Agenda 04/09/2024 Item #13A (Presentation of the Annual Comprehensive Financial Report for the fiscal year ended Sept 30, 2023)13.A
04/09/2024
EXECUTIVE SUMMARY
Presentation of the Annual Comprehensive Financial Report for the fiscal year ended September
30, 2023, and authorization to file the related State of Florida Annual Local Government Financial
Report with the Department of Financial Services.
OBJECTIVE: Presentation of the Annual Comprehensive Financial Report (ACFR) for the fiscal year
ended September 30, 2023, and authorization to file the related State of Florida Annual Local Government
Financial Report (AFR) with the Department of Financial Services.
CONSIDERATIONS: The Clerk of the Circuit Court and Comptroller, serving as Ex-Officio Clerk to the
Board of County Commissioners, is responsible for coordination of the annual independent audit along with
the production of the Annual Comprehensive Financial Report. In this role, the Clerk is pleased to present
to the Board the ACFR for the fiscal year ended September 30, 2023, which includes the Government
Finance Officers Association Certificate of Achievement for Excellence in Financial Reporting for the fiscal
year ended September 30, 2022. The ACFR represents a significant effort by both the Finance and
Accounting Department and County staff. We would like to express our sincere appreciation to the Board,
the Constitutional Officers and their staff, the County Manager, the County Attorney, the Department
Heads, Division Directors, and County staff for their assistance. We would like to also thank the County's
external auditors, CliftonLarsonAllen LLP and their staff for a successful year-end audit.
The ACFR package delivered to the Board includes an unmodified annual audit opinion for fiscal year
2023, grant related Single Audit Reports and an unaudited report on debt for fiscal year 2023. The
unaudited report on debt is required by the County's Debt Management Policy.
Also included as an exhibit, the Annual Financial Report is due within 45 days of completion of the audit
report but no later than 9 months after the end of the fiscal year. This report documents the revenues and
expenditures for a given fiscal year in accordance with the State of Florida Uniform Accounting System.
A brief presentation on the overall audit will be given by CliftonLarsonAllen staff.
GROWTH MANAGEMENT IMPACT: There is no growth management impact.
FISCAL IMPACT: There is no fiscal impact to this executive summary.
LEGAL CONSIDERATIONS: This item has been reviewed by the County Attorney, raises no legal
issues at this time and requires majority vote for acceptance of the report. -JAK
RECOMMENDATION: That the Collier County Board of County Commissioners accepts the Annual
Comprehensive Financial Report for fiscal year 2023 and authorizes the filing of the State of Florida
Annual Local Government Financial Report with the Department of Financial Services.
Prepared By: Derek M. Johnssen, Director of Finance and Accounting
Clerk of the Circuit Court and Comptroller
ATTACHMENT(S)
1.2023 Annual Financial Report (PDF)
2. [Linked] 2023 Collier County ACFR (PDF)
Packet Pg. 383
13.A
04/09/2024
COLLIER COUNTY
Board of County Commissioners
Item Number: 13.A
Doc ID: 28463
Item Summary: Presentation of the Annual Comprehensive Financial Report for the fiscal year ended September
30, 2023, and authorization to file the related State of Florida Annual Local Government Financial Report with the
Department of Financial Services. (Derek M. Johnssen, Clerk of Court's Office Director of Finance and
Accounting)
Meeting Date: 04/09/2024
Prepared by:
Title: Finance Manager — Clerk of the Circuit Court
Name: Kelly Jones
04/02/2024 9:53 AM
Submitted by:
Title: Assistant Finance Director — Clerk of the Circuit Court
Name: Derek Johnssen
04/02/2024 9:53 AM
Approved By:
Review:
Clerk of the Circuit Court Derek Johnssen Other Reviewer Completed 04/02/2024 10:21 AM
Office of Management and Budget Debra Windsor Level 3 OMB Gatekeeper Review Completed 04/02/2024 10:24 AM
County Attorney's Office Jeffrey A. Klatzkow Level 3 County Attorney's Office Review Completed 04/02/2024 10:37 AM
Office of Management and Budget Agnieszka Chudy OMB Reviewer
County Manager's Office Amy Patterson Level 4 County Manager Review
Board of County Commissioners Geoffrey Willig Meeting Pending
Completed 04/02/2024 1:52 PM
Completed 04/03/2024 3:39 PM
04/09/2024 9:00 AM
Packet Pg. 384
Annual Financial Report for Collier, 2023
ANNUAL FINANCIAL REPORT
SUBMITTING ENTITY: Collier
AFR RECEIVED DATE:
Location Information
3315 Tamiami Trail East #102
Naples,FL 34112-5324
Phone Number: (239) 252-7864
AUDIT INFORMATION
CliftonLarsonAllen LLP
Firm Location Information
12800 University Drive,Suite 210
Fort Myers,FL 33907
Phone number:(239) 226-9900
JIMMY PATRONIS
CHIEF FINANCIAL OFFICER
STATE OF FLORIDA
Florida Department of Financial Services
SUBMITTING ENTITY TYPE: County
Contact Information
Kelly Jones
FISCAL YEAR 2022-2023
ENTITY DEPENDENCY: Independent
AUDIT RECEIVED DATE:
Phone Number:(239) 252-7864
LONG-TERM DEBT
$668,606,742
E
0
c
c
U_
CE
c
c
Q
c
o:
U_
U
Q
M
N
0
N
M
w
1*
00
N
0
a
m
o:
c
c
U_
c
Q
M
N
O
N
E
a
4/2/2024 9:12:25 AM
Packet Pg. 385
Annual Financial Report for Collier, 2023
13.A.a
CERTIFICATION
Chief Financial Officer
Title: Chairman, Board of County Commissioners
Name: Chris Hall
Chairman/Elected Official
Title: Clerk of the Circuit Court and Comptroller
Name: Crystal K. Kinzel
Have you experienced a Financial Emergency in this year?
If yes, have you complied with Section 218.503(2), F.S.?
❑ Yes ❑x No
❑ Yes ❑ No
4/2/2024 9:12:25 AM Packet Pg. 386
Annual Financial Report for Collier, 2023
13.A.a
Balance General Special Debt Capital Permanent Enterprise Internal Custodial Pension Investment Private Component Total
Sheet Revenue Service Projects Service Trust Trust Purpose Units
Trust
Assets
102.000 - Cash On Hand
$7,120
$1,825
$15,100
$24,045
103.000 - Cash With
$30,293,130
$30,293,130
Fiscal Agent
104.000 - Equity In
$176,948,300
$415,521,846
$6,316,165
$763,377,256
$5,732,745
$513,982,008
$96,385,288
$30,659,023
$375,805
$484,076
$2,009,782,512
Pooled Cash
115. 100 - Accounts
$1,398,001
$20,535,830
$8,381,598
$51,521,561
$1,734,435
$15,247
$83,586,672
Receivable
117.000 - Allowance For
Uncollectible Accounts
$-591,888
$-153,394
$-340,863
$-26,186,917
$-18,562
$-27,291,624
Receivable (Credit)
12 1.000 -Assessments
$1,405
$37,518
$38,923
Receivable
128.000 - Notes
Receivable -Current
$1,490,839
$189,429
$1,680,268
Portion
131.000- Due From Other
$675,661
$4,538,866
$2,941,216
$9,152,736
$32,222
$17,340,701
Funds
132.900-Advances To
$2,268,100
$17,209,264
$20,073,701
$12,500,000
$52,051,065
Other Funds
133.000- Due From Other
$9,621,068
$13,647,336
$371,715
$25,095,890
$6,543,283
$255,369
$13,284
$55,547,945
Governmental Units
135.000 - Interest And
$217,897
$514,077
$14,050
$931,872
$7,077
$793,519
$133,032
$2,611,524
Dividends Receivable
141.000 - Inventories -
$1,045,493
$1,567,345
$12,591,970
$711,884
$15,916,692
Materials And Supplies
142.000 - Inventories - For
$3,838,014
$3,838,014
Resale
155.000 - Prepaid Items
$384,964
$71,619
$35,970
$199,155
$6,492,494
$7,184,202
156.000 - OtherAssets-
$20,118
$625
$1,250
$1,706,394
$1,728,387
Current
156.900 - Assets- Non-
$3,590,036
$3,590,036
Current
159.000 - Subscription -
Based Information
$477,003
$1,592,164
$2,069,167
Technology Arrangements
(SBITA)
161.900-Land
$33,544,065
$33,544,065
162.900- Buildings
$178,911,104
$13,815,296
$192,726,400
163.900 -Accumulated
Depreciation Buildings
$-116,481,772
$-6,741,015
$-123,222,787
(Credit)
164.900 - Infrastructure
$1,523,297,879
$11,581,286
$1,534,879,165
165.900 -Accumulated
Depreciation -
$-725,106,303
$-10,502,839
$-735,609,142
Infrastructure (Credit)
166.500 - Accumulated
Amortization - Intangible
$34,966,332
$34,966,332
Assets (Credit)
166.900 - Equipment And
$107,840,611
$-22,262,706
$85,577,905
Furniture
M
O
O
N
r_
O
Q
d
R
C
O
C
LL
R
3
C
C
Q
Cl)
N
O
N
C
N
E
t
C�
O
r
Q
4/2/2024 9:12:25 AM
Packet Pg. 387
Annual Financial Report for Collier, 2023
13.A.a
Balance General Special Debt Capital Permanent Enterprise Internal Custodial Pension Investment Private Component Total
Sheet Revenue Service Projects Service Trust Trust Purpose Units
167.900 - Accumulated
ust
Depreciation Equipment
$-71,724,343
$-71,724,343
(Credit)
168.900 - Property Under
$1,078,264
$16,192
$1,094,456
Capital Leases
168.950 -Accumulated
Depreciation- Property
$-380,886
$-12,674
$-393,560
Under Capital Leases
(Credit)
169.900 - Construction
$167,609,899
$167,609,899
Work In Progress
Total
$193,485,673
$477,482,682
1$6,701,930
1$850,792,425
1 $5,739,822
1 $1,685,511,884
1$128,178,198
1 $30,687,554
$375,805
1 $484,076
$3,379,440,049
Deferred
Outflows
190.000 - Deferred
$21,874,064
$2,052,957
$23,927,021
Outflow of Resources
Total
$0
$0
$0
$0
$0
$21,874,064
$2,052,957
$0
$0
$0
$23,927,021
Liabilities
202.000-Accounts
$11,571,632
$15,054,777
$21,420,946
$3,300
$26,370,831
$2,496,243
$769917,729
Payable
203.000 - Notes And
Loans Payable - Current
$8,247,848
$8,247,848
Portion
203.900 - Notes And
Loans Payable - Long-
$26,257,000
$26,2579000
Term Portion
207.000-Due To Other
$3,739,579
$12,613,681
$47
$978,268
$9,126
$17,340,701
Funds
208.000 - Due To Other
$4,700,489
$4,045,283
$212,264
$670
$284,992
$37,247
$10,761,836
$20,042,781
Governmental Units
210.000 - Compensated
Absences- Current
$3,465,478
$505,027
$3,970,505
Portion
210.900 - Compensated
Absences - Long -Term
$866,369
$126,257
$9929626
Portion
215.000 -Accrued Interest
$2,801,624
$2,801,624
Payable
216.000 -Accrued Salaries
$8,586,736
$4,201,076
$4,052,867
$520,790
$17,361,469
And Wages Payable
220.000 - Deposits
$982,691
$4,399,995
$103,860
$226,842
$5,713,388
223.000- Deferred
$3,308
$35,572,803
$196,584
$135,847
$35,908,542
Revenue
225.000 - Capital Leases -
$95,075
$3,335
$98,410
Current Portion
225.900 - Capital Leases -
$630970
$280
$631,2
Long -Term Portion50
229.000 - Other Current
$41,029
$11,657,455
$150680
$11,849,164
Liabilities
232.000- Revenue Bonds
$5,795,000
$5,795,000
Payable - Current Portion
M
to
00
N
r_
O
Q
d
R
C
R
C
LL
R
3
C
C
Q
Cl)
N
O
N
C
O
E
t
V
O
r
Q
4/2/2024 9:12:25 AM
Packet Pg. 388
Annual Financial Report for Collier, 2023
13.A.a
Balance General Special Debt Capital Permanent Enterprise Internal Custodial Pension Investment Private Component Total
Sheet Revenue Service Projects Service Trust Trust Purpose Units
232.900 - Revenue Bonds
ust
Payable -Long -Term
$299,155,221
$299,1559221
Portion
236.900-Advances From
$34,841,801
$17,209,264
$52,051,065
Other Funds
237.000 - Other
Postemployment Benefits
$2,660,407
$325,241
$2,985,648
(OPEB Liability)
238.000 - Pension
Liabilities
$80,320,670
$8,404,188
$88,7249858
239.900 - Other Long -
$1,754,878
$2,416,047
$4,170,925
Term Liabilities
240.000 - Subscription -
Based Information
$436,780
$1,594,728
$2,031,508
Technology Arrangements
(SBrrA)
Total
$29,584,435
$110,729,416
$47
$39,924,602
$3,970
$463,669,591
$28,222,685
$10,912,516
$0
$0
$683,047,262
Deferred Inflows
290.000- Deferred Inflow
$333,732
$10,821,746
$8,040,735
$12,733,845
$335,450
$32,265,508
of Resources
Total
$333,732
$10,821,746
$0
$8,040,735
$0
$12,733,845
$335,450
$0
$0
$0
$32,265,508
Fund Balances
274.000 - Net Assets,
Invested In Capital, Net
$882,903,785
$20,471,825
$903,375,610
Of Debt
275.000- Net Assets,
$46,638,820
$19,775,038
$375,805
$66,789,663
Restricted
276.000-Net Assets,
$301,439,907
$81,201,195
$484,076
$383,125,178
Unrestricted
280.000 - Fund Balance -
$5,189,396
$1,638,964
$0
$35,970
$5,522,800
$12,387,130
Nonspendable
281.000-Fund Balance-
$75,789
$307,137,992
$6,701,883
$650,513,628
$213,052
$964,642,344
Restricted
282.000 - Fund Balance -
$58,730,435
$58,730,435
Committed
283.000 - Fund Balance -
$29,292,482
$161,986,302
$191,2789784
Assigned
284.000 - Fund Balance -
Unassigned
$129,009,839
$41,575,871
$-9,708,812
$107,725,156
Total
$163,567,506
1 $35599319520
1$69701,883
1$802,827,088
1 $5,735,852
1 $1,230,982,512
1$101,673,020
1 $19,775,038
$375,805
1 $484,076
$2,688,054,300
O
sZ
d
O
C
t4
C
LL
O
7
C
C
Q
C
O
LL
<.i
Q
M
N
O
N
M
to
00
N
O
SZ
d
R
C
R
C
LL
R
3
C
C
Q
Cl)
N
O
N
r-+
C
d
E
L
t)
t4
a
4/2/2024 9:12:25 AM
Packet Pg. 389
Annual Financial Report for Collier, 2023
13.A.a
Revenues General Special Debt Capital Permanent Enterprise Internal Custodial Pension Investment Private Component Total
Revenue Service Projects Service Trust Trust Purpose Units
311.000-Ad Valorem
$410,393,808
$108,466,576
$16,152
Trust
$518,876,536
Taxes
312.130 -Tourist
$44,107,953
$44,107,953
Development Taxes
312.300 - County Ninth-
$1,938,377
$1,938,377
Cent Voted Fuel Tax
312.410 - (1 To 6 Cents
$9,287,979
$9,287,979
Local Option Fuel Tax)
312.420 - (1 To 5 Cents
$6,926,109
$6,926,109
Local Option Fuel Tax)
312.630 - Local
Government Infrastructure
$124,563,003
$124,563,003
Surtax
315.100 - State
Communications Services
$4,079,742
$4,079,742
Tax
316.000 - Local Business
Tax (Formerly Local
$684,574
$684,574
Occupational License Tax -
321.000)
319.900 - Other General
$163,505
$163,505
Taxes
322.000 - Building Permits
$25,223,357
$25,223,357
(Building Permit Fees)
322.900 - Permits -Other
$221,487
$1,555,511
$624,426
$2,401,424
324.110 - Impact Fees -
Residential - Public Safety
Residential Buildings
$1,163,168
$1,1639168
Flat Fees
Residential Buildings
Tiered Scale Based on
$2,519,694
$2,519,694
Square Footage
324.120 - Impact Fees -
Commercial - Public Safety
Office Buildings
Tiered Scale Based on
$24,918
$24,918
Square Footage
Retail Buildings
Tiered Scale Based on
$262,404
$262,404
Square Footage
Institutional Civic
Buildings
$33,927
$33,927
Tiered Scale Based on
Square Footage
Industrial Buildings
Tiered Scale Based on
$18,285
$18,285
Square Footage
M
to
le
00
N
r_
O
Q
d
R
C
R
C
iL
R
3
C
C
Q
Cl)
N
O
N
r-+
C
N
E
t
V
R
Y
Y
Q
4/2/2024 9:12:25 AM
Packet Pg. 390
Annual Financial Report for Collier, 2023
13.A.a
Revenues General Special Debt Capital Permanent Enterprise Internal Custodial Pension Investment Private Component Total
Revenue Service Projects Service Trust Trust Purpose Units
Multi -Purpose
Trust
Tiered Scale Based on
$126,727
$126,727
Square Footage
324.210 - Impact Fees -
Residential - Physical
Environment
Residential Buildings
$16,801,835
$16,801,835
Flat Fees
324.220 - Impact Fees -
Commercial - Physical
Environment
Multi -Purpose
Tiered Scale Based on
$744,982
$744,982
Square Footage
324.310 - Impact Fees -
Residential -
Transportation
Residential Buildings
$8,064,559
$8,064,559
Flat Fees
Residential Buildings
Tiered Scale Based on
$15,060,596
$15,060,596
Square Footage
324.320 - Impact Fees -
Commercial -
Transportation
Office Buildings
Tiered Scale Based on
$220,606
$220,606
Square Footage
Retail Buildings
Tiered Scale Based on
$1,289,157
$1,289,157
Square Footage
Institutional Civic
Buildings
$1,122,975
$1,122,975
Tiered Scale Based on
Square Footage
Industrial Buildings
Tiered Scale Based on
$236,040
$236,040
Square Footage
Multi -Purpose
Tiered Scale Based on
$1,205,491
$1,205,491
Square Footage
324.410 - Impact Fees -
Residential - Economic
Environment
Residential Buildings
$3,761
$3,761
r
L
O
rL
tv
t4
C
l4
C
LL
R
3
C
C
Q
C
R
LL
U
Q
M
N
O
N
M
tD
00
N
r_
O
Q
d
R
C
R
C
LL
R
3
C
C
Q
Cl)
N
O
N
r-+
C
d
E
t
V
to
+r
Q
4/2/2024 9:12:25 AM Packet Pg. 391
Annual Financial Report for Collier, 2023
13.A.a
Revenues General Special Debt Capital Permanent Enterprise Internal Custodial Pension Investment Private Component Total
Revenue Service Projects Service Trust Trust Purpose Units
Trust
Tiered Scale Based on
Square Footage
324.610 - Impact Fees -
Residential -
Culture/Recreation
Residential Buildings
$4,690,151
$4,690,151
Flat Fees
Residential Buildings
Tiered Scale Based on
$8,012,203
$8,012,203
Square Footage
324.910 - Impact Fees -
Residential - Other
Residential Buildings
$849,938
$849,938
Flat Fees
Residential Buildings
Tiered Scale Based on
$1,950,396
S1,950,396
Square Footage
324.920 - Impact Fees -
Commercial - Other
Office Buildings
Tiered Scale Based on
$19,462
$19,462
Square Footage
Retail Buildings
Tiered Scale Based on
$208,927
$208,927
Square Footage
Institutional Civic
Buildings
$26,499
$26,499
Tiered Scale Based on
Square Footage
Industrial Buildings
Tiered Scale Based on
$14,456
$14,456
Square Footage
Multi -Purpose
Tiered Scale Based on
$132,700
$132,700
Square Footage
325.100 - Special
Assessments -Capital
$10,304,659
$1,721,813
$55,545
$12,082,017
Improvement
331.100 - Federal Grant -
$153,981
$12,556,016
$12,709,997
General Government
331.200 - Federal Grant -
$88 064
$31,332,688
$887
$23,281,820
$54,703,459
Public Safety
331.390 - Federal Grant -
Other Physical
$65,828
$65,828
Environment
E
O
Q
O
w
R
C
R
C
LL
fC
3
C
C
Q
C
R
LL
U
Q
M
N
O
N
M
tD
O
N
t
O
Q
d
l4
C
R
C
LL
R
3
C
C
Q
Cl)
N
O
N
C
N
E
t
C�
r
4/2/2024 9:12:25 AM
Packet Pg. 392
Annual Financial Report for Collier, 2023
13.A.a
Revenues General Special Debt Capital Permanent Enterprise Internal Custodial Pension Investment Private Component Total
Revenue Service Projects Service Trust Trust Purpose Units
331.410 - Federal Grant -
$233,233
Trust
$233,233
Airport Development
331.420 - Federal Grant -
$7,247,098
$7,247,098
Mass Transit
331.490 - Federal Grant -
$5,188,547
$5,188,547
Other Transportation
331.500 - Federal Grant -
$5,904,994
$166,330
$6,071,324
Economic Environment
331.690 - Federal Grant -
$1,513,364
$13,978
$1,527,342
Other Human Services
331.900 - Other Federal
$156,878
$156,878
Grants
333.000 - Federal
$1,611,595
$1,611,585
Payments In Lieu OfTaxes
334.200 - State Grant -
$1,018,824
$1,884,963
$2,903,787
Public Safety
334.390 - State Grant -
Other Physical
$917,513
$134,132
$1,051,645
Environment
334.410 - State Grant -
$114,077
$114,077
Airport Development
334.420 - State Grant -
$2,062,488
$2,062,488
Mass Transit
334.490 - State Grant -
$658,430
$658,430
Other Transportation
334.500 - State Grant -
$4,884,742
$4,884,742
Economic Environment
334.690 - State Grant -
$1,974,195
$1,974,195
Other Human Services
334.700 - State Grant -
$161,047
$161,047
Culture/Recreation
335.121 - County Revenue
Sharing Program -
$18,830,744
$18,830,744
Proceeds
335.130 - State Revenue
Sharing - Insurance
License Tax (AKA
$124,263
$1249263
Insurance Agents County
Licenses)
335.140 - State Revenue
Sharing - Mobile Home
$121,228
$121,228
Licenses
335.150 - State Revenue
Sharing -Alcoholic
$220,575
$220,575
Beverage Licenses
335.180 - State Revenue
Sharing - Local
$68,746,452
$68,746,452
Government Half -Cent
Sales Tax Program
335.190 - State Revenue
Sharing- Other General
$623,719
$623,719
Goverment
335.220 - State Revenue
$2,452,430
$2,452,430
Sharing - Enhanced 911
F
O
!Z
O
w
t4
C
O
C
LL
R
7
C
C
a
C
l4
LL
U
Q
M
N
O
N
M
tD
00
N
O
Q
d
R
C
O
C
LL
R
3
C
C
Q
M
N
O
N
r-+
C
d
E
t
V
to
Y
Q
4/2/2024 9:12:25 AM Packet Pg. 393
Annual Financial Report for Collier, 2023
13.A.a
Revenues General Special Debt Capital Permanent Enterprise Internal Custodial Pension Investment Private Component Total
Revenue Service Projects Service Trust Trust Purpose Units
Fee (Previously: Wireless
Trust
911 Board Distributions)
335.430 - State Revenue
Sharing - Constitutional
$87,196
$63,790
$150,986
Fuel Tax (2Cent Fuel Tax)
335.440 - State Revenue
Sharing - County Fuel Tax
$2,050,570
$2,0509570
(I Cent Fuel Tax)
335.480 - State Revenue
Sharing- Other
$4,985,600
$4,985,600
Transportation
335.900 - State Revenue
$306,074
$306,074
Sharing - Other
337.100 - Local
Government Unit Grant -
$11,600
$119600
General Government
337.200 - Local
Government Unit Grant -
$444,854
$444,854
Public Safety
337.300 - Local
Government Unit Grant -
$62,500
$1,000,000
$1,062,500
Physical Environment
337.400 - Local
Government Unit Grant -
$6,000
$6,000
Transportation
341.200 - Internal Service
$120,306,697
$120,306,687
Fund Fees And Charges
341.900 - Other General
Government Charges And
$16,931,544
$11,866,667
$1,056,619,019
$1,085,417,230
Fees
342.600 - Service Charge -
$15,517,757
$15,517,757
Ambulance Fees
342.900 - Service Charge -
Other Public Safety
$1,541,012
$1,541,012
Charges And Fees
343.300 - Service Charge -
$90,199,172
$90,199,172
Water Utility
343.400 - Service Charge -
$64,707,812
$64,707,812
Garbage/Solid Waste
343.500 - Service Charge -
$102,107,895
$102,107,895
Sewer/Wastewater Utility
343.600 - Service Charge -
Water/Sewer Combination
$32,340
$32,340
Utility
343.900 - Service Charge -
Other Physical
$2,782,148
$2,782,148
Environment Charges
344.100 - Service Charge -
$10,596,872
$10,5969872
Airports
344.900 - Service Charge -
Other Transportation
$364,287
$134,529
$498,816
Charges
345.900 - Service Charge -
$36,411
$65,000
$101,411
Other Economic
O
SZ
O
W
R
C
O
C
LL
R
3
C
C
a
C
R
LL
U
Q
M
N
O
N
M
CO
00
N
O
SZ
d
R
C
R
C
LL
R
3
C
C
Q
Cl)
N
O
N
r-+
C
d
E
t
U
t4
Q
4/2/2024 9:12:25 AM
Packet Pg. 394
Annual Financial Report for Collier, 2023
13.A.a
Revenues General Special Debt Capital Permanent Enterprise Internal Custodial Pension Investment Private Component Total
Revenue Service Projects Service Trust Trust Purpose Units
Environment Charges
Trust
346.400 - Service Charge -
Animal Control And
$97,324
$18,715
$116,039
Shelter Fees
347.200 - Service Charge -
$4,554,083
$5,271,051
$9,825,134
Parks And Recreation
351.100 - Judgments And
Fines - As Decided By
$1,100,324
$1,100,324
County Court Criminal
351.300 - Judgments And
Fines - As Decided By
$244,844
$244,844
County Court Civil
352.000 - Fines- Library
$44,555
$44,555
354.000 - Fines - Local
$85,259
$546,415
$631,674
Ordinance Violation
359.000 - Other Judgments,
$683,932
$683,932
Fines And Forfeits
361.100 - Interest
$7,242,830
$10,815,481
$454,216
$18,418,755
$139,863
$13,292,860
$2,617,601
$3,725
$52,985,331
361.300 - Net Increase
(Decrease) In Fair Value Of
$2,673,869
$6,428,511
$179,145
$11,749,125
$88,977
$8,313,142
$1,302,064
$30,734,833
Investments
362.000 - Rents And
$58,017
$586,260
$47,500
$691,777
Royalties
364.000 - Disposition Of
$497,808
$649,116
$72,149
$-1,372,523
$447,142
$293,692
Fixed Assets
365.000 - Sale Of Surplus
$9,087
$37,335
$88,506
$2,050
$136,978
Materials And Scrap
366.000 - Contributions
And Donations From
$990
$566,170
$1,437,147
$1,575
$22,128,844
$548,861
$24,683,587
Private Sources
369.300 - Settlements
$540,577
$12,205,000
$89,018
$1,265,614
$354,208
$14,454,417
369.900 - Other
$1,379,199
$1,412,919
$190,295
$41,200
$390,581
$1,456,019
$617,363
$5,487,576
Miscellaneous Revenues
381.000 - Inter -Fund
$7,989,400
$45,459,041
$38,885,900
$97,889,289
$34,469,655
$13,257,760
$237,9519045
Group Transfers In
383.100 - Installment
$1,074,054
$19074,054
Purchase Proceeds
383.200 - Lease Proceeds
$5,959,139
$617,468
$6,576,607
384.000- Debt Proceeds
$4,046
$1,495,954
$1,500,000
3 86. 100 -Transfer From -
$208,146
$208,146
Clerk To The BOCC
386.400 -Transfer From -
$264,619
$264,619
Sheriff To The BOCC
386.600 -Transfer From -
Property Appraiser ToThe
$1,036,163
$99,011
$1,1359174
BOCC
386.700 - Transfer From -
Tax Collector To The
$12,005,092
$1,276,765
$13,281,857
BOCC
386.800 -Transfer From -
Supervisor Of Elections To
$196,265
$196,265
The BOCC
389.800 - Proprietary -
$24,719,760
$24,719,760
Q
4/2/2024 9:12:25 AM Packet Pg. 395
Annual Financial Report for Collier, 2023
13.A.a
Revenues
Source
General Special Debt Capital Permanent Enterprise Internal Custodial Pension Investment Private Component
Revenue Service Proiects Service Trust Trust Purpose Units
725
Total
4/2/2024 9:12:25 AM
Packet Pg. 396
Annual Financial Report for Collier, 2023
13.A.a
EXpenditureS General Special Debt Capital Permanent Enterprise Internal Custodial Pension Investment Private Component Total
Revenue Service Projects Service Trust Trust Purpose Units
511.00 - Legislative
Trust
10 - Personnel Services
$1,337,411
$1,337,411
30 - Operating
Expenditures/Expenses
$105,956
$105,956
512.00 - Executive
10 - Personnel Services
$1,827,190
$1,827,190
30 - Operating
Expenditures/Expenses
$301,303
$301,303
60 - Capital Outlay
$40,948
$40,948
70 - Debt Service
$24,610
$24,610
513.00 - Financial And
Administrative
10 - Personnel Services
$6,576,646
$5,302,104
$11,878,750
30-Operating
Expenditures/Expenses
$2,007,337
$1,553,143
$505,593
$4,066,073
60 - Capital Outlay
$255,844
$1,578,573
$1,834,417
70- Debt Service
$49,000
$90,000
$139,000
514.00 - Legal Counsel
10 - Personnel Services
$2,655,273
$2,655,273
30 - Operating
Expenditures/Expenses
$155,884
$155,884
515.00 - Comprehensive
Planning
10 - Personnel Services
$6,235,496
$6,235,496
30 - Operating
Expenditures/Expenses
$2,586,073
$2,586,073
60 - Capital Outlay
$35,010
$35,010
517.00 - Debt Service Payments
70 - Debt Service
$40,868,362 1 1 1 1 1 1 1 1 1 1 $40,868,362
519.00 - Other General
Governmental Services
10 - Personnel Services
$54,179,648
$7,795,577
$12,556,574
$74,531,799
30- Operating
Expenditures/Expenses
$24,571,820
$11,594,099
$7,409,600
$114,222,083
$1,073,838,632
$1,231,636,234
60 - Capital Outlay
$4,273,066
$381,894
$3,094,978
$7,749,938
70 - Debt Service
$926,197
$82,601
$40,523
$1,049,321
521.00 - Law Enforcement
10 - Personnel Services
$181,414,923
$181,414,923
30 - Operating
Expenditures/Expenses
$43,519,333
$4,429,711
$510,310
$4,444,351
$484,252
$53,387,957
60-Capital Outlay
$14,444,374
$113,276
$4,134,396
$18,692,046
70 - Debt Service
$441,329
$32,965
$474,294
522.00 - Fire Control
10 - Personnel Services
$47,226
1
1
1
1
1
1
1
1
1
1
1
1 $47,226
30 - Operating
Expenditures/Expenses
$3,663,156
$3,663,156
523.00 - Detention And/Or
Correction
10 - Personnel Services
$1,575,601 $1,575,601
r+
Q
4/2/2024 9:12:25 AM
Packet Pg. 397
Annual Financial Report for Collier, 2023
13.A.a
Expenditures General Special Debt Capital Permanent Enterprise Internal Custodial Pension Investment Private Component Total
Revenue Service Projects Service Trust Trust Purpose Units
30 - Operating
$85,647
$359,285
Trust
$444,932
Expenditures/Expenses
60 - Capital Outlay
$706,019
$706,019
524.00 - Protective Inspections
10 - Personnel Services
$18,600,043
$18,600,043
30 - Operating
$8,595,413
$8,595,413
Expenditures/Expenses
525.00 - Emergency And
Disaster Relief Services
10- Personnel Services
$1,424,739
$261,233
$1,685,972
30 - Operating
$920,385
$1,516,446
$3,884
$2,440,715
Expenditures/Expenses
60 - Capital Outlay
$304,308
$304,308
70 - Debt Service
$407,129
$407,129
526.00 - Ambulance And
Rescue Services
30 - Operating
Expenditures/Expenses
$28,236
$9,374,879
$9,403,115
60 - Capital Outlay
$45,193
$45,193
10 - Personnel Services
$34,156,907
$34,156,907
70 - Debt Service
$7,003
$7,003
527.00 - Medical Examiners
30 - Operating
$2,062,008
$2,062,008
Expenditures/Expenses
529.00 - Other Public Safety
30 - Operating
$493,328
$493,328
Expenditures/Expenses
533.00 -Water Utility Services
30 - Operating
Expenditures/Expenses
$171,574
$41,682,069
$41,853,643
10 - Personnel Services
$16,845,617
$16,845,617
70 - Debt Service
$10,992,446
$10,992,446
534.00 - Garbage/Solid Waste
Control Services
10 - Personnel Services
$4,924,895
$4,924,895
30- Operating
$79,523,904
$79,523,904
Expenditures/Expenses
535.00 - Sewer/Wastewater
Services
30- Operating
Expenditures/Expenses
$15,272,675
$47,645,313
$62,9179988
60 - Capital Outlay
$9,285
$9,285
10 - Personnel Services
$15,387,038
$15,387,038
70 - Debt Service
$5,580
$5,580
536.00 - Water/Sewer
Combination Services
10 - Personnel Services
$21,144,949
$21,144,949
30 - Operating
$33,710,656
$33,7109656
Expenditures/Expenses
70 - Debt Service
$2,290
$2,290
537. 00 - Conservation And
Q
4/2/2024 9:12:25 AM Packet Pg. 398
Annual Financial Report for Collier, 2023
13.A.a
Expenditures General Special Debt Capital Permanent Enterprise Internal Custodial Pension Investment Private Component Total
Revenue Service Projects Service Trust Trust Purpose Units
Resource Management
Trust
10- Personnel Services
$1,000,107
$4,915,108
$5,915,215
30-Operating
Expenditures/Expenses
$1,320,145
$2,538,512
$128,792
$37,566
$4,025,015
60 - Capital Outlay
$4,736,669
$513,903
$5,250,572
538.00 - Flood
Control/Stormwater
Management
10- Personnel Services
$2,567,714
$469,819
$3,037,533
30-Operating
$3,127,545
$1,075,572
$931,567
$5,134,684
Expenditures/Expenses
60 - Capital Outlay
$295,662
$7,977
$11,301,764
$11,605,403
70 - Debt Service
$28,005
$28,005
539.00 - Other Physical
Environment
30 - Operating
Expenditures/Expenses
$24,756
$4,683,929
$648,004
$200,645
$5,557,334
10- Personnel Services
$1,184,792
$282,491
$1,467,283
60 - Capital Outlay
$16,401,310
$3,412,715
$19,814.025
541.00 - Road And Street
Facilities
10 - Personnel Services
$600,035
$23,104,469
$23,704,504
30 - Operating
Expenditures/Expenses
$17,734
$24,864,104
$9,697,970
$34,579,808
60 - Capital Outlay
$9,983,751
$76,231,546
$86,215,297
70 - Debt Service
$73,574
$202,085
$275,659
542.00 - Airports
30 - Operating
$82,018
$9,632,431
$9,714,449
Expenditures/Expenses
60 - Capital Outlay
$54,705
$54,705
10 - Personnel Services
$2,088,958
$2,088,958
70 - Debt Service
$15,665
$15,665
544.00 - Mass Transit Systems
10 - Personnel Services
$644,285
1
1
1
1
1 $644,285
30 - Operating
$16,346,339
$16,346,339
Expenditures/Expenses
552.00 - Industry Development
30 - Operating
$32,675
$32,675
Expenditures/Expenses
553.00 -Veteran's Services
10 - Personnel Services
$370,990
1
1
1
1
1
1
1
1
1
1 $370,990
30 - Operating
$38,165
$38,165
Expenditures/Expenses
554.00 - Housing And Urban
Development
30-Operating
Expenditures/Expenses
$31,794,163
$10,175
$31,804,338
10 - Personnel Services
$2,419,769
$2,419,769
559.00 - Other Economic
Environment
O
Q
O
!C
C
<Q
C
LL
fC
7
C
C
a
C
R
LL
U
Q
M
N
O
N
M
tD
O
O
Q
d
R
C
O
C
LL
R
3
C
C
Q
Cl)
N
O
N
C
N
E
t
V
r
to
r+
Q
4/2/2024 9:12:25 AM
Packet Pg. 399
Annual Financial Report for Collier, 2023
13.A.a
Expenditures General Special Debt Capital Permanent Enterprise Internal Custodial Pension Investment Private Component Total
Revenue Service Projects Service Trust Trust Purpose Units
10 - Personnel Services
$362,025
$733,573
Trust
$1,095,598
30 - Operating
Expenditures/Expenses
$1,029,521
$5,951,539
$6,981,060
60 - Capital Outlay
$63,210
$63,210
70 - Debt Service
$21,500
$30,934
$52,434
562.00 - Health Services
30 - Operating
Expenditures/Expenses
$3,329,622
$484,258
$6,175
$3,820,055
10 - Personnel Services
$2,787,843
$2,787,843
60 - Capital Outlay
$948,216
$948,216
563.00 - Mental Health Services
30 - Operating
Expenditures/Expenses
$2,615,722
$2,615,722
564.00 - Public Assistance
Services
10 - Personnel Services
$1,276,351
$1,349,492
$2,625,843
30 - Operating
Expenditures/Expenses
$3,762,570
$9,136,315
$12,898,885
569.00 - Other Human Services
30 - Operating
Expenditures/Expenses
$25,584
$11,185
$36,769
10 - Personnel Services
$259,893
$259,893
571.00 - Libraries
10 - Personnel Services
$4,608,628
$47,787
$4,656,415
30-Operating
Expenditures/Expenses
$768,543
$588,250
$123,163
$1,479,956
60 - Capital Outlay
$2,393
$793,062
$795,455
572.00 - Parks And Recreation
10- Personnel Services
$9,697,435
$11,755,400
$21,452,835
30- Operating
Expenditures/Expenses
$8 479,575
$17,504,094
$3,790,419
$29,774,088
60-Capital Outlay
$495,477
$1,944,134
$20,936,483
$23,376,094
70- Debt Service
$98,283
$3,800
$102,083
573.00 - Cultural Services
10 - Personnel Services
$1,544,235
$1,544,235
30-Operating
Expenditures/Expenses
$1,035,827
$174,153
$1,209,980
60 - Capital Outlay
$12,713
$12,713
575.00 - Special Recreation
Facilities
10 - Personnel Services
$557,982
$557,982
30- Operating
Expenditures/Expenses
$3,444,175
$3,444,175
60 - Capital Outlay
$95,341
$95,341
581.00 - Interfund Group
Transfers Out
90- Other Uses
$162,552,405 $37,440,009 $36,445 $36,530,633 $16,287,614 $190,000 $253,037,106
602.00 - State Attorney
Administration
30 -Operating
$740,419 $349,648 $1,090,067
M
CO
00
N
O
Q
d
R
C
O
C
LL
t4
3
C
C
Q
Cl)
N
O
N
C
O
M
C�
r+
r+
Q
4/2/2024 9:12:25 AM
Packet Pg. 400
Annual Financial Report for Collier, 2023
13.A.a
Expenditures General Special Debt Capital Permanent Enterprise Internal Custodial Pension Investment Private Component Total
Revenue Service Projects Service Trust Trust Purpose Units
Expenditures/Expenses
Trust
603.00 - Public Defender
Administration
30 - Operating
Expenditures/Expenses
$381,125
$183,617
$564,742
605.00 - Judicial Support
30 - Operating
$38,582
$2,443
$41,025
Expenditures/Expenses
682.00 - Alternative Dispute
Resolution - Circuit Juvenile
10 - Personnel Services
1 $59,101
$59,101
30 - Operating
$645
$645
Expenditures/Expenses
712.00 - Courthouse Facilities
10 - Personnel Services
1 $992,462
$992,462
30 - Operating
$492,482
$492,482
Expenditures/Expenses
60 - Capital Outlay
$12,162
$12,162
714.00 - Public Law Library
30 - Operating
$93,500
$93,500
Expenditures/Expenses
Total
$556,014,772
$315,656,475
1$40,904,807
1$184,843,255
1 $37,566
1 $360,901,974
1$127,009,180
$1,078,282,983
1
$484,252
1 $60,210
$2,664,195,474
M
O
O
N
O
sZ
d
R
C
R
C
LL
R
3
C
C
Q
Cl)
N
O
N
r-+
C
tv
E
L
t)
to
a
4/2/2024 9:12:25 AM
Packet Pg. 401
Annual Financial Report for Collier, 2023
13.A.a
AFFILIATE INFORMATION
Collier County Airport Authority : Blended in Primary Report
Total Assets: $60,130,360 Total Fund Balances: $55,447,605
Total Deferred Outflow: $328,695 Total Revenue: $10,342,097
Total Liabilities: $1,960,718 Total Expenditures: $12,147,655
Total Deferred Inflow: $3,050,732 Total Long -Term Debt: $0
Zero Construction Projects To Report
Total Assets: $47,417
Total Deferred Outflow: $0
Total Liabilities: $0
Total Deferred Inflow: $0
Zero Construction Projects To Report
Total Assets: $279,969
Total Deferred Outflow: $0
Collier County Health Facilities Authority : Discretely Reported
Total Fund Balances: $47,417
Total Revenue: $0
Total Expenditures: $6,175
Total Long -Term Debt: $186,161,618
Collier County Housing Finance Authority : Discretely Reported
Total Fund Balances: $279,969
Total Revenue: $3,725
r
L
0
a
a�
c
c
U-
CE
c
c
Q
c
o:
U-
U
Q
M
N
O
N
M
W
1*
00
N
0
a
a�
o:
c
U-
c
a
M
N
O
N
r-+
C
d
E
L
a
4/2/2024 9:12:25 AM
Packet Pg. 402
Annual Financial Report for Collier, 2023
13.A.a
Total Liabilities: $0 Total Expenditures: $10,175
Total Deferred Inflow: $0 Total Long -Term Debt: $77,874,658
Zero Construction Projects To Report
Total Assets: $91,038
Total Deferred Outflow: $0
Total Liabilities: $0
Total Deferred Inflow: $0
Zero Construction Projects To Report
Collier County Industrial Development Authority : Discretely Reported
Total Fund Balances: $91,038
Total Revenue: $0
Total Expenditures: $32,675
Total Long -Term Debt: $244,599,489
Collier County Water -Sewer District : Blended in Primary Report
Total Assets: $1,438,900,986 Total Fund Balances: $1,032,359,763
Total Deferred Outflow: $10,544,558 Total Revenue: $254,697,614
Total Liabilities: $408,442,847 Total Expenditures: $202,364,886
Total Deferred Inflow: $8,642,934 Total Long -Term Debt: $326,100,943
Construction Projects Expenditure Approved Budget
Collections Operating TSP $332,649 $9,675,008
4/2/2024 9:12:25 AM Packet Pg. 403
Annual Financial Report for Collier, 2023
13.A.a
Construction Projects Expenditure Approved Budget
Fac Infrastructure Maint Wastewater
$106,295
$287,367
GGC Transmission Water Main Improvments
$1,161,769
$26,295,639
Golden Gate City Compliance Assurance
$609,582
$1,095,117
Golden Gate City WWTP Expansion
$666,748
$72,321,237
Goodland PS Improvement
$319,238
$782,139
Naples Park Area Basin
$844,131
$22,969,759
NCWRF Electrical Service Upgrade
$185,030
$521,153
New NCWRF Headworks
$1,258,150
$32,851,179
Palm River Public Utility
$4,142,995
$22,841,732
See AFR for Goodland Water District
Goodland Water District: Not a Component Unit
Collier County Educational Facilities Authority: Discretely Reported
Total Assets: $65,652 Total Fund Balances: $65,652
Total Deferred Outflow: $0 Total Revenue: $65,000
Total Liabilities: $0 Total Expenditures: $11,185
Total Deferred Inflow: $0 Total Long -Term Debt: $9,960,176
Zero Construction Projects To Report
Total Assets: $17,666,073
Total Deferred Outflow: $0
Total Liabilities: $185,353
Collier County Community Redevelopment Agency: Blended in Primary Report
Total Fund Balances: $17,480,720
Total Revenue: $6,045,757
Total Expenditures: $1,815,092
a
4/2/2024 9:12:25 AM Packet Pg. 404Jl
Annual Financial Report for Collier, 2023
13.A.a
Total Deferred Inflow: $0
Zero Construction Projects To Report
Total Assets: $107,564
Total Deferred Outflow: $0
Total Liabilities: $68,613
Total Deferred Inflow: $0
Total Long -Term Debt: $0
Collier County Metropolitan Planning Organization: Blended in Primary Report
Other Entities are not required to report supplemental information.
Total Fund Balances: $38,951
Total Revenue: $721,902
Total Expenditures: $540,009
Total Long -Term Debt: $0
4/2/2024 9:12:25 AM
Packet Pg. 405 Jl
Collier County, Florida
Annual Comprehensive Financial Report
a ,
for
J �
*M i
k
On the cover. Governor Hardee signing the bill establishing Collier County on May 8, 1923.
Please visit colliercountyl 00. com for more information about Collier County's Centennial celebration.
C
ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR FISCAL YEAR ENDED
SEPTEMBER 30, 2023
COLLIER COUNTY, FLORIDA
BOARD OF COUNTY COMMISSIONERS
RICK LOCASTRO, CHAIRMAN- DISTRICT 1
CHRIS HALL, VICE-CHAIRMAN - DISTRICT 2
BURT L. SAUNDERS, ESQ. - DISTRICT 3
DAN KOWAL - DISTRICT 4
WILLIAM L. MCDANIEL, JR. - DISTRICT 5
COUNTY MANAGER
AMY PATTERSON
COUNTY ATTORNEY
JEFFREY A. KLATZKOW
CLERK OF THE CIRCUIT COURT AND COMPTROLLER
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, 2023
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
Hurricane Ian - Statement of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual
(Budgetary Basis)..................................................................................................................................................................
30
Statement of Net Position — Proprietary Funds.....................................................................................................................
31
Statement of Revenues, Expenses and Changes in Fund Net Position — Proprietary Funds ..................................................
33
Statement of Cash Flows — Proprietary Funds......................................................................................................................
34
Statement of Fiduciary Net Position......................................................................................................................................
36
Notes to the Financial Statements........................................................................................................................................
39
Required Supplementary Information
Schedule of the County's Proportionate Share of the Net Pension Liability - Florida Retirement System Pension Plan.........
88
Schedule of County Contributions - Florida Retirement System Pension Plan.......................................................................
88
Schedule of the County's Proportionate Share of the Net Pension Liability - Retiree Health Insurance Subsidy Program......
88
Schedule of County Contributions - Retiree Health Insurance Subsidy Program...................................................................
88
Schedule of Changes in the Collier County Total OPEB Liability and Related Ratios..............................................................
90
Combining and Individual Fund Financial Statements and Other Supplemental Information...................................................
91
Nonmajor Governmental Funds
CombiningBalance Sheet.....................................................................................................................................................
96
Combining Statement of Revenues, Expenditures and Changes in Fund Balances.............................................................
104
Combining Schedule of Revenues, Expenditures and Changes in Fund Balances - Budget and Actual (Non-GAAP) ...........
112
COLLIER COUNTY, FLORIDA
ANNUAL COMPREHENSIVE FINANCIAL REPORT
YEAR ENDED SEPTEMBER 30, 2023
FINANCIAL SECTION (CONTINUED)
Combining and Individual Fund Financial Statements and Other Supplemental Information (Continued)
Nonmajor Enterprise Funds
CombiningStatement of Net Position................................................................................................................................. 138
Combining Statement of Revenues, Expenses and Changes in Fund Net Position.............................................................. 139
Combining Statement of Cash Flows.................................................................................................................................. 140
Internal Service Funds
Combining Statement of Net Position................................................................................................................................. 142
Combining Statement of Revenues, Expenses and Changes in Net Position....................................................................... 143
Combining Statement of Cash Flows.................................................................................................................................. 144
Fiduciary Funds
Combining Statement of Fiduciary Net Position - Custodial Funds..................................................................................... 148
Combining Statement of Changes in Fiduciary Net Position - Custodial Funds................................................................... 149
Component Units
Combining Statement of Net Position................................................................................................................................. 152
CombiningStatement of Activities...................................................................................................................................... 153
Other Supplemental Information
Schedule of Receipts and Expenditures of Funds Related to the Deepwater Horizon Oil Spill ............................................. 156
STATISTICAL SECTION
NetPosition by Component.....................................................................................................................................................
160
Changein Net Position............................................................................................................................................................
162
Governmental Activities Tax Revenues by Source....................................................................................................................
164
FundBalances of Governmental Funds...................................................................................................................................
165
Changes in Fund Balances of Governmental Funds.................................................................................................................
166
Assessed Value and Estimated Actual Value of Taxable Property...........................................................................................
168
Property Tax Rates — All Direct and Overlapping Governments................................................................................................
170
PrincipalTaxpayers County-Wide.............................................................................................................................................
171
Property Tax Levies and Collections........................................................................................................................................
172
Ratiosof Outstanding Debt by Type.........................................................................................................................................
173
Direct, Overlapping and Underlapping Governmental Activities Debt.......................................................................................
174
Pledged -Revenue Coverage.....................................................................................................................................................
175
Demographicand Economic Statistics....................................................................................................................................
176
PrincipalEmployers.................................................................................................................................................................
177
Budgeted Full -Time Equivalent County Employees by Function...............................................................................................
178
OperatingIndicators by Function.............................................................................................................................................
179
Capital Asset Statistics by Function.........................................................................................................................................
180
COLLIER COUNTY, FLORIDA
ANNUAL COMPREHENSIVE FINANCIAL REPORT
YEAR ENDED SEPTEMBER 30, 2023
SINGLE AUDIT/SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS AND STATE FINANCIAL
ASSISTANCE
Independent Auditors' Report on Internal Control Over Financial Reporting and Compliance .................................................. 183
Independent Auditors' Report on Compliance for Each Major Federal Program and State Project ........................................... 185
Schedule of Expenditures of Federal Awards and State Financial Assistance......................................................................... 189
Notes to the Schedule of Expenditures of Federal Awards....................................................................................................... 195
Schedule of Findings and Questioned Costs............................................................................................................................ 197
CorrectiveAction Plan.............................................................................................................................................................. 203
MANAGEMENT LETTER
ManagementLetter.................................................................................................................................................................. 205
ANNUAL DEBT REPORT
CLERK OF THE CIRCUIT COURT AND COMPTROLLER
PROPERTY APPRAISER
SHERIFF
SUPERVISOR OF ELECTIONS
TAX COLLECTOR
INTRODUCTORY
-- , SECTION
u-
I
� ZV
rl.
-� - AL-
r � t
�O er aunty
Crystal I . Kinzel
Collier Wunty
Clerk of the Circuit Court and Comptroller
3315 Tarnlami rrail East, Suite 102
Naples, Florida 3411 -5324
April 9, 2024
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 Annual Comprehensive Financial Report for the fiscal year ended September 30, 2023. 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, 2023, the independent auditor,
CliftonLarsonAllen 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 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.
Phone- (239) 252-2646 Fax- (239) 252-2755
Website-.www.CollierClerk.com Email- CollierClerk(@collierclerk.com
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. All governmental funds
adopted annual budgets for fiscal year 2023. 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 2023
population of 399,480 (an 18.6 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. 363,600) and three
municipalities: the Cities of Naples (pop. 19,306), Marco Island (pop. 16,198) and Everglades (pop. 376). The County's
economic base is a diverse mix 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 continues to grow and is 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 Amazon and Uline opening new distribution
centers.
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 early 2024. 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.
Construction of a Great Wolf Lodge, located adjacent to the Paradise Sports Complex, began in the Summer of 2022. This will
be the brand's 21'Y resort in North America and will feature 500 family -friendly suites and a sprawling 100,000 square -foot
indoor water park. The project received $15M in future tax increment incentives from Collier County. The grand opening of
Great Wolf Lodge is expected to be October 1, 2024.
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 2023 totaled $134.6 billion, a very high $336,815 per capita. The County's
millage for General Fund operations in fiscal year 2023 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 2023 annual County unemployment rate stood at 3.3%, which is slightly higher than the statewide average of
3.0%. Income levels are high, with a per capita personal income of $130,672.
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 2024-2028 is $1.6 billion. Included in the County's current CIP for fiscal years
2024-2028 are approximately $520.7 million in water and wastewater projects, $681.0 million in transportation projects,
$215.4 million in stormwater projects and $61.1 million in government facilities projects. In addition, parks and recreation
projects of approximately $56.3 million are planned, as well as $49.0 million for tourist development funded projects, $27.7
million in solid waste projects, $14.3 million in public safety projects and miscellaneous projects totaling $11.6 million.
Approximately $700.0 million of the fiscal year 2024-2028 Capital Improvement Program is currently planned to be funded by
bond or loan proceeds and $525.2 million is planned to be funded by water and wastewater user fees. The remainder will be
funded by a mixture of infrastructure sales tax, impact fees, gas taxes and tourist taxes.
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 revenues and Unincorporated Area General Fund
budgeted reserves of at least 2.5% 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 2014 Gas Tax
Revenue and Refunding Bond (Direct Placement Loan), and the establishment of a longterm 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 and Comptroller'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 .82 years as of September 30, 2023. The total
return for fiscal year 2023 was 3.92%, the result of taking advantage of favorable short term interest rates and the recovery of
a portion of the unrealized losses recognized during fiscal year 2022. Investment income of $49.2 million was realized during
fiscal year 2023. Changes in the fair value of investments are recorded as part of interest earnings 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
• 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
• Hardening County facilities in preparation for natural disasters
• The extension of Vanderbilt Beach Road
• 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 and the
Golden Gate Utility service area
• Construction of the public utility renewal program in Naples Park, Palm River and Old Lely
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 Annual Comprehensive Financial Report for the fiscal year
ended September 30, 2022. 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 Annual Comprehensive Financial Report whose contents conform to program standards. The Annual
Comprehensive 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-seven years, from fiscal year 1986 to 2022. 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.
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, 2022. 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-seven 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, 2022. 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 twenty-one consecutive years.
Popular Annual Financial Reporting Award Program:
The Government Finance Officers Association of the United States and Canada (GFOA) awarded an Outstanding Achievement
in Popular Annual Financial Reporting award to Collier County, Florida for its Dollars and Sense report for the fiscal year ended
September 30, 2022. The Outstanding Achievement award is a national award, recognizing conformance with the highest
standards for preparation of state and local government financial reports.
iv
In order to be awarded an Outstanding Achievement award, a government unit must publish a report that presents
information from their Annual Comprehensive Financial Report in a format that is specifically designed to be readily accessible
and easily understandable to the general public without a background in public finance.
An Outstanding Achievement award is valid for a period of one year only. Collier County has received this award for the past
two years. We believe our current report conforms to the Popular Annual Financial Reporting program requirements, and we
are submitting it to the GFOA for consideration for an award again this year.
ACKNOWLEDGEMENTS
The preparation and publication of this Annual Comprehensive 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 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 CliftonLarsonAllen, 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,
Crystal K. Kinzel
Clerk of the Circuit Court and Comptroller
Derek M. Johnssen, CPA
Deputy Clerk, Director of Finance and Accounting
Kew. )ag"-
O
Kelly Jones, CGFO
Deputy Clerk, Assistant Director of Finance and Accounting
v
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 annual comprehensive financial report for the fiscal year ended September 30, 2022. This was
the thirty-seventh 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
Florida
For its Annual Comprehensive
Financial Report
For the Fiscal Year Ended
September 30, 2022
Executive Director/CEO
Residents
Sheriff Property Appraiser Tax Collector Board County Clerk of the Circuit Courts Supervisor of Elections Judicial Courts & Judges
Kevin Rambosk Abe Skinner Rob Stoneburner Commi sioners Crystal K. Kinzel Melissa Blazier Charles Rice
(239)774-4434 (239)252-8141 (239)252-8171 (239)2 2-8097 (239)252-2646 (239)252-8683 (239)252-2646
County Manager Operations
Community Ri development
Ar as
Fleet Ma agement
Pelican B Services
To ism
County Attorney
Jeffrey Klatzkow
(239)252-8400
Deputy County Ma
Daniel Rodrigu
(239) 252-8,38
Public Services
Tanya Williams Interim
Public Utilities
Dr. G. George Yilmaz
Communit
Sen
i &Human
ices
Operatio
sSupport
Domestic An
mal Services
Engineerin
Mana
& Project
ment
Departmer
t of Health
Solid & Haza
ManaE
dous Waste
ement
Libr
ries
Sub-Regio
al Utilities
Mus
ums
Wast
water
Operations
Se
& Veteran
ices
W
er
Parks & R
creation
University Ext
nsion Service
Rick LoCastro, Distri t 1 - (239) 252-8601
Chris Hall, District 2 - (239) 252-8602
Burt Saunders, Distri t3—(239)252-8603
Dan Kowal, District 4 — (239) 252-8604
William L. McDaniel, Jr, I istrict 5 — (239) 252-8605
County Manager
Amy Patterson
(239)252-8383
Communications, G vernment&Public Affairs
Joh i Mullins
Corporate Compliance & Continuous Improvement
Meg n Gaillard
Corporate Compl ance& Internal Review
Mich el Nieman
Public Safety
Michael Choate
Corporate Business
Operations
Kenneth Kovensky
Hum n Resources
Informs ion Tech nology
Procur ment Services
Risk Management
1
rr Oom-nty
Eme envy Management
Emergency Medical Services
Management Services
Chris Johnson
Facilities Management
John McCormick
Chief Hearing Examiner
Andrew W.J. Dickman
(239) 252-4446
County Manager
,d Finn Interim
9)252-8383
Growth Management
Transportation
Community Development
Management Services
James French Interim
Trinity Scott Interim
Building Pla
i Review &
Capital Project Planning &
Inspe
tion
Impact Fees
Code Enf
rcement
Fiscal & Grant Services
Community
Planning &
Operations &
Resili
ncy
Performance Mgmt
Developm
nt Review
Public Transit&
Neighborhood Enhancement
Economic De
ielopment &
Hou
ing
Road Maintenance
7--
Operations&
Regulatory
Transpi
rtation
Management
Enein
erine
CAIIL
1.
i�
FINANCIAL
SECTION
a
1
IF —.
F"7—M:�M I
�O er aunty
CliftonLarsonAllen LLP
. CLAconnect.com
INDEPENDENT AUDITORS' REPORT
Honorable Board of County Commissioners
Collier County, Florida
Report on the Audit of the Financial Statements
Opinions
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 (the County), as of and for the year ended
September 30, 2023, and the related notes to the financial statements, which collectively comprise the
County's basic financial statements as listed in the table of contents.
In our opinion, the 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, 2023, and the respective changes in financial position, and, where applicable,
cash flows thereof for the year then ended in accordance with accounting principles generally accepted in
the United States of America.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States of
America (GAAS) and the standards applicable to financial audits contained in Government Auditing
Standards, issued by the Comptroller General of the United States. Our responsibilities under those
standards are further described in the Auditors' Responsibilities for the Audit of the Financial Statements
section of our report. We are required to be independent of the County and to meet our other ethical
responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that
the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.
Emphasis of Matter
As discussed in Note 1 to the financial statements, effective October 1, 2022 the County adopted GASB
Statement No. 96, Subscription -Based Information Technology Arrangements. This standard requires
governments to recognize a right -to -use subscription -based information technology arrangement asset and
corresponding subscription -based information technology arrangement liability for all arrangements with
terms greater than twelve months. Our opinions are not modified with respect to this matter.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in
accordance with accounting principles generally accepted in the United States of America, and for the
design, implementation, and maintenance of internal control relevant to the preparation and fair presentation
of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is required to evaluate whether there are conditions or
events, considered in the aggregate, that raise substantial doubt about the County's ability to continue as a
going concern for twelve months beyond the financial statement date, including any currently known
information that may raise substantial doubt shortly thereafter.
CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. Set CLAelobal.com/disclaimer
Honorable Board of County Commissioners
Collier County, Florida
Auditors' Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes
our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and
therefore is not a guarantee that an audit conducted in accordance with GAAS and Government Auditing
Standards will always detect a material misstatement when it exists. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are
considered material if there is a substantial likelihood that, individually or in the aggregate, they would
influence the judgment made by a reasonable user based on the financial statements.
In performing an audit in accordance with GAAS and Government Auditing Standards, we:
• Exercise professional judgment and maintain professional skepticism throughout the audit.
• Identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, and design and perform audit procedures responsive to those risks. Such procedures
include examining, on a test basis, evidence regarding the amounts and disclosures in the financial
statements.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the County's internal control. Accordingly, no such opinion is expressed.
• Evaluate the appropriateness of accounting policies used and the reasonableness of significant
accounting estimates made by management, as well as evaluate the overall presentation of the
financial statements.
• Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that
raise substantial doubt about the County's ability to continue as a going concern for a reasonable
period of time.
We are required to communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit, significant audit findings, and certain internal control related matters
that we identified during the audit.
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management's
discussion and analysis, the schedules of the County's proportionate share of the net pension liability and of
County contributions, and the schedules of other postemployment benefits, total OPEB liability, and related
ratios for the retiree health plans be presented to supplement the basic financial statements. Such
information is the responsibility of management and, although not a part of the basic financial statements, is
required by the Governmental Accounting Standards Board who considers it to be an essential part of
financial reporting for placing the basic financial statements in an appropriate operational, economic, or
historical context. We have applied certain limited procedures to the required supplementary information in
accordance with GAAS, 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.
2
Honorable Board of County Commissioners
Collier County, Florida
Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise the County's basic financial statements. The combining and individual nonmajor fund financial
statements, and schedule of expenditures of federal awards and state financial assistance, as required by
Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles,
and Audit Requirements for Federal Awards and Chapter 10.550, Rules of the Auditor General for Local
Governmental Entity Audits, are presented for purposes of additional analysis and are not a required part of
the basic financial statements. Such information is the responsibility of management and was derived from
and relates directly to the underlying accounting and other records used to prepare the basic financial
statements. The information has been subjected to the auditing procedures applied in the audit of the basic
financial statements and certain additional procedures, including comparing and reconciling such information
directly to the underlying accounting and other records used to prepare the basic financial statements or to
the basic financial statements themselves, and other additional procedures in accordance with GAAS. In our
opinion, the combining and individual nonmajor fund financial statements, and schedule of expenditures of
federal awards and state financial assistance, as required by Title 2 U.S. Code of Federal Regulations Part
200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards and
Chapter 10.550, Rules of the Auditor General for Local Governmental Entity Audits are fairly stated, in all
material respects, in relation to the basic financial statements as a whole.
Other Information
Management is responsible for the other information included in the annual report. The other information
comprises the introductory and statistical sections but does not include the basic financial statements and
our auditors' report thereon. Our opinions on the basic financial statements do not cover the other
information, and we do not express an opinion or any form of assurance thereon.
In connection with our audit of the basic financial statements, our responsibility is to read the other
information and consider whether a material inconsistency exists between the other information and the
basic financial statements, or the other information otherwise appears to be materially misstated. If, based
on the work performed, we conclude that an uncorrected material misstatement of the other information
exists, we are required to describe it in our report.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated March 25, 2024,
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 25, 2024
3
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, 2023.
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-v of this report.
Financial Highlights
• Collier County's assets and deferred outflows exceeded its liabilities and deferred inflows as of September 30, 2023 by
$3,862,793,312. Of this amount, $395,828,639 represents unrestricted net position and may be used to meet future County
obligations. Unrestricted net position increased by $67,797,655 from the previous year.
• The County's total net position increased by $323,192,513 when compared to fiscal year 2022, with a $257,068,114
increase from governmental activities and a $66,124,399 increase resulting from business -type activities.
• As of September 30, 2023, Collier County's governmental fund financial statements showed combined ending fund
balances of $1,334,763,849, an increase of $194,296,345 over the previous fiscal year. Of the total combined ending
governmental fund balance, $107,725,156 is reported as unassigned.
• The General Fund reported an unassigned fund balance of $129,009,839 at September 30, 2023, an increase in unassigned
General Fund balance of $14,460,738 when compared to September 30, 2022.
• The County's proportionate share of the Florida Retirement System's defined pension benefit and health insurance subsidy
net pension liabilities was $448,920,803 as of September 30, 2023, an increase of $83,360,154 from the previous year.
• Total bonded debt, notes, outstanding loans, leases and subscription based IT arrangements (SBITA) owed by Collier
County decreased by $43,880,293 during fiscal year 2023, with a decrease in governmental activities debt of $22,898,362
and a decrease in business -type activities debt of $20,981,931. Additional information on debt activity can be found in
Note 7 to the financial statements beginning on page 60.
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, 2023. 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 30, 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 near term 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 six major funds, the General Fund and
the Bayshore Gateway and Immokalee Community Redevelopment Agencies, Grants and Shared Revenue Fund, Hurricane Ian
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 funds
required to adopt an annual budget are 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
31 to 35 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 36 of this report. The County uses a private purpose trust fund for
the Sheriff's employee flexible spending account. The County also uses custodial funds 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 39 to 85 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 93. 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 over time as a useful indicator of a government's financial position. Assets and deferred
outflows exceed liabilities and deferred inflows by $3,862,793,312 as of the fiscal year ending September 30, 2023 for Collier
County. Positive balances were reported in all categories of net position in the governmental and business -type activities for
fiscal year 2023.
Collier County's net position at September 30, 2023 increased by $67,797,655 for unrestricted net position and increased
$147,779,830 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 $72,467,869 increase in restricted net position related to Infrastructure Sales Tax capital projects
and a $25,551,499 increase in restricted net position related to Conservation Collier. The increase in unrestricted net position
was mainly due to the 16.7% increase in county -wide taxable value and sales tax collected.
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 64.4% of net position as of September 30, 2023, compared to 67.2%
as of September 30, 2022. During fiscal year 2023, the County's net investment in capital assets increased by $107,615,028, 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, 2022 and
2023, shown in condensed form:
Current and other assets
Capital assets, net
Total assets
Deferred outflows of resources
Long-term liabilities
Current liabilities
Total liabilities
Deferred inflows of resources
Net position:
Net investment in capital assets
Restricted
Unrestricted
Total net position
Collier County's Schedule of Net Position
(in millions)
Total
Business -type Percentage
Governmental Activities Activities Total Change
2023 2022 2023 2022 2023 2022 2022-2023
$ 1,575.7 $ 1,377.4 $ 581.2 $ 532.9 $ 2,156.9 $ 1,910.3 12.9%
1,938.7 1,856.7 1,099.1 1,076.5 3,037.8 2,933.2 3.6%
3,514.4 3,234.1 1,680.3 1,609.4 5,194.7 4,843.5 7.3%
109.8 101.4
21.9 20.9 131.7 122.3 7.6%
777.9 729.1 411.9 418.9 1,189.8 1,148.0 3.6%
180.3 1926.51.8 45.9 232.1 238.5 (2.7)%
958.2 921.7 463.7 464.8 1,421.9 1,386.5 2.6%
29.0 33.9 12.7 5.8 41.7 39.7 5.1%
1,604.9
1,509.2
882.9
871.0
2,487.8
2,380.2
4.5%
932.5
782.8
46.7
48.5
979.2
831.3
17.8%
99.6
87.9
296.2
240.2
395.8
328.1
20.6%
$ 2,637.0 $
2,379.9 $
1,225.8 $
1,159.7 $
3,862.8 $
3,539.6
9.1%
Collier County's Schedule of Changes in Net Position
(in millions)
Total
Percentage
Governmental Activities Business -type Activities Total Change
2023 2022 2023 2022 2023 2022 2022-2023
Revenues
Program revenues:
Fines, fees and charges for services
$ 83.7 $
88.0 $
283.6 $
266.9 $
367.3 $
354.9
3.5%
Operating grants and contributions
73.7
79.2
42.5
8.2
116.2
87.4
32.9%
Capital grants and contributions
52.1
132.7
47.8
48.2
99.9
180.9
(44.8)%
General revenues:
Property taxes
518.9
447.9
-
-
518.9
447.9
15.8%
Other taxes and shared revenues
287.8
281.5
-
287.8
281.5
2.2%
Interest earnings
62.1
(55.9)
21.6
(22.9)
83.7
(78.8)
(206.2)%
Miscellaneous
18.9
7.9
1.2
0.2
20.1
8.1
148.9%
Total revenues
1,097.2
981.3
396.7
300.6
1,493.9
1,281.9
16.5%
Expenses
General government
179.6
139.0
-
-
179.6
139.0
29.2%
Public safety
330.0
274.3
330.0
274.3
20.3%
Physical environment
47.9
30.3
47.9
30.3
58.0%
Transportation
97.6
94.1
97.6
94.1
3.7%
Economic environment
43.4
41.4
43.4
41.4
4.9%
Human services
26.4
25.3
26.4
25.3
4.3%
Culture and recreation
86.6
70.8
86.6
70.8
22.3%
Interest on long-term debt
10.3
10.8
-
-
10.3
10.8
(4.6)%
Water and sewer
-
-
190.6
175.8
190.6
175.8
8.4%
Solid waste
85.5
51.1
85.5
51.1
67.4%
Emergency medical services
43.8
41.6
43.8
41.6
5.3%
Airport authority
11.8
11.6
11.8
11.6
1.3%
Mass transit
-
-
17.2
14.8
17.2
14.8
16.5%
Total expenses
821.8
686.0
348.9
294.9
1,170.7
980.9
19.3%
Increase in net position
before net transfers
275.4
295.3
47.8
5.7
323.2
301.0
7.4%
Transfers, net
(18.3)
(15.7)
18.3
15.7
-
0.0
0.0%
Change in net position
257.1
279.6
66.1
21.4
323.2
301.0
7.4%
Net position - beginning
2,379.9
2,100.3
1,159.7
1,138.3
3,539.6
3,238.6
9.3%
Net position - ending
$ 2,637.0 $
2,379.9 $
1,225.8 $
1,159.7 $
3,862.8 $
3,539.6
9.1%
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.
400
300
a 200
0�
Revenues and Expenses Governmental Activities
Fiscal Year 2023
100
0 ■ ■ _■ ■ ■■ _■ .
General Public Safety Physical Transportation Economic Human Culture and
Government Environment Environment Services Recreation
• 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.
Revenue by Type Governmental Activities
Fiscal Year 2023
Infrastructure sales tax: 12.0%
miscellaneous revenue: 4.S
Tourist Taxes: 4.3%
Sales Taxes: 6.7%
Gas Taxes: 2.4%
Capital Grants and
Contributions: 5.0%
Operating Grants ar
Contributions: 7.1 %
Fines, Fees and Gnaryes
for Services: 8.1%
Property Taxes: 50.1%
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 2023
250
200
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 2023
Other Income: 0.4%
Capital Grants and
Contributions: 12.7%
Operating Grants and
Contributions: 11.3%
Fines, Fees and Charges for
Services: 75.6%
0j
Governmental Activities
The current year increase in the net position of governmental activities amounted to $257,068,114, an increase of 10.8% when
compared to the previous year's net position. The previous fiscal years' increase in net position was 13.3%. The current years'
increase is mainly due to the following:
Overall, revenues related to governmental activities increased by 11.8%, or $115,865,741 while expenses increased by
19.8%, or $135,911,011.
Interest earnings increased as market interest rates continued their rise and a portion of the unrealized loss recognized
in fiscal year 2022 was recovered during fiscal year 2023.
Governmental activities revenues increased primarily due to the increase in interest earnings of $74,834,753 over the
prior fiscal year. Also contributing to the increase was an increase in total ad valorem taxes collected in fiscal year 2023,
when compared to fiscal year 2022, of $70,975,923. The increase in ad valorem revenues was due to a 16.7% increase in
county wide taxable value. In addition, the 1 % Infrastructure Sales Tax increased $4,187,385 from the prior fiscal year, sales
tax increased $3,703,476 and tourist taxes decreased $3,362,532 as the County continues to recover after Hurricane Ian.
Public safety expenses increased by $55,779,411 largely due to an increase in personal services as a result of a pay plan
increase in the current fiscal year as well as an increase in pension costs. In addition, general government expenses
increased by $40,637,853 or 29.2% and physical environment expenses increased by $17,590,909 or 58.0% also as a
result of the pay plan increases and an increase in pension costs.
Interest expense decreased 4.6% over fiscal year 2022, primarily due to the final maturity of the Series 2012 Gas Tax
Refunding Bonds and the decrease in interest due to the continued amortization of the existing debt. These issues 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 $66,124,399 in the aggregate, representing a 5.7%
increase over the previous year's net position. The previous fiscal year's increase in net position was 1.9%. The current year's
increase is mainly due to the following:
• The Collier County Water and Sewer District (District) saw an increase of $52,332,728 in net position. The increase in
the District's net position is largely due to a phased user fee rate increase of 5.0% in October 2022 and a 7.1 % mid -year
increase in July 2023. In addition, the District had $42,318,853 of water and sewer capital grants and contributions, the
majority of which is related to developer water and wastewater infrastructure contributions.
• Solid Waste Disposal experienced an increase of $5,734,086 in net position. This increase is primarily due to a 3.2% rate
increase, offset by a $23,297,783 increase in operating grants and contributions and a $32,132,887 increase in operating
expenses primarily as a result of Hurricane Ian.
• Emergency Medical Services saw an increase of $13,546,750 in net position. This increase is directly related to the
$13,195,983 increase in operating grants and contributions from the Coronavirus Local Fiscal Recovery Funds.
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, 2023, Collier County governmental funds reported combined fund balances of $1,334,763,849, an increase of
$194,296,345 when compared to prior year combined fund balances. The governmental funds had non -spendable fund balances
of $12,387,130 consisting of inventory, prepaid items, notes receivable, endowments and advances to other funds. The restricted
fund balance was $964,642,344 and consists of monies whose expenditure is externally constrained by grantors, creditors, binding
law or enabling legislation. Of the remaining $357,734,375 in fund balance,$58,730,435 is classified as committed, $191,278,784
is recorded as assigned and $107,725,156 is recorded as unassigned.
10
The following were noteworthy activities and changes relating to the major governmental funds for fiscal year 2023
The General Fund is the primary operating fund of Collier County. At September 30, 2023, total fund balance in the General
Fund was $163,567,506, of which $129,009,839 was unassigned. As a percentage of total general fund expenditures and
net transfers, the unassigned portion is 24.1 %. The total fund balance increased by $6,890,075 or 4.4%, compared to the
September 30, 2022 total fund balance. The General Fund's total fund balance increased due to increased Ad Valorem
Tax collections of $55,719,547. This increase was directly related to a 16.7% increase in county wide taxable value. There
was also an $18.0 million increase in interest revenue as a result of increased market rates of interest and the partial
recovery of unrealized losses recognized in fiscal year 2022. The increases in revenue were offset by a 9.7% increase in
current expenditures primarily as a result of an 8.0% increase in salaries as part of the implementation of the County's
comprehensive compensation plan.
The Bayshore Gateway Community Redevelopment Agency was created to benefit blighted areas in the Bayshore Gateway
Triangle community. During fiscal year 2023, the Bayshore Gateway Community Redevelopment Agency collected
$3,348,900 in tax increment revenues, an increase of $665,600 from fiscal year 2022. This increase is due to the increase
in taxable property values within the geographic boundary of the agency. In addition, the Agency received $39,500 in fine
revenue related to a redevelopment project and $420,574 in interest earnings. Operating expenditures of $1,132,855,
mainly consisting of personal services and planning and consulting services within the district.
• The Immokalee Community Redevelopment Agency was created to benefit blighted areas in Immokalee. During fiscal
year 2023, the Immokalee Community Redevelopment Agency collected $1,207,800 in tax increment revenues, an
increase of $200,800 from the previous fiscal year. This increase is due to the increase in taxable property values within
the geographic boundary of the agency. In addition, the Agency received $3,761 in impact fees, $110,006 in interest
earnings and $455 in miscellaneous revenue. Operating expenditures of $458,803, mainly personal services and general
operating expenditures, were associated with the Immokalee Community Redevelopment Agency. In addition, debt service
expenditures of $30,934 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 $1,799,724 and a decrease
in economic environment expenditures of $3,603,565 and a decrease in human services expenditures of $478,495 in fiscal
year 2023, primarily as a result of the economic recovery and pandemic grants winding down. Grant funded capital outlay
included $8,192,383 for road improvements and $300,017 in vehicles and equipment.
• The Hurricane Ian fund was established to account for the revenues and expenditure associated with the recovery from
Hurricane Ian. Current operating expenditures increased $23,582,278 as the County expended funds to repair County
structures and beach facilities as well as emergency sewage pumping and hauling related to the storm. Capital outlay
related to Hurricane Ian included $1,706,628 for a protective berm to prevent future beach erosion and $512,631 in vehicles
and equipment. Insurance proceeds of $11,670,394 have been recognized during the fiscal year.
• 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 2023 collections were $124,563,002, an increase of $4,187,384
over the previous fiscal year. The Infrastructure Sales Tax Fund had interest earnings of $11,930,482 and capital outlay
totaled $64,086,405. Capital outlay included $56,321,449 for road and bridge projects, $2,241,979 for the Sheriff's
Forensics Building and other jail improvements, $1,675,090 for building automation and energy management system
improvements, $576,094 for the Big Corkscrew Island Regional Park, $512,428 for hurricane resiliency projects, $298,391
for the new chiller plant, $603,376 for the new mental health facility, $1,305,702 for the Emergency Operations Center
garage enclosure, $256,989 for the Domestic Animal Services Facility, $207,057 for the new Emergency Medical Services
station in Golden Gate Estates and $87,850 for the Career and Technical Training Center.
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, 2023, total net position amounted to $1,230,982,512 for enterprise funds, as compared to $1,161,930,947, as
of September 30, 2022, an increase of $69,051,565. Net position changes as a result of operations, non -operating revenues and
expenses, capital contributions and grants and donations. For fiscal year 2023, 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, 2023, the Collier County Water and Sewer District (District) reported capital grants and
contributions of $42,318,853, which consists of water and sewer impact fees of $17,586,817, $24,726,809 in developer
infrastructure contributions and other capital contributions of $5,227.
11
Emergency Medical Services reported charges for services of $15,517,757 in 2023. Personal services expenses increased from
$32,617,400 in fiscal year 2022 to $34,156,907 in fiscal year 2023 due to an increase in the pay plan along with an increase in
pension costs. For fiscal year 2023, Emergency Medical Services relied on a $25,433,657 transfer from the General Fund to
supplement the user charges to provide emergency medical services to the County.
County Water and Sewer
Solid Waste Disposal
Emergency Medical Services
Non -major enterprise funds
Total
Net Operating Income/(Loss)
2023 2022
$ 16,195,193
(20,077,675)
(27,961,508)
(18,057,376)
$ (49,901,366)
$ 12,998,887
9,269,912
(22,997,903)
(14,616,257)
$ (15,345,361)
The Collier County Water and Sewer District's net operating income increased by $3,196,306, or 24.6%, when compared to fiscal
year 2022. The increase in net operating income was primarily the result of a 5.0% rate increase effective October 2022 and an
additional 7.1 % mid -year increase in July 2023, offset by a 7.4% increase in total operating expenses, including depreciation and
amortization. Personal services expenses increased due to a pay plan increase as well as an increase of $6,985,852 for pension
expense. County Water and Sewer payments in lieu of taxes paid to the General Fund of $10,048,100 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 decreased by $29,347,587, or 316.6%, when compared to fiscal year 2022.
The increase in net operating loss was primarily the result of a 3.3% increase in tipping rate offset by a 66.3% increase in total
operating expenses, including depreciation and amortization. This increase is due to the county -wide debris removal effort after
Hurricane Ian. Solid Waste Disposal also recognized $23,404,214 in operating contributions from FEMA reimbursements. The
Solid Waste Disposal payments in lieu of taxes paid to the General Fund of $489,000 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 Emergency Medical Services fund's net operating loss increased by $4,963,605, or 21.6%, when compared to fiscal year 2022.
The increase in net operating loss was mainly brought by the increase in personal services related to a pay plan adjustment and
an increase in the allocated pension plan expense of $622,888.
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 $3,037,720,808, 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 $104,456,060,
when compared to the previous year. There was an increase in the governmental activities capital assets of $81,902,090, or 4.4%,
while the business -type activities capital assets increased by $22,553,970, or 2.1 %. The major capital asset activities during the
current and previous fiscal years are as follows:
• Capitalization from construction in process of $90,121,763 in governmental activity costs including $25,136,215 for the
Amateur Sports Complex, $17,455,903 related to the construction of the emergency protective berm along the coast and
$11,453,739 for the City Gate Boulevard North road extension. The remaining $36,075,906 is related to $18,423,520 in
other transportation projects, $3,985,018 in park facilities, $9,587,282 in stormwater projects and $4,080,086 in other
capital projects.
• The business -type activities capitalized $29,043,117 of construction in process during fiscal year 2023 including
$12,280,469 to construct a Deep Injection Well Pump Station, $9,319,397 in County Water and Sewer infrastructure
improvements, $4,615,846 in other Water and Sewer projects, $1,886,586 for a new scalehouse at the landfill and $807,367
for Airport security improvements. The remaining $133,452 was for $101,262 in various Solid Waste projects and $32,190
was for miscellaneous Mass Transit projects.
• Developer donated water and wastewater infrastructure in fiscal year 2023 amounted to $24,726,809 and $18,426,432
in fiscal year 2022. 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.
12
• Collier County acquired $14,761,006 of land and non -depreciable assets in fiscal year 2023, compared to $82,708,568 for
fiscal year 2022. Fiscal year 2023 land acquisitions consisted primarily of $4,631,047 for Conservation Collier, $2,648,845
for stormwater, $1,229,340 for Vanderbilt Beach Road, $1,237,169 for Randall Boulevard and Immokalee Road intersection
improvements and $3,400,000 for Veterans Memorial Boulevard.
Additional information regarding Collier County's capital assets can be found in Note 6 beginning on page 59 of this report.
Debt Administration
At September 30, 2023, Collier County had total bonded debt, notes, loans, leases and financed purchase obligations of
$713,687,303, a decrease of $43,880,293 from the previous year. The following table illustrates the balances of all bonds, notes,
loans, leases and subscription based information technology obligations for the fiscal years ended September 30, 2023 and 2022:
Outstanding Debt
Revenue Bonds
Direct Placement Loans Payable
Commercial Paper and Notes Payable
Leases
Subscription Based Information Technology Arrangements*
Total outstanding debt
2023
2022
403,204,521 $
471,978,619
257,983,264
234,133,732
37,004,848
43,538,848
7,335,790
7,916,397
8,158,880 -
$ 713,687,303 $ 757,567,596
* The increase in Subscription Based Information Technology Arrangements is due to the County's adoption of GASB 96, Subscription -Based Information Technology
Arrangements for the 2023 fiscal year.
Collier County's Series 2020A and 2020E Special Obligation Revenue Bonds carry ratings of Aaa and AAA by Moody's and
Standard and Poor's, respectively. The Series 2017, 2019, 2022A and 2022B Special Obligation Refunding Revenue Notes (Bank
Term Loans) were issued as direct placements with commercial banks and therefore carry an implied rating of Aaa and AAA by
Moody's and Standard and Poor's, respectively. The Series 2014 Gas Tax Refunding Revenue Bond (Bank Term Loan) was issued
as a direct placement with a commercial bank. 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 Senior Lien Water and Sewer Revenue Bonds carry ratings
of Aaa and AAA, respectively, by Moody's and Fitch Ratings, Inc. The Series 2018 and 2023 County Water and Sewer Revenue
Bonds were issued as direct placements with commercial banks and, as such, carry implied ratings 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 60 of this report.
General Fund Budgetary Highlights
During the 2023 fiscal year, the General Fund expenditure appropriations increased by $8,116,164. Significant variances between
the original budget and the final, amended budget are listed below:
• $980,452 increase in Facilities Management operating expenditures due to increases in contract rates for repairs to
County facilities.
• $961,300 increase in Clerk of the Circuit Court and Comptroller personal services for pay plan adjustments.
• $3,255,000 increase in Sheriff personal services for pay plan adjustments.
• $724,258 increase in Economic Development operating due to re -budgeting of lapsed appropriations from the previous
fiscal year primarily to provide impact fee assistance for the new Immokalee Career Path Learning Lab.
• $626,350 in Domestic Animal Services as a result of a need to hire temporary staff due to vacancies and an increase in
operating supply costs.
• $697,037 in Parks Operations operating primarily for temporary labor and fuel as the County assumed operations of the
County marinas.
• $730,034 in Parks Maintenance personal services due to transferring 9 full time positions from Parks Operations and a
pay plan adjustment.
Significant variances between actual results and final budget amounts in the General Fund occurred during fiscal year 2023. Tax
revenues were under budget by $19,510,392 primarily due to the early payment discount allowed for property taxes. The discount
ranges from a maximum of 4.0% to 1.0%, depending on the date of payment.
13
Other general administrative operating was under budget $3,387,340 due to anticipated projects being put on hold as County
Management evaluates priorities for the current fiscal year. The Tax Collector was $1,395,544 under budget in personal services
as a result of many vacancies during the fiscal year. Sheriff personal services was also $4,647,577 under budget and capital
outlay was $4,044,312 over budget for the 2023 fiscal year. The Sheriff was under budget in personal services due to many
vacant positions during the year and was over budget in capital outlay as a result of purchasing additional vehicles and related
equipment. Stormwater Management operating was $1,131,009 under budget as scheduled maintenance was delayed due to
Hurricane Ian. Parks Operations operating under budget $1,006,335 in large part due to the Big Corkscrew Regional Park not
being fully operational and lower than expected maintenance costs at the Golden Gate Golf Course property.
Economic Factors and Year 2024 Budgets and Rates
The following factors were taken into account in preparing the fiscal year 2024 budget:
• A 3.5% increase in countywide taxable property values.
• Rolled back General Fund tax rate.
• Implement the next phase of the compensation and pay plan adjustments.
• Continued emphasis on capital facility repair and replacement.
• Maintain health care program contributions at 80% employer and 20% employee across all agencies (excluding Sheriff).
During fiscal year 2023, the General Fund unassigned fund balance increased by $14,460,738 to $129,009,839. $23,338,600 of
the fiscal year 2023 unassigned fund balance has been appropriated in the 2024 budget to support fiscal year 2024 operations.
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.collierclerk.com.
14
OINANCIAL
EMENTS
COLLIER COUNTY, FLORIDA
STATEMENT OF NET POSITION
September 30, 2023
ASSETS
Current assets:
Cash and investments
Trade receivables, net
Special assessments receivable
Interest receivable
Due from other governments
Leases receivable
Internal balances
Deposits
Inventory
Prepaid costs
Restricted assets:
Cash and investments
Trade receivables, net
Leases 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
Cash with fiscal agent
Leases receivable
Notes receivable
Impact fee receivable
Leases 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 outflows of resources related to debt
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
$ 497,128,382 $
320,342,589 $
817,470,971 $ 484,076
8,859,003
25,097,634
33,956,637 -
1,405
37,518
38,923
629,172
753,788
1,382,960
13,835,817
4,022,946
17,858,763
291,107
237,010
528,117
(16,443,108)
16,443,108
-
20,118
1,706,394
1,726,512
1,927,440
12, 591,970
14, 519,410
6,897,458
199,155
7,096,613
68,718,963
13,975,459
82,694,422
7,674,403
-
7,674,403
587
587
25,561
-
25,561
1,188,833
39,731
1,228,564
35,155,561
2,520,337
37,675,898
1,875
-
1,875
1,397,282
1,397,282
3,838,014
3,838,014
87,589
-
87,589 -
631,235,462
397,967,639
1,029,203,101 484,076
898,443,200
179,679,060 1,078,122,260
30,293,130
- 30,293,130
17,936
17,936
163,868
163,868
8,040,735
- 8,040,735
6,061,386
3,590,036 9,651,422
1,490,839
- 1,490,839
790,722,268 201,153,964 991,876,232
1,147,933,019 897,911,557 2,045,844,576
2,883,166,381 1,282,334,617 4,165,500,998 -
3,514,401,843 1,680,302,256 5,194,704,099 484,076
3,476,198 1,465,263 4,941,461
19,943,844 208,475 20,152,319
86,362,436 20,200,326 106,562,762
$ 109,782,478 $ 21,874,064 $ 131,656,542 $
16
COLLIER COUNTY, FLORIDA
STATEMENT OF NET POSITION (continued)
September 30, 2023
Primary Government
Governmental
Business -type
Component
Activities
Activities
Total Units
LIABILITIES
Current liabilities:
Accounts payable
$ 24,816,664
$ 17,464,456 $
42,281,120 $
Wages payable
10,470,435
4,028,655
14,499,090
Retainage payable
234,872
1,547,224
1,782,096
Due to other governments
4,954,524
154,032
5,108,556
Self-insurance claims payable
11,657,455
-
11,657,455
Compensated absences
13,778,313
3,465,478
17,243,791
Unearned revenue
140,551
56,513
197,064
Total OPEB Liability
2,767,951
173,244
2,941,195
Landfill post -closure liability
-
41,029
41,029
Leases payable
865,760
95,075
960,835
SBITA liability
1,696,006
55,919
1,751,925
Bonds, loans and notes payable
30,741,000
10,479,750
41,220,750
Liabilities payable from restricted assets:
Accounts payable
18,233,736
4,118,251
22,351,987
Wages payable
2,838,167
24,212
2,862,379
Retainage payable
7,261,626
3,240,900
10,502,526
Refundable deposits
5,486,546
226,842
5,713,388
Interest payable
4,761,671
2,801,624
7,563,295
Due to other governments
4,041,429
130,960
4,172,389
Unearned revenue
35,571,407
140,071
35,711,478
Bonds, loans and notes payable
-
3,563,098
3,563,098
Total current liabilities
180,318,113
51,807,333
232,125,446
Noncurrent liabilities:
Self-insurance claims payable
2,416,047
-
2,416,047
Compensated absences
25,843,663
866,369
26,710,032
Leases payable
5,743,985
630,970
6,374,955
SBITA liability
6,026,094
380,861
6,406,955
Landfill post -closure liability
-
1,405,870
1,405,870
Total OPEB liability
41,237,178
2,487,163
43,724,341
Net pension liability
368,600,133
80,320,670
448,920,803
Bonds, loans and notes payable, net
327,996,564
325,412,221
653,408,785
Arbitrage rebate
-
349,008
349,008
Total noncurrent liabilities
777,863,664
411,853,132
1,189,716,796
Total liabilities
958,181,777
463,660,465
1,421,842,242
DEFERRED INFLOWS OF RESOURCES
Deferred inflows of resources related to leases
5,704,031
3,689,610
9,393,641
Deferred inflows of resources related to OPEB
6,802,073
460,839
7,262,912
Deferred inflows of resources related to pensions
16,485,138
2,241,734
18,726,872
Deferred inflows of resources related to debt
-
6,341,662
6,341,662
Total deferred inflows of resources
28,991,242
12,733,845
41,725,087
NET POSITION
Net investment in capital assets
1,604,949,936
882,903,785
2,487,853,721
Restricted for:
Growth related capital expansion
200,805,526
22,016,087
222,821,613
Transportation capital projects
59,948,296
-
59,948,296
Community development
36,510,727
36,510,727
Tourist development
117,927,084
117,927,084
Conservation Collier
72,754,263
72,754,263
Community redevelopment
17,480,720
17,480,720
Infrastructure sales tax capital projects
355,579,834
-
355,579,834
Grants
31,488,053
2,292,799
33,780,852
Debt service
1,940,212
22,029,934
23,970,146
Court programs
17,989,304
-
17,989,304
Public safety
7,842,690
7,842,690
Nonexpendable purposes - other
5,522,800
5,522,800
Special revenues - other
6,682,623
-
6,682,623
Renewal and replacement
-
300,000
300,000
Unrestricted
99,589,234
296,239,405
395,828,639 484,076
Total net position
$ 2,637,011,302
$ 1,225,782,010 $
3,862,793,312 S 484,076
17
COLLIER COUNTY, FLORIDA
STATEMENT OF ACTIVITIES
For the Fiscal Year Ended September 30, 2023
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
$ 179,598,624 $
44,893,454 $
2,200,726 $
3,315,500
330,023,718
25,317,778
4,996,388
4,492,456
47,929,092
857,951
2,827,424
2,363,348
97,579,380
1,532,283
9,471,143
28,854,455
43,399,803
107,061
45,245,885
12,701
26,395,674
548,218
8,768,987
-
86,605,450
10,482,752
161,647
13,063,991
10,320,545
-
-
-
821,852,286
83,739,497
73,672,200
52,102,451
190,638,961
192,610,835
51
42,318,853
85,475,093
64,854,260
23,404,214
3,269
43,837,951
15,570,278
14,897,520
-
11,762,329
9,498,151
35,228
312,082
17,199,715
1,081,028
4,171,143
5,152,421
348,914,049 283,614,552 42,508,156 47,786,625
$ 1,170,766,335 $ 367,354,049 $ 116,180,356 $ 99,889,076
$ 32,675 $ $ $
6,175
10,175
11,185 65,000
$ 60,210 $ $ 65,000 $
General revenues:
Property taxes
Gas taxes
Sales tax
Tourist taxes
Communications services tax
Infrastructure sales tax
State revenue sharing
Othertaxes
Interest earnings
Miscellaneous
Transfers, net
Total general revenues and transfers
Change in net position
Net position - beginning
Net position - ending
18
Net
Governmental
Activities
$ (129,188,944) $
(295,217,096)
(41,880,369)
(57,721,499)
1,965,844
(17,078,469)
(62,897,060)
(10,320,545)
Revenue and Changes in Net Position
Primary Government
Business -type
Activities
Total
$ (129,188,944) $
(295,217,096)
(41,880,369)
(57,721,499)
1,965,844
(17,078,469)
(62,897,060)
(10,320,545)
Component
Units
(612,338,138) -
(612,338,138)
44,290,778
44,290,778
2,786,650
2,786,650
(13,370,153)
(13,370,153)
(1,916,868)
(1,916,868)
(6,795,123)
(6,795,123)
24,995,284
24,995,284
$ (612,338,138) $ 24,995,284 $
(587,342,854)
$ (32,675)
(6,175)
(10,175)
53,815
$ 4,790
$ 518,876,535 $
$
518,876,535 $
24,846,062
24,846,062
68,746,452
68,746,452
44,107,953
44,107,953
4,079,742
4,079,742
124,563,003
124,563,003
18,830,744
18,830,744
2,610,650
2,610,650
62,110,437
21,606,002
83,716,439
3,725
18,892,173
1,265,614
20,157,787
-
(18,257,499)
18,257,499
-
-
869,406,252
41,129,115
910,535,367
3,725
257,068,114
66,124,399
323,192,513
8,515
2,379,943,188
1,159,657,611
3,539,600,799
475,561
$ 2,637,011,302 $
1,225,782,010 $
3,862,793,312 $
484,076
19
COLLIER COUNTY, FLORIDA
BALANCE SHEET
GOVERNMENTAL FUNDS
September 30, 2023
Bayshore
Gateway
Immokalee
Community
Community
Grants and
Other
Total
General Redevelopment Redevelopment
Shared Hurricane
Infrastructure Governmental
Governmental
Fund
Agency
Agency
Revenue Ian
Sales Tax Funds
Funds
ASSETS
Cash and investments
$ 176,955,420 $
10,690,403 $
3,250,914 $
56,477,632 $ 16,878,278
$ 306,150,339 $797,502,271
$1,367,905,257
Cash with fiscal agent
-
-
-
- -
30,293,130 -
30,293,130
Receivables:
Interest
217,897
13,293
3,464
72,412 7,151
361,020 1,009,736
1,684,973
Trade, net
443,293
-
-
5,437,448 6,614,846
- 2,321,946
14,817,533
Notes
1,490,839
- -
189,429
1,680,268
Impact fee
-
8,040,735
8,040,735
Special assessments
-
1,405
1,405
Leases
362,820
-
6,008,196
6,371,016
Due from other funds
675,661
-
-
455,234 -
359,955 6,664,893
8,155,743
Due from other governments
9,621,068
13,355
19
8,389,236 514,041
18,493,363 11,704,927
48,736,009
Deposits
20,118
-
625
- -
- 1,250
21,993
Inventory for resale
-
3,694,000
-
144,014
3,838,014
Inventory
1,045,493
-
1,567,345
2,612,838
Advances to other funds
2,268,100
37,282,965
39,551,065
Prepaid costs
384,964
-
-
20,451 -
- 87,138
492,553
Total assets
$ 193,485,673 $
14,411,051 $
3,255,022 $
70,852,413 $ 24,014,316
$ 355,657,807 $872,526,250
$1,534,202,532
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES
Liabilities:
Accounts payable
$ 11,571,632 $
90,559 $
60,575 $
2,959,760 $
3,016,044 $
5,860,762 $
16,994,825 $
40,554,157
Wages payable
8,586,736
21,426
12,170
207,371
-
-
3,960,109
12,787,812
Due to other funds
3,739,579
396
-
11,949,311
77,972
1,564,317
17,331,575
Due to other governments
4,700,489
-
227
276,352
-
3,981,638
8,958,706
Unearned revenues
3,308
-
35,453,907
118,896
35,576,111
Refundable deposits
982,691
-
4,503,855
5,486,546
Retainage payable
-
410,501
74,143
4,686,370
2,325,484
7,496,498
Advances from other funds
-
-
32,500,000
-
19,551,065
52,051,065
Total liabilities
29,584,435
11Z381
72,972
51,257,202
35,590,187
10,625,104
53,000,189
180,242,470
Deferred inflows of resources:
Unavailable revenue
2,500
5,448,947
8,040,735
13,492,182
Related to leases
331,232
-
5,372,799
5,704,031
Total deferred inflows of
resources
333,732
5,448,947
13,413,534
19,196,213
Fund balances:
Nonspendable
5,189,396
20,451
7,177,283
12,387,130
Restricted
75,789 14,298,670
3,182,050 14,125,813
345,032,703 587,927,319
964,642,344
Committed
- -
- -
- 58,730,435
58,730,435
Assigned
29,292,482
161,986,302
191,278,784
Unassigned
129,009,839 -
- -
(11,575,871)
- (9,708,812)
107,725,156
Total fund balances
163,567,506 14,298,670
3,182,050 14,146,264
(11,575,871)
345,032,703 806,112,527
1,334,763,849
Total liabilities, deferred inflows of
resources and fund balances
$ 193,485,673 $ 14,411,051 $
3,255,022 $ 70,852,413
$ 24,014,316 $
355,657,807 $872,526,250
$1,534,202,532
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, 2023
Differences in amounts reported for governmental activities in the statement of net position on pages 16-17:
Fund balances - total governmental funds
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 $ 620,499,045
Construction in progress 170,223,223
Depreciable assets, net of $1,356,253,801
in accumulated depreciation 1,125,480,983
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.
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, 2023 are:
Accrued interest on bonds, loans and notes payable
$ (4,761,671)
Bonds, loans and notes payable
(341,629,000)
Lease obligations
(6,606,130)
SBITA obligations
(6,127,372)
Compensated absences
(38,990,692)
Total OPEB liability
(43,679,888)
Pension liability
(360,195,945)
Unamortized premiums
170,736
Unamortized discount
(17,279,300)
Unamortized deferred charges on refunding
OPEB related deferred outflows
Pension related deferred outflows
OPEB related deferred inflows
Pension related deferred inflows
$ 1,334,763,849
1,916,203,251
13,492,182
(819,099,262)
3,476,198
19,918,358
84,334,965
(6,745,734)
(16,206,027)
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, including the cululative adjustments related to Enterprise
funds, of the internal service funds are included in governmental activities in the statement of net position. Internal service fund net position at
September 30, 2023 is: 106,873,522
Total net position - governmental activities
The notes to the financial statements are an integral part of this statement.
$ 2,637,011, 002
21
COLLIER COUNTY, FLORIDA
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
GOVERNMENTAL FUNDS
For the Fiscal Year Ended September 30, 2023
Bayshore
Gateway
Immokalee
Community
Community
Grants and
Other
Total
General
Redevelopment
Redevelopment
Shared
Hurricane
Infrastructure Governmental
Governmental
Fund
Agency
Agency
Revenue
Ian
Sales Tax
Funds
Funds
Revenues:
Taxes
$ 410,393,808
$ 3,348,900
$ 1,207,800
$ $
$ 124,563,002 $
171,114,268
$ 710,627,778
Licenses, permits and impact fees
221,487
-
3,761
-
74,656,573
74,881,821
Intergovernmental
90,234,331
-
47,141,909
514,041
17,600,357
155,490,638
Charges for services
21,619,362
-
543,567
-
21,434,842
43,597,771
Fines and forfeitures
374,658
39,500
-
-
2,291,171
2,705,329
Interest earnings
9,916,699
420,574
110,006
2,399,189
257,084
11,930,482
33,156,738
58,190,772
Special assessments
-
-
-
-
-
-
12,026,472
12,026,472
Miscellaneous
1,447,293
-
455
756,558
-
45
3,514,268
5,718,619
Total revenues
534,207,638
3,808,974
1,322,022
50,841,223
771,125
136,493,529
335,794,689
1,063,239,200
Expenditures:
Current:
General government
94,878,594
739,172
5,462,059
38,954,352
140,034,177
Public safety
229,388,614
1,742,303
444,559
37,935,431
269,510,907
Physical environment
8,040,267
902,476
16,086,982
15,068,452
40,098,177
Transportation
617,769
379,633
1,267,940
56,100,988
58,366,330
Economic environment
1,800,701
1,132,855
458,803
32,698,742
53,180
6,555,464
42,699,745
Human services
14,057,585
-
-
4,501,712
110
6,468,243
25,027,650
Culture and recreation
23,554,181
-
554,686
876,221
39,134,578
64,119,666
Debt service
Principal
1,312,365
30,914
31,733
-
31,081,116
32,456,128
Interest
199,554
20
1,232
10,713,440
10,914,246
Fiscal charges
-
-
-
-
10,000
10,000
Capital outlay
19,612,737
-
-
8,492,400
2,219,259
64,086,405
83,249,556
177,660,357
Total expenditures
393,462,367
1,132,855
489,737
50,044,089
26,410,310
64,086,405
325,271,620
860,897,383
Excess (deficit) of revenues
over (under) expenditures
140,745,271
2,676,119
832,285
797,134
(25,639,185)
72,407,124
10,523,069
202,341,817
Other financing sources (uses):
Loans issued
-
-
-
-
-
1,500,000
1,500,000
Leases
180,258
56,608
-
236,866
SBITAs
5,778,881
-
-
1,634,914
7,413,795
Sale of capital assets
497,808
91
600,121
1,800
119,253
1,219,073
Insurance proceeds
540,577
-
-
-
11,670,394
623,624
12,834,595
Transfers in
21,699,685
221,700
92,819
5,536,806
2,000,000
175,758,681
205,309,691
Transfers out
(162,552,405)
(53,800)
(138,700)
(18,000)
-
(77,972)
(73,718,615)
(236,559,492)
Total other financing sources
(uses)
(133,855,196)
167,991
554,240
5,575,414
13,672,194
(77,972)
105,917,857
(8,045,472)
Net change in fund balances 6,890,075 2,844,110 1,386,525 6,372,548 (11,966,991) 72,329,152 116,440,926 194,296,345
Fund balances at beginning of year 156,677,431 11,454,560 1,795,525 7,773,716 391,120 272,703,551 689,671,601 1,140,467,504
Fund balances at end of year $ 163,567,506 $ 14,298,670 $ 3,182,050 $14,146,264 $ (11,575,8711 $ 345,032,703 $ 806,112,527 $1,334,763,849
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, 2023
Differences in amounts reported for governmental activities in the statement of activities on pages 18-19:
Net change in fund balances - total governmental funds
$ 194,296,345
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 $ 177,660,357
Depreciation and amortization expense (97,258,485)
80,401,872
Donations of capital assets are not financial resources to governmental funds, but receiving donated assets increases net
position in the statement of net position.
1,243,899
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 capital assets disposed.
(2,546,862)
Certain revenues not considered available are not recognized in the governmental funds but are included in the statement of
activities.
6,208,112
Debt proceeds provide current financial resources for governmental 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.
Loan proceeds $
(1,500,000)
Bond, loan and note principal payments
30,235,000
Lease proceeds
(236,866)
SBITA proceeds
(7,413,795)
Payments on lease obligations
934,705
Payments on SBITA obligations
1,286,423
23,305,467
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.
Compensated absences $
(2,972,705)
OPEB expense
(2,450,202)
Pension expense
(56,723,553)
Accrued interest on bonds, loans and notes payable
(64,498)
Amortization of deferred charges on refunding
(477,472)
Amortization of premiums and discounts, net
1,186,194
(61,502,236)
The net revenues of internal service funds, including the consolidating adjustment related to Enterprise funds, are reported with
governmental activities.
15,661,517
Change in net position - governmental activities
$ 257,068,114
The notes to the financial statements are an integral part of this statement
23
COLLIER COUNTY, FLORIDA
GENERALFUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
BUDGET AND ACTUAL (BUDGETARY BASIS)
For the Fiscal Year Ended September 30, 2023
Revenues:
Taxes
Licenses, permits and impact fees
Intergovernmental
Charges for services
Fines and forfeitures
Interest earnings
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
Budget and management personal services
Budget and management operating
Administrative services personal services
Administrative services operating
Administrative services capital outlay
Human resources administration personal services
Human resources administration operating
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
Original Final
Budget Budget Actual Variance
$ 429,904,200 $
429,904,200 $
410,393,808 $
(19,510,392)
342,000
342,000
221,487
(120,513)
62,302,500
62,302,500
90,234,331
27,931,831
23,385,132
25,240,569
21,619,362
(3,621,207)
377,000
377,000
374,658
(2,342)
1,032,100
1,032,100
7,242,830
6,210,730
9,484,400
9,515,612
10,009,293
493,681
526,827,332
528,713,981
540,095,769
11,381,788
1,365,500
1,368,000
1,337,411
30,589
120,400
139,400
105,956
33,444
1,610,300
1,830,300
1,827,190
3,110
79,400
79,400
58,083
21,317
702,800
642,800
544,650
98,150
40,100
40,100
39,101
999
863,800
863,800
830,265
33,535
74,600
74,600
61,478
13,122
4,072,000
3,845,770
3,363,324
482,446
543,100
638,024
341,460
296,564
20,000
-
-
-
2,042,100
2,042,100
1,838,408
203,692
707,200
804,772
396,951
407,821
11,724,300
12,685,600
12,663,273
22,327
3,660,800
3,546,500
3,175,029
371,471
58,700
125,700
303,983
(178,283)
8,054,212
8,070,949
7,162,696
908,253
2,300,960
2,310,960
2,377,663
(66,703)
35,000
35,000
141,767
(106,767)
15,965,430
15,965,430
14,569,876
1,395,554
3,836,860
3,886,860
4,131,260
(244,400)
288,109
288,109
64,809
223,300
2,880,800
2,761,662
2,655,273
106,389
341,300
693,136
155,884
537,252
10,000
10,000
-
10,000
40,400
40,900
23,333
17,567
27,600
27,600
15,249
12,351
762,200
849,600
740,419
109,181
377,700
382,700
381,125
1,575
200,000
200,000
17,786
182,214
13,839,500
14,092,294
10,704,954
3,387,340
9,353,700
9,016,059
8,820,128
195,931
9,970,900
10,951,352
10,778,234
173,118
134,000
309,761
90,952
218,809
5,436,400
5,436,400
5,318,796
117,604
173,100
173,100
124,697
48,403
24
COLLIER COUNTY, FLORIDA
GENERALFUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
BUDGET AND ACTUAL (BUDGETARY BASIS)
For the Fiscal Year Ended September 30, 2023
Original Final
Budget Budget Actual Variance
Supervisor of Elections personal services
3,060,700
3,053,200
2,914,460
138,740
Supervisor of Elections operating
1,914,100
1,921,600
1,853,973
67,627
Supervisor of Elections capital outlay
30,000
30,000
27,253
2,747
Public services operations personal services
2,361,800
1,924,131
1,860,266
63,865
Public services operations operating
189,100
228,300
204,798
23,502
Real property management personal services
869,700
871,362
852,366
18,996
Real property management operating
135,900
135,900
100,426
35,474
Total general government
110,274,571
112,393,231
102,975,005
9,418,226
Public safety
Sheriff personal services
182,807,500
186,062,500
181,414,923
4,647,577
Sheriff operating
42,748,600
43,063,600
43,519,333
(455,733)
Sheriff capital outlay
6,353,500
6,353,500
10,397,812
(4,044,312)
Emergency management administration personal services
1,421,300
1,425,736
1,424,739
997
Emergency management administration operating
1,081,400
1,077,931
920,385
157,546
Helicopter operations operating
47,400
47,400
47,226
174
Medical examiner services operating
2,069,100
2,069,100
2,062,008
7,092
Total public safety
236,528,800
240,099,767
239,786,426
313,341
Physical environment
Stormwater Management personal services
3,414,200
3,429,800
2,862,840
566,960
Stormwater Management operating
5,286,800
5,353,644
4,222,635
1,131,009
Stormwater Management capital outlay
34,000
319,985
295,662
24,323
Conservation and resource management personal services
783,700
744,232
704,981
39,251
Conservation and resource management operating
165,500
220,829
201,775
19,054
Immokalee cemetery operating
29,000
29,000
24,756
4,244
Total physical environment
9,713,200
10,097,490
8,312,649
1,784,841
Transportation
Alternative transportation modes personal services
585,000
633,000
600,036
32,964
Alternative transportation modes operating
22,900
22,900
17,733
5,167
Total transportation
607,900
655,900
617,769
38,131
Economic environment
Veterans services personal services
375,700
375,700
370,990
4,710
Veterans services operating
50,200
50,200
38,165
12,035
Economic development personal services
225,000
382,189
362,025
20,164
Economic development operating
1,072,800
1,797,058
1,029,521
767,537
Total economic environment
1,723,700
2,605,147
1,800,701
804,446
Human services
Health Care Responsibility Act operating
46,200
46,200
-
46,200
Domestic animal services personal services
3,087,900
2,895,110
2,787,843
107,267
Domestic animal services operating
1,252,200
1,878,550
1,599,065
279,485
Health department operating
1,866,600
1,879,600
1,753,993
125,607
Mental health personal operating
3,059,500
2,902,806
2,615,722
287,084
Client assistance personal services
1,514,900
1,514,900
1,276,351
238,549
Client assistance operating
3,879,000
3,887,232
3,760,981
126,251
Public services division office personal services
362,800
272,800
259,893
12,907
Public services division office operating
39,600
33,400
27,173
6,227
Total human services
15,108,700
15,310,598
14,081,021
1,229,577
(continued)
25
COLLIER COUNTY, FLORIDA
GENERALFUND
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
BUDGET AND ACTUAL (BUDGETARY BASIS)
For the Fiscal Year Ended September 30, 2023
Culture and recreation
Library administration personal services
Library administration operating
Parks operations personal services
Parks operations operating
Parks operations capital outlay
Parks maintenance personal service
Parks maintenance operating
Parks maintenance capital outlay
Total culture and recreation
Debt service
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
6,843,700
6,596,961
6,117,503
479,458
1,919,200
1,953,814
1,915,011
38,803
5,822,500
5,305,939
5,246,431
59,508
4,603,800
5,300,837
4,294,502
1,006,335
-
35,400
-
35,400
2,244,600
2,974,634
2,942,130
32,504
2,978,600
3,157,815
3,015,103
142,712
36,000
33,902
33,901
1
24,448,400
25,359,302
23,564,581
1,794,721
1,516,300
1,516,300
1,511,919
4,381
399,921,571
408,037,735
392,650,071
15,387,664
126,905,761
120,676,246
147,445,698
26,769,452
-
180,258
180,258
30,000 39,427
10,803
(28,624)
- 1,589
335,811
334,222
4,988,400 4,989,700
24,604,502
19,614,802
(165,655,961) (177,636,410)
(167,457,222)
10,179,188
(160,637,561) (172,605,694) (142,325,848) 30,279,846
(33,731,800) (51,929,448) 5,119,850 57,049,298
129,205,600 132,304,759 156,677,431 24,372,672
$ 95,473,800 $ 80,375,311 $ 161,797,281 $ 81,421,970
Reconciliation:
Net change in fund balance, budgetary basis
$ 5,119,850
Net change in fair value of investments
2,673,869
Miscellaneous revenue related to indirect cost
(8,562,000)
Change in inventory
36,456
General government expenditures related to indirect cost
8,562,000
Property Appraiser general government refunds to other governments not budgeted
(1,154,154)
Public safety expenditures for multi -period projects not budgeted
(1,785,946)
Public safety capital outlay funded by outside sources not budgeted
(691,771)
Insurance proceeds related to Sheriff assets not budgeted
204,766
Proceeds from sale of Sheriff assets not budgeted
487,005
SBITA inception related capital outlay not budgeted
(5,778,881)
SBITA inception proceeds not budgeted
5,778,881
Interfund transfers in
2,904,817
Interfund transfers out
(2,904,817)
Advances budgeted as transfers
2,000,000
Net change in fund balance, GAAP basis
$ 6,890,075
The notes to the financial statements are an integral part of this statement.
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, 2023
Original Final
Budget Budget Actual Variance
Revenues:
Taxes $ 3,348,900 $ 3,348,900 $ 3,348,900 $
Fines and forfeitures - - 39,500 39,500
Interest earnings 44,600 44,600 253,805 209,205
Total revenues 3,393,500 3,393,500 3,642,205 248,705
Expenditures:
Economic environment
Personal service
Operating
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
Interfund transfers in
Interfund transfers out
Net change in fund balance, GAAP basis
The notes to the financial statements are an integral part of this statement.
539,800
539,800
494,236 45,564
1,389,600
4,068,560
638,619 3,429,941
1,614,300
9,177,461
- 9,177,461
3,543,700
13,785,821
1,132,855 12,652,966
(150,200) (10,392,321) 2,509,350 12,901,671
- - 91
91
2,652,900 4,118,000 3,963,027
(154,973)
(2,485,000) (3,950,100) (3,795,127)
154,973
167,900 167,900 167,991
91
17,700 (10,224,421) 2,677,341 12,901,762
10,226,621 11,454,560 1,227,939
$ 17,700 $ 2,200 $ 14,131,901 $ 44,129,701
$ 2,677,341
166,769
(3,741,327)
3,741,327
$ 2,844,110
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, 2023
Revenues:
Taxes
Licenses, permits and impact fees
Charges for services
Interest earnings
Miscellaneous
Total revenues
Expenditures:
Economic environment
Personal service
Operating
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
Interfund transfers in
Interfund transfers out
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
$ 1,207,800 $ 1,207,800 $ 1,207,800 $
- - 3,761 3,761
- 250,000 - (250,000)
13,700 13,700 63,911 50,211
- 455 455
1,221,500 1,471,500 1,275,927 (195,573)
239,500
239,500
239,337
163
330,400
1,071,573
219,466
852,107
31,000
31,000
30,934
66
520,800
3,252,900
-
3,252,900
1,121,700
4,594,973
489,737
4,105,236
99,800 (3,123,473) 786,190 3,909,663
- - 600,121
600,121
527,000 1,812,500 1,760,518
(51,982)
(572,900) (1,858,400) (1,806,399)
52,001
(45,900) (45,900) 554,240
600,140
53,900 (3,169,373) 1,340,430 4,509,803
3,170,173 1,795,525 (1,374,648)
$ 53,900 $ 800 $ 3,135,955 $ 3,135,155
$ 1,340,430
46,095
(1,667,699)
1,667,699
$ 1,386,525
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, 2023
Revenues:
Intergovernmental
Charges for services
Interest earnings
Miscellaneous
Total revenues
Expenditures:
Current:
General government
Public safety
Physical environment
Transportation
Economic environment
Human services
Culture and recreation
Capital outlay
Total expenditures
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
Interfund transfers in
Interfund transfers out
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
$ 3,000 $ 149,104,556 $ 44,835,132 $ (104,269,424)
- 3,869,158 543,567 (3,325,591)
28,600 50,075 1,496,362 1,446,287
- 3,321,275 756,558 (2,564,717)
31,600 156,345,064 47,631,619 (108,713,445)
8,100
2,692,719
739,172
1,953,547
736,900
786,308
43,939
742,369
345,800
21,162,113
902,476
20,259,637
-
1,533,925
379,633
1,154,292
-
84,541,441
32,698,742
51,842,699
817,100
15,829,122
4,501,712
11,327,410
-
3,939,107
554,686
3,384,421
-
54,451,557
8,379,124
46,072,433
1,907,900
184,936,292
48,199,484
136,736,808
(1,876,300) (28,591,228) (567,865) 28,023,363
4
(4)
1,155,400 23,704,769 5,671,243
(18,033,526)
(123,000) (198,790) (152,437)
46,353
1,032,400 23,505,983 5,518,806
(17,987,177)
(843,900) (5,085,245) 4,950,941 10,036,186
3,288,200 7,363,315 7,773,716 410,401
$ 2,444,300 $ 2,278,070 $ 12,724,657 $ 10,446,587
$ 4,950,941
902,827
(134,437)
134,437
st a Tan
J 0,J / L,.7'#0
29
COLLIER COUNTY, FLORIDA
HURRICANE IAN
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
BUDGET AND ACTUAL (BUDGETARY BASIS)
For the Fiscal Year Ended September 30, 2023
Original Final
Budget Budget Actual Variance
Revenues:
Intergovernmental $ S $ 514,041 $ 514,041
Interest earnings 122,940 122,940
Total revenues 636,981 636,981
Expenditures:
Current:
General government
Public safety
Physical environment
Transportation
Economic environment
Human services
Culture and recreation
Capital outlay
Total expenditures
Deficit of revenues over (under) expenditures
Other financing sources (uses):
Sale of capital assets
Insurance proceeds
Transfers in
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.
9,900,100
5,462,059
4,438,041
520,000
444,559
75,441
27,161,575
16,086,982
11,074, 593
3,600,000
1,267,940
2,332,060
70,000
53,180
16,820
15,000
110
14,890
7,190,000
876,221
6,313,779
12,043,325
2,219,259
9,824,066
60,500,000
26,410,310
34,089,690
(60,500,000) (25,773,329) 34,726,671
1,800 1,800
- - 11,670,394 11,670,394
2,000,000 59,500,000 2,000,000 (57,500,000)
2,000,000 59,500,000 13,672,194 (45,827,806)
2,000,000 (1,000,000) (12,101,135) (11,101,135)
1,000,000 391,120 (608,880)
$ 2,000,000 $ - $ (11,710,015) $ (11,710,015)
$ (12,101,135)
134,144
$ (11,966,9911
30
COLLIER COUNTY, FLORIDA
STATEMENT OF NET POSITION
PROPRIETARY FUNDS
September 30, 2023
Business -type Activities Enterprise Funds
Governmental
Emergency
Activities -
County Water
Solid Waste
Medical
Other
Internal
and Sewer
Disposal
Services
Funds
Total
Service Funds
ASSETS
Current assets:
Cash and investments
$ 234,448,541 $
44,969,657 $
31,266,494 $
9,657,897 $
320,342,589 $
96,385,288
Receivables:
Trade, net
20,873,478
1,228,178
2,974,406
21,572
25,097,634
1,715,873
Special assessments
37,518
-
-
-
37,518
-
Interest
510,479
189,985
38,974
14,350
753,788
133,032
Leases
32,765
-
-
204,245
237,010
-
Due from other funds
653
171,223
8,952,142
28,718
9,152,736
32,222
Due from other governments
652,010
1,853,694
1,513,980
3,262
4,022,946
255,369
Deposits
1,706,394
-
-
-
1,706,394
-
Inventory
11,321,191
-
1,049,163
221,616
12,591,970
711,884
Prepaid costs
137,520
40,285
-
21,350
199,155
6,492,494
Restricted assets:
Cash and investments
13,216,560
140,071
292,223
326,605
13,975,459
-
Interest receivable
39,377
-
354
-
39,731
Due from other governments
238,597
2,281,740
2,520,337
-
Total current assets
282,976,486
48,593,093
46,326,333
12,781,355
390,677,267
105,726,162
Noncurrent assets:
Restricted assets:
Cash and investments
179,679,060
-
-
-
179,679,060
-
Receivables:
Leases
748,865
2,841,171
3,590,036
Advances to other funds
12,500,000
-
12,500,000
Capital assets:
Land and nondepreciable capital assets
181,915,927
9,629,523
-
9,608,514
201,153,964
-
Depreciable capital assets, net
781,080,648
38,978,497
11,349,811
66,502,601
897,911,557
22,452,036
Total noncurrent assets
1,155,924,500
48,608,020
11,349,811
78,952,286
1,294,834,617
22,452,036
Total assets
1,438,900,986
97,201,113
57,676,144
91,733,641
1,685,511,884
128,178,198
DEFERRED OUTFLOWS OF RESOURCES
Deferred outflows of resources related to debt
1,465,263
-
-
-
1,465,263
-
Deferred outflows of resources related to OPEB
123,997
12,027
65,864
6,587
208,475
25,486
Deferred outflows of resources related to pensions
8,955,298
835,654
9,981,829
427,545
20,200,326
2,027,471
Total deferred outflows of resources
$ 10,544,558 $
847,681 $
10,047,693 $
434,132 $
21,874,064 $
2,052,957
(Continued)
31
COLLIER COUNTY, FLORIDA
STATEMENT OF NET POSITION
PROPRIETARY FUNDS
September 30, 2023
Business -type Activities Enterprise Funds
Governmental
County
Emergency
Activities -
Water
Solid Waste
Medical
Other
Internal
and Sewer
Disposal
Services
Funds
Total
Service Funds
LIABILITIES
Current liabilities:
Accounts payable
$ 12,029,511 $
3,369,120 $
873,409 $
1,192,416 $
17,464,456
$ 2,496,243
Wages payable
2,238,683
209,641
1,471,293
109,038
4,028,655
520,790
Retainage payable
1,533,763
13,461
-
-
1,547,224
-
Due to other funds
8,198
928
-
-
9,126
-
Due to other governments
140,813
796
242
12,181
154,032
37,247
Unearned revenues
47,163
-
-
9,350
56,513
135,847
Self-insurance claims payable
-
-
-
-
-
11,657,455
Compensated absences
2,324,032
213,544
813,563
114,339
3,465,478
505,027
Total OPEB Liability
103,042
9,995
54,734
5,473
173,244
21,180
Landfill post -closure liability
-
41,029
-
-
41,029
-
Lease payable
65,078
-
29,997
95,075
3,335
SBITA liability
55,919
-
55,919
276,633
Bonds, loans and notes payable
10,479,750
-
10,479,750
-
Liabilities payable from restricted assets
Accounts payable
3,394,022
-
724,229
4,118,251
Wages payable
-
24,212
-
24,212
Retainage payable
3,240,900
-
-
3,240,900
Due to other governments
-
130,960
130,960
Refundable deposits
216,916
-
9,926
226,842
Unearned revenue
-
140,071
-
140,071
Interest payable
2,801,624
-
2,801,624
Bonds, loans and notes payable
3,563,098
-
-
-
3,563,098
-
Total current liabilities
42,242,512
3,998,585
3,267,450
2,307,912
51,816,459
15,653,757
Noncurrent liabilities:
Arbitrage rebate
349,008
-
-
-
349,008
-
Self-insurance claims payable
-
-
-
-
-
2,416,047
Compensated absences
581,008
53,386
203,390
28,585
866,369
126,257
Lease payable
307,861
-
323,109
-
630,970
280
SBITA liability
380,861
-
-
-
380,861
1,318,095
Total OPEB liability
1,479,316
143,490
785,779
78,578
2,487,163
304,061
Net pension liability
37,690,060
3,540,565
37,251,268
1,838,777
80,320,670
8,404,188
Landfill post closure liability
-
1,405,870
-
-
1,405,870
-
Bonds, loans and notes payable, net
325,41Z221
-
-
-
325,41Z221
-
Total noncurrent liabilities
366,200,335
5,143,311
38,563,546
1,945,940
411,853,132
12,568,928
Total liabilities
408,442,847
9,141,896
41,830,996
4,253,852
463,669,591
28,222,685
DEFERRED INFLOWS OF RESOURCES
Deferred inflows of resources related to leases
704,460
-
-
2,985,150
3,689,610
-
Deferred inflows of resources related to OPEB
274,098
26,587
145,595
14,559
460,839
56,339
Deferred inflows of resources related to pensions
1,322,714
127,149
722,500
69,371
2,241,734
279,111
Deferred inflows of recources related to debt
6,341,662
-
-
-
6,341,662
-
Total deferred inflows of resources
8,642,934
153,736
868,095
3,069,080
12,733,845
335,450
NET POSITION
Net investment in capital assets
747,328,532
48,514,454
10,996,705
76,064,094
882,903,785
20,471,825
Restricted for:
Grants and other purposes
-
-
506,962
1,785,837
2,292,799
-
Growth related capital expansion
22,016,087
-
-
22,016,087
Renewal and replacement
300,000
300,000
Debt service
22,029,934
-
-
-
22,029,934
-
Unrestricted
240,685,210
40,238,708
13,521,079
6,994,910
301,439,907
81,201,195
Total net position
$ 1,032,359,763 $
88,753,162 $
25,024,746 $
84,844,841
1,230,982,512
$ 101,673,020
Cumulative consolidation adjustment for internal service fund activities related to enterprise funds
(5,200,502)
Net position of Business -type Activities
$
1,225,782,010
The notes to the financial statements are an integral part of this statement.
32
COLLIER COUNTY, FLORIDA
STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET POSITION
PROPRIETARY FUNDS
For the Fiscal Year Ended September 30, 2023
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 $ 192,339,407 $ 64,707,812 $ 15,517,757 $ 10,596,872 $
283,161,848
$ 120,306,687
Miscellaneous 271,428 146,448 52,521 57,765
528,162
1,458,069
Total operating revenues 192,610,835 64,854,260 15,570,278 10,654,637
283,690,010
121,764,756
Operating expenses:
Personal services
General and administrative
Insurance claims paid
Depreciation and amortization
Total operating expenses
Operating income (loss)
Non -operating revenues (expenses):
Operating grants and contributions
Interest earnings
Insurance reimbursement
Interest expense
Gain (loss) on disposal of capital assets
Rebatable arbitrage
Total non -operating revenues (expenses)
Income (loss) before contributions
and transfers
Capital grants and contributions
Transfers in
Transfers out
Total transfers and contributions
Change in net position
53,377,604 5,207,386 34,156,907 2,733,243 95,475,140 12,556,574
72,417,115 77,645,611 6,928,064 21,169,409 178,160,199 34,631,140
- - - - - 75,442,320
50,620,923 2,078,938 2,446,815 4,809,361 59,956,037 4,148,623
176,415,642 84,931,935 43,531,786 28,712,013 333,591,376 126,778,657
16,195,193 (20,077,675) (27,961,508) (18,057,376) (49,901,366) (5,013,901)
51
23,404,214
14,897,520
4,206,371
42,508,156
-
17,744,440
2,134,800
1,175,572
551,190
21,606,002
3,919,665
1,146,154
106,022
1,191
12,247
1,265,614
354,208
(10,651,308)
-
(7,003)
(15,665)
(10,673,976)
(40,523)
(1,375,920)
(38,545)
15,021
26,921
(1,372,523)
447,142
(349,008)
-
-
-
(349,008)
-
6,514,409
25,606,491
16,082,301
4,781,064
52,984,265
4,680,492
22,709,602
5,528,816
(11,879,207)
(13,276,312)
3,082,899
(333,409)
42,318,853
3,269
-
5,464,503
47,786,625
-
2,253,201
1,122,387
25,433,657
5,660,410
34,469,655
13,257,760
(14,948,928)
(920,386)
(7,700)
(410,600)
(16,287,614)
(190,000)
29,623,126
205,270
25,425,957
10,714,313
65,968,666
13,067,760
52,332,728
5,734,086
13,546,750
(2,561,999)
69,051,565
12,734,351
Net position - beginning 980,027,035 83,019,076 11,477,996 87,406,840 88,938,669
Net position - ending $ 1,032,359, 663 $ 88,753,162 $ 25,024,746 $ 84,844,841 $ 101,673,020
Consolidation adjustment for internal service fund activities related to enterprise funds
Change in net position of Business -type Activities
The notes to the financial statements are an integral part of this statement.
(2,927,166)
$ 66,124,399
33
■
COLLIER COUNTY, FLORIDA
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
For the Fiscal Year Ended September 30, 2023
Cash flows from operating activities:
Cash received for services
Cash received from other funds for services
Cash received from other governments 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
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 loans and notes
Payments from escrow agents
Principal payments on leases
Principal payments on SBITA
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
Cash and investments, October 1, 2022
Cash and investments, September 30, 2023
Current cash and investments
Current cash and investments -restricted
Noncurrent cash and investments -restricted
Cash and investments, September 30, 2023
Business -type Activities Enterprise Funds
Governmental
Emergency
Activities -
County Water
Solid Waste
Medical
Other
Internal
and Sewer
Disposal
Services
Funds
Total
Service Funds
$ 188,279,836 $
64,221,375 $
18,719,345 $
10,644,782 $
281,865,338
$
-
-
-
-
-
112,815,703
489,800
-
-
-
8,218,588
153,450
918,840
1,072,290
-
-
-
-
2,303,754
(2,037,794)
(59,813,361)
(75,098,019)
(3,175,478)
(16,323,171)
(154,410,029)
(35,157,038)
(75,784,747)
(45,590,701)
(4,471,354)
(30,783,009)
(2,257,826)
(83,102,890)
(10,325,540)
(14,314,798)
(1,615,640)
(4,282,661)
(4,423,077)
(24,636,176)
(1,499,269)
(124,700)
(864,311)
(989,011)
68,589,726
(16,909,109)
(19,521,803)
(12,359,292)
19,799,522
(976,543)
- 23,367,186 13,290,223 5,917,673 42,575,082 -
2,252,984 14,796,587 16,477,258 6,444,693 39,971,522 13,049,219
(25,286,411) (14,594,586) (3,443) (2,812,503) (42,696,943) (190,019)
(23,033,427) 23,569,187 29,764,038 9,549,863 39,849,661 12,859,200
17,586,817
17,586,817
55,544
55,544
-
1,172,777
106,022
1,191
12,247
1,292,237
336,074
116,305
-
-
-
116,305
-
248,227
25,393
15,021
43,667
332,308
447,142
-
3,269
-
5,644,436
5,647,705
-
33,668
-
202,097
235,765
(49,887,746)
(2,218,722)
(1,379,806)
(4,249,107)
(57,735,381)
(4,695,238)
(13,644,000)
(13,644,000)
21,606
21,606
(68,331)
(29,448)
(97,779)
(3,284)
(58,590)
(58,590)
(301,952)
(11,793,179)
(7,003)
(11,800,182)
(40,523)
(56,216,902)
(2,084,038)
(1,400,045)
1,653,340
(58,047,645)
(4,257,781)
17,675,991 2,115,782 1,163,828 550,508 21,506,109 3,896,991
17,675,991 2,115,782 1,163,828 550,508 21,506,109 3,896,991
7,015,388 6,691,822 10,006,018 (605,581) 23,107,647 11,521,867
420,328,773 38,417,906 21,552,699 10,590,083 490,889,461 84,863,421
$ 427,344,161 $ 45,109,728 $ 31,558,717 $ 9,984,502 $ 513,997,108 $ 96,385,288
$ 234,448,541 $ 44,969,657 $ 31,266,494 $ 9,657,897 $ 320,342,589 $ 96,385,288
13,216,560 140,071 292,223 326,605 13,975,459 -
179,679,060 - - - 179,679,060
$ 427,3 44,161 $ 45,109,728 $ 31,558,717 $ 9,984,502 $ 513,997,108 $ 96385,288
(Continued)
34
COLLIER COUNTY, FLORIDA
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
For the Fiscal Year Ended September 30, 2023
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) $ 16,195,193 $ (20,077,675) $ (27,961,508) $ (18,057,376) $ (49,901,366) $ (5,013,901)
Adjustments to reconcile operating income (loss) to net cash provided by (used for) operating activities:
Depreciation and amortization expense
50,620,923
2,078,938
2,446,815
4,809,361
59,956,037
4,148,623
Net changes in assets and liabilities:
Trade receivable
(4,340,744)
(46,312)
1,560,557
(3,098)
(2,829,597)
(492,803)
Due from other funds
-
5,567
-
5,567
(32,222)
Due from other governments
318,787
(651,432)
937,403
604,758
50,775
Inventory
(4,010,027)
(17,869)
(36,023)
(4,063,919)
(77,161)
Prepaid costs
(8,399)
(40,285)
-
(21,350)
(70,034)
(4,350,059)
Accounts payable
1,774,027
972,237
139,419
713,131
3,598,814
382,308
Retainage payable
132,664
-
-
-
132,664
-
Wages payable
303,966
17,473
(15,949)
16,931
322,421
99,476
Due to other funds
70
928
(34,080)
-
(33,082)
-
Due to other governments
140,736
(1,105)
(518)
(524)
138,589
(2,030)
Compensated absences
151,489
32,275
57,906
(2,114)
239,556
54,651
Refundable deposits
28,750
-
-
28,750
-
Unearned revenue
-
54,529
(6,233)
48,296
(11,563)
Self-insurance claims payable
-
-
-
-
-
2,190,456
Total OPEB liability
112,329
5,102
153,809
8,134
279,374
49,179
Deferred outflows of resources related to
OPEB
(43,588)
(5,800)
(23,033)
(3,587)
(76,008)
(7,671)
Deferred inflows of resources related to OPEB
(103,930)
(10,322)
(37,613)
(4,149)
(156,014)
(17,010)
Net pension liability
8,823,038
850,807
3,519,372
566,722
13,759,939
2,482,908
Deferred outflows of resources related to
pensions
(1,270,166)
(130,144)
(74,488)
(99,477)
(1,574,275)
(424,755)
Deferred inflows of resources related to
pensions
(186,235)
(23,359)
(172,026)
(7,043)
(388,663)
(5,744)
Deferred inflows of resources related to
leases
(49,157)
-
(232,597)
(281,754)
Landfill post closure liability
-
59,469
-
-
59,469
-
Total adjustments
52,394,533
3,168,566
8,439,705
5,698,084
69,700,888
4,037,358
Net cash provided by (used for) operating activities $
68,589,726
$ (16,909,109)
$ (19,521,803)
$ (12,359,292) $
19,799,522
$ (976,543)
Non -cash investing, capital and financing activities:
Change in fair value of investments
$ 6,841,760 $
811,467 $ 479,246 $ 180,670 $ 8,313,143 $ 1,302,064
Arbitrage rebate
349,008
- - - 349,008 -
Developer infrastructure contributions
24,726,809
24,726,809
Contributed capital assets
54,918
54,918
Lease right -to -use assets acquired
216,440
216,440 -
SBITA right -to -use assets acquired
495,370
495,370 1,896,680
Change in capital related grant receivable
-
(179,933) (179,933) -
Change in special assessment receivable
(50,317)
- - (50,317) -
Capital related accounts payable
7,700,139
67,366 47,021 7,814,526 381,868
Capital related retainage
4,395,937
13,461 - 4,409,398 -
The notes to the financial statements are an integral part of this statement
35
COLLIER COUNTY, FLORIDA
STATEMENT OF FIDUCIARY NET POSITION
FIDUCIARY FUNDS
September 30, 2023
Sheriff
Private Purpose Custodial
Trust Fund Funds
ASSETS
Cash and investments $ 375,805 $ 30,659,023
Trade receivable, net - 15,247
Due from other governments 13,284
Total assets
LIABILITIES
Due to other governments
Due to individuals
Total liabilities
FIDUCIARY NET POSITION
Restricted for individuals and governments
375,805 $ 30,687,554
10,761,836
150,680
$ $ 10,912,516
$ 375,805 $ 19,775,038
The notes to the financial statements are an integral part of this statement.
36
COLLIER COUNTY, FLORIDA
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
FIDUCUARY FUNDS
For the Fiscal Year Ended September 30, 2023
ADDITIONS:
Contributions for 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 in fiduciary net position
Fiduciary net position - beginning of year
Fiduciary net position - end of year
Sheriff
Private Purpose Custodial
Trust Fund Funds
$ 548,861 $ 22,128,844
- 1,056,619,019
617,363
548,861 1,079,365,226
484,252 21,474,988
- 1,056,418,489
389,506
484,252 1,078,282,983
64,609 1,082,243
311,196 18,692,795
$ 375,805 $ 19,775,038
The notes to the financial statements are an integral part of this statement.
37
�O er aunty
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
39
NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
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 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.
40
NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
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.
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 Community Redevelopment Area Special Revenue Fund — the Bayshore/Gateway Community
Redevelopment fund is used to account for the receipt and expenditure of tax increment revenues generated by the Bayshore/
Gateway Community Redevelopment Areas.
Immokalee Community Redevelopment Area Special Revenue Fund — the Immokalee Community Redevelopment fund is used
to account for the receipt and expenditure of tax increment revenues generated by the Immokalee Community Redevelopment
Area.
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.
Hurricane Ian Fund - the Hurricane Ian fund is used to account for the receipt of resources and expenditures related to the
recovery from Hurricane Ian.
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.
41
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Fiduciary Funds - Private Purpose Trust Funds — Fiduciary funds - private purpose trust funds are used to account for assets
held by Collier County in which the principal and income benefit individuals, private organizations or other governments.
Private purpose trust funds are accounted for using the accrual basis of accounting. The Sheriff maintains this fund for the
employee flexible spending account.
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
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.
42
NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
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 laterthan 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.
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 Note17 on page 84.
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 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;
43
NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
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 fair 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;
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, 2023, 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, 2023. 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) 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 81 a(2) of GASB 72. Throughout the year, and as of September 30, 2023, FLCLASS Daily
Liquidity Pool and FLCLASS Enhanced Cash Pool contained certain floating and adjustable rate securities. These investments
represented 42.7% and 26.9%, respectively, of the FLCLASS Daily Liquidity Pool and Enhanced Cash Pool as of September 30,
2023.
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, 2023, Florida PRIME contained certain floating and adjustable rate securities. These investments represented 26.1 % of Florida
PRIME's portfolio at September 30, 2023.
44
NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
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.
As of September 30, 2023, 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
$3,838,014 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.
45
NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
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 or the useful life of the underlying asset if shorter than 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.
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.
Lease 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.
46
NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
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.
SUBSCRIPTION BASED INFORMATION TECHNOLOGY ARRANGEMENTS (SBITAI
The County has entered into agreements for the right to use various subscription based information technology for computer
software and infrastructure. The County recognizes a subscription based information technology arrangement liability and an
intangible right -to -use asset (subscription based IT arrangement asset) in the government -wide and proprietary fund financial
statements.
At the commencement of a SBITA contract, the County initially measures the liability at the present value of payments expected
to be made during the SBITA contract term. Subsequently, the SBITA liability is reduced by the principal portion of lease payments
made. The SBITA asset is initially measured as the initial amount of the SBITA liability, adjusted for SBITA contract payments
made at or before the SBITA contract commencement date, plus certain initial direct costs. Subsequently, the SBITA asset is
amortized on a straight-line basis over the term of the SBITA contract or the useful life of the underlying asset if shorter than the
term of the SBITA contract.
Key estimates and judgments related to SBITA contracts include how the County determines (1) the discount rate it uses to
discount the expected SBITA contract payments to present value, (2) SBITA contract term, and (3) SBITA contract payments.
The County uses the interest rate charged by the vendor as the discount rate. When the interest rate charged by the vendor is not
provided, the County generally uses its estimated incremental borrowing rate as the discount rate for SBITA contract.
The SBITA contract term includes the noncancellable period of the SBITA contract. SBITA contract payments included in the
measurement of the SBITA liability are comprised of fixed payments and any purchase option price that the County is reasonably
certain to exercise. In determining the SBITA contract 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 SBITA contract term if the SBITA contract is reasonably certain to be extended.
The County monitors changes in circumstances that would require a remeasurement of its SBITA contract and will remeasure
the SBITA asset and liability if certain changes occur that are expected to significantly affect the amount of the SBITA liability.
SBITA assets are reported with other capital assets and SBITA liabilities are reported with long-term debt on the statement of
net position.
Payments due under the SBITA contracts include fixed payments plus, in some circumstances, variable payments. Some common
variable payments are for services or per use fees. These fees are analyzed for relevancy and for values that are fixed in nature.
Assets and liabilities arising from a SBITA contract are initially measured on a present value basis. SBITA liabilities include the
net present value of the following lease payments:
47
NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
• Fixed payments (including in -substance fixed payments), less any 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 SBITA contract, if the SBITA contract term reflects the County exercising that
option.
SBITA contract 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 SBITA contracts 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 SBITA contract payments are discounted using the interest rate implicit in the SBITA contract. If that rate cannot be readily
determined, which is generally the case for SBITA arrangements in the group, the County's incremental borrowing rate is used.
The incremental borrowing rate is the rate that the County 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 SBITA contract term.
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 assets 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 assets 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 assets 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, DISCOUNTS, GAIN OR LOSS ON DEFEASANCE AND ISSUANCE COSTS
Bond premiums, discounts 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 and discounts are presented as an increase, or decrease, respectively, 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.
48
NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
In the governmental fund financials, bond premiums and discounts 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 and discounts on
debt issuances are also reported as other financing sources, or uses. 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 1 st of each year and become delinquent on April 1 st 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, 2023 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 2023 is included in the accompanying financial statements, since
such taxes are collected to finance expenditures of the subsequent period.
Key dates in the property tax cycle for the fiscal year ended September 30, 2023 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, 2022
July 1, 2022
Within 35 days of the certification of the assessment roll
October 1, 2022
November 1, 2022
By November 30: 4% discount
By December 31: 3% discount
By January 31: 2% discount
By February 28: 1 % discount
March 31, 2023
April 1, 2023
Prior to June 1, 2023
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, 2023 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 600 hours of unused vacation time.
The Clerk of the Circuit Court and Comptroller allows for a percentage of unused sick leave payout based upon years of service
for employees hired before December 21, 2010, 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.
49
NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
On October 1, 2021, the Tax Collector's office transitioned from having two paid time off (PTO) policies (sick and vacation) to a
single PTO policy. All full-time employees of the Tax Collector are allowed to accumulate between 136 and 240 hours of PTO
annually, depending on tenure. Any accrued hours from the discontinued sick policy were valued at the employees' September
30, 2021, rate of pay with multiple options for payout. First, employees with 800 or more accumulated sick hours could choose
to exchange their first 800 hours for free health insurance until covered by Medicare. Secondly, all remaining employees could
choose between 1) immediate 100% payout into their Section 457(b) upon satisfying budget and Internal Revenue Service
contributions limitations or 2) up to 75% payout upon separation of service. Any accrued hours from the discontinued vacation
policy were rolled into the new PTO policy. Upon separation of service, employees receive 1) 100% of accumulated PTO hours at
their current rate of pay and 2) a percentage of unused sick leave hours (ranging from 0%to 75%, depending on years of service),
valued at the employees' September 30, 2021, rate of pay.
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.
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, 2023, the financial statements include the impact of the adoption of GASB Statement No.
91, Conduit Debt Obligations. The primary objective of this statement is to provide a single method of reporting conduit debt
obligations by issuers. This statement establishes standards for accounting and financial reporting of additional commitments
and voluntary commitments extended by issuers and arrangements associated with conduit debt obligations. This statement
was fully implemented for fiscal year 2023. For additional information, please see Note 8 on page 67.
The financial statements also include the impact of the adoption of GASB Statement No. 96, Subscription -Based Information
Technology Arrangements. The primary objective of this statement is to enhance the consistency and comparability in financial
reporting by governments. This statement establishes a definition for Subscription -Based Information Technology Arrangements
(SBITA) and provides uniform guidance for accounting and financial reporting for transactions that meet that definition. In the
year of inception, SBITAs initiated by the County are categorized as other financing sources and capital outlay expenditures in
the statement of revenues, expenditures, and changes in fund balance. Payments made in accordance with the subscription
terms are recorded as debt service expenditures in the statement of revenues, expenditure, and changes in fund balance as they
are incurred. In addition, the County is required to recognize a liability (SBITA liability) for the future payment obligation and
an intangible right -to -use SBITA asset. This statement was fully implemented for fiscal year 2023. For additional information,
please see Note 7 beginning on page 60.
50
NOTE 2 - CASH AND INVESTMENTS
As of September 30, 2023, 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
$ 96,139
N/A
N/A
N/A
Demand deposits
N/A
557,462,200
N/A
N/A
N/A
Cash with fiscal agent
N/A
30,293,130
N/A
N/A
N/A
Money market / CD
N/A
109,525
N/A
N/A
N/A
State Board of Administration Pool:
Florida PRIME
N/A
44,096,769
N/A
N/A
AAAm
Intergovernmental Pools:
FLCLASS Daily Liquidity
N/A
21,548,434
N/A
N/A
AAAm
FLCLASS Enhanced Cash
N/A
125,859,040
N/A
N/A
AAAm
FL PALM
N/A
153,063,577
N/A
N/A
AAAm
US Treasury Note
10/31/23
14,941,242
none
N/A
AA+
US Treasury Note
10/31/23
24,902,070
none
N/A
AA+
Federal Home Loan Mortgage Corp.
11/02/23
24,892,892
11/02/21
annual
AA+
Federal Home Loan Mortgage Corp.
11/13/23
24,853,246
05/13/22
semi-annual
AA+
Federal Farm Credit Bank
11/16/23
14,902,630
05/16/22
continuously
AA+
Federal Home Loan Mortgage Corp.
11/24/23
24,813,078
11/24/21
quarterly
AA+
US Treasury Note
11/30/23
24,802,020
none
N/A
AA+
US Treasury Note
11/30/23
24,802,020
none
N/A
AA+
US Treasury Note
11/30/23
24,802,020
none
N/A
AA+
Federal Farm Credit Bank
11/30/23
545,254
none
N/A
AA+
CitiGroup Global Markets
01/29/24
24,412,337
01/29/22
quarterly
AA+
Federal Home Loan Bank
01/29/24
16,666,698
07/29/21
quarterly
AA+
Federal Home Loan Bank
01/29/24
21,827,268
07/29/21
quarterly
AA+
Bank of America Corp Note STEP
02/16/24
27,515,424
02/16/22
quarterly
AA+
Federal Home Loan Bank
03/12/24
24,435,898
04/12/21
monthly
AA+
US Treasury Note
03/15/24
24,427,735
none
N/A
AA+
Federal National Mortgage Assoc.
03/28/24
34,928,145
06/28/23
quarterly
AA+
Federal Farm Credit Bank
03/28/24
487,420
none
N/A
AA+
Farmer Mac
04/01/24
9,746,363
none
N/A
AA+
US Treasury Note
04/15/24
24,335,938
none
N/A
AA+
Federal Home Loan Bank
05/24/24
24,171,796
02/24/21
continuously
AA+
US Treasury Note
07/15/24
24,025,391
none
N/A
AA+
US Treasury Note
08/15/24
47,841,797
none
N/A
AA+
Federal Home Loan Bank
08/28/24
319,264
none
N/A
AA+
Federal Farm Credit Bank
10/15/24
474,115
none
N/A
AA+
Federal Home Loan Bank
11/15/24
94,988,810
02/15/22
quarterly
AA+
Federal Home Loan Bank
11/26/24
23,619,485
11/26/21
quarterly
AA+
Federal Home Loan Bank
12/09/24
235,986
none
N/A
AA+
Federal National Mortgage Assoc.
12/16/24
23,542,617
06/16/21
quarterly
AA+
Federal Home Loan Bank
12/30/24
23,533,327
09/30/21
quarterly
AA+
Federal Farm Credit Bank
01/13/25
369,325
none
N/A
AA+
Federal Home Loan Bank
01/15/25
467,570
none
N/A
AA+
Federal Farm Credit Bank
02/10/25
467,040
none
N/A
AA+
Federal Home Loan Bank
02/26/25
23,374,642
11/26/21
quarterly
AA+
Federal Home Loan Bank
03/28/25
465,425
none
N/A
AA+
US Treasury Note
03/31/25
481,115
none
N/A
AA+
US Treasury Note
04/15/25
480,900
none
N/A
AA+
Federal Farm Credit Bank
05/06/25
23,216,019
05/06/22
continuously
AA+
US Treasury Note
05/31/25
461,055
none
N/A
AA+
Federal Home Loan Bank
08/27/25
23,010,101
09/27/21
monthly
AA+
Federal Farm Credit Bank
09/16/25
456,649
none
N/A
AA+
Federal Home Loan Bank STEP
09/30/25
22,197,082
12/30/21
quarterly
AA+
Federal Home Loan Mortgage Corp.
10/20/25
227,608
none
N/A
Aaa
US Treasury Note
11/15/25
494,765
none
N/A
AA+
Federal National Mortgage Assoc.
11/25/25
452,615
none
N/A
AA+
Federal Home Loan Mortgage Corp.
12/01/25
22,636,935
12/01/21
quarterly
AA+
Federal National Mortgage Assoc.
12/10/25
22,629,836
06/10/21
quarterly
AA+
Federal Home Loan Mortgage Corp.
12/17/25
22,598,985
12/17/21
quarterly
AA+
Federal Home Loan Mortgage Corp.
01/07/26
319,212
none
N/A
AA+
Federal Home Loan Bank STEP
01/29/26
225,938
none
N/A
AA+
Federal Home Loan Bank
01/29/26
224,338
none
N/A
AA+
Federal Farm Credit Bank
02/04/26
224,063
none
N/A
AA+
Federal Home Loan Bank STEP
02/18/26
451,660
none
N/A
AA+
51
NOTE 2 - CASH AND INVESTMENTS (Continued)
Investment
Final Maturities
Fair Value
First Call Date
Call Frequency
Rating
Federal Home Loan Bank
02/26/26
448,684
none
N/A
AA+
Federal Home Loan Bank STEP
03/17/26
22,819,727
06/17/21
quarterly
AA+
Federal Home Loan Bank STEP
03/26/26
457,045
none
N/A
AA+
Federal Home Loan Bank STEP
04/28/26
22,781,350
07/28/21
quarterly
AA+
Federal Home Loan Bank STEP
06/16/26
22,542,969
09/16/21
quarterly
AA+
Federal Home Loan Mortgage Corp.
06/23/26
444,470
none
N/A
AA+
Federal Home Loan Bank STEP
06/24/26
22,523,897
09/24/21
quarterly
AA+
Federal Home Loan Bank STEP
06/30/26
22,640,741
09/30/21
quarterly
AA+
Federal Home Loan Mortgage Corp.
07/30/26
110,875
none
N/A
AA+
Federal Farm Credit Bank
08/03/26
88,662
none
N/A
AA+
Federal Home Loan Bank
09/01/26
22,148,872
09/01/22
continuously
AA+
Federal Farm Credit Bank
09/01/26
443,780
none
N/A
AA+
Federal Home Loan Bank
09/16/26
13,302,574
09/16/22
quarterly
AA+
Federal Home Loan Bank
09/30/26
22,209,588
12/30/21
quarterly
AA+
Federal Home Loan Bank
09/30/26
221,755
none
N/A
AA+
Federal Home Loan Bank
10/14/26
22,230,186
01/14/22
quarterly
AA+
Federal Home Loan Bank
10/21/26
22,198,161
01/21/22
quarterly
AA+
Federal Home Loan Bank
10/22/26
22,230,708
11/22/21
monthly
AA+
US Treasury Note
11 /30/26
426,237
none
N/A
AA+
Federal Home Loan Bank
02/26/27
121,741
none
N/A
AA+
Federal Home Loan Mortgage Corp.
07/26/27
9,917,658
10/26/23
quarterly
AA+
US Treasury Note
08/28/27
227,558
none
N/A
AA+
Federal Home Loan Mortgage Corp.
07/27/28
9,882,416
10/27/23
monthly
AA+
Federal Home Loan Mortgage Corp.
07/27/28
4,941,979
10/27/23
quarterly
AA+
Total $
2,039,615,611
*Credit ratings are Standard & Poor ratings except for Florida Enhanced Cash which is a Fitch rating
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 fair 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, 2023, the County had $44,096,769 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, 2023, the County had $147,407,474 invested in FLCLASS. Of this amount, $21,548,434
was invested in the FLCLASS Daily Liquidity Fund and $125,859,040 was invested in the FLCLASS Enhanced Cash Pool. The
FLCLASS Daily Liquidity Pool and the Enhanced Cash Pool are both rated "AAAm" by Standard and Poor's Global Ratings Services.
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
52
NOTE 2 - CASH AND INVESTMENTS (Continued)
subdivisions of the State. As of September 30, 2023, the County had $153,063,577 invested in FL PALM Portfolio. 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 fair 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, 2023, the County had demand deposits of $557,462,200. 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
$484,076 consist of demand deposits of $280,351 and a certificate of deposit for $203,725. These demand deposits are secured
by the FDIC as individual entity balances do not exceed $250,000. The certificate of deposit balance does not exceed $250,000
and as such, is also secured by FDIC insurance. 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.
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, 2023, was 35 days. The weighted average
life (WAL) of Florida PRIME at September 30, 2023, was 75 days. The weighted average days to maturity (WAM) of the FL PALM
Portfolio was 44 days, while the weighted average life (WAL) was 76 days. The weighted average days to maturity (WAM) of the
FLCLASS Liquidity Pool on September 30, 2023, was 43 days, while the weighted average life (WAL) was 71 days. The weighted
average days to maturity (WAM) of the FLCLASS Enhanced Cash Pool at September 30, 2023 was 178 days, while the weighted
average life (WAL) was 221 days. Next interest rate reset dates for floating rate securities are used in the calculation of the
respective weighted average days to maturity.
53
NOTE 2 — CASH AND INVESTMENTS (Continued)
The portion of the County's cash and investments invested in U.S. Government Agencies is detailed as follows, at September
30, 2023:
Issuer
Federal Home Loan Bank
Federal Farm Credit Bank
Federal Home Loan Mortgage Corporation
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
Fiduciary funds:
Cash and investments
Total
FAIR VALUE MEASUREMENTS
% of Portfolio
28.17%
2.18%
7.61 %
4.26%
0.51 %
42.73%
$ 817,470,971
30,293,130
82,694,422
1,078,122,260
31,034,828
$ 2,039,615,611
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, 2023:
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, 2023, the fair value of the County's US Treasury Notes and Bills was $237,451,863.
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, 2023, the fair value of the County's US Agency
obligations was $817,707,173 and the fair value of its corporate notes was $51,927,761.
54
NOTE 3 — TRADE RECEIVABLES
Trade receivables for Governmental and Business -type Activities are net of an allowance for doubtful accounts as follows:
General Fund
Bayshore Gateway Community Redevelopment Agency
Grants and Shared Revenue
Hurricane Ian
Nonmajor Governmental Funds
Total receivables reported in Governmental Funds
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
Less Allowance
Trade
for Doubtful
Net Trade
Receivables
Accounts
Receivables
$ 1,031,257
$ 587,964 $
443,293
12,720
12,720
-
5,565,565
128,117
5,437,448
6,614,846
-
6,614,846
5,893,817
3,571,871
2,321,946
19,118,205
4,300,672
14,817,533
1,734,435 18,562 1,715,873
$ 20,852,640 $ 4,319,234 $ 16,533,406
$ 21,068,694 $ 195,216 $ 20,873,478
1,245,979 17,801 1,228,178
28,934,064 25,959,658 2,974,406
35,814 14,242 21,572
$ 51,284,551 $ 26,186,917 $ 25,097,634
The County has multi and single-family home rehabilitation and homeownership loan programs funded under the Community
Development Block Grant (CDBG), HOME Investment Partnership Program (HOME), Neighborhood Stabilization Program (NSP)
and the State Housing Initiatives 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.
55
NOTE 4 - LEASE RECEIVABLES
The County leases land, building, office space and equipment to third parties. As of September 30, 2023, the County's lease
receivables were valued at $10,198,062 and the deferred inflow of resources associated with these leases that will be recognized
as revenue over the term of the leases was $9,393,641. The lease receivables for Governmental and Business -type Activities at
September 30, 2023, were as follows:
GOVERNMENTAL ACTIVITIES
Land leases - annual lease payments totaling $124,595 plus interest at a rate of 2.29%, due dates ranging from
January 20, 2024 to December 30, 2048. $ 5,296,869
Building and office space leases - annual lease payments totaling $95,743 plus interest at a rate ranging from
1.26%- 2.31%, due dates ranging from October 1, 2023 to December 30, 2029. 434,726
Equipment leases - annual lease payments totaling $90,778 plus interest at a rate of 2.29%, due dates ranging
from December 19, 2023 to May 21, 2030. 639,421
Total Governmental Activities Lease Receivables $ 6,371, 116
BUSINESS -TYPE ACTIVITIES
Land leases - annual lease payments totaling $56,224 plus interest at a rate ranging from 0.15% to 3.00%, due
dates ranging from October 1, 2023 to March 01, 2062. $ 2,257,474
Building and office space leases - annual lease payments totaling $180,785 plus interest at rates ranging from
of 2.29%, to 3.00% due dates ranging from October 1, 2023 to November 01, 2032. 1,569,572
Total Business -type Activities Lease Receivables $ 3,827, 446
The payments for the lease receivables are expected to be received in the subsequent years as follows:
Governmental Activities
Fiscal Year
Principal
Interest
2024 $
311,116 $
140,275
2025
291,850
133,230
2026
311,528
126,384
2027
335,259
119,054
2028
369,598
111,307
2029-2033
1,297,316
460,179
2034-2038
1,575,975
305,916
2039-2043
1,330,878
118,233
2044-2048
547,496
32,765
2049-2053
-
-
2054-2058
2059-2063
$ 6,371,016 $ 1,5 77,343
Business -Type Activities
Principal
Interest
$ 237,010 $
94,639
242,969
88,116
239,944
81,754
253,577
75,301
251,495
68,727
939,771
256,881
415,898
176,671
368,132
124,904
200,120
93,850
225,830
68,140
254,772
39,198
197,528
8,251
$ 3,827,046 $
1,176,432
56
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
Statement No. 87, Leases. 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 $18,230 in lease revenue during the current fiscal year related to
these leases. As of September 30, 2023, the remaining nominal amount of revenue that will be recognized as revenue over the
lease term associated with these leases amounts to $61,200 which is expected to be received for each of the subsequent five
years and in five-year increments thereafter as stated below:
Business -type
Fiscal Year Activities
2024 $
2,448
2025
2,448
2026
2,448
2027
2,448
2028
2,448
2029-2033
12,240
2034-2038
12,240
2039-2043
12,240
2044-2048
12,240
Total $
61,200
NOTE 5 — INTERFUND PAYABLES AND RECEIVABLES
ADVANCES
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, 2023 were as follows:
Governmental Activities:
General fund
Hurricane Ian
Other governmental funds:
Community Development
Improvement Districts
Fire Control Districts
Tourist Development
Economic and Innovation Zones
County -Wide Capital Improvements
Amateur Sports Complex
Other Capital Projects
Total Governmental Activities
Business -type Activities:
County Water and Sewer
Total Business -type Activities
Total Advances
Advance To Advance From
$ 2,268,100 $
32,500,000
9,264 -
- 73,701
- 268,100
17,200,000 -
- 2,000,000
20,000,000 -
- 17,200,000
73,701 9,264
39,551,065 52,051,065
12,500,000
12,500,000
$ 52,051,065 $ 52,051,065
57
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, 2023 were as follows:
Governmental Activities:
General Fund
Bayshore Gateway Community Redevelopment Agency
Grants and Shared Revenue
Infrastructure Sales Tax
Other Governmental Funds:
Road Districts
Unincorporated Area MSTD
Community Development
Water Management and Pollution Control
Pelican Bay
Improvement Districts
Fire Control Districts
Lighting District
911 Enhancement Fee
Tourist Development
State Housing Initiative Partnership
800 MHz IRCP Fund
State Court Administration
Utility Fee
Conservation Collier
Court Information Technology
Court Services
Court Facilities Fee
Economic and Innovation Zones
Other Public Safety Special Revenue Funds
Other Special Revenue Funds
Forest Lakes Limited General Obligation Bonds
County -Wide Capital Improvements
Parks Improvements
Water Management
Pelican Bay Capital Improvements
Road Construction
Other Capital Projects
Total other governmental funds
Business -type Activities:
County Water and Sewer
Solid Waste Disposal
Emergency Medical Services
Other Nonmajor Business -type Funds:
Collier Area Transit
Internal Service Funds:
Self- Insurance
Total All Funds
Due From Due To
$ 675,661 $ 3,739,579
- 396
455,234 11,949,311
359,955 77,972
180
1
871,275
111,271
3
4,691
52,056
-
64,294
-
92,579
198
22,758
-
11,241
-
-
146,660
2,188,380
1,079
-
3,779
19,725
-
58,513
-
100,000
168
378,463
247
59,040
-
-
288,240
70,000
-
90
-
73,558
107,640
21,477
-
-
47
8,077
530,470
8,310
-
5,719
369,826
20,608
-
2,538,246
301
-
6,664,893
1,564,317
$ 653 $ 8,198
171,223 928
8,952,142 -
28,718
32,222 -
$ 17,340,701 $ 17,340,701
58
NOTE 6 - CAPITAL ASSETS
A summary of capital asset activity for the year ended September 30, 2023 is as follows
October 1,
Transfers and
September 30,
2022
Additions
Deductions
Reclassifications
2023
Governmental Activities:
Capital assets not depreciated:
Land and other non -depreciable assets
$ 606,346,878 $
14,390,956 $
(238,789) $
$
620,499,045
Construction in progress - SBITA
-
117,653
117,653
Construction in progress
122,496,593
138,422,796
(692,056)
(90,121,763)
170,105,570
Total capital assets not depreciated
728,843,471
152,931,405
(930,845)
(90,121,763)
790,722,268
Capital assets depreciated and amortized:
Buildings
533,794,042
1,856,815
(1,268,859)
575,897
534,957,895
Infrastructure
1,214,549,918
354,733
37,161,755
1,252,066,406
Improvements other than buildings
393,149,295
991,827
(825,240)
49,721,180
443,037,062
Machinery and equipment
281,712,800
18,450,755
(9,396,852)
3,013,513
293,780,216
Right -to -use leased land
450,852
-
(5,671)
-
445,181
Right -to -use leased buildings
3,219,172
-
(205,940)
3,013,232
Right -to -use leased equipment
5,677,660
236,866
(224,222)
5,690,304
Right -to -use SBITA
-
11,031,804
-
11,031,804
Total capital assets depreciated and amortized
2,432,553,739
32,922,800
(11,926,784)
90,472,345
2,544,022,100
Less accumulated depreciation and amortization:
Buildings
265,993,328
17,343,586
(697,872)
282,639,042
Infrastructure
595,047,804
38,930,262
633,978,066
Improvements other than buildings
237,643,437
17,472,320
(305,806)
- 254,809,951
Machinery and equipment
203,515,255
24,637,236
(8,873,111)
350,582 219,629,962
Right -to -use leased land
112,283
38,933
(5,671)
- 145,545
Right -to -use leased buildings
726,687
335,372
(205,940)
856,119
Right -to -use leased equipment
1,605,219
657,675
(224,222)
2,038,672
Right -to -use SBITA
-
1,991,724
- 1,991,724
Total accumulated depreciation and amortization
1,304,644,013
101,407,108
(10,312,622)
350,582 1,396,089,081
Total depreciable capital assets, net
1,127,909,726
(68,484,308)
(1,614,162)
90,121,763 1,147,933,019
Total Governmental Activities
capital assets, net $
1,856,753,197 $
84,447,097 $
(2,545,007) $
- $ 1,938,655,287
Business -type Activities:
Capital assets not depreciated
Land and other non -depreciable assets
$ 33,175,380 $
370,050 $
(1,365) $
- $
33,544,065
Construction in progress
144,950,307
52,140,461
(437,752)
(29,043,117)
167,609,899
Total capital assets not depreciated
178,125,687
52,510,511
(439,117)
(29,043,117)
201,153,964
Capital assets depreciated and amortized:
Buildings
178,184,611
12,247
(2,070)
716,316
178,911,104
Improvements other than buildings
1,479,323,919
24,877,818
(7,252,894)
26,349,036
1,523,297,879
Machinery and equipment
102,581,932
6,064,249
(2,432,753)
1,627,183
107,840,611
Right -to -use leased buildings
726,978
-
-
726,978
Right -to -use leased equipment
156,982
216,440
(22,136)
351,286
Right -to -use SBITA
-
520,570
-
520,570
Total capital assets depreciated and amortized
1,760,974,422
31,691,324
(9,709,853)
28,692,535
1,811,648,428
Less accumulated depreciation and amortization
Buildings
111,809,022
4,674,820
(2,070)
116,481,772
Improvements other than buildings
684,080,224
47,031,717
(6,005,638)
725,106,303
Machinery and equipment
66,401,354
8,100,869
(2,427,298)
(350,582) 71,724,343
Right -to -use leased buildings
202,748
67,521
270,269
Right -to -use leased equipment
95,210
37,543
(22,136)
110,617
Right -to -use SBITA
-
43,567
43,567
Total accumulated depreciation and amortization
862,588,558
59,956,037
(8,457,142)
(350,582) 913,736,871
Total depreciable capital assets, net
898,385,864
(28,264,713)
(1,252,711)
29,043,117 897,911,557
Total Business -type Activities
capital assets, net
$ 1,076,511,551 $
24,245,798 $
(1,691,828) $
$ 1,099,065,521
59
NOTE 6 - CAPITAL ASSETS (Continued)
Schedule of depreciation and amortization for fiscal year 2023:
General Government
$
8,979,349
Public Safety
24,604,239
Physical Environment
10,535,031
Transportation
36,417,458
Economic Environment
587,656
Human Services
305,859
Culture and Recreation
15,828,893
Subtotal
97,258,485
Internal Service Funds
4,148,623
Total Governmental Activities
$
101,407,108
Water and Sewer
$
50,620,923
Solid Waste
2,078,938
EMS
2,446,815
Airport Authority
2,610,681
Mass Transit
2,198,680
Total Business -type Activities
$
59,956,037
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, 2023:
Governmental Activities:
Revenue Bonds Payable
Premiums on Bonds Payable
Direct Placement Loans and Notes
Discount on Direct Placement Loan
Commercial Paper Loans
Leases Payable
SBITA Liability
Self -Insurance Claims
Compensated Absences
Total
Business -type Activities:
Revenue Bonds Payable
Premium on Bonds Payable
Direct Placement Loans and Notes
Developer Note Payable
Leases Payable
SBITA Liability
Landfill Closure Liability
Compensated Absences
Total
000's Omitted
Premium/
October 1, Discount September Due within
2022 Additions Reductions Amortized 30, 2023 one year
$ 160,200 $
$ (7,630) $ - $
152,570 $
3,990
18,480
(1,201)
17,279
-
209,164
(22,605) -
186,559
26,751
(185)
15
(170)
-
1,000
1,500 - -
2,500
-
7,309
237 (936)
6,610
866
-
9,310 (1,588)
7,722
1,696
11,883
78,425 (76,234)
14,074
11,657
36,595
14,788 (11,761)
39,622
13,778
$ 444,446 $
004,260 $ (120,754) $ (1,186) $
226,766 $
58,738
$ 251,135 $
$ (50,210) $ - $
200,925 $
2,210
42,164
(8,033) (1,701)
32,430
-
67,624
49,945 (11,539)
106,030
11,763
70
- -
70
70
607
217 (98)
726
95
-
496 (59)
437
56
1,387
60 -
1,447
41
4,092
3,258 (3,018)
4,332
3,465
$ 367,079 $
53,976 $ (72,957) $ (1,701) $
446,397 $
17,700
Liabilities, including compensated absences, are liquidated by the individual fund to which the liability is directly associated.
NOTE 7 — LONG-TERM DEBT (Continued)
DESCRIPTIONS OF BONDS, LOANS AND NOTES PAYABLE
Bonds, loans and notes payable at September 30, 2023 were composed of the following:
GOVERNMENTAL ACTIVITIES
Governmental Activities Revenue Bonds
$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. $ 58,570,000
$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 and
equipping of various capital improvements and refunding a commercial paper loan. 74,740,000
$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. 19,260,000
Total Governmental Activities Revenue Bonds
Governmental Activities Direct Placement Loans
$ 152,570,000
$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 2.69% 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. $ 26,230,000
$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. 35,329,000
$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. 25,880,000
$32,865,000 2022A Special Obligation Refunding Revenue Note (Bank Term Loan) due in annual installments
of $8,425,000 to $1,540,000 through October 1, 2029; interest at 1.43% 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 refund the Series 2011 Special Obligation Refunding Revenue
Bonds. 24,440,000
M
NOTE 7 — LONG-TERM DEBT (Continued)
$75,560,000 2022B Special Obligation Refunding Revenue Note (Bank Term Loan) due in annual installments
of $8,295,000 to $570,000 through October 1, 2035; interest at 1.85% 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 refund the Series 2013 Special Obligation Refunding Revenue
Bonds. 74,680,000
Total Governmental Activities Direct Placement Loans
Governmental Activities Commercial Paper Loans
$ 186,559,000
$2,500,000 Commercial Paper Loan issued by the Florida Local Government Finance Commission Pooled
Commercial Paper Program due on June 1, 2027; monthly variable interest for the current fiscal year of
3.56% to 4.70%, based on the underlying commercial paper that is purchased and collateralized by all legally
available non -ad valorem revenues. Loan was issued for purposes of constructing sidewalk improvements
in the Pelican Bay Services District. $ 2,500,000
Total Governmental Activities Commercial Paper Loans
$ 2,500,000
Total Governmental Activities Obligations
341,629,000
Unamortized Direct Placement Loan Discount
(170,736)
Unamortized Bond Premiums
17,279,300
Total Unamortized Bond Premiums and Discounts, net
17,108,564
Governmental Activities Obligations, Net
358,737,564
Less Current Portion of Governmental Activities Obligations
(30,741,000)
Long -Term Portion of Governmental Activities Obligations, Net
$ 327,996,564
BUSINESS -TYPE ACTIVITIES
Business -type Activities Revenue Bonds
$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. 124,740,000
Total Business -type Activities Revenue Bonds
Business -type Activities Direct Placement Loans
$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.
$ 200,925,000
21,650,000
62
NOTE 7 — LONG-TERM DEBT (Continued)
$49,945,000 2023 Taxable Collier County Water and Sewer Revenue Bond (Bank Term Loan) due in annual
installments of $270,000 to $7,090,000 through July 1, 2036; interest at 4.15% and collateralized by a lien on
and a pledge of net revenues of the Collier County Water and Sewer District. Loan was issued to refund the
Series 2016 Collier County Water and Sewer Refunding Revenue Bonds. 49,945,000
Total Business -type Activities Direct Placement Loans
Business -type Activities Note Payable
$ 71,595,000
$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
$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. $ 34,435,000
Total Business -type Activities Note Payable
Total Business -type Activities Obligations
Unamortized Bond Premiums
Business -type Activities Obligations, Net
Less Current Portion of Business -type Activities Obligations Payable from Unrestricted Assets
Less Current Portion of Business -type Activities Obligations Payable from Restricted Assets
Long -Term Portion of Business -type Activities Obligations, Net
SUMMARY OF DEBT SERVICE REQUIREMENTS TO MATURITY
$ 34,504,848
$ 307,024,848
$ 32,430,221
$ 339,455,069
$ (10,479,750)
(3,563,098)
$ 325,412,221
The total annual debt service requirements to maturity of long-term debt, excluding compensated absences, premiums, discounts
and arbitrage rebate liability, are as follows:
Fiscal
Year
2024
2025
2026
2027
2028
2029-33
2034-38
2039-43
2044-48
2049-53
Total
Revenue Bonds
Governmental Activities
Direct Placement Loans
and Notes Payable Commercial Paper Loans
Totals
Principal
Interest
Principal
Interest Principal
Interest
$ 3,990,000 $
5,987,550 $
26,751,000 $
4,141,518 $ $
450,000
$ 41,320,068
4,110,000
5,863,500
27,246,000
3,517,806
450,000
41,187,306
4,235,000
5,734,900
14,309,000
2,869,089
450,000
27,597,989
4,365,000
5,601,575
14,603,000
2,544,824 2,500,000
405,000
30,019,399
4,500,000
5,463,275
14,955,000
2,198,749 -
-
27,117,024
25,015,000
24,630,075
65,006,000
6,091,196
120,742,271
31,180,000
18,351,350
23,689,000
629,325
73,849,675
38,080,000
11,346,600
-
-
49,426,600
33,490,000
3,440,600
36,930,600
3,605,000
72,100
3,677,100
$152,570,000 $ 86,491,525 $186,559,000 $ 21,992,507 $ 2,500,000 $ 1,755,000 $451,868,032
M
NOTE 7 — LONG-TERM DEBT (Continued)
Business -type Activities
Fiscal
Direct Placement Loans
Developer
Year
Revenue Bonds
and Notes Payable
Note Payable
Totals
Principal
Interest
Principal
Interest
Principal Interest
2024
$ 2,210,000
$ 7,992,181
$ 11,763,000
$ 3,214,313 $
69,848 $
$ 25,249,342
2025
2,320,000
7,881,681
11,429,000
2,980,711
-
24,611,392
2026
2,435,000
7,765,681
10,103,000
2,752,602
23,056,283
2027
2,560,000
7,643,931
8,941,000
2,547,811
21,692,742
2028
2,685,000
7,515,931
8,683,000
2,357,012
21,240,943
2029-33
34,455,000
34,098,557
34,681,000
8,062,865
111,297,422
2034-38
64,210,000
25,516,432
20,430,000
1,718,722
111,875,154
2039-43
57,435,000
12,581,000
-
-
70,016,000
2044-48
32,615,000
2,643,200
-
-
-
35,258,200
Total
$200,925,000
$113, 338,594
$106, 330,000
$ 23, 334,036 $
69,848 $
$444, 997,478
CURRENT YEAR FINANCING ACTIVITIES
On January 17, 2023, the Collier County Water and Sewer District (District) issued the Series 2023 Taxable Water and Sewer
Refunding Revenue Bond (Bank Term Loan) in the par amount of $49,945,000. This taxable bond was issued for the purpose of
refunding all of the District's outstanding County Water and Sewer Refunding Revenue Bonds, Series 2016. The final maturity of
the Series 2023 Taxable Water and Sewer Refunding Revenue Bond is July 1, 2036, with an interest rate of 4.15%. The taxable
refunding achieved a net present value savings of 3.24% on the refunded bonds, an aggregate debt service savings of $1,869,097
and an economic gain of $1,583,910. The Series 2023 Taxable Water and Sewer Refunding Revenue Bond was issued as a direct
placement financing, secured with a lien on parity with all outstanding senior lien Collier County Water and Sewer Revenue Bonds.
On July 1, 2026, the Series 2023 Bond is scheduled to be exchanged for a Series 2026 tax exempt bond paying fixed interest at
3.39%. The refunding, assuming an exchange to a tax-exempt Series 2026 Bond, will achieve a net present value savings of 7.31 %
on the refunded debt and an aggregate debt service savings of $4,395,527. The refunded Series 2016 Collier County Water and
Sewer Refunding Revenue Bonds have a redemption date of July 1, 2026.
On October 6, 2022, Collier County issued a $1,500,000 commercial paper loan through the Florida Local Government Finance
Commission's Pooled Commercial Paper Program. The loan was issued for purposes of sidewalk improvements in the Pelican
Bay Services Municipal Services Taxing and Benefit Unit. The loan bears monthly variable interest and is collateralized by all
legally available non -ad valorem revenues as defined in the loan agreement.
DEFEASED DEBT
The County has defeased certain outstanding bonds by placing the proceeds of new debt in an irrevocable trust to provide for
all future debt service payment on the defeased bonds. Accordingly, the trust account and the defeased bonds are not included
in the County's financial statements.
As of September 30, 2023, the following issue was considered defeased:
Original Debt Defeased Bonds
Defeased Outstanding
2016 County Water and Sewer Refunding Revenue Bonds $48,105,000 $48,105,000
RESTRICTIVE COVENANTS
According to County resolutions authorizing the issuance of the Series 2020A and 2020B Taxable Special Obligation Refunding
Revenue Bonds and Series 2017, 2019 and 2022A and 2022B Special Obligation Refunding Revenue Notes (bank term loan),
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, 2023 was $162,869,951.
64
NOTE 7 — LONG-TERM DEBT (Continued)
According to County resolutions authorizing the issuance of the Series 2014 Gas Tax Refunding Revenue Bond (bank term loan),
the issue is payable from and secured by a lien on gas tax revenues. Total pledged gas tax revenue collections for the fiscal year
ended September 30, 2023 were $24,846,062.
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, 2023 were $44,107,953.
The covenants of the loan agreement authorizing the Florida Local Government Finance Commission pooled commercial paper
loans include appropriation in the annual budget, by amendment, if necessary, of amounts of non -ad valorem revenues or other
legally available funds sufficient to satisfy the loan repayments.
The County Water and Sewer District (District) has pledged future water and sewer customer revenues, net of certain operating
expenses, to repay $272,520,000 in Series 2018, 2019, 2021 and 2023 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 2023 pledged revenues, net of operating expenses (excluding depreciation and amortization), were
$83,652,362, and $101,239,179 when system development fees were included. Principal and interest paid on the bonds during
fiscal year 2023 totaled $16,460,530, providing coverage of 508% and 615%, 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, 2023.
In addition, the District has a note outstanding in the amount of $34,435,000 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, 2023.
LEGAL DEBT MARGIN
The Constitution of the State of Florida and the Florida Statutes set no legal debt limit.
LEASES PAYABLE
The County is a lessee for noncancellable leases of land, building, office space and equipment. At September 30, 2023, the
County's lease payable of $7,335,790 was composed of the following:
GOVERNMENTAL ACTIVITIES
Leases with options to purchase equipment - annual payments totaling $381 plus interest at a rate of 2.93%,
due date of August 01, 2026. $ 1,101
Land leases - annual payments totaling $38,254 plus interest at rates ranging from 1.51 % to 2.11 %, due dates
ranging from October 1, 2023 to July 1, 2051. 302,266
Building and office space leases - annual payments totaling $249,118 plus interest at rates ranging from 0.79%
to 2.11%, due dates ranging from October 1, 2023 to December 1, 2039. 2,353,799
Equipment and vehicle leases - annual payments totaling $578,115 plus interest at rates ranging from 0.16%
to 4.33%, due dates ranging from October 1, 2023 to September 1, 2033. 3,952,579
Total Governmental Activities Leases Payable
M
$ 6,609, 445
NOTE 7 - LONG-TERM DEBT (Continued)
BUSINESS -TYPE ACTIVITIES
Building and office space leases- annual payments totaling $66,939 plus interest at rates ranging from 1.59%
to 1.93%, due dates ranging from October 1, 2023 to September 1, 2034. $ 479,578
Equipment leases - annual payments totaling $28,137, plus interest at rates ranging from 1.55%to 4.17%, due
dates ranging from October 1, 2023 to Feb 1, 2048. 246,467
Total Business -type Activities Leases Payable $ 726,045
The future principal and interest Lease payments as of September 30, 2023, were as follows
Fiscal Year
2024
2025
2026
2027
2028
2029-2033
2034-2038
2039-2043
2044-2048
2049-2052
Total
SBITA LIABILITY
Governmental Activities
Principal
Interest
$ 865,867 $
91,684
728,631
79,294
652,290
68,516
615,286
58,999
581,802
50,824
2,319,459
160,807
666,290
52,583
177,921
2,471
1,331
169
868
32
$ 6,609,745 $
565,379
Business -type Activities
Principal
Interest
$ 95,076 $
17,213
72,415
15,733
72,915
14,476
43,759
13,371
34,524
12,700
191,179
51,764
64,094
35,447
65,020
24,819
87,063
8,178
$ 726,045 $ 193,701
The County is a customer for noncancellable arrangements for software, software as a service and other intangible right of use
assets. At September 30, 2023, the County's SBITA liability of $8,158,880 was composed of the following:
GOVERNMENTAL ACTIVITIES
SBITA Arrangements - annual payments totaling $1,696,006, plus interest with rates ranging from .34% to
4.71 %, due dates ranging from October 1, 2023 to October 1, 2027. $ 7,722,100
Total Governmental Activities SBITA Liability $ 7,722, 000
BUSINESS -TYPE ACTIVITIES
SBITA Arrangements - annual payments totaling $55,919, plus interest at a rate of 4.18%, due dates ranging
from February 28, 2024 to February 28, 2029. $ 436,780
Total Business -type Activities SBITA Liability $ 436,780
The future principal and interest SBITA payments as of September 30, 2023, were as follows:
Fiscal Year
2024
2025
2026
2027
2028
2029-2033
2034-2038
Total
Governmental Activities
Principal
Interest
$ 1,696,006 $
250,131
1,543,323
188,474
1,397,468
131,880
1,483,477
72,949
885,399
23,070
706,941
51,972
9,486
23
$ 7,722, 000 $
718,499
Business -type Activities
Principal Interest
$ 55,919 $ 16,531
62,246 13,826
68,756 11,120
75,734 8,136
82,925 5,139
91,200 1,267
$ 436,780 $ 56,019
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, has extended any additional commitments for debt service payments
of the bonds beyond the collateral and the payments from the private -sector entities on the underlying mortgage or promissory
notes and maintenance of the tax-exempt status of the conduit debt obligation and as such are not reported as liabilities in the
accompanying financial statements.
As of September 30, 2023, the outstanding principal amount payable on all component unit conduit debt was $518,595,941 and
is made up of the following:
Industrial development revenue bonds
$ 244,599,489
Housing finance revenue bonds
77,874,658
Health facilities revenue bonds
186,161,618
Educational facilities revenue bonds
9,960,176
Total
$ 518,595,941
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.
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).
The County's pension expense totaled $116,505,130 for both the FRS Pension Plan and HIS Plan for the year ended September
30, 2023.
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.
M
NOTE 9 — DEFINED BENEFIT PENSION PLANS (Continued)
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 96 months after electing to participate. Certain instructional personnel may
extend their participation for an additional 24 months beyond their initial 96-month participation period. 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.
The following chart shows the percentage value for each year of service credit earned:
% Value
(per year of
Class, Initial Enrollment and Retirement Age/Years of Service:
_ 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.
W.
NOTE 9 — DEFINED BENEFIT PENSION PLANS (Continued)
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, 2022 through June 30, 2023 and from July 1, 2023 through
September 30, 2023, respectively, were as follows: Regular employees — 11.91 % and 13.57%; Special Risk — Regular-27.83% and
32.67%; County Elected Officials — 57.00% and 58.68%1- Senior Management Services — 31.57% and 34.52%; and DROP participants
— 18.60% and 21.13%. The County's contributions to the FRS Plan were $41,265,309 for the year ended September 30, 2023.
PENSION COSTS
At September 30, 2023, the County reported a liability of $330,130,697 for its proportionate share of the FRS Plan's net pension
liability. The net pension liability was measured as of June 30, 2023, and the total pension liability used to calculate the net
pension liability was determined by an actuarial valuation as of July 1, 2023. 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, 2022, through June 30, 2023, relative to the total employer contributions received from all of FRS's participating employers.
At June 30, 2023, the County's proportion was 0.828499%, which was an increase of 0.043396% from its proportion measured
as of June 30, 2022.
For the year ended September 30, 2023, the County recognized pension expense of $70,199,397 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:
Deferred Deferred
Outflows of Inflows of
Description Resources Resources
Differences Between Expected and Actual Economic Experience $ 30,996,425 $
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
21,520,657
13,787,150 -
15,723,756 7,237,229
11,361,869 -
$ 93,389,857 $ 7,237,229
Deferred outflows of resources related to pensions of $11,361,869, 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, 2024.
Other amounts reported as deferred outflows and inflows of resources related to pensions will be recognized as increases or
decreases in pension expense as follows:
Year Ending
September 30
Amount
2024
$ 10,497,877
2025
(2,065,776)
2026
56,340,924
2027
7,845,448
2028
2,172,286
ACTUARIAL ASSUMPTIONS
The total pension liability in the July 1, 2023, 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 6.70%, Net of Pension Plan investment expense
At
NOTE 9 — DEFINED BENEFIT PENSION PLANS (Continued)
Mortality rates were based on the PUB-2010 base table projected generationally with Scale MP-2018. The actuarial assumptions
used in the July 1, 2022 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.
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
Cash
1.0%
Fixed income
19.8%
Global equity
54.0%
Real estate (property)
10.3%
Private equity
11.1 %
Strategic investments
3.8%
Totals
100.0%
Assumed Inflation - Mean
DISCOUNT RATE
Compound
Annual
Annual
Arithmetic
(Geometric)
Standard
Return
Return
Deviation
2.9%
2.9%
1.1 %
4.5%
4.4%
3.4%
8.7%
7.1 %
18.1 %
7.6%
6.6%
14.8%
11.9%
8.8%
26.3%
6.3%
6.1 %
7.7%
2.4%
1.4%
The discount rate used to measure the total pension liability for the FRS Plan in fiscal year 2023 was 6.70% which was the same
as in fiscal year 2022. 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:
1 % Decrease in
Description Discount Rate
FRS Plan Discount Rate 5.70%
County's Proportionate Share of the FRS Plan
Net Pension Liability $563,930,452
PENSION PLAN FIDUCIARY NET POSITION
Current Discount 1 % Increase in
Rate Discount Rate
6.70%
$330,130,697
7.70%
$134,529,226
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.
70
NOTE 9 — DEFINED BENEFIT PENSION PLANS (Continued)
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, 2023, eligible retirees and beneficiaries received a monthly HIS payment of $7.50 for each year
of creditable service completed at the time of retirement, with a minimum HIS payment of $45 and a maximum HIS payment
of $225 per month, 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.
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, 2022 through June 30, 2023 and a 2.00% HIS Plan subsidy from July 1, 2023 through
September 30, 2023, 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 $5,184,935 for the year ended September 30, 2023.
PENSION COSTS
At September 30, 2023, the County reported a liability of $118,790,106 for its proportionate share of the HIS Plan's net pension
liability. The net pension liability was measured as of June 30, 2023, and the total pension liability used to calculate the net pension
liability was determined by an actuarial valuation as of July 1, 2023. The projected HIS benefits to be paid out in the next fiscal year
exceed the fiduciary net position of the HIS Plan as of the end of the fiscal year. As such, the County has reported its proportion
of the excess of the projected benefit payment over the fiduciary net position as a current liability. 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, 2022, through June 30, 2023, relative to the total employer contributions received from all participating
employers. At June 30, 2023, the County's proportion was 0.747986%, which was an increase of 0.054615% from its proportion
measured as of June 30, 2023.
For the year ended September 30, 2023, the County recognized pension expense of $46,305,733 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
$ 1,739,005
3,122,956
61,346
Deferred Inflows
of Resources
$ 278,819
10,293,564
7,298,355 917,260
951,243
$ 13,172,905 $ 11,489,643
71
NOTE 9 — DEFINED BENEFIT PENSION PLANS (Continued)
Deferred outflows of resources related to pensions of $951,243, 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, 2024.
Other amounts reported as deferred outflows and inflows of resources related to pensions will be recognized as increases or
decreases in pension expense as follows:
Year Ending
September 30
Amount
2024
$ 503,621
2025
560,357
2026
175,065
2027
(745,094)
2028
23,749
Thereafter
214,321
ACTUARIAL ASSUMPTIONS
The total pension liability in the July 1, 2023, 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 3.65%
Mortality rates were based on the PUB-2010 base table projected generationally with Scale MP-2018. The actuarial assumptions
used in the July 1, 2022 valuation were based on the results of an actuarial experience study for the period July 1, 2013, through
June 30, 2018.
DISCOUNT RATE
The discount rate used to measure the total pension liability for HIS plan increased from 3.54% in fiscal year 2022 to 3.65% in
fiscal year 2023. 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
2.65%
3.65%
4.65%
County's Proportionate Share of the HIS Plan
Net Pension Liability
$135,520,970
$118,790,106
$104,921,341
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 Annual Comprehensive Financial Report. That report may be obtained through the Florida Department
of Management Services website at www.dms.myflorida.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:
72
NOTE 9 - DEFINED BENEFIT PENSION PLANS (Continued)
FRS Plan
HIS Plan
Total
Net pension liability
$ 330,130,697 $
118,790,106 $
448,920,803
Deferred outflows of resources related to pensions
93,389,857
13,172,905
106,562,762
Deferred inflows of resources related to pensions
7,237,229
11,489,643
18,726,872
Pension expense
70,199,397
46,305,733
116,505,130
Liabilities associated with the Florida Retirement System and Retiree Health Insurance Subsidy Program are liquidated
in the
individual fund to which the liability is directly associated.
i;t09:9111011AaIZ14RZd17►111 111111Is] ►IaA_1Z
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 SBAs annual financial statements and in the State of Florida
Annual Comprehensive Financial Report. As provided in Section 121.4501, Florida Statutes, eligible FRS members may elect to
participate in the Investment Plan in lieu of the FRS defined benefit plan. County employees participating in DROP are not eligible
to participate in the Investment Plan. Employer and employee contributions, including amounts contributed to individual member's
accounts, are defined by law, but the ultimate benefit depends in part on the performance of investment funds. Benefit terms,
including contribution requirements, for the Investment Plan are established and may be amended by the Florida Legislature. The
Investment Plan is funded with the same employer and employee contribution rates that are based on salary and membership
class (Regular Class, Elected County Officers, etc.), as the 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, 2022 to June 30, 2023 and .06% of payroll from July 1, 2023 to June 30, 2024 in
addition to forfeited benefits of plan members. The County's Investment Plan pension expense totaled $9,921,244 for the year
ended September 30, 2023.
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, 2023, 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) account for payments in lieu of taxes not based on an
approximation of services rendered, (3) move receipts restricted to debt service to the debt service fund as payments become
due and (4) 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 of note include the General Fund transfer of $23.9 million to the Road Districts fund and $25.4 million to the Emergency
Medical Services fund to support operations. The General Fund also transferred $49.5 million to the County -Wide Capital
Improvements fund to fund various projects such as $7 million for the Golden Gate Golf Course, $3.5 million for new air
conditioners, $2.6 million for parking lot improvements and $1 million for the County's financial software upgrade. The Road
Construction fund transferred $11.3 million to the Gas Tax Revenue Bonds fund for debt service payments. The Unincorporated
Area MSTD transferred $5.4 million to the Water Management fund to help fund the Harbor Lane/Brookside stormwater project.
73
NOTE 11 - TRANSFERS (Continued)
Transfers for the year ended September 30, 2023 were as follows:
Transfers from Fund Transfers to Fund
Governmental Activities:
General Fund Grants and Shared Revenue
Hurricane Ian
Nonmajor Governmental Funds.
County Water and Sewer
Emergency Medical Services
Nonmajor Business -type
Internal Service Funds
Bayshore Gateway Community Redevelopment Agency General Fund
Immokalee Community Redevelopment Agency General Fund
Bayshore Gateway Community Redevelopment Agency
Grants and Shared Revenues Nonmajor Governmental Funds
Infrastructure Sales Tax Grants and Shared Revenues
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
Internal Service Funds
Business -type Activities:
County Water and Sewer General Fund
Immokalee Community Redevelopment Agency
Nonmajor Governmental Funds
Solid Waste Disposal
Emergency Medical Services
Nonmajor Business -type
Internal Service Funds
Solid Waste Disposal General Fund
Internal Service Funds
Emergency Medical Services Internal Service Funds
Nonmajor Business -type General Fund
Nonmajor Governmental Funds
Internal Service Funds
Internal Service Funds General Fund
Nonmajor Governmental Funds
Total Transfers
Amount
$ 1,943,299
2,000,000
118,721,552
653
25,429,400
5,659,101
8,798,400
53,800
53,800
84,900
18,000
77,972
10,282,618
136,800
92,800
3,515,535
55,354,114
2,252,548
2,084,200
10,298,081
19
1,439,415
1,122,387
4,257
1,309
2,083,460
684,786
235,600
7,700
250,000
112,200
48,400
76,600
113,400
$ 253,037,106
74
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 community development: Building and permitting fees restricted for licensing, permitting and inspection services.
Restricted for tourist development: Tourist development tax proceeds are restricted for tourist related activities.
Restricted for Conservation Collier: Balances generated by the 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 infrastructure sales tax capital projects: Infrastructure sales tax proceeds are restricted for infrastructural
capital improvements.
Restricted for grants: State and federal government grant monies restricted for grant related purposes.
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 orthat 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
75
NOTE 12 - NET POSITION/FUND BALANCE CLASSIFICATION (Continued)
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.
A detailed schedule of fund balances at September 30, 2023 is as follows:
Bayshore
Gateway Immokalee
Community Community Grants and Other
Total
General
Redevelopment Redevelopment Shared Infrastructure Governmental
Governmental
Fund
Agency Agency Revenue Hurricane Ian Sales Tax Funds
Funds
Nonspendable:
Endowments
$
$ $ $ $ $ $ 5,522,800
$ 5,522,800
Inventory
1,045,493
1,567,345
2,612,838
Advances to other funds
2,268,100
-
2,268,100
Notes
1,490,839
-
1,490,839
Prepaid costs
384,964
20,451 87,138
492,553
Total nonspendable fund balance
5,189,396
20,451 7,177,283
12,387,130
Restricted for:
Community redevelopment
$
$ 14,298,670 $ 3,182,050 $ $ $ $
$ 17,480,720
Federal and state grants
75,789
- - 14,125,813 9,691,818
23,893,420
Infrastructure sales tax capital
projects
-
- 345,032,703 -
345,032,703
Bond covenants or debt service
- 6,701,883
6,701,883
Parks and recreation
11,197,057
11,197,057
Parks growth related capital
expansion
56,082,233
56,082,233
Transportation capital projects
63,348,329
63,348,329
Transportation growth related
capital
127,426,143
127,426,143
Community development
36,519,991
36,519,991
Tourist development
125,712,602
125,712,602
Conservation Collier
72,754,263
72,754,263
Emergency 911 growth related
capital expansion
1,538,866
1,538,866
Public safety
6,303,824
6,303,824
Law enforcement growth related
capital expansion
5,303,071
5,303,071
General government facilities
growth related capital expansion
3,176,168
3,176,168
Water management
38,433,518
38,433,518
Libraries
514,406
514,406
Court functions
11,188,594
11,188,594
Public records modernization
6,769,542
6,769,542
Other purposes
5,265,011
5,265,011
Total restricted fund balance
75,789
14,298,670 3,182,050 14,125,813 345,032,703 587,927,319
964,642,344
Committed for:
Special districts
-
- - - - 44,805,721
44,805,721
Natural resource management
4,033,836
4,033,836
Utility regulation
1,114,050
1,114,050
Economic development
3,521,207
3,521,207
Other purposes
5,255,621
5,255,621
Total committed fund balance
58,730,435
58,730,435
Assigned for:
Parks and recreation
16,210,645
16,210,645
General building & improvements
-
92,939,742
92,939,742
Water management
3,271,818
40,182,208
43,454,026
Subsequent year budget
23,338,600
-
23,338,600
Other purposes
2,682,064
12,653,707
15,335,771
Total assigned fund balance
29,292,482
161,986,302
191,278,784
Unassigned:
129,009,839 -
- - (11,575,871) - (9,708,812)
107,725,156
Total Fund Balances
$163,567,506 $ 14,298,670 $
3,182,050 $14,146,264 $(11,575,871) $ 345,032,703 $806,112,527
$1,334,763,849
76
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
$100,000 - $500,000
($250,000 named storm deductible;
5% deductible of reported values
per damaged building; no deductible
cap)
$300,000
$1,000,000
$500,000
Excess Carrier's Coverage
$500,001 - $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, 2023 the operating departments were charged $51,663,321 for workers'
compensation, health and property and casualty self-insurance programs.
The claims loss reserve for workers' compensation, health and property and casualty of $10,269,502 reported at September
30, 2023 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 3.0%. 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 $7,853,455 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 $1,000,000 of every claim. Re -insurance is provided through a third party insurer for all claims exceeding
$1,00,000 up to $18,000,000.
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 2023, there was one covered individual who had higher deductible amounts because of a history of high claims. This
individual had a deductible of $700,000. Specific claim excess coverage for this individual was for claims exceeding $700,000.
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 $3,804,000 reported at September 30, 2023 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.
77
NOTE 13 — RISK MANAGEMENT (Continued)
CHANGES IN SELF-INSURANCE CLAIMS PAYABLE
Changes in the self-insurance claims payable for fiscal years 2022 and 2023 were as follows for the County and Sheriff self-
insurance programs:
Balance at September 30, 2021
Current year claims incurred and
changes in estimates
Claim payments
Balance at September 30, 2022
Current year claims incurred and
changes in estimates
Claim payments
Balance at September 30, 2023
NOTE 14 — LANDFILL LIABILITY
Property and Group Workers'
Casualty Health Compensation Total
$ 1,302,996 $ 8,533,000 $ 1,108,413 $ 10,944,409
1,727,189 73,562,873 533,376 75,823,438
(1,699,012) (72,646,873) (538,916) (74,884,801)
1,331,173 9,449,000 1,102,873 11,883,046
847,107 77,153,658 424,579 78,425,344
(657,898) (75,058,658) (518,332) (76,234,888)
$ 1,520,382 $ 11,544,000 $ 1,009,120 $ 14,073,502
On May 1, 1995, the County entered into a landfill operating agreement with a third party for the County's landfill operations.
Under the contract, the third party is responsible for the daily operations, regulatory compliance, 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 changes due to inflation, changes in contract terms, 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 a 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 22 retirees. The Tax Collector offers a subsidy of 100% of 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 4 retirees.
78
NOTE 15 — OTHER POSTEMPLOYMENT BENEFITS (Continued)
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.
PARTICIPANT DATA
As of September 30, 2023, the following employees were covered by the benefit terms:
Inactive employees or beneficiaries currently receiving benefits 86
Active employees 2,525
Total employees 2,611
TOTAL OPEB LIABILITY
The County's total OPEB liability of $9,037,961 was measured as of September 30, 2023 and was determined by an actuarial
valuation as of October 1, 2022. The following table shows the changes in the County's total OPEB liability for the year ended
September 30, 2023.
Total OPEB
Liability
Balance, as of October 1, 2022 $ 8,241,808
Changes
Service cost
463,595
Interest on total OPEB liability
327,904
Changes in assumptions or other inputs
599,802
Benefit payments
(595,148)
Net changes
796,153
Balance, as of September 30, 2023
$ 9,037,961
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 3.09% 4.09% 5.09%
Total OPEB Liability
$ 9,803,455 $ 9,037,961 $ 8,351,869
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
$ 8,190,486
$ 9,037,961
$ 10,022,810
79
NOTE 15 — OTHER POSTEMPLOYMENT BENEFITS (Continued)
DEFERRED OUTFLOWS AND INFLOWS OF RESOURCES RELATED TO OPEB
For the year ended September 30, 2023, the County's OPEB expense was $481,113. 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 $ 246,664 $ 365,510
Changes in assumptions 462,054 1,229,363
Total $ 708,718 $ 1,594,873
Amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized over
6.63 years as increases or decreases in OPEB expense as follows:
Year Ending
September 30
Amount
2024
$ (275,521)
2025
(354,821)
2026
(333,237)
2027
(70,038)
2028
90,468
Thereafter
56,994
ACTUARIAL METHODS AND ASSUMPTIONS
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
4.09% (Based on the 20 year AA municipal bond rate)
6.5%, grading down to 5% over 6 years
3%
None
The discount rate was changed from 3.9% to 4.09% based on the 20 year AA municipal bond rate.
Mortality rates were based on the Pri-2012 Mortality Fully Generational using Projection Scale MP-2021.
Since the most recent valuation, the following changes have been made:
The discount rate was changed from 3.9% to 4.09%.
The healthcare cost trend rate changed from a flat 5% annual rate to 6.5%, reducing down to 5% over 6 years.
SHERIFF'S PLAN DESCRIPTION AND BENEFITS PROVIDED
The Sheriff provides post employment healthcare benefits for retirees through a single employer defined benefit plan (Sheriffs
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.
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 9% 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, 2023, the following employees were covered by the benefit terms:
Inactive employees or beneficiaries currently receiving benefits 150
Active employees 1,158
Total employees 1,308
TOTAL OPEB LIABILITY
The Sheriff's total OPEB liability of $37,627,575 was measured as of September 30, 2023 and was determined by an actuarial
valuation as of October 1, 2022. The following table shows the changes in the Sheriff's total OPEB liability for the year ended
September 30, 2023.
Total OPEB
Liability
Balance, as of October 1, 2022
$ 33,128,024
Changes:
Service cost
778,361
Interest on total OPEB liability
1,080,092
Differences between expected and actual experience
5,877,459
Changes in assumptions or other inputs
(883,713)
Benefit payments
(2,352,648)
Net changes
4,499,551
Balance, as of September 30, 2023
$ 37,627,575
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 3.09% 4.09% 5.09%
Total OPEB Liability $ 40,895,688 $ 37,627,575 $ 34,749,573
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
5.50%
6.50%
7.50%
Total OPEB Liability
$ 34,617,335
$ 37,627,575
$ 41,072,328
,M
NOTE 15 — OTHER POSTEMPLOYMENT BENEFITS (Continued)
DEFERRED OUTFLOWS AND INFLOWS OF RESOURCES RELATED TO OPEB
For the year ended September 30, 2023, the Sheriff's OPEB expense was $4,898,268. 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 $ 17,663,915 $ 15,449
Changes in assumptions 1,779,686 5,652,590
Total $ 19,443,601 $ 5,668,039
Amounts reported as deferred inflows and outflows of resources related to OPEB will be recognized over 6.85 years as an
increase in OPEB expense:
Year Ending
September 30
Deferred
Outflows of
Resources
2024
$ 3,039,815
2025
3,047,086
2026
2,918,111
2027
2,601,996
2028
1,515,523
Thereafter
653,031
ACTUARIAL METHODS AND ASSUMPTIONS
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
4.09% (Based on the 20 year AA municipal bond rate)
6.5%
None
None
Mortality rates were based on the Pri-2012 Mortality Fully Generational using Projection Scale MP-2021
Since the most recent valuation, the following changes have been made:
The discount rate was changed from 3.3% to 4.09%.
82
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 $ 9,037,961 $ 37,627,575 $ 46,665,536
Deferred outflows of resources related to OPEB 708,718 19,443,601 20,152,319
Deferred inflows of resources related to OPEB 1,594,873 5,668,039 7,262,912
OPEB expense 481,113 4,898,268 5,379,381
Liabilities associated with the County and Sheriff's OPEB plan are liquidated in the individual fund to which
the liability is directly associated.
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.
ARBITRAGE REBATE
In accordance with the Tax Reform Act of 1986, any interest earnings on borrowed construction funds in excess of the interest
costs incurred are required to be rebated to the federal government. The County Water and Sewer District reported an arbitrage
liability of $349,008 as of September 30, 2023.
HURRICANE IRMA
On September 10, 2017, Category 3 Hurricane Irma made landfall in Collier County. The primary impacts of Hurricane Irma
were widespread power outages and debris, coastal flooding and beach erosion. The County has spent approximately $108.9
million on recovery efforts and has budgeted an additional $1 million in the 2024 fiscal year. In 2023, the County recognized
$80,437 in revenue from the Federal Emergency Management Agency (FEMA). At the end of 2023, the County had $5,249,655
in outstanding receivables related to FEMA claims and continues to expect reimbursements from FEMA as projects close out
over the next few years.
HURRICANE IAN
On September 28, 2022, Hurricane Ian made landfall just north of Collier County as a Category 4 storm, bringing significant
storm surge to the coastal areas. The County has spent approximately $70.1 million on recovery efforts and has budgeted an
additional $60.8 million in the 2024 fiscal year. In 2023, the County recognized $23.8 million in revenue from FEMA, $23.2 million
of which was advanced for countywide debris removal and $11.7 million in insurance reimbursements. At the end of 2023, the
County had $521,903 in outstanding receivables related to FEMA claims and expects substantial reimbursements from FEMA
and insurance in the years to come.
�-'X
NOTE 17 — SIGNIFICANT COMMITMENTS
Collier County has active construction projects as of September 30, 2023. 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
Hurricane Ian
Infrastructure Sales Tax
Other Governmental Funds
Business -type Activities:
Water and Sewer
Total
Construction
Category Commitments
Transportation
$ 18,168,584
Culture and Recreation
1,643,688
Public Safety
791,489
Transportation
31,795,426
Culture and Recreation
1,205,556
Physical Environment
12,326,019
Transportation
73,222,337
Culture and Recreation
2,474,596
Utilities
112,549,731
$ 254,177,426
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 construction commitments.
Collier County had the following significant individual encumbrances as of September 30, 2023:
Governmental Activities:
Bayshore Gateway Community
Redevelopment Agency
Grants and Shared Revenue
Infrastructure Sales Tax
Other Governmental Funds
Business -type Activities:
Water and Sewer
Emergency Medical Services
Solid Waste
Other Enterprise Funds
Internal Service Funds
Total
Category
Economic Environment
Physical Environment
Transportation
Economic Environment
Human Services
General Government
Public Safety
Physical Environment
Transportation
Human Services
General Government
Public Safety
Physical Environment
Transportation
Culture and Recreation
Utilities
Emergency Medical Services
Landfill Services
Airport Authority
Collier Area Transit
Information Technology
Encumbrance
Commitments
600,000
10,318,934
2,899,695
8,154,339
824,548
3,969,256
4,968,041
1,667,988
7,159,718
2,233,864
5,152,501
1,200,000
16,326,913
10,625,778
908,846
22,997,449
3,889,356
11,980,916
1,695,132
563,477
691,216
$ 118,827,967
84
NOTE 18 — SUBSEQUENT EVENTS
INFRASTRUCTURE SALES TAX
In November 2018, Collier County voters approved a referendum to implement a one -cent sales surtax for designated infrastructure
projects. The ordinance set a maximum collection period of 7 years with a sunset date of December 31, 2025 or December 31 st
of the year in which collections reached or exceeded $490,000,000. On October 10, 2023, the Board of County Commissioners
adopted an ordinance sunsetting the tax effective December 31, 2023 as the target amount of $490 million had been reached.
Collier County recognized $487,049,285 in Infrastructure Sales Tax revenue from inception through September 30, 2023.
NOTE 19 — FUND DEFICITS
The following funds had a fund balance deficit at September 30, 2023:
Fund
Hurricane Ian
Amateur Sports Complex
Amount
$ (11,575,871)
(9,708,812)
$ (21,284,683)
The unassigned fund balance deficit in the Hurricane Ian fund is the result of disaster recovery expenditures
being made before Insurance proceeds and FEMA reimbursements are able to be recognized. Advances from
the County Water and Sewer fund were made during the fiscal year to provide cash flow. The Hurricane Ian fund
anticipates repaying this advance in the next few years as insurance proceeds and FEMA reimbursements come in.
The unassigned fund balance deficit in the Amateur Sports Complex fund is the result of advances from other funds made in
prior years due to a shortfall of funding for the Complex construction. County management budgeted repayments to begin in
the 2024 fiscal year and anticipates that the advance will be repaid with future years' tourist tax revenue.
,AM
�O er aunty
REQUIRED SUPPLEMENTARY
1
iwKclNFORMATION.._
Y f I 14.,y r
ri6 i
,F ;
ti# � i
, r
mp
h
Ap
ti 3
47
1
r� •
t
COLLIER COUNTY, FLORIDA
SCHEDULE OF THE COUNTY'S PROPORTIONATE SHARE OF THE NET PENSION LIABILITY
FLORIDA RETIREMENT SYSTEM PENSION PLAN
Last Ten Fiscal Years
County's Proportion of the Net Pension Liability
County's Proportionate Share of the Net Pension Liability
County's Covered Payroll *
County's Proportionate Share of the Net Pension Liability (Asset) as a
Percentage of Its Covered Payroll
Plan Fiduciary Net Position as a Percentage of the total Pension Liability
2023 2022 2021 2020 2019
0.828499167% 0.785103420% 0.770303194% 0.794941674% 0.797837050%
$ 330,130,697 $ 292,121,565 $ 58,187,652 $ 344,539,437 $ 274,763,972
$ 297,384,952 $ 252,964,206 $ 241,529,826 $ 234,174,659 $ 228,455,160
111.01 % 115.48% 24.09% 147.13% 120.27%
82.38 % 82.89 % 96.40% 78.85% 82.61 %
* 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
2023 2022 2021 2020 2019
Contractually Required Contribution $ 41,265,309 $ 35,022,631 $ 30,034,061 $ 27,741,964 $ 25,202,730
Contributions in Relation to the Contractually Required Contribution (41,265,309) (35,022,631) (30,034,061) (27,741,964) (25,202,730)
Contribution Deficiency (Excess) $ - $ - $ - $ - $ -
County's Covered Payroll - Fiscal Year * $ 298,405,341 $ 261,931,755 $ 241,604,760 $ 240,018,783 $ 230,500,331
Contributions as a Percentage of Covered Payroll 13.83% 13.37% 12.43% 11.56% 10.93%
* Covered Payroll - Fiscal Year consists of pensionable wages calculated forthe respective fiscal year, restated for periods 2014to 2017 pursuant to 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
2023
2022
2021
2020
2019
County's Proportion of the Net Pension Liability
0.747985695%
0.693371195%
0.682720614%
0.673478223%
0.683003525%
County's Proportionate Share of the Net Pension Liability
$ 118,790,106
$ 73,439,084
$ 83,745,948
$ 82,230,597
$ 76,421,260
County's Covered Payroll *
$ 297,384,952
$ 252,964,206
$ 241,529,826
$ 234,174,659
$ 228,455,160
County's Proportionate Share of the Net Pension Liability (Asset) as a
Percentage of Its Covered Payroll 39.94% 29.03% 34.67% 35.12% 33.45%
Plan Fiduciary Net Position as a Percentage of the total Pension Liability 4.12% 4.81 % 3.56% 3.00% 2.63%
* 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
2023
2022
2021 2020
2019
Contractually Required Contribution
$ 5,184,935
$ 4,341,241
$ 4,008,775 $ 3,982,772
$ 3,792,652
Contributions in Relation to the Contractually Required Contribution
(5,184,935)
(4,341,241)
(4,008,775) (3,982,772)
(3,792,652)
Contribution Deficiency (Excess)
$ -
$ -
$ - $ -
$ -
County's Covered Payroll - Fiscal Year *
$ 298,405,341
$ 261,931,755
$ 241,604,760 $ 240,018,783
$ 230,500,331
Contributions as a Percentage of Covered Payroll
1.74%
1.66%
1.66% 1.66%
1.65%
* Covered Payroll consists of pensionable wages calculated as of the respective measurement date
pursuant to GASB No.82, Pension Issues.
88
2018 2017 2016 2015 2014
0.804668214% 0.796720676% 0.772938545% 0.736106708% 0.703655077%
$ 242,370,237 $ 235,664,630 $ 195,167,590 $ 95,078,054 $ 42,933,306
$ 225,786,565 $ 212,195,163 $ 199,870,915 $ 195,154,275 $ 184,577,284
107.34% 111.06% 97.65% 48.72% 23.26%
84.26 % 83.89 % 84.88 % 92.00 % 96.09 %
2018 2017 2016 2015 2014
$ 23,401,059 $ 20,299,090 $ 20,563,824 $ 17,830,147 $ 17,287,796
(23,401,059) (20,299,090) (20,563,824) (17,830,147) (17,287,796)
$ 226,283,207 $ 216,521,253 $ 206,179,415 $ 193,543,352 $ 185,505,694
10.34% 9.38% 9.97% 9.21 % 9.32%
2018
2017
2016
2015
2014
0.690065185%
0.665383863%
0.645620406%
0.642983194%
0.621385755%
$ 73,037,274
$ 71,145,914
$ 75,244,385 $
65,574,171
$ 58,101,084
$ 225,786,565
$ 212,195,163
$ 199,870,915 $
195,154,275
$ 184,577,284
32.35%
33.53%
37.65%
33.60%
31.48%
2.15%
1.64%
0.97%
0.50%
0.99%
2018 2017 2016 2015 2014
$ 3,750,438 $ 3,593,353 $ 3,415,537 $ 2,614,704 $ 2,131,155
(3,750,438) (3,593,353) (3,415,537) (2,614,704) (2,131,155)
$ 226,283,207 $ 216,521,253 $ 206,179,415 $ 193,543,352 $ 185,505,694
1.66% 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
Board of County Commissioners and Constitutional Officers
Total OPEB liability
2023
2022
2021
2020
2019
2018
2017
Service Cost $
463,595 $
673,684 $
609,931 $
609,998 $
438,933 $
491,865 $
464,531
Interest
327,904
148,910
162,236
190,846
287,048
252,345
248,849
Changes of benefit terms
-
-
-
-
-
-
-
Differences between expected and actual
experience
290,477
(1,534)
(588,396)
(1,190)
-
(8,258)
Changes of assumptions or other inputs
309,325
(1,585,700)
74,553
322,360
387,596
(221,309)
Benefit payments
(595,148)
(494,511)
(574,452)
(474,429)
(674,797)
(625,275)
(589,882)
Net change in total OPEB liability 796,153 (1,259,151) (316,128) 647,585 438,780 (102,374) 115,240
Total OPEB liability, beginning
8,241,808
9,500,959
9,817,087
9,169,502
8,730,722
8,833,096
8,717,856
Total OPEB liability, ending
$ 9, 337,961
$ 8, 441,808
$ 9, 000,959
$ 9, 117,087
$ 9, 669,502
$ 8, 330,722
$ 8, 333,096
Covered -employee payroll
$ 176,269,735
$ 152,351,768
$ 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
5.13%
5.41 %
6.70%
7.24%
6.91 %
7.07%
7.27%
Notes to the Schedule
Changes in Assumptions: Change in the discount rate of 3.9 % as of September 30, 2022 to 4.09 % as of September 30, 2023.
The defined benefit OPEB plan provided is not administered through a trust that meets the criteria of GASB Statement 75, paragraph 4
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.
Sheriff
Total OPEB liability
2023 2022 2021 2020 2019 2018 2017
Service Cost $ 778,361 $ 734,513 $ 777,037 $ 555,065 $ 485,365 $ 520,082 $ 491,420
Interest 1,080,092 422,604 448,520 435,838 631,825 503,525 502,621
Changes of benefit terms - - - - - - -
Differences between expected and actual
experience
5,877,459
10,708,734
451
5,292,054
-
2,048,462
(83,607)
Changes of assumptions or other inputs
(883,713)
(5,446,075)
353,427
949,878
2,250,569
(898,977)
Benefit payments
(2,352,648)
(1,461,666)
(1,329,954)
(1,098,451)
(1,074,207)
(941,061)
(871,353)
Net change in total OPEB liability
4,499,551
4,958,110
249,481
6,134,384
2,293,552
1,232,031
39,081
Total OPEB liability, beginning
33,128,024
28,169,914
27,920,433
21,786,049
19,492,497
18,260,466
18,221,385
Total OPEB liability, ending
$ 37, 227,575 $
33, 228,024 $
28, 669,914 $
27,920,433 $
21,786,049 $
19, 992,497 $
18, 660,466
Covered -employee payroll
$ 100,636,180 $
95,742,481 $
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
37.39%
34.60 %
32.26%
33.26%
26.77%
24.22%
20.02%
Notes to the Schedule
Changes in Assumptions: Change in the discount rate of 3.3 % as of September 30, 2022 to 4.09 % as of September 30, 2023.
The defined benefit OPEB plan provided is not administered through a trust that meets the criteria of GASB Statement 75, paragraph 4.
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.
90
� ti • 1
T �
is
+
' COMBINING & INDIVIDUAL
FUND FINANC14-II.-,
STATEMENTS &
' SUPPLEMENTAL INVA
'
1
7F ti 1
1
ti ti '� 4' II • F 1 I
r
1• •r
. 1 +
' 1 � Y� f '• �'. .StiL r 1
Lo
wr
C
1 :9e - •�.• ..,ti .• 7r
• ;ti
i
•Sr S
til
' 1
�O er aunty
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.
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 DISTRICT — To account for taxes levied within a 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 ZONES — 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.
93
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 Euclid and Lakeland Assessment
Teen Court
Animal Control
Public Library
Law Library
County Drug Abuse
Local Provider Participation
Permanent Funds
Legal Aid Society
Parks and Recreation Donations
Domestic Violence
Juvenile Cyber Security
Driver Education
County Drug Abuse
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 capital improvements within Pelican Bay.
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.
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 2020A and 2020B (Taxable) Special Obligation 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 and the Series 2022A and 2022B
Special Obligation Revenue Notes (bank term loans) used to refinance the Series 2011 and 2013 Special Obligation Refunding
Revenue Bonds.
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.
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.
94
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 from ad valorem taxes and bond proceeds.
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 capital
special assessment and commercial paper proceeds.
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. Primary
funding is bonds proceeds and advances from other tourist tax funds.
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.
W"
ASSETS
Cash and investments
Receivables:
Interest
Trade, net
Notes
Impact fee
Special assessments
Lease
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
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
Unassigned
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, 2023
Special Revenue Funds
Water
Management
Road Unincorporated Community and Pollution Pelican
Districts Area MSTD Development Control Bay
$ 2,958,456 $ 23,438,542 $ 44,788,749 $ 2,053,748 $ 2,527,653
5,161
43,316
56,455
3,257
4,714
11,723
38,848
2,958
22
-
18,523
5,544,969
-
-
36,358
180
871,275
3
52,056
64,294
6,950
760,214
135,768
2,078
840
1,397,282
31,395
-
138,668
-
-
9,264
-
-
20,000
-
-
$ 4,398,275 $
30,748,559 $
44,993,197 $
2,249,829 $
2,633,859
$ 152,826 $
1,220,156 $
287,077 $
79,077 $ 41,643
842,694
967,757
1,222,823
112,125 111,960
1
111,271
4,691
- -
196
4,332
2,588,132
192
-
3,896
-
-
23,268
4,370,483
12,875
-
995,717
2,343,555
8,473,206
191,202 153,795
17,830 4,951,391 34,927
17,830 4,951,391 34,927
1,397,282 51,395 - 138,668
1,987,446 - 36,519,991 - -
- 23,402,218 - 1,919,959 2,445,137
3,384,728 23,453,613 36,519,991 2,058,627 2,445,137
$ 4,398,275 $ 30,748,559 $ 44,993,197 $ 2,249,829 $ 2,633,859
02
Special Revenue Funds
State
Fire
911
Housing
Improvement
Control
Lighting
Enhancement
Tourist
Initiative
800 MHz
State Court
Districts
Districts
District
Fee
Development
Partnership
IRCP Fund
Administration
$ 20,388,179 $
586,658 $
909,897 $
1,456,333 $
103,473,561 $
9,532,125 $
233,954 $
1,025,709
26,397
426
1,354
2,421
136,117
9,790
464
1,438
7,728
-
-
89,752
2,063,677
7,424
-
-
-
-
-
189,429
-
-
-
-
408,346
-
92,579
22,758
11,241
-
2,188,380
19,725
58,513
257
-
-
180,979
3,620,275
4,707
486
17,200,000
$ 20,515,140 $
609,842 $
922,492 $
1,729,485 $
128,682,010 $
9,738,768 $
667,196 $
1,086,146
$ 415,781 $ $
55,903 $ 43,959 $ 2,235,254 $
25,942 $ 46,790 $ 30,532
29,780
- - 196,501
17,229 12,642 114,649
198
146,660 1,079
3,779
-
- 1,362
- - -
6,244
-
125,524
535,212
73,701 268,100
- - -
- - -
651,228 268,100
55,903 190,619 2,969,408
46,950 59,432 145,181
368,651
368,651
- - - 1,538,866 125,712,602 9,691,818 - -
19,863,912 341,742 866,589 - - - 239,113 940,965
19,863,912 341,742 866,589 1,538,866 125,712,602 9,691,818 239,113 940,965
$ 20,515,140 $ 609,842 $ 922,492 $ 1,729,485 $ 128,682,010 $ 9,738,768 $ 667,196 $ 1,086,146
97
COLLIER COUNTY, FLORIDA
COMBINING BALANCE SHEET
NONMAJOR
GOVERNMENTAL FUNDS
September 30, 2023
Special Revenue Funds
GAC Land
Court
Confiscated Sales, Roads Utility Conservation Information
Court
University
Property and Canals Fee
Collier Technology
Services
Extension
ASSETS
Cash and investments
$
494,441 $ 2,511,815 $ 988,583 $
72,129,816 $
1,471,927 $
1,589,001 $
25,762
Receivables:
Interest
636 2,679 1,263
89,646
1,987
-
30
Trade, net
- - 38,368
-
-
14,287
-
Notes
-
-
Impact fee
Special assessments
Lease
-
-
-
Due from other funds
100,000
378,463
59,040
-
-
Due from other governments
-
198
245
17,138
5
Deposits
-
-
-
-
Inventory for resale
144,014
Inventory
-
Advances to other funds
-
Prepaid costs
-
31,168
-
-
Total assets
$
495,077 $ 2,658,508 $ 1,128,214 $
72,598,123 $
1, 664,367 $
1, 220,426 $
25,797
Liabilities, Deferred Inflows of
Resources and Fund Balances
Liabilities:
Accounts payable
$
$ $ $
17,231 $
41,696 $
4,650 $
Wages payable
13,996
39,434
7,110
225,360
Due to other funds
168
247
-
288,240
Due to other governments
-
-
187,209
987,176
Unearned revenues
-
115,000
Refundable deposits
-
Retainage payable
Advances from other funds
-
-
-
-
Totalliabilities
14,164
56,912
236,015
1,620,426
Deferred inflows of resources:
Unavailable revenue
-
-
-
-
Related to leases
Total deferred inflows of resources
-
Fund balances:
Nonspendable
-
31,168
-
Restricted
495,077 2,658,508 -
72,541,211
1,297,184
25,797
Committed
- - 1,114,050
-
-
-
Assigned
-
Unassigned
- - -
-
-
-
Total fund balances
495,077 2,658,508 1,114,050
72,541,211
1,328,352
25,797
Total liabilities, deferred inflows of
resources and fund balances
$
495,077 $ 2,658,508 $ 1,128,214 $
72,598,123 $
1, 664,367 $
1, 220,426 $
25,797
98
Special Revenue Funds
Other
Other
Other
Total
Court Economic and
Court Special
Public Safety
Special
Special
Facilities Affordable Innovation
Revenue
Special
Revenue
Revenue
Fee Housing Zones
Funds
Revenue Funds
Funds
Funds
$ 9,809,672 $ 1,550,185 $ 8,510,838 $
6,814,906 $
5,613,554 $
3,342,380 $
328,226,444
11,738 1,883 10,279
-
1,831
4,475
417,757
- - -
47,134
25
2,321,946
-
-
189,429
- -
-
-
6,008,196
70,000 90
73,558
21,477
4,083,632
- -
-
545
4,730,685
144,014
1,567,345
17,209,264
51,168
$ 9,891,410 $ 1,552,068 $ 8,521,207 $ 6,814,906 $ 5,736,077 $ 3,368,902 $ 364,949,880
$ $ 188 $ 3,000,000 $ 2,507 $ 15,775 $ 52,597 $
7,769,584
- - 42,857 - 3,192
3,960,109
- 107,640 -
663,974
- 105
3,768,704
-
118,896
4,399,995
-
673,611
- 2,000,000 - - -
2,341,801
188 5,000,000 45,364 123,415 55,894
23,696,674
5,372,799
5,372,799
- - - - 1,618,513
9,891,410 - - 6,769,542 5,612,662 789,345 275,531,459
- 1,551,880 3,521,207 - - 2,523,663 58,730,435
9,891,410 1,551,880 3,521,207 6,769,542 5,612,662 3,313,008 335,880,407
$ 9,891,410 $ 1,552,068 $ 8,521,207 $ 6,814,906 $ 5,736,077 $ 3,368,902 $ 364,949,880
ASSETS
Cash and investments
Receivables:
Interest
Trade, net
Notes
Impact fee
Special assessments
Lease
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
Unassigned
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, 2023
Permanent Funds
Debt Service Funds
Forest Lakes
Resource
Pepper
Pooled
Limited
Recovery
Ranch
Total
Commercial
Gas Tax
General
Park
Conservation
Permanent
Paper
Refunding
Obligation
Endowment
Bank
Funds
Program
Revenue Bonds
Bonds
$ 1,760,420 $
3,972,325 $
5,732,745 $
9 $
1,428,099 $
47
2,171
4,906
7,077
-
8,622
-
3,596
368,119
$ 1,762,591 $
3,977,231 $
5,739,822 $
3,605 $
1,804840 S
47
$ $ 3,300 $ 3,300 $ $ $
- - 47
670 670 -
3,970 3,970 47
1,582,800 3,940,000 5,522,800 - -
179,791 33,261 213,052 3,605 1,804,840
1,762,591 3,973,261 5,735,852 3,605 1,804,840
$ 1,7 22,591 $ 3,977,231 $ 5,739,822 $ 3,605 $ 1,804,840 $ 47
100
Debt Service Funds
Capital Project Funds
Tourist
Special
Development
Total
Emergency
Obligation
Tax
Debt
County -Wide
County -Wide
Correctional
Medical
Refunding
Revenue
Service
Capital
Parks
Library
Facilities
Services
Revenue Bonds
Bonds
Funds
Improvements
Improvements
Impact Fees
Impact Fees
Impact Fees
$ 2,415,831 $
2,472,179 $
6,316,165 $
72,941,909 $
25,424,625 $
509,454 $
1,460,803 $
491,789
2,433
2,995
14,050
88,645
32,769
1,090
2,256
822
240,251
178,572
83,385
-
8,077
8,310
-
-
-
371,715
2,492,112
79,729
6,532
10,150
2,791
20,000,000
$ 2,418,264 $
2,475,174 $
6,701,930 $
95,530,743 $
25,545,433 $
757,327 $
1,651,781 $
578,787
$ $ $ $ 1,849,772 $ 1,230,954 $
2,670 $
4,494 $
45,214
47 530,470
- 191,852
18,907 75,157
47 2,591,001 1,306,111
2,670
4,494
45,214
- - -
240,251
178,572
83,385
240,251
178,572
83,385
2,418,264 2,475,174 6,701,883 11,197,057 514,406 1,468,715 450,188
92,939,742 13,042,265
2,418,264 2,475,174 6,701,883 92,939,742 24,239,322 514,406 1,468,715 450,188
$ 2,418,264 $ 2,475,174 $ 6,701,930 $ 95,530,743 $ 55,545,433 $ 757,327 $ 1,651,781 $ 578,787
101
ASSETS
Cash and investments
Receivables:
Interest
Trade, net
Notes
Impact fee
Special assessments
Lease
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
Unassigned
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, 2023
Funds
Pelican Bay
Parks
Road
Government
Water
Capital
Impact
Impact
Road
Facilities
Management
Improvements
Districts
Districts
Construction
Impact Fees
$ 74,442,137
$ 7,595,006 $
56,161,042 $
128,464,072 $
60,027,217 $
3,161,958
92,946
10,298
66,327
158,485
72,842
4,615
1,885,204
5,057,565
393,276
5,719 20,608 - - 2,538,246 -
2,356 41,417 54,278 187,550 3,646,113 18,356
- - 1,250 - - -
- - - - 35,970 -
$ 74,543,158 $ 7,667,329 $ 58,168,101 $ 133,867,672 $ 66,320,388 $ 3,578,205
$ 1,643,704 $ 1,143,419 $
29,967 $ 628,007 $
2,618,474 $ 8,761
369,826
20,412
- -
- 22,500
81,360
263,248 154,152
170,697 733,457
236,255
2,297,190 1,297,571
200,664 1,383,964
2,936,089 8,761
1,885,204 5,057,565 393,276
1,885,204 5,057,565 393,276
- - - 35,970 -
38,433,518 56,082,233 127,426,143 63,348,329 3,176,168
33,812,450 6,369,758
72,245,968 6,369,758 56,082,233 127,426,143 63,384,299 3,176,168
$ 74,543,158 $ 7,667,329 $ 58,168,101 $ 133,867,672 $ 66,320,388 $ 3,578,205
102
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
$ 3,252,026 $
3,164,483 $
7,484,432 $
12,645,964 $
457,226,917
$ 797,502,271
4,147
3,897
16,168
15,545
570,852
1,009,736
-
-
-
-
-
2,321,946
-
-
189,429
202,482
-
8,040,735
8,040,735
-
1,405
1,405
1,405
-
-
6,008,196
301
2,581,261
6,664,893
61,143
6,602,527
11,704,927
-
1,250
1,250
-
144,014
-
-
1,567,345
73,701
20,073,701
37,282,965
-
-
-
-
35,970
87,138
$ 3,458,655 $
3,168,380 $
7,500,600 $
12,798,059 $
495,134,618
$ 872,526,250
$ 7,093 $ $ 9,412 $ $ 9,221,941 $ 16,994,825
- - 3,960,109
- 900,296 1,564,317
212,264 3,981,638
- 118,896
103,860 4,503,855
- 1,651,873 2,325,484
- 17,200,000 9,264 17,209,264 19,551,065
7,093 17,209,412 9,264 29,299,498 53,000,189
202,482 8,040,735 8,040,735
- - 5,372,799
202,482 8,040,735 13,413,534
- - 35,970
7,177,283
3,249,080 135,088 305,480,925
587,927,319
- - - -
58,730,435
3,168,380 12,653,707 161,986,302
161,986,302
- (9,708,812) - (9,708,812)
(9,708,812)
3,249,080 3,168,380 (9,708,812) 12,788,795 457,794,385
806,112,527
$ 3,458,655 $ 3,168,380 $ 7,500,600 $ 12,798,059 $ 495,134,618 $ 872,526,250
103
COLLIER COUNTY, FLORIDA
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
For The Fiscal Year Ended September 30, 2023
Special Revenue Funds
Water
Management
Road Unincorporated Community and Pollution Pelican
Districts Area MSTD Development Control Bay
Revenues:
Taxes
S S
62,926,751 $
- $
3,423,722 $
708,850
Licenses, permits and impact fees
39,730
26,652,888
-
-
Intergovernmental
2,098,332
-
-
-
Charges for services
302,710
3,102,675
3,203,306
294,417
Fines and forfeitures
-
506,915
-
-
-
Interest earnings
136,411
1,626,300
1,853,660
110,389
164,732
Special assessments
-
-
-
-
4,726,626
Miscellaneous
41,019
382,738
56,873
-
62,899
Total revenues
2,578,472
68,585,109
31,766,727
3,828,528
5,663,107
Expenditures:
Current:
General government
6,414,964
10,236,600
Public safety
4,676,614
22,539,797
- -
Physical environment
-
671,662
1,609,039
3,116,379 1,307,947
Transportation
25,137,837
15,048,079
430,449
- 3,602,244
Economic environment
-
47,852
-
-
Human services
-
Culture and recreation
-
15,677,212
-
Debt service
Principal
14,772
41,461
77,031
Interest
911
7,539
6,993
Fiscal charges
-
-
-
- -
Capital outlay
143,601
430,709
35,010
84,126 201,392
Total expenditures
25,297,121
43,016,092
34,850,895
3,200,505 5,195,607
Excess (deficit) of revenues
over (under) expenditures
(22,718,649)
25,569,017
(3,084,168)
628,023
467,500
Other financing sources (uses):
Loansissued
-
-
-
-
SBITAs
78,861
231,268
-
-
-
Sale of capital assets
1,115
6,047
736
68
33,300
Insurance proceeds
298,859
204,159
1,602
-
726
Transfers in
23,953,400
2,044,313
972,605
95,273
99,196
Transfers out
(1,124,300)
(23,270,359)
(1,539,500)
(272,193)
(583,385)
Total other financing sources (uses)
23,207,935
(20,784,572)
(564,557)
(176,852)
(450,163)
Net change in fund balances
489,286
4,784,445
(3,648,725)
451,171
17,337
Fund balances at beginning of year
2,895,442
18,669,168
40,168,716
1,607,456
2,427,800
Fund balances at end of year
$ 3,384,728 $
23,453,613 $
36,519,991 $
2,058,627 $
2,445,137
See accompanying independent auditors' report
104
Revenue Funds
State
Fire
911
Housing
Improvement
Control
Lighting
Enhancement
Tourist
Initiative
800 MHz
State Court
Districts
Districts
District
Fee
Development
Partnership
IRCP Fund
Administration
$ 6,926,190 $
1,660,581 $
867,735
$ $
44,107,953 $
$
$
-
2,452,430
337,747
4,884,742
-
259,888
-
2,175,960
-
405,202
156,545
-
-
-
-
-
-
-
683,932
853,516
30,574
44,995
75,326
4,293,398
308,261
25,510
42,546
2,182
-
39,650
-
4,908
436,817
164,034
-
8,041,776
1,691,155
952,380
2,527,756
50,919,966
5,629,820
594,746
883,023
- - - 1,085,585
- 3,642,202 2,047,829 - 1,606,708 1,652,387
713,783 - - - 3,950,218 - -
1,329,506 854,903 - -
- - 1,320,701
1,158,157 18,101,657
- 3,563 367,197
1,872 237 39,932
1,570,174 - - - 16,093,361 - 152,960 -
4,773,492 3,642,202 854,903 2,047,829 38,149,036 1,320,701 2,166,797 2,737,972
3,268,284 (1,951,047) 97,477 479,927 12,770,930 4,309,119 (1,572,051) (1,854,949)
-
10,969
2,000
3,838
29,260
-
-
-
-
-
718,000
2,143,466
11,196
3,525,269
1,438,067
2,208,486
(830,180)
(48,926)
(25,245)
(8,602,859)
(31,571)
-
(48,100)
(80,920)
2,094,540
(14,049)
- (5,062,783)
(31,571)
1,438,067
2,160,386
3,187,364
143,493
83,428
479,927 7,708,147
4,277,548
(133,984)
305,437
16,676,548
198,249
783,161
1,058,939 118,004,455
5,414,270
373,097
635,528
$ 19,863,912 $
341,742 $
866,589 $
1,538,866 $ 125,712,602 $
9,691,818 $
239,113 $
940,965
105
COLLIER COUNTY, FLORIDA
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
For The Fiscal Year Ended September 30, 2023
Special Revenue Funds
GAC Land
Court
Confiscated
Sales, Roads
utility
Conservation
Information
Court
Property
and Canals
Fee
Collier
Technology
Services
Revenues:
Taxes
S S
S
163,506 $
29,209,162
S $
Licenses, permits and impact fees
-
-
Intergovernmental
-
-
623,719
Charges for services
100,000
18
830,108
7,720,668
Fines and forfeitures
5,000
-
-
-
-
-
Interest earnings
20,557
87,728
41,425
2,842,988
64,837
141,599
Special assessments
-
-
-
-
-
-
Miscellaneous
-
456,282
-
21,717
-
-
Total revenues
25,557
544,010
304,931
32,073,885
894,945
8,485,986
Expenditures:
Current:
General government
-
-
-
1,127,588
8,906,199
Public safety
15,500
-
-
8,861
-
Physical environment
-
308,084
1,636,170
-
Transportation
-
-
Economic environment
-
Human services
38,494
Culture and recreation
-
Debt service
Principal
Interest
Fiscal charges
-
-
Capital outlay
-
-
4,652,543
12,162
-
Total expenditures
15,500
-
308,084
6,288,713
1,187,105
8,906,199
Excess (deficit) of revenues
over (under) expenditures
10,057
544,010
(3,153)
25,785,172
(292,160)
(420,213)
Other financing sources (uses):
Loansissued
-
-
-
SBITAs
Sale of capital assets
Insurance proceeds
-
-
-
Transfers in
378,144
245
420,213
Transfers out
(8,600)
(844,291)
-
-
Total other financing sources (uses)
(8,600)
(466,147)
245
420,213
Net change in fund balances
10,057
544,010
(11,753)
25,319,025
(291,915)
-
Fund balances at beginning of year
485,020
2,114,498
1,125,803
47,222,186
1,620,267
Fund balances at end of year
$ 495,077 $
2,658,508 $
1,114,050 $
72,541,211
$ 1,328,352 $
See accompanying independent auditors' report
106
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
$ $
$
$ 2,951,200
$
$ $
$
152,945,650
-
86,250
26,778,868
-
10,396,970
19,749
-
31,150
1,061,113
1,361,198
275,606
21,300,313
-
958,050
-
-
-
85,972
51,302
2,291,171
850
375,905
59,496
316,529
304,282
58,879
176,446
14,057,139
-
-
-
-
-
-
5,578,033
10,304,659
-
-
-
-
-
-
176,552
1,845,671
20,599
1,333,955
90,646
3,267,729
1,365,395
1,506,049
6,344,189
239,920,441
52,314
3,062,663
-
153,246
31,039,159
-
-
668,018
175,800
37,033,716
9,241
-
-
13,322,523
-
-
-
46,403,018
146,638
5,040,273
-
6,555,464
-
-
6,429,749
6,468,243
-
109,817
35,046,843
80,626
-
584,650
1,975
59,459
-
10,600
-
-
239,762
-
-
23,626,400
9,241
62,914
146,638
5,040,273
3,385,026
668,018
6,868,612
200,139,475
11,358
1,271,041
(55,992)
(1,772,544)
(2,019,631)
838,031
(524,423)
39,780,966
239,762
560,860
-
47,104
-
-
-
534,606
5
781,700
193,914
38,983,492
-
-
-
-
(37,229,509)
5
-
781,700
239,762
-
193,914
2,896,553
11,363
1,271,041
725,708
(1,772,544)
(1,779,869)
838,031
(330,509)
42,677,519
14,434
8,620,369
826,172
5,293,751
8,549,411
4,774,631
3,643,517
293,202,888
$ 25,797 $
9,891,410 $
1,551,880 $
3,521,207 $
6,769,542 $
5,612,662 $
3,313,008 $
335,880,407
107
COLLIER COUNTY, FLORIDA
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
For The Fiscal Year Ended September 30, 2023
Permanent Funds Debt Service Funds
Pooled
Resource
Pepper Ranch
Total
Commercial
Gas Tax
Forest Lakes
Recovery Park
Conservation
Permanent
Paper
Refunding
Limited General
Endowment
Bank
Funds
Program
Revenue Bonds
Obligation Bonds
Revenues:
Taxes
$ S
$
$
$ $
Licenses, permits and impact fees
Intergovernmental
2,216,900
Charges for services
-
Fines and forfeitures
-
Interest earnings
70,248
158,592
228,840
5
214,118
Special assessments
-
-
-
-
-
Miscellaneous
-
41,200
41,200
-
-
Total revenues
70,248
199,792
270,040
5
2,431,018
Expenditures:
Current:
General government
-
-
-
-
-
Public safety
-
-
-
Physical environment
2,067
35,499
37,566
Transportation
-
-
-
Economic environment
Human services
Culture and recreation
-
Debt service
Principal
-
12,215,000
Interest
107,489
1,045,827
Fiscal charges
-
3,750
Capital outlay
-
-
-
-
-
Total expenditures
2,067
35,499
37,566
107,489
13,264,577
Excess (deficit) of revenues
over (under) expenditures
68,181
164,293
232,474
(107,484)
(10,833,559)
Other financing sources (uses):
Loans issued
-
-
-
4,046
SBITAs
-
Sale of capital assets
Insurance proceeds
-
-
Transfers in
105,600
11,300,000
Transfers out
-
-
(36,445)
Total other financing sources (uses)
-
-
-
109,646
11,300,000
(36,445)
Net change in fund balances
68,181
164,293
232,474
2,162
466,441
(36,445)
Fund balances at beginning of year
1,694,410
3,808,968
5,503,378
1,443
1,338,399
36,445
Fund balances at end of year
$ 1,762,591 $
3,973,261 $
5,735,852 $
3,605
$ 1,804,840 $
-
See accompanying independent auditors' report
108
Debt Service Funds
Capital Project Funds
Special
Tourist
Total
Emergency
Obligation
Development
Debt
County -Wide
County -Wide
Correctional
Medical
Refunding
Tax
Service
Capital
Parks
Library
Facilities
Services
Revenue Bonds
Revenue Bonds
Funds
Improvements
Improvements
Impact Fees
Impact Fees
Impact Fees
-
-
624,426
1,057,418
1,720,080
486,573
2,216,900
887
-
-
-
-
345,065
74,173
633,361
2,712,821
1,055,221
34,756
66,859
25,886
-
-
48,157
404
-
-
-
345,065
74,173
2,850,261
2,761,865
1,680,051
1,092,174
1,786,939
512,459
7,870,567 - -
793,181 39,699 28,236
37,100 - -
97,849 2,739,269 25,314
16,885,000
1,135,000
30,235,000
89,975
6,887,421
2,582,625
10,623,362
25
5,000
1,250
10,000
- - -
-
-
-
4,580,286 4,686,022 - - 45,193
23,777,421
3,718,875
40,868,362
13,468,983 7,425,291 25,314 39,699 73,429
(23,432,356) (3,644,702) (38,018,101) (10,707,118) (5,745,240) 1,066,860 1,747,240 439,030
4,046
-
-
89,975
-
-
69,325
-
-
-
75,968
13,050
23,750,000
3,730,300
38,885,900
52,541,234
6,012,728
-
-
(36,445)
(1,207,700)
(13,509)
(1,116,400)
(2,317,100)
(638,000)
23,750,000
3,730,300
38,853,501
51,499,477
6,081,594
(1,116,400)
(2,317,100)
(638,000)
317,644
85,598
835,400
40,792,359
336,354
(49,540)
(569,860)
(198,970)
2,100,620
2,389,576
5,866,483
52,147,383
23,902,968
563,946
2,038,575
649,158
$ 2,418,264 $
2,475,174 $
6,701,883 $
92,939,742 $
24,239,322 $
514,406 $
1,468,715 $
450,188
109
COLLIER COUNTY, FLORIDA
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
For The Fiscal Year Ended September 30, 2023
Capital Project Funds
Pelican Bay
Parks
Road
Government
Water
Capital
Impact
Impact
Road
Facilities
Management
Improvements
Districts
Districts
Construction
Impact Fees
Revenues:
Taxes
$
$ S
S
$ 18,152,466 $
Licenses, permits and impact fees
11,644,936
27,199,424
-
3,202,378
Intergovernmental
-
-
4,985,600
-
Charges for services
134,529
Fines and forfeitures
-
-
-
-
Interest earnings
2,982,715
342,992
2,098,027
5,073,827
2,368,603
145,992
Special assessments
-
1,721,813
-
-
-
-
Miscellaneous
528,431
-
-
-
1,050,405
-
Total revenues
3,511,146
2,064,805
13,742,963
32,273,251
26,691,603
3,348,370
Expenditures:
Current:
General government
-
-
-
-
-
44,626
Public safety
-
-
-
Physical environment
931,567
739,696
-
-
Transportation
-
-
447,883
9,250,087
Economic environment
-
-
Human services
-
Culture and recreation
44,149
-
Debt service
Principal
-
171,491
Interest
30,594
Fiscal charges
-
-
-
-
-
Capital outlay
11,301,764
3,412,715
950,366
14,524,664
5,385,433
-
Total expenditures
12,233,331
4,152,411
994,515
14,972,547
14,837,605
44,626
Excess (deficit) of revenues
over (under) expenditures
(8,722,185)
(2,087,606)
12,748,448
17,300,704
11,853,998
3,303,744
Other financing sources (uses):
Loans issued
1,495,954
-
-
-
-
SBITAs
-
-
984,079
Sale of capital assets
2,748
76
Insurance proceeds
-
-
-
-
-
Transfers in
13,659,400
942,479
14,428,915
757,700
Transfers out
(369,826)
(179,068)
(5,804,400)
(1,813,267)
(14,237,030)
(4,799,400)
Total other financing sources (uses)
13,289,574
2,259,365
(5,801,652)
(1,813,267)
1,176,040
(4,041,700)
Net change in fund balances
4,567,389
171,759
6,946,796
15,487,437
13,030,038
(737,956)
Fund balances at beginning of year
67,678,579
6,197,999
49,135,437
111,938,706
50,354,261
3,914,124
Fund balances at end of year $
72,245,968 $
6,369,758 $
56,082,233 $
127,426,143 $
63,384,299 $
3,176,168
See accompanying independent auditors' report
110
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
$ - $
$
$
16,152 $
18,168,618 $
171,114,268
1,921,643
20,827
47,877,705
74,656,573
-
-
4,986,487
17,600,357
134,529
21,434,842
-
-
-
2,291,171
132,365
126,110
565,253
505,971
18,237,398
33,156,738
-
-
-
-
1,721,813
12,026,472
-
-
-
-
1,627,397
3,514,268
2,054,008
126,110
565,253
542,950
92,753,947
335,794,689
- 7,915,193
38,954,352
40,599 901,715
37,935,431
- 1,708,363
15,068,452
9,697,970
56,100,988
-
6,555,464
- - - -
6,468,243
1,150 1,005,851 174,153 4,087,735
39,134,578
261,466 31,081,116
30,619 10,713,440
- - - 10,000
14,724,000 12,713 59,623,156 83,249,556
40,599 1,150 15,729,851 186,866 84,226,217 325,271,620
2,013,409 124,960 (15,164,598) 356,084 8,527,730 10,523,069
1,495,954
1,500,000
1,074,054
1,634,914
72,149
119,253
-
-
89,018
623,624
9,195,767
351,066
97,889,289
175,758,681
(1,721,400)
(2,234,948)
(613)
(36,452,661)
(73,718,615)
(1,721,400)
6,960,819
350,453
64,167,803
105,917,857
292,009
124,960 (8,203,779)
706,537
72,695,533
116,440,926
2,957,071
3,043,420 (1,505,033)
12,082,258
385,098,852
689,671,601
$ 3,249,080 $
3,168,380 $ (9,708,812) $
IIZ788,795 $
457,794,385 $
806,112,527
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, 2023
Revenues:
Taxes $
Licenses, permits and impact fees
Intergovernmental
Charges for services
Fines and forfeitures
Interest earnings
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):
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
Net change in fair value of investments
Change in inventory
SBITA inception related capital outlay
not budgeted
SBITA inception proceeds not budgeted
Interfund transfers in
Interfund transfers out
Advances budgeted as transfers
Unbudgeted funds
Net change in fund balance, GAAP basis
See accompanying independent auditors' report
Infrastructure Sales Tax (Major Fund) Road Districts
(Budgetary Basis) (Budgetary Basis)
Budget Actual Variance Budget Actual Variance
108,653,900 $ 124,563,002 $ 15,909,102
600,000 7,355,787 6,755,787
- 45 45
109,253,900 131,918,834 22,664,934
276,646,230 64,086,405 212,559,825
276,646,230 64,086,405 212,559,825
(167,392,330) 67,832,429 235,224,759
(4,000,000)
(77,972)
3,922,028
(4,000,000)
(77,972)
3,922,028
(171,392,330)
67,754,457
239,146,787
373,275,662
272,703,551
(100,572,111)
201,883,332 $
340,458,008 $
138,574,676
$ 67,754,457
4,574,695
2,163,314
2,098,332
(64,982)
197,200
302,710
105,510
25,000
80,250
55,250
28,709
41,019
12,310
2,414,223
2,522,311
108,088
26,288,907
25,364,210
924,697
16,000
15,683
317
155,238
64,740
90,498
26,460,145
25,444,633
1,015,512
(24,045,922) (22,922,322) 1,123,600
485
1,115
630
208,599
298,859
90,260
23,949,900
23,953,400
3,500
(1,124,300)
(1,124,300)
-
23,034,684
23,129,074
94,390
(1,011,238)
206,752
1,217,990
1,161,137
2,895,442
1,734,305
$ 149,899 $
3,102,194 $
2,952,295
$ 206,752
56,161
226,373
(78,861)
78,861
112
Unincorporated Area MSTD
(Budgetary Basis)
Budget Actual Variance
$ 65,015,400 $ 62,926,751 $ (2,088,649)
33,500 39,730 6,230
2,694,700 3,102,675 407,975
172,000 506,915 334,915
113,000 1,114, 897 1,001,897
293,200 382,738 89,538
68,321,800 68,073,706 (248,094)
8,813,038
6,414,964
2,398,074
5,417,131
4,676,614
740,517
1,016,091
671,662
344,429
22,969,362
15,045,605
7,923,757
55,600
47,852
7,748
16,273,294
15,677,212
596,082
50,000
49,000
1,000
1,103,732
199,441
904,291
55,698,248
42,782,350
12,915,898
12,623,552 25,291,356 12,667,804
-
6,047
6,047
187,971
204,159
16,188
12,081,100
12,644,313
563,213
(34,032,779)
(33,870,359)
162,420
(21,763,708)
(21,015,840)
747,868
(9,140,156)
4,275,516
13,415,672
16,202,693
18,669,168
2,466,475
$ 7,062,537 $
22,944,684 $
15,882,147
$ 4,275,516
511,403
(2,474)
(231,268)
231,268
(10,600,000)
10,600,000
Community Development
(Budgetary Basis)
Budget Actual Variance
27,069,400
26,652,888
(416,512)
3,350,000
3,203,306
(146,694)
212,000
1,144,175
932,175
51,500 56,873 5,373
30,682,900 31,057,242 374,342
14,626,155 10,236,600 4,389,555
28,978,522 22,539,797 6,438,725
1,919,472 1,609,039 310,433
444,145 430,449 13,696
360,844 35,010 325,834
46,329,138 34,850,895 11,478,243
(15,646,238) (3,793,653) 11,852,585
736
736
-
1,602
1,602
2,696,900
2,688,694
(8,206)
(1,639,500)
(1,639,500)
1,057,400
1,051,532
(5,868)
(14,588,838)
(2,742,121)
11,846,717
37,502,238
40,168,716
2,666,478
$ 22,913,400 $
37,426,595 $
14,513,195
$ (2,742,121)
709,485
(100,000)
100,000
(1,616,089)
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, 2023
Water Management and Pollution Control Pelican Bay
(Budgetary Basis) (Budgetary Basis)
Budget Actual Variance Budget Actual Variance
Revenues:
Taxes $
3,583,700
$ 3,423,722 $
(159,978) $
743,400
$ 708,850 $
(34,550)
Licenses, permits and impact fees
-
-
-
-
Intergovernmental
-
-
-
Charges for services
189,500
294,417
104,917
Fines and forfeitures
-
-
-
-
-
-
Interest earnings
7,000
71,187
64,187
21,500
109,211
87,711
Special assessments
-
-
-
4,903,400
4,726,626
(176,774)
Miscellaneous
-
-
55,700
62,899
7,199
Total revenues
3,780,200
3,789,326
9,126
5,724,000
5,607,586
(116,414)
Expenditures:
Current:
General government
-
-
-
-
-
Public safety
-
-
-
-
-
-
Physical environment
3,735,371
3,104,053
631,318
1,377,440
1,307,947
69,493
Transportation
-
-
-
3,806,329
3,602,244
204,085
Economic environment
-
-
-
Human services
Culture and recreation
-
-
-
Debt service
-
-
-
84,300
84,024
276
Capital outlay
116,402
84,126
32,276
366,092
201,392
164,700
Total expenditures
3,851,773
3,188,179
663,594
5,634,161
5,195,607
438,554
Excess (deficit) of revenues
over (under) expenditures
(71,573)
601,147
672,720
89,839
411,979
322,140
Other financing sources (uses):
Loansissued
-
-
-
-
-
Sale of capital assets
68
68
33,300
33,300
Insurance proceeds
-
-
-
-
726
726
Transfers in
45,000
95,273
50,273
34,100
99,196
65,096
Transfers out
(279,100)
(272,193)
6,907
(687,000)
(583,385)
103,615
Total other financing sources (uses)
(234,100)
(176,852)
57,248
(652,900)
(450,163)
202,737
Net change in fund balances
(305,673)
424,295
729,968
(563,061)
(38,184)
524,877
Fund balances at beginning of year
1,450,673
1,607,456
156,783
2,282,161
2,427,800
145,639
Fund balances at end of year $
1,145, 000
$ 2,031,751 $
886,751 $
1,719,100
$ 2,389,616 $
670,516
Reconciliation:
Net change in fund balance, budgetary basis
$ 424,295
$ (38,184)
Net change in fair value of investments
39,202
55,521
Change in inventory
(12,326)
-
SBITA inception related capital outlay
not budgeted
SBITA inception proceeds not budgeted
Interfund transfers in
Interfund transfers out
Advances budgeted as transfers
Unbudgeted funds
-
-
Net change in fund balance, GAAP basis
$ 451,171
$ 17,337
See accompanying independent auditors' report
114
Improvement Districts Fire Control Districts
(Budgetary Basis) (Budgetary Basis)
Budget Actual
Variance
$ 7,258,500 $
6,926,190 $
(332,310)
157,300
259,888
102,588
95,700
524,474
428,774
-
2,182
2,182
7,511,500
7,712,734
201,234
5,755,454
713,783
5,041,671
3,765,485
1,329,506
2,435,979
1,211,000
1,158,157
52843
2,000
1,872
128
7,762,013
1,570,174
6,191,839
18,495,952
4,773,492
13,722,460
26,007,452
12,486,226
13,923,694
2,000
2,000
-
29,260
29,260
1,183,400
1,275,300
91,900
(1,403,400)
(1,387,480)
15,920
(220,000)
(80,920)
139,080
25,787,452
12,405,306
14,062,774
17,339,274
16,676,548
(662,726)
$ 43,126,726 $
29,081,854 $
13,400,048
$ 2,858,322
329,042
(557,300)
557,300
$ 3,187,364
Budget Actual Variance
$ 1,710,600 $
1,660,581 $
(50,019)
1,000
19,274
18,274
(31,745)
1,679,855
1,711,600
3,845,092
3,642,202
202,890
3,845,092
3,642,202
202,890
5,556,692
5,322,057
171,145
2,134,271
2,143,466
9,195
(49,900)
(48,926)
974
2,084,371
2,094,540
10,169
7,641,063
7,416,597
181,314
493,000
198,249
(294,751)
$ 8,134, 663 $
7,614, 446 $
(113,437)
$ 132,193
11,300
$ 143,493
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, 2023
Lighting District
911
Enhancement Fee
(Budgetary Basis)
(Budgetary Basis)
Budget Actual Variance
Budget
Actual Variance
Revenues:
Taxes
$ 899,900 $ 867,735 $ (32,165) $
$ $
Licenses, permits and impact fees
- -
Intergovernmental
2,060,100
2,452,430
392,330
Charges for services
-
-
-
Fines and forfeitures
- - -
-
-
-
Interest earnings
2,500 28,465 25,965
11,000
45,353
34,353
Special assessments
- - -
-
-
-
Miscellaneous
- 39,650 39,650
-
-
-
Total revenues
902,400 935,850 33,450
2,071,100
2,497,783
426,683
Expenditures:
Current:
General government
- - -
-
-
-
Public safety
2,495,900
2,047,829
448,071
Physical environment
- - -
-
-
-
Transportation
904,200 854,903 49,297
Economic environment
- - -
Human services
Culture and recreation
Debt service
Capital outlay
- - -
-
-
-
Total expenditures
904,200 854,903 49,297
2,495,900
2,047,829
448,071
Excess (deficit) of revenues
over (under) expenditures
(1,800) 80,947 82,747
(424,800)
449,954
874,754
Other financing sources (uses):
Loansissued
-
-
-
Sale of capital assets
Insurance proceeds
- -
Transfers in
11,196 11,196
Transfers out
(27,500) (25,245) 2,255
Total other financing sources (uses)
(27,500) (14,049) 13,451
-
-
Net change in fund balances
(29,300) 66,898 96,198
(424,800)
449,954
874,754
Fund balances at beginning of year
683,700 783,161 99,461
2,244,500
1,058,939
(1,185,561)
Fund balances at end of year
$ 654,400 $ 850,059 $ 195,659 $
1,819,700
$ 1,508,893 $ (310,8071
Reconciliation:
Net change in fund balance, budgetary basis
$ 66,898
$ 449,954
Net change in fair value of investments
16,530
29,973
Change in inventory
-
-
SBITA inception related capital outlay not
budgeted
SBITA inception proceeds not budgeted
Interfund transfers in
Interfund transfers out
Advances budgeted as transfers
Unbudgeted funds
-
-
Net change in fund balance, GAAP basis
$ 83,428
$ 479, 227
See accompanying independent auditors' report
116
Tourist Development State Housing Initiativeship Partnership
(Budgetary Basis) (Budgetary Basis)
Budget Actual Variance Budget Actual Variance
$ 32,834,800 $
44,107,953 $
11,273,153 $
$
$
-
337,747
337,747
12,845,737
4,884,742
(7,960,995)
2,063,549
2,175,960
112,411
-
-
401,900
2,611,698
2,209,798
85,048
180,436
95,388
1,000
4,908
3,908
588,025
436,817
(151,208)
35,301,249
49,238,266
13,937,017
13,518,810
5,501,995
(8,016,815)
29,830,499
3,950,218
25,880,281
13, 518,810
1,320,701
12,198,109
32,064,532
18,101,657
13,962,875
4,000
3,800
200
17,147,702
16,082,392
1,065,310
-
-
-
79,046,733
38,138,067
40,908,666
13,518,810
1,320,701
12,198,109
(43,745,484)
11,100,199
54,845,683
-
4,181,294
4,181,294
3,838
3,838
6,604,600
6,605,369
769
(11,658,800)
(11,682,959)
(24,159)
(31,571)
(31,571)
(5,054,200)
(5,073,752)
(19,552)
(31,571)
(31,571)
(48,799,684)
6,026,447
54,826,131
4,149,723
4,149,723
97,120,629
118,004,455
20,883,826
5,414,270
5,414,270
$ 48,320,945 $
124,030,902 $
75,709,957 $
$
9,563,993 $
9,563,993
$ 6,026,447 $ 4,149,723
1,681,700 127,825
(10,969)
10,969
(3,080,100)
3,080,100
$ 7,708,147 $ 4,277,548
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, 2023
800 MHZ IRCP Fund State Court Administration
(Budgetary Basis) (Budgetary Basis)
Budget
Actual
Variance
Budget
Actual
Variance
Revenues:
Taxes $
$ $
$
$ $
Licenses, permits and impact fees
Intergovernmental
Charges for services
404,000
405,202
1,202
150,000
156,545
6,545
Fines and forfeitures
-
-
-
544,500
683,932
139,432
Interest earnings
1,000
20,533
19,533
500
25,441
24,941
Special assessments
-
-
-
-
-
-
Miscellaneous
134,000
164,034
30,034
-
-
-
Total revenues
539,000
589,769
50,769
695,000
865,918
170,918
Expenditures:
Current:
General government
-
-
-
1,412,200
1,085,585
326,615
Public safety
1,679,621
1,606,708
72,913
1,801,400
1,652,387
149,013
Physical environment
-
-
-
-
-
-
Transportation
Economic environment
Human services
Culture and recreation
-
-
-
Debt service
410,000
407,129
2,871
Capital outlay
185,099
152,960
32,139
-
-
-
Total expenditures
2,274,720
2,166,797
107,923
3,213,600
2,737,972
475,628
Excess (deficit) of revenues
over (under) expenditures
(1,735,720)
(1,577,028)
158,692
(2,518,600)
(1,872,054)
646,546
Other financing sources (uses):
Loansissued
-
-
Sale of capital assets
Insurance proceeds
-
-
-
-
-
-
Transfers in
1,433,360
1,438,067
4,707
2,350,900
2,351,386
486
Transfers out
-
-
-
(191,000)
(191,000)
-
Total other financing sources (uses)
1,433,360
1,438,067
4,707
2,159,900
2,160,386
486
Net change in fund balances
(302,360)
(138,961)
163,399
(358,700)
288,332
647,032
Fund balances at beginning of year
324,060
373,097
49,037
393,500
635,528
242,028
Fund balances at end of year $
21,700
$ 234,136 $
212,436
$ 34,800
$ 923,860 $
889,060
Reconciliation:
Net change in fund balance, budgetary basis
$ (138,961)
$ 288,332
Net change in fair value of investments
4,977
17,105
Change in inventory
-
-
SBITA inception related capital outlay not
budgeted
SBITA inception proceeds not budgeted
Interfund transfers in
(142,900)
Interfund transfers out
142,900
Advances budgeted as transfers
-
Unbudgeted funds
-
Net change in fund balance, GAAP basis
$ (133,984)
$ 305,437
See accompanying independent auditors' report
118
Confiscated Property GAC Land Sales, Roads and Canals
(Budgetary Basis) (Budgetary Basis)
Budget Actual Variance Budget Actual Variance
- 5,000 5,000 - -
2,700 12,600 9,900 13,900 52,137 38,237
- - - - 456,282 456,282
2,700 17,600 14,900 13,900 508,419 494,519
27,500 15,500 12,000
357,000 357,000
27,500 15,500 12,000 357,000 357,000
(24,800) 2,100 26,900 (343,100) 508,419 851,519
(24,800) 2,100 26,900 (343,100) 508,419 851,519
515,800 485,020 (30,780) 2,001,700 2,114,498 112,798
$ 991,000 $ 487,120 $ (3,880) $ 1,658,600 $ 2,622,917 $ 964,317
$ 2,100 $ 508,419
7,957 35,591
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, 2023
Utility Fee Conservation Collier
(Budgetary Basis) (Budgetary Basis)
Budget
Actual
Variance
Budget
Actual
Variance
Revenues:
Taxes $
115,000
$ 163,506 $
48,506
$ 30,577,600
$ 29,209,162 $
(1,368,438)
Licenses, permits and impact fees
-
-
-
-
-
Intergovernmental
-
-
-
-
Charges for services
100,000
100,000
18
18
Fines and forfeitures
-
-
-
-
-
-
Interest earnings
5,900
25,660
19,760
333,900
1,720,052
1,386,152
Special assessments
-
-
-
-
-
-
Miscellaneous
-
-
39,000
21,717
(17,283)
Total revenues
220,900
289,166
68,266
30,950,500
30,950,949
449
Expenditures:
Current:
General government
-
-
-
-
-
-
Public safety
-
-
-
-
-
-
Physical environment
389,400
308,084
81,316
2,111,196
1,636,170
475,026
Transportation
-
-
-
-
-
-
Economic environment
Human services
Culture and recreation
Debt service
-
-
-
Capital outlay
-
-
-
33,678,146
4,652,543
29,025,603
Total expenditures
389,400
308,084
81,316
35,789,342
6,288,713
29,500,629
Excess (deficit) of revenues
over (under) expenditures
(168,500)
(18,918)
149,582
(4,838,842)
24,662,236
29,501,078
Other financing sources (uses):
Loansissued
-
-
-
Sale of capital assets
Insurance proceeds
-
-
-
Transfers in
7,506,300
7,884,444
378,144
Transfers out
(8,600)
(8,600)
(8,437,100)
(8,350,591)
86,509
Total other financing sources (uses)
(8,600)
(8,600)
(930,800)
(466,147)
464,653
Net change in fund balances
(177,100)
(27,518)
149,582
(5,769,642)
24,196,089
29,965,731
Fund balances at beginning of year
1,114,700
1,125,803
11,103
48,166,542
47,222,186
(944,356)
Fund balances at end of year $
937,600
$ 1,098,285 $
160,685
$ 42,396,900
$ 71,418,275 $
29,021,375
Reconciliation:
Net change in fund balance, budgetary basis
$ (27,518)
$ 24,196,089
Net change in fair value of investments
15,765
1,122,936
Change in inventory
-
-
SBITA inception related capital outlay not
budgeted
SBITA inception proceeds not budgeted
Interfund transfers in
(7,506,300)
Interfund transfers out
7,506,300
Advances budgeted as transfers
-
Unbudgeted funds
-
Net change in fund balance, GAAP basis
$ (11,753)
$ 25,319,025
See accompanying independent auditors' report
120
Court Information Technology Court Services
(Budgetary Basis) (Budgetary Basis)
Budget Actual Variance Budget Actual Variance
-
-
482,185
623,719
141,534
1,000,000
830,108
(169,892)
6,534,607
7,720,668
1,186,061
4,200
39,817
35,617
15,000
141,599
126,599
7,031,792
8,485,986
1,454,194
1,004,200
869,925
(134,275)
1,381,800
1,127,588
254,212
7,479,292
8,906,199
(1,426,907)
26,700
8,861
17,839
-
-
60,600
38,494
22,106
30,000
12,162
17,838
1,499,100
1,187,105
311,995
7,479,292
8,906,199
(1,426,907)
(494,900)
(317,180)
177,720
(447,500)
(420,213)
27,287
245
245
447,500
420,213
(27,287)
245
245
447,500
420,213
(27,287)
(494,900)
(316,935)
177,965
-
-
1,481,800
1,620,267
138,467
$ 986,900 $
1,303,332 $
316,432 $
$
$
$ (316,935) $
25,020
$ R91,915) $
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, 2023
University Extension
Court Facilities Fee
(Budgetary Basis)
(Budgetary Basis)
Budget Actual Variance
Budget
Actual Variance
Revenues:
Taxes
$ $ $ $
$ $
Licenses, permits and impact fees
Intergovernmental
Charges for services
19,749 19,749
-
Fines and forfeitures
- - -
960,000
958,050
(1,950)
Interest earnings
400 471 71
35,000
227,370
192,370
Special assessments
- - -
-
-
-
Miscellaneous
- - -
-
-
-
Total revenues
400 20,220 19,820
995,000
1,185,420
190,420
Expenditures:
Current:
General government
- - -
5,664,071
52,314
5,611,757
Public safety
- - -
-
-
-
Physical environment
11,300 9,241 2,059
Transportation
- - -
Economic environment
Human services
Culture and recreation
Debt service
-
-
-
Capital outlay
- - -
1,163,584
10,600
1,152,984
Total expenditures
11,300 9,241 2,059
6,827,655
62,914
6,764,741
Excess (deficit) of revenues
over (under) expenditures
(10,900) 10,979 21,879
(5,832,655)
1,122,506
6,955,161
Other financing sources (uses):
Loansissued
- -
-
-
Sale of capital assets
Insurance proceeds
- -
Transfers in
5 5
Transfers out
- -
Total other financing sources (uses)
5 5
-
-
Net change in fund balances
(10,900) 10,984 21,884
(5,832,655)
1,122,506
6,955,161
Fund balances at beginning of year
21,300 14,434 (6,866)
8,956,655
8,620,369
(336,286)
Fund balances at end of year
$ 10,400 $ 25,418 $ 15,018 $
3,124,000
$ 9,742,875 $
6,618,875
Reconciliation:
Net change in fund balance, budgetary basis
$ 10,984
$ 1,122,506
Net change in fair value of investments
379
148,535
Change in inventory
-
-
SBITA inception related capital outlay not
budgeted
SBITA inception proceeds not budgeted
Interfund transfers in
Interfund transfers out
Advances budgeted as transfers
Unbudgeted funds
-
-
Net change in fund balance, GAAP basis
$ 11,363
$ 1,271,041
See accompanying independent auditors' report
122
Affordable Housing
Economic and Innovation Zones
(Budgetary Basis)
(Budgetary Basis)
Budget
Actual
Variance
Budget
Actual
Variance
$
$ $
$ 2,951,200
$ 2,951,200
$
31,150
31,150
35,800
35,800
16,100
187,167
171,067
66,950
66,950
2,967,300
3,138,367
171,067
1,598,976
146,638
1,452,338
2,408,000
5,040,273
(2,632,273)
1,598,976
146,638
1,452,338
2,408,000
5,040,273
(2,632,273)
(1,598,976)
(79,688)
1,519,288
559,300
(1,901,906)
(2,461,206)
781,700
781,700
2,000,000
(2,000,000)
781,700
781,700
-
2,000,000
(2,000,000)
(817,276)
702,012
1,519,288
2,559,300
(1,901,906)
(4,461,206)
825,576
826,172
596
5,537,800
5,293,751
(244,049)
$ 8,300
$ 1,528,184 $
1,519,884
$ 8,097,100
$ 3,391,845
$ (4,705,255)
$ 702,012
$ (1,901,906)
23,696
129,362
$ 725,708
$ (1,772,544)
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, 2023
Other Court Special Revenue Funds Other Public Safety Revenue Funds
(Budgetary Basis) (Budgetary Basis)
Budget
Actual
Variance
Budget
Actual
Variance
Revenues:
Taxes
$
$ $
$
$ $
Licenses, permits and impact fees
Intergovernmental
Charges for services
1,810,000
1,061,113
(748,887)
75,300
76,582
1,282
Fines and forfeitures
-
-
-
84,600
85,972
1,372
Interest earnings
17,200
304,282
287,082
6,800
35,777
28,977
Special assessments
-
-
-
-
-
-
Miscellaneous
-
-
-
Total revenues
1,827,200
1,365,395
(461,805)
166,700
198,331
31,631
Expenditures:
Current:
General government
3,361,900
3,062,663
299,237
-
-
-
Public safety
-
-
-
650,000
104,454
545,546
Physical environment
-
-
-
Transportation
Economic environment
Human services
Culture and recreation
-
-
-
Debt service
85,000
82,601
2,399
Capital outlay
1,243,074
-
1,243,074
-
-
-
Total expenditures
4,689,974
3,145,264
1,544,710
650,000
104,454
545,546
Excess (deficit) of revenues
over (under) expenditures
(2,862,774)
(1,779,869)
1,082,905
(483,300)
93,877
577,177
Other financing sources (uses):
Loansissued
-
-
-
Sale of capital assets
Insurance proceeds
Transfers in
Transfers out
Total other financing sources (uses)
-
-
Net change in fund balances
(2,862,774)
(1,779,869)
1,082,905
(483,300)
93,877
577,177
Fund balances at beginning of year
5,582,622
8,549,411
2,966,789
1,446,900
4,774,631
3,327,731
Fund balances at end of year
$ 2,7 99,848
$ 6,769,542 $
4,049,694
$ 963,600
$ 4,868,508 $
3,904,908
Reconciliation:
Net change in fund balance, budgetary basis
$ (1,779,869)
$ 93,877
Net change in fair value of investments
23,102
Change in inventory
-
SBITA inception related capital outlay not
budgeted
(239,762)
SBITA inception proceeds not budgeted
239,762
Interfund transfers in
-
Interfund transfers out
Advances budgeted as transfers
-
Unbudgeted funds
-
721,052
Net change in fund balance, GAAP basis
$ (1,779,869)
$ 838,031
See accompanying independent auditors' report
124
Other Public Safety Revenue Funds Resource Recovery Park Endowment
(Budgetary Basis) (Budgetary Basis)
Budget Actual Variance Budget Actual Variance
-
49,600
86,250
36,650
249,100
275,606
26,506
8,200
(8,200)
40,000
51,302
11,302
-
-
-
12,200
120,335
108,135
15,000
42,933
27,933
5,578,033
5,578,033
-
-
-
-
114,500
176,552
62,052
-
-
-
6,043,433
6,288,078
244,645
23,200
42,933
19,733
172,500
153,246
19,254
-
-
-
175,800
175,800
-
-
-
-
-
-
51,100
2,067
49,033
7,234,624
6,429,749
804,875
365,540
109,817
255,723
7,520
-
7,520
-
-
-
7,955,984
6,868,612
1,087,372
51,100
2,067
49,033
(1,912,551)
(580,534)
1,332,017
(27,900)
40,866
68,766
193,700
193,914
214
193,700
193,914
214
-
(1,718,851)
(386,620)
1,332,231
(27,900)
40,866
68,766
4,028,466
3,643,517
(384,949)
1,772,600
1,694,410
(78,190)
$ 2, 009,615
$ 3,256,897 $
947,282 $
1,744,700
$ 1,735,276 $ (9,424)
$ (386,620)
$ 40,866
56,111
27,315
$ (330,509)
$ 68,181
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, 2023
Pepper Ranch Conservation Bank Pooled Commercial Paper Program
(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 earnings 25,900 96,930 71,030
Special assessments - - -
Miscellaneous 41,200 41,200 -
Total revenues 67,100 138,130 71,030
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):
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
Net change in fair value of investments
Change in inventory
SBITA inception related capital outlay not
budgeted
SBITA inception proceeds not budgeted
Interfund transfers in
Interfund transfers out
Advances budgeted as transfers
Unbudgeted funds
Net change in fund balance, GAAP basis
See accompanying independent auditors' report
4
4
4
4
41,200 35,499 5,701
- 209,300 107,489 101,811
41,200 35,499 5,701 209,300 107,489 101,811
25,900 102,631 76,731 (209,300) (107,485) 101,815
4,046 4,046
209,300 105,600 (103,700)
- - 209,300 109,646 (99,654)
25,900 102,631 76,731 - 2,161 2,161
4,008,400 3,808,968 (199,432) 1,443 1,443
4,0 44,300 $ 3,911,599 $ (122,701) $ $ 3,604 $ 3,604
$ 102,631
61,662
126
Gas Tax Refunding Revenue Bonds
Forest Lakes Limited General Obligation Bonds
(Budgetary Basis)
(Budgetary Basis)
Budget
Actual Variance
Budget
Actual
Variance
2,000,000
2,216,900
216,900
1,000
103,991
102,991
400
(400)
2,001,000
2,320,891
319,891
400
(400)
13,277,900
13,264,577
13,323
13,277,900
13,264,577
13,323
-
-
(11,276,900)
(10,943,686)
333,214
400
(400)
11,300,000
11,300,000
-
-
-
(38,500)
(36,445)
2,055
11,300,000
11,300,000
-
(38,500)
(36,445)
2,055
23,100
356,314
333,214
(38,100)
(36,445)
1,655
1,319,400
1,338,399
18,999
38,100
36,445
(1,655)
$ 1,342,500
$ 1,694,713 $
352,213
$
$ $
$ 356,314 $ (36,445)
110,127
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, 2023
Special Obligation Refunding Revenue Bonds Tourist Development Tax Revenue Bonds
(Budgetary Basis) Obligation Bonds (Budgetary Basis)
Budget
Actual
Variance
Budget
Actual
Variance
Revenues:
Taxes $
$ $
$
$
$
Licenses, permits and impact fees
Intergovernmental
Charges for services
Fines and forfeitures
Interest earnings
5,900
313,747
307,847
5,000
36,475
31,475
Special assessments
-
-
-
-
-
-
Miscellaneous
-
-
-
-
-
Total revenues
5,900
313,747
307,847
5,000
36,475
31,475
Expenditures:
Current:
General government
-
-
-
-
-
-
Public safety
Physical environment
Transportation
Economic environment
Human services
Culture and recreation
-
-
-
-
-
-
Debt service
23,816,700
23,777,421
39,279
3,731,200
3,718,875
12,325
Capital outlay
-
-
-
-
-
Total expenditures
23,816,700
23,777,421
39,279
3,731,200
3,718,875
12,325
Excess (deficit) of revenues
over (under) expenditures
(23,810,800)
(23,463,674)
347,126
(3,726,200)
(3,682,400)
43,800
Other financing sources (uses):
Loansissued
-
-
Sale of capital assets
Insurance proceeds
-
-
-
-
Transfers in
23,750,000
23,750,000
3,730,300
3,730,300
Transfers out
-
-
-
-
Total other financing sources (uses)
23,750,000
23,750,000
3,730,300
3,730,300
-
Net change in fund balances
(60,800)
286,326
347,126
4,100
47,900
43,800
Fund balances at beginning of year
1,366,000
2,100,620
734,620
2,453,400
2,389,576
(63,824)
Fund balances at end of year $
1,305,200
$ 2,386,946 $
1,081,746
$ 2,457,500
$ 2,437,476
$ (20,024)
Reconciliation:
Net change in fund balance, budgetary basis
$ 286,326
$ 47,900
Net change in fair value of investments
31,318
37,698
Change in inventory
-
-
SBITA inception related capital outlay not
budgeted
SBITA inception proceeds not budgeted
Interfund transfers in
Interfund transfers out
Advances budgeted as transfers
Unbudgeted funds
-
-
Net change in fund balance, GAAP basis
$ 317,644
$ 85, 998
See accompanying independent auditors' report
128
County -Wide Capital Improvements Parks Improvements
(Budgetary Basis) (Budgetary Basis)
Budget Actual Variance Budget Actual Variance
-
-
-
590,000
624,426
34,426
887
887
-
-
-
130,000
1,594,034
1,464,034
115,000
647,692
532,692
-
48,157
48,157
-
404
404
130,000
1,643,078
1,513,078
705,000
1,272,522
567,522
22,876,885
7,870,567
15,006,318
-
-
-
5,952,031
793,181
5,158,850
95,799
37,100
58,699
106,067
97,849
8,218
9,861,942
2,739,269
7,122,673
90,000
90,000
-
-
-
-
41,467,472
4,490,311
36,977,161
14,665,270
4,686,022
9,979,248
70,588,254
13,379,008
57,209,246
24,527,212
7,425,291
17,101,921
(70,458,254)
(11,735,930)
58,722,324
(23,822,212)
(6,152,769)
17,669,443
-
-
-
69,325
69,325
-
75,968
75,968
154,090
13,050
(141,040)
51,421,100
52,541,234
1,120,134
6,405,800
6,012,728
(393,072)
(35,757,700)
(1,207,700)
34,550,000
(171,436)
(13,509)
157,927
15,663,400
51,409,502
35,746,102
6,388,454
6,081,594
(306,860)
(54,794,854)
39,673,572
94,468,426
(17,433,758)
(71,175)
17,362,583
55,601,804
52,147,383
(3,454,421)
25,650,489
23,902,968
(1,747,521)
$ 806,950 $
91,820,955 $
91,014,005
$ 8,216,731 $
23,831,793 $
15,615,062
$ 39,673,572 $ (71,175)
1,118,787 407,529
(89,975)
89,975
$ 40,792,359 $ 336,354
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, 2023
Revenues:
Taxes
Licenses, permits and impact fees
Intergovernmental
Charges for services
Fines and forfeitures
Interest earnings
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):
Loansissued
Sale of capital assets
Insurance proceeds
Transfers in
Transfers out
Total other financing sources (uses)
County -Wide Library Impact Fees Correctional Facilities Impact Fees
(Budgetary Basis) (Budgetary Basis)
Budget Actual Variance Budget Actual Variance
1,000,000
1,057,418
57,418
1,800,000
1,720,080
(79,920)
4,000
22,343
18,343
7,000
39,569
32,569
1,807,000
1,759,649
(47,351)
1,004,000
1,079,761
75,761
186,982
39,699
147,283
108,822
25,314
83,508
108,822
25,314
83,508
186,982
39,699
147,283
895,178
1,054,447
159,269
1,620,018
1,719,950
99,932
(1,116,400)
(1,116,400)
(2,317,100)
(2,317,100)
(1,116,400)
(1,116,400)
(2,317,100)
(2,317,100)
Net change in fund balances
(221,222)
(61,953)
159,269
(697,082)
(597,150)
99,932
Fund balances at beginning of year
285,622
563,946
278,324
2,206,082
2,038,575
(167,507)
Fund balances at end of year
$ 64,400 $
501,993 $
437,593 $
1,509,000 $
1,441,425
$ (67,575)
Reconciliation:
Net change in fund balance, budgetary basis
Net change in fair value of investments
Change in inventory
SBITA inception related capital outlay not
budgeted
SBITA inception proceeds not budgeted
Interfund transfers in
Interfund transfers out
Advances budgeted as transfers
Unbudgeted funds
Net change in fund balance, GAAP basis
See accompanying independent auditors' report
$ (61,953)
1 Z413
$ (49,540)
$ (597,150)
27,290
$ (569,860)
130
Emergency Medical Services Impact Fees Water Management
(Budgetary Basis) (Budgetary Basis)
Budget Actual Variance Budget Actual Variance
-
500,000
486,573
(13,427)
7,000
16,115
9,115
350,500
1,816,727
1,466,227
-
-
528,431
528,431
-
507,000
502,688
(4,312)
878,931
2,345,158
1,466,227
141,858
28,236
113,622
-
-
-
-
-
-
4,262,253
931,567
3,330,686
106,962
45,193
61,769
69,656,974
11,301,764
58,355,210
248,820
73,429
175,391
73,919,227
12,233,331
61,685,896
258,180
429,259
171,079
(73,040,296)
(9,888,173)
63,152,123
13,659,400
13,659,400
-
(638,000)
(638,000)
(11,345,401)
(369,826)
10,975,575
(638,000)
(638,000)
2,313,999
13,289,574
10,975,575
(379,820)
(208,741)
171,079
(70,726,297)
3,401,401
74,127,698
630,420
649,158
18,738
74,330,868
67,678,579
(6,652,289)
$ 550,600
$ 440,417 $
189,817 $
3,604,571
$ 71,079,980 $
67,475,409
$ (208,741)
$ 3,401,401
9,771
1,165,988
$ (198,970)
$ 4,567,389
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, 2023
Pelican Bay Capital Improvements Parks Impact Districts
(Budgetary Basis) (Budgetary Basis)
Budget
Actual
Variance
Budget
Actual
Variance
Revenues:
Taxes $
$ $
$ -
$ - $
Licenses, permits and impact fees
11,300,000
11,644,936
344,936
Intergovernmental
-
-
-
Charges for services
Fines and forfeitures
-
-
-
Interest earnings
10,100
215,822
205,722
209,000
1,257,010
1,048,010
Special assessments
1,785,900
1,721,813
(64,087)
-
-
-
Miscellaneous
-
-
-
-
-
-
Total revenues
1,796,000
1,937,635
141,635
11,509,000
12,901,946
1,392,946
Expenditures:
Current:
General government
-
-
-
-
-
-
Public safety
-
-
-
Physical environment
815,047
739,696
75,351
Transportation
-
-
-
Economic environment
Human services
-
-
-
Culture and recreation
261,543
44,149
217,394
Debt service
-
-
-
-
-
-
Capital outlay
12,861,463
3,412,715
9,448,748
49,614,218
950,366
48,663,852
Total expenditures
13,676,510
4,152,411
9,524,099
49,875,761
994,515
48,881,246
Excess (deficit) of revenues
over (under) expenditures
(11,880,510)
(2,214,776)
9,665,734
(38,366,761)
11,907,431
50,274,192
Other financing sources (uses):
Loans issued
5,500,000
1,495,954
(4,004,046)
-
-
Sale of capital assets
-
-
2,748
2,748
Insurance proceeds
-
-
-
-
-
Transfers in
917,700
942,479
24,779
Transfers out
(351,200)
(179,068)
172,132
(5,804,400)
(5,804,400)
-
Total other financing sources (uses)
6,066,500
2,259,365
(3,807,135)
(5,804,400)
(5,801,652)
2,748
Net change in fund balances
(5,814,010)
44,589
5,858,599
(44,171,161)
6,105,779
50,276,940
Fund balances at beginning of year
7,014,410
6,197,999
(816,411)
51,163,761
49,135,437
(2,028,324)
Fund balances at end of year $
1,200,400
$ 6,242,588 $
5,042,188
$ 6,992,600
$ 55,241,216 $
48,248,616
Reconciliation:
Net change in fund balance, budgetary basis
$ 44,589
$ 6,105,779
Net change in fair value of investments
127,170
841,017
Change in inventory
-
-
SBITA inception related capital outlay not
budgeted
SBITA inception proceeds not budgeted
Interfund transfers in
Interfund transfers out
Advances budgeted as transfers
Unbudgeted funds
-
-
Net change in fund balance, GAAP basis
$ 171, 559
$ 6,946,796
See accompanying independent auditors' report
132
Road Impact Districts Road Construction
(Budgetary Basis) (Budgetary Basis)
Budget Actual Variance Budget Actual Variance
$ - $ - $ - $ 16,291,800 $ 18,152,466 $ 1,860,666
19,100,000 27,199,424 8,099,424 - - -
- - - 4,211,300 4,985,600 774,300
93,221 134,529 41,308
457,000 3,077,541 2,620,541 230,000 1,446,215 1,216,215
- - - 120,649 1,050,405 929,756
19,557,000 30,276,965 10,719,965 20,946,970 25,769,215 4,822,245
9,467,837 447,883 9,019,954 13,558,196
9,250,087
4,308,109
- - - 210,000
202,085
7,915
92,616,780 14,524,664 78,092,116 74,655,495
4,401,354
70,254,141
102,084,617 14,972,547 87,112,070 88,423,691
13,853,526
74,570,165
(82,527,617) 15,304,418 97,832,035 (67,476,721) 11,915,689 79,392,410
76 76
-
14,425,900
14,428,915
3,015
(5,392,123)
(1,813,267)
3,578,856
(15,860,481)
(14,237,030)
1,623,451
(5,392,123)
(1,813,267)
3,578,856
(1,434,581)
191,961
1,626,542
(87,919,740)
13,491,151
101,410,891
(68,911,302)
12,107,650
81,018,952
117,884,654
111,938,706
(5,945,948)
81,402,968
50,354,261
(31,048,707)
$ 29,964,914 $
125,429,857 $
95,464,943 $
12,491,666 $
62,461,911 $
49,970,245
$ 13,491,151 $ 12,107,650
1,996,286 922,388
(984,079)
984,079
$ 15,487,437 $ 13,030,038
133
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, 2023
Government Facilities Impact Fees Law Enforcement Impact Fees
(Budgetary Basis) (Budgetary Basis)
Budget
Actual
Variance
Budget
Actual
Variance
Revenues:
Taxes $
-
$ - $
$
$ $
Licenses, permits and impact fees
3,200,000
3,202,378
2,378
2,000,000
1,921,643
(78,357)
Intergovernmental
-
-
-
-
-
Charges for services
Fines and forfeitures
-
-
-
-
-
-
Interest earnings
15,000
87,177
72,177
10,000
79,913
69,913
Special assessments
-
-
-
-
-
-
Miscellaneous
-
-
-
-
Total revenues
3,215,000
3,289,555
74,555
2,010,000
2,001,556
(8,444)
Expenditures:
Current:
General government
125,531
44,626
80,905
-
-
-
Public safety
-
-
-
154,716
40,599
114,117
Physical environment
-
-
-
Transportation
Economic environment
Human services
Culture and recreation
Debt service
-
-
Capital outlay
-
-
-
200
-
200
Total expenditures
125,531
44,626
80,905
154,916
40,599
114,317
Excess (deficit) of revenues
over (under) expenditures
3,089,469
3,244,929
155,460
1,855,084
1,960,957
105,873
Other financing sources (uses):
Loansissued
-
-
-
-
-
-
Sale of capital assets
Insurance proceeds
-
-
Transfers in
757,700
757,700
Transfers out
(4,799,400)
(4,799,400)
(1,721,400)
(1,721,400)
Total other financing sources (uses)
(4,041,700)
(4,041,700)
-
(1,721,400)
(1,721,400)
-
Net change in fund balances
(952,231)
(796,771)
155,460
133,684
239,557
105,873
Fund balances at beginning of year
3,919,331
3,914,124
(5,207)
2,746,016
2,957,071
211,055
Fund balances at end of year $
2,967,100
$ 3,117,353 $
150,253
$ 2,879,700
$ 3,196,628 $
316,928
Reconciliation:
Net change in fund balance, budgetary basis
$ (796,771)
$ 239,557
Net change in fair value of investments
58,815
52,452
Change in inventory
-
-
SBITA inception related capital outlay not
budgeted
SBITA inception proceeds not budgeted
Interfund transfers in
Interfund transfers out
Advances budgeted as transfers
Unbudgeted funds
-
-
Net change in fund balance, GAAP basis
$ (737,9561
$ 992,009
See accompanying independent auditors' report
134
All Terrain Vehicle Park Amateur Sports Complex
(Budgetary Basis) (Budgetary Basis)
Budget Actual Variance Budget Actual Variance
15,000 77,063 62,063 150,000 375,449 225,449
15,000 77,063 62,063 150,000 375,449 225,449
210,270 1,150 209,120 1,100,000 1,005,851 94,149
- - - 28,464,705 14,724,000 13,740,705
210,270 1,150 209,120 29,564,705 15,729,851 13,834,854
(195,270) 75,913 271,183 (29,414,705) (15,354,402) 14,060,303
11,629,323 9,195,767 (2,433,556)
- (2,234,948) (2,234,948)
11,629,323 6,960,819 (4,668,504)
(195,270) 75,913 271,183 (17,785,382) (8,393,583) 9,391,799
3,196,070 3,043,420 (152,650) 17,792,882 (1,505,033) (19,297,915)
$ 3,0 00,800 $ 3,119,333 $ 118,533 $ 7,500 $ (9,898,616) $ M 06,1161
$ 75,913 $ (8,393,583)
49,047 189,804
$ 124,960 $ 203,779)
135
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, 2023
Revenues:
Taxes
Licenses, permits and impact fees
Intergovernmental
Charges for services
Fines and forfeitures
Interest earnings
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):
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
Net change in fair value of investments
Change in inventory
SBITA inception related capital outlay not budgeted
SBITA inception proceeds not budgeted
Interfund transfers in
Interfund transfers out
Advances budgeted as transfers
Unbudgeted funds
Net change in fund balance, GAAP basis
See accompanying independent auditors' report
Other Capital Projects
(Budgetary Basis)
Budget Actual Variance
$ 15,900 $ 16,152 $ 252
8,000 20,827 12,827
6,800 310,297 303,497
30,700 347,276 316,576
50,509 50,509
71,518 71,518
414,552 174,153 240,399
11,716,357 12,713 11,703,644
12,252,936 186,866 12,066,070
(12,222,236) 160,410 12,382,646
311,300
351,066
39,766
(101,000)
(613)
100,387
210,300
350,453
140,153
(12,011,936)
510,863
12,522,799
12,502,635
12,082,258
(420,377)
$ 490,699 $
12,593,121 $
12,102,422
$ 510,863
195,674
$ 706,537
136
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.
137
COLLIER COUNTY, FLORIDA
COMBINING STATEMENT OF NET POSITION
NONMAJOR ENTERPRISE FUNDS
September 30, 2023
Total
Collier
Nonmajor
Airport
Area
Enterprise
Authority
Transit
Funds
ASSETS
Current assets:
Cash and investments
$ 7,145,283 $
2,512,614 $
9,657,897
Receivables:
Trade, net
4,567
17,005
21,572
Interest
9,561
4,789
14,350
Leases
204,245
-
204,245
Due from other funds
-
28,718
28,718
Due from other governments
2,182
1,080
3,262
Inventory
221,616
-
221,616
Prepaid costs
-
21,350
21,350
Restricted assets:
Cash and investments
41,213
285,392
326,605
Due from other governments
3,531
2,278,209
2,281,740
Total current assets
7,632,198
5,149,157
12,781,355
Noncurrent assets:
Receivables:
Leases
2,841,171
-
2,841,171
Capital assets:
Land and nondepreciable capital assets
1,993,887
7,614,627
9,608,514
Depreciable capital assets, net
47,663,104
18,839,497
66,502,601
Total noncurrent assets
52,498,162
26,454,124
78,952,286
Total assets
60,130,360
31,603,281
91,733,641
DEFERRED OUTFLOWS OF RESOURCES
Deferred outflows of resources related to OPEB
5,155
1,432
6,587
Deferred outflows of resources related to pensions
323,540
104,005
427,545
Total deferred outflows of resources
328,695
105,437
434,132
LIABILITIES
Current liabilities:
Accounts payable
275,728
916,688
1,192,416
Wages payable
80,758
28,280
109,038
Due to other governments
6,144
6,037
12,181
Unearned revenues
9,350
-
9,350
Compensated absences
85,222
29,117
114,339
Total OPEB Liability
4,283
1,190
5,473
Liabilities payable from restricted assets
Accounts payable
4,414
719,815
724,229
Due to other governments
-
130,960
130,960
Refundable deposits
9,826
100
9,926
Total current liabilities
475,725
1,832,187
2,307,912
Noncurrent liabilities:
Compensated absences
21,306
7,279
28,585
Total OPEB liability
61,496
17,082
78,578
Net pension liability
1,402,191
436,586
1,838,777
Total noncurrent liabilities
1,484,993
460,947
1,945,940
Total liabilities
1,960,718
2,293,134
4,253,852
DEFERRED INFLOWS OF RESOURCES
Deferred inflows of resources related to leases
2,985,150
-
2,985,150
Deferred inflows of resources related to OPEB
11,394
3,165
14,559
Deferred inflows of resources related to pensions
54,188
15,183
69,371
Total deferred inflows of resources
3,050,732
18,348
3,069,080
NET POSITION
Net investment in capital assets
49,652,577
26,411,517
76,064,094
Restricted for:
Grants and other purposes
30,504
1,755,333
1,785,837
Unrestricted
5,764,524
1,230,386
6,994,910
Total net position
LH5.447.605 S 29.397.236 S 84.844.841
See accompanying independent auditors' report
138
COLLIER COUNTY, FLORIDA
COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET
POSITION
NONMAJOR ENTERPRISE FUNDS
For The Fiscal Year Ended September 30, 2023
Operating revenues:
Charges for services
Miscellaneous
Total operating revenues
Operating expenses:
Personal services
General and administrative
Depreciation and amortization
Total operating expenditures
Operating loss
Non -operating revenues (expenses):
Operating grants and contributions
Interest earnings
Insurance reimbursement
Interest expense
Gain on disposal of capital assets
Total non -operating revenues (expenses)
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
$ 9,549,206 $ 1,047,666 $ 10,596,872
24,403 33,362 57,765
9,573,609 1,081,028 10,654,637
2,088,958 644,285 2,733,243
7,021,751 14,147,658 21,169,409
2,610,681 2,198,680 4,809,361
11,721,390 16,990,623 28,712,013
(2,147,781) (15,909,595) (18,057,376)
35,228 4,171,143 4,206,371
381,780 169,410 551,190
12,247 - 12,247
(15,665) (15,665)
26,921 - 26,921
440,511 4,340,553 4,781,064
(1,707,270) (11,569,042) (13,276,312)
312,082 5,152,421 5,464,503
230 5,660,180 5,660,410
(410,600) - (410,600)
(98,288) 10,812,601 10,714,313
(1,805,558) (756,441) (2,561,999)
57,253,163 30,153,677 87,406,840
$ 55, 447,605 $ 29,397,236 S 84,844,841
139
COLLIER COUNTY, FLORIDA
COMBINING STATEMENT OF CASH FLOWS
NONMAJOR ENTERPRISE FUNDS
For The Fiscal Year Ended September 30, 2023
Total
Collier
Nonmajor
Airport
Area
Enterprise
Authority
Transit
Funds
Cash flows from operating activities:
Cash received for services
$
9,564,522 $
1,080,260
$ 10,644,782
Cash payments for goods and services
(6,678,495)
(9,644,676)
(16,323,171)
Cash payments to employees
(1,697,938)
(559,888)
(2,257,826)
Cash payments for interfund services
(594,251)
(3,828,826)
(4,423,077)
Net cash provided by (used for) operating activities
593,838
(12,953,130)
(12,359,292)
Cash flows from non -capital financing activities:
Cash received from operating grants
53,095
5,864,578
5,917,673
Cash transfers from other funds
785,813
5,658,880
6,444,693
Cash transfers to other funds
(2,812,503)
-
(2,812,503)
Net cash provided by (used for) non -capital financing activities
(1,973,595)
11,523,458
9,549,863
Cash flows from capital and related financing activities:
Receipts from insurance reimbursements
12,247
-
12,247
Proceeds from disposal of capital assets
30,667
13,000
43,667
Proceeds from capital grants
1,141,549
4,502,887
5,644,436
Proceeds from leasing activities
202,097
-
202,097
Payments for capital acquisitions
(705,827)
(3,543,280)
(4,249,107)
Net cash provided by capital and related financing activities
680,733
972,607
1,653,340
Cash flows from investing activities:
Interest on investments
381,049
169,459
550,508
Net cash provided by investing activities
381,049
169,459
550,508
Net decrease in cash and investments
(317,975)
(287,606)
(605,581)
Cash and investments, October 1, 2022
$
7,504,471 $
3,085,612
$ 10,590,083
Cash and investments, September 30, 2023
$
7,1 66,496 $
2,798,006
$ 9,984,502
Cash and investments
$
7,145,283 $
2,512,614
$ 9,657,897
Cash and investments - restricted
41,213
285,392
326,605
Cash and investments, September 30, 2023
$
7,186,496 $
2,798,006
$ 9,984,502
Operating loss
$
(2,147,781) $
(15,909,595)
$ (18,057,376)
Adjustments to reconcile operating loss to net cash
provided by operating activities:
Depreciation expense
2,610,681
2,198,680
4,809,361
Net changes in assets and liabilities:
Trade receivable
(2,330)
(768)
(3,098)
Inventory
(36,023)
-
(36,023)
Prepaid costs
-
(21,350)
(21,350)
Accounts payable
17,625
695,506
713,131
Wages payable
14,537
2,394
16,931
Due to other governments
(524)
-
(524)
Compensated absences
(7,651)
5,537
(2,114)
Unearned revenue
(6,233)
-
(6,233)
Total OPEB liability
7,116
1,018
8,134
Deferred outflows of resources related to OPEB
(3,190)
(397)
(3,587)
Deferred inflows of resources related to OPEB
(2,836)
(1,313)
(4,149)
Net pension liability
474,853
91,869
566,722
Deferred outflows of resources related to pensions
(87,430)
(12,047)
(99,477)
Deferred inflows of resources related to pensions
(4,379)
(2,664)
(7,043)
Deferred inflows of resources related to leases
(232,597)
-
(232,597)
Total adjustments
2,741,619
2,956,465
5,698,084
Net cash provided by (used for) operating activities
$
593,838 $
(12,953,130)
$ (12,359,292)
Non -cash investing, capital and financing activities:
Change in fair value of investments
$
119,021 $
61,649
$ 180,670
Change in capital related grant receivable
(829,467)
649,534
(179,933)
Capital related accounts payable
4,414
42,607
47,021
See accompanying independent auditors' report
140
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.
141
COLLIER COUNTY, FLORIDA
COMBINING STATEMENT OF NET POSITION
INTERNAL SERVICE FUNDS
September 30, 2023
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:
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
Self-insurance claims payable
Compensated absences
Total OPEB Liability
Lease payable
SBITA liability
Total current liabilities
Noncurrent liabilities:
Self-insurance claims payable
Compensated absences
Lease payable
SBITA liability
Total OPEB liability
Net pension liability
Total noncurrent liabilities
Total liabilities
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
Sheriff's Motor Pool
Self- Self- Fleet Capital Information
Insurance Insurance Management Recovery Technology Total
$ 45,599,114 $ 17,554,268 $ 2,567,765 $ 22,252,607 $ 8,411,534 $ 96,385,288
1,162,830 547,615
5,428
- -
1,715,873
62,183 26,826
2,474
28,389 13,160
133,032
32,222 -
-
- -
32,222
313
251,459
3,597
255,369
-
711,884
-
711,884
4,433,498
-
- 2,058,996
6,492,494
51,290,160 18,128,709
3,539,010
22,280,996 10,487,287
105,726,162
1,494,605 7,355,058 8,713,568 4,888,805 22,452,036
1,494,605 7,355,058 8,713,568 4,888,805 22,452,036
52,784,765 18,128,709 10,894,068 30,994,564 15,376,092 128,178,198
4,582 8,591 286 12,027 25,486
364,753 615,650 16,065 1,031,003 2,027,471
369,335 624,241 16,351 1,043,030 2,052,957
1,196,670
506,703
349,984
442,886
2,496,243
89,080
167,306
4,437
259,967
520,790
5,023 -
32,224
-
-
37,247
27,652 108,195
-
135,847
7,853,455 3,804,000
-
-
-
11,657,455
83,145 -
133,370
850
287,662
505,027
3,808
7,139
238
9,995
21,180
3,335
-
-
-
3,335
146,973 -
-
-
129,660
276,633
9,409,141 3,912,195
846,742
355,509
1,130,170
15,653,757
2,416,047
-
-
-
2,416,047
20,786
33,343
213
71,915
126,257
280
-
-
-
280
1,187,993
-
-
130,102
1,318,095
54,662
102,493
3,416
143,490
304,061
1,505,542
2,609,087
72,052
4,217,507
8,404,188
5,185,310
2,744,923
75,681
4,563,014
12,568,928
14,594,451 3,912,195 3,591,665 431,190 5,693,184 28,222,685
10,128 18,991 633 26,587 56,339
49,198 93,778 3,074 133,061 279,111
59,326 112,769 3,707 159,648 335,450
156,024 - 7,355,058 8,363,584 4,597,159 20,471,825
38,344,299 14,216,514 458,817 22,212,434 5,969,131 81,201,195
$ 38,500,323 $ 14,216,514 $ 7,813,875 $ 30,576,018 $ 10,566,290 $ 101,673,020
142
COLLIER COUNTY, FLORIDA
COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
INTERNAL SERVICE FUNDS
For The Fiscal Year Ended September 30, 2023
Sheriff's Motor Pool
Self- Self- Fleet Capital Information
Insurance Insurance Management Recovery Technology Total
Operating revenues:
Charges for services $ 60,152,734 $ 32,509,201 $ 12,877,199 $ 4,536,800 $ 10,230,753 $ 120,306,687
Miscellaneous 1,419,788 - 37,777 - 504 1,458,069
Total operating revenues 61,572,522 32,509,201 12,914,976 4,536,800 10,231,257 121,764,756
Operating expenses:
Personal services
2,282,151
-
3,988,318
106,132
6,179,973
12,556,574
General and administrative
14,867,583
3,335,095
9,228,891
7,700
7,191,871
34,631,140
Insurance claims paid
46,964,472
28,477,848
-
-
-
75,442,320
Depreciation and amortization
230,940
-
642,383
1,979,217
1,296,083
4,148,623
Total operating expenditures
64,345,146
31,812,943
13,859,592
2,093,049
14,667,927
126,778,657
Operating income (loss)
(2,772,624)
696,258
(944,616)
2,443,751
(4,436,670)
(5,013,901)
Non -operating revenues (expenses):
Interest earnings
2,009,041
498,231 80,782 909,808
421,803
3,919,665
Insurance reimbursement
318,681
- - 35,527
-
354,208
Interest expense
(39,620)
- -
(903)
(40,523)
Gain on disposal of capital assets
148
- 28,500 416,900
1,594
447,142
Total non -operating revenues (expenses)
2,288,250
498,231 109,282 1,362,235
422,494
4,680,492
Income (loss) before contributions
and transfers
(484,374)
1,194,489
(835,334)
3,805,986
(4,014,176)
(333,409)
Transfers in
4,000,313
-
253,247
853,500
8,150,700
13,257,760
Transfers out
(76,600)
(113,400)
-
-
(190,000)
Total transfers and contributions
3,923,713
-
139,847
853,500
8,150,700
13,067,760
Changes in net position
3,439,339
1,194,489
(695,487)
4,659,486
4,136,524
12,734,351
Net position - beginning
35,060,984
13,022,025
8,509,362
25,916,532
6,429,766
88,938,669
Net position - ending
$ 38,500, 223 $
44,216,514 $
7,813,875 $
00,576,018 $
10,566,290 $
101,673,020
See accompanying independent auditors' report
143
COLLIER COUNTY, FLORIDA
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
For The Fiscal Year Ended September 30, 2023
Cash flows from operating activities:
Cash received from other funds for services
Cash received from other governments for services
Cash received from employees for services
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
Net cash provided by (used for) operating activities
Cash flows from non -capital financing activities:
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:
Receipts from insurance reimbursements
Proceeds from disposal of capital assets
Payments for capital acquisitions
Principal payments on leases
Principal payments on SBITA
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 in cash and investments
Cash and investments, October 1, 2022
Cash and investments, September 30, 2023
Sheriff's Motor Pool
Self- Self- Fleet Capital Information
Insurance Insurance Management Recovery Technology Total
$ 54,677,122 $
30,900,000 $
12,470,523 $
4,536,800 $
10,231,258 $
112,815,703
-
-
489,800
-
-
489,800
8,218,588
-
-
8,218,588
745,845
1,557,909
2,303,754
(2,037,794)
-
(2,037,794)
(14,123,435)
(3,284,319)
(8,841,580)
(8,907,704)
(35,157,038)
(47,346,448)
(28,438,299)
(75,784,747)
(1,889,766)
(3,233,871)
(75,161)
(5,126,742)
(10,325,540)
(781,340)
(347,134)
(7,700)
(363,095)
(1,499,269)
(2,537,228)
735,291
537,738
4,453,939
(4,166,283)
(976,543)
4,000,019
45,000
853,500
8,150,700
13,049,219
(76,619)
(113,400)
-
-
(190,019)
3,923,400
(68,400)
853,500
8,150,700
12,859,200
300,547
-
35,527
-
336,074
148
28,500
416,900
1,594
447,142
-
(108,655)
(1,947,524)
(2,639,059)
(4,695,238)
(3,284)
(3,284)
(172,730)
(129,222)
(301,952)
(39,620)
(903)
(40,523)
85,061
(80,155)
(1,495,097)
(2,767,590)
(4,257,781)
2,005,016 489,893 80,243 903,275 418,564 3,896,991
2,005,016 489,893 80,243 903,275 418,564 3,896,991
3,476,249 1,225,184 469,426 4,715,617 1,635,391 11,521,867
42,122,865 16,329,084 2,098,339 17,536,990 6,776,143 84,863,421
$ 45,599,114 $ 17,554,268 $ 2,567,765 $ 22,252,607 $ 8,411,534 $ 96,385,288
144
COLLIER COUNTY, FLORIDA
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
For The Fiscal Year Ended September 30, 2023
Sheriff's
Motor Pool
Self-
Self-
Fleet
Capital
Information
Insurance
Insurance
Management
Recovery
Technology
Total
Operating income (loss)
$ (2,772,624) $
696,258
$ (944,616) $
2,443,751
$ (4,436,670) $
(5,013,901)
Adjustments to reconcile operating income (loss) to net cash
provided by operating activities:
Depreciation and amortization expense
230,940
-
642,383
1,979,217
1,296,083
4,148,623
Net changes in assets and liabilities:
Trade receivable
(187,924)
(299,451)
(5,428)
-
-
(492,803)
Due from other funds
(32,222)
-
(32,222)
Due from other governments
50,775
50,775
Inventory
(77,161)
(77,161)
Prepaid costs
(2,356,563)
-
(1,993,496)
(4,350,059)
Accounts payable
347,541
120,198
(85,431)
382,308
Wages payable
20,348
34,536
4,437
40,155
99,476
Due to other governments
830
(2,860)
-
-
(2,030)
Compensated absences
(21,215)
-
1,166
1,001
73,699
54,651
Unearned revenue
(11,047)
(516)
-
-
-
(11,563)
Self-insurance claims payable
1,851,456
339,000
-
-
-
2,190,456
Total OPEB liability
13,610
-
19,912
203
15,454
49,179
Deferred outflows of resources related to OPEB
(1,634)
(3,504)
(90)
(2,443)
(7,671)
Deferred inflows of resources related to OPEB
(1,650)
(4,665)
(257)
(10,438)
(17,010)
Net pension liability
460,543
835,816
24,072
1,162,477
2,482,908
Deferred outflows of resources related to pensions
(79,136)
(136,507)
(1,056)
(208,056)
(424,755)
Deferred inflows of resources related to pensions
1,519
-
7,693
2,661
(17,617)
(5,744)
Total adjustments
235,396
39,033
1,482,354
Z010,188
270,387
4,037,358
Net cash provided by (used for) operating activities
$ (2,537,228) $
735,291
$ 537,738 $
4,453,939
$ (4,166,283) $ (976,543)
Non -cash investing, capital and financing activities:
Change in fair value of investments
$ 756,991 $
-
$ 36,227 $
354,694
$ 154,152 $
1,302,064
SBITA right -to -use assets acquired
1,507,696
-
-
388,984
1,896,680
Capital related accounts payable
-
-
349,984
31,884
381,868
See accompanying independent auditors' report
145
�O er aunty
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.
147
COLLIER COUNTY, FLORIDA
COMBINING STATEMENT OF FIDUCIARY NET POSITION
CUSTODIAL FUNDS
September 30, 2023
Clerk
Tax
of Courts Sheriff
Collector
Custodial Fund Custodial Fund
Custodial Fund Total
ASSETS
Cash and investments $ 24,851,118 $ 633,353
$ 5,174,552 $ 30,659,023
Trade receivable, net - 6,369
8,878 15,247
Due from other governments -
13,284 13,284
Total assets $ 24,851,118 $ 639,722 $ 5,196,714 $ 30,687,554
LIABILITIES
Due to other governments $ 5,640,054 $ 74,773 $ 5,047,009 $ 10,761,836
Due to individuals - 975 149,705 150,680
Total liabilities $ 5,640,054 $ 75,748 $ 5,196,714 $ 10,912,516
FIDUCIARY NET POSITION
Restricted for individuals and governments $ 19,211,064 $ 563,974 $ - $ 19,775,038
See accompanying independent auditors' report
148
COLLIER COUNTY, FLORIDA
COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
CUSTODIAL FUNDS
For The Fiscal Year Ended September 30, 2023
Clerk
Tax
of Courts
Sheriff
Collector
Custodial Fund
Custodial Fund
Custodial Fund
Total
ADDITIONS:
Contributions for individuals
$ 18,216,947
$ 3,911,897
$ - $
22,128,844
Fees collected for other governments
166,822,144
784,508
889,012,367
1,056,619,019
Miscellaneous
-
10,713
606,650
617,363
Total additions
185,039,091
4,707,118
889,619,017
1,079,365,226
DEDUCTIONS:
Beneficiary payments to individuals 17,568,732 3,906,256 - 21,474,988
Payment of fees to other governments 166,650,883 148,589 889,619,017 1,056,418,489
Payments to other entities - 389,506 - 389,506
Total deductions
184,219,615
4,444,351
889,619,017 1,078,282,983
Net increase in fiduciary net position
819,476
262,767
- 1,082,243
Fiduciary net position - beginning of year
18,391,588
301,207
18,692,795
Fiduciary net position - end of year
$ 19,211,064 $
563,974 $
$ 19,775,038
149
�O er aunty
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 forthe 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.
151
COLLIER COUNTY, FLORIDA
COMBINING STATEMENT OF NET POSITION
COMPONENT UNITS
September 30, 2023
Industrial Health Housing Educational
Development Facilities Finance Facilities
Authority Authority Authority Authority Total
ASSETS
Cash and investments $ 91,038 $ 47,417 $ 279,969 $ 65,652 $ 484,076
Total assets $ 91,038 $ 47,417 $ 279,969 $ 65,652 $ 484,076
NET POSITION
Unrestricted $ 91,038 $ 47,417 $ 279,969 $ 65,652 $ 484,076
Total Net Position $ 91,038 $ 47,417 $ 279,969 $ 65,652 $ 484,076
See accompanying independent auditors' report
152
COLLIER COUNTY, FLORIDA
COMBINING STATEMENT OF ACTIVITIES
COMPONENT UNITS
For The Fiscal Year Ended September 30, 2023
Program Revenues
Fees, Fines and Operating Grants
Functions/Programs Expenses Charges for Services and Contributions
Industrial Development Authority
Health Facilities Authority
Housing Finance Authority
Educational Facilities Authority
Total
See accompanying independent auditors' report
Net(Expense)
Revenue and Changes
in Net Position
Governmental
Activities
$ 32,675 $ $ $ (32,675)
6,175 (6,175)
10,175 (10,175)
11,185 65,000 53,815
$ 60,210 $ $ 65,000 $ 4,790
General revenues:
Miscellaneous revenue
Total general
revenues
Change in net position
Net position - beginning
Net position - ending
3,725
3,725
8,515
475,561
$ 484,076
153
�O er aunty
OTHER SUPPLEMENTAL INFORMATION
Schedule of receipts and expenditures of funds related to the Deepwater Horizon Oil Spill.
155
COLLIER COUNTY, FLORIDA
SCHEDULE OF RECEIPTS AND EXPENDITURES OF
FUNDS RELATED TO THE DEEPWATER HORIZON OIL SPILL
For The Fiscal Year Ended September 30, 2023
Amount
Amount
Received
Expended
in the
in the
2023
2023
Source Fiscal Year
Fiscal Year
British Petroleum:
Gulf Seafood and Tourism Promotional Fund S S
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 2023 fiscal
year.
156
STATISTICAL
SECTION
4M. y
�O er aunty
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....................................................................................................................................... 160
Changein Net Position............................................................................................................................................... 162
Governmental Activities Tax Revenues by Source.................................................................................................. 164
Fund Balances of Governmental Funds.................................................................................................................... 165
Changes in Fund Balances of Governmental Funds...............................................................................................166
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.......................................................................168
Property Tax Rates — All Direct and Overlapping Governments............................................................................170
PrincipalTaxpayers County-Wide.............................................................................................................................. 171
Property Tax Levies and Collections......................................................................................................................... 172
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.......................................................................................................................... 173
LegalDebt Margin Information.................................................................................................................................. 174
Direct, Overlapping and Underlapping Governmental Activities Debt...................................................................174
Pledged -Revenue Coverage....................................................................................................................................... 175
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.................................................................................................................... 176
PrincipalEmployers..................................................................................................................................................... 177
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...........................................................................178
Operating Indicators by Function.............................................................................................................................. 179
Capital Asset Statistics by Function......................................................................................................................... 180
Sources: Unless otherwise noted, the information in these schedules is derived from the annual comprehensive
financial reports for the relevant year.
159
COLLIER COUNTY, FLORIDA
NET POSITION BY COMPONENT
Last Ten Fiscal Years
(accrual basis of accounting)
(amounts expressed in thousands)
(unaudited)
Fiscal Year
2023 2022 2021
2020
2019
2018
Governmental Activities:
Net investment in capital assets
$
1,604,950 $ 1,509,272 $ 1,396,962 $
1,331,163
$ 1,302,980
$ 1,287,184
Restricted
932,472 782,820 660,442
559,050
478,719
362,045
Unrestricted
99,589 87,851 42,882
(23,652)
(32,158)
(29,328)
Total governmental activities net position
$
2,637,011 $ 2,379,943 $ 2,100,286 $
1,866,561
$ 1,749,541
$ 1,619,901
Business -type Activities:
Net investment in capital assets
$
882,904 $ 870,966 $ 846,257 $
818,092
$ 777,814
$ 763,259
Restricted
46,639 48,511 50,827
42,036
39,371
31,982
Unrestricted
296,239 240,180 241,239
215,623
205,756
143,198
Total business -type activities net position
$
1,225,782 $ 1,159,657 $ 1,138,323 $
1,075,751
$ 1,022,941
$ 938,439
Primary Government:
Net investment in capital assets
$
2,487,854 $ 2,380,238 $ 2,243,219 $
2,149,255
$ 2,080,794
$ 2,050,443
Restricted
979,111 831,331 711,269
601,086
518,090
394,027
Unrestricted
395,828 328,031 284,121
191,971
173,598
113,870
Total primary government net position
$
3,862,793 $ 3,539,600 $ 3,238,609 $
2,942,312
$ 2,772,482
$ 2,558,340
160
Fiscal Year
2017 2016 2015 2014
$ 1,257,685 $
1,225,520 $
1,217,176 $
1,207,751
336,922
327,968
298,360
223,526
(24,011)
2,478
13,109
169,633
$ 1,570,596 $
1,555,966 $
1,528,645 $
1,600,910
$ 741,912 $
723,000 $
714,239 $
705,065
32,619
35,760
31,511
29,749
168,602
169,287
165,128
185,420
$ 943,133 $
928,047 $
910,878 $
920,234
$ 1,999,597 $
1,948,520 $
1,931,415 $
1,912,816
369,541
363,728
329,871
253,275
144,591
171,765
178,237
355,053
$ 2,513,729 $
2,484,013 $
2,439,523 $
2,521,144
161
COLLIER COUNTY, FLORIDA
CHANGE IN NET POSITION
Last Ten Fiscal Years
(accrual basis of accounting)
(amounts expressed in thousands)
(unaudited)
Fiscal
Year
2023
2022
2021
2020
2019
2018
Expenses
Governmental activities:
General government
$ 179,599
$ 138,961
$ 129,810
$ 135,978
$ 134,018
$ 126,920
Public safety
330,024
274,244
237,435
266,736
254,341
223,177
Transportation
97,579
94,079
88,679
89,954
88,200
83,386
Culture and recreation
86,605
70,800
59,348
56,900
59,401
58,042
Other activities
117,725
97,039
114,798
54,967
52,500
64,822
Interest on long-term debt
10,320
10,818
14,601
12,321
13,223
9,736
Total governmental activities expenses
$ 821,852
$ 685,941
$ 644,671
$ 616,856
$ 601,683
$ 566,083
Business -type activities:
Water and Sewer
$ 190,639
$ 175,794
$ 166,035
$ 155,368
$ 153,602
$ 144,113
Solid Waste
85,475
51,071
51,896
49,158
47,529
106,823
Emergency Medical Services
43,838
41,626
27,782
33,761
34,871
32,275
Airport Authority
11,762
11,612
7,805
6,168
6,361
5,533
Mass Transit
17,200
14,766
13,638
13,716
13,090
12,680
Total business -type activities expenses
348,914
294,869
267,156
258,171
255,453
301,424
Total primary government expenses
S 1.170.766
S 980.810
S 111.827
S 775.027
$857.136
S 667.507
Program Revenues
Governmental activities:
Charges for services:
General government
$ 44,893
$ 46,133
$ 40,237
$ 39,204
$ 39,981
$ 37,703
Public safety
25,318
28,900
29,790
25,037
26,137
28,040
Transportation
1,532
1,700
1,897
1,425
1,206
2,111
Culture and recreation
10,483
10,015
7,617
5,055
7,808
7,886
Other activities
1,513
1,257
3,566
1,959
1,862
Z235
Operating Grants and Contributions
73,672
79,246
98,708
34,025
30,313
29,549
Capital Grants and Contributions
52,102
132,702
50,311
47,343
56,268
47,645
Total governmental activities program revenues
209,513
299,953
232,126
154,048
163,575
155,169
Business -type activities:
Charges for services:
Water and Sewer
$ 192,611
$ 177,260
$ 168,017
$ 162,702
$ 155,839
$ 145,757
Solid Waste
64,854
60,340
59,078
53,885
51,928
50,449
Emergency Medical Services
15,570
18,491
14,206
13,069
13,854
12,836
Airport Authority
9,498
9,633
7,242
4,959
4,639
3,951
Mass Transit
1,081
1,140
1,086
978
1,203
1,129
Operating Grants and Contributions
42,508
8,172
26,394
11,548
46,592
16,426
Capital Grants and Contributions
47,787
48,197
42,974
42,099
37,888
38,670
Total business -type activities program revenues
373,909
323,233
318,997
289,240
311,943
269,218
Total primary government program revenues
583,422
623,186
551,123
443,288
475,518
424,387
Net (expense)/revenue:
Governmental activities
(612,339)
(385,988)
(412,545)
(462,808)
(438,108)
(410,914)
Business -type activities
24,995
28,364
51,841
31,069
56,490
(32,206)
Total primary government net expense
S (587,344)
S (357.624)
S (360.704)
S (431.739)
S (381.618)
S (443.120)
General Revenues and Other Changes in Net Position
Governmental Activities:
Taxes:
Property taxes
$ 518,877
$ 447,901
$ 400,607
$ 376,140
$ 356,099
$ 337,447
Gas taxes
24,846
24,196
22,920
21,005
24,485
22,749
Sales taxes
68,746
65,043
55,732
45,228
49,550
44,093
Infrastructure sales tax
124,563
120,376
99,588
81,735
60,787
-
Tourist taxes
44,108
47,470
36,192
26,062
31,653
27,962
Other taxes
6,690
6,658
6,289
6,438
7,140
6,914
State revenue sharing
18,831
17,758
13,776
12,343
13,194
12,564
Interest earnings
62,110
(55,942)
1,639
14,336
24,113
6,857
Miscellaneous
18,892
7,899
18,407
11,523
17,594
18,121
Transfers, net
(18,257)
(15,714)
(8,880)
(15,020)
(16,837)
(16,487)
Total governmental activities
$ 869,406
S 665,645
$ 646270
$ 579,790
$ 567778
$ 460220
Business -type Activities:
Interest earnings
$ 21,606
$ (22,905)
$ 394
$ 5,870
$ 9,699
$ Z602
Miscellaneous
1,266
161
1,457
851
1,476
8,423
Transfers, net
18,257
15,714
8,880
15,020
16,837
16,487
Total business -type activities
41,129
(7,030)
10,731
21,741
28,012
27,512
Total primary government
S 110,535
S 658.615
S 557.001
S 001,531
S 595.790
S 487.732
Change in Net Position
Governmental activities
$ 257,067
$ 279,657
$ 233,725
$ 116,982
$ 129,670
$ 49,306
Business -type activities
66,124
21,334
62,572
52,810
84,502
(4,694)
Total primary government
S 323,191
$ 300,991
$ 296,297
S 169,792
$ 214,172
S 44,612
162
Fiscal Year
2017 2016 2015 2014
$ 108,388 $
104,188 $
93,644 $
92,176
225,360
205,347
174,874
177,267
75,589
70,560
70,296
71,623
51,889
49,526
45,117
41,630
41,899
48,256
45,621
39,171
11,294
1 Z077
12,912
12,674
$ 514,419 $
489,954 $
442,464 $
434,541
$ 144,850 $
130,792 $
122,858 $
112,643
43,664
39,271
36,411
33,787
28,644
26,529
24,094
23,208
4,905
4,402
4,771
3,764
11,354
11,333
10,416
10,306
233,417
21 Z327
198,550
183,708
S 747.836 S
702,281 S
641,014 S
618,249
$ 33,377 $
35,184 $
34,240 $
34,662
24,240
25,276
25,227
21,765
2,024
4,880
1,094
959
8,192
8,393
8,685
7,943
1,467
1,230
4,237
2,661
26,539
26,387
35,521
31,444
38,124
36,818
29,986
28,945
133,963
138,168
138,990
128,379
$ 135,045 $
123,856 $
116,645 $
107,924
45,209
41,918
39,121
35,368
11,812
13,161
12,327
9,922
3,734
3,073
3,350
2,589
1,267
1,225
1,719
1,641
5,025
4,435
5,142
3,077
26,993
25,367
21,165
30,662
229,085
213,035
199,469
191,183
363,048
351,203
338,459
319,562
(380,456)
(351,786)
(303,474)
(306,162)
(4,332)
708
919
7,475
S (384,788) S
(351.078) S
(302,555) S
(298.687)
$ 312,633 $ 281,136 $ 259,779 $ 244,404
21,799 20,478 19,547 18,556
41,799 40,659 38,573 35,786
21,961
21,838
21,188
19,137
7,478
7,280
7,322
7,840
11,602
11,100
10,589
9,657
3,574
4,891
5,069
2,599
9,714
5,976
17,510
13,333
(14,793)
(14,250)
(14,192)
(13,185)
$ 415,767 $
379108 $
365,385 $
338,127
$ 1,379 $
2,011 $
Z209 $
1,301
126
200
94
68
14,793
14,250
14,192
13,184
16,298
16,461
16,495
14,553
S 432.065 S
395,569 S
381,880 S
352,680
$ 35,311 $ 27,322 $ 61,911 $ 31,965
11,966 17,169 17,414 22,028
S 47,277 S 44,491 S 79,325 S 53,993
163
COLLIER COUNTY, FLORIDA
GOVERNMENTAL ACTIVITIES TAX REVENUES BY SOURCE
Last Ten Fiscal Years
(amounts expressed in thousands)
(unaudited)
Fiscal
Property
Gas
Sales
Infrastructure
Tourist
Other
Year
Tax
Tax
Tax
Sales Tax
Tax
Taxes
Total
2014
$ 244,404 $
18,556 $
35,786 $
$
19,137 $
7,840 $
325,723
2015
259,779
19,547
38,573
21,188
7,322
346,409
2016
281,136
20,478
40,659
21,838
7,280
371,391
2017
312,633
21,799
41,799
21,961
7,478
405,670
2018
337,447
22,749
44,093
27,962
6,914
439,165
2019
356,099
24,485
49,550
60,787
31,653
7,140
529,714
2020
376,140
21,005
45,228
81,735
26,062
6,438
556,608
2021
400,607
22,920
55,732
99,588
36,192
6,289
621,328
2022
447,901
24,196
65,043
120,376
47,470
6,658
711,644
2023
518,877
24,846
68,746
124,563
44,108
6,690
787,830
164
COLLIER COUNTY, FLORIDA
FUND BALANCES OF GOVERNMENTAL FUNDS
Last Ten Fiscal Years
(modified accrual basis of accounting)
(amounts expressed in thousands)
(unaudited)
Fiscal Year
2023
2022
2021
2020
2019
2018
2017
2016
2015
2014
General fund
Nonspendable
$ 5,189 $
3,811 $
2,785 $
2,779 $
2,383 $
2,645 $
3,386 $
3,675 $
3,546 $
19,843
Restricted
76
197
580
1,087
461
306
2,440
264
345
125
Assigned
29,293
35,243
12,281
11,664
1,115
1,736
1,598
1,674
1,299
850
Unassigned
129,010
114,549
117,116
104,299
103,707
77,342
54,805
53,961
55,002
57,781
Total general fund
$ 163,568 $
1 33,800 $
332,762 $
119,829 $
007,666 $
22,029 $
62,229 $
59,574 $
00,192 $
88,599
All other governmental funds
Nonspendable
$ 7,198 $
6,993 $
6,623 $
3,490 $
2,887 $
8,135 $
2,385 $
3,055 $
3,112 $
53,544
Restricted
964,567
822,398
722,297
560,480
522,311
354,514
328,447
324,334
293,281
242,981
Committed
58,730
48,432
44,582
41,517
40,355
34,788
32,759
26,069
25,663
27,349
Assigned
161,986
110,481
84,392
52,613
31,977
21,129
33,822
28,644
30,800
28,391
Unassigned
(21,285)
(1,636)
-
-
-
(246)
-
(89)
(514)
(62,085)
Total all other
governmental funds $ 1,1 11,196 $ 986,668 $ 857,894 $ 558,100 $ 997,530 $ 4 88,320 $ 997,413 $ 3 22,013 $ 3 22,342 $ 2 00,180
165
COLLIER COUNTY, FLORIDA
CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
Last Ten Fiscal Years
(modified accrual basis of accounting)
(amounts expressed in thousands)
Fiscal Year
2023 2022 2021
2020
2019
2018
Revenues:
Taxes
$ 710,628 $ 637,798 $ 556,387 $
503,593 $
471,127 $
386,814
Licenses, permits and impact
fees 74,882 87,077 79,468
68,989
78,182
75,102
Intergovernmental
155,490 159,873 174,230
96,684
100,191
92,206
Charges for services
43,598 44,586 38,570
34,959
37,255
36,981
Fines and forfeitures
2,705 2,498 2,567
2,334
2,491
2,375
Interest earnings
58,191 (51,856) 1,575
13,178
22,046
6,133
Special assessments
12,026 15,228 5,610
5,619
7,452
4,789
Miscellaneous
5,719 6,454 11,851
6,799
5,566
4,527
Total revenues
1,063,239 901,658 870,258
732,155
724,310
608,927
Expenditures:
Current:
General government
140,034
118,232
109,729
108,008
103,445
101,198
Public safety
269,511
247,700
226,655
219,808
213,829
198,097
Physical environment
40,098
25,747
21,050
20,986
23,728
31,994
Transportation
58,366
59,272
53,788
53,316
45,245
45,904
Economic environment
42,700
40,858
13,824
9,395
8,378
9,942
Human services
25,028
25,208
77,191
20,242
17,005
15,849
Culture and recreation
64,120
56,473
49,493
46,246
48,793
47,671
Debt service:
Principal
32,456
28,761
31,084
26,507
23,127
21,864
Interest
10,914
13,519
13,151
12,731
11,521
10,165
Redemption of debt
-
-
10,000
-
-
-
Other fiscal charges
10
171
1,084
21
801
128
Capital outlay
177,660
127,836
164,344
129,056
107,881
82,871
Total expenditures
860,897
743,777
771,393
646,316
603,753
565,683
Excess of revenues over expenditures
202,342
157,881
98,865
85,839
120,557
43,244
Other financing sources (uses):
Bonds issued
-
-
99,175
62,965
-
Loans issued
1,500
1,000
-
28,060
12,000
Refunding loans issued
-
108,425
-
-
43,713
Premiums on bonds issued
-
16,925
3,238
-
Discount on loans issued
(189)
-
-
Payment to refunding escrow
-
(108,044)
-
-
(44,525)
Leases
237
865
2,658
358
Subscription based information technology
arrangements
7,414
-
-
-
-
-
Sale of capital assets
1,219
4,662
337
712
376
1,065
Insurance proceeds
12,834
842
4,157
2,104
6,416
3,762
Transfers in
205,310
185,203
236,502
144,991
140,633
114,358
Transfers out
(236,560)
(200,834)
(246,785)
(161,271)
(157,399)
(132,910)
Total other financing sources (uses)
(8,046)
(8,070)
112,969
(13,106)
84,289
(2,537)
Net change in fund balances $
194,296 $
149,811 $
211,834 $
72,733 $
204,846 $
40,707
Debt service as a percentage of noncapital
expenditures
6.35°i
6.86%
7.41°i
7.59%
6.99°i
6.63%
166
Fiscal Year
2017 2016 2015 2014
$ 355,885 $
322,915 $
300,341 $
282,315
59,217
61,033
51,319
40,631
86,656
83,949
92,818
89,392
34,008
38,362
37,172
35,149
2,263
2,708
2,866
3,252
3,233
4,440
4,606
2,393
4,350
3,746
3,132
2,922
8,705
6,600
16,063
11,553
554,317 523,753 508,317 467,607
89,193
84,599
78,147
73,739
197,762
177,375
167,788
163,169
12,465
15,283
16,157
11,276
41,003
36,011
36,992
38,789
8,199
11,061
9,159
9,265
15,058
14,038
13,151
12,367
42,889
40,886
37,523
34,114
21,439
20,743
20,039
18,510
11,908
12,713
13,555
14,177
5,588
-
-
-
48
19
21
173
80,495
67,198
62,186
63,613
526,047
479,926
454,718
441,278
28,270
43,827
53,599
26,329
5,293 89,780
(89,622)
1,915
155
306
595
314
339
796
379
316
117,833
121,654
196,026
97,854
(133,834)
(137,530)
(208,760)
(110,052)
(10,214)
(14,774)
(9,845)
(11,410)
$ 18,056 $
29,053 $
43,754 $
14,919
7.58% 8.11% 8.56% 8.66%
167
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
Agricultural
September 30
Property
Property
Other Property
Property
Property
2014
$ 57,656,527 $
3,912,768 $
4,523,093 $
629,143 $
266,888
2015
61,457,718
4,082,445
4,692,490
651,646
268,161
2016
66,559,709
4,377,974
5,067,190
682,762
282,725
2017
73,334,846
4,681,110
5,252,880
763,216
282,376
2018
79,459,537
5,047,802
5,438,701
841,128
280,507
2019
83,819,751
5,360,190
5,681,034
923,980
283,625
2020
87,951,024
6,001,743
5,936,391
1,073,086
282,370
2021
93,113,447
6,691,606
6,257,252
1,195,303
276,441
2022
98,746,606
6,636,506
6,516,129
1,274,347
292,672
2023
114,910,903
7,662,665
7,158,582
1,469,083
297,269
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.
(') The basis of assessed value required by the state is 100 i of actual value including tax exemptions.
Source:
Property Appraiser Recapitulation Report
Personal
Property
$ 2,200,895
2,186,145
2,353,841
2,342,953
2,448,008
2,534,892
2,619,748
2,755,010
2,835,230
3,052,293
168
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 Value0)
$ 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%
193
11,622,676
104,679,007
4.4407
116,301,683
100%
200
12,400,782
122,150,213
4.4391
134,550,995
100%
169
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
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
2022
3.5645
0.8761
0.0000
0.0001
4.4407
4.8890
1.2155
10.1152
2023
3.5645
0.8745
0.0000
0.0001
4.4391
4.4590
1.1988
10.0969
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
170
COLLIER COUNTY, FLORIDA
PRINCIPAL TAXPAYERS COUNTY -WIDE
2023 TAX ROLL
(unaudited)
2023
Property
Taxes
Owner/Taxpayer
Levied
Siena Lakes, LLC
$ 1,808,904
The Moorings, Inc.
1,526,495
WSR-NB, LLC
1,481,360
Naples Beach Club Land Trust 1
1,469,319
Marco Hotel, LLC
1,373,795
PR Mercato, LLP
1,370,978
Pearl at Founders Sq, LLC
1,280,693
HHR Naples, LLC
1,137,629
Naples Beach Club Land Trust 1
1,127,813
SD Livingston, LLC
1,044,785
Florida Power & Light Company
-
Century Link
Lee County Electric
Naples HMA, Inc.
Wal-Mart Stores East, LP
Coastland Center Joint Venture
-
Total
$ 13,621,771
Total Property Taxes Levied - County -Wide
$ 1,423,612,295
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
2014
Percent of
Total
Taxes Levied
Property
Taxes
Levied
Rank
Percent of
Total
Taxes Levied
0.13%
$
-
0.11 %
1,083,753
3
0.15%
0.10%
-
0.00%
0.10%
-
0.00%
0.10%
972,845
4
0.14%
0.10%
729,373
8
0.10%
0.09%
-
0.00%
0.08%
1,476,622
2
0.21%
0.08 %
-
0.00%
0.07%
-
0.00%
0.00%
3,200,226
1
0.44%
0.00%
912,077
5
0.13%
0.00%
908,657
6
0.13%
0.00%
760,708
7
0.11 %
0.00%
720,495
9
0.10%
0.00%
685,444
10
0.10%
0.96%
$
11,450,200
1.61 %
$
719,514,055
171
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 YearM Amount Percentage of Levy Per Person
2014
336,783 $
252,323 $
243,084
96.5% $
749
2015
343,802
268,604
259,121
96.5%
781
2016
350,202
291,369
281,114
96.4%
832
2017
357,470
324,123
312,507
96.4%
907
2018
367,347
349,928
337,361
96.4%
953
2019
376,706
369,257
356,075
96.4%
980
2020
375,752
390,115
376,086
96.4%
1,038
2021
382,680
415,635
400,531
96.4%
1,086
2022
390,912
464,860
447,901
96.4%
1,189
2023
399,480
542,294
518,859
95.7%
1,357
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, 2023.
Sources:
(') https://www.bebr.ufl.edu/population/population-data-archive/
(I) Property Appraiser Recapitulation Report
172
COLLIER COUNTY, FLORIDA
RATIOS OF OUTSTANDING DEBT BY TYPE
Last Ten Fiscal Years
(amounts expressed in thousands)
(unaudited)
Governmental Activities
Fiscal
Year
Limited General
Obligation
Bonds')
Direct
Placement
Revenue Loans and
BondsM Notes Payable
Other Loans,
Leases
and SBITA(1)
2014
$ 4,223 $
277,885 $
96,861
$ 23
2015
3,369
259,563
95,116
151
2016
2,941
246,135
87,360
93
2017
2,499
232,147
79,227
31
2018
2,037
175,975
102,930
23
2019
1,560
226,896
145,952
15
2020
1,063
209,822
136,549
7,31
2021
-
309,856
111,582
7,42
2022
178,680
208,979
8,30
2023
169,849
186,388
16,83
(') Amounts include the unamortized premium or discount
Business -type Activities
Direct
Placement Other Loans,
Total
Percentage
Revenue
Loans and
Leases
Primary
of Personal
Per
BondsM Notes
Payable(') and SBITA(1) Government
Income(2)
Capita(1)
$ 78,470 $
17,100 $
114,235 $
589,004
2.47% $
1,749
60,976
28,714
105,549
554,806
2.05%
1,614
59,954
24,727
96,954
519,008
1.74%
1,482
59,351
108,278
931
482,749
1.53%
1,350
58,748
129,141
587
469,654
1.38%
1,278
139,382
113,576
239
627,758
1.65%
1,666
138,524
98,165
957
592,391
1.44%
1,577
297,456
82,476
703
809,498
1.91 %
2,115
293,299
67,624
677
757,568
1.66%
1,938
233,355
106,030
1,233
713,687
1.37%
1,787
(1) 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 and GASB Statement 96, Subscription -Based Information Technology Arrangements in the
2023 fiscal year.
(4) Does not include private development note payable.
173
COLLIER COUNTY, FLORIDA
LEGAL DEBT MARGIN INFORMATION
As Of September 30, 2023
(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, 2023
(unaudited)
Estimated Estimated
Percentage Share of
Debt Applicable Based Overlapping
Outstanding on Population (1) Debt
Direct Debt:
Governmental Activities
Special Obligation Revenue Bonds (1)(3)
$ 108,580,664
Tourist Development Tax Revenue Bonds
61,268,636
Direct Placement Loans and Notes Payable
186,388,264
Leases, SBITA and Other Loans (3)
16,593,116
Total Governmental Activities Direct Debt
372,830,680
Overlapping Debt:
N/A
-
Underlying Debt:
City of Naples (°)
1,787,391
City of Marco Island (5)
16,731,482
City of Everglades (6)
-
Subtotal, Underlying Debt
18,518,873
Total Direct, Overlapping and Underlying Debt $
391,349,553
(') Amounts include the unamortized premium or discount.
(2) Population numbers obtained from University of Florida Bureau of Economic and Business Research.
Totals consist of more than one issuance.
�0 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.
100.00% $
108,580,664
100.00%
61,268,636
100.00 %
186,388,264
100.00%
16,593,116
372,830,680
0.00%
4.83°i
86,331
4.05%
677,625
0.09 i
-
8.97°i
763,956
$ 373,594,636
174
COLLIER COUNTY, FLORIDA
PLEDGED -REVENUE COVERAGE
Last Ten Fiscal Years
(amounts expressed in thousands)
(unaudited)
Governmental Activities:
Gas Tax Bonds and Direct Placement Loans
Special Obligation Bonds and Direct Placement LoansM
Legally
Available
Gas
Non -Ad
Fiscal
Tax
Debt Service
Valorem
Debt Service
Year
Collections
Principal Interest
CoverageM
Collections(')
Principal Interest
CoverageM
2014
$ 18,556 $
8,040 $
4,018
1.54 $
91,043
$ 9,145 $
9,674
4.84
2015
19,547
9,440
3,697
1.49
102,375
8,885
9,426
5.59
2016
20,478
9,900
3,242
1.56
107,268
9,280
9,020
5.86
2017
21,799
10,195
2,939
1.66
108,577
9,705
8,591
5.93
2018
22,749
10,510
2,737
1.72
118,725
10,258
7,012
6.87
2019
22,709
10,830
2,542
1.70
125,162
10,865
7,191
6.93
2020
21,005
11,170
2,178
1.57
124,638
11,362
7,244
6.70
2021
22,920
11,515
1,802
1.72
129,594
11,841
8,458
6.38
2022
24,196
11,875
1,413
1.82
152,914
14,798
9,354
6.33
2023
24,776
12,215
1,046
1.87
165,483
16,885
6,887
6.96
Business -type Activities:
Water and Sewer Revenue Bonds and Direct Placement Loans
Water/ Sewer
Less: Net
Fiscal Charges
Operating Available Debt Service
Year and Other()
ExpensesM Revenue Principal Interest Coverage (1)
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
2022 160,302
113,392 46,910 9,016 10,959 2.35
2023 209,447
125,794 83,653 5,610 10,851 5.08
Gas Tax Collections divided by annual total debt service requirements for the respective fiscal year.
ts� 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
are averaged over two fiscal years.
(3) Legally Available Non -Ad Valorem Collections divided by annual total debt service requirements for the respective fiscal year. Current year collections are $168,095,843.
(°) Operating revenues plus other income; certain interest earnings, gain on disposal of assets, capital grants and contributions and transfers in are not included.
(1) Total operating expenses, excluding depreciation and amortization; loss on disposal of assets, interest expense and transfers out are not included.
(1) Net available revenue divided by annual
total senior lien debt service requirements for the County Water and Sewer District. Coverage must be at least 1.00.
175
COLLIER COUNTY, FLORIDA
DEMOGRAPHIC AND ECONOMIC STATISTICS
Last Ten Fiscal Years
(unaudited)
Fiscal
Year
Population(')
Personal
Income()
Per Capita
Personal
Income
Median
Age(')
School
Enrollment()
Unemployment
Rate(5)
2014
336,783
$ 23,834,645,000
$70,772
47.6
44,415
6.3%
2015
343,802
27,082,008,000
78,772
48
45,228
5.2%
2016
350,202
29,889,525,000
85,349
48.5
47,289
4.9%
2017
357,470
31,512,180,000
88,153
49.2
49,394
3.6%
2018
367,347
33,958,713,000
92,443
49.7
47,934
3.3%
2019
376,706
38,058,323,000
101,029
50.3
48,441
3.2%
2020
375,752
41,014,314,000
109,153
50.8
47,048
5.7%
2021
382,680
42,413,331,000
110,832
51.3
48,838
3.6%
2022
390,912
45,539,558,000
116,496
51.5
49,692
2.8%
2023
399,480
52,200,912,000
130,672
52.2
49,662
3.3%
Sources:
rid OF BEBR Florida Estimates of Population 2023
fred stlouisfed.org/series/PI12021
fred.stlouisfed.ora/series/B01002001E012021
(') collierschools.com/Page/34
(5) floridaiobs.org
176
COLLIER COUNTY, FLORIDA
PRINCIPAL EMPLOYERS
(unaudited)
2023 2014
Percent of
Percent of
Total County
Total County
Employer
Employees
Rank
Employment
Employees
Rank
Employment
Collier County Public Schools
6,927
1
4.22%
5,281
1
4.20°%
NCH Healthcare System
4,247
2
2.58%
4,000
2
3.18%
Arthex, Inc.
3,973
3
2.42%
1,056
8
0.84%
Publix Supermarkets
3,457
4
2.10%
2,805
3
2.23%
Collier County Government (excl. Sheriff)
2,649
5
1.61 %
2,211
4
1.76%
Collier County Sheriffs Office
1,446
6
0.88%
1,389
5
1.10%
JW Marriott- Marco Island
1.130
7
0.69%
Ritz Carlton Hotel
Seminole Casino - Immokalee
City of Naples
Gargiulo, Inc.
Hometown Inspection Svs.
Waldorf Astoria (Registry Resort)
Other employers
Totals
Sources:
Southwest Florida Economic Development Alliance
Collier County Public Schools
NCH Healthcare System
Publix Corporate Office
Arthrex, Inc.
1,100 8 0.67%
900 9 0.55%
514 10 0.31 %
138,015
164,358
1,110 6 0.88%
1,110
900
760
83.97°% 105,140
100.00% 125,762
7 0.88%
9 0.72 %
10 0.61 %
177
COLLIER COUNTY, FLORIDA
BUDGETED FULL-TIME EQUIVALENT COUNTY EMPLOYEES BY FUNCTION 0)
Last Ten Fiscal Years
(unaudited)
Fiscal Year
2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
Function:
General government
1,456
1,434
1,374
1,366
1,342
1,299
1,351
1,262
1,217
1,216
Public safety
1,133
1,104
1,111
1,100
1,080
1,089
1,112
1,124
1,096
1,072
Physical environment
105
97
94
90
80
73
73
70
69
67
Transportation
236
232
233
235
228
224
219
211
192
187
Economic environment
40
31
26
27
31
30
29
26
27
28
Human services
70
70
70
61
58
58
58
56
56
53
Culture and recreation
361
354
370
340
347
337
324
304
298
294
Water and Sewer
476
467
434
438
436
414
410
384
342
340
Solid Waste
44
44
45
44
45
43
31
28
27
28
Emergency Medical Services
228
202
202
202
202
199
194
193
193
172
Airport Authority
18
17
15
15
15
15
15
15
14
14
Collier Area Transit
5
5
5
5
5
5
4
4
3
3
Total
4,172
4,057
3,979
3,923
3,869
3,786
3,820
3,677
3,534
3,474
(') Includes the Board of County Commissioners and the Constitutional Officers
178
COLLIER COUNTY, FLORIDA
OPERATING INDICATORS BY FUNCTION
Last Ten Fiscal Years
(unaudited)
Fiscal Year
2023
2022
2021
2020
2019
2018
2017
2016
2015
2014
Function:
Police:
Physical arrests 8,224
7,285
6,519
6,227
9,072
9,266
8,269
9,359
9,347
9,418
Parking violations 410
429
362
333
817
894
1,068
867
931
964
Traffic violations 30,041
32,146
24,674
22,370
26,773
17,157
15,473
14,462
16,355
19,868
Fire:
Fires reported **
**
**
**
**
**
**
31
82
37
Emergency responses
(exclude fires) **
**
**
**
**
**
**
839
1,093
1,080
Number of calls answered 962
737
886
680
870
804
795
870
1,175
1,117
Transportation:
Collier Area Transit ridership 722,918
662,396
649,391
723,423
913,569
944,931
996,687
1,082,519
1,177,029
1,181,530
Street resurfacing (lane miles) 57
93
42
34
43
40
38
34
34
80
Culture and recreation:
Beach parking stickers issued 142,338
150,078
144,254
131,645
146,500
143,500
149,490
139,828
134,051
181,878
Library circulation 2,083,700
2,063,261
2,554,082
2,080,277
2,471,878
2,253,555
2,193,351
2,349,418
2,302,017
2,578,588
Water:
New connections 1,695
2,368
2,864
2,031
2,297
2,776
1,951
2,023
2,204
1,878
Wastewater:
Average daily sewage
treatment 23,586
22,220
21,603
21,015
20,426
18,030
18,555
17,866
17,231
16,200
(millions of gallons)
** Due to the consolidation of Fire Districts, this information is no longer being tracked.
Sources:
Police -Collier County Sheriffs Department
Fire -Collier County Bureau of Emergency Services, Greater Naples
Fire District
Transportation -Collier County Alternative Transportation and Road and Bridge Departments
Culture and Recreation -Collier County Parks and Recreation
and Public Library Departments
Water -Collier County Utility Billing Department
Wastewater -Collier County Wastewater Department
179
COLLIER COUNTY, FLORIDA
CAPITAL ASSET STATISTICS BY FUNCTION
Last Ten Fiscal Years
(unaudited)
Fiscal Year
2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
Function:
Public Safety:
Police stations 7 7
7
7
7
7
7
7
7
7
Patrol units 267 268
273
273
272
272
270
274
276
276
Fire:
Fire stations 4 4
4
4
4
4
4
4
4
4
Highways and streets:
Streets* (miles) 1,170 1,170
1,167
1,172
1,169
1,166
1,161
1,159
1,149
1,151
Streetlights 5,511 5,412
5,378
5,364
4,635
5,083
5,074
5,182
4,958
4,958
Traffic signals 407 382
381
377
377
377
374
365
360
370
Culture and recreation:
Parks acreage 1,524 1,524
1,561
1,560
1,521
1,521
1,521
1,521
1,521
1,521
Parks 67 67
66
66
61
61
61
61
61
61
Swimming pools 17 11
9
9
9
9
8
8
8
8
Tennis courts 32 42
40
40
45
45
45
45
45
45
Community centers 10 10
9
9
9
9
9
9
9
8
Libraries 10 10
10
10
10
10
10
10
10
10
Number of volumes in libraries 722,042 699,760
653,726
659,112
663,811
593,378
557,188
567,248
605,408
683,237
Water:
Number of customers 84,452 82,790
81,339
75,837
73,854
71,614
66,010
61,830
59,443
57,548
Water mains (miles) 1,207 1,205
1,191
1,166
1,149
1,132
1,067
1,015
986
925
Maximum daily capacity (per
million gallons) 36,373 34,811
32,726
33,658
32,113
30,956
32,243
33,877
31,376
30,460
Wastewater:
Sanitary sewers (miles) 1,246 1,212
1,201
1,186
1,181
1,156
1,085
1,021
1,028
1,030
Primary and secondary
drainage facilities 330 330
325
325
322
312
289
294
306
306
Sources:
Police -Collier County Sheriffs Department
Fire -Collier County Bureau of Emergency Services Department
Highway and Streets -Collier County Traffic Operations, Transportation
Engineering and Road and Bridge Departments
Culture and Recreation -Collier County Parks and Recreation and Public Library Departments
Water -Collier County Water and Utility Billing Departments
Wastewater -Collier County Stormwater and Wastewater Departments
180
VAMOtHOPEE
_ F L .
..r
�O er aunty
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 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 (the County), as of and
for the year ended September 30, 2023, and the related notes to the financial statements, which
collectively comprise the County's basic financial statements, and have issued our report thereon dated
March 25, 2024.
Report on Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered the County's internal
control over financial reporting (internal control) as a basis for designing audit procedures that are
appropriate in the circumstances for the purpose of expressing our opinions on the financial
statements, but not for the purpose of expressing an opinion on the effectiveness of the County's
internal control. Accordingly, we do not express an opinion on the effectiveness of the County's internal
control.
A deficiency in internal control exists when the design or operation of a control does not allow
management or employees, in the normal course of performing their assigned functions, to prevent, or
detect and correct, misstatements on a timely basis. 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 or significant deficiencies may exist that were not identified.
CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer
183
Honorable Board of County Commissioners
Collier County, Florida
Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether the County's financial statements are free
from material misstatement, we performed tests of its compliance with certain provisions of laws,
regulations, contracts, and grant agreements, 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
March 25, 2024
184
0
CliftonLarsonAllen LLP
CLAconnect.com
INDEPENDENT AUDITORS' REPORT ON COMPLIANCE FOR EACH MAJOR
FEDERAL PROGRAM AND REPORT ON INTERNAL CONTROL OVER COMPLIANCE
REQUIRED BY THE UNIFORM GUIDANCE AND CHAPTER 10.550, RULES OF THE AUDITOR
GENERAL OF THE STATE OF FLORIDA
Honorable Board of County Commissioners
Collier County, Florida
Report on Compliance for Each Major Federal Program and State Project
Qualified and Unmodified Opinions
We have audited Collier County, Florida's (the County) compliance with the types of compliance
requirements identified as subject to audit in the OMB Compliance Supplement and the requirements
described in the State of Florida Department of Financial Services' State Projects Compliance
Supplement that could have a direct and material effect on each of the County's major federal
programs and state projects for the year ended September 30, 2023. The County's major federal
programs and state projects are identified in the summary of auditors' results section of the
accompanying schedule of findings and questioned costs.
Qualified Opinions on Highway Planning and Construction and National Infrastructure Investments
In our opinion, except for the noncompliance described in the Basis for Qualified and Unmodified
Opinions section of our report, the County complied, in all material respects, with the compliance
requirements referred to above that could have a direct and material effect on Highway Planning and
Construction and National Infrastructure Investments for the year ended September 30, 2023.
Unmodified Opinion on Each of the Other Major Federal Programs
In our opinion, the County complied, in all material respects, with the types of compliance requirements
referred to above that could have a direct and material effect on each of its other major federal
programs and state projects identified in the summary of auditors' results section of the accompanying
schedule of findings and questioned costs for the year ended September 30, 2023.
Basis for Qualified and Unmodified Opinions
We conducted our audit of compliance in accordance with auditing standards generally accepted in the
United States of America (GAAS); the standards applicable to financial audits contained in Government
Auditing Standards issued by the Comptroller General of the United States; and the audit requirements
of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost
Principles, and Audit Requirements for Federal Awards (Uniform Guidance); and Chapter 10.550,
Rules of the Auditor General Local Governmental Entity Audits (Chapter 10.550). Our responsibilities
under those standards and the Uniform Guidance and Chapter 10.550 are further described in the
Auditors' Responsibilities for the Audit of Compliance section of our report.
CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer
185
Honorable Board of County Commissioners
Collier County, Florida
We are required to be independent of the County and to meet our other ethical responsibilities, in
accordance with relevant ethical requirements relating to our audit. We believe that the audit evidence
we have obtained is sufficient and appropriate to provide a basis for our opinion on compliance for each
major federal program and state project. Our audit does not provide a legal determination of the
County's compliance with the compliance requirements referred to above.
Matter Giving Rise to Qualified Opinion on Highway Planning and Construction and National
Infrastructure Investments
As described in the accompanying schedule of findings and questioned costs, the County did not
comply with requirements regarding Assistance Listing No. 20.205 Highway Planning and Construction
as described in finding number 2023-001 for Equipment and Real Property Management
and Assistance Listing No. 20.933 National Infrastructure Investments in finding 2023-002 for Special
Tests and Provisions — Wage Rate Requirements.
Compliance with such requirements is necessary, in our opinion, for the County to comply with the
requirements applicable to that program.
Responsibilities of Management for Compliance
Management is responsible for compliance with the requirements referred to above and for the design,
implementation, and maintenance of effective internal control over compliance with the requirements of
laws, statutes, regulations, rules and provisions of contracts or grant agreements applicable to the
County's federal programs and state projects.
Auditors' Responsibilities for the Audit of Compliance
Our objectives are to obtain reasonable assurance about whether material noncompliance with the
compliance requirements referred to above occurred, whether due to fraud or error, and express an
opinion on the County's compliance based on our audit. Reasonable assurance is a high level of
assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in
accordance with GAAS, Government Auditing Standards, and the Uniform Guidance and Chapter
10.550 will always detect material noncompliance when it exists. The risk of not detecting material
noncompliance resulting from fraud is higher than for that resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Noncompliance with the compliance requirements referred to above is considered material if there is a
substantial likelihood that, individually or in the aggregate, it would influence the judgment made by a
reasonable user of the report on compliance about the County's compliance with the requirements of
each major federal program or state project as a whole.
In performing an audit in accordance with GAAS, Government Auditing Standards, and the Uniform
Guidance, and Chapter 10.550, we:
• Exercise professional judgment and maintain professional skepticism throughout the audit.
Identify and assess the risks of material noncompliance, whether due to fraud or error, and
design and perform audit procedures responsive to those risks. Such procedures include
examining, on a test basis, evidence regarding the County's compliance with the compliance
requirements referred to above and performing such other procedures as we considered
necessary in the circumstances.
186
Honorable Board of County Commissioners
Collier County, Florida
• Obtain an understanding of the County's internal control over compliance relevant to the audit in
order to design audit procedures that are appropriate in the circumstances and to test and
report on internal control over compliance in accordance with the Uniform Guidance and
Chapter 10.550, but not for the purpose of expressing an opinion on the effectiveness of the
County's internal control over compliance. Accordingly, no such opinion is expressed.
We are required to communicate with those charged with governance regarding, among other matters,
the planned scope and timing of the audit and any significant deficiencies and material weaknesses in
internal control over compliance that we identified during the audit.
Other Matters
The results of our auditing procedures disclosed other instances of noncompliance which are required
to be reported in accordance with the Uniform Guidance and Chapter 10.550 and which are described
in the accompanying schedule of findings and questioned costs as item 2023-003. Our opinion on each
major federal program and state project is not modified with respect to these matters.
Government Auditing Standards require the auditor to perform limited procedures on the County's
response to the noncompliance findings identified in our compliance audit described in the
accompanying schedule of findings and questioned costs. The County's response was not subjected to
the other auditing procedures applied in the audit of compliance and, accordingly, we express no
opinion on the response.
Report on Internal Control Over Compliance
Our consideration of internal control over compliance was for the limited purpose described in the
Auditors' Responsibilities for the Audit of Compliance section above and was not designed to identify all
deficiencies in internal control over compliance that might be material weaknesses or significant
deficiencies in internal control over compliance and therefore, material weaknesses or significant
deficiencies may exist that were not identified. However, as discussed below, we did identify certain
deficiencies in internal control over compliance that we consider to be material weaknesses and
significant deficiencies.
A deficiency in internal control over compliance exists when the design or operation of a control over
compliance does not allow management or employees, in the normal course of performing their
assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance
requirement of a federal program or state project on a timely basis. A material weakness in internal
control over compliance is a deficiency, or a combination of deficiencies, in internal control over
compliance, such that there is a reasonable possibility that material noncompliance with a type of
compliance requirement of a federal program or state project will not be prevented, or detected and
corrected, on a timely basis. We consider the deficiencies in internal control over compliance described
in the accompanying schedule of findings and questioned costs as items 2023-001 and 2023-002 to be
material weaknesses.
187
Honorable Board of County Commissioners
Collier County, Florida
A significant deficiency in internal control over compliance is a deficiency, or a combination of
deficiencies, in internal control over compliance with a type of compliance requirement of a federal
program or state project that is less severe than a material weakness in internal control over
compliance, yet important enough to merit attention by those charged with governance. We consider
the deficiencies in internal control over compliance described in the accompanying schedule of findings
and questioned costs as item 2023-003 to be a significant deficiency.
Our audit was not designed for the purpose of expressing an opinion on the effectiveness of internal
control over compliance. Accordingly, no such opinion is expressed.
Government Auditing Standards requires the auditor to perform limited procedures on the County's
response to internal control over compliance findings identified in our audit described in the
accompanying schedule of findings and questioned costs. The County's response was not subjected to
the other auditing procedures applied in the audit of compliance and, accordingly, we express no
opinion on the response.
The purpose of this report on internal control over compliance is solely to describe the scope of our
testing of internal control over compliance and the results of that testing based on the requirements of
the Uniform Guidance and Chapter 10.550. Accordingly, this report is not suitable for any other
purpose.
CliftonLarsonAllen LLP
Naples, Florida
March 25, 2024
::
COLLIER COUNTY, FLORIDA
SCHEDULE OF EXPENDITURES OF
FEDERAL AWARDS AND STATE FINANCIAL ASSISTANCE
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
FEDERAL AGENCY
PASS -THROUGH ENTITY
FEDERAL PROGRAM
ASSISTANCE
LISTING
NUMBER
GRANT/CONTRACT
IDENTIFYING
NUMBER
EXPENDITURES
TRANSFERS TO
SUBRECIPIENTS
FEDERAL AWARDS
U.S. Department of Housing and Urban Development
Direct Programs:
Assistant Secretary for Community Planning and Development:
CDBG - Entitlement Grants Cluster:
Community Development Block Grants/Entitlement Grants
14.218
B-11-UN-12-0003
$ 126,099
$ -
Community Development Block Grants/EntitlementGrants
14.218
B-19-UC-12-0016
139,789
139,789
Community Development Block Grants/Entitlement Grants
14.218
B-20-UC-12-0016
762,927
706,497
COVID-19- Community Development Block Grants/Entitlement Grants
14.218
B-20-UW-12-0016
2,005,437
1,882,034
Community Development Block Grants/Entitlement Grants
14.218
B-21-UC-12-0016
1,397,537
1,210,001
Community Development Block Grants/Entitlement Grants
14.218
B-22-UC-12-0016
594,654
280,325
Total Assistance Listing
5,026,443
4,218,646
Total CDBG - Entitlement Grants Cluster
5,026,443
4,218,646
Emergency Solutions Grant Program
14.231
E-20-UC-12-0016
23,470
10,582
COVID-19 - Emergency Solutions Grant Program
14.231
E-20-UW-12-0016
113,465
72,770
Emergency Solutions Grant Program
14.231
E-21-UC-12-0016
72,423
27,909
Emergency Solutions Grant Program
14.231
E-22-UC-12-0016
112,885
94,336
Emergency Solutions Grant Program
14.231
E-22-UW-12-0016
169,500
-
Total Assistance Listing
491,743
205,597
Home Investment Partnerships Program
14.239
M16-UC120217
6,545
6,545
Home Investment Partnerships Program
14.239
M17-UC120217
203,178
-
Home Investment Partnerships Program
14.239
M18-UC120217
169,637
50,436
Home Investment Partnerships Program
14.239
M20-UC120217
1,755
1,775
Home Investment Partnerships Program
14.239
M21-UC120217
12,308
3,516
COVID-19 - Home Investment Partnerships Program
14.239
M21-UP120217
15,560
-
Home Investment Partnerships Program
14.239
M22-UC120217
59,048
-
Total Assistance Listing
468,031
62,272
Total U.S. Department of Housing and Urban Development
5,986,217
4,486,515
U.S. Department of the Interior
Direct Programs:
Departmental Offices:
Payments in Lieu of Taxes
15.226
Collier County
1,611,585
-
Total U.S. Department of the Interior
1,611,585
-
U.S. Department of Justice
Direct Programs:
Office of Community Oriented Policing Service:
Public Safety Partnership and Community Policing Grants
16.710
202OULWX0029
196,769
-
Office of Justice Programs:
Treatment Court Discretionary Grant Program
16.585
2020-DC-BX-0138
58,500
50,020
Edward Byrne Memorial Justice Assistance Grant Program
16.738
15PBJA-2I-GG-01326-JAGX
71,659
-
Edward Byrne Memorial Justice Assistance Grant Program
16.738
15PBJA-22-GG-04994-JAGX
1,102
-
Total Assistance Listing
72,761
Pass -Through Programs:
Florida Office of the Attorney General:
Florida Department of Legal Affairs:
Crime Victim Assistance
16.575
VOCA-2022-960
187,500
-
Institute for Intergovernmental Research (IIR):
Comprehensive Opioid, Stimulant, and other Substances Use Program
16.838
2020-BRIDGES-0063
34,174
30,448
Total U.S. Department of Justice
549,704
80,468
(Continued)
See accompanying Notes to the Schedule of Expenditures of Federal Awards and
State Financial Assistance.
189
COLLIER COUNTY, FLORIDA
SCHEDULE OF EXPENDITURES OF
FEDERAL AWARDS AND STATE FINANCIAL ASSISTANCE
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
FEDERAL AGENCY
PASS -THROUGH ENTITY
FEDERAL PROGRAM
ASSISTANCE
LISTING
NUMBER
GRANT/CONTRACT
IDENTIFYING
NUMBER
TRANSFERS TO
EXPENDITURES SUBRECIPIENTS
FEDERAL AWARDS (Continued)
U.S. Department of Transportation
Direct Programs:
Federal Aviation Administration:
Airport Improvement Program, COVID-19 Airports Programs,
and Infrastructure Investment and Jobs Act Programs
20.106
3-12-0021-006-2021
$ 44,670 $
COVID-19 - Airport Improvement Program, COVID-19 Airports
Programs and Infrastructure Investment and Jobs Act Programs
20.106
3-12-0031-016-2022
15,641
COVID-19 - Airport Improvement Program, COVID-19 Airports
Programs and Infrastructure Investment and Jobs Act Programs
20.106
3-12-0142-015-2022
19,587
Airport Improvement Program, COVID-19 Airports Programs,
and Infrastructure Investment and Jobs Act Programs
20.106
3-12-0142-016-2022
153,334
Total Assistance Listing
233,232
Office of the Secretary:
National Infrastructure Investments
20.933
693JJ32040007
2,574,315
Federal Transit Administration:
Federal Transit Cluster:
Federal Transit Formula Grants
20.507
FL-95-XO62-00
1,440
Federal Transit Formula Grants
20.507
FL-95-XO85-00
23,700
Federal Transit Formula Grants
20.507
FL-95-XO86-00
11,660
Federal Transit Formula Grants
20.507
FL-2017-055-00
3,072
Federal Transit Formula Grants
20.507
FL-2018-024-00
665
Federal Transit Formula Grants
20.507
FL-2018-025-00
34,168
Federal Transit Formula Grants
20.507
FL-2019-028-00
221
Federal Transit Formula Grants
20.507
FL-2019-041-00
458,083
COVID-19- Federal Transit Formula Grants
20.507
FL-2020-046-00
586,180
Federal Transit Formula Grants
20.507
FL-2020-091-00
20,010
Federal Transit Formula Grants
20.507
FL-2020-103-00
133,129
Federal Transit Formula Grants
20.507
FL-2020-115-00
25,548
Federal Transit Formula Grants
20.507
FL-2021-032-00
500
Federal Transit Formula Grants
20.507
FL-2022-005-00
194,936
COVID-19 - Federal Transit Formula Grants
20.507
FL-2022-015-00
936,339
Federal Transit Formula Grants
20.507
FL-2023-011-00
1,811,401
Total Assistance Listing
4,241,052
Buses and Bus Facilities Formula, Competitive, and Low or
No Emissions Programs
20.526
FL-2017-017-00
2,535
Buses and Bus Facilities Formula, Competitive, and Low or
No Emissions Programs
20.526
FL-2018-084-00
54,256
Buses and Bus Facilities Formula, Competitive, and Low or
No Emissions Programs
20.526
FL-2019-097-00
8,125
Buses and Bus Facilities Formula, Competitive, and Low or
No Emissions Programs
20.526
FL-2020-103-00
333,904
Buses and Bus Facilities Formula, Competitive, and Low or
No Emissions Programs
20.526
FL-2021-033-00
1,919,644
Pass -Through Programs:
Florida Department of Transportation:
Buses and Bus Facilities Formula, Competitive, and Low or
No Emissions Programs
20.526
G2692
115,421
Total Assistance Listing
2,433,885
Total Federal Transit Cluster
6,674,937
(Continued)
190
COLLIER COUNTY, FLORIDA
SCHEDULE OF EXPENDITURES OF
FEDERAL AWARDS AND STATE FINANCIAL ASSISTANCE
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
FEDERAL AGENCY
PASS -THROUGH ENTITY
FEDERAL PROGRAM
ASSISTANCE
LISTING
NUMBER
GRANT/CONTRACT
IDENTIFYING
NUMBER
EXPENDITURES
TRANSFERS TO
SUBRECIPIENTS
FEDERAL AWARDS (Continued)
Highway Planning and Construction
20.205
GIM49
$ 37
$ -
Highway Planning and Construction
20.205
G1002
141,763
-
Highway Planning and Construction
20.205
G2189
834,535
Highway Planning and Construction
20.205
G2759
703,526
-
Highway Planning and Construction
20.205
G2821
507,160
Highway Planning and Construction
20.205
G2A77
91
-
Highway Planning and Construction
20.205
G2A87
347,550
Highway Planning and Construction
20.205
G21VI06
88
-
Highway Planning and Construction
20.205
G2M22
88
Total Assistance Listing
2,534,838
-
Metropolitan Transportation Planning and State and
Non -Metropolitan Planning and Research
20.505
G1J00
5,705
Metropolitan Transportation Planning and State and
Non -Metropolitan Planning and Research
20.505
G1V40
39,149
Metropolitan Transportation Planning and State and
Non -Metropolitan Planning and Research
20.505
G2594
34,541
Total Assistance Listing
79,395
-
Formula Grants for Rural Areas and Tribal Transit Program
20.509
G1S83
46,310
-
Formula Grants for Rural Areas and Tribal Transit Program
20.509
G2690
504,624
Total Assistance Listing
550,934
-
Highway Safety Cluster:
State and Community Highway Safety
20.600
G2C04
47,005
-
State and Community Highway Safety
20.600
G2E45
96,382
Total Assistance Listing
143,387
-
Total Highway Safety Cluster
143,387
-
Total U.S. Department of Transportation
12,791,038
-
U.S. Department of the Treasury
Direct Programs:
Departmental Offices:
COVID-19 - Emergency Rental Assistance Program
21.023
ERA0334
129,612
-
COVID-19 - Emergency Rental Assistance Program
21.023
ERAE0037
2,946,269
120,010
Total Assistance Listing
3,075,881
120,010
COVID-19 - Coronavirus State and Local Fiscal Recovery Funds
21.027
SLFRP3243
23,460,162
2,444,854
COVID-19 - Local Assistance and Tribal Consistency Fund
21.032
LATCFC00202
21,934
-
Total U.S. Department of the Treasury
26,557,977
2,564,864
Gulf Coast Ecosystem Restoration Council
Pass -Through Programs:
The Gulf Consortium:
Gulf Coast Ecosystem Restoration Council Oil
Spill Impact Program
87.052
200097221.01
65,828
Total Gulf Coast Ecosystem Restoration Council
65,828
Election Assistance Commission
Pass -Through Programs:
Florida Department of State and Secretary of State:
Division of Elections:
HAVA Election Security Grants
90.404
23.e.es.100.011
118,610
Total Election Assistance Commission
118,610
U.S. Department of Health and Human Services
Pass -Through Programs:
Florida Department of Elder Affairs:
Area Agency on Aging for Southwest Florida, Inc.:
Aging Cluster:
COVID-19 - Special Programs for the Aging, Title III, Part B, Grants for
Supportive Services and Senior Centers
93.044
ARPA 203.22
105,972
-
(Continued)
191
COLLIER COUNTY, FLORIDA
SCHEDULE OF EXPENDITURES OF
FEDERAL AWARDS AND STATE FINANCIAL ASSISTANCE
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
FEDERALAGENCY
PASS -THROUGH ENTITY
FEDERAL PROGRAM
ASSISTANCE
LISTING
NUMBER
GRANT/CONTRACT
IDENTIFYING
NUMBER
EXPENDITURES
TRANSFERS TO
SUBRECIPIENTS
FEDERAL AWARDS (Continued)
Special Programs for the Aging, Title III, Part B, Grants for
Supportive Services and Senior Centers
93.044
OAA 203.22
$ 69,378
$ -
Special Programs for the Aging, Title III, Part B, Grants for
Supportive Services and Senior Centers
93.044
OAA 203.23
181,814
-
Total Assistance Listing
357,164
Special Programs for the Aging, Title III, Part C, Nutrition Services
93.045
OAA 203.22
226,198
Special Programs for the Aging, Title III, Part C, Nutrition Services
93.045
OAA 203.23
658,940
-
Total Assistance Listing
885,138
Nutrition Services Incentive Program
93.053
OAA 203.22
5,786
Nutrition Services Incentive Program
93.053
OAA 203.23
40,299
-
Total Assistance Listing
46,085
Total Aging Cluster
1,288,387
National Family Caregiver Support, Title III, Part E
93.052
OAA 203.22
43,110
National Family Caregiver Support, Title III, Part E
93.052
OAA 203.23
78,188
-
Total Assistance Listing
121,298
-
Low -Income Home Energy Assistance
93.568
EHEAP 203.21
39,868
COVID-19 - Low -Income Home Energy Assistance
93.568
EHEAP ARPA 203.22
63,812
-
Total Assistance Listing
103,680
Florida Department of Revenue:
Child Support Services
93.563
COC11
100,766
-
Child Support Services
93.563
Collier County FFY 2020
2,913
Child Support Services
93.563
Collier County FFY 2021
3,047
-
Total Assistance Listing
106,726
Florida Developmental Disabilities Council, Inc.:
Developmental Disabilities Basic Support and Advocacy Grants
93.630
1045TRP20
13,978
-
Total U.S. Department of Health and Human Services
1,634,069
-
Corporation for National and Community Service
Direct Programs:
AmeriCorps Seniors Retired and Senior Volunteer Program (RSVP) 94.002
94.002
21SRHFLO16
84,624
Total Corporation for National and Community Service
84,624
-
U.S. Executive Office of the President
Direct Programs:
High Intensity Drug Trafficking Areas Program
95.001
G20MI0015A
30,963
-
High Intensity Drug Trafficking Areas Program
95.001
G21MI0015A
29,472
High Intensity Drug Trafficking Areas Program
95.001
G22MI0015A
85,746
-
Total U.S. Executive Office of the President
146,181
-
U.S. Department of Homeland Security
Pass -Through Programs:
Executive Office of the Governor:
Florida Division of Emergency Management:
Disaster Grants - Public Assistance (Presidentially Declared
Disasters)
97.036
Z0001
75,075
-
Disaster Grants - Public Assistance (Presidentially Declared
Disasters)
97.036
Z2967
23,791,985
-
Total Assistance Listing
23,867,060
Emergency Management Performance Grants
97.042
G0380
93,964
Fire Management Assistance Grant
97.046
D0056
11,689
Homeland Security Grant Program
97.067
R0417
21,073
Total U.S. Department of Homeland Security
23,993,786
TOTAL EXPENDITURES OF FEDERAL AWARDS
$ 73,539,619
$ 7,131,847
(Continued)
192
COLLIER COUNTY, FLORIDA
SCHEDULE OF EXPENDITURES OF
FEDERAL AWARDS AND STATE FINANCIAL ASSISTANCE
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
STATE AGENCY GRANT/CONTRACT
PASS -THROUGH ENTITY CSFA IDENTIFYING TRANSFERS TO
STATE PROJECT NUMBER NUMBER EXPENDITURES SUBRECIPIENTS
STATE FINANCIAL ASSISTANCE
Florida Executive Office of the Governor
Direct Projects:
Florida Division of Emergency Management
Emergency Management Programs
31.063
A0246 $
101,323 $
Total Florida Executive Office of the Governor
101,323
Florida Department of Environmental Protection
Direct Projects:
Beach Management Funding Assistance Program
37.003
20001
243,487
Beach Management Funding Assistance Program
37.003
21COl
6,848 _
Total CSFA
250,335
Statewide Water Quality Restoration Projects
37.039
LPA0008
30,772
Statewide Water Quality Restoration Projects
37.039
LPA0154
138,292 _
TotaICSFA
169,064
Innovative Technologies
37.103
RT015
104,678
Total Florida Department of Environmental Protection
524,077
Florida Housing Finance Corporation
Direct Projects:
State Housing Initiatives Partnership Program (SHIP)
40.901
Collier County FY 2019-2020
65,115
State Housing Initiatives Partnership Program (SHIP)
40.901
Collier County FY 2020-2021
80,178
State Housing Initiatives Partnership Program (SHIP)
40.901
Collier County FY 2021-2022
783,112
State Housing Initiatives Partnership Program (SHIP)
40.901
Collier County FY 2022-2023
232,891
State Housing Initiatives Partnership Program (SHIP)
40.901
Collier County FY 2022-2023 DR
50,461
State Housing Initiatives Partnership Program (SHIP)
40.901
Collier County FY 2022-2023 HHRP
108,734
Total Florida Housing Finance Corporation
1,320,491
Florida Department of State and Secretary of State
Direct Projects:
State Aid to Libraries
45.030
18-ST-08
614
State Aid to Libraries
45.030
20-ST-08
1,225
State Aid to Libraries
45.030
21-ST-08
139,193
Total Florida Department of State and Secretary of State
141,032
Florida Department of Transportation
Direct Projects:
Florida Highway Beautification Grant Program
55.003
G2178
100,000
Florida Highway Beautification Grant Program
55.003
G2179
100,000
Florida Highway Beautification Grant Program
55.003
G2180
100,000
Florida Highway Beautification Grant Program
55.003
G2181
100,000 _
Total CSFA
400,000
Aviation Grant Programs
55.004
GOZ16
102,027
Aviation Grant Programs
55.004
G2J23
3,531 _
Total CSFA
105,558
County Incentive Grant Program (CIGP)
55.008
G1S82
198,824
Public Transit Block Grant Program
55.010
G21`05
1,156,410
Transit Corridor Development Program
55.013
G21.71
124,416
Local Transportation Projects
55.039
G1A39
31,860
Pass -Through Projects:
Florida Commission for the Transportation Disadvantaged:
Florida Commission for the Transportation Disadvantaged (CTD)
Trip and Equipment Grant Program
55.001
G2A00
595,554
Florida Commission for the Transportation Disadvantaged (CTD)
Trip and Equipment Grant Program
55.001
G21(36
186,108 _
Total CSFA
781,662
(Continued)
193
COLLIER COUNTY, FLORIDA
SCHEDULE OF EXPENDITURES OF
FEDERAL AWARDS AND STATE FINANCIAL ASSISTANCE
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023
STATE AGENCY
PASS -THROUGH ENTITY
STATE PROJECT
STATE FINANCIAL ASSISTANCE (Continued)
Florida Commission for the Transportation Disadvantaged (CTD)
Planning Grant Program
Florida Commission for the Transportation Disadvantaged (CTD)
Planning Grant Program
Total CSFA
Total Florida Department of Transportation
Florida Department of Children and Families
Direct Projects:
Criminal Justice, Mental Health, and Substance Abuse
Reinvestment Grant Program
Total Florida Department of Children and Families
Florida Department of Health
Direct Projects:
County Grant Awards
Total Florida Department of Health
Florida Department of Elder Affairs
Pass -Through Projects:
Area Agency on Aging for Southwest Florida, Inc.:
Home Care for the Elderly
Home Care for the Elderly
TotaICSFA
Alzheimer's Respite Services
Alzheimer's Respite Services
TotalCSFA
Community Care for the Elderly
Community Care for the Elderly
TotaICSFA
Total Florida Department of Elder Affairs
Florida Department of Law Enforcement
Direct Projects:
Multi -County Forensic Genetic Genealogy Testing
(Collier, Orange, Hillsborough, Palm Beach)
Total Florida Department of Law Enforcement
Florida Department of Management Services
Direct Projects:
Florida Emergency Communications Board:
Prepaid Next Generation 911 (NG911) State Grant Program
Total Florida Department of Management Services
TOTAL EXPENDITURES OF STATE FINANCIAL ASSISTANCE
GRANT/CONTRACT
CSFA IDENTIFYING TRANSFERS TO
NUMBER NUMBER EXPENDITURES SUBRECIPIENTS
55.002 G2926 $ 22,643 $
55.002 G2178 4,390
27,033
2,825,763
60.115 LH823 205,595 177,053
205,595 177,053
64.005 C1011 239
239
65.001
HCE 203.22
8,940
65.001
HCE 203.23
6,081
15,021
65.004
ADI203.22
539,941
65.004
ADI 203.23
138,307
678,248
65.010
CCE 203.22
699,908
65.010
CCE 203.23
181,018
880,926
1,574,195
71.104 L8026 25,797 -
25,797
72.003 S20-22-02-03 64,172 -
64,172 -
$ 6,782,684 $ 177,053
194
COLLIER COUNTY, FLORIDA
NOTES TO THE SCHEDULE OF EXPENDITURES OF
FEDERAL AWARDS AND STATE FINANCIAL ASSISTANCE
YEAR ENDED SEPTEMBER 30, 2023
1. Basis of Presentation
The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance (the
Schedule) includes the Federal and State grant activity for Collier County, Florida (the County) and is
presented on the modified accrual basis of accounting for expenditures accounted for in the
governmental funds and the accrual basis of accounting for expenditures in proprietary funds. Under
the modified accrual basis, revenue is recognized if it is both measurable and available for use during the
fiscal year and expenditures are recognized in the period liabilities are incurred, if measurable. Under
the accrual basis, expenditures are recognized in the period liabilities are incurred.
The information in the schedule is presented in accordance with the requirements of Title 2 U.S. Code of
Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit
Requirements for Federal Awards (Uniform Guidance), and Section 215.97, Florida Statutes. Therefore,
some amounts presented in the Schedule may differ from amounts presented, or used in the
preparation of, the basic financial statements for the fiscal year ended September 30, 2023.
2. Contingency
The grant revenue amounts received are subject to audit and adjustment. If any expenditures or
expenses are disallowed by the grantor agencies as a result of such an audit, any claim for
reimbursement to the grantor agencies would become a liability of the County.
3. Indirect Cost Rate
The County has not elected to use the 10 percent de minimus cost rate allowed under the Uniform
Guidance.
4. Disaster Grants - Public Assistance (Presidentially Declared Disasters) (97.036)
After a presidentially declared disaster, FEMA provides Disaster Grants — Public Assistance
(Presidentially Declared Disasters) (Assistance Listing 97.036) to reimburse eligible costs associated with
debris removal, emergency protective measures and the repair, restoration, reconstruction or
replacement of public facilities or infrastructure damaged or destroyed. Reimbursements are provided
in the form of cost -shared grants. Hurricane Irma (FEMA-4337-DR) made landfall in Collier County on
September 10, 2017. All the $75,075 reported on the Schedule for grant Z0001 was incurred in fiscal
years 2018 through 2022. Hurricane Ian (FEMA-4673-DR) made landfall in Collier County on September
28, 2022. All the $23,791,985 reported on the Schedule for grant Z2967 was incurred in fiscal year 2023.
195
COLLIER COUNTY, FLORIDA
NOTES TO THE SCHEDULE OF EXPENDITURES OF
FEDERAL AWARDS AND STATE FINANCIAL ASSISTANCE
YEAR ENDED SEPTEMBER 30, 2023
S. Local Assistance and Tribal Consistency Fund (21.032)
The Department of Treasury awarded the County $1,790,192 from the Local Assistance and Tribal
Consistency Fund (LATCF). The two tranches were received in 2023 and of that amount only $21,934
was expended in 2023. The balance of the revenue is restricted in the fund until the County incurs
additional expenditures.
Year Ending September 30 Amount
2023 LATCF Revenue
2023 LATCF Expenditures
Total
$ 1,790,192
(21,934)
S 1,768 258
196
COLLIER COUNTY, FLORIDA
SCHEDULE OF FINDINGS AND QUESTIONED COSTS
YEAR ENDED SEPTEMBER 30, 2023
SECTION I - SUMMARY OF AUDITORS' RESULTS
Financial Statements
Type of auditors' report issued? Unmodified
Internal control over financial reporting:
• Material weakness(es) identified? No
• Significant deficiency(s) identified that are not considered to be material
weaknesses? None reported
Noncompliance material to the financial statements noted? No
Federal Awards Section
Internal control over major programs:
• Material weakness(s) identified? Yes
• Significant deficiency(s) identified that are not considered to be material
weaknesses? Yes
Type of auditors' report issued on compliance for major programs? See below
Any audit findings disclosed that are required to be reported in accordance
with 2 CFR 200.516(a)? Yes
Identification of major programs:
AL Numbers
Name of Federal Program or Cluster
Opinion
14.218
CDBG — Entitlement Grants Cluster
Unmodified
20.205
Highway Planning and Construction
Qualified
20.933
National Infrastructure Investments
Qualified
21.023
COVID-19 — Emergency Rental Assistance Program
Unmodified
COVID-19 — Coronavirus State and Local Fiscal Recovery
21.027
Funds
Unmodified
Disaster Grants — Public Assistance (Presidentially
97.036
Declared Disasters)
Unmodified
Dollar threshold used to distinguish between type A and type B programs:
$2,206,189
Auditee qualified as low -risk auditee?
Yes
197
COLLIER COUNTY, FLORIDA
SCHEDULE OF FINDINGS AND QUESTIONED COSTS (CONTINUED)
YEAR ENDED SEPTEMBER 30, 2023
SECTION I - SUMMARY OF AUDITORS' RESULTS (CONTINUED)
State Financial Assistance Section
Internal control over major projects:
Material weakness(s) identified? No
Significant deficiency(s) identified that are not considered to be material
weaknesses? None reported
Type of auditors' report issued on compliance for major projects? Unmodified
Any audit findings disclosed that are required to be reported in accordance
with Chapter 10.557? No
Identification of major State projects:
State CSFA Name of State Program or Cluster
37.003 Beach Management Funding Assistance Program
40.901 State Housing Initiatives Partnership Program (SHIP)
55.001 Florida Commission for the Transportation Disadvantaged (CTD)
Trip and Equipment Grant Program
55.010 Public Transit Block Grant Program
Dollar threshold used to distinguish between type A State projects $750,000
SECTION 11- FINANCIAL STATEMENT FINDINGS
Our audit did not disclose any matters required to be reported in accordance with Government Auditing
Standards.
W.
COLLIER COUNTY, FLORIDA
SCHEDULE OF FINDINGS AND QUESTIONED COSTS (CONTINUED)
YEAR ENDED SEPTEMBER 30, 2023
SECTION III - FINDINGS AND QUESTIONED COSTS — MAJOR FEDERAL PROGRAMS
2023 — 001
Federal Agency: U.S. Department of Transportation
Federal Program Name: Highway Planning and Construction
Assistance Listing Number: 20.205
Federal Award Identification Number and Year: Various
Award Period: Various
Type of Finding: Material Weakness in Internal Control over Compliance; Material Noncompliance
(Modified Opinion)
Criteria or specific requirement: Under 2 CFR 200.313 equipment acquired under a Federal award
must be properly managed and proper records must be maintained. These records must contain
information pertaining to Federal awards including description of property, serial number or other
identification number, source of funding, title, acquisition date and cost of property, condition, ultimate
disposition date including disposal, sales price and inventory. A physical inventory of the property must
be taken and reconciled at least every two years, control system must be developed to ensure
adequate safeguards to prevent loss, damage, or theft of property, adequate maintenance procedures
must be developed to keep the property in good conditions.
Per 2 CFR Section 200.303(a) The non -Federal entity must (a) Establish and maintain effective internal
control over the Federal award that provides reasonable assurance that the non -Federal entity is
managing the Federal award in compliance with Federal statutes, regulations, and the terms and
conditions of the Federal award. These internal controls should be in compliance with guidance in
"Standards for Internal Control in the Federal Government" issued by the Comptroller General of the
United States or the "Internal Control Integrated Framework", issued by the Committee of Sponsoring
Organizations of the Treadway Commission (COSO).
Condition: The County did not maintain accurate and updated equipment inventory listings for
equipment purchased with Federal funds in accordance with 2 CFR 200.313.
Questioned costs: None
Context: The County's equipment inventory listing of equipment purchased with grant funds was not
maintained in a manner that complied with 2 CFR 200.313 during the year. An inventory listing that
complied with 2 CFR 200.313 was prepared once it was requested during the audit. Additionally, for
one of eight equipment items selected for testing from the inventory listing, the equipment serial
number did not agree with the equipment inventory listing for that equipment's location.
Cause: The County did not have formal policies and procedures in place to manage and maintain
equipment inventor records in compliance with 2 CFR 200.313.
Effect: The County was not in compliance with the equipment compliance requirements of the
program.
Repeat Finding: No
199
COLLIER COUNTY, FLORIDA
SCHEDULE OF FINDINGS AND QUESTIONED COSTS (CONTINUED)
YEAR ENDED SEPTEMBER 30, 2023
SECTION III - FINDINGS AND QUESTIONED COSTS — MAJOR FEDERAL PROGRAMS
Recommendation: We recommend the County expand upon their capital asset inventory policies and
procedures that are used for financial statement purposes to ensure that all equipment purchased with
Federal funds are properly managed and maintained throughout the year to ensure all information,
including the serial number and equipment location, is accurate and updated. We also recommend that
the program personnel responsible for equipment records certify accuracy of the equipment records
throughout the year.
Views of responsible officials: Management agrees with the finding. See corrective action plan.
2023 — 002
Federal Agency: U.S. Department of the Transportation
Federal Program Name: National Infrastructure Investments
Assistance Listing Number: 20.933
Federal Award Identification Number and Year: 693JJ32040007 - 2020
Award Period: 08/03/2020 — 10/31/2024
Type of Finding: Material Weakness in Internal Control over Compliance; Material Noncompliance
(Modified Opinion)
Criteria or specific requirement: Under Davis -Bacon Act - 40 U.S.C. §§ 3141, et seq., as applicable
under 23 U.S.C. 113, prevailing wage requirements each contractor must submit weekly certified
payrolls to the contracting agency or entity certified payrolls providing information for each covered
worker. Each certified payroll must be accompanied by a "Statement of Compliance" certifying
compliance with applicable requirements.
Per 2 CFR Section 200.303(a) the non -Federal entity must (a) Establish and maintain effective internal
control over the Federal award that provides reasonable assurance that the non -Federal entity is
managing the Federal award in compliance with Federal statutes, regulations, and the terms and
conditions of the Federal award. These internal controls should be in compliance with guidance in
"Standards for Internal Control in the Federal Government" issued by the Comptroller General of the
United States or the "Internal Control Integrated Framework", issued by the Committee of Sponsoring
Organizations of the Treadway Commission (COSO).
Condition: The County did not obtain, maintain, or review certified payrolls as required for special
provisions Davis Bacon Act for all vendors.
Questioned costs: None
Context: For two out of the eight payrolls selected for testing, the County did not properly obtain and
review certified payrolls provided by subcontractor. The certifications were subsequently collected and
reviewed when they were selected for audit testing.
Cause: The County did not follow its policies, procedures and internal controls related to obtaining and
reviewing certified payrolls from vendors.
00
COLLIER COUNTY, FLORIDA
SCHEDULE OF FINDINGS AND QUESTIONED COSTS (CONTINUED)
YEAR ENDED SEPTEMBER 30, 2023
SECTION III - FINDINGS AND QUESTIONED COSTS — MAJOR FEDERAL PROGRAMS
Effect: The County was not in compliance with the special provision compliance requirements of the
program.
Repeat Finding: No
Recommendation: We recommend the County to implement a process and to update its policies and
procedures to ensure that all certified payrolls are properly verified and maintained accurately through
grant award period and beyond.
Views of responsible officials: Management agrees with the finding. See corrective action plan.
2023 — 003
Federal Agency: U.S. Department of Housing and Urban Development
Federal Program Name: CDBG — Entitlement Grants Cluster
Assistance Listing Number: 14.218
Federal Award Identification Number and Year: Various
Award Period: Various
Type of Finding: Significant Deficiency in Internal Control over Compliance, Other Matter
Criteria or specific requirement: Under reporting for Federal Funding Accountability and
Transparency Act (FFATA) requires awardees such as prime contractors and subcontractors to file a
FFATA subaward report by the end of the month following the month in which the prime contractor
awards or prime grant recipient is awarded any subcontract or grant greater than $30,000.
Per 2 CFR Section 200.303(a) the non -Federal entity must (a) Establish and maintain effective internal
control over the Federal award that provides reasonable assurance that the non -Federal entity is
managing the Federal award in compliance with Federal statutes, regulations, and the terms and
conditions of the Federal award. These internal controls should be in compliance with guidance in
"Standards for Internal Control in the Federal Government" issued by the Comptroller General of the
United States or the "Internal Control Integrated Framework", issued by the Committee of Sponsoring
Organizations of the Treadway Commission (COSO).
Condition: The County did submit FFATA reports after grant award or grant award modifications were
made by the dates required.
Questioned costs: None
Context: For three out of the five FFATA reports selected for testing, the County submitted reports
after the due date.
Cause: The County's internal controls did not prevent or detect the noncompliance.
Effect: The County was not in compliance with the reporting compliance requirements of the program
201
COLLIER COUNTY, FLORIDA
SCHEDULE OF FINDINGS AND QUESTIONED COSTS (CONTINUED)
YEAR ENDED SEPTEMBER 30, 2023
SECTION 111 - FINDINGS AND QUESTIONED COSTS — MAJOR FEDERAL PROGRAMS
(CONTINUED)
Repeat Finding: No
Recommendation: We recommend the County strengthen policies and procedures to ensure that
reporting due dates are adhered to as required by the Federal regulations and that internal processes
mirror the requirements of the Federal regulations.
Views of responsible officials: Management agrees with the finding. See corrective action plan.
SECTION IV - FINDINGS AND QUESTIONED COSTS — MAJOR STATE PROJECTS
Our audit did not disclose any matters required to be reported in accordance with Rule 10.554(1)(1)4,
Rules of the Florida Auditor General.
202
Office of the County Manager
Amy Patterson
3299 Tamiami Trail East, Suite 202 • Naples Florida 34112-5746 • (239) 252-8383
COUNTY, FLORIDA COLLIER
CORRECTIVE ACTION PLAN
YEAR ENDED SEPTEMBER 30, 2023
U.S. Department of Transportation
Collier County respectfully submits the following corrective action plan for the year ended
September 30, 2023.
Audit period: October 1, 2022 — September 30, 2023
The findings from the schedule of findings and questioned costs are discussed below. The
findings are numbered consistently with the numbers assigned in the schedule.
FINDINGS —FEDERAL AWARD PROGRAMS AUDITS
U.S. DEPARTMENT OF TRANSPORTATION
2023-001 Highway Planning and Construction —Assistance Listing No. 20.205
Recommendation: Expand capital asset inventory policies and procedures to
ensure equipment purchased with Federal funds include all required information,
is accurate, updated and certified for accuracy.
Explanation of disagreement with audit finding: There is no disagreement with
the audit finding.
Action taken in response to finding: Transportation Management Services staff
will perform an initial review to be maintained annually thereafter of equipment
inventory purchased with federal funds to ensure all required information by
Federal rule is accurate and up to date. The County will expand its policies and
procedures over equipment inventory records funded by Federal funds including
the Grant Administration Handbook. The County will engage its Consultant to
incorporate additional fields in its existing asset management module within the
electronic financial system. A separate communication regarding grant -funded
inventory will be created and distributed to staff for review and certification.
Name(s) of the contact person(s) responsible for corrective action: Trinity Scott,
Transportation Management Services Department Head, 239-252-5873; Therese
Stanley, Grants Compliance Manager, 239-252-2959.
Planned completion date for corrective action plan: September 30, 2024
203
COUNTY, FLORIDA COLLIER
CORRECTIVE ACTION PLAN
YEAR ENDED SEPTEMBER 30, 2023
U.S. DEPARTMENT OF TRANSPORTATION
2023-002 National Infrastructure Investments — Assistance Listing No. 20.933
Recommendation: Implement a process and to update its policies and procedures to ensure
that all certified payrolls are properly verified and maintained accurately through the grant
award period and beyond.
Explanation of disagreement with audit finding: There is no disagreement with the audit
finding.
Action taken in response to finding: Staff will conduct a documented compliance review no
less than monthly comparing the certified payroll tracker against supporting documentation
including the payrolls collected by the third -party administrator (TPA). Any discrepancies will
be conveyed to the TPA and Contractor and monitored until resolved. The Grants
Administration Handbook will be updated for procedures for verification of certified payrolls.
Name(s) of the contact person(s) responsible for corrective action: Trinity Scott,
Transportation Management Services Department Head, 239-252-5873.
Planned completion date for corrective action plan: May 30, 2024
U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
2023-003 CDBG — Entitlement Grants Cluster — Assistance Listing No. 14.CDBG
Recommendation: Strengthen policies and procedures to ensure that reporting due dates
are determined by the Federal regulations and that internal processes mirror the
requirements of the Federal regulations.
Explanation of disagreement with audit finding: There is no disagreement with the audit
finding.
Action taken in response to finding: Staff will submit revised FY 2023 reports as applicable
update procedures to ensure report deadlines are based on the subaward execution date
and update internal controls to ensure deadlines are met per the Federal regulations.
Name(s) of the contact person(s) responsible for corrective action: Therese Stanley, Grants
Compliance Manager, 239-252-2959
Planned completion date for corrective action plan: May 30, 2024
If the U.S. Department of Transportation has questions regarding this plan, please call Therese Stanley at
239-252-2959.
204
CliftonLarsonAllen LLP
. CLAconnect.com
MANAGEMENT LETTER
Honorable Board of County Commissioners
Collier County, Florida
Report on the Financial Statements
We have audited the financial statements of Collier County, Florida, (the County) as of and for the fiscal
year ended September 30, 2023, and have issued our report thereon dated March 25, 2024.
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; the audit requirements of Title 2 U.S. Code of
Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit
Requirements for Federal Awards (Uniform Guidance); and Chapter 10.550, Rules of the Auditor
General.
Other 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; Independent Auditors' Report on Compliance for
Each Major Federal Program and State Project and Report on Internal Control over Compliance; 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 and schedule, which are dated March 25,
2024, 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. There were no findings or 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.
CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer
205
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
conditions 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 18.
b. The total number of independent contractors to whom nonemployee compensation was paid in
the last month of the district's fiscal year as 17.
c. All compensation earned by or awarded to employees, whether paid or accrued, regardless of
contingency as $2,088,958.
d. All compensation earned by or awarded to nonemployee independent contractors, whether paid
or accrued, regardless of contingency as $216,839.
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.
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 $15,458,274.
r1.
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 2.
c. All compensation earned by or awarded to employees, whether paid or accrued, regardless of
contingency as $733,573.
d. All compensation earned by or awarded to nonemployee independent contractors, whether paid
or accrued, regardless of contingency as $53,089.
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 $17,735,921.
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 $6,000.
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.
207
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 $6,000.
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 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 $10,000.
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 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.
r1:
Honorable Board of County Commissioners
Collier County, Florida
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 Metropolitan Organization 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 0.
c. All compensation earned by or awarded to employees, whether paid or accrued, regardless of
contingency as $375,336.
d. All compensation earned by or awarded to nonemployee independent contractors, whether paid
or accrued, regardless of contingency as $-0-.
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 $2,614,982.
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 18.
c. All compensation earned by or awarded to employees, whether paid or accrued, regardless of
contingency as $53,377,04.
d. All compensation earned by or awarded to nonemployee independent contractors, whether paid
or accrued, regardless of contingency as $473,086.
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 $679,233,689.
rl•
Honorable Board of County Commissioners
Collier County, Florida
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
finding.
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.
CliftonLarsonAllen LLP
Naples, Florida
March 25, 2024
210
Appendix A
Listing of Special District Construction Projects
September 30, 2023
Affiliated Entity
Name of Project
Total Expenditures
300542
- Collier County Water -Sewer District
Naples Park Area Basin
$ 844,131
300542
- Collier County Water -Sewer District
New NCWRF Headworks
1,258,150
300542
- Collier County Water -Sewer District
Golden Gate City Compliance Assurance
609,582
300542
- Collier County Water -Sewer District
Collections Operating TSP
332,649
300542
- Collier County Water -Sewer District
Golden Gate City WWTP Expansion
666,747
300542
- Collier County Water -Sewer District
GGC Transmission Water Main Improvments
1,161,769
300542
- Collier County Water -Sewer District
Palm River Public Utility
4,142,995
300542
- Collier County Water -Sewer District
Goodland PS Improvement
319,237
300542
- Collier County Water -Sewer District
NCWRF Electrical Service Upgrade
185,030
300542
- Collier County Water -Sewer District
Fac Infrastructure Maint Wastewater
106,295
$ 9,626,587
CliftonLarsonAllen LLP
. CLAconnect.com
INDEPENDENT ACCOUNTANTS' REPORT
Honorable Board of County Commissioners
Collier County, Florida
We have examined Collier County, Florida's (the County) compliance with Section 218.415, Florida
Statutes, regarding the investment of public funds; Section 365.172(10) and 365.173(2)(d), Florida
Statutes, regarding emergency communications number E911 system fund during the year ended
September 30, 2023. 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.
We are required to be independent and to meet our other ethical responsibilities in accordance with
relevant ethical requirements relating to the engagement.
Our examination does not provide a legal determination on the County's compliance with specified
requirements.
In our opinion, the County complied, in all material respects, with Section 218.415, Florida Statutes,
regarding the investment of public funds; Section 365.172(10) and 365.173(2)(d), Florida Statutes,
regarding emergency communications number E911 system fund during the year ended September 30,
2023.
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 25, 2024
CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer
212
ANNUAL DEBT REPORT (UNAUDITED)
Pursuant to the Collier County Debt Policy, the following Tables were prepared for the fiscal
year ended September 30, 2023.
Table 1. Calculation of Collier County General Governmental Debt Ratio
Table 2. Calculation of Collier County Enterprise Debt Ratios
�O er aunty
TABLE 1
Calculation of Collier County General Governmental Debt Ratio
For the Fiscal Year Ended September 30, 2023
Bondable revenues, as defined by Collier County Debt Policy:
Current Ad Valorem Taxes
$
518,876,536
Governmental Impact Fees
47,262,219
Half Cent Sales Tax
68,746,452
Developmental Fees
29,204,124
State Revenue Sharing
18,830,744
5th Cent Local Option Gas Tax
6,926,110
6th Cent Local Option Gas Tax
9,287,979
Constitutional Gas Tax
4,985,600
Seventh Cent Gas Tax
2,050,570
Ninth Cent Gas Tax
1,938,377
Parks and Recreation Fees
6,981,049
Tourist Development Tax
44,107,953
Court Facilities Fee
958,050
Communications Services Tax
4,079,743
Total bondable revenues
$
764,235,506
Fiscal 2023 governmental debt service requirements:
Series 2012 Gas Tax Refunding Bonds
Principal:
$
3,760,000
Interest:
112,800
Series 2014 Gas Tax Refunding Bond
Principal:
8,455,000
Interest:
933,026
Series 2017 Special Obligation Refunding Note
Principal:
2,665,000
Interest:
1,174,015
Series 2019 Taxable Special Obligation Note
Principal:
2,180,000
Interest:
738,978
Series 2020A Special Obligation Bonds
Principal:
195,000
Interest:
3,133,875
Series 2020B Taxable Special Obligation Bonds
Principal:
2,540,000
Interest:
410,600
Series 2022A Special Obligation Refunding Note
Principal:
8,425,000
Interest:
429,113
Series 2022E Special Obligation Refunding Note
Principal:
880,000
Interest:
1,020,840
Series 2018 Tourist Development Tax Bonds
Principal:
1,135,000
Interest:
2,582,625
Commercial Paper Program
Principal:
-
Interest:
107,489
Total fiscal 2023 governmental debt service requirements
$
40,878,361
Governmental debt ratio of fiscal year 2023 debt service requirements
to total bondable revenues (13.0% maximum allowed by County policy)
5.3%
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, 2023
Collier County Water and Sewer District:
Total Sales Revenues
$
190,684,401
Miscellaneous Revenues
1,926,434
Total Operating Revenues
192,610,835
Non -Operating Revenues
16,836,247
Gross Revenues
209,447,082
Less: Operation and Maintenance
Expense (excluding Depreciation and Amortization)
125,794,719
Net Revenues Available for Debt Service (1)
$
83,652,363
Total Fiscal Year 2023 Debt Service on Bonds (2)
$
16,460,530
Net Revenues Debt Service Coverage on Bonded Debt
(100% Required) - (1/2)
508%
Other Pledged Funds:
System Development Fees (Impact Fees)
$
17,586,817
Total Pledged Funds Available for Debt Service (3)
$
101,239,180
Total Fiscal Year 2023 Debt Service on Bonds (4)
$
16,460,530
Total Pledged Funds Debt Service Coverage on Bonded Debt
(125% Required) - (3/4)
615%
Total Pledged Funds Available for Debt
Service After Payment of Bonds (5)
$
84,778,650
Total Fiscal Year 2023 Debt Service on
Subordinated Indebtedness (6)
$
8,798,047
Calculated Coverage on Subordinated Indebtedness - (5/6)
964%
Total Pledged Funds Available for System
Purposes
$
75,980,603
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.
`a
Summary Debt Statement for Fiscal Year 2023
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 for the payment of debt
service pursuant to voter referendum.
The governmental debt ratio decreased by .5% for the fiscal year ended September 30, 2023, to 5.3% (see
Table 1), or less than half of the allowable ratio. This decrease is mainly reflective of increases in ad
valorem tax and half cent sales tax collections. These revenue increases were accompanied by a .7%
decrease in debt service. Overall, governmental revenues increased by 8.5% over fiscal year 2022. Again,
this increase was largely the result of a 15.8% increase in FY-2023 ad valorem collections and a 6.0%
increase in FY-2023 half cent sales tax 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 (FY16 - FY23)
14.00%
12.00%
10.00%
13.0%
8.00%
7.0% 0 6.5%
6.5/ 6.0% 6.0% 6.0% 5.g%
6.00% 5.3%
4.00%
2.00%
0.00%
FY-2016 FY-2017 FY-2018 FY-2019 FY-2020 FY-2021 FY-2022 FY-2023
Annual Governmental Debt Ratio Maximum Allowable Governmental Debt Ratio
i1
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, 2023:
Issue
Amount
Interest Rates
Final
Purpose
Maturity
Series 2017 Special
$35,329,000
3.09%
July 1, 2034
Advance refund a portion of the
Obligation Refunding
Series 2010 Special Obligation
Revenue Note (Direct
Revenue Bonds.
Placement Loan)
Series 2019 Special
$25,880,000
2.74%
October 1,
Fund the purchase of the Golden
Obligation Revenue Note
2029
Gate Golf Course.
(Taxable Direct Placement
Loan)
Series 2020A Special
$74,740,000
4.00% - 5.00%
October 1,
Fund stormwater and parks
Obligation Revenue Bonds
2045
capital improvements and
refinance sports complex land
purchase.
Series 2020B Special
$19,260,000
2.00%
October 1,
Fund the purchase of the HHH
Obligation Revenue Bonds
2029
Ranch and the Camp Keais
(Taxable)
property.
Series 2022A Special
$24,440,000
1.43%
October 1,
Refund all outstanding Series
Obligation Refunding
2029
2011 Special Obligation
Revenue Note (Direct
Refunding Revenue Bonds.
Placement Loan)
Series 2022B Special
$74,680,000
1.85%
October 1,
Refund all outstanding Series
Obligation Refunding
2035
2013 Special Obligation
Revenue Note (Direct
Refunding Revenue Bonds.
Placement Loan)
Series 2014 Gas Tax
$26,230,000
2.33%
June 1, 2025
Advance refund a portion of the
Refunding Revenue Bond
Series 2005 Gas Tax Revenue
(Direct Placement Loan)
Bonds.
Series 2018 Tourist
$58,570,000
4.00% - 5.00%
October 1,
Fund the construction and
Development Tax Revenue
2048
equipping of a regional
Bonds
tournament caliber amateur
sports complex.
Commercial Paper Loan —
$2,500,000
3.56% - 4.70%
June 1, 2027
Construct sidewalk
Florida Local Government
improvements in the Pelican Bay
Finance Commission
(Variable Rate)
Services District.
Total
$341,629,000
New General Government Debt
On October 6, 2022, Collier County issued a $1,500,000 commercial paper loan through the Florida Local
Government Finance Commission's Pooled Commercial Paper Program. The loan was issued for purposes
of sidewalk improvements in the Pelican Bay Services District. The loan bears monthly variable interest
and is collateralized by all legally available non -ad valorem revenues as defined in the loan agreement.
Collier County Governmental Bonded Debt Ratings Table:
Current Ratings (as of 1/23/2024)
Fitch
Moody's
Standard & Poor's
Gas Tax Revenue Refunding Bond*
-
-
-
Special Obligation Bonds**
-
Aaa
AAA
Tourist Development Tax Bonds***
AA+
Aa3
-
* The Series 2014 Gas Tax Refunding Revenue Bond (Direct Placement Loan) does not carry a rating.
** Fitch does not currently rate the Special Obligation Bonds.
*** 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. Fitch also maintains an Issuer
Default Rating of AAA for Collier County which indicates the lowest expectation of default risk and
exceptionally strong capacity for payment of financial commitments.
A Moody's Investors Service rating of Aaa is indicative of an investment grade instrument of the highest
quality, with minimum credit risk. A Moody's Investors Service rating of Aa is indicative of a high -quality
investment grade instrument with very low credit risk. Moody's uses intermediate modifiers of 1 (higher)
to 3 (lower) within the Aa range. Moody's also maintains an Issuer 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. Standard and
Poor's also maintains an Issuer Credit Rating of AAA for Collier County which indicates excellent overall
credit worthiness.
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 508% and total pledged funds coverage on
senior lien bonded debt was 615% for FY-2023, up from 235% and 334%, respectively, for FY-2022 (see
Table 2).
Bonded debt coverages for FY-2023 increased primarily due to increases in non -operating revenues and a
decrease in the amount of senior lien debt service paid in FY-2023. Non -operating revenues increased due
to increased interest income and the recognition of unrealized gains related to investments when compared
to FY-2022. The Federal Reserve's rate hikes during FY-2022 had a negative impact upon the District's
portfolio valuation and a significant portion of the unrealized loss related to FY-2022 was recovered in FY-
2023. Senior lien debt service decreased for FY-2023 due to the final maturity of the Series 2015 Water
and Sewer Refunding Revenue Bond. The District's calculated coverage on subordinated debt, all in the
form of a bank loan with Synovus Bank, also increased from 531 % to 964% (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. Effective July 1, of 2023, the District Board
adopted a 7.07% mid -year increase to the existing water, wastewater and irrigation quality rates in response
to inflationary increases that were impacting District operations. In December of 2023, the following rate
increases were adopted by the District Board:
Rate Type
Effective January 1,
2024
Effective October 1,
2024
Effective October 1,
2025
Water User
9.0%
4.5%
4.5%
Wastewater User
9.5%
7.5%
7.5%
Irrigation Quality User
9.5%
9.5%
9.5%
The District's focus remains 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.
Summary of Existing and Newly Issued Enterprise Debt
Existing Entelprise Debt
The following table lists outstanding Enterprise Debt as of September 30, 2023:
Issue
Amount
Interest Rates
Final Maturity
Purpose
Series 2016 Water and Sewer
$34,435,000
1.80%
July 1, 2029
Refund all outstanding State
Refunding Revenue Note
Revolving Fund Loans.
(Subordinated)
Series 2018 Water and Sewer
$21,650,000
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
$124,740,000
4.00% - 5.00%
July 1, 2046
Fund utility improvements in
Revenue Bonds
Golden Gate City and the
northeast area of the District.
Series 2023 Water and Sewer
$49,945,000
4.15%
July 1, 2036
Refund all outstanding Series
Revenue Bond (Bank Term
2016 Water and Sewer
Loan) (Taxable)
Refunding Revenue Bonds.
Total
$306,955,000
New Enterprise Debt
On January 17, 2023, the Collier County Water and Sewer District (District) issued the Series 2023 Taxable
Water and Sewer Refunding Revenue Bond (Bank Term Loan) in the par amount of $49,945,000. This
taxable bond was issued for the purpose of refunding all of the District's outstanding County Water and
Sewer Refunding Revenue Bonds, Series 2016. The final maturity of the Series 2023 Taxable Water and
Sewer Refunding Revenue Bond is July 1, 2036, with an interest rate of 4.15%. The Series 2023 Taxable
Water and Sewer Refunding Revenue Bond was issued as a direct placement financing, secured with a lien
on parity with all outstanding senior lien Collier County Water and Sewer Revenue Bonds. On July 1, 2026,
the Series 2023 Bond is scheduled to be exchanged for a Series 2026 tax exempt bond paying fixed interest
at 3.39%. The refunding, assuming an exchange to a tax-exempt Series 2026 Bond, will achieve a net
present value savings of 7.31% on the refunded debt and an aggregate debt service savings of $4,395,527.
The refunded Series 2016 Collier County Water and Sewer Refunding Revenue Bonds have a redemption
date of July 1, 2026.
Collier County Enterprise Debt Ratings Table:
Current Ratings (as of 1/23/2024)
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.
�O er aunty
Collier County, Florida
Clerk of the Circuit Court and Comptroller
Financial Staten
Supplemental l
Year Ended Septem
CPAs I CONSULTANTS I WEALTH ADVISORS
C LAconnect.com
Collier County, Florida
Clerk of the Circuit Court and Comptroller
Financial Statements and Other Reports
Year Ended September 30, 2023
Contents
IndependentAuditors' Report .......................................................................................................... I
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..................................29
Combining Statement of Changes in Fiduciary Net Position — All Custodial Funds ...............30
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...................................................................31
ManagementLetter....................................................................................................................33
Independent Accountants' Report ..............................................................................................35
CliftonLarsonAllen LLP
. CLAconnect.com
INDEPENDENT AUDITORS' REPORT
Honorable Crystal K. Kinzel
Clerk of the Circuit Court and Comptroller
Collier County, Florida
Report on the Audit of the Financial Statements
Opinions
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, 2023, and the related notes to the financial
statements, which collectively comprise the Clerk's basic financial statements as listed in the table of
contents.
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, 2023, and the respective changes in financial position and the respective
budgetary comparisons for the General Fund, Court Services Fund, and Other Special Revenue Fund
for the year ended September 30, 2023, in accordance with accounting principles generally accepted in
the United States of America.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States
of America (GAAS) and the standards applicable to financial audits contained in Government Auditing
Standards, issued by the Comptroller General of the United States. Our responsibilities under those
standards are further described in the Auditors' Responsibilities for the Audit of the Financial
Statements section of our report. We are required to be independent of the Clerk and to meet our other
ethical responsibilities in accordance with the relevant ethical requirements relating to our audit. We
believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
audit opinions.
Emphasis of Matter
As discussed in Note 1, the financial statements of the Clerk 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 financial statements are intended to present the financial position and changes in
financial position of only that portion of each major fund and the aggregate remaining fund information
of the Collier County, Florida that is attributable to the transactions of the Clerk. They do not purport to,
and do not, present fairly the financial position of Collier County, Florida as of September 30, 2023, and
the changes in its financial position for the year then ended in accordance with accounting principles
generally accepted in the United States of America. Our opinions are not modified with respect to this
matter.
CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer
Honorable Crystal K. Kinzel
Clerk of the Circuit Court and Comptroller
As discussed in Note 12, effective October 1, 2022, the Clerk adopted GASB Statement No. 96,
Subscription -Based Information Technology Arrangements. This standard requires governments to
recognize a right -to -use subscription -based information technology arrangement asset and
corresponding subscription -based information technology arrangement liability for all arrangements with
terms greater than 12 months. Our opinions are not modified with respect to this matter.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in
accordance with accounting principles generally accepted in the United States of America, and for the
design, implementation, and maintenance of internal control relevant to the preparation and fair
presentation of financial statements that are free from material misstatement, whether due to fraud or
error.
Auditors' Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that
includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance
and therefore is not a guarantee that an audit conducted in accordance with GAAS and Government
Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a
material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Misstatements are considered material if there is a substantial likelihood that, individually or in the
aggregate, they would influence the judgment made by a reasonable user based on the financial
statements.
In performing an audit in accordance with GAAS and Government Auditing Standards, we:
• Exercise professional judgment and maintain professional skepticism throughout the audit.
• Identify and assess the risks of material misstatement of the financial statements, whether due
to fraud or error, and design and perform audit procedures responsive to those risks. Such
procedures include examining, on a test basis, evidence regarding the amounts and disclosures
in the financial statements.
• Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Clerk's internal control. Accordingly, no such opinion is
expressed.
• Evaluate the appropriateness of accounting policies used and the reasonableness of significant
accounting estimates made by management, as well as evaluate the overall presentation of the
financial statements.
We are required to communicate with those charged with governance regarding, among other matters,
the planned scope and timing of the audit, significant audit findings, and certain internal control related
matters that we identified during the audit.
Pa
Honorable Crystal K. Kinzel
Clerk of the Circuit Court and Comptroller
Required Supplementary Information
Management has omitted the management's discussion and analysis that accounting principles
generally accepted in the United States of America require to be presented to supplement the 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 opinions on the basic financial statements are not affected by this missing
information.
Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that
collectively comprise the Clerk's basic financial statements. The combining custodial fund statements
are presented for purposes of additional analysis and are not a required part of the basic financial
statements. Such information is the responsibility of management and was derived from and relates
directly to the underlying accounting and other records used to prepare the basic financial statements.
The information has been subjected to the auditing procedures applied in the audit of the basic financial
statements and certain additional procedures, including comparing and reconciling such information
directly to the underlying accounting and other records used to prepare the basic financial statements
or to the basic financial statements themselves, and other additional procedures in accordance with
GAAS. In our opinion, the combining custodial fund 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
February 26, 2024, 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
February 26, 2024
Collier County, Florida
Clerk of the Circuit Court and Comptroller
Balance Sheet — Governmental Funds
Assets
Cash and cash equivalents
Accounts receivable, net
Due from Collier County, Florida Board
of County Commissioners
Due from other governments
Total assets
September 30, 2023
Court
$ 1,808,291 $ 1,588,971
7,773 11,286
Other Total
Special Governmental
Revenue Funds
$ 6,814,906 $ 10,212,168
- 19,059
12,907 - - 12,907
10,505 17,138 - 27,643
$ 1,839,476 $ 1,617,395 $ 6,814,906 $ 10,271,777
Liabilities and fund balances
Liabilities:
Vouchers payable and accrued liabilities $ 725,474
Due to Collier County, Florida Board of
County Commissioners 210,395
Due to other governments -
Unearned revenue -
Deposits 903,607
Total liabilities 1,839,476
Fund balance:
Restricted
Total fund balance
Total liabilities and fund balance
$ 226,979 $ 45,365 $ 997,818
288,240 - 498,635
987,176 - 987,176
115,000 - 115,000
- - 903,607
1,617,395 45,365 3,502,236
6,769,541 6,769,541
- - 6,769,541 6,769,541
$ 1,839,476 $ 1,617,395 $ 6,814,906 $ 10,271,777
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, 2023
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):
Subscription -based information technolog}
arrangements
Transfers in:
Collier County, Florida Board of County
Commissioners appropriations
Operating transfers in
Transfers out:
Distribution of excess fees to State of
Florida
Distribution of excess appropriations to
Collier County, Florida Board of
County Commissioners
Operating transfers out
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
$ -
$ 623,719
$ -
$ 623,719
3,799,806
7,720,668
1,061,112
12,581,586
8,261
-
-
8,261
433,994
141,599
304,282
879,875
4,242,061
8,485,986
1,365,394
14,093,441
12,663,273
7,115,269 480,805
20,259,347
2,689,622
284,906 2,581,858
5,556,386
651,473
- 239,762
891,235
203,581
- 80,626
284,207
12,877
- 1,975
14,852
16,220,826
7,400,175 3,385,026
27,006,027
(11,978,765) 1,085,811 (2,019,632) (12,912,586)
527,123 - 239,762 766,885
12,080,000 - - 12,080,000
420,213 420,213
- (1,506,024) - (1,506,024)
(208,145) - - (208,145)
(420,213) (420,213 )
11,978,765 (1,085,811) 239,762 11,132,716
- (1,779,870) (1,779,870)
- 8,549,411 8,549,411
$ 6,769,541 $ 6,769,541
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, 2023
Revenues:
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):
Subscription -based information technology
Arrangements
Transfers in:
Collier County, Florida Board of County
Commissioners appropriations
Transfers out:
Distribution of excess appropriations to
Collier County, Florida Board of County
Commissioners
Operating transfers out
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)
$ 4,253,600 $ 4,253,600 $ 3,799,806 $ (453,794)
- - 8,261 8,261
31,100 31,100 433,994 402,894
4,284,700 4,284,700 4,242,061 (42,639)
11,724,300
12,685,600
12,663,273
22,327
3,242,400
3,105,900
2,689,622
416,278
58,700
125,700
651,473
(525,773)
-
-
203,581
(203,581)
-
-
12,877
(12,877)
15,025,400
15,917,200
16,220,826
(303,626)
(10,740,700) (11,632,500) (11,978,765) (346,265)
527,123 527,123
10,740,700 12,080,000 12,080,000 -
- (208,145) (208,145)
- (447,500) (420,213) 27,287
10,740,700 11,632,500 11,978,765 346,265
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, 2023
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 in:
Operating transfers in
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)
$ 482,185
$ 482,185
$ 623,719
$ 141,534
6,534,607
6,534,607
7,720,668
1,186,061
15,000
15,000
141,599
126,599
7,031,792
7,031,792
8,485,986
1,454,194
6,695,056 7,142,556
7,115,269
27,287
336,736 336,736
284,906
51,830
7,031,792 7,479,292
7,400,175
79,117
- (447,500)
1,085,811
1,533,311
447,500 420,213 (27,287)
- - (1,506,024) (1,506,024)
447,500 (1,085,811) (1,533,311)
$ - $ - $ - $ -
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, 2023
Revenues:
Charges for services
Interest income
Total revenues
Expenditures:
General government:
Personal services
Operating expenditures
Capital outlay
Debt service principal
Debt service interest
Total expenditures
Excess of revenues over expenditures
Other financing sources (uses):
Subscription -based information technology
arrangements
Total other financing sources (uses)
Net change in fund balance
Fund balance — beginning of year
Fund balance — end of year
See accompanying Notes to Financial Statements.
Budget
Original Final
Actual
Variance
With Final
Budget
Positive
(Negative)
$1,810,000
$1,810,000
$19061,112
$ (7489888)
17,200
179200
304,282
2879082
1,827,200
1,827,200
1,365,394
(461,806)
1,283,000
1,283,000
480,805
802,195
2,163,900
4,363,900
2,581,858
1,782,042
1,243,074
188,900
239,762
(50,862)
-
-
80,626
(80,626)
-
-
1,975
(1,975)
4,689,974
5,835,800
3,385,026
2,450,774
(2,862,774) (4,008,600) (2,019,632) 1,988,968
- - 239,762
239,762
- - 239,762
239,762
(2,862,774) (4,008,600) (1,779,870)
2,228,730
5,582,622 8,311,106 8,549,411
238,305
$ 2,719,848 $ 4,302,506 $ 6,769,541
$ 2,467,035
n.
Collier County, Florida
Clerk of the Circuit Court and Comptroller
Statement of Fiduciary Net Position
Custodial Funds
September 30, 2023
Assets
Cash and cash equivalents
$ 24,851,118
Total assets
24,851,118
Liabilities
Due to other governments
5,640,054
Total liabilities
5,640,054
Fiduciary Net Position
Restricted for:
Individuals, organizations, and other governments
19,211,064
Total fiduciary net position
19,211,064
Total liabilities and fiduciary net position
$ 24,851,1 18
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, 2023
Additions
Fees/Fines collected for other governments
$ 166,822,144
Registry and other deposits collected
18,216,947
Total additions
185,039,091
Deductions
Fees/Fines disbursed to other governments
166,650,883
Registry and other deposits disbursed
17,568,732
Total deductions
184,219,615
Change in fiduciary net position
819,476
Fiduciary net position - beginning of year
18,391,588
Fiduciary net position - end of year
$ 19,211,064
See accompanying Notes to Financial Statements.
10
Collier County, Florida
Clerk of the Circuit Court and Comptroller
Notes to Financial Statements
September 30, 2023
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 Florida. 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 (the County) that are attributable to the Clerk. They are not intended to present fairly the
financial position and results of operations of the County 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 County Annual
Comprehensive 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, 2023
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.
12
Collier County, Florida
Clerk of the Circuit Court and Comptroller
Notes to Financial Statements
September 30, 2023
1. Summary of Significant Accounting Policies (continued)
Governmental Funds (continued)
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.
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 the
County 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.
Unearned Revenues
In instances where assets have been received by the Clerk for services to be rendered in future
periods, asset balances are offset by an unearned revenue liability account in the financial statements.
Unearned revenue of the Clerk as of September 30, 2023, is related to a bond forfeiture.
13
Collier County, Florida
Clerk of the Circuit Court and Comptroller
Notes to Financial Statements
September 30, 2023
1. Summary of Significant Accounting Policies (continued)
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 the County.
Prepaid Items
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, 2023.
14
Collier County, Florida
Clerk of the Circuit Court and Comptroller
Notes to Financial Statements
September 30, 2023
1. Summary of Significant Accounting Policies (continued)
Fund Balance Reporting and Governmental Fund -Type Definitions (continued)
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 baltmces 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.
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 ended September 30, 2023, 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, 2023
2. Budgetary Process (continued)
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 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. The Clerk exceeded
appropriations related to capital outlay due to the implementation of GASB 96 Subscription -based
Information Technology Arrangements, the budget was not amended for these additional capital
outlay expenditures. 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, 2023, the carrying value of the Clerk's cash and cash equivalents was as follows:
Type Maturity
Cash on hand
Demand deposits
Total cash and cash equivalents
Carrying
Value
N/A $ 11,200
N/A 35,052,086
$ 35,063,286
Credit Rating
N/A
N/A
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, 2023
3. Cash and Cash Equivalents (continued)
Cash and cash equivalents as of September 30, 2023 are reported as $10,212,168 and $24,851,118 in
the governmental funds and fiduciary funds, respectively.
Custodial Credit Risk
At September 30, 2023, 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, 2023
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 $433,994 is reported in the general fund for the year ended
September 30, 2023, 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 the County 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 the County. 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 the County.
The following is a summary of changes in capital assets, which are reported in the basic financial
statements of the County:
10
Collier County, Florida
Clerk of the Circuit Court and Comptroller
Notes to Financial Statements
September 30, 2023
October 1, Transfer- September 30,
2022 Additions Deductions out 2023
Capital assets not depreciated:
Construction in progress subscription -based
information technology arrangements
$ - $ 117,653 $ - $
- $ 117,653
Total assets not depreciated
- 117,653 -
- 117,653
Machinery and equipment
6,891,021 124,350 (33,758)
- 6,981,613
Right -to -use leased equipment
87,527 - -
- 87,527
Right -to -use subscription -based information
technology arrangements
- 649,232 -
- 649,232
Total capital assets
6,978,548 773,582 (33,758)
- 7,718,372
Less accumulated depreciation
and amortization
Machinery and equipment
Right -to -use leased equipment
Right -to -use subscription -based information
technology arrangements
Total accumulated depreciation
Total capital assets, net
(6,234,894) (329,474) 33,758 - (6,530,610)
(25,378) (20,600) - - (45,978)
- (178,364) - - (178,364)
(6,260,272) (528,438) 33,758 - (6,754,952)
$ 718,276 $ 362,797 $ - $ - $ 1,081,073
19
Collier County, Florida
Clerk of the Circuit Court and Comptroller
Notes to Financial Statements
September 30, 2023
5. Capital Assets (continued)
Leases
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 County Annual Comprehensive 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, 2023, the Clerk did not enter into new leases. During the year
ended September 30, 2023, the Clerk's payments on leases totaled $21,404.
Subscription -Based Information Technology Arrangements
The Clerk contracts for the right to use another party's information technology software for
various terms under certain agreements that meet the definition of a subscription -based
information technology arrangement under GASB Statement No. 96 - Subscription -Based
Information Technology Arrangements (SBITAs). Detailed information about the Clerk's
SBITAs can be found in the County Annual Comprehensive Financial Report or County -wide
financial statements.
SBITAs 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 subscription 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, 2023, the Clerk's SBITAs totaled $766,885 and total
payments on SBITAs totaled $277,655.
20
Collier County, Florida
Clerk of the Circuit Court and Comptroller
Notes to Financial Statements
September 30, 2023
6. Long -Term Liabilities
The following is a summary of changes in long-term liabilities which are reported in the basic
financial statements of the County:
October 1, September 30,
2022 Additions Deletions 2023
Accrued compensated absences S 2,125,994 S 1,304,999 S (99.0361 S 3.33L957
Of these liabilities, $1,432,921 is expected to be paid during the fiscal year ending September 30,
2024. These long-term liabilities are not reported in the financial statements of the Clerk since they
have not matured.
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
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).
21
Collier County, Florida
Clerk of the Circuit Court and Comptroller
Notes to Financial Statements
September 30, 2023
7. 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 if vested, 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 55, if vested, or at any
age after 25 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.
22
Collier County, Florida
Clerk of the Circuit Court and Comptroller
Notes to Financial Statements
September 30, 2023
7. Pension Plans (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 8 years after electing to participate, except that certain instructional personnel
may participate for up to 10 years. 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.
23
Collier County, Florida
Clerk of the Circuit Court and Comptroller
Notes to Financial Statements
September 30, 2023
7. 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, 2023, eligible retirees and beneficiaries received a monthly HIS
payment of $7.50 for each year of creditable service completed at the time of retirement, with a
minimum HIS payment of $45 and a maximum HIS payment of $225 per month, 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. 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
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
24
Collier County, Florida
Clerk of the Circuit Court and Comptroller
Notes to Financial Statements
September 30, 2023
7. Pension Plans (continued)
FRS Investment Plan (continued)
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, 2023, 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, 2023,
2022, and 2021 were $2,034,343, $1,591,676, and $1,323,776, respectively, equal to the actuarially
determined contribution requirements for each year.
Additional information about pension plans can be found in the County Annual Comprehensive
Financial Report or County -wide financial statements.
25
Collier County, Florida
Clerk of the Circuit Court and Comptroller
Notes to Financial Statements
September 30, 2023
8. Related Party Transactions
The Board provided funding for the Clerk in the amount of $12,080,000. The Supervisor of Elections
provided funding in the amount of a $53,500 fee for financial services performed by the Clerk. At
September 30, 2023, the Clerk had a payable due to the Board of $498,635, comprised as follows:
Distribution of excess fees $ 210,395
Amounts due for various court fees 288,240
Total due to Board of County Commissioners $ 498,635
9. Risk Management
The 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, 2023, the Clerk was
charged $2,802,471 by the County for participation in the risk management program.
26
Collier County, Florida
Clerk of the Circuit Court and Comptroller
Notes to Financial Statements
September 30, 2023
9. Risk Management (continued)
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 $300,000 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 $300,000
each claim for public official errors and omissions and $100,000 each loss for the crime coverage and
has purchased outside excess coverage for up to $5 million per claim for E&O and $1,000,000 each
loss for Crime. 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. Other Postemployment Healthcare Benefits (OPEB) Plan
In accordance with Section 112.0801, Florida Statutes, the Clerk participates with the 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.
27
Collier County, Florida
Clerk of the Circuit Court and Comptroller
Notes to Financial Statements
September 30, 2023
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, 2023, the Clerk
was involved in approximately 127,940 collection cases. These are court actions designed to collect
fees and costs imposed by the courts in criminal cases. The Clerk was involved in 348 bond
forfeiture actions. Those cases involve collecting forfeitures of criminal appearance bonds. There are
2 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. Adoption of New Accounting Pronouncements
During the year ended September 30, 2023, the Clerk adopted GASB Statement No. 96,
Subscription -Based Information Technology Arrangements. This statement provides guidance on the
accounting and financial reporting for subscription -based information technology arrangements
(SBITAs). The primary objective of this statement is to establish a definition for SBITAs and provide
uniform guidance for accounting and financial reporting for transactions that meet that definition.
Detailed information about the Clerk's SBITAs can be found in the County Annual Comprehensive
Financial Report or County -wide financial statements.
SBITAs 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 subscription terms are reported as debt service
expenditures in the statement of revenues, expenditures, and changes in fund balance as they are
incurred.
W.
Collier County, Florida
Clerk of the Circuit Court and Comptroller
Combining Statement of Fiduciary Net Position
Custodial Funds
September 30, 2023
Jury and
Clerk's
Court
Ordinary
Total
Agency
Registry
Witness
Custodial Funds
Assets
Cash and cash equivalents
$ 7,385,619
$ 17,445,187
$ 20,312
$ 24,851,118
Total assets
7,385,619
17,445,187
20,312
24,851,118
Liabilities
Due to other governments
5,640,054
-
-
5,640,054
Total liabilities
5,640,054
-
-
5,640,054
Fiduciary Net Position
Restricted for:
Individuals, organizations, and other governments
1,745,565
17,445,187
20,312
19,211,064
Total fiduciary net position
1,745,565
17,445,187
20,312
19,211,064
Total liabilities and fiduciary net position
$ 7,385,619
$ 17,445,187
$ 20,312
$ 24,851,118
29
Collier County, Florida
Clerk of the Circuit Court and Comptroller
Combining Statement of Changes in Fiduciary Net Position
Custodial Funds
Year Ended September 30, 2023
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
Fiduciary net position - end of year
Clerk's Court
Agency Registry
Jury and
Ordinary Total
Witness Custodial Funds
$ 166,822,144 $ - $ - $ 166,822,144
- 18,161,947 55,000 18,216,947
166,822,144 18,161,947 55,000 185,039,091
166,650,883 - - 166,650,883
- 17,528,394 40,338 17,568,732
166,650,883 17,528,394 40,338 184,219,615
171,261 633,553
1,574,304 16,811,634
$ 1,745,565 $ 17,445,187 $
14,662 819,476
5,650 18,391,588
20,312 $ 19,211,064
30
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 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, 2023, and the related notes to the
financial statements, which collectively comprise the Clerk's basic financial statements, and have
issued our report thereon dated February 26, 2024.
Report on 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 or significant deficiencies may exist that were not identified.
CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer
31
Honorable Crystal K. Kinzel
Clerk of the Circuit Court and Comptroller
Report on 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.
CliftonLarsonAllen LLP
Naples, Florida
February 26, 2024
32
CliftonLarsonAllen LLP
. CLAconnect.com
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 year ended September 30, 2023, and have issued our report
thereon dated February 26, 2024.
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 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, 2024 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.
CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer 33
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.
CliftonLarsonAllen LLP
Naples, Florida
February 26, 2024
91
CliftonLarsonAllen LLP
. CLAconnect.com
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, 2023. 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 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.
We are required to be independent and to meet our other ethical responsibilities in accordance with
relevant ethical requirements relating to the engagement.
Our examination does not provide a legal determination on the 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, 2023.
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.
Clifton LarsonAllen LLP
Naples, Florida
February 26, 2024
CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer
35
11:IMyLTe[HMION1:10IN[670MAN aIII anQW_\01:/
Collier County, Florida
Property Appraiser
Financial Statements and
Supplementary Reports
Year Ended September 30, 2023
CPAs I CONSULTANTS I WEALTH ADVISORS
C LAconnect.com
Collier County, Florida
Property Appraiser
Financial Statements and Other Reports
Year Ended September 30, 2023
Contents
IndependentAuditors' Report ..........................................................................................................1
Financial Statements
Balance Sheet — General Fund......................................................................................................4
Statement of Revenues, Expenditures, and Changes in Fund
Balance— General Fund.............................................................................................................5
Statement of Revenues, Expenditures, and Changes in Fund
Balance — Budget (Non-GAAP) and Actual — General Fund....................................................6
Notesto Financial Statements.......................................................................................................7
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................................................................22
ManagementLetter........................................................................................................................24
Independent Accountants' Report ..................................................................................................27
Schedule of Findings and Responses.............................................................................................29
0
INDEPENDENT AUDITORS' REPORT
Honorable Abe Skinner
Property Appraiser
Collier County, Florida
Clifton LarsonAllen LLP
CLAconnect.com
Report on the Audit of the Financial Statements
Opinion
We have audited the accompanying financial statements of the general fund of the Collier County,
Florida, Property Appraiser (the Property Appraiser), as of and for the year ended September 30, 2023,
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.
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, 2023, and the
changes in financial position and the budgetary comparison for the general fund for the year then ended
in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinion
We conducted our audit in accordance with auditing standards generally accepted in the United States of
America (GAAS) and the standards applicable to financial audits contained in Government Auditing
Standards, issued by the Comptroller General of the United States. Our responsibilities under those
standards are further described in the Auditors' Responsibilities for the Audit of the Financial Statements
section of our report. We are required to be independent of the Property Appraiser and to meet our other
ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We
believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
audit opinion.
Emphasis of Matter
As discussed in Note 1, the financial statements of the Property Appraiser 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 financial statements are intended to present the financial position, and
the changes in financial position of only that portion of the general fund of Collier County, Florida that is
attributable to the transactions of the Property Appraiser. They do not purport to, and do not, present fairly
the financial position of Collier County, Florida as of September 30, 2023 and the changes in its financial
position for the year then ended in accordance with accounting principles generally accepted in the
United States of America. Our opinion is not modified with respect to this matter.
CLA (Clifton LarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer
Honorable Abe Skinner
Property Appraiser
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in
accordance with accounting principles generally accepted in the United States of America, and for the
design, implementation, and maintenance of internal control relevant to the preparation and fair
presentation of financial statements that are free from material misstatement, whether due to fraud or
error.
Auditors' Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditors' report that
includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance
and therefore is not a guarantee that an audit conducted in accordance with GAAS and Government
Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a
material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Misstatements are considered material if there is a substantial likelihood that, individually or in the
aggregate, they would influence the judgment made by a reasonable user based on the financial
statements.
In performing an audit in accordance with GAAS and Government Auditing Standards, we:
• Exercise professional judgment and maintain professional skepticism throughout the audit.
• Identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, and design and perform audit procedures responsive to those risks. Such
procedures include examining, on a test basis, evidence regarding the amounts and disclosures
in the financial statements.
• Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Property Appraiser's internal control. Accordingly, no such
opinion is expressed.
• Evaluate the appropriateness of accounting policies used and the reasonableness of significant
accounting estimates made by management, as well as evaluate the overall presentation of the
financial statements.
We are required to communicate with those charged with governance regarding, among other matters,
the planned scope and timing of the audit, significant audit findings, and certain internal control related
matters that we identified during the audit.
PA
Honorable Abe Skinner
Property Appraiser
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 are 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 4,
2023, 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.
Clifton LarsonAllen LLP
Naples, Florida
December 4, 2023
3
Collier County, Florida
Property Appraiser
Balance Sheet — General Fund
September 30, 2023
Assets
Cash and cash equivalents
$
2,545,013
Total assets
$
2,545,013
Liabilities and fund balance
Liabilities:
Accounts payable and accrued expenses
$
232,931
Due to Collier County, Florida Board of
County Commissioners
1,135,189
Due to other taxing districts
1,176,893
Total liabilities
2,545,013
Fund balance
-
Total liabilities and fund balance
$
2,545,013
See accompanying Notes to Financial Statements.
2
Collier County, Florida
Property Appraiser
Statement of Revenues, Expenditures, and
Changes in Fund Balance
General Fund
Year Ended September 30, 2023
Revenues:
Commissions and fees $ 11,510,420
Charges for services 205,253
Miscellaneous 5,349
Total revenues 11,721,022
Expenditures:
General government:
Personal services
7,162,696
Operating
2,159,914
Capital outlay
141,767
Debt service - principal
18,623
Debt service - interest
1,368
Total expenditures
9,484,368
Excess of revenues over expenditures
2,236,654
Other financing Sources (uses):
Proceeds from lease 52,689
Distribution of excess fees and commissions to Collier County, Florida
Board of County Commissioners (1,135,189)
Distribution of excess fees and commissions to other
governmental agencies (1,154,154)
Total other financing Sources (uses) (2,236,654)
Net change in fund balance -
Fund balance, beginning of year -
Fund balance, end of year $ -
See accompanying Notes to Financial Statements.
5
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, 2023
Revenues:
Commissions and fees
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
Budget
Original Final
Actual
Variance With
Final Budget
Positive
(Negative)
$ 10,194,772 $ 10,211,509 $ 10,211,509 $ -
- - 5,349 5,349
10,194,772 10,211,509 10,216,858 5,349
8,054,212
8,070,949
2,105,560
2,105,560
35,000
35,000
1 V, 17-T, / / /- 1 V,/ L 1,JV7
See accompanying Notes to Financial Statements.
7,162,696
908,253
1,672,448
433,112
141,767
(106,767)
18,623
(18,623)
1,368
(1,368)
8,996,902
1,214,607
- - 1,219,956
1,219,956
- - 52,689
52,689
- - (1,135,189)
(1,135,189)
(137,456) (137,456)
- (1,219,956) (1,219,956)
2
Collier County, Florida
Property Appraiser
Notes to Financial Statements
September 30, 2023
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 Collier County, Florida (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 (ACFR). 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 ACFR.
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.
7
Collier County, Florida
Property Appraiser
Notes to Financial Statements
September 30, 2023
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.
Charges for services and interest income are recognized as they are earned and become measurable
and available to pay liabilities of the current period.
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 govermnental 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.
Collier County, Florida
Property Appraiser
Notes to Financial Statements
September 30, 2023
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 the County.
Prepaid Expenses
The Property Appraiser has elected to follow GASB Codification 1600.127 Other Expenditure
Recognition Alternatives and expends costs as they are incurred and does not allocate the cost
between periods.
9
Collier County, Florida
Property Appraiser
Notes to Financial Statements
September 30, 2023
1. Summary of Significant Accounting Policies (continued)
Adoption of New Accounting Standard
In May 2020, GASB introduced a new standard, statement No 96 Subscription -Based Information
Technology Arrangements. This Statement provides guidance on the accounting and financial
reporting for subscription -based information technology arrangements (SBITAs) for government
end users (Governments). This Statement. (1) defines SIBTA; (2) establishes that a SBITA results
in a right -to -use subscription asset an intangible asset and a corresponding subscription liability;
(3) provides the capitalization criteria for outlays other than subscription payments, including
implementation costs of a SBITA; and (4) requires note disclosures regarding SBITA. The
Property Appraiser adopted the requirements of the guidance in 2023.
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.
10
Collier County, Florida
Property Appraiser
Notes to Financial Statements
September 30, 2023
1. Summary of Significant Accounting Policies (continued)
2. Budgetary Process (continued)
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 TRIM
notices, 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.
A reconciliation of revenues, expenditures, and other financing uses on a budgetary basis to a
GAAP is as follows:
Total revenues - budgetary basis
Revenues not budgeted:
Non -ad valorem commissions are not budgeted
TRIM reimbursements are not budgeted
Total revenues - GAAP basis
Total expenditures - budgetary basis
Expenditures not budgeted:
Non -ad valorem related expenditures are not budgeted
TRIM expenditures are not budgeted
Total expenditures - GAAP basis
Total other financing uses - budgetary basis
Other financing uses not budgeted:
Distribution of non -ad valorem excess fees are not budgeted
Total other financing uses - GAAP basis
$ 10,216,858
1,298,911
205,253
$ 11,721,022
$ 8,996,902
282,213
205,253
$ 9,484,368
$ (1,219,956)
(1,016,698)
$ (2,236,654)
11
Collier County, Florida
Property Appraiser
Notes to Financial Statements
September 30, 2023
3. Cash
At September 30, 2023, the carrying value of the Property Appraiser's cash was as follows:
Cash on hand
Demand deposits
Total cash
Custodial Credit Risk
Carrying
Type Value
$ 125
2,544,888
$ 2,545,013
At September 30, 2023, 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.
12
Collier County, Florida
Property Appraiser
Notes to Financial Statements
September 30, 2023
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, 2023:
October 1, September 30,
2022 Additions Deductions 2023
Improvements other than buildings $ 15,332 $ - $ - $ 15,332
Machinery and equipment 1,494,569 89,078 - 1,583,647
Right -to -use leased equipment 83,939 52,689 - 136,628
Total capital assets 1,593,840 141,767 - 1,735,607
Accumulated depreciation:
Improvements other than buildings
(10,083)
(927)
- (11,010)
Machinery and equipment
(1,430,124)
(36,132)
- (1,466,256)
Accumulated amortization:
Right -to -use leased equipment
(65,167)
(20,446)
- (85,613)
Total Depreciable capital assets, net
(1,505,374)
(57,505)
- (1,562,879)
Total capital assets, net $ 88,466 $ 84,262 $ - $ 172,728
13
Collier County, Florida
Property Appraiser
Notes to Financial Statements
September 30, 2023
5. Long -Term Liabilities
The following is a summary of changes in long-term liabilities, which are reported in the basic
financial statements of the County:
October 1, September 30,
2022 Increase Decrease 2023
Accrued compensated absences $ 490,778 $ 516,637 $ (510,155) $ 497,260
Of these liabilities, approximately $100,000 is expected to be paid during the fiscal year ending
September 30, 2024, 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. 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).
14
Collier County, Florida
Property Appraiser
Notes to Financial Statements
September 30, 2023
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.
• Special Risk Administrative Support Class —Members who provide administrative support
for a special risk employer.
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, if vested, 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 55, if vested, or at
any age after 25 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.
15
Collier County, Florida
Property Appraiser
Notes to Financial Statements
September 30, 2023
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 8 years after electing to participate, except that certain
instructional personnel may participate for up to 10 years. 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.
16
Collier County, Florida
Property Appraiser
Notes to Financial Statements
September 30, 2023
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, 2023, eligible retirees and beneficiaries received a monthly HIS
payment of $7.50 for each year of creditable service completed at the time of retirement, with a
minimum HIS payment of $45 and a maximum HIS payment of $225 per month, 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.
17
Collier County, Florida
Property Appraiser
Notes to Financial Statements
September 30, 2023
6. Pension Plans (continued)
FRS Investment Plan (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% 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, 2023, 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.
UK
Collier County, Florida
Property Appraiser
Notes to Financial Statements
September 30, 2023
6. Pension Plans (continued)
Cnntrihutians
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, 2023, 2022, and 2021, were $803,360, $693,093, and $650,648,
respectively, equal to the required contributions for each year.
Additional information about pension plans can be found in the County's financial statements.
7.Other Postemployment Benefits
In accordance with Section 112.0801, Florida Statutes, the Property Appraiser participates with
the 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. Related Party Transactions
During the fiscal year ended September 30, 2023, the Board paid fees to the Property Appraiser
that amounted to $9,105,097. At September 30, 2023, the Property Appraiser had a payable due to
the Board of $1,135,189.
19
Collier County, Florida
Property Appraiser
Notes to Financial Statements
September 30, 2023
9. Risk Management
The 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, 2023, the Property
Appraiser was charged $1,217,501 by the County for participation in the risk management
program.
The County retains the first $600,000 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 $300,000 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 5% wind deductible and a $100,000 deductible for all other perils. The County retains
the first $300,000 per claim/$100,000 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 $750,000 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.
20
Collier County, Florida
Property Appraiser
Notes to Financial Statements
September 30, 2023
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.
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 County's 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, 2023, the Property Appraiser entered into one lease in the
amount of $52,689. During the year ended September 30, 2023, the Property Appraiser's
payments of principal on leases totaled $18,623.
21
. Clifton La rsonAl len 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 (the Property Appraiser), as of and for the year ended
September 30, 2023, 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 4,
2023.
Report on 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 opinion 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 and therefore, material weaknesses or significant deficiencies
may exist that were not identified.
22
CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer
Honorable Abe Skinner
Property Appraiser
We identified certain deficiencies in internal control, described in the accompanying schedule of findings
and responses as item 2023-001 that we consider to be a material weakness.
Report on 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.
The Property Appraiser's Response to the Finding
Government Auditing Standards requires the auditor to perform limited procedures on the Property
Appraiser's response to the finding identified in our audit and described in the accompanying schedule of
findings and responses. The Property Appraiser's response was not subjected to the other auditing
procedures applied in the audit of the financial statements and, accordingly, we express no opinion on the
response.
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.
Clifton LarsonAllen LLP
Naples, Florida
December 4, 2023
23
0
MANAGEMENT LETTER
Honorable Abe Skinner
Property Appraiser
Collier County, Florida
Report on the Financial Statements
Clifton LarsonAllen LLP
CLAconnect.com
We have audited the financial statements of the Collier County, Florida, Property Appraiser (the Property
Appraiser) as of and for the fiscal year ended September 30, 2023, and have issued our report thereon
dated December 4, 2023
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 4, 2023, 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 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.
24
CLA (Clifton LarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer
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 identified one such matter which is
described below:
2023 — 002 Florida Statutes (FS) 145.10(2)(a) — Compensation of County Officials
Condition: As part of the audit, we noted that the Property Appraiser's salary for 2023 exceeded
specified limits required by Florida Statutes 145.10(2)(a).
Criteria of specific requirement: Florida Statutes 145.10(2)(a) states that each property
appraiser shall receive as salary the amount indicated, based on the population of his or her
county. In addition, a compensation shall be made for population increments over the minimum
for each population group, which shall be determined by multiplying the population in excess of
the minimum for the group times the group rate. There shall be an additional $2,000 per year
special qualification salary for each property appraiser who has met the requirements of the
Department of Revenue and has been designated a certified Florida property appraiser.
Effect: The Property Appraiser was non -compliant with Florida Statutes 145.10(2)(a) for 2023.
The Property Appraiser rectified the overpayment subsequent to year end.
Cause: The Property Appraiser's internal controls failed to detect or prevent the error.
Repeated Finding: No
Recommendation: We recommend that management strengthen internal controls related to the
payroll process, to ensure that clerical errors are detected during review.
View responsible officials: The Property Appraiser will have two members collect the document
from office of Demographic Research Salaries of Elected County Constitutional Officers, and the
financial budget for that year. They will review both documents and sign off on the Property
Appraisers' salary for that year.
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
25
Honorable Abe Skinner
Property Appraiser
General, Federal and other granting agencies, the Property Appraiser, and applicable management, and
is not intended to be and should not be used by anyone other than these specified parties.
CliftonLarsonAllen LLP
Naples, Florida
December 4, 2023
26
0
INDEPENDENT ACCOUNTANTS' REPORT
Honorable Abe Skinner
Property Appraiser
Collier County, Florida
Clifton LarsonAllen LLP
CLAconnect.com
We have examined the Collier County, Florida, Property Appraiser's (the Property Appraiser) compliance
with Section 218.415, Florida Statutes, regarding the investment of public funds during the year ended
September 30, 2023. 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 ourjudgment, 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.
We are required to be independent and to meet our other ethical responsibilities in accordance with relevant
ethical requirements relating to the engagement.
Our examination does not provide a legal determination on the 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, 2023.
27
CLA (Clifton LarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer
Honorable Abe Skinner
Property Appraiser
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.
Clifton LarsonAllen LLP
Naples, Florida
December 4, 2023
WO
PROPERTY APPRAISER
SCHEDULE OF FINDINGS AND RESPONSES
YEAR ENDED SEPTEMBER 30, 2023
2023 — 001 Audit Adjustments
Type of Finding: Material Weakness in Internal Control over Financial Reporting
Condition: As part of the audit, we proposed audit adjustments to correct the Property Appraiser's
financial statements at year-end.
Criteria of specific requirement: The Committee of Sponsoring Organizations of the Treadway
Commission (COSO) Internal Control Framework states that control activities are a component of internal
control. Control activities are policies and procedures established to ensure that management directives
are carried out, and consist of two elements, a policy that establishes what should be done and the
procedure that implements the policy. COSO Framework states that control activities must be in place for
there to be adequate internal control procedures over financial reporting. Internal control procedures
affect the Property Appraiser's ability to ensure financial transactions are authorized and accurate. The
Property Appraiser's management is responsible for establishing and maintaining internal controls for
year-end financial reporting and the proper recording of all transactions.
Effect: The proposed audit adjustments were recorded by management to correct the financial
statements.
Cause: The Property Appraiser's internal controls over financial reporting did not detect or prevent the
misstatements requiring correction.
Repeated Finding: No
Recommendation: While we understand that the Property Appraiser utilizes CLA to make certain
adjustments to the financial statements to convert their records to GAAP basis, we cannot be part of the
Property Appraiser's internal control structure. We recommend that management strengthen internal
controls over the review processes related to the Property Appraiser's transactions and activity to ensure
the financial statements are presented in accordance with accounting principles generally accepted in the
United States of America.
View responsible official and planned corrective actions: The Property Appraiser's office will
continue to improve and create procedures to make appropriate Journal entries with recommendations
from CLA.
29
11:IMyLTe[HMION1:10IN[670MAN aIII anQW_\01:/
Collier County, Florida
Sheriff
Financial Staterr
Supplemental 1
Year Ended Septem
CPAs I CONSULTANTS I WEALTH ADVISORS
C LAconnect.com
Contents
IndependentAuditors' Report......................................................................................................... 1
Financial Statements
Balance Sheet — Governmental Funds............................................................................................ 5
Statement of Revenues, Expenditures, and Changes in Fund Balances —
GovernmentalFunds.................................................................................................................... 6
Statement of Revenues, Expenditures, and Changes in Fund Balances —
Budget (Non-GAAP) and Actual — General Fund........................................................................7
Statement of Net Position — Internal Service Fund......................................................................... 8
Statement of Revenues, Expenses, and Changes in Net Position —
InternalService Fund................................................................................................................... 9
Statement of Cash Flows — Internal Service Fund........................................................................
10
Statement of Fiduciary Net Position — Fiduciary Funds................................................................
11
Statement of Changes in Fiduciary Net Position — Fiduciary Funds .............................................
12
Notesto Financial Statements.......................................................................................................
13
Required Supplementary Information
Schedule of Changes in Total OPEB Liability and Related Ratios...............................................39
Combining Financial Information — Supplementary Information
Combining Statement of Fiduciary Net Position — Custodial Funds ............................................
40
Combining Statement of Changes in Fiduciary Net Position - Custodial Funds ...........................41
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................................................................................................ 42
ManagementLetter....................................................................................................................... 44
Independent Accountants' Report ................................................................................................. 46
Independent Accountants' Report on Applying Agreed -Upon Procedures ................................... 47
0
Honorable Kevin Rambosk
Sheriff
Collier County, Florida
CliftonLarsonAllen LLP
CLAconnect.com
INDEPENDENT AUDITORS' REPORT
Report on the Audit of the Financial Statements
Opinions
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, 2023, and the related notes to the financial statements, which collectively
comprise the Sheriff's basic financial statements as listed in the table of contents.
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 Sheriff as of September 30, 2023, and the respective changes in financial position, and
where applicable, cash flows thereof, and the budgetary comparison for the general fund for the
year then ended, in accordance with accounting principles generally accepted in the United States
of America.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United
States of America (GAAS) and the standards applicable to financial audits contained in
Government Auditing Standards, issued by the Comptroller General of the United States. Our
responsibilities under those standards are further described in the Auditors' Responsibilities for
the Audit of the Financial Statements section of our report. We are required to be independent of
the Sheriff and to meet our other ethical responsibilities, in accordance with the relevant ethical
requirements relating to our audit. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our audit opinions.
Emphasis of Matter
As discussed in Note 1, the financial statements of the Sheriff 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 financial statements are intended to present the financial
position, the changes in financial position, and where applicable, cash flows of only that portion
of each major fund and the aggregate remaining fund information of Collier County, Florida that
is attributable to the transactions of the Sheriff. They do not purport to, and do not, present fairly
the financial position of Collier County, Florida as of September 30, 2023, the changes in its
financial position, or, where applicable, its cash flows for the year then ended in accordance with
accounting principles generally accepted in the United States of America. Our opinions are not
modified with respect to this matter.
CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer
Honorable Kevin Rambosk
Sheriff
As discussed in Note 5, effective October 1, 2022, the Sheriff adopted GASB Statement No. 96,
Subscription -Based Information Technology Arrangements. This standard requires governments
to recognize a right -to -use subscription -based information technology arrangement asset and
corresponding subscription -based information technology arrangement liability for all
arrangements with terms greater than 12 months. As a result of the implementation of this
standard, the beginning fund balance of the general fund was restated. Our opinions are not
modified with respect to this matter.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements
in accordance with accounting principles generally accepted in the United States of America, and
for the design, implementation, and maintenance of internal control relevant to the preparation
and fair presentation of financial statements that are free from material misstatement, whether
due to fraud or error.
Auditors' Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue an auditors'
report that includes our opinions. Reasonable assurance is a high level of assurance but is not
absolute assurance and therefore is not a guarantee that an audit conducted in accordance with
GAAS and Government Auditing Standards will always detect a material misstatement when it
exists. The risk of not detecting a material misstatement resulting from fraud is higher than for
one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control. Misstatements are considered material if
there is a substantial likelihood that, individually or in the aggregate, they would influence the
judgment made by a reasonable user based on the financial statements.
In performing an audit in accordance with GAAS and Government Auditing Standards, we:
• Exercise professional judgment and maintain professional skepticism throughout the
audit.
• Identify and assess the risks of material misstatement of the financial statements, whether
due to fraud or error, and design and perform audit procedures responsive to those risks.
Such procedures include examining, on a test basis, evidence regarding the amounts and
disclosures in the financial statements.
• Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the Sheriff's internal control. Accordingly,
no such opinion is expressed.
• Evaluate the appropriateness of accounting policies used and the reasonableness of
significant accounting estimates made by management, as well as evaluate the overall
presentation of the financial statements.
2
Honorable Kevin Rambosk
Sheriff
We are required to communicate with those charged with governance regarding, among other
matters, the planned scope and timing of the audit, significant audit findings, and certain internal
control related matters that we identified during the audit.
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the
schedule of changes in total OPEB liability and related ratios, be presented to supplement the
basic financial statements. Such information is the responsibility of management and, although
not a part of the basic financial statements, is required by the Governmental Accounting
Standards Board who considers it to be an essential part of financial reporting for placing the
basic financial statements in an appropriate operational, economic, or historical context. We have
applied certain limited procedures to the required supplementary information in accordance with
GAAS, 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.
Management has omitted the management's discussion and analysis that accounting principles
generally accepted in the United States of America require to be presented to supplement the
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 opinions on the basic financial statements are
not affected by this missing information.
Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that
collectively comprise the Sheriff's basic financial statements. The combining statements are
presented for purposes of additional analysis and are not a required part of the basic financial
statements. Such information is the responsibility of management and was derived from and
relates directly to the underlying accounting and other records used to prepare the basic financial
statements. The information has been subjected to the auditing procedures applied in the audit
of the basic financial statements and certain additional procedures, including comparing and
reconciling such information directly to the underlying accounting and other records used to
prepare the basic financial statements or to the basic financial statements themselves, and other
additional procedures in accordance with GAAS. In our opinion, the combining statements are
fairly stated, in all material respects, in relation to the basic financial statements as a whole.
Honorable Kevin Rambosk
Sheriff
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated
February 2, 2024, 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 Sheriff'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 Sheriff's internal control over financial
reporting and compliance.
Clifton LarsonAllen LLP
Naples, Florida
February 2, 2024
11
Collier County, Florida
Sheriff
Balance Sheet - Governmental
Funds
September 30, 2023
Grant
Other Non -Major
Special
Prisoner Special Revenue
General Revenue Fund
Welfare Funds
Assets
Cash and cash equivalents
$ 12,318,246 $ 1,974,883 $
4,115,930 $ -
Accounts receivable
75,492 -
- -
Other receivable
71,632 -
47,134 -
Due from other funds
266,414 -
62,659 -
Due from other governments
94,465 943,294
- -
Due from Collier County, Florida Board of
Total
$ 18,409,059
75,492
118,766
329,073
1,037,759
County Commissioners - 154,948 - 221,577 376,525
Prepaid items 107,090 - - - 107,090
Total assets $ 12,933,339 $ 3,073,125 $ 4,225,723 $ 221,577 $ 20,453,764
Liabilities and fund balances
Liabilities:
Accounts payable $
1,239,271 $
60,243 $
9,960 $
40,204 $
1,349,678
Accrued liabilities
11,313,381
26,347
2,565
7,006
11,349,299
Due to other funds
79,933
174,367
254,300
Due to Collier County, Florida Board of
County Commissioners
349,399
-
-
-
349,399
Unearned revenue
3,298
118,155
-
-
121,453
Total liabilities
12,905,349
204,745
92,458
221,577
13,424,129
Deferred inflow of resources
Unavailable revenue - Grants
-
12,804
-
-
12,804
Total deferred inflow of resources
-
12,804
-
-
12,804
Fund balances:
Non -spendable - Prepaid items
107,090
-
-
-
107,090
Restricted - Grants
-
2,855,576
-
2,855,576
Restricted -Prisoner welfare
-
-
4,133,265
-
4,133,265
Unassigned
(79,100)
-
-
-
(79,100)
Total fund balance
27,990
2,855,576
4,133,265
-
7,016,831
Total liabilities and fund balances $ 12,933,339 $ 3,073,125 $ 4,225,723 $ 221,577 $ 20,453,764
See accompanying Notes to Financial Statements 5
Collier County, Florida
Sheriff
Statement of Revenues, Expenditures, and Changes in Fund Balances — Governmental Funds
Year Ended September 30, 2023
Revenues:
Grant revenue
Charges for services
Total revenues
Exp enditures:
General government:
Personal services
Operating expenditures
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):
Leases
Subscription Based Information Technology Arrangements
Transfers in:
Collier County, Florida Board of County
Commissioners appropriations
Collier County, Florida Board of County Commissioners
Transfers out:
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, as restated
Fund balances — end of year
Grant
Other Non -Major
Special
Prisoner
Special Revenue
General
Revenue Fund
Welfare
Funds Total
$ 80,964
$ 2,306,777
$ —
$ — $ 2,387,741
1,340,224
—
1,284,616
— 2,624,840
1,421,188
2,306,777
1,284,616
— 5,012,581
5,318,796 — — — 5,318,796
124,697 — — — 124,697
181,414,923
596,172
377,330
723,546
183,111,971
39,993,742
1,102,192
186,121
1,444,350
42,726,405
12,979,400
113,276
—
—
13,092,676
300,234
31,733
—
—
331,967
11,746
1,232
—
—
12,978
240,143,538
1,844,605
563,451
2,167,896
244,719,490
(238,722,350)
462,172
721,165
(2,167,896)
(239,706,909)
127,569 56,608
— — 184,177
2,120,545 —
— — 2,120,545
236,274,800 —
— — 236,274,800
450,000
2,167,896 2,617,896
(264,619) — — — (264,619)
238,708,295 56,608 — 2,167,896 240,932,799
(14,055) 518,780 721,165 — 1,225,890
42,045 2,336,796 3,412,100 — 5,790,941
$ 27,990 $ 2,855,576 $ 4,133,265 $ — $ 7,016,831
See accompanying Notes to Financial Statements 6
Collier County, Florida
Sheriff
Statement of Revenues, Expenditures and
Changes in Fund Balance — Budget (Non-GAAP) and Actual
General Fund
Year Ended September 30, 2023
Variance With
Budget
Budget
Positive
Original Final
Actual
(Negative)
Revenues:
Charges for services
$ $ 1,170,000
$
1,340,224
$ 170,224
Grant revenue
— —
—
$
Total revenues
— 1,170,000
1,340,224
170,224
Expenditures:
General government:
Personal services
5,436,400 5,436,400
5,318,796
117,604
Operating expenditures
173,100 173,100
124,697
48,403
Public safety:
Personal services
182,807,500 186,062,500
181,414,923
4,647,577
Operating expenditures
39,104,300 39,107,200
39,993,742
(886,542)
Capital outlay
6,353,500 6,353,500
12,529,400
(6,175,900)
Debt service - principal
— 300,300
300,234
66
Debt service - interest
— 11,800
11,746
54
Total expenditures
233,874,800 237,444,800
239,693,538
(2,248,738)
Excess of expenditures over revenues
(233,874,800) (236,274,800)
(238,353,314)
(2,078,514)
Other financing sources (uses):
Leases
— —
127,569
127,569
Subscription Based Information Technology
Arrangements
— —
2,120,545
2,120,545
Transfers in:
Collier County, Florida Board of County
Commissioners appropriations
233,874,800 236,274,800
236,274,800
—
Transfers out:
Distribution of excess appropriations to
Collier County, Florida Board of
County Commissioners
— —
(264,619)
(264,619)
Total other financing sources
233,874,800 236,274,800
238,258,295
1,983,495
Net change in fund balance
— —
(14,055)
(14,055)
Non-sp endable fund balance —beginning of year
— —
42,045
42,045
Non -spendable fund balance — end of year
$ — $ —
$
27,990
$ 27,990
Total revenues - budgetary basis
$
1,340,224
Revenues not budgeted:
Revenues for mutual aid cost reimbursements that
are not budgeted
80,964
Total revenues - GAAP basis
$
1,421,188
Total expenditures -budgetary basis
$
239,693,538
Expenditures not budgeted:
Expenditures for multi -period projects that are not
budgeted
450,000
Total expenditure - GAAP basis
$
240,143,538
Total other financing sources - budgetary basis
$
238,258,295
Transfers in from Collier County Florida Board of
County
Commissioners (non -appropriations)
450,000
1 otal other tmancmg sources (uses) - UAAF basis
$
238,708,295
See accompanying Notes to Financial Statements 7
Collier County, Florida
Sheriff
Statement of Net Position — Internal Service Fund
September 30, 2023
Assets:
Cash and cash equivalents $ 6,122,619
Investments 11,431,649
Due from stop loss 547,615
Interest receivable 26,826
Total assets 18,128,709
Liabilities:
Self insurance claims payable 3,804,000
Unearned revenue 108,195
Total liabilities 3,912,195
Net position:
Unrestricted 14,216,514
Total net position $ 14,216,514
See accompanying Notes to Financial Statements 8
Collier County, Florida
Sheriff
Statement of Revenues, Expenses, and
Changes in Net Position — Internal Service Fund
Year Ended September 30, 2023
Operating revenues:
Charges for services $ 32,509,201
Total operating revenues 32,509,201
Operating expenses:
Claims and claims expenses 28,477,848
Reinsurance premiums 2,889,551
Administrative and other expenses 445,544
Total operating expenses 31,812,943
Operating income 696,258
Nonoperating revenues:
Interest income, net of management fees 266,358
Net increase in fair value of investments 231,873
Total nonoperating revenues 498,231
Change in net position 1,194,489
Net position — beginning of year 13,022,025
Net position — end of year $ 14,216,514
See accompanying Notes to Financial Statements 9
Collier County, Florida
Sheriff
Statement of Cash Flows — Internal Service Fund
Year Ended September 30, 2023
Cash flows from 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 provided by operating activities
Cash flows from investing activities:
Interest earnings, net of management fees
Purchase of securities
Proceeds from sales of securities
Net cash provided by investing activities
Net increase 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:
Increase in due from stop loss
Increase in self-insurance claims payable
Decrease in unearned revenue
Net cash provided by operating activities
Non -cash investing activities
Change in fair value of investments
$ (28,438,299)
(2,889,551)
(445,544)
30,900,000
1,608,685
735,291
164,806
(502,263)
411,824
74,367
911,211
5,211,408
$ 6,122,619
$ 696,258
(299,451)
339,000
(516)
$ 735,291
$ 232,889
See accompanying Notes to Financial Statements 10
Collier County, Florida
Sheriff
Statement of Fiduciary Net Position — Fiduciary Funds
Assets:
Cash and cash equivalents
Due from individuals and businesses
Total assets
Liabilities:
Due to other funds
Due to other
Total liabilities
Fiduciary Net Position:
Restricted for:
Individuals and Organizations
September 30, 2023
Private Purpose
Custodial Funds
Trust Fund
$ 375,805 $ 633,353
— 6,369
$ 3752805 $ 639,722
$ — $ 74,773
975
75,748
$ 375,805 $ 563,974
See accompanying Notes to Financial Statements 11
Collier County, Florida
Sheriff
Statement of Changes in Fiduciary Net Position — Fiduciary Funds
Year Ended September 30, 2023
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
in Fiduciary Net Position
Fiduciary Net Position - Beginning of year
Fiduciary Net Position - End of year
Private Purpose
Trust Fund
Custodial Funds
$ 548,861
$ 3,911,897
—
784,508
—
10,713
548,861
4,707,118
484,252
3,906,256
—
148,589
—
389,506
484,252
4,444,351
64,609 262,767
311,196 301,207
$ 375,805 $ 563,974
See accompanying Notes to Financial Statements 12
Collier County, Florida
Sheriff
Notes to Financial Statements
September 30, 2023
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 fiduciary 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, results of operations, or where applicable, the cash flows 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, 2023 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.
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. However, the Sheriff currently has $107,090 in non -spendable fund balance to account for
prepaid items that cover multiple fiscal years. This non -spendable fund balance will be reduced each
fiscal year proportionate to the expenditure incurred for each fiscal year until the balance is $0.
13
Collier County, Florida
Sheriff
Notes to Financial Statements
September 30, 2023
1. Summary of Significant Accounting Policies (continued)
Measurement Focus, Basis of Accounting, and Basis of Presentation (continued)
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, debt service principal and
interest on leases, and SBITAs 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.
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.
14
Collier County, Florida
Sheriff
Notes to Financial Statements
September 30, 2023
1. Summary of Significant Accounting Policies (continued)
Governmental Funds (continued)
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 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.
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.
15
Collier County, Florida
Sheriff
Notes to Financial Statements
September 30, 2023
1. Summary of Significant Accounting Policies (continued)
Governmental Funds (continued)
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.
Fund balances reported in these funds are to be used for the specified purpose of the respective
fund.
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.
Private Purpose Trust Fund — These funds are used to account for flexible spending contributions
from agency members. The private purpose trust fund is accounted for using the accrual basis of
accounting.
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 of
accounting. Revenues are recorded when earned and expenses are recorded when a liability is
incurred, regardless of the timing of related cash flows.
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. The operating revenues of the internal service fund consists of charges for
services. Operating expenses include claims, stop loss premiums, and other administrative
expenses. All revenues and expenses not meeting this definition are reported as non -operating
revenues and expenses.
16
Collier County, Florida
Sheriff
Notes to Financial Statements
September 30, 2023
1. Summary of Significant Accounting Policies (continued)
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, 2023, Florida PRIME contained
certain floating and adjustable rate securities. These investments represented 31.4% of Florida
PRIME's portfolio at September 30, 2023.
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 Committee,
the Investment 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."
17
Collier County, Florida
Sheriff
Notes to Financial Statements
September 30, 2023
1. Summary of Significant Accounting Policies (continued)
Cash Equivalents and Investments (continued)
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, 2023, 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.
Prepaid Items
Prepaid items consist of certain costs which have been paid prior to the end of the fiscal year but
represent items which are applicable to future accounting periods. Reported amounts in
governmental funds are classified as non -spendable fund balance, in the fund financial statements,
which indicates that these amounts do not constitute "available spendable resources" even though
they are a component of current assets.
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 600 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 immature 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/expenses during the period. Significant items subject to
such estimates and assumptions include the self-insurance claims payable. Actual results could
differ from those estimates.
Collier County, Florida
Sheriff
Notes to Financial Statements
September 30, 2023
1. Summary of Significant Accounting Policies (continued)
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.
The Sheriff has $107,090 as a non -spendable fund balance as of September 30, 2023. 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
reported as restricted fund balances.
The Sheriff has implemented fund balance and spending policies to clearly define the process for
tracking the various classifications of fund balance. The policy states when an expenditure is
incurred in which restricted, committed, assigned or unassigned amounts are available to be used,
the Sheriff will first use restricted amounts, then committed, then assigned amounts, and finally
unassigned amounts.
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 certain expenditures for long-term projects which are
reimbursed by the Board, and mutual aid reimbursements for previous year expenditures are 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. The Sheriff exceeded
appropriations related to capital outlay, the budget was not amended for these additional capital
outlay expenditures. 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.
19
Collier County, Florida
Sheriff
Notes to Financial Statements
September 30, 2023
2. Budgetary Process (continued)
Additionally, the prisoner welfare fund does not have a legally adopted budget. 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.
20
Collier County, Florida
Sheriff
Notes to Financial Statements
September 30, 2023
3. Cash, Cash Equivalents and Investments
At September 30, 2023, the carrying value of the Sheriff's cash, cash equivalents, and investments
was as follows:
Carrying
Credit
Type
Maturity
Value
Rating
Cash on hand
N/A
27,602
N/A
Demand deposits
N/A
24,667,721
N/A
Local government surplus funds trust fiord:
Florida Prime (SBA)
N/A
845,513
AAAm
Total cash and cash equivalents
25,540,836
Money Market
N/A
109,525
Not rated
Federal Home Loan Bank
1/15/2025
467,569
AA+
Federal Home Loan Bank STEP
1/29/2026
225,938
AA+
Federal Home Loan Bank
1/29/2026
224,338
AA+
Federal Home Loan Bank
2/26/2026
448,684
AA+
Federal Home Loan Bank STEP
2/18/2026
451,660
AA+
Federal Home Loan Bank
2/26/2027
121,741
AA+
Federal Home Loan Bank STEP
3/26/2026
457,045
AA+
Federal Home Loan Bank
12/9/2024
235,986
AA+
Federal Home Loan Bank
3/28/2025
465,425
AA+
Federal Home Loan Bank
9/30/2026
221,755
AA+
Federal Home Loan Bank
8/28/2024
319,264
AA+
Federal Farm Credit Bank
8/3/2026
88,662
AA+
Federal Farm Credit Bank
9/16/2025
456,649
AA+
Federal Farm Credit Bank
9/l/2026
443,780
AA+
Federal Faun Credit Bank
3/28/2024
487,420
AA+
Federal Faun Credit Bank
10/15/2024
474,115
AA+
Federal Farm Credit Bank
11/30/2023
545,254
AA+
Federal Farm Credit Bank
1/13/2025
369,325
AA+
Federal Farm Credit Bank
2/4/2026
224,063
AA+
Federal Farm Credit Bank
2/10/2025
467,040
AA+
Federal Home Loan Mortgage Corp.
7/30/2026
110,875
Aaa
Federal Home Loan Mortgage Corp.
10/20/2025
227,608
Aaa
Federal Home Loan Mortgage Corp.
6/23/2026
444,470
Aaa
Federal Home Loan Mortgage Corp.
1/7/2026
319,212
Aaa
Federal Home Loan Mortgage Assn.
11/25/2025
452,615
AA+
Treasury Note
3/31/2025
481,115
AA+
Treasury Note
5/31/2025
461,055
AA+
Treasury Note
11/30/2026
426,237
AA+
Treasury Note
8/28/2027
227,558
AA+
Treasury Note
4/15/2025
480,900
AA+
Treasury Note
11/15/2025
494,765
AA+
Total Investments
11,431,649
Total cash, cash equivalents and investments
36,972,485
*Credit ratings are Standard & Poor ratings except for FHLMC which are Moody ratings.
21
Collier County, Florida
Sheriff
Notes to Financial Statements
September 30, 2023
3. Cash, Cash Equivalents and Investments (continued)
The total cash, cash equivalent and investments balances at September 30, 2023, were as follows:
General fund
12,318,246
Grant special revenue fund
1,974,883
Prisoner welfare fund
4,115,930
Internal service fund
17,554,268
Fiduciary fiords
1,009,158
36,972,485
Custodial Credit Risk
At September 30, 2023, 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.
22
Collier County, Florida
Sheriff
Notes to Financial Statements
September 30, 2023
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, 2023, the Sheriff had $845,513 invested in
Florida PRIME. Florida PRIME is rated "AAAm" by Standard and Poor's.
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, money market accounts, 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,
2023:
Money Market
Treasury Note
Federal Home Loan Mortgage Corp.
Federal Home Loan Mortgage Assn.
Federal Home Loan Bank
Federal Farm Credit Bank
Total
% of Portfolio
100%
23
Collier County, Florida
Sheriff
Notes to Financial Statements
September 30, 2023
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, 2023:
• 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 county's
basic financial statements.
24
Collier County, Florida
Sheriff
Notes to Financial Statements
September 30, 2023
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:
October 1, Deductions/ September 30,
20221 Additions Reclassifications 2023
Governmental Activities
Capital assets not depreciated:
Construction in progress $ 592,981 $ 1,243,307 $ (539,141) $ 1,297,147
Total capital assets not depreciated 592,981 1,243,307 (539,141) 1,297,147
Capital assets depreciated and amortized:
Machinery and equipment
ROU leased equipment
Subscription based information
technology arrangements'
Total capital assets depreciated and
amortized
Less accumulated depreciation and
amortization:
Machinery and equipment
ROU leased equipment
Subscription based information
technology arrangements'
Total accumulated depreciation and
amortization
Total depreciable capital
assets, net
Total Governmental Activities capital
assets, net
125,808,860
9,942,252
(6,001,809)
129,749,303
637,073
184,177
(224,222)
597,028
1,113,164
2,120,545
—
3,233,709
127,559,097
12,246,974
(6,226,031)
133,580,040
(79,877,047)
(14,309,761)
6,046,069
(88,140,739)
(387,617)
(172,569)
224,222
(335,964)
(42,045)
(538,938)
—
(580,983)
(80,306,709) (15,021,268) 6,270,291 (89,057,686)
47,252,388 (2,774,294) 44,260 44,522,354
$ 47,845, 669 $ (1,530,987) $ (494,881) $ 45,819,501
1 The Sheriffs Office implemented GASB Statement No. 96 SBrrA in Fiscal Year 2023. Subscription based information technology
arrangements under GASB Statement No. 96 were added to the financial statement disclosure in Fiscal Year 2023, resulting in a
change in beginning balances.
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, Deductions/ September 30,
2022 Additions Reclassificatiom 2023
Compensated Absences $24,205,261 $6,076,056 ($4,004,816) $ 26,276,501
Of these liabilities, approximately $1,000,000 is expected to be paid during the fiscal year ending
September 30, 2024. These long-term liabilities are not reported in the financial statements of the
Sheriff since they have not matured.
25
Collier County, Florida
Sheriff
Notes to Financial Statements
September 30, 2023
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, 2023, the Sheriff entered into leases in the amount of
$184,177. During the year ended September 30, 2023, the Sheriff's principal and interest payments
on leases totaled $179,700.
Subscription -Based Information Technology Arrangements (SBITAs)
For the fiscal year ending on September 30, 2023, the Sheriffs Office implemented GASB
Statement No. 96, Subscription -Based Information Technology Arrangements (SBITAs). This
statement offers guidance on the accounting and financial reporting aspects related to subscription -
based information technology arrangements. Its primary goal is to define SBITAs and establish
consistent guidelines for accounting and financial reporting for transactions falling within that
definition. Detailed information concerning the Sheriffs SBITAs is available in the County's
annual comprehensive financial report.
In the year of inception, SBITAs initiated by the Sheriff are categorized as other financing sources
and capital outlay expenditures in the statement of revenues, expenditures, and changes in fund
balance. Payments made in adherence to the subscription terms are recorded as debt service
expenditures in the same statement as they are incurred.
This change requires the restatement of the September 30, 2022 fund balance as follows:
Fund balance September 30, 2022, as previously reported $ 1,137,685
Cumulative effect of application of GASB 96 (1,095,640)
Fund balance September 30, 2022, as restated $ 42,045
During the year ended September 30, 2023, Sheriff entered into SBITAs in the amount of
$2,120,545, with total principal and interest payments on SBITAs totaling $165,245.
26
Collier County, Florida
Sheriff
Notes to Financial Statements
September 30, 2023
6. Interfund Balances and Transfers
Due from and due to other funds at September 30, 2023, were as follows:
General Fund
Prisoner Welfare Fund
Internal Service Fund
Other non -major special revenue funds
Custodial funds
Total
Due From
$ 266,414
62,659
Due To
79,933
174,367
— 74,773
$ 329,073 $ 329,073
Interfund receivables and payables generally represent recurring activities between funds.
7. Related Party Transactions
The Board provided funding for the Sheriff for the year of $236,274,800. At September 30, 2023,
the Sheriff had a payable due to the Board of $349,399 comprised of the following:
General fund:
Distributions of excess appropriations $ 264,619
Distribution of interest collected 56,220
Miscellaneous payables 28,560
Total $ 349,399
Additionally, the Sheriff had a receivable from the Board related to services provided to the County
of $376,525 at September 30, 2023.
27
Collier County, Florida
Sheriff
Notes to Financial Statements
September 30, 2023
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).
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
Collier County, Florida
Sheriff
Notes to Financial Statements
September 30, 2023
8. Pension Plans (continued)
Plan Description (continued)
• 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, if vested, 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 55, if
vested, or at an age after 25 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 8 years after electing to participate, except that certain
instructional personnel may participate for up to 10 years. 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.
29
Collier County, Florida
Sheriff
Notes to Financial Statements
September 30, 2023
8. Pension Plans (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 Subsidv 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.
30
Collier County, Florida
Sheriff
Notes to Financial Statements
September 30, 2023
8. Pension Plans (continued)
Benefits Provided
For the fiscal year ended June 30, 2023, eligible retirees and beneficiaries received a monthly HIS
payment of $7.50 for each year of creditable service completed at the time of retirement, with a
minimum HIS payment of $45 and a maximum HIS payment of $225 per month, 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
Plan Description
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. 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.
31
Collier County, Florida
Sheriff
Notes to Financial Statements
September 30, 2023
8. Pension Plans (continued)
Benefits Provided
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, 2023, 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.
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, 2023,
2022, and 2021 were $28,542,478, $24,143,503, and $20,409,973, 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.
32
Collier County, Florida
Sheriff
Notes to Financial Statements
September 30, 2023
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 9% 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, 2023, the Sheriff's plan participation consisted of -
Active employees 1,158
Inactive employees or beneficiaries currently receiving benefit payments 150
Funding Policy
The Sheriff has the authority to establish and amend the funding policy. The OPEB Plan is
currently being funded on a pay -as -you go basis. No trust fund has been established for the plan.
33
Collier County, Florida
Sheriff
Notes to Financial Statements
September 30, 2023
9.Other Postemployment Benefits (continued)
Total OPEB Liability
The Sheriff's OPEB liability of $37,627,575 was measured as of September 30, 2023, and was
determined by an actuarial valuation as of October 1, 2022. The following table shows the changes
in the Sheriff's total OPEB liability for the year ended September 30, 2023.
Total OPEB
Liability
Balance, as of October 1, 2022
$ 33,128,024
Changes:
Service cost
778,361
Interest
1,080,092
Differences between expected and actual experience
5,877,459
Changes in assumptions or other inputs
(883,713)
Benefit payments
(2,352,648)
Net changes
4,499,551
Balance, as of September 30, 2023
$ 37,627,575
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:
1% Decrease Discount Rate 1% Increase
(3.09%) (4.09%) (5.09%)
Total OPEB Liability $ 40,895,688 $ 37,627,575 $ 34,749,573
34
Collier County, Florida
Sheriff
Notes to Financial Statements
September 30, 2023
9.Other Postemployment Benefits (continued)
Total OPEB Liability (continued)
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 1.5% point
lower (5.5% decreasing to 4%) or 1.5% point higher (7.5% decreasing to 6%) than the current
healthcare cost trend rates:
Healthcare rate sensitivity
1% Decrease Healthcare Cost 1% Increase
Trend Rates
(5.50%/4.00%) (6.50%/5.00%) (7.50%/6.00%)
Total OPEB Liability $ 34,617,335 $ 37,627,575 $ 41,072,328
Deferred Outflows and Inflows of Resources Related to OPEB
For the year ended September 30, 2023, the Sheriff's OPEB expense was $4,898,268. In addition
the Sheriff had 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
Outflows of
Resources
$ 17,663,915
1,779,686
$ 19,443,601
Deferred
Inflows of
Resources
$ 15,449
5,652,590
$ 5,668,039
Amounts reported as net deferred outflows of resources and deferred inflows of resources as an
increase/decrease to OPEB expense will be recognized as follows:
Year beginning October 1
2023
2024
2025
2026
2027
Thereafter
Net Deferred Outflows
of Resources
$ 3,039,815
3,047,086
2,918,111
2,601,996
1,515,523
653,031
35
Collier County, Florida
Sheriff
Notes to Financial Statements
September 30, 2023
9. Other Postemployment Benefits (continued)
Actuarial Methods and Assumptions
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 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 thepotential 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 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
4.09% (20-year AA Municipal bond rate)
6.5%
3%
None
Mortality rates were based on the Pri-2012 Mortality Tables, separated for males and females and
for employees and retirees, projected using Generational Projection Scale MP-2021 for retirees
and dependents separately.
The following changes have been made since the prior year valuation:
• The discount rate was changed from 3.3% to 4.09%
• The health care cost assumption and morbidity aging scale has been updated to reflect
experience through August 31, 2023.
• The health care trend assumption has been updated from a flat 5.0% annual rate to 6.5%
grading down to 5.0% over six years to reflect the recent inflation increases.
• Benefits for current Medicare eligible retirees enrolled in the health plans are being valued
at their current contribution rates.
36
Collier County, Florida
Sheriff
Notes to Financial Statements
September 30, 2023
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 FY23 there was one covered individual who had a higher deductible amount because
of a history of high claims. This individual had a deductible of $700,000. Specific claim excess
coverage for this individual is for claims exceeding $700,000. 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, 2023 and 2022 are as follows:
New Claims
Balance
and Changes
Claim
Balance
Fiscal year ending: October 1
in Estimates
Payments
September 30
2022 $3,236,000
$29,060,254
($28,831,254)
$3,465,000
2023 $3,465,000
$28,777,299
($28,438,299)
$3,804,000
37
Collier County, Florida
Sheriff
Notes to Financial Statements
September 30, 2023
It. 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 5, 2023, the Sheriff signed a Letter of Intent with Lenco Armored Vehicles to purchase
one Lenco Bearcat totaling $393,894 obligating the Sheriff to purchase this vehicle. Delivery of
the vehicle is scheduled for after February 1, 2024. Payment was made with a 10% non-
refundable deposit of $39,389, a non-refundable progress payment of 40% for $157,558 on
September 22, 2023, and final payment of 50% for $196,947 within 30 days of delivery.
On June 5, 2023, the Sheriff signed a Letter of Intent with Life Proof Boats to purchase 1 Life
Proof boat totaling $282,641 obligating the Sheriff to purchase this boat. Delivery of the boat is
scheduled for after January 1, 2025. Payment is to be made with a 10% deposit of $28,264, 40%
for $113,056 at the start of welding, 35% for $98,924 at the start of rigging, and the final 15%
for $42,397 at final inspection and acceptance.
Collier County, Florida
Sheriff
Required Supplementary Information
Schedule of Changes in Total OPEB Liability and Related Ratios
September 30, 2023
2023 2022 2021 2020 2019 2018 2017
Total OPEB Liability
Service cost
$ 778,361
$ 734,513
$ 777,037
$ 555,065
$ 485,365
$ 520,082
$ 491,420
Interest
1,080,092
422,604
448,520
435,838
631,825
503,525
502,621
Differences between expected and actual experien 5,877,459
10,708,734
451
5,292,054
—
2,048,462
(83,607)
Changes in assumptions or other inputs
(883,713)
(5,446,075)
353,427
949,878
2,250,569
(898,977)
—
Benefit payments
(2,352,648)
(1,461,666)
(1,329,954)
(1,098,451)
(1,074,207)
(941,061)
(871,353)
Net change in total OPEB Liability
4,499,551
4,958,110
249,481
6,134,384
2,293,552
1,232,031
39,081
Total OPEB Liability, beginning
Total OPEB Liability, ending
Covered -employee payroll
Total OPEB Liability as a percentage of covered -
employee payroll
Notes to Schedule
33,128,024 28,169,914 27,920,433 21,786,049 19,492,497 18,260,466 18,221,385
$ 37,627,575 $ 33,128,024 $ 28,169,914 $ 27,920,433 $ 21,786,049 $19,492,497 $18,260,466
$ 100,636,180 $ 95,742,481 $ 87,324,387 $ 85,054,216 $ 82,604,011 $ 80,473,682 $79,806,491
37.39% 34.60% 32.26% 32.83% 26.37% 24.22% 22.88%
Changes in Assumptions: Change in the discount rate of 3.3% as of September 30, 2022 to 4.09% as of September 30, 2023.
The mortality assumption used was the PRI-2012 Mortality Table, separated for males and females and for employees and retirees, projected using
Generational Projection Scale MP-2021 for retirees and dependents separately.
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.
39
Collier County, Florida
Sheriff
Combining Statement of Fiduciary Net Position — Custodial Funds
September 30, 2023
Total
Civil Evidence Inmate Custodial
Custodial Fund Custodial Fund Custodial Fund Explorers Funds
Assets:
Cash and cash equivalents $ 276,339 $ 214,650 $ 101,028 $ 41,336 $ 633,353
Due from individuals and businesses — — 6,369 — 6,369
Total assets $ 276,339 $ 214,650 $ 107,397 $ 41,336 $ 639,722
Liabilities:
Due to other funds $ — $ — $ 74,773 $ $ 74,773
Due to others — — 975 — 975
Total liabilities — — 75.748 — 75,748
Restricted for individuals and organizations $ 276,339 $ 214,650 $ 31,649 $ 41,336 $ 563,974
M1
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
Net Increase (Decrease)
in Fiduciary Net Position
Fiduciary Net Position - Beginning of Year
Fiduciary Net Position - End of Year
Year Ended September 30, 2023
Total
Civil Evidence Inmate Custodial
Custodial Fund Custodial Fund Custodial Fund Explorers Funds
$ $
—
$ 3,897,204 $
14,693
$ 3,911,897
784,508
—
—
—
784,508
10,713
—
10,713
784,508
10,713
31897,204
14,693
4,707,118
—
684
3,905,572
—
3,906,256
148,589
—
—
—
148,589
384,111
—
5,395
389,506
532,700
684
3,905,572
5,395
4,444,351
251,808
10,029
(8,368)
9,298
262,767
24,531
204,621
40,017
32,038
301,207
$ 276,339 $
214,650
$ 31,649 $
41,336
$ 563,974
41
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 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, 2023, 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 2, 2024.
Report on 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 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 the
Sheriff'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 or significant deficiencies may exist that were not identified.
CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer
42
Honorable Kevin Rambosk
Sheriff
Report on 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.
Clifton LarsonAllen LLP
Naples, Florida
February 2, 2024
43
0
Honorable Kevin Rambosk
Sheriff
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, Sheriff (Sheriff), as of and
for the fiscal year ended September 30, 2023, and have issued our report thereon dated
February 2, 2024.
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 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 2, 2024, should be considered
in conjunction with this management letter.
Prior Audit Findings
Section 10.554(1)(i)1., Rules of the Auditor General, requires that we determine whether or not
corrective actions have been taken to address findings and recommendations made in the
preceding annual financial audit report. Corrective actions have been taken to address findings
and recommendations made in the preceding 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.
CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer
44
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(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, and the Sheriff 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
February 2, 2024
45
CliftonLarsonAllen 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, 2023. Management of the Sheriff is responsible for the Sheriff's compliance with
the specified requirements. Our responsibility is to express an opinion on 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 ourjudgment,
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.
We are required to be independent and to meet our other ethical responsibilities in accordance
with relevant ethical requirements relating to the engagement.
Our examination does not provide a legal determination on the Sheriff's 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, 2023.
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.
LLB
Clifton LarsonAllen LLP
Naples, Florida
February 2, 2024
CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer
46
0
Clifton LarsonAllen LLP
CLAconnect.com
INDEPENDENT ACCOUNTANTS' REPORT ON APPLYING AGREED -UPON PROCEDURES
Honorable Kevin Rambosk
Sheriff
Collier County, Florida
We have performed the procedures enumerated below related to the Collier County, Florida, Sheriff's
(Sheriff) compliance with its policies and procedures as defined by the Sheriff over its investigative
funds during the year ended September 30, 2023. The Sheriff's management is responsible for its
compliance with those requirements.
The Sheriff has agreed to and acknowledged that the procedures performed are appropriate to meet
the intended purpose of applying procedures and reporting associated findings related to the Sheriffs
compliance with specified requirements. 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:
We randomly selected 25 investigative fund disbursements during the fiscal year ended September 30,
2023 (the population sampled included transactions from October 1, 2022 through September 30,
2023), and performed the following procedures with respect to the Sheriff's policies and procedures
over investigative funds:
We obtained the "Disbursement for Investigation" form and observed the form was properly
completed and authorized by appropriate personnel. No exceptions were noted.
2. 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.
3. 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 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 Sheriff's compliance with specified
requirements. 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.
CLA (Clifton LarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer
47
Honorable Kevin Rambosk
Page 2
We are required to be independent of the 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 11, 2023
11:IMyLTe[HMION1:10IN[670MAN aIII anQW_\01:/
Collier County
Supervisor of 1
Financial Stater.
Supplemental
Year Ended Septerr
CPAs I CONSULTANTS I WEALTH ADVISORS
C LAconnect.com
Collier County, Florida
Supervisor of Elections
Financial Statements and Other Reports
Year Ended September 30, 2023
Contents
Independent Auditors' Report .......................................................................................................... I
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 and
Actual— General Fund..................................................................................................................6
Notes to Financial Statements..........................................................................................................7
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..............................................22
ManagementLetter........................................................................................................................24
Independent Accountants' Report ..................................................................................................26
OPF
Honorable Melissa Blazier
Supervisor of Elections
Collier County, Florida
Clifton LarsonAllen LLP
CLAconnect.com
INDEPENDENT AUDITORS' REPORT
Report on the Audit of the Financial Statements
Opinions
We have audited the accompanying financial statements of each major fund of the Collier County,
Supervisor of Elections (Supervisor), as of and for the year ended September 30, 2023, and the related
notes to the financial statements, which collectively comprise the Supervisor's basic financial
statements as listed in the table of contents.
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, 2023, and the
respective changes in financial position and budgetary comparison for the general fund for the year
then ended in accordance with accounting principles generally accepted in the United States of
America.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States
of America (GAAS) and the standards applicable to financial audits contained in Government Auditing
Standards, issued by the Comptroller General of the United States. Our responsibilities under those
standards are further described in the Auditors' Responsibilities for the Audit of the Financial
Statements section of our report. We are required to be independent of the Supervisor and to meet our
other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our audit opinions.
Emphasis of Matter
As discussed in Note 1, the financial statements of the Supervisor 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 financial statements are intended to present the financial position and
changes in financial position of only that portion of each major fund of Collier County, Florida that is
attributable to the transactions of the Supervisor. They do not purport to, and do not, present fairly the
financial position of Collier County, Florida as of September 30, 2023, 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 opinions are not modified with respect to this matter.
CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer
Honorable Melissa Blazier
Supervisor of Elections
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in
accordance with accounting principles generally accepted in the United States of America, and for the
design, implementation, and maintenance of internal control relevant to the preparation and fair
presentation of financial statements that are free from material misstatement, whether due to fraud or
error.
Auditors' Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that
includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance
and therefore is not a guarantee that an audit conducted in accordance with GAAS and Governmental
Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a
material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Misstatements are considered material if there is a substantial likelihood that, individually or in the
aggregate, they would influence the judgment made by a reasonable user based on the financial
statements.
In performing an audit in accordance with GAAS and Governmental Auditing Standards, we:
• Exercise professional judgment and maintain professional skepticism throughout the audit.
• Identify and assess the risks of material misstatement of the financial statements, whether due
to fraud or error, and design and perform audit procedures responsive to those risks. Such
procedures include examining, on a test basis, evidence regarding the amounts and disclosures
in the financial statements.
• Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Supervisor's internal control. Accordingly, no such opinion is
expressed.
• Evaluate the appropriateness of accounting policies used and the reasonableness of significant
accounting estimates made by management, as well as evaluate the overall presentation of the
financial statements.
We are required to communicate with those charged with governance regarding, among other matters,
the planned scope and timing of the audit, significant audit findings, and certain internal control related
matters that we identified during the audit.
Required Supplementary Information
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 opinions on the basic financial statements is not affected by this missing information.
2
Honorable Melissa Blazier
Supervisor of Elections
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued a report dated
December 8, 2023 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.
Clifton LarsonAllen LLP
Naples, Florida
December 8, 2023
3
Collier County, Florida
Supervisor of Elections
Balance Sheet — Governmental Funds
September 30, 2023
Assets
Cash and cash equivalents
Prepaid items
Total assets
Liabilities and fund balance
Liabilities:
Accounts payable
Accrued liabilities
Due to Collier County, Florida
Board of County Commissioners
Total liabilities
Fund balances:
Nonspendable
Unassigned
Total fund balances
Total liabilities and fund balances
Grant
Special
General Revenue Total
$ 332,679 $ - $ 332,679
51,395 - 51,395
$ 384,074 $ - $ 384,074
$ 50,581
83,398
250,095
384,074
51,395
(51,395)
$ - $ 50,581
- 83,398
250,095
384,074
51,395
(51,395)
$ 384,074 $ - $ 384,074
See accompanying Notes to Financial Statements.
4
Collier County, Florida
Supervisor of Elections
Statement of Revenues, Expenditures, and
Changes in Fund Balances — Governmental Funds
Year Ended September 30, 2023
Revenues:
Intergovernmental
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):
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 change in fund balances
Fund balances — beginning of the year
Fund balances — end of the year
Grant
Special
General Revenue Total
$ - $ 118,610 $ 118,610
118,610 118,610
2,914,460
- 2,914,460
1,771,588
110,610 1,882,198
27,253
8,000 35,253
7,009
- 7,009
225
- 225
4,720,535
118,610 4,839,145
(4,720,535)
- (4,720,535)
4,916,800 - 4,916,800
(196,265) - (196,265)
4,720,535 - 4,720,535
See accompanying Notes to Financial Statements.
5
Collier County, Florida
Supervisor of Elections
Statement of Revenues, Expenditures, and
Changes in Fund Balances — Budget and Actual
General Fund
Year Ended September 30, 2023
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):
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
Budget
Original Final
Variance
With Final
Budget
_ Positive
Actual (Negative)
3,060,700
3,053,200
2,914,460
138,740
1,826,100
1,833,600
1,771,588
62,012
30,000
30,000
27,253
2,747
-
-
7,009
(7,009)
-
-
225
(225)
4,916,800
4,916,800
4,720,535
196,265
(4,916,800)
(4,916,800)
(4,720,535)
196,265
4,916,800 4,916,800 4,916,800
- - (196,265) (196,265)
4,916,800 4,916,800 4,720,535 (196,265)
See accompanying Notes to Financial Statements.
6
Collier County, Florida
Supervisor of Elections
Notes to Financial Statements
September 30, 2023
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
(County) 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 Annual Comprehensive Financial Report. There are no separate legal entities (component units)
for which the SOE is considered to be financially accountable.
The general operations of the Supervisor are funded by appropriations from the 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 general fund. The special revenue
fund of the Supervisor is not budgeted and 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 Annual Comprehensive
Financial Report.
7
Collier County, Florida
Supervisor of Elections
Notes to Financial Statements
September 30, 2023
1. Summary of Significant Accounting Policies (continued)
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.
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.
Collier County, Florida
Supervisor of Elections
Notes to Financial Statements
September 30, 2023
1. Summary of Significant Accounting Policies (continued)
Governmental Funds (continued)
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.
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 unmatured 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.
9
Collier County, Florida
Supervisor of Elections
Notes to Financial Statements
September 30, 2023
1. Summary of Significant Accounting Policies (continued)
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.
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, 2023.
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 Governmental Accounting Standards Board (GASB) Statement
No. 54.
Prepaid Items
Prepaid items consist of certain costs which have been paid prior to the end of the fiscal year, but
represent items which are applicable to future accounting periods. Reported amounts in governmental
funds are classified as nonspendable fund balance, in the fund financial statements, which indicates that
these amounts do not constitute "available spendable resources" even though they are a component of
current assets.
10
Collier County, Florida
Supervisor of Elections
Notes to Financial Statements
September 30, 2023
1. Summary of Significant Accounting Policies (continued)
Adoption of New Accounting Pronouncements
For the year ended September 30, 2023, the Supervisor of Elections adopted GASB Statement No. 96,
Subscription -Based Information Technology Arrangements. This statement provides guidance on the
accounting and financial reporting for subscription -based information technology arrangements
(SBITAs). The primary objective of this statement is to establish a definition for SBITAs and provide
uniform guidance for accounting and financial reporting for transactions that meet that definition. The
Supervisor of Elections has not entered into any contracts that meet the criteria under this
pronouncement for the 2023 fiscal year.
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-
e n d . 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.
11
Collier County, Florida
Supervisor of Elections
Notes to Financial Statements
September 30, 2023
3. Cash and Cash Equivalents
At September 30, 2023, 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
332,479 N/A
$332,679
At September 30, 2023, 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.
12
Collier County, Florida
Supervisor of Elections
Notes to Financial Statements
September 30, 2023
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 general fund 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 their
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:
Machinery and equipment
Right -to -use leased equipment
Total capital assets
Less accumulated depreciation:
October 1, September 30,
2022 Additions Deductions 2023
$ 1,026,441 $ 35,253 $ (7,964) $ 1,053,730
36,733 - - 36,733
1,063,174 35,253 (7,964) 1,090,463
Machinery and equipment
(821,196)
(92,295)
7,964 (905,527)
Right -to -use leased equipment
(11,888)
(7,026)
- (18,914)
Total accumulated depreciation
(833,084)
(99,321)
7,964 (924,441)
Total capital assets, net
$ 203,090
$(64,068)
$ - $ 166,022
13
Collier County, Florida
Supervisor of Elections
Notes to Financial Statements
September 30, 2023
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,
2022 Increase Deductions 2023
Accrued compensated
absences $ 271,677 $ 178,314 $ (208,311) $ 241,680
Of these liabilities, approximately $207,845 is expected to be paid during the fiscal year ending
September 30, 2023, 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.
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 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
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
14
Collier County, Florida
Supervisor of Elections
Notes to Financial Statements
September 30, 2023
6. Pension Plans (continued)
Background (continued)
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).
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, if vested, 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 55 or at any age after 25 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.
15
Collier County, Florida
Supervisor of Elections
Notes to Financial Statements
September 30, 2023
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 8 years after electing to participate, except that certain instructional personnel may
participate for up to 10 years. 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.
16
Collier County, Florida
Supervisor of Elections
Notes to Financial Statements
September 30, 2023
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, 2023, eligible retirees and beneficiaries received a monthly HIS
payment of $7.50 for each year of creditable service completed at the time of retirement, with a
minimum HIS payment of $45 and a maximum HIS payment of $225 per month, 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. SOE 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.
17
Collier County, Florida
Supervisor of Elections
Notes to Financial Statements
September 30, 2023
6. Pension Plans (continued)
FRS Investment Plan (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 SOE.
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.
18
Collier County, Florida
Supervisor of Elections
Notes to Financial Statements
September 30, 2023
6. Pension Plans (continued)
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, 2023, 2022 and
2021, were $257,126, $220,264, and $181,001 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.
7. Related -Party Transactions
For the year ended September 30, 2023, the Board provided funding for the Supervisor that
amounted to $4,916,800. At September 30, 2023, the Supervisor had a payable due to the Board of
$250,095 comprised as follows:
Distribution of excess appropriations $ 196,265
Distribution of interest earnings 32,521
Amounts due for various services 21,309
Total due to Board of County Commissioners $ 250,095
8. Risk Management
The 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, 2023, the Supervisor was charged $357,290 by the
County for participation in the risk management program.
19
Collier County, Florida
Supervisor of Elections
Notes to Financial Statements
September 30, 2023
8. Risk Management (continued)
The County retains the first $600,000 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 $100,000 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 -parry 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.
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 GASB Statement
No. 75 Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions, are
reported in the financial statements of the County.
20
Collier County, Florida
Supervisor of Elections
Notes to Financial Statements
September 30, 2023
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, 2023.
21
Clifton LarsonAllen LLP
PAW
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 Melissa Blazier
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
Collier County, Supervisor of Elections (Supervisor) as of and for the year ended September 30, 2023,
and the related notes to the financial statements, which collectively comprise the Supervisor's basic
financial statements, and have issued our report thereon dated December 8, 2023.
Report on 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 or significant deficiencies may exist that were not identified.
CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer
22
Honorable Melissa Blazier
Supervisor of Elections
Report on 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.
ZZ->7;>
CliftonLarsonAllen LLP
Naples, Florida
December 8, 2023
23
OPF
Honorable Melissa Blazier
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 the Collier County, Supervisor of Elections (Supervisor) as
of and for the fiscal year ended September 30, 2023 and have issued our report thereon dated
December 8, 2023.
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 December 8, 2023, 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.
CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer
24
Honorable Melissa Blazier
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.
CliftonLarsonAllen LLP
Naples, Florida
December 8, 2023
25
OPF
Honorable Melissa Blazier
Supervisor of Elections
Collier County, Florida
Clifton LarsonAllen LLP
CLAconnect.com
INDEPENDENT ACCOUNTANTS' REPORT
We have examined Collier County, Supervisor of Elections (Supervisor) compliance with Section
218.415, Florida Statutes, regarding the investment of public funds, during the year ended
September 30, 2023. 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.
We are required to be independent and to meet our other ethical responsibilities in accordance with
relevant ethical requirements relating to the engagement.
Our examination does not provide a legal determination on the 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, 2023.
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.
Clifton LarsonAllen LLP
Naples, Florida
December 8, 2023
CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer
26
Collier County,
Tax Collet
Financial Staten
Supplemental l
Year Ended Septem
CPAs I CONSULTANTS I WEALTH ADVISORS
C LAconnect.com
Collier County, Florida
Tax Collector
Financial Statements and Other Reports
Year Ended September 30, 2023
Contents
IndependentAuditors' Report ..........................................................................................................1
Financial Statements
BalanceSheet — General Fund......................................................................................................4
Statement of Revenues, Expenditures, and Changes in Fund
Balance — General Fund.............................................................................................................5
Statement of Revenues, Expenditures, and Changes in Fund
Balance — Budget to Actual — General Fund.............................................................................6
Statement of Fiduciary Net Position — Custodial Fund.................................................................7
Statement of Changes in Fiduciary Net Position - Custodial Fund..............................................8
Notesto Financial Statements.......................................................................................................9
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..............................................26
ManagementLetter........................................................................................................................28
Independent Accountants' Report ..................................................................................................30
0
Honorable Rob Stoneburner
Tax Collector
Collier County, Florida
CliftonLarsonAllen LLP
CLAconnect.com
INDEPENDENT AUDITORS' REPORT
Report on the Audit of the Financial Statements
Opinions
We have audited the accompanying 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, 2023, 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.
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 remaining aggregate fund information of the Tax
Collector as of September 30, 2023, and the respective changes in financial position and the budgetary
comparison for the general fund for the year ended September 30, 2023, in accordance with accounting
principles generally accepted in the United States of America.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States
of America (GAAS) and the standards applicable to financial audits contained in Government Auditing
Standards, issued by the Comptroller General of the United States. Our responsibilities under those
standards are further described in the Auditors' Responsibilities for the Audit of the Financial Statements
section of our report. We are required to be independent of the Tax Collector and to meet our other ethical
responsibilities in accordance with the relevant ethical requirements relating to our audit. We believe that
the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.
Emphasis of Matter
As discussed in Note 1, the financial statements of the Tax Collector 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 financial statements are intended to present the financial position and
changes in financial position of only that portion of the general fund and the aggregate remaining fund
information of Collier County, Florida that is attributable to the transactions of the Tax Collector. They do
not purport to, and do not, present fairly the financial position of Collier County, Florida as of September
30, 2023, and the changes in its financial position for the year then ended in conformity with accounting
principles generally accepted in the United States of America. Our opinions are not modified with respect
to this matter.
CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer
Honorable Rob Stoneburner
Tax Collector
As discussed in Note 11, effective October 1, 2022, the Tax Collector adopted GASB Statement No. 96,
Subscription -Based Information Technology Arrangements. This standard requires governments to
recognize a right -to -use subscription -based information technology arrangement asset and
corresponding subscription -based information technology arrangement liability for all arrangements with
terms greater than 12 months. Our opinions are not modified with respect to this matter.
Responsibilities of Management 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' Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that
includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance
and therefore is not a guarantee that an audit conducted in accordance with GAAS and Government
Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a
material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Misstatements are considered material if there is a substantial likelihood that, individually or in the
aggregate, they would influence the judgment made by a reasonable user based on the financial
statements.
In performing an audit in accordance with GAAS and Government Auditing Standards, we:
• Exercise professional judgment and maintain professional skepticism throughout the audit.
• Identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, and design and perform audit procedures responsive to those risks. Such
procedures include examining, on a test basis, evidence regarding the amounts and disclosures
in the financial statements.
• Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Tax Collector's internal control. Accordingly, no such opinion
is expressed.
• Evaluate the appropriateness of accounting policies used and the reasonableness of significant
accounting estimates made by management, as well as evaluate the overall presentation of the
financial statements.
We are required to communicate with those charged with governance regarding, among other matters,
the planned scope and timing of the audit, significant audit findings, and certain internal control related
matters that we identified during the audit.
2
Honorable Rob Stoneburner
Tax Collector
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 opinions 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 14, 2023, on our consideration of the Collier County, Florida, 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.
Clifton LarsonAllen LLP
Naples, Florida
December 14, 2023
Collier County, Florida
Tax Collector
Balance Sheet — General Fund
September 30, 2023
Assets
Cash and cash equivalents
Accounts receivable
Prepaid rent
Prepaid expenditures
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:
Nonspendable
Unassigned
Total fund balance
Total liabilities and fund balance
See accompanying Notes to Financial Statements.
$ 18,079,660
297
17,108
209,371
14,868
$ 18,321,304
$ 37,930
15,687,928
2,243,801
351,645
18,321,304
241,347
(241,347)
$ 18,321,304
0
Collier County, Florida
Tax Collector
Statement of Revenues, Expenditures, and
Changes in Fund Balance
General Fund
Year Ended September 30, 2023
Revenues:
Comnn scions and fees $ 31,654,258
Miscellaneous 763,912
Total revenues 32,418,170
Expenditures:
General government:
Personal services
14,569,876
Operating
1,853,809
Capital outlay
3,361,620
Debt service - principal
503,060
Debt service - interest
149,267
Total expenditures
20,437,632
Excess of revenues over expenditures
11,980,538
Other financing sources (uses):
Subscription -based information
technology arrangements
3,296,811
Distribution of excess coma fissions and
fees to Collier County, Florida
Board of County Commissioners
(13,144,509)
Distribution of excess commissions and
fees to other governmental agencies
(2,132,840)
Total other financing sources (uses)
(11,980,538)
Net change in fiord balance -
Fund balance, beginning of year -
Fund balance, end of year $ -
See accompanying Notes to Financial Statements.
5
Collier County, Florida
Tax Collector
Statement of Revenues, Expenditures, and
Changes in Fund Balance — Budget to Actual
General Fund
Revenues:
Commissions and fees
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 sources (uses):
Subscription -based information
technology arrangements
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 sources (uses)
Net change in fund balance
Fund balance, beginning of year
Fund balance, end ofyear
Year Ended September 30, 2023
Variance With
Final Budget
Budget Positive
Original Final Actual (Negative)
$ 27,812,060 $ 27,812,060 $ 31,654,258 $ 3,842,198
217,200 217,200 763,912 546,712
28,029,260 28,029,260 32,418,170 4,388,910
15,965,430
15,965,430
14,569,876
(1,395,554)
2,991,282
2,991,282
1,853,809
(1,137,473)
288,109
288,109
3,361,620
3,073,511
-
-
503,060
503,060
-
-
149,267
149,267
19,244,821
19,244,821
20,437,632
1,192,811
8,784,439 8,784,439 11,980,538 3,196,099
3,296,811 3,296,811
(7,558,061) (7,558,061) (13,144,509) (5,586,448)
(1,226,378) (1,226,378) (2,132,840) (906,462)
(8,784,439) (8,784,439) (11,980,538) (3,196,099)
See accompanying Notes to Financial Statements.
0
Collier County, Florida
Tax Collector
Statement of Fiduciary Net Position
Custodial Fund
September 30, 2023
Assets
Cash and cash equivalents
Accounts receivable
Due from other governmental agencies
Total assets
Liabilities
Due to other governmental agencies
Due to individuals and businesses
Total liabilities
Fiduciary Net Position
See accompanying Notes to Financial Statements.
$ 5,174,552
8,878
13,284
5,196,714
5,047,009
149,705
5,196,714
7
Collier County, Florida
Tax Collector
Statement of Fiduciary Net Position
Custodial Fund
September 30, 2023
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.
$ 847,455,485
41,556,882
606,650
889,619,017
R
847,455,485
42,163,532
889,619,017
Collier County, Florida
Tax Collector
Notes to Financial Statements
September 30, 2023
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 l(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 (the County) that are attributable to the Tax Collector. They are not intended to present
fairly the financial position and results of operations of the County 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
County's Annual Comprehensive Financial Report.
These fund financial statements report detailed information about the Tax Collector.
0
Collier County, Florida
Tax Collector
Notes to Financial Statements
September 30, 2023
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 the County rather than in the governmental funds of the Tax Collector.
10
Collier County, Florida
Tax Collector
Notes to Financial Statements
September 30, 2023
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 do not involve measurement of results of operations or have a measurement focus
(assets equal liabilities). 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
On October 1, 2021, the Tax Collector's office transitioned from having two paid time off (PTO)
policies (sick and vacation) to a single PTO policy. All full-time employees of the Tax Collector
are allowed to accumulate a limited number of PTO hours (between 136 and 240 annually),
depending on tenure. Any accrued hours from the discontinued sick policy were valued at the
employees' September 30, 2021, rate of pay with multiple options for payout. First, employees
with 800 or more accumulated sick hours could choose to exchange their first 800 hours for free
health insurance until covered by Medicare. Secondly, all remaining employees could choose
between 1) immediate 100% payout into their Section 457(b) upon satisfying budget and Internal
Revenue Service contributions limitations or 2) up to 75% payout upon separation of service. Any
accrued hours from the discontinued vacation policy were rolled into the new PTO policy. Upon
separation of service, employees receive 1) 100% of accumulated PTO hours at their current rate
of pay and 2) a percentage of unused sick leave hours (ranging from 0% to 75%, depending on
years of service), valued at the employees' September 30, 2021, rate of pay. PTO and sick leave
payments are included in the 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 the County.
11
Collier County, Florida
Tax Collector
Notes to Financial Statements
September 30, 2023
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 Tares — 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.
12
Collier County, Florida
Tax Collector
Notes to Financial Statements
September 30, 2023
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,
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
In accordance with Governmental Accounting Standards Board Statement 54, Fund Balance
Reporting and Governmental Fund Type Definitions, fund balances are classified as nonspendable
or spendable. Spendable fund balances are further classified in a hierarchy based on the extent to
which there are external and internal constraints on the spending of these fund balances. These
classifications are described as follows:
The nonspendable fund balance classification includes amounts that cannot be spent because they
are either (a) not in a spendable form, or (B) legally or contractually required to be maintained
intact. The "not in spendable form" criterion includes items that are not expected to be converted
to cash. As of September 30, 2023, the Tax Collector's General Fund reported a nonspendable
fund balance of $241,347 for prepaid items.
Spendable fund balances are classified as follows:
Restricted fund balances are constrained for a specific purpose by creditors, grantors, contributors,
laws or regulations, or through constitutional provisions or enabling legislation. Committed fund
balances are constrained for a specific purpose imposed by a formal action of the Tax Collector's
highest level of decision authority. Assigned fund balances are intended to be used for specific
purposes, but which are neither restricted nor committed. Unassigned fund balances represent the
residual fund balances that do not meet the other fund balance classification requirements. As of
September 30, 2023, the Tax Collector's General Fund reported a negative unassigned fund
balance of $241,347 since all excess fees are returned to the County and the General Fund reports
a nonspendable fund balance for its prepaid items.
13
Collier County, Florida
Tax Collector
Notes to Financial Statements
September 30, 2023
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.
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, 2023, the carrying value of the Tax Collector's cash was as follows:
2023
Type Carrying Value
Cash on hand $ 32,967
Demand deposits 23,221,245
Total cash and cash equivalents $ 23,254,212
Such amounts are reported as $18,079,660 and $5,174,552 for 2023 in the general and fiduciary
funds, respectively.
Custodial Credit Risk
At September 30, 2023, 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.
14
Collier County, Florida
Tax Collector
Notes to Financial Statements
September 30, 2023
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 the
County 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 the County. 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 the County.
15
Collier County, Florida
Tax Collector
Notes to Financial Statements
September 30, 2023
4. Capital Assets (continued)
The following is a summary of changes in capital assets for the year ended September 30, 2023:
Capital assets not depreciated:
Construction in progress
Total assets not depreciated
Capital assets - depreciable:
Infrastructure
Improvements other than buildings
Machinery and equipment
Right -to -use leased building
Right -to -use leased equipment
Right -to -use SBITA equipment 1
Total depreciable capital assets
Accumulated depreciation:
Infrastructure
Improvements other than buildings
Machinery and equipment
Total accumulated depreciation
Accumulated amortization:
Right -to -use leased building
Right -to -use leased equipment
Right -to -use SBITA equipment'
Total accumulated amortization
Total depreciable capital assets, net
Total capital assets, net
October1,
Deletions/
September30,
2022
Additions
Reclassifications
2023
$ 55,518
$ 38,646
$ (81,162)
$ 13,002
55,518
38,646
(81,162)
13,002
6,117
-
-
6,117
26,760
-
-
26,760
1,385,749
26,163
(24,348)
1,387,564
1,894,005
-
-
1,894,005
35,205
-
-
35,205
-
3,296,811
-
3,296,811
3,347,836
3,322,974
(24,348)
6,646,462
(5,263)
(854)
(6,117)
(26,760)
-
-
(26,760)
(1,017,508)
(70,580)
46,300
(1,041,788)
(1,049,531)
(71,434)
46,300
(1,074,665)
(280,631)
(93,458)
-
(374,089)
(14,749)
(7,037)
-
(21,786)
-
(551,818)
-
(551,818)
(295,380)
(652,313)
-
(947,693)
2,002,925
2,599,227
21,952
4,624,104
$ 2,058,443 $ 2,637,873 $ (59,210) $ 4,637,106
1 The Tax Collector implemented GASB Statement No. 96 Subscription -Based Information Technology Arrangements (SBITAs) in Fiscal Year 2023.
During the fiscal year ended September 30, 2023, equipment of $107,325 was transferred to the
County.
16
Collier County, Florida
Tax Collector
Notes to Financial Statements
September 30, 2023
5. Long -Term Liabilities
The following is a summary of changes in long-term liabilities which are reported in the basic
financial statements of the County:
October 1, September 30,
2022 Increase Decrease 2023
Accrued compensated absences $ 570,308 $ 902,105 $ (1,054,366) $ 418,047
Of these liabilities, approximately $370,000 is expected to be paid during the fiscal year ending
September 30, 2024, 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.
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.
17
Collier County, Florida
Tax Collector
Notes to Financial Statements
September 30, 2023
6. Pension Plans (continued)
Background (continued)
Essentially all regular employees of the Tax Collector are required to enroll as members of the
State -administered FRS, except for some re-employed retirees. Provisions relating to the FRS are
established by Chapters 121 and 123, 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. The 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.
• Special Risk Administrative Support Class — Members who provide administrative support
for a special risk employer.
Collier County, Florida
Tax Collector
Notes to Financial Statements
September 30, 2023
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, if vested, 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 55 or at
any age after 25 years of service. Special risk 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, and death
benefits to eligible participants. Annual cost -of -living adjustments are limited to members initially
employed before July 1, 2011.
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 8 years after electing to participate, except that certain
instructional personnel may participate for up to 10 years. 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.
19
Collier County, Florida
Tax Collector
Notes to Financial Statements
September 30, 2023
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% 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.
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.
20
Collier County, Florida
Tax Collector
Notes to Financial Statements
September 30, 2023
6. Pension Plans (continued)
Retiree Health Insurance Subsidy Program (continued)
Benefits Provided
For the fiscal year ended June 30, 2023, eligible retirees and beneficiaries received a monthly HIS
payment of $7.50 for each year of creditable service completed at the time of retirement, with a
minimum HIS payment of $45 and a maximum HIS payment of $225 per month, 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. 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.
21
Collier County, Florida
Tax Collector
Notes to Financial Statements
September 30, 2023
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, 2023, 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.
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, 2023, 2022, and 2021 were $1,422,304, $1,156,878, and $992,718, respectively, equal to the
actuarially determined contribution requirements for each year.
Additional information about pension plans can be found in the County's financial statements.
22
Collier County, Florida
Tax Collector
Notes to Financial Statements
September 30, 2023
7. Other Postemployment Benefits (OPEB)
In accordance with Section 112.0801, Florida Statutes, the Tax Collector participates with the
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. Related Party Transactions
During the fiscal year ended September 30, 2023, the Board paid commissions and fees to the Tax
Collector that amounted to $23,617,138.
At September 30, 2023, the Tax Collector had a payable due to the Board of $15,687,928
comprised as follows:
2023
Distribution of unused commissions and fees $ 13,303,392
Tax and fee collections due to the Board 2,384,620
Payable 844
Negative Distribution Receivable (928)
Total $ 15,687,928
9. Risk Management
The 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, 2023, the Tax Collector was charged $3,057,455
by the County for participation in the risk management program.
23
Collier County, Florida
Tax Collector
Notes to Financial Statements
September 30, 2023
9. Risk Management (continued)
The County retains the first $600,000 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 $300,000 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 $100,000 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 $750,000 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 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 Tax Collector's
leases can be found in the County's financial statements.
Leases entered into by the 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.
24
Collier County, Florida
Tax Collector
Notes to Financial Statements
September 30, 2023
10. Commitments and Contingencies (continued)
Leases (continued)
During the year ended September 30, 2023, the Tax Collector did not enter into any new
leases. During the year ended September 30, 2023, the Tax Collector's payments on leases totaled
$108,048.
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.
11. Adoption of New Accounting Pronouncements
During the year ended September 30, 2023, the Tax Collector adopted GASB Statement No. 96,
Subscription -Based Information Technology Arrangements. This statement provides guidance on
the accounting and financial reporting for subscription -based information technology
arrangements (SBITAs). The primary objective of this statement is to establish a definition for
SBITAs and provide uniform guidance for accounting and financial reporting for transactions that
meet that definition. Detailed information about the Tax Collector's SBITAs can be found in the
County's financial statements.
SBITAs entered into by the 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 subscription 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, 2023, the Tax Collector's new SBITAs totaled $3,296,811
and total payments on SBITAs totaled $544,279.
25
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 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 Collier County, Florida, Tax Collector (Tax Collector) as
of and for the year ended September 30, 2023, 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 December 14, 2023.
Report on 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 or significant deficiencies may exist that were not identified.
CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer 26
Honorable Rob Stoneburner
Tax Collector
Report on 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 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.
Clifton LarsonAllen LLP
Naples, Florida
December 14, 2023
27
0
Honorable Rob Stoneburner
Tax Collector
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, Tax Collector (Tax Collector) as
of and for the year ended September 30, 2023, and have issued our report thereon dated December 14,
2023.
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 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 14, 2023 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.
CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer 28
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.
CliftonLarsonAllen LLP
Naples, Florida
December 14, 2023
29
0
Honorable Rob Stoneburner
Tax Collector
Collier County, Florida
CliftonLarsonAllen LLP
CLAconnect.com
INDEPENDENT ACCOUNTANTS' REPORT
We have examined the Collier County, Florida, Tax Collector (Tax Collector)'s compliance with Section
218.415, Florida Statutes, regarding the investment of public funds, during the year ended
September 30, 2023. 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.
We are required to be independent and to meet our other ethical responsibilities in accordance with
relevant ethical requirements relating to the engagement.
Our examination does not provide a legal determination on the Tax Collector's compliance with specified
requirements.
In our opinion, the Tax Collector's complied, in all material respects, with Section 218.415, Florida
Statutes, regarding the investment of public funds; during the year ended September 30, 2023.
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.
Clifton LarsonAllen LLP
Naples, Florida
December 14, 2023
CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer 30
Prepared under the supervision of:
Crystal K. Kinzel
Clerk of the Circuit Court and County Comptroller
Prepared and edited by:
Derek M. Johnssen, CPA
Director of Finance
CollierClerk.com
COUNTy Fl
• CENTENNIAL
•