Statutes, regarding the investment of public funds during the year ended
September 30, 2021. Management of the Tax Collector is responsible for the Tax Collector's compliance with
the specified requirements. Our responsibility is to express an opinion on the Tax Collector's compliance with
the specified requirements 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 Tax Collector complied, in all material respects, with the specified
requirements referenced above. An examination involves performing procedures to obtain evidence about
whether the Tax Collector 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 noncompliance,
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.
Our examination does not provide a legal determination on the Tax Collector's compliance with specified
requirements.
In our opinion, the Tax Collector complied, in all material respects, with Section 218.415, Florida Statutes,
regarding the investment of public funds during the year ended September 30, 2021.
This report is intended solely for the information and use of the Tax Collector and the Auditor General, State
of Florida, and is not intended to be, and should not be, used by anyone other than these specified parties.
GAG cL�x��Llm,�. LLB
CliftonLarsonAllen LLP
Naples, Florida
February 8, 2022
A me CLA is an independent member of Nexia International, a leading, global network of independent
Nexia ia accounting and consulting firms. see nexia.com/member-firm-disclaimer for details.
International g g
29
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