ST. JOHNS COUNTY, FLORIDA AUDITOR GENERAL REPORT FOR … rpts/2015 st johns county.pdf · Board of...

ST. JOHNS COUNTY, FLORIDA AUDITOR GENERAL REPORT

FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2015

Prepared by:

CLERK OF COURTS FINANCE DEPARTMENT

Hunter S. Conrad Clerk of Court and Comptroller Richard A. MacDonald, Jr. Finance Director

ST. JOHNS COUNTY, FLORIDA COMPREHENSIVE ANNUAL

FINANCIAL REPORT FOR THE FISCAL YEAR ENDED

SEPTEMBER 30, 2015

Prepared by: CLERK OF COURTS FINANCE DEPARTMENT Hunter S. Conrad Clerk of Court & Comptroller Richard A. MacDonald, Jr. Finance Director

ST. JOHNS COUNTY, FLORIDA COMPREHENSIVE ANNUAL FINANCIAL REPORT

FOR THE YEAR ENDED SEPTEMBER 30, 2015

TABLE OF CONTENTS

- i -

INTRODUCTORY SECTION

Page Letter of Transmittal 1 Principal County Officials 12 Certificate of Achievement 13 Organizational Chart 14

FINANCIAL SECTION

Independent Auditors’ Report 15 Management’s Discussion and Analysis 19 Basic Financial Statements County-wide Financial Statements Statement of Net Position 33 Statement of Activities 34 Fund Financial Statements Balance Sheet-Governmental Funds 35 Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Position 36 Statement of Revenues, Expenditures and Changes in Fund Balances-Governmental Funds 37 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities 38 Statement of Net Position-Proprietary Funds 39 Statement of Revenues, Expenses and Changes in Fund Net Position- Proprietary Funds 41 Statement of Cash Flows-Proprietary Funds 43 Statement of Fiduciary Net Position-Fiduciary Funds 45 Statement of Changes in Fiduciary Net Position- Other Post-Employment Benefits Trust Fund 46 Notes to the Financial Statements 47 Required Supplementary Information Schedule of Revenues, Expenditures and Changes in Fund Balances- Budget and Actual - General Fund and Major Special Revenue Funds 98



TABLE OF CONTENTS

- ii -

Page

Notes to Budgetary Comparison Schedules 101

Schedules of Proportionate Share of Net Pension Liability 103

Schedules of Employer Contributions 104

Schedules of Funding Progress and Employer Contributions - Other Post-Employment Benefits 105

Supplementary Information

Combining and Individual Fund Statements and Schedules Combining Balance Sheet- Board and Officer General Fund Sub-funds 107

Combining Schedule of Revenues, Expenditures and Changes in Fund Balances-Budget and

Actual-Board and Officer General Fund Sub-funds 110

Nonmajor Governmental Funds Descriptions 115

Governmental Funds Combining Balance Sheet-Nonmajor Governmental Funds 121 Combining Statement of Revenues, Expenditures and Changes In Fund Balances-Nonmajor Governmental Funds 138 Schedule of Revenues, Expenditures and Changes in Fund Balances-Budget and Actual-Nonmajor Governmental Funds 156

Governmental Activities-Internal Service Funds Descriptions 190 Internal Service Funds

Combining Statement of Net Position-Internal Service Funds 191 Combining Statement of Revenues, Expenses and Changes in Fund Net Position-Internal Service Funds 192 Combining Statement of Cash Flows-Internal Service Funds 193



TABLE OF CONTENTS

- iii -

Page

Fiduciary Funds Descriptions 194 Combining Statement of Fiduciary Net Position – Agency Funds 195

Supporting Schedules Combining Statement of Changes in Assets and Liabilities – Agency Funds 197 Board of County Commissioners Schedule of Expenditures by Department – Budget and Actual 200

STATISTICAL SECTION

Descriptions 203 SCHEDULE 1 Net Position by Component, Last Ten Fiscal Years … 204 SCHEDULE 2 Changes in Net Position, Last Ten Fiscal Years 206 SCHEDULE 3 Fund Balances, Governmental Funds, Last Ten Fiscal Years 210 SCHEDULE 4 Changes in Fund Balances, Governmental Funds, Last Ten Fiscal Years 212 SCHEDULE 5 Assessed Value and Actual Value of Taxable Property, Last Ten Fiscal Years 214 SCHEDULE 6 Direct and Overlapping Property Tax Rates, Last Ten Fiscal Years 215 SCHEDULE 7 Principal Property Taxpayers, Current Year and Nine Years Ago 217 SCHEDULE 8 Property Tax Levies and Collections, Last Ten Fiscal Years 218 SCHEDULE 9 Ratios of General Bonded Debt Outstanding, Last Ten Fiscal Years . 219 SCHEDULE 10 Ratios of Outstanding Debt by Type, Last Ten Fiscal Years 220 SCHEDULE 11 Pledged-Revenue Coverage, Last Ten Fiscal Years, 222 SCHEDULE 12 Legal Debt Margin Information, Last Ten Fiscal Years 226 SCHEDULE 13 Demographic and Economic Statistics, Last Ten Fiscal Years 227 SCHEDULE 14 Principal Employers, Current Year and Nine Years Ago 228 SCHEDULE 15 Actual Full-Time Equivalent County Government Employees by Function, Last Ten Fiscal Years 229 SCHEDULE 16 Operating Indicators by Function, Last Ten Fiscal Years 231 SCHEDULE 17 Capital Asset Statistics by Function, Last Ten Fiscal Years 233



TABLE OF CONTENTS

- iv -

SINGLE AUDIT

Page Schedule of Expenditures of Federal Awards and State Financial Assistance 235

Notes to Schedule of Expenditures of Federal Awards and State Financial Assistance 238

Independent Auditor’s Report on Compliance for Each Major Federal Program and State Project; Report on Internal Control Over compliance Required by OMB Circular A-133 and Chapter 10.550, Rules of the Auditor General; and Report on the Schedule of Federal Awards and State Financial Assistance 239 Schedule of Findings and Questioned Cost 242

Response to Findings 244

Independent Auditor’s Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards 245 Independent Accountant’s Report on Compliance with Section 218.415, Florida Statutes 247 Independent Accountant’s Report on Compliance with Section 365.172(10), and 365.173(2)(d), Florida Statutes 248 Summary Schedule of Prior Audit Findings 249

MANAGEMENT LETTER

Management Letter 251

- 1 -

Hunter Conrad Clerk of the Circuit Court

Historical St. Johns County 4010 Lewis Speedway

St. Augustine, Florida 32084 FINANCE DEPARTMENT RICHARD A. MACDONALD, JR. FINANCE DIRECTOR TELEPHONE 904-819-3669

July 27, 2016 The Honorable Jeb S. Smith, Chair Board of County Commissioners 500 San Sebastian View St. Augustine, FL 32084 Dear Commissioner Smith: In accordance with Section 218.39 of the Florida Statutes, we are pleased to submit to you, the Board of County Commissioners and the citizens of St. Johns County, the Comprehensive Annual Financial Report of St. Johns County, Florida, for the fiscal year ended September 30, 2015. This report has been prepared by the Finance Department which is a department of the Clerk of the Circuit Court. Responsibility for both the accuracy of the presented data and the completeness and fairness of the presentation, including disclosures, rests with the Clerk of the Circuit Court as Chief Financial Officer of St. Johns County. It is our belief that the data contained in this report is accurate in all material respects and is shown in a manner that fairly presents the financial position of the County at September 30, 2015 and the results of its operations and its cash flows. The County 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 for assets. The concept of reasonable assurance recognizes that the cost of a control should not exceed the benefits. The evaluation of this relationship is a responsibility of County management. We believe these controls adequately safeguard County assets, as well as provide reasonable assurance of properly recording transactions. The independent accounting firm of Carr, Riggs & Ingram, LLC, whose report is included herein, has audited the County’s Financial Statements. The goal of the independent audit was to provide reasonable assurance that the financial statements of the County are free of material misstatement. The independent audit involved examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements; assessing the accounting principles used and significant estimates made by County management and evaluating the overall financial statement presentation. Based upon the audit, Carr, Riggs & Ingram, LLC concluded that there was a reasonable basis for rendering an unmodified opinion that the County’s financial statements are fairly presented in conformity with accounting principles generally accepted in the United States of America for the fiscal year ended September 30, 2015.

The Honorable Jeb S. Smith, Chair July 27, 2016

- 2 -

Additionally, in accordance with the requirements of the Single Audit Act Amendments of 1996, and the U.S. Office of Management and Budget Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations, as well as Section 215.97 of the Florida Statutes, the independent audit of the County financial statements was part of a mandated “Single Audit” designed to meet the special needs of federal and state grantor agencies. The standards governing these engagements require the auditor to report on the County’s internal controls and legal compliance requirements as they specifically relate to federal and state awards. These reports are presented in the section entitled Single Audit. Generally Accepted Accounting Principals (GAAP) require that management provide a narrative introduction, overview, and analysis to accompany the basic financial statements in the form of Management’s Discussion and Analysis (MD&A). This letter of transmittal is designed to complement MD&A and should be read in conjunction with it. The MD&A for St. Johns County can be found in the financial section immediately following the report of independent auditors.

GOVERNMENT PROFILE St. Johns County was established in 1821. St. Augustine, which was the County seat, was founded over 400 years ago by Spanish explorers and is the nation’s oldest city. The County encompasses approximately 608 square miles and is located in the northeast region of the State of Florida directly south of the City of Jacksonville, and is bordered on the west by the St. Johns River, on the south by Flagler County, and on the east by the Atlantic Ocean. The Board of County Commissioners of St. Johns County (“Board”) is organized under Article III of the Constitution of the State of Florida, which empowers the creation of counties as a political subdivision of the State. St. Johns County is a non-chartered County and has the power of self government as provided by general and special law through County ordinances. Under the Constitution of the State of Florida, the offices of Clerk of the Circuit Court, Property Appraiser, Sheriff, Tax Collector and Supervisor of Elections are specifically authorized and empowered to provide their functional services independently of the Board, and they maintain separate accounting records and budgets. The County School Board is a separately organized taxing entity not under the jurisdiction of the Board of County Commissioners and has specific legislative authority granted by the Constitution. The Board of County Commissioners is composed of five members, one from each district within the County. However, each commissioner is elected Countywide. The Board serves as the taxing authority for those entities authorized by the Constitution of the State of Florida including the constitutional officers and special taxing districts that are authorized under legislation and approved by the Board. Dependent County taxing districts also come under the purview of the Board’s taxing limitation. The County is financially accountable for an organization when the County appoints a voting majority of the organization’s governing body and is able to impose its will on the organization; there is a potential for the organization to provide a financial benefit or impose a financial burden on the County; or the organization is fiscally dependent on the County. The St. Johns County Housing Finance Authority, St. Johns County Industrial Development Authority and the St. Johns County Educational Facilities Authority are included as component units in the County’s reporting entity either because of the significance of the operational relationship or the County is financially accountable for the component unit. Furthermore, the County has determined that the St. Johns County School District, Anastasia Mosquito Control District, the St. Augustine Airport Authority, and the St. Johns Water Management District do not meet the criteria for inclusion in this reporting entity.


- 3 -

The County budget process begins in January with the Capital Improvement Plan. This Plan not only identifies important capital project funding needs, but may also impact the County debt management plan. The results of this process determine which capital programs appear to be under-funded over the five-year period of the plan. While additional debt financing may be evaluated to resolve the funding requirements, available resources through additional taxes, inter-governmental revenues in the form of additional gas taxes and grants, and possible increases in charges for services are also reviewed and evaluated for consideration. Next, the Office of Management and Budget conducts an operating budget review. The process takes place from March through August and includes public meetings with citizen participation. All County department and agency expenditures, accomplishments and objectives are reviewed. In particular, additional personnel, vehicles, computer equipment and software, and capital outlay appropriation requests are scrutinized. The final adoption of the County budget occurs in September after two advertised public hearings. There are also legal and policy controls over the County's budget. One of the major legal controls establishes the fund as the budget level that actual spending cannot exceed the appropriated (budgeted) amount. This is the legal level of control for the offices of Clerk of the Circuit Court, Property Appraiser, Sheriff, Tax Collector and Supervisor of Elections. The County, however, has adopted, by local ordinance, a more restrictive budget policy requiring County Commission action to change the total of a department's budget. This establishes the department as the legal level of control. As a matter of policy, the County includes in its accounting records a detailed version of each fund's budget. This policy is referred to as formal budgetary integration. Annual budgets are adopted on a basis consistent with accounting principles generally accepted in the United States of America, and all budgeted amounts lapse at year-end. This means authorization for the use of funds must be restated in the subsequent year's budget and funds are not "rolled over" if not spent. Please refer to Note 2 for further information regarding the dates associated with the property tax calendar, which is an integral part of the budget process, as well as information pertaining to the legal level of control for budget amendments. Finally, the Board enacted Ordinance 96-70. This ordinance established the office of the County Administrator, who serves as an appointed official for the Board and provides for the day-to-day administration of County government as specifically authorized by the Board.

ECONOMIC CONDITION AND OUTLOOK As the state and national economy continues to improve after a period of unprecedented economic decline, statistics show that St. Johns County is faring better than neighboring counties in Northeast Florida. As a result, the local economic outlook is growing more positive. St. Johns County continues to be one of the fastest growing counties in Florida and in the United States, having grown in population approximately 35% within the last 10 years, and 75% since 2000. Looking forward, economic growth projections show continued momentum is anticipated for the next several years. Contributing to St. Johns County’s popularity are noteworthy attributes such as the County’s low tax rate, top-ranked public school system, low overall cost of living, and unique natural amenities – all which make the County a highly-desirable location in Northeast Florida to live, work and play. In 2015, a University of Wisconsin study ranked St. Johns County Florida’s Healthiest County for the fourth year in a row. Other noteworthy accolades include St. Johns County and St. Augustine being selected by:

CNN Money Magazine– as #5 of Top 25 Counties for Best Places to Live: Where the Jobs Are


- 4 -

U.S. News & World Report – as One of the Ten Best Places to Live in the United States Forbes Magazine – as One of the Ten Prettiest Towns in the United States Coastal Living – as One of America’s Ten Happiest Seaside Towns Liveabiliy.com – as #4 of Top 100 Best Small Towns in the U.S.

Business locations within St. Johns County are connected to multi-modal transportation networks through Interstate 95 and U.S. 1 corridors, which provide convenient access to regional assets such as Jacksonville International Airport and JAXPORT, as well as local assets like the Northeast Florida Regional Airport in St. Augustine. Continued improvements to roadway infrastructure in and around St. Johns County such as the SR 9B extension and CR 210 overpass projects support local economic development interests. Historically, the County’s primary economic sectors have been agriculture, tourism and retail, which correlate to the state’s economic drivers. As growth continues, the County has made a concerted effort to diversify its economic base and promote high-wage job creation for local residents through the growth of existing businesses and attraction of new businesses to the County. The County’s philosophy is to be a pro-business community encouraging a balance in economic growth, environmental stewardship and quality of life. Upon approval by the Board of County Commissioners, the County hired their first-ever Director of Economic Development in 2011 to implement a proactive, sustained effort to attract and retain businesses and work cooperatively with community partners to achieve this goal. Funding was also increased to support these new economic development programs and activities to promote and enhance the County’s business-friendly climate. The County’s economic development office is a collaborative partner with Enterprise Florida, having been designated by the County Commission as the primary designated economic development office for St. Johns County. To enhance targeted industry marketing efforts, the County maintains membership in JAXUSA Partnership to leverage resources with the regional agency promoting Northeast Florida on a national scale to enhance economic development. Additionally, the County contracts with the St. Johns County Chamber of Commerce to provide support for businesses interested in locating and expanding into the County, and the University of North Florida Small Business Development Center (SBDC) who provides technical assistance to entrepreneurs and small businesses. St Johns County’s SBDC continues to produce impressive results and has assisted 1,543 individuals and helped open 138 businesses and created/retained 735 jobs since opening in October, 2009. Business prospect activity is solid and it is anticipated to maintain positive momentum into 2016. The County maintains a competitive business incentive program to attract new business development and enhance existing business expansion within the County. Upon approval by the Board of County Commissioners, qualified projects are eligible for economic development grants reimbursing up to 100% of impact fees, water and sewer connection fees, and general county ad valorem and tangible personal property taxes paid for a specified period of time. Updates to the incentive ordinance in 2014 provide additional consideration and flexibility for the Board of County Commissioners when considering requests for local incentives for qualifying projects. Among those updates includes additional consideration for County residents in a business ownership or executive management position to encourage expansion or relocation of those businesses to St. Johns County. Additional incentive consideration may also be provided to qualifying businesses who locate within designated school overcapacity zones to encourage appropriate commercial development and tax base diversification.


- 5 -

Other incentive programs the County also participates in includes the State’s Qualified Target Industry (QTI) Program and the State’s Qualified Defense Contractor (QDC) Program, to leverage incentive resources to assist in the recruitment of new businesses. These programs are managed by the state’s Department of Economic Opportunity (DEO). In 2011, St. Johns County was approved to be included in the JAXPORT Foreign Trade Zone 64 (FTZ) service area. This program allows participating businesses the ability to receive tax-deferred or exempt status on internationally imported and exported products, providing an additional cost-savings benefit.

As population increased from 207,443 to 213,566 (as of July 2014 Census update), St. Johns County was identified as the 11th fastest growing County in the United States with a 4.0% annual growth rate. Job growth increased as well in 2015, resulting in a continuing decline in unemployment rate. St Johns County continues to have one of the lowest unemployment rates in the state. As of September 2015, the County unemployment rate was 3.8%, reflecting a continued decrease within the last 12 months. The local rate remained lower than the state average of 5.0% and this positive trend is continuing into 2016. The county’s labor force has grown by over 8,300 since 2012 to 109,283, thereby indicating economic recovery has continued to strengthen. St. Johns County has attracted a well-educated population. With statistics reflecting 94% of residents (age 25+) having a high school education and 73% having attained post-secondary education. This local employment base provides a ready, willing, and skilled workforce for the growing business sector. A correlating factor of a well-educated population is a higher than average household income. The County maintains a relatively wealthy demographic profile with an estimated 2013 median household income of $64,876 (U.S. Census), and 2014 per-capita income of $58,379 (BEA).

Local job growth may be attributed to the continued high rate that single family residential permits are being issued, as well as increasing commercial activity. In Northeast Florida, homebuilders secured more permits in St. Johns County than any other regional county again in fiscal year 2015, marking the fifth year in a row that this milestone has been achieved. With mortgage interest rates remaining at historically low levels, it is anticipated that this trend will continue into 2016.

0

50

100

150

200

250

90 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15

St Johns County Population by Fiscal Year(in thousands)


- 6 -

In fiscal year 2015 the County issued 2,708 residential permits and 1,128 commercial permits, which includes a 55% increase in the number of new commercial permits approved. Market valuations for permits issued during this period approached one billion dollars at $994,696,070, more than double the total permit valuation just four years ago in 2011. Additionally, estimated sales tax revenue generated per capita increased from $77.51 in 2014 to $81.95 in 2015, representing a healthy increase of 5.7% over the previous year. A significant contributor to the County’s residential growth is Nocatee, which is the nation’s third top-selling master-planned community in the United States. Additionally, several new master-planned communities propose to add thousands of new houses in northern St. Johns County over the next decade as residential development continues to flourish within the County. Those newly approved residential communities with significant commercial development opportunities include North Twin Creeks and Shearwater. Located along County Road 210 just east of I-95, North Twin Creeks is a fully-entitled, shovel-ready 1,000+ acre mixed-use project featuring 1,000,000 sq. ft. general retail/commercial, 700,000 sq. ft. office and 1,950,000 sq ft. flex light industrial/office campus space, along with 1,300 residential units. Also along County Road 210 a few miles west of I-95, Shearwater will construct 2,000 homes on 1,500 acres and 400,000 sq. ft. commercial/retail space. Commercial developers are also more confident in the St. Johns County market with the first speculative Class A office building underway in Northeast Florida since the recession. The 62,750 square foot property will come online in Nocatee/Ponte Vedra in mid-2016, providing opportunity for new office locations in a tight market experiencing 4% office vacancy rates. Several commercial projects were announced or commenced in 2015. The most significant project underway in St. Johns County is the construction of Northrop Grumman’s Aircraft Integration Center of Excellence. The first phase of the $80 million, 361,000 sq. ft. facility is complete and the second phase is underway, which will ultimately house 1,400 employees, including the addition of 400 new high-wage manufacturing jobs announced in conjunction with the project. Ideal Aluminum Products relocated their headquarters and manufacturing operation to St. Johns County from Deland, FL in 2015, already employing 100 in their first year. The aluminum fencing company was recently honored as one of Florida’s Top 50 Fastest Growing Companies by GROWFL. Texas-based Advanced Technology Integration (AIT) purchased an existing 30,000 sq. ft. building and opened their first Florida manufacturing operation to support Northrop Grumman’s E2D-Hawkeye project, employing 30 people. Defenshield relocated their ballistics protection equipment headquarters and manufacturing operations from Syracuse, NY to St. Johns County, eventually employing 15 – 20 skilled workers. The largest home builder in the country, D.R. Horton completed the relocation of their regional headquarters by moving into a new 35,100 sq. ft. office building on Race Track Road in northwest St. Johns County, employing 150 people. They forecast growing to 270 employees within the next 2 – 3 years. Other national home builders that have recently relocated a new regional office in St. Johns County include Toll Brothers, David Weekley and Standard Pacific Homes, all of whom are located in Nocatee, one of the fastest-growing master-planned communities in the United States. Physicians and real estate professionals are expanding into the County as Baptist Medial opens a primary care clinic and Watson Realty begins construction on a new office building in Nocatee. Attorneys with St. Johns Law Group and Ansbacher Law also announced plans to construct new buildings to accommodate their growth within central St. Johns County.


- 7 -

Major employers Carlisle Interconnect Technologies and Advanced Disposal Services received Job Creator awards from Governor Rick Scott recognizing their targeted industry job growth and contributions toward improving the state economy. Two air carriers now provide passenger service in St. Johns County to complement a bustling private corporate jet market. Frontier Airlines began serving the St. Johns County/St. Augustine market in 2014. In 2015, Frontier increased passenger service from Northeast Florida Regional Airport (NEFRA) to Trenton, NJ, now flying four flights per week. Via Airlines initiated new passenger service in 2015 from NEFRA to Charlotte, NC flying two flights per week, and will evaluate future destinations upon demand. Hotel interest is picking up after several years of inactivity. In St. Augustine Beach, a new Courtyard by Marriott is nearing completion, just as a new Guy Harvey Outpost Resort begins its redevelopment of the Holiday Isles Oceanfront Resort. Embassy Suites has also received approval to construct an oceanfront property at the former Beachfront Resort location adjacent to the St. Johns County Pier. In downtown St. Augustine, the former San Marco Inn reopened as a 100-room DoubleTree Hilton Hotel and the Sebastian Hotel is under construction along U.S. 1. Retail and restaurant activity is increasing as well. In 2014, the County welcomed new retailers Petsmart, Ulta, and Aldi, along with Chipotle Mexican Grill restaurant in the Seabridge Square development at State Road 312 and U.S. 1. Just south, Party City recently entered the market in the Cobblestone Village center. At both outlet malls in St. Augustine, several new national tenants have moved in such as H&M, Puma, New Balance, Torrid, Swarovski, Old Navy, and TaylorMade Golf. Lowe’s Home Improvement broke ground on their long-awaited new store south of State Road 312 along U.S. 1, with anticipated opening in late 2016. Chase Bank and Vystar Credit Union added four new branches, collectively. Volkswagen opened their first automobile dealership in the County on U.S. 1 South. Dollar General opened on SR 16 in Murabella and has another store under construction on U.S. 1, just north of Palencia. Family Dollar opened a new store on State Road 16. Goodyear Tire and RPM Automotive opened on County Road 210. National restaurant brands are also expanding. Wendy’s opened a new location in Nocatee, Starbucks opened a new store along State Road 16 and Dunkin Donuts is under construction on State Road 207. Regional favorites Metro Diner and Maple Street Biscuit Company opened new restaurants in St. Augustine and Julington Creek. Other local entries into the market include Salt Life Restaurant in St. Augustine Beach, The Loop Pizza Grill in Nocatee, and Hoptinger Bier Garden & Sausage House along Anastasia Blvd in St. Augustine. PGA Golfer Graeme McDowell recently announced plans for a new upscale restaurant, Nona Blue Modern Tavern, to open in the redeveloped Sawgrass Village in spring 2016, prior to The Players Championship being held at TPC Sawgrass in Ponte Vedra. Other popular brands M Shack, Pieology Pizza, and Gators Dockside have announced expansions into St. Johns County, arriving in 2016 to serve eagerly awaiting residents. St. Johns County is also seeing more interest in assisted living and memory care facilities. Arbor Terrace and The Palms projects in Ponte Vedra were recently completed, and construction of the Silver Creek development along State Road 207 is underway. Other ALF’s planned to open in 2016 include Symphony in St Augustine along State Road 16 and Autumn Leaves in St. Johns indicating continued strength in the market segment.


- 8 -

FINANCIAL PLAN Goals and Objectives Prudent budgeting, cash management and funding additional resources through debt structuring has allowed the County to meet emerging infrastructure needs while still improving and providing the resources necessary to meet operational and program goals established by the various departments of the Board of County Commissioners. The Board identified and updated their goals and objectives in 2013 and they continued during 2015. They are:

Promote Economic Development. The Board has made this goal its top priority. The goal continues to be twofold: attract new business and industry to the County and help existing businesses and industries prosper. An Economic Development Director was hired in 2012 to help foster a more aggressive and coordinated effort. The unemployment rate was the second lowest county rate in Florida during 2015. The County was also ranked fifth in the nation by CNN and Money Magazine for job creation. Promote the County’s Health, Safety, and Welfare. The transition to a professional firefighter force began in 1997 with over 255 positions added since that time. The County Sheriff’s budget requests have also been consistently addressed by the Board. A new 800-Megahertz emergency radio communications system was completed. A new fire station was opened during 2015 in Nocatee. Nocatee has been ranked as the nation’s third best-selling master-planned community.

Address the County’s Long-term Financial Stability. The Board is emphasizing the following objectives: County debt restructuring, consideration of new revenue sources, maintaining equitable employee compensation, continued effective and efficient delivery of County services, and contracting for lower cost.

Address the County’s Deferred and Emerging Infrastructure Needs. Several years of budget reductions has resulted in deferred infrastructure needs particularly for transportation infrastructure and pavement management. In addition, water quality improvement has been federally mandated. Participate in Regional Initiatives. Partnering with other northeast Florida counties or other governmental entities helps coordinate regional efforts and can result in better efficiencies.

Maintain and Enhance the County’s Quality of Life. The Board is further emphasizing the following specific areas: County beaches, parks, libraries and bicycle/hiking trails. A New York Times national study ranked the County first in Florida and in the top 4% nationally for its quality of living.

Protect and Promote the County’s Environment. The County’s Environmental Services division was created in 2009 within Growth Management. In addition, water quality improvement remains a continued focus as well as initiating the conversion of a substantial portion of the County vehicle fleet to compressed natural gas (CNG) as an environmental improvement initiative that also will generate significant fuel cost savings. During 2015 the new Northwest Wastewater Treatment Plant, as a regional re-use facility, added necessary capacity with significant environmental benefit.

Enhance County Beautification and Appearance. The Board’s emphasis is the enhancement of County entryways, signage, and scenic corridors.


- 9 -

Emphasize Community Redevelopment. The Board has emphasized other communities in the County in need of redevelopment or economic revitalization, such as Hastings and Armstrong, in addition to the Community Redevelopment Agency of St. Johns County (the CRA), as formed in 2002 and 2003, which constitutes West Augustine, Vilano Beach, and Flagler Estates. Enhance Communication with Community. Improving communications and citizen services continues as a top objective. Every County department has the objective of improving service and operating more efficiently. County Administration in particular is focusing on enhancing communications.

The Plan The Plan is a set of guidelines for the management of funds or financial resources. It provides for the effective planning of government expenditures and services, revenues and the long term financing of capital improvements and infrastructure. It helps ensure that the County is able to meet its short-term and long-term objectives and helps prevent financial problems or emergencies from unnecessarily changing previous policy decisions. Another primary purpose is to provide guidelines for the issuance and management of debt. Proper debt management promotes the accomplishment of service objectives, contributes to financial health and stability, and assures access to debt markets to meet both scheduled and unscheduled financing needs. The decision to issue debt is made on a case-by-case basis and only after careful and timely evaluation of all relevant factors. Factors, which are considered, are:

Legal constraints on debt capacity and various financing alternatives Constraints contained in currently issued debt offerings The urgency of the capital requirements related to the economic cost of delays The willingness and financial ability of taxpayers to pay the capital improvements Evaluating the balance between internal and external funding mechanisms Current interest rate climate and other market considerations The County’s financial condition The type, availability and stability of revenues pledged for debt repayment The type of debt anticipated to be issued Whether or not the project to be financed creates ongoing operating expenditures

that will be supported by available revenue resources

Additionally, it provides for the services of an outside financial advisor to periodically evaluate the County’s debt management strategies, as well as the County’s debt capacity regarding various intergovernmental and local revenue resources. Another Plan purpose is to provide policies and guidelines for the investment of the County’s limited financial resources. In accordance with Section 218.415, Florida Statutes, the County adopted Ordinance No. 2008-1, which describes the various investment products allowed under the ordinance for County’s surplus assets (“Surplus Fund”) and the Post-Employment Welfare Benefits Program Trust (“Trust Fund”) for assets held on behalf of county retirees for other post-employment benefits than pensions. Additionally, Resolution No. 08-151 was adopted to apply rules pertaining to the Trust Fund. Finally, Resolution No. 2001-58 pertains to the rules that apply to all financial assets of the Board and funds related to the issuance of debt. Funds held by state agencies (e.g., Department of Revenue) are not subject to the provisions of this policy. Additionally, neither policy includes any financial assets under the direct control of any of the Constitutional Officers of


- 10 -

St. Johns County. The policies become applicable at such time as direct control of the funds passes to the Board. Relevant Financial Policies Upon the advice of the outside financial advisor, the County completed major bond refunding during 2015 for significant financial savings. County Administration also took a cautious approach to filling staff vacancies throughout the year, resulting in operating savings from budget. Additional discussion regarding the implementation of the measures is presented in the section entitled Management’s Discussion and Analysis. Major Initiatives Finally, during 2014 the County anticipated a return to modest revenue growth and continued to address deferred maintenance as well as County vehicle and computer replacement with intended moderate use of fund balance for the General Fund. In addition, during 2015 the Board approved the $1.25 million defeasance of remaining debt of the County golf course to allow for the possible future sale of excess golf course land to help address potential future course improvements.

AWARDS AND ACKNOWLEDGEMENTS

The Government Finance Officers Association of the United States and Canada (“GFOA”) awarded a Certificate of Achievement for Excellence in Financial Reporting to St. Johns County for its Comprehensive Annual Financial Report for the year ended September 30, 2014. This was the twenty third consecutive year that the County has received this prestigious award. In order to be awarded a Certificate of Achievement, the County must publish an easily readable and efficiently organized comprehensive annual financial report. This report satisfies 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 it will be submitted to the GFOA to determine its eligibility for another certificate. Additionally, for the last twenty three years, the County Office of Management and Budget has also received the Distinguished Budget Presentation Award from GFOA for publishing a budget document that meets program criteria as a policy document, as an operations guide, as a financial plan and as a communications device. Acknowledgments. A Comprehensive Annual Financial Report of this nature could not have been prepared without the dedicated efforts from the staff of the Board of County Commissioners and each of the Elected Officials. Special thanks goes to the staff of the Finance Department, the Office of Management and Budget and the Department of Economic Development. Each member of these departments has our sincere appreciation for their contributions made in the presentation of this report.

The Honorable Jeb S. Smith, ChairJuly 27, 2016

Additionally, we would also like to thank the Chair and the members of the County Commission fortheir leadership and support in planning the financial operations of the County in a responsible andprogressive manner.

Sincerely yours,

Hw=lu~ ~r2I1tu~d,()Richard A. MacDonald, Jr. ~Finance Director

Hunter S. ConradClerk of the Circuit Court

RAM:db

- 11 -

- 12 -

MEMBERS OF THE BOARD OF COUNTY COMMISSIONERS

Jeb E. Smith, Chair James K. Johns, Vice-Chair

William A. McClure John H. Morris

Rachael L. Bennett

CONSTITUTIONAL OFFICERS

David B. Shoar, Sheriff

Hunter S. Conrad, Clerk of Court Dennis Hollingsworth, Tax Collector

Sharon P. Outland, Property Appraiser Vicky Oakes, Supervisor of Elections

COUNTY ADMINISTRATION

Michael D. Wanchick, County Administrator Joy Andrews, Assistant County Administrator for Community Services

Darrell M. Locklear, Assistant County Administrator for Operations

FINANCE

Richard A. MacDonald, Jr., Finance Director Michael Branson, Assistant Finance Director

OFFICE OF MANAGEMENT AND BUDGET

Doug Timms, Director Jesse Dunn, Assistant Director

OFFICE OF ECONOMIC DEVELOPMENT

Melissa S. Glasgow, Director

- 13 -

Bo

ard

of

Co

un

ty

Co

mm

issi

on

ers

Co

un

tyA

dm

inis

trat

or

Co

un

tyA

tto

rney

Ad

min

istr

ativ

eS

up

po

rt

Man

agem

en

t&

Bu

dg

etD

epa

rtm

en

t

Op

erat

ion

alS

ervi

ces

Co

mm

un

ity

Ser

vice

s

Lan

dM

anag

eme

nt

Dep

art

me

nt

Fac

ilit

ies

Man

agem

en

tD

epa

rtm

en

t

MIS

Dep

art

me

nt

Uti

litie

sD

epa

rtm

en

tP

ub

lic W

ork

sD

epa

rtm

en

t

Gro

wth

Man

agem

en

tD

epa

rtm

en

t

Lib

rary

Ser

vice

sD

epa

rtm

en

t

Hea

lth

&H

um

an S

ervi

ces

Dep

art

me

nt

Pu

blic

Saf

ety

Dep

art

me

nt

Par

ks &

Rec

reat

ion

Dep

art

me

nt

Fle

etM

ain

ten

anc

eD

ivis

ion

Ro

ad &

Bri

dg

eD

ivis

ion

En

gin

eeri

ng

Div

isio

n

So

lid

Wa

ste

Div

isio

n

Re

alE

sta

teD

ivis

ion

Su

rvey

& G

ISD

ivis

ion

Pro

per

tyO

per

atio

ns

Div

isio

n

Co

ns

tru

ctio

nD

ivis

ion

Pla

nn

ing

an

dZ

on

ing

Div

isio

n

Tra

nsp

ort

atio

nD

evel

op

men

tD

ivis

ion

Bu

ildin

gS

ervi

ces

Div

isio

n

Op

erat

ion

sD

ivis

ion

Bea

ch

Ser

vice

sD

ivis

ion

Go

lf C

ou

rse

Div

isio

n

Rec

reat

ion

Fac

ilit

ies

Div

isio

n

Per

son

nel

Ser

vice

sD

epa

rtm

en

t

An

imal

Co

ntr

ol

Div

isio

n

Rec

reat

ion

Pro

gra

ms

Div

isio

n

Fir

e/R

escu

e/E

MS

Op

erat

ion

sD

ivis

ion

Em

erg

ency

Man

agem

en

tD

ivis

ion

____

____

____

____

____

____

____

____

____

____

___

____

____

____

____

____

____

____

____

____

____

____

____

____

____

____

____

____

____

___

____

____

____

____

____

____

____

____

____

____

____

____

____

____

____

___

____

____

____

____

____

____

____

____

____

____

____

____

____

____

____

___

____

____

____

____

____

____

__

En

gin

eeri

ng

Div

isio

n

Op

erat

ion

sD

ivis

ion

Ad

min

istr

atio

nD

ivis

ion

St.

Jo

hn

s C

ou

nty

Cit

izen

s

Sh

erif

fS

up

ervi

sor

of

Ele

ctio

ns

Pro

per

tyA

pp

rais

erT

ax C

olle

cto

rC

lerk

of

Co

urt

s

Su

pp

ort

Ser

vice

sD

ivis

ion

Ec

on

om

ic

Dev

elo

pm

ent

Cu

ltu

ral

Eve

nts

Pu

blic

Info

rmat

ion

Med

ical

Exa

min

er

En

viro

nm

enta

lD

ivis

ion

Pu

rch

asin

gD

ivis

ion

Fam

ily

Inte

gri

tyP

rog

ram

D

ivis

ion

Fac

ilit

ies

Mai

nte

nan

ce

Div

isio

n

So

cial

Ser

vice

sD

ivis

ion

Co

mm

un

ity

Dev

elo

pm

ent

Div

isio

n

Co

de

En

forc

eme

nt

Div

isio

n

Vet

eran

sS

ervi

ces

Div

isio

n

To

uri

st

Dev

elo

pm

ent

Dep

art

me

nt

Tue

sday

, Apr

il 26

, 201

6

- 14 -

- 15 -

INDEPENDENT AUDITOR’S REPORT The Honorable County Commissioners St. Johns County, Florida Report on the Financial Statements We have audited the accompanying financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate discretely presented component unit and remaining fund information of St. Johns County, Florida (the “County”), as of and for the year ended September 30, 2015, and the related notes to the financial statements, which collectively comprise the County's basic financial statements as listed in the table of contents. Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor’s Responsibility Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit involves performing procedures to obtain audit evidence supporting the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting principles used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

Carr, Riggs & Ingram, LLC4010 N.W. 25th PlaceGainesville, Florida 32606P.O. Box 13494Gainesville, Florida 32604

(352) 372-6300(352) 375-1583 (fax)www.cricpa.com

- 16 -

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Opinions In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund, and the aggregate discretely presented component unit and remaining fund information of the County as of September 30, 2015, and the respective changes in financial position and cash flows, where applicable, thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America. Emphasis of Matters We draw attention to Note 15 of the financial statements which indicates that the County changed the presentation in its financial statements for the Golf Course Fund for the current year. That fund is now reported as a governmental fund. It was reported as an enterprise fund in prior years. Our opinions are not modified with respect to this matter. We also draw attention to Note 15 of the financial statements which indicates that the County implemented GASB Statement No. 68, Accounting and Financial Reporting for Pensions and GASB Statement No. 71, Pension Transition for Contributions Made Subsequent to the Measurement Date. Our opinions are not modified with respect to this matter. Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis and the required supplementary information listed in the table of contents be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during the audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Other Information Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the County’s basic financial statements as a whole. The introductory section, combining and individual fund financial statements and schedules, and statistical section are presented for purposes of additional analysis and are not a required part of the basic financial statements. The

- 17 -

combining and individual fund financial statements and schedules are the responsibility of management and were derived from and relate directly to the underlying accounting and other records used to prepare the basic financial statements. The information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated in all material respects in relation to the basic financial statements as a whole. The introductory and statistical sections have not been subjected to the auditing procedures applied in the audit of the basic financial statements and, accordingly, we do not express an opinion or provide any assurance on them. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated July 27, 2016 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 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 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. Gainesville, Florida July 27, 2016

control over financial reporting and compliance.

- 18 -

This page intentionally left blank

ST. JOHNS COUNTY, FLORIDA MANAGEMENT DISCUSSION and ANALYSIS For the year ended September 30, 2015

- 19 -

MANAGEMENT’S DISCUSSION and ANALYSIS

This section of St. Johns County, Florida’s Comprehensive Annual Financial Report presents a narrative overview and analysis of the County’s financial performance during our most recent fiscal year, which ended September 30, 2015. It is designed to provide an objective and easy to read overview analysis of the County’s financial activities; significant financial issues; material deviations from the Financial Plan (budget); changes in the County’s financial position and individual fund concerns. We encourage readers to consider the information contained in this discussion in conjunction with additional information contained in our transmittal letter in the front of this report and the County’s financial statements. 1. Financial Highlights.

Total assets and deferred outflows of resources exceeded total liabilities and deferred inflows, which are reported as net position, by $1,431,289,962 as of September 30, 2015.

Total net position of the County increased by $82,658,138. Unrestricted net position of $59,019,171 represents the amount that may be used to meet the

County’s ongoing obligations to citizens and creditors. The net change in total governmental fund balance increased by $17,102,653. This is primarily

attributed to the one year operational debt service savings attributed to the three bond refinancing and the additional $17.5 million in capital improvement bonds received for additional infrastructure from the Series 2015 Sales Tax bonds.

2. Overview of the Financial Statements. This discussion is intended to introduce St. Johns County, Florida’s basic financial statements. The basic financial statements are comprised of two kinds of statements that present different views of the County: (1) countywide statements, and (2) fund statements. The basic financial statements also include notes essential to a full understanding of both kinds of statements. This report also has a separate section for supplementary and statistical information in addition to the basic financial statements themselves as indicated below.

Summarized Detailed Information Information

Management Discussion

and Analysis

Basic Financial

Statements

Notes To the

Financial Statements

Fund Financial

Statements

Countywide Financial

Statements


- 20 -

The first two statements are countywide financial statements that focus on the County as a whole and provide both long-term and short-term information about the County’s overall financial condition. These statements provide readers with a broad view of the County’s finances, similar to a private sector business. The remaining statements are fund financial statements that are similar to traditional governmental financial statements. These statements report on individual parts of the County’s operations and include more detail than the countywide statements.

A. Countywide financial statements. The countywide statements report on St. Johns County as a

whole using accounting rules very similar to those used by private companies. There are two countywide statements. The statement of net position combines and reports all of the County’s assets, deferred outflows, liabilities and deferred inflows. The statement of activities combines and reports all of the County’s revenues and expenses regardless of when cash is paid or received. These two financial statements demonstrate how the County’s net position has changed. Net position is the difference between total assets and deferred outflows of resources, and total liabilities and deferred inflows. It is one way of assessing the County’s current financial condition. Increases or decreases in net position are good indicators of whether the County’s financial health is improving or deteriorating over time. Other non-financial factors, such as diversity in the local economy, are important in evaluating the County’s overall financial condition.

The countywide financial statements are grouped into three categories:

Governmental Activities. Most of the County’s basic services are included here, such as police, fire, public works, recreation, and general administration. Property taxes, sales and gas taxes, and federal and state funding finance most of the cost of these activities.

Business-type Activities. The County and Ponte Vedra water and sewer utilities, solid waste, and convention center are classified here. In these activities, the County charges customer fees to cover all or a portion of the cost of providing these goods and services.

Component Units. These are other governmental units over which the County exercises influence, and are presented as separate columns in the countywide statements. The Component Units are as follows; the St. Johns County Housing Finance Authority, the St. Johns County Industrial Development Authority, and the St. Johns County Educational Facilities Authority.

B. Fund financial statements. The County’s fund statements report in greater detail than the countywide statements the County’s most significant funds. A fund is a group of related accounts used to exercise control over specific resources set apart for specific activities. The County, like other state and local governments, uses funds to ensure and demonstrate compliance with financial requirements imposed by law, bond covenants, and local administrative and legislative actions.

The County maintains 76 individual governmental funds. The General Fund, Transportation Trust and the St. Johns County Community Redevelopment Agency are presented separately in the governmental fund balance sheet and in the statement of revenues, expenditures, and changes in fund balances. All other governmental funds are combined into a single, aggregated presentation. Individual fund data for these nonmajor governmental funds is provided in the form of combining statements in a separate section of this report.

All of the County’s funds are classified in one of the following categories:


- 21 -

Governmental funds tell how basic governmental services were paid for in the short- term as well as what remains for near future spending. These funds account for essentially the same services as those reported as governmental activities in the countywide statements. Because the fund view does not include the additional long-term focus of the countywide statements, we provide additional information following the governmental funds balance sheet and the governmental funds statement of revenues, expenditures, and changes in fund balances that explains the differences between the two views.

Enterprise funds report on business-type operations of the utility funds, solid waste fund, and convention center where the fees for services typically cover all or most of the costs of operations. These statements offer both long and short-term financial information and offer more detailed reporting of the amounts classified as business-type activities in the countywide statements.

Internal service funds are used to account for the financing of activities provided by one department or agency to other departments or agencies of the County on a cost reimbursement basis.

Fiduciary funds report information about financial arrangements in which the County acts solely as an agent or trustee for others. The County is responsible for ensuring these resources are used for their intended purposes. Since these funds are not resources of the County, but are held for the benefit of others, we exclude these activities from the countywide statements.

C. Notes to the financial statements. The notes provide additional information and explanation that is

necessary for a full understanding of both the countywide and fund statements.

D. Required supplementary information. Budgetary comparisons between beginning, ending, and actual results for the general fund and each individual major special revenue fund are located in the Supplementary Information section of the report. Additionally, the Schedules of Funding Progress and Employer Contributions – Other Post-Employment Benefits are located here.

E. Other supplementary information. The combining statements for the nonmajor governmental

funds, nonmajor enterprise funds, internal service and agency funds, as well as individual fund budget and actual comparison schedules are found in the Supplementary Information section of this report; after the required supplementary information section.

Additional statistical information is presented to give users of the report a historical perspective and to assist in determining current financial trends of the County.


- 22 -

3. Financial Analysis of the County as a Whole. At the end of fiscal year 2015, even after GASB 68 implementation, the financial position of the County remains stable and is able to report increasing balances in each component of net position as reflected below, in the Summary Statement of Net Position.

This year, total net position for Governmental activities decreased by 1.74% or $19.5 million dollars. The decrease is attributed to the implementation of GASB 68, which reduced unrestricted net position by $73.5 million; an increase in Net Investment in Capital Assets, related to the significant increase in donated infrastructure from completed roads within approved subdivisions and projects throughout the County; and from the large increase in Restricted Net Position relating to the infusion of $16.3 million in additional sales tax construction balances and from the continued acquisition this year of new equipment and vehicles to replace those held beyond their useful lives during the recession.

2015 2014 2015 2014 2015 2014

ASSETS

Cash and Investments 174,959$ 158,731$ 103,939$ 110,072$ 278,898$ 268,803$

Other Current Assets 7,853 8,269 5,039 8,573 12,892 16,842

Other Non-current Assets 5,849 6,009 105 5,954 6,009

Capital Assets 1,241,213 1,181,318 425,781 415,660 1,666,994 1,596,978

TOTAL ASSETS 1,429,874 1,354,327 534,864 534,305 1,964,738 1,888,632

DEFERRED OUTFLOWS OF RESOURCES

Bond Refunding Losses 10,108 5,731 4,653 4,215 14,761 9,946

Pension related 38,159 1,724 39,883 -

TOTAL DEFERRED OUTFLOWS OF RESOURCES 48,267 5,731 6,377 4,215 54,644 9,946

LIABILITIES

Current Liabilities 31,576 29,854 14,361 17,681 45,937 47,535

Non-current Liabilities 305,719 207,196 197,367 198,874 503,086 406,070

TOTAL LIABILITIES 337,295 237,050 211,728 216,555 549,023 453,605

DEFERRED INFLOWS OF RESOURCES

Pension related 37,380 1,689 39,069 -

Advance Grant 38 - 38

TOTAL DEFERRED INFLOWS OF RESOURCES 37,380 38 1,689 - 39,069 38

NET POSITION

Net Investment in Capital Assets 1,003,746 971,830 248,866 244,639 1,252,612 1,216,469

Restricted 106,543 83,161 13,116 11,727 119,659 94,888

Unrestricted (6,823) 67,979 65,842 65,599 59,019 133,578

TOTAL NET POSITION 1,103,466$ 1,122,970$ 327,824$ 321,965$ 1,431,290$ 1,444,935$

Governmental

Total

Summary Statement of Net Position

September 30, 2015

(I n Thousands)

Activities

Business-

type

Activities


- 23 -

Ending net position for Business-type activities changed by $5.9 million. The increase is also

attributed to the increase in capital assets net of related debt during the period less any debt repayments used to acquire the assets, and from donated infrastructure.

Governmental activities unrestricted net position decreased by $75.3 million, as previously

mentioned, while Business-type activities unrestricted net position increased by only $0.2 million.

Primary Government assets and deferred outflows of resources exceeded liabilities and deferred inflows at the end of this fiscal year by $1.1 billion. The greatest portion of net position reflects the County’s investment in capital assets net of the related debt used to acquire them less bond balances remaining within the capital improvement funds. Additionally, $106.5 million of net position is subject to restrictions regarding how it may be used to meet these ongoing obligations; leaving $(5.6) million as unrestricted. Unrestricted net position can be used to meet the County’s ongoing obligations to citizens and creditors. This ability was significantly hindered by the implementation of GASB68.

Finally, included in the $65.8 million of unrestricted net position balances for business-type activities is:

Approximately $14.8 million in approved contract balances for capital improvements

associated with a regional sewer treatment facility and several smaller water and sewer infrastructure projects that will be completed between fiscal year 2016 and 2017 for the County utility funds. Additionally, there is approximately $27.2 million in reserved developer contributions and unit connection fee balances from the utility funds available to offset part of this plan.

$5.2 million in landfill long-

term care balance

The balance may be utilized for rate stabilization.

Although accounting principles do not restrict these amounts, they have been earmarked for future uses governed by the County’s capital improvement plan and prudent managerial decisions. The Statement of Activities, which is graphically portrayed in the following chart, illustrates where the program resources came from to cover the expenses associated with the various governmental activities of the County. Program revenues do not include general revenues such as taxes, intergovernmental revenue streams, transfers or interest earnings.

‐200

‐100

0

100

2015 2014 2013

$83.97 $75.83 $68.01$15.51 $14.87 $13.16

$44.99 $8.08 $11.65

$(93.42)$(151.04)

$(144.12)

Statement of ActivitiesGovernmental Activities Revenue Resources

(In millions)

Charges for Service

Operating Grants

Capital Grants

Primary Government Contribution


- 24 -

2015 2014 2015 2014 2015 2014

Revenues:Program Revenues:

Charges for services 83,972$ 75,829$ 62,160$ 58,807$ 146,132$ 134,636$ Operating grants & contributions 15,509 14,871 26 90 15,535 14,961 Capital grants & contributions 44,990 8,079 8,563 3,251 53,553 11,330

General Revenues:Taxes 148,162 139,427 148,162 139,427 Intergovernmental 7,596 6,786 7,596 6,786 Unrestricted earnings on investments 2,472 905 1,173 489 3,645 1,394 Miscellaneous 3,213 1,860 5,000 4,234 8,213 6,094

Total Revenues 305,914 247,757 76,922 66,871 382,836 314,628

Expenses:General government 36,898 36,168 36,898 36,168 Public safety 108,407 109,469 108,407 109,469 Physical environment 1,057 1,773 1,057 1,773 Transportation 35,217 37,876 35,217 37,876 Economic environment 3,613 3,144 3,613 3,144 Human services 8,007 17,232 8,007 17,232 Culture and recreation 26,560 26,520 26,560 26,520 Court related 9,152 9,109 9,152 9,109 Interest on long-term debt 8,980 8,533 8,980 8,533 Utilities 42,866 41,169 42,866 41,169 Solid w aste 18,409 19,950 18,409 19,950 Golf course 1,476 - 1,476 Convention center 1,011 873 1,011 873

Total Expenses 237,891 249,824 62,286 63,468 300,177 313,292 Increase in Net Position Before Transfers

and Special Items 68,023 (2,067) 14,636 3,403 82,659 1,336 Transfers (292) (1,106) 292 1,106 - -

Change in net position 67,731 (3,173) 14,928 4,509 82,659 1,336 Net position, beginning of year as previously reported 1,122,969 1,126,142 321,965 317,456 1,444,934 1,443,598 Adjustments to beginning net position (87,234) (9,069) (96,303) - Net position, beginning of year as restated 1,035,735 1,126,142 312,896 317,456 1,348,631 1,443,598 Net position, end of year 1,103,466$ 1,122,969$ 327,824$ 321,965$ 1,431,290$ 1,444,934$

Total

Statement of Activities(In Thousands)

for the year ended September 30, 2015

Activities

Business-type

ActivitiesGovernmental


- 25 -

The County increasingly relies upon increased charges for service, operational and capital grants, taxes, and shared unrestricted intergovernmental revenues to meet governmental expenses. The implementation of GASB 68 had a significant impact on unrestricted net position for governmental activities. Overall, total net position of governmental activities, after the restatements for GASB 68 and the Golf Course reclassification decreased by 1.74%. This slight decrease is attributable, after the $87.2 million reduction allocated to the changes, to significant increases in program revenues, to an increase of $30.6 million in capital assets and infrastructure; plus an increase of $7.8 million in bond payments net of the related new debt issuance; and an increase of $1.5 million from internal service funds unrestricted net position and the related net changes in employee compensated absences, and the OPEB employer contributions. In previous fiscal years, a much less significant resource that impacted the primary government’s increase in net position is the developers’ contribution of land, rights of way, and infrastructure. However, this year was significant increases in additional new growth throughout the County as seen from the large infrastructure donation of $44.1 million. Future growth within the County has a positive impact on net position, but creates additional operational considerations regarding maintenance and replacement in the future. Finally, program revenues were the main resources in meeting business-type expenditures. There were increases between fiscal years in expenses for the County utilities and solid waste programs. The remaining business-type programs were flat in comparison. 4. Financial Analysis of the County’s Funds. The focus of St. Johns County’s governmental funds is to provide information on near-term inflows, outflows, and balances of available spending resources. This information is useful in assessing the County’s potential financing requirements. Unassigned fund balance may serve as a useful measure of the County’s net resources available for spending at the end of the fiscal year. At September 30, 2015, the County’s governmental funds reported combined ending fund balances of $157.3 million, which is an increase of $17.1 million when compared with the adjusted prior fiscal year balance and can be attributed to other financing resources from the balance of the Series 2015 Sales Tax bonds. The County expects to see continued declining balances over the next couple of years as capital and deferred maintenance projects are completed, and operating expenditure increases from payroll increases are met through increasing property values.

The rest of this page left blank.


- 26 -

The County’s expenditures cover a range of services; over half are related to public safety, general government, and transportation.

Taxes $148,162

Intergovernmental $47,083

Charges for Services 39,421

Assessments $8,562

Licenses & Permits $7,560

Fines $5,100

Investment Income$2,347 Miscellaneous

$1,851

Contributions $223

Governmental Funds Revenue(In Thousands)

$112,946

$38,081

$37,987

$26,668

$18,801

$12,290

$9,429 $7,697 $3,568 $1,028

Governmental Funds Expenditures(In Thousands)

Public Safety

General Government

Transportation

Culture & Recreation

Debt Service

Human Services

Court Related

Capital Outlay

Economic Environment

Physical Environment


- 27 -

Excluding capital outlays and the County debt service requirements, the County’s governmental fund expenditures increased by $24.2 million or 11.1% from prior year expenditures. This was primarily attributed to County wage increases; the continuation of deferred maintenance projects and capital expenditures that were postponed in previous years; and increased contributions during the fiscal year towards future Other Post Employment Benefits. The primary functional expenditures, which had the greatest increases, were Public Safety, General Government, Transportation and Culture and Recreation. All other expenditure functions remained flat or decreased from the prior fiscal year. The net change in fund balance for the General Fund and County Transportation Trust Fund (CTTF) was $2.1 million decrease and $6.9 million increase respectively. This represented a 4.0% decrease in General Fund fund balance; and a 27% increase in CTTF fund balance. The General Fund decrease is the result of transferring funding resources for debt service. The increase in CTTF fund balance is the result of the sale of land held by the County for future construction to the State of Florida. The St. Johns County Community Redevelopment Agency net decrease in fund balance was $17,230 due primarily to the slow change in property values in the blighted areas based on the original values at the time the areas were established. This is expected to improve over time as property values begin their recovery in the areas.

As seen in the above table, General Fund ending fund balance decreased slightly during the fiscal year. The decrease is considerably less than originally projected during the final budget process and amendments. The anticipated ending budget projection was approximately $33.5 million which is $19.4 million less than actually occurred. The difference primarily is based on increased revenues of $6.2 million over budget, which was primarily from the statutory 5% reduction required under statute; and expenditure savings of $7.4 million. The expenditure savings were achieved through the continued use of various measures implemented during the fiscal year by management to ensure sufficient unassigned balances would be available for future years.

$0.00

$10.00

$20.00

$30.00

$40.00

$50.00

$60.00

06 07 08 09 10 11 12 13 14 15

Fiscal Year

Major Governmental FundsFund Balance Adjusted for Special Items

(In millions)

GeneralFund

County Transportation

Trust


- 28 -

County Transportation Trust ending fund balance increased to $32.6 million due primarily, as previously stated, to the sale of land to the state. Management achieved additional capital expenditure savings because of longer time frames to begin construction on numerous infrastructure projects in the County. Although the County anticipated utilizing all the reserves of the St. Johns County Community Redevelopment Agency during this fiscal year, there was a negligible balance at the close of the fiscal year. This was primarily achieved through decreased operating costs during the year. The ending fund balances for the major funds are considerably greater than the County expected, or by guidelines, but were considered prudent by management. 5. General Fund budgetary highlights. Total adjustments that were made to the General Fund’s original budget and final amended budget included the following major transactions:

$231,754 was added in additional General Fund appropriations for various increases relating to unanticipated revenues that were awarded during the fiscal year for grants and various unanticipated receipts.

Approximately $1.2 million in General Fund appropriations for various increases in operating

expenditures and operational transfers to the County Golf Course to refund the debt associated with its original construction.

During this year, the difference between the County’s final adopted budget and total General Fund expenditures was $7.4 million. The following table highlights the savings by function/programs:

Function

Appropriation Balance In Thousands Percent

General Government $ 2,554 34.4% Public Safety 1,893 25.5% Culture and Recreation 1,736 23.4% All other functions 1,233 16.7%

Total $ 7,416 100.0%

Approximately $1.8 million in personnel savings were recognized.

Additionally, the largest savings was $4.4 million in operating appropriations across all County General Fund departments.

And finally, the balance of the savings was from equipment or capital projects that were not completed as anticipated, and grants and interagency aid that were not utilized.


- 29 -

6. Capital Asset and Debt Administration.

Capital Assets. The County’s investment in capital assets for its governmental and business-type activities as of September 30, 2015 was $1,653,827,464 (net of accumulated depreciation). This investment in capital assets includes land, buildings and improvements, equipment, infrastructure, and construction in progress as presented in the following table.

Business-Governmental type

Activities Activities Total

Land 477,104$ 109,268$ 586,372$ Intangible assets 81 81 Building & improvements 298,345 34,050 332,395 Equipment 85,944 9,207 95,151 Infrastructure 606,846 370,440 977,286 Construction in progress 58,692 43,431 102,123 Less accumulated depreciation (285,718) (140,697) (426,415) Total 1,241,213$ 425,780$ 1,666,993$

(In Thousands)as of September 30, 2015

Capital AssetsNet of Depreciation

Additional information on the County’s capital assets can be found in the Notes of this report; Note 5.

Long-term Debt. At the end of fiscal year 2015, the County had total debt outstanding of

approximately $523 million. The majority of the County’s debt represents bonds secured by specific revenue sources.

Business-Governmental type

Activities Activities Total

Revenue bonds and notes 212,833$ 179,726$ 392,559$ Loans, commercial paper and obligations under capital lease 8,358 15,178 23,536 Landfill Closure/Postclosure care 5,177 5,177 Compensated Absences 10,171 893 11,064 Net pension liability 87,160 3,939 91,099

Total 318,522$ 204,913$ 523,435$

Outstanding Debt(In Thousands)

as of September 30, 2015


- 30 -

Excluding the addition this year of the County’s net state pension liability, outstanding

bonded debt and notes payable increased by about $6.5 million from the prior fiscal year.

$11.4 million was expensed to retire principal that was due during the fiscal year on County bonds, notes and capital leases, and $123.54 million was refunded.

$133.1 million in bonds, notes, and capital leases was issued during the fiscal year. Additional information on the County’s long-term debt can be found in the Notes of this report; Note 6.

7. Economic Factors and Next Year’s Budgets and Rates. St. Johns County primarily relies on property taxes, inter-governmental resources, impact fees, and a limited number of service charges for governmental activities. The County did not change the overall aggregate county millage rate of 5.9371 mills from the prior fiscal year. However, along with the St. Johns County School District, the county-wide millage decreased by 1.5% to 13.2791 mills. The County will adjust future appropriations in accordance with budgetary direction provided by the Board of County Commissioners and adjust the property tax requirements so that there will possibly not be the need for future ad-valorem tax increases. Additionally, the County has still been able to hold government services to slight increases to meet new customer demands for public safety and growth; continue to add additional culture and recreation facilities/programs during this fiscal year. County staff’s ability to provide necessary funding levels for County functions and programs will certainly need to be constantly addressed in future budgets.

4.5

5

5.5

6

6.5

06 07 08 09 10 11 12 13 14 15Fiscal Year

St. Johns CountyCountywide Millage Rate


- 31 -

Economic development within the three designated blighted areas within the County continues to be a high priority of the County’s Housing Department and the St. Johns County Community Redevelopment Agency. Next, as expressed in the County’s budget documents for fiscal year 2015, there were a number of critical accomplishments that were achieved.

The combined effect of property tax reform and the economic downturn led to the County Commission to approve an aggregate millage rate increase in the prior fiscal year after several town hall meetings were held by the County Administrator. However, during this fiscal year the overall millage rate remained unchanged.

The continued implementation of a professional firefighter force; rather than a volunteer force. However, this transition has added increased ad valorem rate pressure due to the increase in personnel, operating and capital expenditures over the last ten years.

The minimal use in unassigned balances to cover governmental activities will allow the County to transition to better economic conditions over the next few years. In addition, the Board of County Commissioners is committed to increase economic development within the County. It is their number one concern and additional resources have been appropriated for that function.

And finally, growth management issues continue to be a critical concern of county residents.

Growth management through revisions of the County’s Comprehensive Plan and stricter land development regulations will provide the necessary tools to help direct county staff in managing future development within the County.

8. Requests for Information. This financial report is designed to provide our citizens, taxpayers, customers, investors, and creditors with a general overview of St. Johns County’s finances and to demonstrate the County’s accountability to each of those groups. If you have questions about this report or need additional financial information, please contact the County Finance Department, Attn: Richard A. MacDonald, Jr., 4010 Lewis Speedway, St. Augustine, FL, 32084.

0

5

10

15

20

25

30

06 07 08 09 10 11 12 13 14 15

St. Johns CountyTaxable Property Values by Fiscal Year

(In Billions)

- 32 -

BASIC FINANCIAL STATEMENTS

St Johns County, FloridaStatement of Net PositionSeptember 30, 2015

St Johns County St Johns County St Johns CountyHousing Industrial Educational

Governmental Business-type Finance Development FacilityActivities Activities Total Authority Authority Authority

ASSETSCash and cash equivalents 60,253,052$ 4,479,336$ 64,732,388$ 44,319$ 177,961$ 4,588$ Cash with claims administrator 642,000 642,000 Investments 114,063,516 84,407,208 198,470,724 2,065 Accounts receivable, net 3,048,045 3,137,906 6,185,951 148 Notes receivable, less than 1-year 448,450 30,749 479,199 42,639 Interest receivable 254,655 175,395 430,050 Internal balances 101,406 (101,406) - Due from other governments 3,407,643 11,170 3,418,813 96,769 Inventories 272,977 1,180,324 1,453,301 684,151 Restricted assets:

Cash and cash equivalents 5,359,818 5,359,818 Investments 9,692,456 9,692,456

Other assets 319,337 605,212 924,549 Notes receivable 300,000 105,371 405,371 202,784 Negative net OPEB obligation asset 5,549,497 5,549,497 Capital Assets:

Land, and construction in progress 535,796,050 152,699,398 688,495,448 Other capital assets, net 705,417,155 273,081,139 978,498,294

TOTAL ASSETS 1,429,873,783 534,864,076 1,964,737,859 1,072,727 178,109 4,588

DEFERRED OUTFLOWS OF RESOURCES Bond refunding losses 10,107,760 4,652,748 14,760,508 Pension related 38,159,262 1,724,578 39,883,840 - - - TOTAL DEFERRED OUTFLOW OF RESOURCES 48,267,022 6,377,326 54,644,348 - - -

LIABILITIESAccounts payable and accrued expenses 13,028,991 5,485,757 18,514,748 75,604 325 750 Due to other governments 2,067,079 4,106 2,071,185 Estimated liability for self insured losses 2,344,446 2,344,446 Customer deposits 490,115 1,324,841 1,814,956 Due within one year:

Bonds, capital leases, and contracts 10,064,557 6,907,012 16,971,569 448,450 Landfill closure and post-closure costs 323,553 323,553 Compensated absences 3,427,868 262,578 3,690,446 Pension liability 1,178,441 53,259 1,231,700

Due in more than one year: Bonds, capital leases, and contracts 211,127,310 187,996,766 399,124,076 Accrued landfill closure and post-closure costs 4,853,302 4,853,302 Compensated absences 6,742,972 630,981 7,373,953 Pension liability 85,981,206 3,885,850 89,867,056 Unearned revenues 842,046 842,046 152,630

TOTAL LIABILITIES 337,295,031 211,728,005 549,023,036 676,684 325 750

DEFERRED INFLOWS OF RESOURCES Pension related 37,379,857 1,689,352 39,069,209 TOTAL DEFERRED INFLOW OF RESOURCES 37,379,857 1,689,352 39,069,209 - - -

NET POSITIONNet investment in capital assets 1,003,746,338 248,866,248 1,252,612,586 Restricted for: Long-term Receivables 300,000 105,371 405,371 Property held for sale - 684,151 Bond construction 16,275,000 4,128,809 20,403,809 Future Development Impacts 18,488,986 18,488,986 Transportation 30,231,341 30,231,341 Fire District 11,158,088 11,158,088 Community Redevelopment 20,804 20,804 Court operations and improvements 5,663,318 5,663,318 Building Services 11,036,380 11,036,380 Debt service 3,970,780 7,006,063 10,976,843 State Housing Initiatives Program 1,026,080 1,026,080 Tourist Development and Recreation 5,316,024 5,316,024 Law enforcement 1,927,923 1,927,923 Other purposes 1,128,083 1,875,155 3,003,238 Unrestricted (6,823,228) 65,842,399 59,019,171 (288,108) 177,784 3,838 TOTAL NET POSITION 1,103,465,917$ 327,824,045$ 1,431,289,962$ 396,043$ 177,784$ 3,838$

Component UnitsPrimary Government

The accompanying notes are an integral part of the financial statements

- 33 -

St J

ohns

Cou

nty,

Flo

rida

Sta

tem

ent o

f Act

iviti

esF

or th

e Y

ear

End

ed S

epte

mbe

r 30

, 201

5

Pro

gram

Rev

enue

s

P

rimar

y G

over

nmen

tS

t Joh

ns C

ount

yS

t Joh

ns C

ount

yS

t Joh

ns C

ount

yC

harg

esO

pera

ting

Gra

nts

Cap

ital G

rant

sG

over

nmen

tal

Bus

ines

s-ty

peH

ousi

ng F

inan

ceIn

dust

rial D

evel

opm

ent

Edu

catio

nal F

acili

ties

Fu

nct

ion

s/P

rog

ram

sE

xpen

ses

for

serv

ices

and

Con

trib

utio

nsan

d C

ontr

ibut

ions

Act

iviti

es

Act

iviti

esT

otal

Aut

horit

yA

utho

rity

Aut

horit

y

Pri

mar

y G

ove

rnm

ent:

Gov

ernm

enta

l act

iviti

es:

Gen

eral

gov

ernm

ent

36,8

98,6

26$

41

,886

,268

$

348,

291

$

5,

335,

933

$

5,33

5,93

3$

P

ublic

Saf

ety

108,

407,

083

11

,554

,996

5,89

0,65

0

13

9,91

2$

(90,

821,

525)

(9

0,82

1,52

5)

Phy

sica

l env

ironm

ent

1,05

6,70

2

59

3,61

1

1,69

3,90

0

1,

230,

809

1,23

0,80

9

T

rans

port

atio

n35

,216

,690

18,7

80,3

25

92

5,25

5

38,6

07,9

76

23

,096

,866

23,0

96,8

66

E

cono

mic

env

ironm

ent

3,61

2,74

1

-

62

5,59

9

(2,9

87,1

42)

(2,9

87,1

42)

Hum

an S

ervi

ces

8,00

7,10

6

93

,388

5,16

4,63

2

(2

,749

,086

)

(2

,749

,086

)

C

ultu

re a

nd r

ecre

atio

n26

,559

,815

10,6

62,2

44

59

1,88

6

6,24

2,01

6

(9

,063

,669

)

(9

,063

,669

)

C

ourt

rel

ated

9,15

2,21

4

1,

763,

068

268,

815

(7

,120

,331

)

(7

,120

,331

)

I

nter

est o

n lo

ng te

rm d

ebt

8,98

0,19

3

(8

,980

,193

)

(8

,980

,193

)

T

otal

gov

ernm

enta

l act

iviti

es23

7,89

1,17

0

85,3

33,9

00

15

,509

,028

44,9

89,9

04

(9

2,05

8,33

8)

-$

(92,

058,

338)

B

usin

ess-

type

act

iviti

es:

Util

ities

42,9

30,6

36

40

,619

,295

25,5

56

13

,315

,023

11,0

29,2

38

11

,029

,238

Sol

id w

aste

18,3

84,3

33

20

,168

,859

1,78

4,52

6

1,

784,

526

Con

vent

ion

cent

er1,

010,

914

1,37

1,41

7

36

0,50

3

360,

503

T

otal

bus

ines

s-ty

pe a

ctiv

ities

62,3

25,8

83

62

,159

,571

25,5

56

13

,315

,023

-

13,1

74,2

67

13

,174

,267

Tot

al p

rimar

y go

vern

men

t30

0,21

7,05

3$

147,

493,

471

$

15

,534

,584

$

58,3

04,9

27$

(9

2,05

8,33

8)$

13,1

74,2

67$

(7

8,88

4,07

1)$

Co

mp

on

ent

un

its:

Hou

sing

pro

gram

s1,

833,

581

26,0

30

1,

740,

687

(66,

864)

$

Eco

nom

ic d

evel

opm

ent p

rogr

ams

16,1

48

(1

6,14

8)$

E

cono

mic

dev

elop

men

t - e

duca

tion

1,33

7

(1,3

37)

$

T

otal

com

pone

nt u

nits

1,85

1,06

6$

26

,030

$

1,74

0,68

7$

-

$

(6

6,86

4)

(1

6,14

8)

(1

,337

)

Gen

eral

rev

enue

s:T

axes

:

Pro

pert

y ta

xes

136,

704,

969

13

6,70

4,96

9

C

omm

unic

atio

n se

rvic

es ta

x2,

295,

948

2,29

5,94

8

Tou

rist d

evel

opm

ent t

ax9,

161,

380

9,16

1,38

0

Sha

red

reve

nues

- in

terg

over

nmen

tal u

nres

tric

ted

7,59

6,15

8

7,

596,

158

U

nres

tric

ted

earn

ings

on

inve

stm

ents

2,47

1,50

8

1,

172,

577

3,64

4,08

5

6,

885

14

0

-

Fra

nchi

se T

axes

288,

370

28

8,37

0

M

isce

llane

ous

1,85

1,29

7

1,

851,

297

Tra

nsfe

rs(2

92,7

73)

29

2,77

3

-

Tot

al g

ener

al r

even

ues

and

tran

sfer

s15

9,78

8,48

7

1,75

3,72

0

16

1,54

2,20

7

6,88

5

140

-

C

hang

e in

net

pos

ition

67,7

30,1

49

14

,927

,987

82,6

58,1

36

(5

9,97

9)

(1

6,00

8)

(1

,337

)

Net

pos

ition

, beg

inni

ng o

f yea

r, a

s re

stat

ed1,

035,

735,

768

312,

896,

058

1,

348,

631,

826

456,

022

19

3,79

2

5,17

5

Net

pos

ition

, end

of y

ear

1,10

3,46

5,91

7$

32

7,82

4,04

5$

1,43

1,28

9,96

2$

39

6,04

3$

177,

784

$

3,

838

$

- 34 -

C

ompo

nent

Uni

ts

Net

(E

xpen

ses)

Rev

enue

and

Cha

nges

in N

et P

ositi

on

The

acc

ompa

nyin

g no

tes

are

an in

tegr

al p

art o

f the

fina

ncia

l sta

tem

ents

ST. JOHNS COUNTY, FLORIDABALANCE SHEET - GOVERNMENTAL FUNDSSeptember 30, 2015

St. Johns CountyCommunity Other Total

General Transportation Redevelopment Governmental GovernmentalASSETS Fund Trust Agency Funds Funds

Equity in pooled cash and cash equivalents 25,564,656$ 2,304,434$ 20,804$ 30,711,687$ 58,601,581$ Investments 25,357,773 31,198,759 50,907,336 107,463,868 Accounts and notes receivable (net of allowance for uncollectibles) 1,105,035 308,617 804,737 2,218,389 Notes receivable 448,450 300,000 748,450 Interest receivable 60,773 50,090 127,910 238,773 Advances to other funds 2,434,739 49,581 2,484,320 Due from other funds 2,002,123 136,640 65,899 2,204,662 Due from other governments 1,959,864 1,094,042 287,030 3,340,936 Inventory 225,318 47,659 272,977 Other assets 260,489 11,786 47,062 319,337

TOTAL ASSETS 59,193,902$ 35,379,267$ 20,804$ 83,299,320$ 177,893,293$

LIABILITIES AND FUND BALANCES

LIABILITIESAccounts payable and accrued liabilities 5,278,481$ 2,643,117$ 3,378$ 3,771,189$ 11,696,165$ Customer deposits 409,984 75,000 5,131 490,115 Advances from other funds 2,484,320 2,484,320 Due to other funds 609,967 94,565 2,293,186 2,997,718 Due to other governments 1,971,728 90 95,261 2,067,079 Interest payable - Unearned revenue 178,944 663,102 842,046

TOTAL LIABILITIES 8,449,104 2,812,772 3,378 9,312,189 20,577,443

FUND BALANCESNonspendable 2,883,189 274,899 347,659 3,505,747 Restricted 290,808 12,836 67,183,188 67,486,832 Committed 225,361 225,361 Assigned 32,291,596 4,590 8,751,261 41,047,447 Unassigned 47,570,801 (2,520,338) 45,050,463

TOTAL FUND BALANCES 50,744,798 32,566,495 17,426 73,987,131 157,315,850

TOTAL LIABILITIES AND FUND BALANCES 59,193,902$ 35,379,267$ 20,804$ 83,299,320$ 177,893,293$

The accompanying notes are an integral part of the financial statements.

- 35 -

Total fund balancesgovernmental funds 157,315,850$

Amounts reported for governmental activities in the statement of net position are different because: Capital assets used in governmental activities are not current financial resources and therefore are not reported in the governmental funds. 1,241,213,205

Net OPEB obligations are created through the estimated calculation of the county's employer contribution toward the retiree's benefits. The amount greater or less than the 5,549,497 annual required contribution is posted as an asset/(liability).

Deferred outflows for bond refunding losses are not reported in the governmental funds. 10,107,759

Deferred pension outflows are not reported in the governmental funds. 38,159,262

Bonds and notes payable ($201,892,655); unamortized bond premiums and discounts (14,487,603); lease obligations ($4,811,609); compensated absences for governmental funds ($10,170,840); and net pension liabilities ($87,159,647) are not due and payable in the current period and therefore are not reported in the funds. (318,522,354)

Accrued interest payable is not reported in the governmental funds. (1,308,354)

Deferred pension inflows are not reported in the governmental funds. (37,379,857)

Internal service funds are used by management to charge the costs of certain activities, such as insurance, to individual funds. The assets and liabilities of internal service funds are included in governmental activities in the statement of net assets. 8,330,909

Net position of governmental activities 1,103,465,917$


St Johns County, FloridaReconciliation of the Governmental Funds Balance Sheetto the Statement of Net PositionSeptember 30, 2015

- 36 -

ST. JOHNS COUNTY, FLORIDASTATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - GOVERNMENTAL FUNDSFOR THE YEAR ENDED SEPTEMBER 30, 2015

St. Johns CountyCommunity Other Total

General Transportation Redevelopment Governmental GovernmentalFund Trust Agency Funds Funds

REVENUES: Taxes 98,125,430$ 13,948,316$ 596,346$ 35,492,205$ 148,162,297$ Special assessments 8,562,206 8,562,206 Licenses and permits 282,726 442,914 6,834,491 7,560,131 Intergovernmental 21,351,531 5,067,405 20,664,200 47,083,136 Charges for services 17,111,129 10,110,194 12,199,232 39,420,555 Fines and forfeitures 3,521,265 1,578,836 5,100,101 Contributions 143,511 36,500 42,601 222,612 Investment income 1,468,170 314,503 833 563,969 2,347,475 Miscellaneous revenue 1,585,897 108,139 157,260 1,851,296

TOTAL REVENUES 143,589,659 30,027,971 597,179 86,095,000 260,309,809

EXPENDITURES: Current: General government 32,773,421 5,307,557 38,080,978 Public safety 76,802,701 36,142,857 112,945,558 Physical environment 781,698 245,948 1,027,646 Transportation 29,612,172 8,374,667 37,986,839 Economic environment 2,910,567 44,590 612,460 3,567,617 Human services 6,459,439 5,830,397 12,289,836 Culture and recreation 13,742,509 12,926,033 26,668,542 Court Related 8,242,040 1,186,731 9,428,771 Capital Outlay 7,697,435 7,697,435 Debt service: Principal retirement 1,229,282 8,038,552 9,267,834 Interest and fiscal charges 31,995 8,434,493 8,466,488 Issuance costs 1,066,394 1,066,394

TOTAL EXPENDITURES 142,973,652 29,612,172 44,590 95,863,524 268,493,938

EXCESS OF REVENUES (UNDER) OVER EXPENDITURES 616,007 415,799 552,589 (9,768,524) (8,184,129)

OTHER FINANCING SOURCES (USES):

Transfers in 3,403,565 4,318 14,091,167 17,499,050 Transfers out (7,977,777) (280,812) (569,819) (8,963,415) (17,791,823) Long-term debt issued - 17,500,000 17,500,000 Refunding debt issued 74,870,000 74,870,000 Premium on refunding debt issued 10,322,127 10,322,127 Capital lease 1,499,909 - 1,499,909 Payment to escrow agent (86,204,222) (86,204,222) Sale of capital assets 315,276 6,811,795 464,670 7,591,741

TOTAL OTHER FINANCING SOURCES (USES) (2,759,027) 6,535,301 (569,819) 22,080,327 25,286,782

NET CHANGE IN FUND BALANCES (2,143,020) 6,951,100 (17,230) 12,311,803 17,102,653

FUND BALANCES, BEGINNING OF YEAR AS RESTATED 52,887,818 25,615,395 34,656 61,675,328 140,213,197

FUND BALANCES, END OF YEAR 50,744,798$ 32,566,495$ 17,426$ 73,987,131$ 157,315,850$


- 37 -

Net change in fund balances - total governmental funds 17,102,653$

Amounts reported for governmental activities in the statement of activities are different because:

Governmental funds report capital outlays as expenditures. However, in the statement of activities the cost of those assets is allocated over their estimated useful lives and reported as depreciation expense. Also, certain capital assets are contributed to the County by developers upon completion, requiring recognition of income not reported in the funds: Capital assets acquired by use of financial resources 61,383,856 Capital assets contributed by developers 44,118,148 Reclassification of capital items in construction in progress (15,244,652) Current year depreciation (30,821,204)

59,436,148

Repayment of bond principal is an expenditure in governmental funds, but the repayment results in a reduction of long-term liabilities in the statement of net position. Issuing debt provides current financial resources to governmental funds, but issuing debt increases long-term liabilities in the statement of net position. This is the amount by which debt and debt premium issued of $104,192,036 was greater than principal payments of $7,570,803 and escrow agent payment of $86,204,222 net of the amortization of bond premiums and issuance discount of $742,212. (9,674,799)

Some expenses reported in the statement of activities did not require the use of current financial resources and therefore are not reported as an expenditure in governmental funds:

Loss on the disposal of assets (6,229,640) Increase in bond refunding losses 4,376,621 Increase in compensated absences (153,738) Increase in interest payable 1,854,979

The net change in net pension liability and deferred outflows and inflows are reported in the statement of activities, but not in the governmental funds.

Change in net pension liability (33,094,258) Change in deferred outflows related to pensions 25,049,179 Change in deferred inflows related to pensions 10,626,592

OPEB contributions are reported as expenditures in the governmental funds. The difference between the annual required contribution and the county's estimated employer contribution is posted as an (increase)/reduction of the expenditure. (159,835)

Internal service funds are used to charge the cost of certain activities to individual funds. The net revenue (expense) is reported in the county-wide statements with governmental activities. (1,403,753)

Change in net position of governmental activities 67,730,149$


For The Year Ended September 30, 2015

St Johns County, FloridaReconciliation of the Statement of Revenues, Expenditures,and Changes in Fund Balances of Governmental Fundsto the Statement of Activities

- 38 -

ST. JOHNS COUNTY, FLORIDASTATEMENT OF NET POSITION - PROPRIETARY FUNDSSEPTEMBER 30, 2015

Business-type Activities - Enterprise Funds

St. Johns County Ponte Vedra SolidUtilities Utilities Waste

ASSETSCurrent assets: Equity in pooled cash and cash equivalents 923,396$ 3,093,284$ Investments 66,391,551$ 2,881,802 15,133,855 Accounts receivable, net 1,611,785 593,403 629,536 Unit connection fee notes receivable 81,485 23,886 Interest receivable 150,921 14,704 38,728 Other assets 114,855 488,219 2,138 Due from other funds 42,651 - Due from other governments 11,170 Inventory 1,180,324 Restricted assets: Cash and cash equivalents 4,918,673 253,390 27,831 Investments 4,104,102 4,640,875 Total current assets 78,564,866 9,862,326 18,925,372 Non-current assets: Capital assets:

Land 60,752,066 46,788,727 1,727,127 Intangible assets 54,395 26,381 Buildings and improvements 12,821,851 2,019,934 8,182,789 Water and sewer systems 349,645,275 20,794,856 Furniture and equipment 6,742,632 1,140,339 1,324,104 Accumulated intangible asset amortization (2,720) (1,319) Accumulated depreciation (126,289,877) (7,301,996) (3,359,789) Construction in progress 37,193,171 6,238,307

Total non-current assets 340,916,793 69,705,229 7,874,231 TOTAL ASSETS 419,481,659 79,567,555 26,799,603

DEFERRED OUTFLOWS OF RESOURCES Bond refunding losses 3,632,784

Pension related 1,296,264 266,744 161,570 TOTAL DEFERRED OUTFLOWS OF RESOURCES 4,929,048 266,744 161,570

LIABILITIESCurrent liabilities: Accounts payable and accrued liabilities 2,276,718 536,996 1,408,062 Unit connection fee contract payable 187,877 Estimated liability for self insured losses Customer deposits 1,043,620 253,390 27,831 Due to other funds 108,751 17,979 17,327 Due to other governments 3,790 316 Landfill closure and post-closure costs 323,553 Revenue bonds and notes payable 2,656,340 1,610,000 Interest payable 1,018,281 1,148 State loan payable 454,188 Capital lease payable 911,376 14,108 Compensated absences 191,870 50,607 20,101 Pension liabilities 40,031 8,238 4,990 Total current liabilities 8,892,842 2,492,782 1,801,864 Long-term liabilities: Accrued landfill closure and post-closure costs 4,853,302 Revenue bonds and notes payable 114,324,282 53,054,265 State loan payable 7,846,729 4,692,347 Capital lease payable 1,087,183 171,960 Accrued compensated absences 426,261 153,655 51,065 Pension liabilities 2,920,769 601,030 364,051 Total long-term liabilities 126,605,224 58,673,257 5,268,418

TOTAL LIABILITIES 135,498,066 61,166,039 7,070,282

DEFERRED INFLOWS OF RESOURCES Pension related 1,269,788 261,295 158,269 TOTAL DEFERRED INFLOWS OF RESOURCES 1,269,788 261,295 158,269

NET POSITION

Net investment in capital assets 231,626,183 10,162,549 7,874,231 Restricted for: Bond construction 4,128,809 Debt service 1,748,916 4,149,744 Renewal and replacement reserve 1,384,023 491,132 Unrestricted 48,754,922 3,603,540 11,858,391

TOTAL NET POSITION $ 287,642,853 $ 18,406,965 $ 19,732,622 (continued)

MAJOR FUNDS


- 39 -

ST. JOHNS COUNTY, FLORIDASTATEMENT OF NET POSITION - PROPRIETARY FUNDSSEPTEMBER 30, 2015

ASSETSCurrent assets: Equity in pooled cash and cash equivalents Investments Accounts receivable, net Unit connection fee notes receivable Interest receivable Other assets Due from other funds Due from other governments Inventory Restricted assets: Cash and cash equivalents InvestmentsTotal current assetsNon-current assets: Capital assets:

Land Intangible assets Buildings and improvements Water and sewer systems Furniture and equipment Accumulated intangible asset amortization Accumulated depreciation Construction in progress

Total non-current assetsTOTAL ASSETS

DEFERRED OUTFLOWS OF RESOURCES Bond refunding losses

Pension relatedTOTAL DEFERRED OUTFLOWS OF RESOURCES

LIABILITIESCurrent liabilities: Accounts payable and accrued liabilities Unit connection fee contract payable Estimated liability for self insured losses Customer deposits Due to other funds Due to other governments Landfill closure and post-closure costs Revenue bonds and notes payable Interest payable State loan payable Capital lease payable Compensated absences Pension liabilitiesTotal current liabilitiesLong-term liabilities: Accrued landfill closure and post-closure costs Revenue bonds and notes payable State loan payable Capital lease payable Accrued compensated absences Pension liabilitiesTotal long-term liabilities

TOTAL LIABILITIES

DEFERRED INFLOWS OF RESOURCES Pension relatedTOTAL DEFERRED INFLOWS OF RESOURCES

NET POSITION

Net investment in capital assetsRestricted for: Bond construction Debt service Renewal and replacement reserveUnrestricted

TOTAL NET POSITION

Enterprise Funds (concluded)Governmental

NONMAJOR FUND Activities -Internal

Convention ServiceCenter Total Funds

$ 462,656 $ 4,479,336 $ 2,293,471 84,407,208 6,599,648

303,182 3,137,906 829,656 105,371

1,791 206,144 15,882 605,212 42,651 899,688 11,170 66,707 1,180,324

159,924 5,359,818 947,479 9,692,456 1,875,032 109,227,596 10,705,052

109,267,920 80,776

11,025,952 34,050,526 370,440,131 9,207,075 (4,039)

(3,741,668) (140,693,330) 43,431,478

7,284,284 425,780,537 - 9,159,316 535,008,133 10,705,052

1,019,964 4,652,748 - 1,724,578 - 1,019,964 6,377,326 -

105 4,221,881 24,471 187,877 - 2,344,446 1,324,841 144,057 5,226 4,106 323,553

1,261,000 5,527,340 56,570 1,075,999

454,188 925,484 262,578 53,259

1,317,675 14,505,163 2,374,143

4,853,302 6,820,000 174,198,547

12,539,076 1,259,143 630,981 3,885,850

6,820,000 197,366,899 -

8,137,675 211,872,062 2,374,143

1,689,352 - 1,689,352 -

(796,716) 248,866,247

4,128,809 1,107,403 7,006,063

1,875,155 1,730,918 65,947,771 8,330,909

$ 2,041,605 $ 327,824,045 $ 8,330,909 (concluded)


- 40 -

ST. JOHNS COUNTY, FLORIDASTATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET POSITION- PROPRIETARY FUNDSFOR THE YEAR ENDED SEPTEMBER 30, 2015



OPERATING REVENUES: Charges for services 27,536,135$ 10,335,529$ 20,112,823$ Special assessment revenue Donation Other operating revenue 2,440,367 307,260 56,036

Total operating revenues 29,976,502 10,642,789 20,168,859

OPERATING EXPENSES: Contractual services 5,252,560 1,660,349 16,930,636 Salaries and benefits 7,552,609 1,765,733 880,885 Operating and maintenance expenses 5,178,228 1,696,214 239,378 Amortization of intangible assets 2,720 1,319 Depreciation 10,519,793 1,123,237 358,196

Total operating expenses 28,505,910 6,246,852 18,409,095

OPERATING INCOME (LOSS) 1,470,592 4,395,937 1,759,764

NON-OPERATING REVENUES (EXPENSES): Investment income 795,383 50,603 322,583 Interest expense (5,264,894) (2,566,602) Bond issuance expense (281,483) Operating grant revenue 25,556 Franchise taxes 288,370 Unit connection fees 4,398,229 353,300 (Loss) gain from asset disposition 62,752 (127,645) 24,762

Total non-operating revenues (expenses) (264,457) (2,290,344) 635,715

INCOME (LOSS) BEFORE CAPITAL CONTRIBUTIONS AND TRANSFERS 1,206,135 2,105,593 2,395,479

Capital contributions 6,885,150 1,678,344 Transfer in

INCREASE (DECREASE) IN NET POSITION 8,091,285 3,783,937 2,395,479

NET POSITION, BEGINNING OF YEAR 279,551,568 14,623,028 17,337,143

NET POSITION, END OF YEAR 287,642,853$ 18,406,965$ 19,732,622$

(continued)

MAJOR FUNDS


- 41 -

ST. JOHNS COUNTY, FLORIDASTATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET POSITION- PROPRIETARY FUNDSFOR THE YEAR ENDED SEPTEMBER 30, 2015

OPERATING REVENUES: Charges for services Special assessment revenue Donation Other operating revenue

Total operating revenues

OPERATING EXPENSES: Contractual services Salaries and benefits Operating and maintenance expenses Amortization of intangible assets Depreciation

Total operating expenses

OPERATING INCOME (LOSS)

NON-OPERATING REVENUES (EXPENSES): Investment income Interest expense Bond issuance expense Operating grant revenue Franchise taxes Unit connection fees (Loss) gain from asset disposition

Total non-operating revenues (expenses)

INCOME (LOSS) BEFORE CAPITAL CONTRIBUTIONS AND TRANSFERS

Capital contributions Transfer in

INCREASE (DECREASE) IN NET POSITION

NET POSITION, BEGINNING OF YEAR

NET POSITION, END OF YEAR



Convention ServiceCenter Totals Funds

614,083$ 58,598,570$ 23,120,223$ 757,334 757,334

- 50,000 2,803,663 1,082,107

1,371,417 62,159,567 24,252,330

23,843,545 25,174,510 10,199,227 322,148

509,565 7,623,385 283,456 4,039

220,741 12,221,967

730,306 53,892,163 25,780,114

641,111 8,267,404 (1,527,784)

4,010 1,172,579 124,031 (229,148) (8,060,644)

(51,460) (332,943) 25,556

288,370 4,751,529

(40,131)

(276,598) (2,195,684) 124,031

364,513 6,071,720 (1,403,753)

8,563,494 292,773 292,773

657,286 14,927,987 (1,403,753)

1,384,319 312,896,058 9,734,662

2,041,605$ 327,824,045$ 8,330,909$

(concluded)


- 42 -

ST. JOHNS COUNTY, FLORIDASTATEMENT OF CASH FLOWS - PROPRIETARY FUNDSFOR THE YEAR ENDED SEPTEMBER 30, 2015



CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers 31,573,796$ 12,858,663$ 20,165,345$ Payments to suppliers (12,176,359) (4,539,669) (17,969,596) Payments to employees (8,404,627) (1,798,573) (893,724) Net cash provided by operating activities 10,992,810 6,520,421 1,302,025

NONCAPITAL FINANCING ACTIVITIES: Transfer in Grants received 25,556 Franchise taxes 288,370 Net cash provided by noncapital financing activities 25,556 - 288,370

CAPITAL AND RELATED FINANCING ACTIVITIES: Acquisition and construction of capital assets (16,022,691) (4,924,380) (206,020)

Sale of capital assets 64,341 3,951 24,766 Proceeds from issuance of long-term debt 28,270,000 2,917,644 Premium from issuance of long-term debt 4,622,299

Issuance cost of long term debt (281,483) Principal payments on revenue bonds (2,641,115) (1,550,000) Payment to bond refunding escrow agent (32,598,883) Principal payments on State Revolving Loan (655,934) Principal payments on long-term lease (839,355) (13,754) Interest paid on revenue bonds, loans and lease obligations (4,940,266) (2,599,907) Impact and developer fees 4,355,229 353,299 Net cash provided by (used in) capital and related financing activities (20,667,858) (5,813,147) (181,254)

INVESTING ACTIVITIES: Investment purchases (12,312,627) (2,037,244) (4,273,589) Proceeds from sale of investments 14,347,439 1,679,500 2,175,417 Investment income received 802,425 52,392 302,441 Net cash provided by (used in) investing activities 2,837,237 (305,352) (1,795,731)

NET INCREASE IN CASH AND CASH EQUIVALENTS (6,812,255) 401,922 (386,590)

CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 11,730,928 774,864 3,507,705

CASH AND CASH EQUIVALENTS, END OF YEAR 4,918,673$ 1,176,786$ 3,121,115$

NON-CASH INVESTING, CAPITAL AND RELATED FINANCING ACTIVITIES: Accretion of interest on capital appreciation bonds 2,551,653 Change in fair value of investments 127,619 (15,781) 139,240 Capital assets contributed by developers 6,885,150 1,678,344

Reconciliation of operating income (loss) to net cash provided by operating activities: Operating income (loss) 1,470,592$ 4,395,937$ 1,759,764$ Adjustments to reconcile operating income (loss) to cash provided by operating activities: Depreciation 10,519,793 1,123,237 358,196 Amortization of bond debt service reserve insurance premiums 597,357 24,555 Change in accounts receivable 110,884 31,454 (30,115) Change in notes receivable 31,068 4,093 Change in due from other funds 382,349 23,369 Change in due from other governments 1,261,764 1,774,702 Change in inventory (249,495) Change in deferred outflows (1,646,379) (197,307) (119,511) Change in other assets 193,578 23,276 3,232 Change in accounts payable and accrued liabilities (1,981,969) (1,259,664) (545,225) Change in unit connection fee contract payable 187,877 Change in customer deposits 70,470 50,675 750 Change in estimated liability for self insured losses Change in due to other funds (371,565) 2,331 (7,496) Change in due to other governments 4,474 316 Change in deferred inflows (360,984) (74,283) (44,994) Change in accrued landfill closure and post-closure costs (247,611) Change in pension liability 1,124,207 231,337 140,124 Change in accrued compensated absences 31,138 7,413 11,542

Net cash provided by operating activities 10,992,810$ 6,520,421$ 1,302,025$

(continued)

MAJOR FUNDS


- 43 -

ST. JOHNS COUNTY, FLORIDASTATEMENT OF CASH FLOWS - PROPRIETARY FUNDSFOR THE YEAR ENDED SEPTEMBER 30, 2015

CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers Payments to suppliers Payments to employees Net cash provided by operating activities

NONCAPITAL FINANCING ACTIVITIES: Transfer in Grants received Franchise taxes Net cash provided by noncapital financing activities

CAPITAL AND RELATED FINANCING ACTIVITIES: Acquisition and construction of capital assets

Sale of capital assets Proceeds from issuance of long-term debt Premium from issuance of long-term debt

Issuance cost of long term debt Principal payments on revenue bonds Payment to bond refunding escrow agent Principal payments on State Revolving Loan Principal payments on long-term lease Interest paid on revenue bonds, loans and lease obligations Impact and developer fees Net cash provided by (used in) capital and related financing activities

INVESTING ACTIVITIES: Investment purchases Proceeds from sale of investments Investment income received Net cash provided by (used in) investing activities

NET INCREASE IN CASH AND CASH EQUIVALENTS

CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR

CASH AND CASH EQUIVALENTS, END OF YEAR

NON-CASH INVESTING, CAPITAL AND RELATED FINANCING ACTIVITIES: Accretion of interest on capital appreciation bonds Change in fair value of investments Capital assets contributed by developers

Reconciliation of operating income (loss) to net cash provided by operating activities: Operating income (loss) Adjustments to reconcile operating income (loss) to cash provided by operating activities: Depreciation Amortization of bond debt service reserve insurance premiums Change in accounts receivable Change in notes receivable Change in due from other funds Change in due from other governments Change in inventory Change in deferred outflows Change in other assets Change in accounts payable and accrued liabilities Change in unit connection fee contract payable Change in customer deposits Change in estimated liability for self insured losses Change in due to other funds Change in due to other governments Change in deferred inflows Change in accrued landfill closure and post-closure costs Change in pension liability Change in accrued compensated absences

Net cash provided by operating activities



Convention ServiceCenter Totals Funds

1,554,747$ 66,152,551$ 23,365,990$ (268,070) (34,953,694) (25,342,569)

(11,096,924) (322,148) 1,286,677 20,101,933 (2,298,727)

292,773 292,773 25,556

288,370 292,773 606,699 -

(21,153,091) 93,058

8,081,000 39,268,644 4,622,299

(51,460) (332,943) (1,135,000) (5,326,115) (8,027,247) (40,626,130)

(655,934) (853,109)

(296,696) (7,836,869) 4,708,528

(1,429,403) (28,091,662) -

(951,037) (19,574,497) (1,021,082) 3,555 18,205,911 1,357,725 2,219 1,159,477 122,424

(945,263) (209,109) 459,067

(795,216) (7,592,139) (1,839,660)

1,417,796 17,431,293 4,133,131

622,580$ 9,839,154$ 2,293,471$

2,551,653 454 251,532 -

8,563,494

641,111$ 8,267,404$ (1,527,784)$

220,741 12,221,967 241,390 863,302 183,330 295,553 (805,832)

35,161 405,718 (13,801) 3,036,466 (66,707) (249,495) (1,963,197)

105 220,191 (3,786,858) 10,740 187,877 121,895 - 101,532 (376,730) 3,125 4,790 (480,261) (247,611) 1,495,668 50,093

1,286,677$ 20,101,933$ (2,298,727)$

(concluded)


- 44 -

ST. JOHNS COUNTY, FLORIDASTATEMENT OF FIDUCIARY NET POSITION

FIDUCIARY FUNDS

SEPTEMBER 30, 2015

OPEB

Agency Trust

Funds Fund

ASSETS

Equity in pooled cash and cash equivalents 10,798,216$ 807,877$

Accounts receivable 29,180 117,123

Interest receivable 6,673

Investments, at fair value:

Money Market Funds 13,629

Taxable Bonds - Fixed Income Funds 8,548,130

Stocks - Equity Funds 15,878,321

Prepaids

TOTAL ASSETS 10,827,396 25,371,753

LIABILITIES

Accounts payable 12,144

Assets held for others 10,827,396

TOTAL LIABILITIES 10,827,396 12,144

NET POSITION

Held in trust for other post employment benefits 25,359,609

TOTAL NET POSITION -$ 25,359,609$


- 45 -

ST. JOHNS COUNTY, FLORIDASTATEMENT OF CHANGES IN FIDUCIARY NET POSITION

OTHER POST-EMPLOYMENT BENEFITS TRUST FUND


ADDITIONS

Contributions:

Employer 1,832,770$

Retirees 1,369,808

Investment maturities 176,264

Investment income:

Interest 607,090

Dividends 601,894

Net decrease in fair value of investments (1,545,842)

Total investment earnings (loss) (336,858)

Less investment expense 162,358

Net investment income (loss) (499,216)

TOTAL ADDITIONS 2,879,626

DEDUCTIONS

Benefits 2,268,580

Administrative services 18,000

TOTAL DEDUCTIONS 2,286,580

CHANGE IN NET POSITION 593,046

NET POSITION HELD IN TRUST FOR OTHER POST EMPLOYMENT BENEFITS, BEGINNING 24,766,563

NET POSITION HELD IN TRUST FOR OTHER POST EMPLOYMENT BENEFITS, ENDING 25,359,609$


- 46 -

ST. JOHNS COUNTY, FLORIDA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED SEPTEMBER 30, 2015

‐ 47 ‐

1. REPORTING ENTITY St. Johns County (“County”) is a political subdivision of the State of Florida established in 1821. The County is organized under Article III of the Constitution of the State of Florida that empowers the creation of political subdivisions of the State. It is governed by an elected Board of County Commissioners (“Board”), which derives its authority by Florida Statutes and regulations. In addition to the members of the Board, there are five elected Constitutional Officers that are legally separate entities: Clerk of the Circuit Court, Sheriff, Tax Collector, Property Appraiser and Supervisor of Elections. The Constitutional Officers maintain separate accounting records and budgets. For the purpose of these financial statements the financial reporting entity includes St. Johns County (the primary government) and its component units as required by accounting principles generally accepted in the United State of America (“Generally Accepted Accounting Principles”). The component units discussed below are included in the County’s reporting entity either because the County is considered to be financially accountable for the entity, or it would be misleading to exclude the entity. The County is financially accountable for an organization when the County appoints a voting majority for the organization’s governing body and is able to impose its will on the organization; there is a potential for the organization to provide a financial benefit or impose a financial burden on the County; or the organization is fiscally dependent on the County. Blended Component Units, although legally separate entities, are, in substance, part of the government’s operations and so data from these units is combined with data of the primary government. Blended Component Units

The Anastasia Sanitary District, St. Johns County Community Redevelopment Agency, Elkton Drainage District, Ponte Vedra Zoning & Adjustment Board, and the Vilano Street Lighting District are blended component units of the County. These units are included in the County’s reporting entity because they have the same governing board as the primary government, and county management has operational responsibility. The Anastasia Sanitary District maintains its legal existence; however, there has been no accounting activity for the Anastasia Sanitary District since 1992.

Discretely Presented Component Units

Discretely Presented Component Units are reported in separate columns on the government-wide financial statements to emphasize they are legally separate from the County. The following agencies Board of Directors are appointed by the County, and the County has the ability to impose its will and has final approval authority for the corporate purposes they were chartered under Florida Statute.

The St. Johns County Housing Finance Authority (“HFA”) was created as a Florida public

corporation in accordance with Florida Housing Finance Authority Law, Part IV of Chapter 159, Florida Statutes (1979), following the adoption of an approving ordinance (No. 80-7, dated February 26, 1980) by the Board. The purpose of the HFA is to encourage the investment of private capital and stimulate the construction of residential housing for low to moderate income families through the use of public financing. The


‐ 48 ‐

1. REPORTING ENTITY (continued)

HFA is authorized to issue bonds to fulfill its corporate purpose in principal amounts specifically authorized by the County.

The St. Johns County Industrial Development Authority (“IDA”) was created as a Florida

public corporation in accordance with Florida Finance Authority Law, Part III of Chapter 159, Florida Statutes (1979), following the adoption of an approving ordinance (No. 80-9, dated January 22, 1980) by the Board. The purpose of the IDA is authorized to issue bonds to fulfill its corporate purpose in principal amounts specifically authorized by the County.

The St. Johns County Educational Facilities Authority (“Authority”) was activated as a

Florida public corporation in accordance with the Florida Authority Law, Part II of Chapter 243, Florida Statutes, following the adoption of an approving resolution (No. 2011-94, dated April 19, 2011) by the Board. The purpose of the Authority is to assist institutions for higher education in the construction, financing, and refinancing of projects. The Authority is authorized to issue bonds to fulfill its corporate purpose in principal amounts specifically authorized by the County.

Separately issued financial statements are available as follows:

St. Johns Housing Finance Authority P.O. Box 1533 St. Augustine, Florida 32085-1533 St. Johns County Industrial Development Authority 2825 Lewis Speedway, Suite 104 St. Augustine, Florida 32084 St. Johns County Educational Facilities Authority 2825 Lewis Speedway, Suite 104 St. Augustine, Florida 32084

At September 30, 2015, St. Johns County had not entered into any joint ventures with any other governmental agencies.



‐ 49 ‐

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accounting policies of the county conform to Generally Accepted Accounting Principles (“GAAP”) as applicable to governments. The following is a summary of the more significant policies.

A. Basis of Presentation

The accompanying financial statements of the County have been prepared in conformity with GAAP as prescribed by the Governmental Accounting Standards Board (“GASB”), GASB is the accepted standard setting body for establishing governmental accounting and financial reporting principles for units of local government.

B. Basic Financial Statements

The basic financial statements include both government-wide and fund level statements. The government-wide statements report on all of the nonfiduciary activities of the County and its component units. Both the government-wide and fund level statements classify primary activities of the County as either governmental activities, which are primarily supported by taxes and intergovernmental revenues, or business-type activities, which are primarily supported by user fees and charges. The government-wide statement of net position reports all assets and liabilities of the County, including both long-term assets and long-term debt and other obligations. The statement of activities reports the degree to which direct expenses of county functions are offset by program revenues, which include program specific grants and charges for services provided by a specific function. Direct expenses are those that are clearly identifiable with a specific function or program. The net cost of these programs which was not reported in the previous statement model, is funded from general revenues such as taxes, intergovernmental revenue, and interest earnings. The fund level statements are similar to the statements presented in the previous reporting model. The fund level statements report on governmental, proprietary, and fiduciary fund activities. Major individual governmental funds and major individual enterprise funds are reported as separate columns in the fund level financial statements. Since the fund level statements for governmental activities are presented using a different measurement focus and basis of accounting than the government-wide statements governmental column (as discussed under Basis of Accounting in this summary of significant accounting principles), a reconciliation is presented on the page following governmental fund level statements that briefly explains the adjustments necessary to convert the fund level statements into the government-wide column presentations. Finally, the effect of interfund activity has been eliminated from the government-wide statements unless elimination of the payments, such as the indirect general fund administration charges for services between the several special revenue funds and the proprietary funds, distorts the direct cost reported for these functions.


‐ 50 ‐

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Fund Structure

The County’s accounts are maintained in accordance with the principles of fund accounting to ensure compliance with limitations and restrictions placed on the use of resources available to it. Under fund accounting, individual funds are established for the purpose of carrying on activities or attaining objectives in accordance with specific regulations, restrictions, or limitations. Each individual fund is a self-balancing set of accounts recording assets and other financing resources, together with liabilities and residual equities or balances, and changes therein. For financial statement presentation, funds with similar characteristics, including those component units referenced above, are grouped into generic classifications as required by GAAP. A brief description of these classifications follows:

Governmental Funds

These funds report transactions related to resources received and used for those services traditionally provided by governmental agencies. The following are major governmental funds used by the County. General Fund - The General Fund is the general operating fund of the County. It is used to account for and report all financial resources not accounted for and reported in another fund. Transportation Trust Fund – This fund is used to account for all revenues, including ad-valorem taxes, federal and state grants, state shared and local fuel taxes, local charges for services and interest earnings, and expenditures for the County’s transportation system.

St. Johns County Community Redevelopment Agency – This fund accounts for additional tax increment revenue spending within several County redevelopment areas. The purpose is to increase the economic activity, opportunities and overall development within the areas.

Enterprise Funds

These funds report transactions related to activities similar to those found in the private sector. Major enterprise funds include: St. Johns County Utilities – This fund accounts for the operations of the County’s water and wastewater treatment services in certain areas of St. Johns County. St. Johns County Ponte Vedra Utilities – This fund accounts for the operations of the Ponte Vedra water and wastewater treatment services. St. Johns County Solid Waste – This fund accounts for the operations of the County’s landfill and transfer stations.


‐ 51 ‐

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Enterprise funds distinguish operating revenues and expenses from non-operating revenues and expenses. Operating revenues and expenses generally result from providing services and producing and delivering goods in connection with the funds’ principal ongoing operation. The principal operating revenues for the County’s enterprise funds are charges to customers for sales and services. Operating expenses include direct expenses of providing the goods or services, administrative expenses, and depreciation on capital assets. All revenues and expenses not meeting this definition are reported as non-operating revenue and expenses.

Other Funds

Internal Service Funds – Internal service funds account for services provided primarily to other departments and elected officials of the County on a cost-reimbursement basis. The county has two internal service funds for collecting premiums and handling the payment of claims. They are the County’s Workers Compensation and Health Insurance Funds. Trust and Agency Funds – Trust and agency funds are used to account for the collection and disbursement of monies by the County on behalf of other governments and individuals. The County reports these funds for the Board of County Commissioners, Clerk of Courts, Sheriff and Tax Collector. These funds account for the receipt and disbursement of funds that are custodial in nature, such as ad valorem taxes, cash bonds, traffic fines, support payments and other post-employment benefits for employees.

C. Basis of Accounting

The accounting and financial reporting treatment applied to a fund is determined by its measurement focus. The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting, as are the proprietary fund and trust fund financial statements. Under this method, revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of the related cash flows. Grants and similar items are recognized as revenue when all eligibility requirements imposed by the provider are met. Agency fund statements report assets and liabilities on accrual basis of accounting only and, since there is no change in County equity from the receipt and disbursement of funds, it is not necessary to prepare operating statements and therefore agency funds do not have measurement focus of accounting. Governmental fund financial statements are reported using a 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 net current assets. Under the modified accrual basis of accounting, revenues are recognized when susceptible to accrual (i.e. when they become both measurable and available). “Measurable” means the amount of the transaction can be determined and “available” means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. Major revenues that are determined to be susceptible to accrual include state shared revenue, intergovernmental revenue, charges for services


‐ 52 ‐


and investment income. Federal grants collected on a reimbursement basis are recognized as revenue when reimbursable expenditures are made. Revenues collected on an advance basis, including certain federal grant revenue, to which the County does not yet have legal entitlement, are not recognized as revenue until the related commitment arises. Generally, the County considers a 60-day availability period of revenue recognition.

Expenditures are recorded when the related fund liability is incurred, except for items that are not planned to be liquidated with expendable available resources. As a general rule, the effect of inter-fund activity has been eliminated from the government-wide financial statements.

D. Cash and Cash Equivalents

Cash and cash equivalents are defined as short-term highly liquid investments that are both readily convertible to known amounts of cash and have an original maturity of three months or less when acquired. This includes cash in banks, petty cash, repurchase agreements, investments held by US Bank in the First American Funds Money Market Fund and balances in the Local Government Surplus Funds Trust Fund (the “State Pool”) administered by the State Board of Administration.

E. Investments

Investments are valued at fair value as determined from quoted market prices at September 30, 2015.

F. Property Taxes

The Tax Collector bills and collects property taxes. Tax revenues are recognized when levied, to the extent that they result in current receivables. At September 30, 2014, there were no property tax receivables. Details of the County’s tax calendar are presented below: Lien date January 1st Levy date October 1st Delinquent date April 1st

G. Inventories

Inventories, consisting primarily of expendable items (materials and supplies), are determined by physical count at the fiscal year end and valued at cost on the basis of the “first-in first-out” method of accounting. Governmental Fund and Proprietary Fund inventories are recorded as an expenditure when consumed rather than when purchased (consumption method) for financial statement purposes.


‐ 53 ‐


H. Pensions

For purposes of measuring the net pension liability, deferred outflows of resources and deferred inflows of resources related to pensions, and pension expense, information about the fiduciary net position of the Florida Retirement System Pension Plan and Health Insurance Subsidy Program and additions to/deductions from the Plans’ fiduciary net position have been determined on the same basis as they are reported by the Plans. For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value.

I. Deferred Outflows and Inflows

Deferred outflows represent the consumption of resources that is applicable to future reporting periods. Deferred inflows represent the acquisition of resources that is applicable to future reporting periods.

J. Restricted Assets

Certain funds of the County are classified as restricted assets on the statement of net position because a restriction is either imposed by law through constitutional provisions or enabling legislation, or imposed externally by creditors, grantors, contributors, or laws or regulations of other governments. Therefore, applicable laws and regulations limit their use. It is the practice of the County to utilize restricted net position before unrestricted net position.

K. Capital Assets

All purchased capital assets are recorded at cost where historical records are available and at estimated cost where no historical records exist. Donated capital assets are valued at their estimated fair value on the date received. Generally, capital assets costing more than $1,000 and having a useful life of more than one year are capitalized. However, varying asset capitalization thresholds are established for the various types of infrastructure assets and, normally, the County does not capitalize interest. Intangible assets, including easements and internally generated computer software, are capitalized at cost or at the fair market value when received from the developer. Easements, which are attached to land, have indefinite useful lives and are not amortized. Internally generated computer software is amortized over the useful life of the software and values as determined by the County’s Information Technology Department. The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend asset lives are not capitalized. Capital assets are reported in the applicable governmental or business-type column in the government-wide financial statements, and in the proprietary fund level statements. The County began prospective reporting of general infrastructure assets as of the effective date of GASB Statement No. 34. Effective October 1, 2005, the County began retroactive reporting of all major general governmental infrastructure assets.


‐ 54 ‐


Depreciation on all capital assets is calculated using the straight-line method over the following useful lives: Infrastructure 25-75 years Bridges 35-75 years Buildings and improvements 10-60 years Furniture and equipment 4-10 years Water and Sewer Systems 10-50 years

L. Accrual for Landfill Closure and Post-Closure Costs

Based on the consulting engineer’s cost estimates, a portion of the estimated closure and post-closure cost for the Tillman Ridge Landfill is recognized as expense each year to match the flow of revenues. The estimated closure and post-closure cost accrued at September 30, 2015 is based on the current estimate to perform long-term care annually over the next 16 years.

M. Unearned Revenue

Unearned revenue reported in the Governmental Funds represents revenues that are received, but not earned until a future period. The revenue will be recognized in the fiscal year it is earned. Unearned revenue is recorded in liabilities.

N. Long-Term Obligations

In the government-wide financial statements, governmental long-term debt and other governmental long-term obligations are reported as liabilities in the governmental activities column of the Statement of Net Position. Long-term debt and other long-term obligations of the proprietary funds are reported as liabilities in the business-type activities column of the Statement of Net Position and the appropriate proprietary fund in the fund level statements.

O. Accrued Compensated Absences

County Employees may accumulate earned personal leave benefits (compensated absences) at various rates within limits specified in the County’s Administrative Code. This liability reflects amounts attributable to employee services already rendered, cumulative, probable for payment, and reasonably estimated in conformity with GASB Statement No. 16, Accounting for Compensated Absences. Compensated absences liabilities are accrued when incurred in the government-wide financial statements and the proprietary fund level statements. No expenditure is reported in the governmental fund level statements for these amounts until payment is due. No liability is recorded for non-vesting accumulated sick pay benefits. Compensated absences liability is based on current rates of pay.


‐ 55 ‐


P. Net Position

Net position represents the difference between assets plus deferred outflows and liabilities plus deferred inflows reported for the governmental activities, business-type activities, proprietary funds and fiduciary funds. Net position is reported as restricted when there are externally imposed restrictions. Unrestricted net position is net position that does not meet the definition of the classification previously described. When both restricted and unrestricted resources are available for use, it is the County's policy to use restricted resources first, and then unrestricted sources as they are needed.

Q. Fund Balances

The County follows the provisions of GASB Statement No. 54, Fund Balance Reporting and Governmental Fund Type Definitions to classify fund balances for governmental funds into specifically defined classifications. The classifications comprise a hierarchy based primarily on the extent to which the County is bound to honor constraints on the specific purposes for which amounts in the funds can be spent. Fund balance classifications are described below: Nonspendable Fund Balance – Nonspendable fund balances are amounts that cannot be spent because they are wither (a) not in spendable form or (b) legally or contractually required to be maintained intact.

Restricted Fund Balance – Restricted fund balances are restricted when constraints place on the use of resources are either: (a) externally imposed by creditors, grantors, contributors, or laws or regulations of other governments; or (b) imposed by law through constitutional provisions or enabling legislation. Committed Fund Balance – Committed fund balances are amounts that can only be used for specific purposes as a result of constraints imposed by formal action of the County’s highest level of decision-making authority, which is by

Ordinance approved by the Board. Committed amounts cannot be used for any other purpose unless the Board removes those constraints by taking the same type of action.

Assigned Fund Balance – Assigned fund balances are amounts that are constrained by the County’s intent to be used for specific purposes, but are neither restricted nor committed. Only the Board has the authority to assign amounts used for specific purposes through the St. Johns County Administrative Code adopted by Resolution 2006-128.

Unassigned Fund Balance – Unassigned fund balance is the residual classification for the General Fund. The County’s policy is to expend resources in the following order: restricted, committed, assigned, and unassigned.


‐ 56 ‐

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) R. Use of Estimates

The preparation of financial statements, in accordance with GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingencies at the date of the financial statements, and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.

3. CASH AND INVESTMENTS A. Cash and Cash Equivalents

Cash and cash equivalents are defined as short-term highly liquid investments that are both readily convertible to known amounts of cash and have an original maturity of three months or less when acquired. This includes cash in banks, cash in bank deposit accounts for construction projects and debt service reserve obligations, petty cash, repurchase agreements, investments administered by US Bank in the First American Funds Money Market Fund (“Money Market Fund”) and balances in the Local Government Surplus Funds Trust Fund (“State Pool”) administered by the State Board Administration (“SBA”). The State Pool is an investment pool authorized by Section 218.405, Florida Statutes and operates under investment guideline established by Section 215.47, Florida Statutes. The Florida PRIME has adopted operating procedures consistent with the requirements for a Securities and Exchange Commission Rule 2a7-like external investment. The weighted average maturity (WAM) of the Florida PRIME at September 30, 2015 was 28.4 days.

The county’s investment in the State Pool exposes it to credit risk. The risk is described as follows:

Credit Risk – The risk that an issuer or other counterparty to an investment will not fulfill its

obligations.

The Florida PRIME is rated by Standard and Poors and has a rating at September 30, 2015 of AAAm.

The Florida PRIME balance of $59,574,066 is reported at amortized cost. The fair value of the position in the pool is the same as the value of the pooled shares held at September 30, 2015. The Fidelity Institutional Money Market Prime Money Market Portfolio, First American Government Obligation Fund and the Wells Fargo Advantage Heritage Money Market Fund are Securities and Exchange Commission investment pools organized under the Investment Company Act 1940. They are required to invest exclusively in securities that mature within 397 days from the date of purchase and to maintain an average weighted maturity of not more than 90 days. As of September 30, 2015, the Money Market Fund balance was $621,246 and had an average of 18 days to maturity. The County also invests in the Fidelity Institutional Money Market Prime Money Market Portfolio. At September 30, 2015, the Agency Fund balance was $500,000. The weighted average maturity of the fund was 25 days.


‐ 57 ‐

3. CASH AND INVESTMENTS (continued)

Finally, the First American Government Obligation Fund balance was $13,629 and had a weighted average maturity of 36 days. Both Money Market Fund’s investment strategy seeks to provide maximum current income and daily liquidity by purchasing high-quality short-term debt securities such as commercial paper, repurchase agreements, variable rate demand notes, and bank instruments.

At September 30, 2015, all of the County’s bank deposits were held in qualified public depositories, pursuant to Chapter 280, Florida Statutes and are fully insured or collateralized. Component Units – At September 30, 2015 the Housing Finance Authority, Industrial Development Authority, and Educational Facilities Authority’s cash on deposit was entirely insured or collateralized pursuant to Chapter 280, Florida Statutes.

B. Investments

On January 8, 2008 and subsequently amended on June 23, 2014, the County formally adopted a comprehensive change to the investment policy pursuant to Section 218.415, Florida Statutes that established permitted investments, asset allocation limits and issuer limits, credit ratings requirements and maturity limits to protect the County’s investment assets. The County maintains common investment pool portfolios for the use of all available surplus funds (“Surplus Funds”) and a separate portfolio which is held in an irrevocable trust for the St. Johns County OPEB Employee Trust Fund (“OPEB Trust Fund”). In addition, investments are separately held by the County’s special revenue, debt service, capital project and enterprise funds. Investments are reported at fair value in accordance with GASB Statement No. 31, “Accounting and Financial Reporting for Certain investments and for External Investment Pools”. Section 218.415, Florida Statutes, Limits the types of investments that the County can invest in unless specifically authorized in the County’s investment policy. The County has a formal investment policy that allows for the following investments: the State Pool, United States Government Securities, United States Government Agencies, Federal Instrumentalities, Supranational Agencies, Non-negotiable Interest Bearing Certificates of Time Deposit or Saving Accounts, Repurchase Agreements, Commercial Paper Bankers’ Acceptances, Corporate Paper and Notes, State and/or Local Government Taxable and/or Tax-Exempt Debt, Registered Investment Companies (Mutual Funds) and Inter-governmental Investment Pools. The allowable investments of the OPEB Trust Fund include Registered Investment Companies (Equity, Real Estate and Fixed Income Mutual Funds) organized under the Investment Company Act of 1940 with holdings of domestic and/or international equities, high quality domestic fixed income investments, real estate and/or cash equivalents; Registered Investment Companies (Money Market Mutual Funds) that are rated AAm or AAm-G or better by Standard & Poor’s, or the equivalent by another rating agency; and Commingled Trusts (Equity, Real Estate and Fixed Income Trusts) organized by a bank under the Office of the Controller of the Currency guidelines with holding of domestic and/or international equities, high quality domestic fixed income investments, real estate and/or cash equivalents. Additionally, the OPEB Trust Fund may include


‐ 58 ‐


Supranational Agencies, Banker’s Acceptances; Corporate Paper and Notes, Certificates of Deposits; Savings Accounts; Short-Term Corporate Obligations; Fixed Income Securities; U.S. Treasury, Federal Agencies and U.S. Government Guaranteed Obligation; Investment Grade Municipal Issues: Investment Grade Corporate Issues Including Convertibles; Common and Preferred Stocks; Real Estate Trusts and Private Real Estate in pooled vehicles. 1. Interest Rate Risk

The County’s Surplus Funds investment policy limits interest rate risk by attempting to match investment maturities with known cash needs and anticipated cash flow requirements. Investments of current operating funds will have maturities of no longer than twenty-four (24) months. Investments of bond reserves, construction funds, and other non-operating funds (“core funds”) shall have a term appropriate to the need for funds and in accordance with debt covenants. From time to time the above parameters may require modification in order to meet specific construction draw schedules or other predetermined operating, capital needs or to satisfy debt obligation but in no event shall exceed five years.

As of September 30, 2015, the County’s Surplus Fund portfolios had the following investments and effective duration presented in terms of years:

Surplus Fund Investments Fair Value

Weighted Duration (Years)

US Treasury - Bond/Notes 84,190,338 2.15Federal Instrumentalities - Bond/Notes FHLB Notes 6,077,005 0.67 FHLMC Notes 18,376,917 1.65 FNMA Notes 15,025,040 1.94

39,478,962Commercial Paper 13,566,268 0.30Corporate Notes 51,990,232 2.12Supranational Agencies 8,270,548 1.97Municipal Obligations 10,666,832 0.96

208,163,180 1.85

This risk is minimized in the OPEB Trust Fund because the County utilizes “effective duration” as a measurement of interest rate risk for Trust assets. Trust Assets are a mix of both equity and fixed income-oriented mutual funds. As of September 30, 2015, the portion of assets susceptible to interest rate risk (including Fixed Income and Cash Equivalent asset classes) was 31.74% and had an effective duration of 4.76 years. Effective duration is not a characteristic applicable to equity-oriented mutual funds (including Domestic and International Equity, REIT and inflation Hedged asset classes) and thus is not relevant to GASB Statement No. 40. As of September 30, 2015, OPEB Trust Fund investment holdings consist of $25,254,631 in Domestic Equity, International Equity, Fixed Income and Cash Equivalent investments which are reported at fair value in accordance with GASB Statement No. 31, “Accounting and Financial Reporting for Certain Investments and for External Investment Pools”. As of September 30, 2015, the Trust consisted of the following asset classes and percent allocation:


‐ 59 ‐


FAIR Percent

Asset Class Value AllocationDomestic Equity 10,199,246$ 40.40%International Equity 5,679,075 22.49%

Fixed Income 7,750,914 30.70%

Real Return 797,216 3.16%

Money Market Funds 13,629 0.05%

Cash Equivalent 807,877 3.20%

Total 25,247,957$ 100.00%

Interest receivable on the County’s investment portfolios amounted to $460,801 as of September 30, 2015. Included in the Surplus Fund portfolio, the County has $4.65 million in Federal Instrumentalities that have, at the issuer’s discretion, provisions to call their obligations.

2. Credit Risk The County’s Surplus Funds investment policy permits for investments in the following investments, which are limited to credit quality ratings from nationally recognized rating agencies as follows:

Money Market Mutual funds shall be rated “AAm” or “AAm-G” or better by Standard & Poor’s or the equivalent by another national rating agency.

State and/or local government taxable and/or tax-exempt debt, general obligation and/or revenue Bonds, rated at least “Aa” by Moody’s or “AA” by Standard & Poor’s for long-term debt, or rated at least “MIG-2” by Moody’s and “SP-2” by Standard & Poor’s for short-term debt.

Bankers’ acceptances issued by a domestic bank, which has at the time of purchase an unsecured, uninsured and un-guaranteed obligation rating, at the time of purchase, of at least “Prime-1” by moody’s Investors Services or “A-1” by Standard & Poor’s. The bank must be ranked in the top fifty (50) United States banks in terms of total assets by the American Banker’s yearly report. Additionally, the bank shall not be listed with any recognized credit watch information service.

Commercial paper of any United States company that is rated, at the time of purchase, “Prime-1” by Moody’s and “A-1” by Standard & Poor’s (prime commercial paper). Additionally, if backed by a letter of credit (LOC”), the long term debt of the LOC provider must be rated at lease “A” by at least two nationally recognized rating agencies and must be ranked in the top fifty (50) United States banks in terms of total assets by the American Banker’s yearly report. The company shall not be listed with any recognized credit watch information service.


‐ 60 ‐


Additionally, the OPEB Trust Fund’s investment policy for investments in fixed income securities and cash equivalents that are limited to credit quality ratings from nationally recognized rating agencies as follows:

Fixed Income Fixed Income Investments shall be high quality, marketable securities with a preponderance of the investments in (1) U.S. Treasury, Federal Agencies and U.S. Government guaranteed obligations, and (2) investment grade municipal or corporate issues including convertibles. The overall rating of the fixed income assets shall be at least “A”, according to one of the three rating agencies (Fitch, Moody’s or Standard and Poor’s).

Cash Equivalents

Cash equivalent reserves shall consist of cash instruments having a quality rating of “a-1”, “P-1” or higher, as established by Moody’s or Standard & Poor’s. Bankers’ acceptances, certificate of deposit and savings accounts must be made of United States banks or financial institutions or United States branches of foreign banks, which are federally insured with unrestricted capital of at least $50 million. Short-term corporate obligations must be rated “A” or better by Moody’s or by Standard & Poor’s.

As of September 30, 2015, the portion of assets susceptible to credit risk (including Fixed Income and Cash Equivalent asset classes) had a weighted average credit quality of “BB-AAA”. Credit quality is not a characteristic applicable to equity-oriented mutual Funds (including Domestic and International Equity, REIT and inflations Hedged asset classes) and this is not relevant for GASB Statement No. 40 purposes.

A

Investment Type Fair Value Exempt AAA or greater

Surplus Fund

US Treasuries ‐Bond/Notes 84,190,338$ 84,190,338$

Federa l Instrumenta l i ties ‐Bond Notes 39,478,962 39,478,962$

Commercia l Paper 13,566,268 13,566,268

Corporate Notes 51,990,232 51,990,232

Supranational Agencies 8,270,548 8,270,548

Municipa l Obl igations 10,666,832 10,666,832

Subtota l 208,163,180$ 84,190,338$ 8,270,548$ 115,702,294$

OPEB Trust Fund

Investment Assets :

Taxable Bonds ‐Fixed Income Funds 7,750,914$ 7,750,914

Stocks ‐Equity Funds 15,878,321 15,878,321$

Real Returns 797,216 797,216

Liquidi ty Assets :

Cash Equiva lents 821,506 821,506$

Subtota l 25,247,957 15,878,321 1,618,722 7,750,914$

Tota l 233,411,137$ 100,068,659$ 9,889,270$ 123,453,208$


‐ 61 ‐


3. Custodial Credit Risk The County’s investment policy requires securities, with the exception of certificates of deposits, to be held with a third party custodian; an all securities purchased by, and all collateral obtained by the County should be properly designated as an asset of the County. The securities must be held in an account separate and apart from the assets of the financial institution. A third party custodian is defined as any bank depository chartered by the Federal Government, the State of Florida, or any other state or territory of the United States which has a branch or principal place of business in the State of Florida, or by a national association organized and existing under the laws of the United States which is authorized to accept and execute trusts and which is doing business in the State of Florida. Certificates of deposits will be placed in the provider’s safekeeping department for the term of the deposit. Finally, the County’s investment policies require all assets be held with the custodial bank under a contractual agreement signed by the Chairman of the Board and the Clerk as Chief Financial Officer. All securities purchased by and all collateral obtained by the investment managers and/or the Clerk are designated as assets of the Surplus Fund or OPEB Trust Fund respectively. No withdrawal of securities, or transfer of funds, in whole or in part, can be made from safekeeping except by written authorization by the Clerk. Securities transactions between a broker/dealer and the custodial bank involving the purchase of sale of securities by transfer of money or securities must be made on a “delivery vs. payment” basis, if applicable, to ensure that the custodial bank will have the security or money, as appropriate, in hand at the conclusion of the transaction.

As of September 30, 2015, The County’s Surplus Fund and OPEB Trust Fund investment portfolios were held with a third-party custodian as required by the County’s investment policies. 4. Concentration of Credit Risk

The County’s investment policies have established asset allocation and issuer limits on the following investments. This is designed to reduce concentration of credit risk of the County’s Surplus Fund and OPEB Trust Fund portfolios. The table below reflects the allowed distribution by investment type.


‐ 62 ‐


Surplus Fund Trust FundAlloc a tion Alloc a tion Trust Fund

Pe rmitted by Pe rmitte d by Alloca tionSe c urity Type Policy Polic y Ta rge t

Investment Assets Domestic Equity 26- 46% 36% International Equity 13- 33% 23% REIT 0- 12% 6% Fixed Income 20- 60% 35%Liquidity Assets Cash Equivalents 0% - 100% 100%United States Treasury Securities 100%United States Government Agency Securities 50%Federal Instrumentalities 1 80%Certificates of Deposit 50%Repurchase Agreements 50%Commercial Paper 35%Mortgage- Backed Securities 1 25%Bankers' Acceptances 35%State and/or Local Government Debt 20%Money Market Mutual Funds 50%Intergovernmental Investment Pool 25%

Guaranteed Investment Contracts 2 100%

Notes:

1. The combined total of Federal Instrumentalities and Mortgage Backed Securities can not be more than 80%.

2. The Guaranteed Investment Contracts, which are not allowed under the County Investment Policy, werespecifically adopted and authorized under the terms of the Resolution for the Series 2006, Transportation and SalesTax Revenue Bonds. The permitted allocation was 100% of total bond proceeds.

Additionally, an effort shall be made, to the extent practical, prudent and appropriate, to select investments, commingled funds and/or mutual funds that have investment objectives and policies that are consistent with the County’s policies. However, given their nature, it is recognized that there may be deviations between the policies and the objectives of the investments. A commingled fund or mutual fund will not be included in OPEB Trust Fund portfolio unless it complies with the Investment Company Act of 1940’s diversification requirement.

Equity

Investment in common stocks, preferred stocks and publicly traded Real Estate Investment Trusts shall be limited to not more than 5% of the total stock portfolio valued at market may be invested in the common stock of any one corporation. Ownership of the shares of one company shall not exceed 2% of those outstanding. Not more than 25% of stock valued at market may be held in any one industry category.


‐ 63 ‐


Fixed Income

Fixed income securities of any one issuer shall not exceed 5% of the total bond portfolio, including, U.S. Treasury/Federal Agency issues, at time of purchase. The 5% limitation does not apply to issues of the U.S. Treasury or other Federal Agencies.

5. Foreign Currency Risk

The County investment policy does not allow for investments in foreign currency therefore the County has no exposure to foreign currency risk. However, the Trust’s investment policy allows for non-U.S. investments through the use of commingled funds and/or mutual funds. All assets of the Trust are invested in funds denominated in U.S. Dollars. There is no direct foreign currency risk; however, underlying securities of these funds may be denominated in currencies other than the U.S. Dollar.

4. ACCOUNTS AND NOTES RECEIVABLE

Accounts receivable of the General Fund consist primarily of ambulance service accounts of $2.6 million and are reported net of an allowance for doubtful accounts of $1.6 million at September 30, 2015. The allowance represents 62% of the gross ambulance service accounts receivable at September 30, 2015. The balance of the receivable consists of restitution, returned checks, and miscellaneous service fees.

Accounts receivable of the Nonmajor Governmental Funds consist primarily of cultural event receivables, returned checks, and other miscellaneous fees. An allowance for doubtful accounts is not considered necessary.

Accounts receivable contained in the Enterprise Funds consist of the following receivables and their related allowance for doubtful accounts at September 30, 2015:

Balance Allowance Net

St. Johns County Utilities Fund $1,632,113 $20,328 $1,611,785Ponte Vedra Utilities Fund 597,199 3,796 $593,403Solid Waste Fund 630,536 1,000 $629,536Convention Center 520,504 217,322 $303,182

$3,380,352 $242,446 $3,137,906 Notes receivable contained in the Statement of Net Position for Governmental Activities includes $448,450 in General Fund short-term notes with the Housing Finance Authority. The notes were for construction costs on Community Workforce Housing Innovation Pilot homes. The notes require interest at LIBOR plus 150 basis points and will be repaid with the proceeds from the sale of the homes at closing. Also, notes receivable contained in the Statement of Net Position for Governmental Activities includes $300,000 in State Housing Initiatives Partnership (SHIP) program funds. The notes were provided as a “zero-percent interest” loan to assist in the development of multifamily housing units for low and very-low income rental housing.


‐ 64 ‐

4. ACCOUNTS AND NOTES RECEIVABLE (continued)

Finally, included in notes receivable on the Statements of Net Position for the Business Activities is $105,371 of unit connection fee notes receivable. The amount due during the next fiscal year is $30,749. Water and sewer unit connection fees are non-refundable fees charged to new customers of the utility system as a capacity charge. The related notes receivable bear interest at 5.00% and are generally due in annual or monthly installments of principal and interest, with maturities of two to twenty years. None of the above notes receivable are collateralized. At September 30, 2015, an allowance for doubtful accounts was not considered necessary.



‐ 65 ‐

5. CAPITAL ASSET ACTIVITY Capital asset activity for the year ended September 30, 2015, was as follows: Primary Government

Beginning Balance September 30, 2014,

as restated AdditionsDispositions/

ReclassificationsEnding Balance

September 30, 2015

Governmental activities:

Capital assets not being depreciated: Land 471,431,599$ 11,455,838$ 5,783,970$ 477,103,467$ Construction in progress 49,825,008 24,112,227 15,244,652 58,692,583 Total capital assets not being depreciated 521,256,607 35,568,065 21,028,622 535,796,050$

Other capital assets: Building & other improvements 276,641,054 23,624,452 1,920,180 298,345,326 Equipment 81,298,733 9,113,798 4,468,178 85,944,353 Infrastructure 569,650,429 37,195,689 - 606,846,118 Total other capital assets 927,590,216 69,933,939 6,388,358 991,135,797

Less accumulated depreciation for: Building & other improvements 78,910,939 7,609,671 1,561,449 84,959,161 Equipment 57,962,120 7,956,182 4,381,239 61,537,063 Infrastructure 123,967,067 15,255,351 139,222,418 Total accumulated depreciation 260,840,126 30,821,204 5,942,688 285,718,642 Other capital assets, net 666,750,090 39,112,735 445,670 705,417,155 Governmental activities capital assets, net 1,188,006,697$ 74,680,800$ 21,474,292$ 1,241,213,205$



‐ 66 ‐

5. CAPITAL ASSET ACTIVITY (continued)

Primary Government

Beginning Balance September 30, 2014,

as restated AdditionsDispositions/

ReclassificationsEnding Balance

September 30, 2015

Business-type activities:

Capital assets not being depreciated: Land 105,412,324$ 3,855,596$ 109,267,920$ Construction in progress 30,720,117 18,773,762 6,062,401$ 43,431,478 Total capital assets not being depreciated 136,132,441 22,629,358 6,062,401 152,699,398

Other capital assets: Intangible assets 80,776 80,776 Building & other improvements 33,976,510 74,016 34,050,526 Equipment & systems 368,460,766 12,314,389 1,127,949 379,647,206 Total other capital assets 402,437,276 12,469,181 1,127,949 413,778,508

Less accumulated amortization and depreciation for: Intangible assets 4,039 4,039 Building & other improvements 32,257,068 1,439,337 33,696,405 Equipment & systems 97,340,643 10,782,630 1,126,348 106,996,925 Total accumulated depreciation 129,597,711 12,226,006 1,126,348 140,697,369 Other capital assets, net 272,839,565 243,175 1,601 273,081,139 Governmental activities capital assets, net 408,972,006$ 22,872,533$ 6,064,002$ 425,780,537$



‐ 67 ‐

5. CAPITAL ASSET ACTIVITY (concluded)

Depreciation expense was charged to the functions of the primary government as follows:

Governmental activities: General government 1,835,448$ Public safety 9,184,986 Physical environment 128,352 Transportation 16,558,838 Economic environment 21,880 Human services 187,771 Culture and recreation 2,830,337 Court related 73,592 Total depreciation expense - Governmental activities 30,821,204$

Depreciation expense was charged to the functions of the primary government as follows:

Business-type activities: St. Johns County Utilities 10,522,513$ Ponte Vedra Utiltiies 1,124,556 Solid Waste 358,196 Convention Center 220,741 Total depreciation expense - Business-type activities 12,226,006$

6. LONG-TERM OBLIGATIONS

A. Long-term obligations at September 30, 2015 are comprised of the following: General Long-Term Obligations Revenue Bonds: 52,315,000 – 2015 Sales Tax Revenue and Refunding Bonds: secured by a lien upon and pledge of local government half-cent sales tax to refund a portion of the outstanding Sales Tax Revenue Refunding Bonds, Series 2006, which included funding of various capital improvements within the County, pay the costs of additional County-wide capital improvements, fund the debt service reserve account surety bond and pay certain costs of issuance; due in annual installments of $475,000 to $5,235,000 through October 1, 2036, plus interest at 2.0% to 5.0% payable semiannually, plus unamortized premium of $7,141,574. The approximate balance of the pledge, which equals the remaining principal and interest is $91,855,699. During FY15, $15,814,098 was recognized in sales tax revenues and $1,711,104 was paid for debt service. $59,456,574


‐ 68 ‐

6. LONG-TERM OBLIGATIONS (continued) $24,755,000 – 2015 Transportation Improvement Revenue Refunding Bonds;

secured by a lien upon and pledge of gas tax revenues for the cost of refunding a portion of the County’s outstanding Transportation Improvement Revenue Bonds, Series 2006, and pay certain costs of issuance; due in annual installments of $625,000 to $3,610,000 through October 1, 2035, plus interest at 3.125% to 5.0% payable semiannually plus unamortized premium of $1,980,007. The approximate balance of the pledge, which equals the remaining principal and interest is $40,894,107. During FY15, $8,719,733 was recognized in gas tax revenues and $765,277 was paid for debt service. $26,735,007 $15,300,000 – 2014 Capital Improvement Revenue Refunding Bonds; secured by a lien upon and pledge of State Revenue Sharing Funds to advance refund a portion of the Series 2005, St Johns County, Florida, Capital Improvement Revenue and Refunding Bonds and pay certain costs of issuance; due in annual installments of $555,000 to $1,020,000 through July 1, 2035 plus interest at 3.0% to 5.0%, payable semiannually plus unamortized premium of $947,700. The approximate balance of the pledge, which equals the remaining principal and interest, is $23,395,888. During FY15, $5,458,912 was recognized as State Revenue Sharing Revenues and $339,337 was paid for debt service. $16,247,700 $4,500,000 – 2014 Taxable Capital Improvement Revenue Bonds; secured with a governmental commitment to budget and appropriate necessary non-ad valorem revenues for the construction, equipping, and installation of a new health and human services building and pay certain costs of issuance; due in annual installments of $250,000 to $395,000 through October 1, 2028 and interest at 3.99%, payable semiannually. The approximate balance of the pledge, which equals the remaining principal and interest, is $5,359,494. During FY15 $45,827,000 was recognized as the average legally available amount of non-ad valorem revenues and $413,964 was paid for debt service. $4,120,000 $13,137,000 – 2012 Capital Improvement Revenue Bonds; secured with a Governmental commitment to budget and appropriate necessary non-ad valorem revenues for the construction, equipping, and installation of an intergovernmental communications system and pay certain costs of issuance; due in annual installments of $1,092,000 to $1,255,000 through October 1, 2023 and interest at 1.9999%, payable semiannually. The approximate balance of the pledge, which equals the remaining principal and interest, is $10,237,157. During FY15 $45,827,000 was recognized as the average legally available amount of non-ad valorem revenues and $1,279,890 was paid for debt service. $9,374,000


‐ 69 ‐

6. LONG-TERM OBLIGATIONS (continued)

$41,030,000 - 2012 Sales Tax Revenue Refunding Bonds: secured bya lien upon and pledge of local government half-cent sales tax to refund the outstanding Sales Tax Revenue Refunding Bonds, Series 2004, whichincluded funding of capital improvements for the Vilano Beach CRA, fundthe debt service reserve account surety bond and pay certain costs ofissuance; due in annual installments of $225,000 to $3,915,000 throughOctober 1, 2034, plus interest at 3.0% to 5.0% payable semiannually,plus unamortized premium of $3,088,530. The approximate balance ofthe pledge, which equals the remaining principal and interest is$64,517,949. During FY15, $15,814,098 was recognized in sales taxrevenues and $1,915,969 was paid for debt service. 43,483,530$

$25,050,000 - 2012 Transportation Improvement Revenue RefundingBonds: secured by a lien upon and pledge of gas tax revenues for thecost of refunding a portion of the County's outstanding TransportationImprovement Revenue Bonds, Series 2003, and pay certain costs of issuance; due in annual installments of $995,000 to $1,920,000 throughOctober 1, 2032; plus interest at 3.0% to 5.0% payable semiannuallyplus unamortized premium of $1,379,464. The approximate balance ofthe pledge, which equals the remaining principal and interest is$35,628,701. During FY15, $8,719,733 was recognized in gas taxrevenues and $2,016,175 was paid for debt service. 25,359,464$

$10,950,000 - 2009A Sales Tax Revenue Refunding Bonds: secured bya lien upon and pledge of local government half-cent sales tax to refundthe outstanding Sales Tax Revenue Refunding Bonds, Series 1998,fund the debt service reserve account surety bond and pay certain costsof issuance; due in annual installments of $1,345,000 to $1,505,000through October 1, 2019; plus interest at 3.625% to 4.25% payablesemiannually less unamortized discount of $49,672. The approximatebalance of the pledge, which equals the remaining principal and interestis $6,235,534. During FY 15, $15,814,098 was recognized in sales taxrevenues and $1,568,769 was paid for debt service. 5,645,328$

$23,520,000 - 2009 Sales Tax Revenue and Refunding Bonds; secured by a

lien upon and pledge of local government half-cent sales tax revenues forthe construction of various capital improvements, to refund the outstandingCommercial Paper Revenue Note, Draw No. A-2-3, fund the cash debtservice reserve account and pay certain costs of issuance; due in annualinstallments of $1,015,000 to $1,820,000 through October 1, 2028; plusinterest at 4.99% payable semiannually. The approximate balance of thepledge, which equals the remaining principal and interest is $24,848,955.During FY15 $15,814,098 was recognized in sales tax revenues and $1,909,607 was paid for debt service. 17,965,000$


‐ 70 ‐


$29,245,000 - 2006 Transportation Improvement Revenue Bonds: securedby a lien upon and pledge of gas tax revenues for the cost of acquisition,construction and installation of certain capital transportation projects, fundthe debt service reserve account surety bond and pay certain costs ofissuance; balance due in one final installment of $570,000 on October 1, 2016; plus interest at 4.0% payable October 1, 2016.The approximate balance of the pledge, which equals the remainingprincipal and interest, is $592,800. During FY15, $8,719,733 was recognizedin gas tax revenues and $1,214,675 was paid for debt service. 570,000$

$46,500,000 - 2006 Sales Tax Revenue Bonds; secured by a lien upon andpledge of local government half-cent sales tax for the construction of variouscapital improvements, fund the debt service reserve account surety bondand pay certain costs of issuance; due in one final installment of $955,000on October 1, 2016; plus interest at 5.0%. The approximatebalance of the pledge, which equals the remaining principal and interestis $1,044,750. During FY15 $15,814,098 was recognized in sales taxrevenues, $2,024,750 was paid for debt service. 995,000$

$4,701,000 - 2011 St. Johns County Community Redevelopment AgencyRedevelopment Revenue Refunding Note - Flagler Estates Project; securedby a lien upon and pledge of tax increment financing revenues within the Flagler Estate Road and Water Control District to refund the outstanding Series2007 note and pay certain costs of issuance; due in annual installments of$459,000 to $504,000 through August 1, 2021; and interest at 1.80%; payablesemiannually. The approximate balance of the pledge, which equals theremaining principal and interest is $3,057,836. During FY15, $75,074 wasrecognized in tax increment financing revenues and $509,976 was paid fordebt service. 2,882,000$

Total Revenue Bonds and Notes Payable 212,833,603$

$2,169,000 Pooled Commercial Paper Loan; secured with a governmentalcommitment to budget and appropriate necessary non-ad valorem revenuesfor the construction of various capital improvement; due in annual installments of$408,000 to $418,000 through December 4, 2016; interest rates vary dependingon market on the day of sale and are charged as a blended rate of the notesoutstanding in any particular month; due monthly. The approximate balance of the pledge, which equals the remaining principal and estimatedinterest, is $431,638. During FY15 $45,827,000 was recognized asthe average legally available amount of non-ad valorem revenues and$775,896 was paid for debt service. 428,000$


‐ 71 ‐

6. LON G-TER M OB LIGATION S (continued)

$5,134,778 Obligations under the S tate Revolving Loan Trus t Fund; securedby a lien upon and pledge of revenues received within the M unic ipal ServiceBenefit Unit ("M SBU") for the cons truc tion ($5,134,778) and capitalizedinteres t ($134,100) of capital projec ts within the Ponte Vedra M unic ipalService Dis tric t; due in sem iannual ins tallm ents of $173,777 for princ ipal of$127,777 to $171,251 through Oc tober 15, 2025; and interes t of 2.95% . Theapprox im ate balance of the pledge, which equals the rem aining princ ipal andinteres t, is $3,383,984. During FY15 $345,361 was recognized in M SBUrevenues and $364,711 was paid for debt service. 3,118,655$

Obligations under Capital Leases 4,811,609$ Acc rued com pensated absences 10,170,840$ Accrued pens ion liabiity 87,159,647$

Tota l Ge ne ra l Long-Te rm Obliga tions 318,522,354$

P roprietary Fund Long-Term Obligations

$28,270,000 - 2014 S t Johns County Utilit ies W ater and Sewer RevenueRefunding Bonds ; secured by a lien upon and pledge of County water andsewer net revenues to advance refund a portion of the County 's outs tandingW ater and Sewer Revenue Refunding bonds , Series 2006 and due in annualins tallm ents of $880,000 to $2,160,000 through June 1, 2036 interes t at 4%to 5% , payable sem iannually am ortized prem ium of $4,443,140. The approx im ate balance of the pledge, which equals the rem aining princ ipal andinteres t is $50,656,823. During FY15 $13,282,455 was recognized in netrevenues and $654,524 was paid debt service. 32,713,140$

$8,081,000 - 2014 Taxable Capital Im provem ent Revenue Refunding Bondssecured by a lien upon and pledge of County ConventionCenter revenues and trans fers to refund the outs tanding Series 2004Convention Center bonds and pay certain cos ts of issuance; due inannual ins tallm ents of $1,261,000 to $1,437,000 through Decem ber 1,2020; interes t at 2.1% payable sem iannually . The approx im atebalance of the pledge, which equals the rem aining princ ipal and interes tis $8,546,438. During FY15 $1,668,200 was recognized in ConventionCenter revenues and trans fers ; $87,679 was paid for debt services . 8,081,000$


‐ 72 ‐


Proprietary Fund Long-Term Obligations

Revenue Bonds:

$55,440,274 - 2013 St Johns County Utilities Water and Sewer RevenueRefunding Bonds; secured by a lien upon and pledge of County water and sewer net revenues for the current refunding of the outstanding Water andSewer Revenue Refunding Bonds, Series 1998 and the advance refundingof a portion of the the outstanding Water and Sewer Revenue Bonds, Series 2004, construct various County utility capital improvements, fund thedebt service reserve account, pay certain cost of issuance and pay capitalizedinterest on the Series 2013 bonds; due in annual installments of $740,000to $3,337,000 through June 1, 2042; interest at 3% to 5%, payable semiannuallyand annually for capital appreciation bonds where interest is due at maturity plusaccredited interest on capital appreciation bonds of $3,058,012 including un-amortized premium of $2,936,682. The approximate balance of the pledge,which equals the remaining principal and interest is $99,215,184. During FY15$13,282,455, was recognized in net revenues and $1,774,688 was paiddebt service. 60,584,968$

$30,620,000 - 2007 Ponte Vedra Utilities Water and Sewer RevenueBonds; secured by a lien upon and pledge of the Ponte Vedra water andsewer net revenues for the acquisition of Intercoastal Utility, construction of various Ponte Vedra utility capital improvements, capitalize a portionof the interest, fund the debt service reserve account surety bond andpay certain costs of issuance; due in annual installments of $790,000 to$2,025,000 through October 1, 2037; and interest at 4.0% to 5.0%payable semiannually plus unamortized premium of $271,014. Theapproximate balance of the pledge, which equals the remaining principaland interest, is $47,078,214. During FY15, $5,480,240 was recognizedin net revenues and $2,125,844 was paid for debt service. 28,706,014$

$30,920,000 - 2006 Ponte Vedra Utilities Water and Sewer RevenueBonds; secured by a lien upon and pledge of the Ponte Vedra water andsewer net revenues for the acquisition of St Johns Service Co. Utility,construction of various Ponte Vedra utility capital improvements, fundthe debt service reserve account surety bond and pay certain costs ofissuance; due in annual installments of $820,000 to $1,920,000 throughOctober 1, 2035; interest at 4.0% to 5.0% payable semiannuallyplus unamortized premium of $428,251. The approximate balanceof the pledge, which equals the remaining principal and interest, is$40,763,339. During FY15 $5,480,240 was recognized in net revenuesand $2,019,038 was paid for debt service. 25,958,251$


‐ 73 ‐


$42,830,000 - 2006 St. Johns County Utilities Water and SewerRevenue Bonds; secured by a lien upon and pledge of county water andsewer net revenue for the construction of various county utility capitalimprovement, funds the debt service reserve account surety bond andpay certain costs of issuance; due in annual installments of $375,000to $1,265,000 through June 1, 2026; and interest at 4.0% to 5.0%payable semiannually plus unamortized premium of $209,150.The approximate balance of the pledge, which equals the remainingprincipal and interest is $7,633,050. During FY15 $13,282,455 wasrecognized in net revenues and $2,290,538 was paid for debt service. 6,134,150$

$14,680,398 - 1991A St. Johns County Utilities Water and SewerRevenue Bonds; secured by a lien upon and pledge of County water andsewer net revenues for the acquisition of St. Augustine Shores Utility,construction of various County utility capital improvements, fund the debtservice reserve account surety bond and pay certain cost of issuance;due in annual installments of $460,629 to $651,340 through June 1, 2021;interest at 7.00% to 7.05% payable annually for capital appreciationbonds where interest is due at maturity including accreted interest oncapital appreciation bonds of $14,280,137; less unamortized discountof $41,325. The approximate balance of the pledge, which equals theremaining principal and interest is $17,548,364. During FY15 accruedinterest on the capital appreciation bonds was $1,339,674; $13,282,455was recognized in net revenues and $3,625,000 was paid for debt service. 17,548,364$

Total Revenue Bonds 179,725,887$

$1,950,268 Obligations under St. Johns County Utilities State Revolving LoanTrust Fund; secured by a subordinated lien upon and pledge of County Waterand Sewer net revenues for the construction ($1,924,814) and capitalizedinterest ($25,454) of County utility capital projects; due in semiannualinstallments of $59,228 to $60,772; and interest at 2.59%. The approximatebalance of the pledge, which equals the remaining principal and interest$183,124. During FY15 $4,811,155 was recognized in net revenues availablesubordinated debt and $123,118 was paid for debt service. 179,996$

$8,503,771 Obligations under St. Johns County Utilites State Revolving LoanTrust Fund; secured by a subordinated lien upon and pledge of County Waterand Sewer net revenues for the construction $8,184,068, loan service feeof ($163,681) and capitalized interest $156,022.02 for County utility capitalprojects; due in semiannual installments of $166,395 to $268,982; and interest at 1.305% . The approximate balance of the pledge, which equals the remainingprincipal and interest is $9,211,363. During FY15 $4,811,155 was recognized innet revenues available subordinated debt and $318,297 was paid for debt service. 8,120,922$


‐ 74 ‐


$6,838,510 Obligations under Ponte Vedra Utilities State Revolving

Fund Loan; secured by a subordinated lien upon and pledge of

water and sewer net revenues for the construction ($6,742,410) and

capitalized interest ($96,100) of Ponte Vedra Utility capital projects;

due in semiannual installments to be determind at final closeout,

at an interest rate of 2.12%. During FY15, $1,335,359 was recognized

in net revenues available for subordinated debt. No debt service

was paid during the year. $4,692,346

Obligations under Capital Leases $2,184,627

Landfill closure/post-closure care $5,176,855

Accrued Compensated Absences $893,559

Net pension liability $3,939,109

Total Proprietary Fund Long-Term Obligations 204,913,301$

B. Debt service requirements to maturity on the County’s Long-Term Debt at September 30, 2015 are as follows:

Year

Ending

Sept. 30

Interest Principal Interest Principal Interest Principal

2016 8,857,967 8,581,438 8,647,598 5,981,528 17,505,565 14,562,965

2017 8,566,963 8,580,089 8,414,382 6,287,704 16,981,345 14,867,793

2018 8,244,350 8,821,966 8,046,017 6,389,341 16,290,367 15,211,307

2019 7,904,764 9,160,078 7,691,784 6,535,836 15,596,548 15,695,914

2020 7,541,949 9,701,431 7,334,937 6,699,244 14,876,886 16,400,675

2021‐25 31,330,161 50,296,402 25,920,958 37,889,090 57,251,119 88,185,491

2026‐30 20,676,093 50,506,251 18,613,095 40,418,740 39,289,188 90,924,991

2031‐35 9,603,928 50,920,000 11,323,489 40,547,607 21,040,843 93,329,397

2036‐40 541,450 5,325,000 2,813,554 13,085,000 3,361,743 18,833,093

2041‐42 356,502 3,300,000 356,502 3,300,000

103,267,625$ 201,892,655$ 99,162,316$ 167,134,090$ 202,550,106$ 371,311,626$

Governmental Activities Business‐Type Activities Totals


‐ 75 ‐


C. Long-term debt transactions of the County Fiscal Year 2015 are summarized below:

BalanceOctober 1, Balance2014, as September 30, Due w ithinrestated Additions Deductions 2015 one year

Taxable capital improvement revenue bonds, Series 2014 4,360,000$ 240,000$ 4,120,000$ 250,000$

Capital improvement revenue bonds, Series 2012 10,445,000 1,071,000 9,374,000 1,092,000

Capital improvement revenue sharing revenue and refunding revenue bonds, Series 2014 15,300,000$ 15,300,000 555,000

Capital improvement revenue sharing revenue and refunding revenue bonds, Series 2005 16,215,000 16,215,000 - -

Revenue sharing revenue and refunding revenue bonds, golf course Series 2005 1,250,000 1,250,000 - -

Sales tax revenue refunding bonds, Series 2015 52,315,000 52,315,000 475,000

Sales tax revenue refunding bonds, Series 2012 40,615,000 220,000 40,395,000 225,000

Sales tax revenue refunding bonds, Series 2009A 6,995,000 1,300,000 5,695,000 1,345,000

Sales tax revenue bonds, Series 2009 18,930,000 965,000 17,965,000 1,015,000

Sales tax revenue refunding bonds, Series 2006 40,840,000 39,845,000 995,000 995,000

Transportation improvement revenue bonds, Series 2015 24,755,000 24,755,000

Transportation improvement revenue bonds, Series 2012 24,940,000 960,000 23,980,000 995,000

Transportation improvement revenue bonds, Series 2006 25,915,000 25,345,000 570,000 570,000

Community Redevelopment Agency refunding note, Series 2012 3,332,000 450,000 2,882,000 459,000

Total Revenue Bonds 193,837,000 92,370,000 87,861,000 198,346,000 7,976,000

Plus original issue premium 8,555,494 10,322,127 4,340,346 14,537,275 -

Less original issue discount 290,577 240,905 49,672 -


Obligations under capital leases 4,852,488 1,499,909 1,540,788 4,811,609 1,483,119

Obligations under State Revolving Loan, Series 2005 3,368,663 250,008 3,118,655 257,438

$30M Commercial Paper Program 1,194,000 766,000 428,000 348,000

Accrued compensated absences 10,017,102 10,327,977 10,174,239 10,170,840 3,427,838

Net pension liability 54,065,389 33,094,258 87,159,647 1,178,441

Total General Long-Term Obligations 275,599,559$ 147,614,271$ 104,691,476$ 318,522,354$ 14,670,836$

GOVERNMENTAL ACTIVITIES


‐ 76 ‐


BalanceOctober 1, Balance2014, as September 30, Due w ithinrestated Additions Deductions 2015 one year

Water and sew er revenue bonds

Series 2007, Ponte Vedra 29,190,000$ 755,000$ 28,435,000 790,000$ Series 2006, Ponte Vedra 26,325,000 795,000 25,530,000 820,000 Series 2014, Revenue refunding bonds 28,270,000$ 28,270,000 Series 2013, Revenue refunding bonds 55,315,274 725,000 54,590,274 740,000 Series 2006, Revenue refunding bonds 37,675,000 31,750,000 5,925,000 1,265,000 Series 1991 4,015,666 706,114 3,309,552 651,340

Taxable capital improvement revenue refunding bonds, Series 2014 8,081,000 8,081,000 1,261,000

2004 Gulf Breeze, Florida Local Government Loan Program 9,135,000 9,135,000 - - Total Bonds 161,655,940 36,351,000 43,866,114 154,140,826 5,527,340

Add accreted interest on capital appreciation bonds Series 1991A 15,859,349 1,339,674 2,918,886 14,280,137 Series 2013 1,853,507 1,204,505 - 3,058,012

17,712,856 2,544,179 2,918,886 17,338,149 -

Plus original issue premium 4,986,949 4,622,299 1,321,011 8,288,237

Less original issue discount 48,798 7,473 41,325 -


Obligations under State Revolving Loan Series 1996 296,191 116,195 179,996 119,224 Series 2012 8,660,661 539,739 8,120,922 334,964 Series 2013 1,774,702 2,917,644 4,692,346 -

10,731,554 2,917,644 655,934 12,993,264 454,188

Obligations under capital lease 3,037,736 853,109 2,184,627 925,484

Landfill closure/post closure 5,424,466 247,611 5,176,855 323,553

Arbitrage Rebate

Accrued compensated absences 726,137 926,047 758,625 893,559 262,578

Net Pension Liability 2,443,441 1,495,668 3,939,109 53,259

Total proprietary Fund Long-Term

Obligations 206,670,281$ 48,856,837$ 50,613,817$ 204,913,301$ 7,546,402$

BUSINESS-TYPE ACTIVITIES


‐ 77 ‐

6. LONG-TERM OBLIGATION (continued)

Compensated absences typically have been liquidated in the general, other governmental and enterprise funds. D. The County has entered into lease agreements for office facilities and equipment that are

cancelable operating leases. The total cost of such leases was $837,088 for governmental activities and $49,747 for business-type activities for the year ended September 30, 2015.

E. The County is obligated under the terms of capital leases as follows:

Governmental Business-TypeActivities Activities

Asset: Building Improvements 3,493,570$ 550,657$ Equipment 4,541,218 - Water and Sewer Systems 7,536,304 Less: Accumulated Depreciation 1,641,578 2,634,711 Total 6,393,210$ 5,452,250$

The annual requirements under these capital lease obligations as of September 30, 2014 are as

follows:

Year Ending Governmental Business-TypeSept. 30, Activities Activities

2016 1,574,448 985,258 2017 1,051,996 856,353 2018 537,117 82,950 2019 244,545 56,759 2020 244,534 45,130

2021-25 1,222,497 225,616 2026-27 366,689 67,674

5,241,827 2,319,740

(430,218) (135,113)

4,811,609$ 2,184,627$

Total minimum lease payment

Less amount representing interest

Present value of minimum payments

F. During the fiscal year, the County issued several financing instruments to refinancing several outstanding bond issues and to finance multiple capital improvements. They include the following debt: Series 2014 Taxable Capital Improvement Revenue Refunding Bonds dated November 25,

2014. The $8,081,000 issue refunded, on a current basis, the outstanding Gulf Breeze Florida Local Government Loan Program, Series 2004 maturing after December 1, 2014 and provided funds for certain costs of issuance associated with the bonds. The issuance resulted in debt service savings of approximately $83,840 annually for a total of $503,039. The County achieved a net economic gain from the transaction and net present value savings of $443,930 or 5.5% of the refunding bonds par amount.


‐ 78 ‐


Series 2014 Capital Improvement Revenue Refunding Bonds dated 12/11/14 - The

$15,300,000 issue refunded, on a current basis, a portion of the County’s outstanding St. Johns County Capital Improvement Revenue and Refunding Bonds, Series 2005, defeased, with legally available moneys of the County, the portion of the County’s outstanding Capital Improvement Revenue and Refunding Bonds, Series 2005 attributable to the Golf course Enterprise Funds, and pay the costs of issuance. The issuance resulted in average debt service savings of approximately $61,413 annually for a total of $1,289,669. The County achieved a net economic gain from the transaction and net present value savings of $931,545 or 6.1% of the refunding bonds par amount.

Series 2014 Water and Sewer Revenue and Revenue Refunding Bonds dated 12/11/2014 –

The $28,270,000 issue advance refunded a portion of the outstanding Water and Sewer Revenue Bonds, Series 2006 maturing after June 1, 2017 and paid certain costs of issuance associated with the bonds. The issuance resulted in average annual debt service savings of approximately $169,259 annually for a total of $3,723,689. The County achieved a net economic gain from the transaction and net present value savings of $2,767,102 or 9.8% of the refunding bonds par amount.

Series 2015 Sales Tax Revenue and Refunding Bonds dated 4/16/2015 – The $52,315,000

issue advance refunded a portion of the County’s outstanding Sales Tax Revenue Bonds, Series 2006, paid all or a portion of the cost of acquisition and construction of several County Capital Improvements, pay the costs of issuance, and pay the premium for a reserve account insurance policy. The issuance resulted in average annual debt service savings of approximately $257,041 for a total of $5,654,906. The County achieved a net economic gain from the transaction and net present value savings of $4,175,815 or 11.3% of the refunding bonds par amount.

Series 2015 Transportation Improvement Revenue Refunding Bonds – The $24,755,000 issue

advance refund a portion of the outstanding Transportation Improvement Revenue Bond, Series 2006 and provided funds for certain costs of issuance associated with the bonds. The issuance resulted in average annual debt service savings of $172,524 annually for a total of $3,622,994. The County achieved a net economic gain from the transaction and net present value savings of $2,677,322 or 10.8% of the refunding bonds par amount.

The County advance refunded several of the above issues and placed the proceeds in an irrevocable trust to provide for all future debt service payments on the old bonds. As of September 30, 2015, $94,225,000 of the refunded bonds remains outstanding, but they are considered defeased. The amounts in escrow are sufficient to retire all outstanding bonds and interest. Since these bonds are legally defeased, they are not included in the financial statements. G. Conduit Debt, Component Units

The Industrial Development Authority (“IDA”) has from time to time issued Industrial Development Revenue bonds to provide financial assistance to private-sector entities for the acquisition and construction of industrial and commercial facilities deemed to be in the public interest. The bonds are secured by the property financed and are payable solely from payments received on the underlying mortgage loans. Upon repayment of the bonds, ownership of the acquired facilities transfers to the private sector entity served by the bond issuance.


‐ 79 ‐


Neither the IDA, the County, the State, nor any political subdivision thereof is obligated in any manner for repayment of the bonds. Accordingly the bonds are not reported as liabilities in the accompanying financial statements.

As of September 30, 2015, there were several series of bonds outstanding. The aggregate principal amount payable could not be determined.

Additionally, the Housing Finance Authority (“HFA”) has issued bonds to provide financial assistance to private sector entities for the acquisition and construction of housing developments deemed to be in the public interest. The bonds are secured by the property financed and are payable solely from payments received on the underlying mortgage loans. Upon repayment of the bonds, ownership of the acquired facilities transfers to the private-sector entity served by the bond issuance. Neither the HFA, the County, the State, nor any political subdivision thereof is obligated in any manner for repayment of the bonds. Accordingly the bonds are not reported as liabilities in the accompanying financial statements. As of September 30, 20145, there were two series of bonds outstanding. The aggregate principal amount payable could not be determined; however, the aggregate original issue amount was $20,670,000. In December 2015, one of the bond issuances was satisfied in full through the sale of the related apartment complex. As of that date, the remaining original issue amount of outstanding bonds was $7,800,000. Finally, the Educational Facilities Authority (“EFA”) issued bonds to a private sector entity for the acquisition, construction, rehabilitation and/or equipping of various academic buildings. The bonds are secured by the property financed and are payable solely from payments received on the underlying mortgage loans. Upon repayment of the bonds, ownership of the acquired facilities transfers to the private sector entity served by the bond issuance. Neither the EFA, the County, the State, nor any political subdivision thereof is obligated in any manner for repayment of the bonds. Accordingly the bonds are not reported as liabilities in the accompanying financial statements. As of September 30, 2015, there was one series of bonds outstanding. The aggregate principal amount payable could not be determined; however, the aggregate original issue amount was $10,000,000.



‐ 80 ‐

7. INTERFUND BALANCES AND TRANSFERS

A. The compositions of interfund transfers:

Fund Type/Fund Transfer-in Transfer-outMAJOR GOVERNMENTAL FUNDS: General Fund 3,403,565$ 7,977,777$ County Transportation Trust Fund 4,317 280,812 St. Johns County Community Redevelopment Agency 569,819 NONMAJOR GOVERNMENTAL FUNDS: SPECIAL REVENUE FUNDS: County Health Department 4,000 - Court Facilities - 413,936 Law Enforcement Trust - 73,000 Community Based Care 97,891 - Transit System 276,489 - Crime Prevention Fund - 72,730 Beach Fund 915,827 407,216 Pier 59,345 - Tourist Development Tax - 1,184,574 Communication Surcharge - 120,000 County Cultural Center 211,532 - County Gulf Course 2,476,551 - Public Building Impact Fees - 1,199,796 Impact Fees Fire/EMS - 624,644 Impact Fees Roads 184,341 1,500,000 Impact Fees Parks - 363,446 E-911 Communications - 995,583 Fire District - 947,618 Paving MSBU 24 - Alarm Ordinance - 10,655 Records Modernization - 673

Subtotal: 4,226,000 7,913,871 DEBT SERVICE FUNDS: Transportation Improvement Revenue Bonds, Series 2003 - 628 Transportation improvement Revenue Bonds, Series 2006 437,500 39,531 Transportation Refunding Bonds, Series 2012 625,628 - Transportation Refunding Bonds, Series 2015 477,031 - St Johns County CRA Note 509,878 - GE Capital Lease 31,435 - Trane Capital Lease 327,638 - TD Bank Public Facilities Note, Series 2014 365,000 - Sales Tax Bonds, Series 2006 520,793 450,000 Sales Tax Bonds, Series 2009 935,044 - Sales Tax Bonds, Series 2012 363,446 - Sales Tax Refunding & Revenue Bonds, Series 2015 1,129,003 - Chase Note, Series 2012 1,347,106 - $30M Commercial Paper Loan Program 781,032 - Revenue Sharing Bonds, Series 2005 - 398,102 Revenue Sharing Refunding Bonds, Series 2014 398102 -

Subtotal: 8,248,636 888,261 CAPITAL PROJECT FUNDS: 800Mh Interoperable Radio System - 68,597 Beach Re-nourishment Project 514,432 - HHS Facility 1,102,100 2,121 Transportation Improvement Bonds, Series 2006 - 86,247 Treasure Beach MSBU - 4,318

Subtotal: 1,616,532 161,283 Non-Major Governmental Funds Total: 14,091,168 8,963,415

PROPRIETARY FUNDS: Convention Center 292,773 -

Subtotal: 292,773 -

Total: 17,791,823$ 17,791,823$


‐ 81 ‐

7. INTERFUND BALANCES AND TRANSFERS (continued)

B. At September 30, 2015, interfund balances are as follows: Fund Type/Fund Due To Due FromMAJOR GOVERNMENTAL FUNDS:

General Fund 609,967$ 2,002,123$ County Transportation Trust Fund 94,565 136,640

NONMAJOR GOVERNMENTAL FUNDS:SPECIAL REVENUE FUNDS:

Building Services 22,769 - Law Enforcement Trust Fund - 43,118 State Housing Initiatives Program 67,442 - Community Based Care 16,288 -

Court Technology 525 - Transit System 529 3,451 Crime Prevention Fund 25,868 -

Beach Fund 2,151 - Pier 619 - Tourist Development Tax 1,381 - County Cultural Center 39,657 - County Golf Course 2,708 - E-911 75,697 - Fire District 1,541,554 - Treasure Beach MSBU 456,094 - Paving MSBU 17,978 - Clerk's Court Modernization 1,373 - Clerk's Teen Court 367 - Title IVD Fund 856 -

Subtotal: 2,273,856 46,569 DEBT SERVICE FUNDS:

TD Bank Public Facilities Note, Series 2014 19,330 -

CAPITAL PROJECT FUNDS:HHS Facility - 19,330

Subtotal: - 19,330 Nonmajor Governmental Funds Total: 2,293,186 65,899

MAJOR PROPRIETARY FUNDS:Landfill 17,327 - St. Johns County Utilities 108,751 - Ponte Vedra Utilities 17,979 42,651

Major Proprietary Funds Total: 144,057 42,651

INTERNAL SERVICE FUNDS:Health Insurance 3,774 870,922 Workers Compensation 1,452 28,766

Subtotal: 5,226 899,688

Total: 3,147,001$ 3,147,001$


‐ 82 ‐

7. INTERFUND BALANCES AND TRANSFERS (concluded)

C. Outstanding interfund balances result mainly from working capital loans made from the County’s General Fund, Road Impact Fees Fund and Transportation Trust Fund to other county funds. D. Transfers between funds are used to move unrestricted available revenues from one fund to

another county fund to finance various programs, pay debt service, fund capital acquisitions and to provide subsidies for various grant programs.

E. In addition, long-term advances were made as follows:

The primary purpose of the advances, by the Board of County Commissioners, was to provide

Capital and operating resources for private road construction, canal dredging and golf course operations that will be paid back over future periods, including interest, by establishing a Municipal Service Benefit Unit for the residents served by the roads, canals and to provide adequate operating revenues at the golf course.

8. EMPLOYEE BENEFITS

A. State of Florida - Defined Benefit Retirement Plan Plan Description – St. Johns County participates in the Florida Retirement System (the “System”), a cost-sharing multiple-employer public employee retirement system administered by the State of Florida, Department of Management Services, Division of Retirement, to provide retirement and survivor benefits to participating public employees. Chapter 121, Florida Statutes, establishes the authority for participant eligibility, contribution requirements, vesting eligibility and benefit provisions. The System issues a publicly available financial report that includes financial statements and required supplementary information. That report may be obtained by contacting the Florida Department of Management Services, Division of Retirement, and P.O. Box 9000, Tallahassee, Florida 32315-9000 or by calling (850) 488-6491. The Florida Retirement System (FRS) Pension Plan is a cost-sharing, multiple-employer defined benefit pension plan with a

Advance To Advance FromOther Funds Other Funds

General Fund: Treasure Beach 2,415,164$ CH Arnold 19,575Total General Fund: 2,434,739

County Transportation Trust: Deerwood 49,581

Special Revenue Funds: Treasure Beach $2,415,164 CH Arnold 19,575

2,434,739County Transportatin Trust: Deerwood 49,581

Total: 2,484,320$ 2,484,320$


‐ 83 ‐

8. EMPLOYEE BENEFITS (continued)

Deferred Retirement Option Program (DROP) available for eligible employees. The FRS was established and is administered in accordance with Chapter 121, Florida Statutes. Retirees receive a lifetime pension benefit with joint and survivor payment options. FRS membership is compulsory for employees filling regularly established positions in a state agency, county agency, state university, state community college, or district school board, unless restricted from FRS membership under Sections 121.053 and 121.122, Florida Statutes, or allowed to participate in a defined contribution plan in lieu of FRS membership. Participation by cities, municipalities, special districts, charter schools and metropolitan planning organizations is optional. The Retiree Health Insurance Subsidy (HIS) Program is a cost-sharing, multiple-employer defined benefit pension plan established and administered in accordance with Section 112.363, Florida Statutes. The benefit is a monthly payment to assist retirees of the state-administered retirement systems in paying their health insurance costs. To be eligible to receive a HIS benefit, a retiree under one of the state administered retirement systems must provide proof of eligible health insurance coverage, which can include Medicare. Benefits Provided Benefits under the FRS Pension 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 five highest fiscal years’ earnings; for members initially enrolled on or after July 1, 2011, the average final compensation is the average of the eight 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 plan and/or class to which the member belonged when the service credit was earned. Eligible retirees and beneficiaries receive a monthly HIS payment equal to the number of years of service credited at retirement multiplied by $5. The minimum payment is $30 and the maximum payment is $150 per month, pursuant to Section 112.363, Florida Statutes. Contributions The contribution requirements of plan members and the County are established and may be amended by the Florida Legislature. Employees are required to contribute 3.00% of their salary to the FRS. The County’s contribution rates as of September 30, 2015, were as follows:

FRS HIS

Regular Class 5.60% 1.66%

Special Risk Class 20.38% 1.66%

Senior Management Service Class 19.77% 1.66%

Elected Officials 40.61% 1.66%

DROP from FRS 11.22% 1.66% The County’s contributions for the year ended September 30, 2015, were $11,141,167 to the FRS and $1,376,372 to the HIS.


‐ 84 ‐


Pension Liabilities and Pension Expense At September 30, 2015, the County reported a liability for its proportionate shares of the net pension liabilities. The net pension liabilities were measured as of June 30, 2015, and the total pension liabilities used to calculate the net pension liability were determined by an actuarial valuation dated July 1, 2015. The County’s proportions of the net pension liabilities were based on the County’s share of contributions to the pension plans relative to the contributions of all participating entities, actuarially determined.

FRS HISNet pension liability at September 30, 2015 $57,557,730 $33,541,027

Proportion at:Current measurement date 0.4456% 0.3289%Prior measurement date 0.4337% 0.3214%

Pension expense (benefit), year ended September 30, 2015 $3,829,969 $2,669,035

Deferred Outflows/Inflows of Resources Related to Pensions At September 30, 2015, the Office reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources:

Deferred Outflow s of Resources

Deferred Inflow s of Resources

Deferred Outflow s of Resources

Deferred Inflow s of Resources

Differences betw een expected and actual experience $6,076,392 ($1,365,094)Changes of assumptions 3,820,300 $2,638,803Net difference betw een projected and actual earnings on pension plan investments 20,273,427 (34,017,250) 18,157Changes in proportion and dif ferences betw een employer contributions and proportionate share of contributions 2,757,173 (3,686,866) 979,235Employer contributions subsequent to the measurement date 2,901,115 419,238Total $35,828,407 ($39,069,210) $4,055,433 $0

FRS HIS

Deferred outflows of resources related to employer contributions paid subsequent to the measurement date and prior to the employer’s fiscal year end will be recognized as a reduction of the net pension liability in the reporting period ending September 30, 2016. Other pension-related amounts reported as deferred outflows of resources and deferred inflows of resources will be recognized in pension expense as follows:


‐ 85 ‐


Year ending September 30, FRS HIS2016 (2,001,634)$ 588,093$ 2017 (2,001,634) 588,093 2018 (2,001,634) 588,093 2019 (2,001,635) 588,093 2020 1,434,319 583,555 Thereafter 430,299 700,268 Total (6,141,919)$ 3,636,195$

Actuarial Assumptions The total pension liability for each of the defined benefit plans was determined by an actuarial valuation as of July 1, 2015, using the entry age normal actuarial cost method and the following significant actuarial assumptions:

FRS HIS

Inflation 2.60% 2.60%

Salary increases 3.25% 3.25%

Investment rate of return 7.65% N/A

Discount rate 7.65% 3.80% Mortality assumptions for both plans were based on the Generational RP-2000 with Projection Scale BB. For both plans, the actuarial assumptions used in the July 1, 2015 valuation were based on the results of an actuarial experience study for the period July 1, 2008, through June 30, 2013. The following changes in actuarial assumptions occurred in 2015: FRS: No changes in key actuarial assumptions.

HIS: The Municipal rate used to determine the total pension liability decreased from 4.29% to 3.80%.

The long-term expected investment rate of return was not based on historical returns, but instead was based on a forward-looking capital market economic model. Each asset class assumption is based on a consistent set of underlying assumptions, and includes an adjustment for the inflation assumption. For the FRS Pension Plan, the table below summarizes the target allocation and best estimates of arithmetic and geometric real rates of return for each major asset class.


‐ 86 ‐


Asset ClassTarget

Allocation

Annual Arithmetic

Return

Compound Annual

(Geometric) Return

Cash 1% 3.2% 3.1%Fixed income 18% 4.8% 4.7%Global equity 53% 8.5% 7.2%Real estate (property) 10% 6.8% 6.2%Private equity 6% 11.9% 8.2%Strategic investments 12% 6.7% 6.1%

100%

Discount Rate The discount rate used to measure the total pension liability for the FRS Pension Plan was 7.65%. FRS’ fiduciary net position was projected to be available to make all projected future benefit payments of current active and inactive employees. Therefore, the discount rate for calculating the total pension liability is equal to the long-term expected rate of return. Because the HIS Program is essentially funded on a pay-as-you-go basis, a municipal bond rate of 3.80% was used to determine the total pension liability for the program. The Bond Buyer General Obligation Bond 20-Bond Municipal Bond index was used as the applicable municipal bond index. Sensitivity Analysis The following table demonstrates the sensitivity of the net pension liability to changes in the discount rate. The sensitivity analysis shows the impact to the Office’s proportionate share of the net pension liability if the discount rate was 1.00% higher or 1.00% lower than the current discount rate.

1% DecreaseCurrent

Discount Rate 1% Increase 1% DecreaseCurrent

Discount Rate 1% Increase

6.65% 7.65% 8.65% 2.80% 3.80% 4.80%

Employer's proportionate share

of the net pension liability 149,145,096$ 57,557,730$ (18,658,002)$ 38,218,439$ 33,541,027$ 29,640,767$

FRS HIS


‐ 87 ‐


Pension Plans’ Fiduciary Net Position Detailed information about the pension plans’ fiduciary net position is available in the State’s separately issued financial reports.

B. State of Florida - Defined Contribution Retirement Plan Pursuant to Chapter 121, Florida Statutes, the Florida Legislature created the Florida Retirement Investment Plan (“FRS Investment Plan”), a defined contribution pension plan qualified under

Section 401(a) of the Internal Revenue Code. The FRS Investment Plan is an alternative available to members of the Florida Retirement System in lieu of the defined benefit plan. There is a uniform contribution rate covering both the defined benefit and defined contribution plans, depending on membership class. Required employer contributions made to the plan during the year ended September 30, 2015 totaled $1,923,535.

C. Other Post Employment Benefits

Plan Description – By County Resolution 08-151, St. Johns County established the St. Johns County Post Employment Welfare Benefits Trust Fund (“SJCPEWB”) which provides partial premium payments of eligible county retirees and their dependents for health care benefits; including health, prescription drugs, dental, vision and life insurance. Benefits are provided through a single employer defined benefit plan for post-employment benefits other than pension benefits for retirees and the eligible dependents of the Clerk of Courts, Sheriff, Tax Collector, Supervisor of elections, Property Appraiser and the County. The Board of County Commissioners can amend the benefits and retiree contributions associated with the plan. The life insurance benefit is provided at no charge to retirees. The life insurance benefit is $5,000 for all retirees. In accordance with Florida Statutes 112.0801, the health insurance subsidy is provided to employees who retire and immediately begin receiving benefits from the Florida Retirement System (“FRS”) after at least 6 years of creditable service. The County will maintain current subsidy levels for all current retirees. However, as of January 1, 2009, future retirees will be expected to share in the increasing costs of the program through increase rate adjustments. Retirees with more than 20 years of creditable service will receive an additional monthly subsidy. The amount of the monthly subsidy is based on the number of years of service with the County or Constitutional Officer, and is equal to one dollar and fifty cents for each year of total service until they are eligible for Medicare. On January 8, 2008, the County adopted Ordinance 2008-1 which established the permitted investments for SJCPEWB, which is a qualifying trust, and began funding its annual required contribution obligation through a direct contribution from unrestricted cash balances. A separate stand-alone financial statement for the Trust is not prepared.


‐ 88 ‐


At October 1, 2013, the date of the latest full actuarial valuation,

Active employees (fully eligible) 526

Active employees (not fully eligible) 1,266

Retirees receiving benefits 247

Total OPEB participants 2,039 Funding Policy – The contribution requirements of plan members and the County are established and may be amended by the St. Johns County Board of County Commissioners. The employer’s contribution to the OPEB Trust Fund to prefund benefits is accounted for in the County’s OPEB Trust Fund. For the year ended September 30, 2015, the County contributed a total of $2,742,916 towards the OPEB Plan, which includes a contribution of $1,832,770 to the Trust Fund from government programs. In subsequent years, the County will base future Trust Fund contributions on the actuarially determined annual required contribution (ARC), less an adjustment for the current asset balance of the County’s Net OPEB Obligation until the balance has been eliminated. However, no future Trust Fund contributions are legally or contractually required. Retiree plan members receiving benefits contributed $1,369,808 through their required monthly premiums.

Annual OPEB Cost and Net OPEB Obligation – The annual cost (expense) of the County’s OPEB Plan is calculated based on the ARC, an amount actuarially determined in accordance with the parameters of GASB Statement No. 45. The ARC represents a level of funding that, if paid on an ongoing basis, is projected to cover the normal cost each year and amortize any unfunded actuarial liability over a period not to exceed 30 years. The following table shows the components of the County’s annual OPEB cost for this fiscal year, the amount contributed by the employer, and the changes in the net OPEB asset.

Annual Required Contribution 2,841,433$

Interest on Net OPEB Obligation (399,653)

Adjustment to Annual Required Contribution 460,971

Total Annul OPEB Cost 2,902,751$

Contributions Made:

Contributions of assets to the OPEB Trust Fund (2,742,916)

Change in net OPEB asset 159,835

Net OPEB asset ‐ beginning of year (5,709,332)

Net OPEB asset ‐ end of year (5,549,497)$

DEVELOPMENT OF EMPLOYER CONTRIBUTION FOR FISCAL YEAR

ENDED SEPTEMBER 30, 2015


‐ 89 ‐


Trend Information

Net Ending OPEBAnnual OPEB Actual Employer Percentage Obligation/

Year Ended Cost Contribution Contribution (Asset)

9/30/2013 3,559,587$ 2,226,912$ 62.56% (5,742,090)$ 9/30/2014 2,764,698$ 2,731,940$ 98.82% (5,709,332)$ 9/30/2015 2,902,751$ 2,742,916$ 94.49% (5,549,497)$

Funding Status and Funding Progress – The OPEB payments made for the 2015 fiscal year were 94.49% of the annual OPEB cost. As of the actuarial valuation report dated October 1, 2013, the actuarial value of assets was $21,473,122; the actuarial accrued liability for benefits was $38,854,386; the unfunded actuarial accrued liability (UAAL) was $17,381,264; the UAAL as a percentage of covered payrolls, which was $83,170,894 as of the valuation date, was 20.90%; and the funded ratio was 55.27%.

Actuarial valuations of an ongoing plan involve estimates of the value of reported amounts and assumptions about the probability of occurrence of events far in the future. Examples include assumptions about future employment, mortality, and the healthcare cost trend. Amounts determined regarding 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.

The required schedule of funding progress immediately following the notes to the financial statements presents multiyear trend information about whether the actuarial value of plan assets is increasing or decreasing over time, relative to the actuarial accrued liability for benefits. Actuarial Methods and Assumptions – Projects of benefits for financial reporting purposes are based on the substantive plan (the plan as understood by the employer and the plan members) and include the types of benefits provided at the time of each valuation and the historical pattern of sharing of benefit 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. Several acceptable actuarial cost methods were investigated. The County’s goal was to achieve the lowest measure of OPEB Cost and the potential liability.


‐ 90 ‐


The actuarial methods are: Actuarial cost method Entry Age Normal Cost Amortization method Level percent of payroll, closed Amortization period 15 years Asset valuation Funded

The actuarial assumptions are: Investment rate of return 7% Projected annual payroll growth 4.0% (incl. inflation) Inflation rate 3.0% Mortality RP-2000 Employee Mortality Tables Healthcare cost trend rate Initial trend 6.0%; Ultimate trend 5.38%



‐ 91 ‐

9. FUND BALANCE CLASSIFICATIONS Balances of reported fund balances at September 30, 2015 are as follows:

St. Johns CountyCounty Community Other

General Transportation Redevelopment Governmental Fund Trust Fund Agency Funds Total

Nonspendable:Notes receivable 448,450$ 448,450$ Advances 2,434,739 49,581$ 2,484,320 Inventory 225,318 47,659$ 272,977

2,883,189 274,899 -$ 47,659 3,205,747 Restricted for: Community Redevelopment Agency debt service 12,836 12,836

Capital outlay for public facilities 2,577,132 2,577,132 Fire Rescue, Sheriff 's operations and facilities, County

permitting operations, & public safety grants 21,875,640 21,875,640 Roadw ay landscaping and maintenance 2,648,611 2,648,611 Roadw ay capital improvements & operations 11,082,226 11,082,226 State Housing Initiatives Program 721,279 721,279 Foster Care Program, Alcohol & Drug Abuse 45,451 45,451 Project Buckle Up 10,854 10,854 Tourist development & park improvements 4,961,753 4,961,753 Utility Regulatory Operations 211,993 211,993 Court facilities, technology, record's modernization

& Teen Court 67,961 5,572,103 5,640,064 Capital improvement projects 16,418,164 16,418,164 Debt service 1,280,829 1,280,829

290,808 - 12,836 67,183,188 67,486,832

Committed for:Inmate benefits 225,361 225,361

Assigned for: Community Redevelopment Agency operating expenditures 4,590 4,590

Capital outlay for public facilities 7,317 7,317 Fire Rescue, Sheriff 's operations and facilities, &

Inmate benefits 3,426,423 3,426,423 Roadw ay capital improvements & operations 32,291,596 1,388,109 33,679,705 State Housing Initiatives Program & CRA Programs 4,801 4,801 Alcohol & Drug Abuse Program 5,114 5,114 Tourist development, cultural entertainment & parks 949,872 949,872 Court technology 91,215 91,215 Capital improvement projects 188,459 188,459 Debt service 2,689,951 2,689,951

- 32,291,596 4,590 8,751,261 41,047,447

Unassigned: 47,570,801 (2,520,338) 45,050,463

Total: 50,744,798$ 32,566,495$ 17,426$ 73,687,131$ 157,015,850$


‐ 92 ‐

10. RISK MANAGEMENT

A. Public Entity Risk Pool

The County is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors and omissions; injuries to employees; and natural disasters. The County belongs to the Florida Association of Counties Trust (the “FACT”), a public entity risk pool currently operating as a common risk management and insurance program for twenty-eight member counties. The County pays an annual premium to FACT for its general liability coverage. The premiums are designed to fund the liability risks assumed by the Trust and are based on certain actual exposures of each member. There were no claims paid which exceeded coverage during the last three fiscal years.

B. Self Insurance

The Board carries worker’s compensation coverage with Bituminous Insurance. The Board believes it is more economical to manage its risks internally and set aside assets for claim settlement within the Worker’s Compensation Internal Service Fund. The Worker’s Compensation Internal Service Fund paid the monthly premiums. Additionally, St. Johns County provides health, life and accidental death and dismemberment insurance for its employees via a Self Insurance Internal Service Fund to account for and finance its self insured risks of loss. Under this program, the Health Insurance Internal Service Fund provides coverage up to a maximum of $250,000 per employee per incident. The Board purchases commercial insurance for claims in excess of coverage provided by the Fund. The County elected to discontinue coverage of the maximum Aggregate Stop Loss re-insurance liability because re-insured claims have historically never reached the maximum threshold and settled amounts have not exceeded collected premiums. During this year, there were claims that exceeded the $250,000 stop loss deductible for a total of $700,359 in anticipated reimbursements. The September 30, 2015 estimated claims liability of $2.34 million is based on the requirements of GASB Statement No. 10, which requires that a liability for claims be reported if information prior of the issuance of the financial statements indicates that it is probable that a liability has been incurred at the date of the financial statements and that the amount of loss can be reasonably estimated, including an estimate for liabilities incurred but not reported. Claims liabilities are an estimate based on the monthly average of lag claims paid for the most recent three quarters that were made between 30 – 120 days after the initiation of the claim plus an annual average of all claims paid that exceeded 120 days. The claims liability at the fiscal year end is shown at current dollar value. Additionally, section 112.08, Florida Statute, requires the County Health Plan to hold a cash surplus of 60-days in anticipated claims. The required level, as determined by the County’s actuary was $2.4 million.


‐ 93 ‐

10. RISK MANAGEMENT (continued)

All County departments and the other elected constitutional officers of the County participate in both programs. The cost of providing claim’s administrative services and payments is allocated by charging a “premium” to each department and constitutional officer based on a fixed premium or a percentage of each organization’s estimated current-year payroll. The premium charged considers recent trends in actual claims experience of the County as a whole and makes provision for catastrophe losses. Changes in the Health Insurance Fund’s claims liability amount were as follows:

Fiscal Beginning Claims/Changes Claim EndingYear Balance in Estimates Payments Balance

2012/2013 2,275,086$ 18,582,334$ 18,770,379$ 2,087,041$

2013/2014 2,087,041$ 21,474,341$ 21,318,468$ 2,242,914$

2014/2015 2,242,914$ 24,176,899$ 24,075,367$ 2,344,446$

C. Conventionally Insured Claims and Losses

The County retains conventional insurance coverage on all other types of insurable risks. Settled claims resulting from these risks have not exceeded conventional insurance coverage in any of the past three fiscal years.

11. DEFICIT BALANCE - INDIVIDUAL FUNDS

At September 30, 2015 the following funds had deficit equity balances in the amounts shown:

Nonmajor Government Funds: County Cultural Center 37,621$ Private Roads MSBU 67,553 Treasure Beach MSBU 2,415,164

Deficits will be corrected by adjusting future revenues through increased charges for services; adding new revenues; or increasing operational transfers.

12. OTHER REQUIRED INDIVIDUAL FUND AND COMPLIANCE DISCLOSURES Accrual for Landfill Closure and Post-Closure Costs - State and Federal laws and regulations require the County to place a final cover on its Tillman ridge Phase II landfill site when it stops accepting waste and to perform certain maintenance and monitoring functions at the site for thirty years after closure. Although closure and post-closure care costs will be paid only near or after the date that the landfill stops accepting waste, the County reports a portion of these closure and post-closure care costs as an operating expense in each period based on landfill capacity used as of each balance sheet date. The $5,176,855 reported as landfill closure and post-closure care liability at September 30, 2015, represents the cumulative amount reported as post-closure care costs for both phases of the Tillman Ridge Landfill.


‐ 94 ‐

12. OTHER REQUIRED INDIVIDUAL FUND AND COMPLIANCE DISCLOSURES (continued) The annual estimated cost is approximately $323,553, and there remains 16 years of estimated post-closure care. The amount is estimated based on what it would cost to perform all post-closure care in 2015. The actual cost may be higher due to inflation, changes in technology, or changes in landfill laws and regulations. The County is required by state and federal laws and regulations to provide proof of financial responsibility for closure and post-closure care. The County’s method, which is established by State law, relies on various financial tests to provide this proof. The County is in compliance with these requirements at September 30, 2015. 13. RELATED PARTY DISCLOSURES In Fiscal Year 2010, the County entered into a Revenue Sharing Interlocal Agreement, under Section 163, Florida Statutes, with the City of St. Augustine Beach (“City”) and the Florida Department of Environmental Protection (“FDEP”) Clean Water State Revolving Loan Program (“Program”) to connect approximately 620 residential units in seven neighborhoods to the St. Johns County Utility System. Through the Program, the City obtained funding in the amount of $6,937,571. Upon completion of the project, $4,507,926 of the outstanding loan balance was forgiven. The remaining one third will be amortized and payable over 20 years.

The City contracted with the county to extend their current utility system into these neighborhoods. As construction costs were incurred, the County invoiced the City. The City in turn paid the County from the loan proceeds. The new lines will be operated and maintained by St. Johns County. The City has been deemed the owner of the new utility lines until such time as the debt instrument that was used to finance the project is retired, upon which ownership shall vest solely with the County.

The County shares system revenues generated from the new connections with the City in the amount equal to $83,683 paid semiannually for debt service on the City’s loan which were not forgiven. 14. NET POSITION RESTRICTED BY ENABLING LEGISLATION The government-wide statement of net position reports $115,529,396 of restricted net position, of which, $63,400,460 is restricted by enabling legislation. 15. RESTATEMENTS Effective October 1, 2014, the county restated certain beginning fund balances and net position in order to reclassify the Golf Course from enterprise fund/business-type activities to a special revenue fund/governmental activities, and to implement the provisions of GASB Statement No. 68, Accounting and Financial Reporting for Pensions and GASB Statement No. 71, Pension Transition for Contributions Made Subsequent to the Measurement Date. The effects of these restatements are summarized below.


‐ 95 ‐

15. RESTATEMENTS (continued)

Governmental Activities

Nonmajor Governmental

FundsBusiness-type

ActivitiesSt. Johns County

Utilities Ponte Vedra Utilites Solid WasteNonmajor

Enterprise Funds

Net Position, September 30, 2014, as previously reported 1,122,969,768$ 61,826,705$ 321,964,720$ 282,681,501$ 15,267,098$ 17,727,265$ 6,288,856$

Golf Course Fund Reclassification 4,904,537 (151,377) (4,904,537) - - - (4,904,537)

Pension Related:

Deferred outflows - Contributions subsequent to measurement date 2,798,135 - 126,459 95,052 19,560 11,847 -

Deferred outlfows - Other than contributions subsequent to measurement date 7,135,166 - 322,468 242,380 49,877 30,211 -

Deferred inflows (48,006,449) - (2,169,612) (1,630,771) (335,578) (203,263) -

Net penion liability - beginning of the year (54,065,389) - (2,443,440) (1,836,592) (377,931) (228,917) - Net position, October 1, 2014, as restated 1,035,735,768$ 61,675,328$ 312,896,058$ 279,551,570$ 14,623,026$ 17,337,143$ 1,384,319$

16. COMMITMENTS AND CONTINGENCIES

A. Commitments

At September 30, 2015 the County had approximately $14.8 million in outstanding commitments relating to construction contracts.

B. Contingencies Pending Litigation

The County is contingently liable with respect to lawsuits and other claims incidental to the ordinary course of its operations. In the opinion of county management, based on the advice of legal counsel, the ultimate disposition of these lawsuits and claims will not have a material adverse effect on the financial position of the County.

17. SUBSEQUENT EVENTS

After the close of the fiscal year, the County directed staff to begin the process of compiling the necessary documents to refund the outstanding debt associated with the Ponte Vedra Utility System; to issue additional debt necessary to complete approximately $20 million in system improvements to the Ponte Vedra system; and upon completion of the transaction to merge the system with the St. Johns County Utility System.

18. FUTURE ACCOUNTING PRONOUNCEMENTS The Governmental Accounting Standards Board has issued statements that will become effective in fiscal year 2016. The statements address:

A. Fair value measurement and application

B. GAAP hierarchy

The County is currently evaluating the effects that these statements will have on its 2016 financial statements.

- 96 -


- 97 -

REQUIRED SUPPLEMENTARY INFORMATION

ST. JOHNS COUNTY, FLORIDASCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL - GENERAL FUNDFOR THE YEAR ENDED SEPTEMBER 30, 2015

Original Final Variance withBudget Budget Actual Final Budget

REVENUES: Taxes 101,636,650$ 101,636,650$ 98,125,430$ (3,511,220)$ Licenses and permits 275,000 275,000 282,726 7,726 Intergovernmental 19,702,643 21,037,895 21,351,531 313,636 Charges for services 14,211,016 15,246,511 17,111,129 1,864,618 Fines and forfeitures 3,092,952 3,092,952 3,521,265 428,313 Contributions 145,000 175,446 143,511 (31,935) Investment income 666,241 666,241 1,468,170 801,929 Miscellaneous revenue 663,261 1,543,737 1,585,897 42,160 FS 129 statutory reduction (6,277,730) (6,277,730) 6,277,730

TOTAL REVENUES 134,115,033 137,396,702 143,589,659 6,192,957

EXPENDITURES: Current: General government 34,607,749 35,327,008 32,773,421 2,553,587 Public safety 73,283,162 78,695,876 76,802,701 1,893,175 Physical environment 889,854 889,877 781,698 108,179 Economic environment 2,341,121 3,069,565 2,910,567 158,998 Human services 6,817,025 6,991,296 6,459,439 531,857 Culture and recreation 15,042,636 15,479,084 13,742,509 1,736,575 Court Related 8,835,176 8,672,100 8,242,040 430,060

TOTAL EXPENDITURES 143,092,812 150,389,675 142,973,652 7,416,023

EXCESS OF REVENUES OVER (UNDER) EXPENDITURES (8,977,779) (12,992,973) 616,007 13,608,980


Transfers in 2,781,633 3,751,272 3,403,565 (347,707) Transfers out (6,182,106) (8,473,981) (7,977,777) 496,204 Capital lease 1,499,909 1,499,909 - Sale of capital assets - 1,499,909 315,276 (1,184,633)

TOTAL OTHER FINANCING SOURCES (USES) (3,400,473) (1,722,891) (2,759,027) (1,036,136)

NET CHANGE IN FUND BALANCE (12,378,252) (14,715,864) (2,143,020) 12,572,844

FUND BALANCES, BEGINNING OF YEAR 47,997,618 47,997,618 52,887,818 4,890,200

FUND BALANCES, END OF YEAR 35,619,366$ 33,281,754$ 50,744,798$ 17,463,044$

General Fund

- 98 -

ST. JOHNS COUNTY, FLORIDASCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL - MAJOR SPECIAL REVENUE FUNDFOR THE YEAR ENDED SEPTEMBER 30,2015


REVENUES: Taxes 14,200,984$ 14,200,984$ 13,948,316$ (252,668)$ Licenses and permits 442,914 442,914 Intergovernmental 8,808,769 8,958,769 5,067,405 (3,891,364) Charges for services 5,900,794 10,047,547 10,110,194 62,647 Contributions 36,500 36,500 36,500 - Investment income 179,850 179,850 314,503 134,653 Miscellaneous revenue 108,139 108,139 FS 129 statutory reduction (931,341) (931,341) 931,341

TOTAL REVENUES 28,195,556 32,492,309 30,027,971 (2,464,338)

EXPENDITURES: Current: Transportation 35,562,236 43,989,648 29,612,172 14,377,476

TOTAL EXPENDITURES 35,562,236 43,989,648 29,612,172 14,377,476

EXCESS OF REVENUES OVER (UNDER) EXPENDITURES (7,366,680) (11,497,339) 415,799 11,913,138


Transfers in 6,556 6,556 4,318 (2,238) Transfers out (280,812) (280,812) (280,812) - Sale of capital assets 6,811,795 6,811,795

TOTAL OTHER FINANCING SOURCES (USES) (274,256) (274,256) 6,535,301 6,809,557

NET CHANGE IN FUND BALANCE (7,640,936) (11,771,595) 6,951,100 18,722,695

FUND BALANCES, BEGINNING OF YEAR 24,746,470 24,746,470 25,615,395 868,925

FUND BALANCES, END OF YEAR 17,105,534$ 12,974,875$ 32,566,495$ 19,591,620$

Transportation Trust

- 99 -

ST. JOHNS COUNTY, FLORIDASCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL - MAJOR SPECIAL REVENUE FUNDFOR THE YEAR ENDED SEPTEMBER 30,2015


REVENUES: Taxes 597,028$ 597,028$ 596,346$ (682)$ Investment income 380 380 833 453 FS 129 statutory reduction (20) (20) - 20

TOTAL REVENUES 597,388 597,388 597,179 (209)

EXPENDITURES: Current: Economic Environment 61,073 61,073 44,590 16,483

TOTAL EXPENDITURES 61,073 61,073 44,590 16,483

EXCESS OF REVENUES OVER (UNDER) EXPENDITURES 536,315 536,315 552,589 16,274


Transfers out (569,819) (569,819) (569,819) -

TOTAL OTHER FINANCING SOURCES (USES) (569,819) (569,819) (569,819) -

NET CHANGE IN FUND BALANCE (33,504) (33,504) (17,230) 16,274

FUND BALANCES, BEGINNING OF YEAR 33,504 33,504 34,656 1,152

FUND BALANCES, END OF YEAR -$ -$ 17,426$ 17,426$

Community Redevelopment AgencySt Johns County

- 100 -

ST. JOHNS COUNTY, FLORIDA NOTES TO BUDGETARY COMPARISON SCHEDULES FOR THE YEAR ENDED SEPTEMBER 30, 2015

- 101 -

BUDGETS AND BUDGETARY ACCOUNTING

The County uses the following procedures in establishing the budgetary data.

1. The County adopts its budget in accordance with Chapters 129 and 200, Florida Statutes, and County Policy.

a. The County and County Administrator follow an internal hearing process to set

the proposed tentative budget and millage. b. Public hearings are then held to adopt a tentative budget and millage in

accordance with Chapters 129 and 200, Florida Statutes.

2. The County presents a budgetary comparison schedule as a part of the Required Supplementary Section for the General Fund and each major special revenue fund.

3. All other governmental funds with legally adopted annual budgets are included in the

Schedules of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual in the Supplementary Information Section of this report.

4. The County, with the exception of certain Special Revenue Funds, adopts budgets for all

Governmental Funds. Appropriations for these limited Special Revenue Funds are approved, as necessary, during the fiscal year.

5. Level of Control - Expenditures may not exceed appropriations and are controlled in the

following manner:

a. The budget is controlled according to Chapter 129, Florida Statutes, at the total fund level.

b. The County has adopted more stringent policies that control expenditures on the

department level within funds.

c. The County has adopted a budget amendment policy that allows the County Administrator to make budget transfers within departments within a fund; therefore the legal level of control is at the department level. However, for the majority of the County’s funds there is only one department within the fund. As a result, when the County reports by fund it is reporting at the legal level of control for those funds. For the funds that have more than one department, supporting schedules are presented in the supplementary information section for a comparison of budget to actual expenditures at the department level.

Those funds are as follows:

Major Funds: General Fund County Transportation Trust St. Johns County Community Redevelopment Agency Fund

Nonmajor Governmental Funds: Beach

Tourist Development Tax

ST. JOHNS COUNTY, FLORIDA NOTES TO BUDGETARY COMPARISON SCHEDULES FOR THE YEAR ENDED SEPTEMBER 30, 2015

- 102 -

BUDGETS AND BUDGETARY ACCOUNTING (concluded)

d. The Board of County Commissioners must authorize budget transfers between

departments in a fund.

6. All budgets are adopted in accordance with generally accepted accounting principles.

7. Appropriations lapse at the close of each fiscal year.

8. Formal budgetary integration is used as a management control device for all governmental funds of the Board.

9. Supplemental Appropriations - In certain instances, the County may advertise and hold

public hearings in order to supplement the appropriations in a fund due to unexpected high levels of receipts, unanticipated grants or under estimation of carry forward balances. In fiscal year 2015 supplemental appropriations, greater than $100,000, were approved by resolution in accordance with county policy as follows:

Additional Unanticipated Other

Supplemental Grant UnanticipatedAppropriations Receipts Receipts

Major Funds:General Fund 1,176,658$ 231,754$ County Transportation Trust Fund 4,140,659 150,000$ 4,146,753

Nonmajor Governmental Funds:Tree Bank 165,000 Communication Surcharge 120,000 County Golf Course 1,790,000 Public Building Impact Fees 158,210 Impact Fees Roads 997,778 Fire District 550,000 Transportation Improvement Revenue Refunding Bonds, Series 2015 27,253,289 Sales Tax Revenue Refunding Bonds, Series 2015 60,755,614 State Revenue Sharing Refunding Bonds, Series 2014 17,026,761 Development Project 154,077

Proprietary Major Funds:St. Johns County Utilities 32,892,299 Ponte Vedra Utilities 210,000 Convention Center 9,428,353

Proprietary Nonmajor Funds:Group Health Insurance 1,589,974

ST. JOHNS COUNTY, FLORIDASCHEDULES OF PROPORTIONATE SHARE OF NET PENSION LIABILITYLAST 10 FISCAL YEARS (1)

2015

Employer's proportion of the net pension liability (asset) 0.4456%

Employer's proportionate share of the net pension liability (asset) 57,557,730$

Employer's covered-employee payroll (2) 99,794,551$

Employer's proportionate share of the net pension liability (asset) as a percentage of its covered-employee payroll 57.6762%

Plan fiduciary net position position as a percentage of the total pension liability 92.00%

2015




Employer's proportionate share of the net pension liability (asset) as a percentage of its covered-employee payroll 33.6101%

Plan fiduciary net position position as a percentage of the total pension liability 0.50%

Notes to schedules:

(2) Covered-employee payroll includes defined benefit plan actives, investment plan members, and members in DROP.

GASB Statement No. 68 was implemented in 2015. Until a full 10-year trend is compiled, information for those years for which it is available will be presented.

Health Insurance Subsidy Program

Florida Retirement System

(1) The amounts presented for each fiscal year were determined as of the measurement date, which was June 30th of the current fiscal year.

- 103 -

ST. JOHNS COUNTY, FLORIDASCHEDULES OF EMPLOYER CONTRIBUTIONSLAST 10 FISCAL YEARS

2015

Contractually required contribution 11,141,167$

Contribution in relation to the contractually required contribution 11,141,167

Contribution deficiency (excess) -$


Contributions as a percentage of covered-employee payroll 11.00%

2015


Contribution in relation to the contractually required contribution 1,376,372



Contributions as a percentage of covered-employee payroll 1.36%

Notes to schedules:

GASB Statement No. 68 was implemented in 2015. Until a full 10-year trend is compiled, information for those years for which it is available will be presented.



(1) Covered-employee payroll includes defined benefit plan actives, investment plan members, and members in DROP.

- 104 -

ST. JOHNS COUNTY, FLORIDASCHEDULES OF FUNDING PROGRESS AND EMPLOYER CONTRIBUTIONS - OTHER POST EMPLOYMENT BENEFITSFOR THE YEAR ENDED SEPTEMBER 30, 2015

Actuarial UAAL as %Actuarial Actuarial Accrued Unfunded Total Annual of CoveredValuation Value of Liability (AAL) AAL (UAAL) Funded Ratio Covered Payroll

Date Assets (A) Entry Age (B) (B-A) (A/B) Payroll (C) (B-A)/C

10/1/2009 11,016,373$ 40,557,591$ 29,541,218$ 27.16% 83,548,539$ 35.36%10/1/2011 14,938,132$ 44,098,194$ 29,160,062$ 33.87% 81,122,307$ 35.95%10/1/2013 21,473,122$ 38,854,386$ 17,381,264$ 55.27% 83,170,894$ 20.90%

End of Plan RequiredYear to which Employer Percentage of Negative Net

Valuation Contribution Employer Annual OPEB Cost OPEB ObligationApplies Amount (A) Contributions (B) Contributed (B/A) Asset (B-A)

9/30/2013 3,559,587$ 2,226,912$ 62.56% 5,742,090$ 9/30/2014 2,764,698$ 2,731,940$ 98.82% 5,709,332$ 9/30/2015 2,902,751$ 2,742,916$ 94.49% 5,549,497$

Notes to schedules:See Note 8C for detailed information on the St. Johns County OPEB Plan.

Schedule of Funding Progress

Schedule of Employer Contribution

- 105 -

- 106 -

SUPPLEMENTARY INFORMATION

ST. JOHNS COUNTY, FLORIDACOMBINING BALANCE SHEET- BOARD AND OFFICER GENERAL FUNDS September 30, 2015

Board ofCounty Clerk of

Commissioners Circuit Court SheriffCommissioners Circuit Court SheriffSub-fund Sub-fund Sub-fund

ASSETS

Equity in pooled cash and cash equivalents 18,564,459$ 1,175,263$ 1,359,114$ Investments 25,357,773 Accounts receivable 999,080 105,955 Interest receivable 60,773 Note receivable 448,450 Ad f th f d 2 434 739Advance from other funds 2,434,739

Due from other funds 1,995,644 12,896 235,180 Due from other county agencies 4,193,544 540 224,892 Net due from other funds 6,189,188 13,436 460,072

Due from other governments 1,920,195 39,632 Other assets 260,489

TOTAL ASSETS 56,235,146$ 1,188,699$ 1,964,773$ , , , , , ,

LIABILITIES

Accounts payable and accrued liabilities 3,232,133$ 225,121$ 1,418,435$ Customer deposits 409,984

Due to other funds 250,290 460$ Due to other county agencies 135,684 650,439 546,338

Net due to other funds 385 974 650 899 546 338 Net due to other funds 385,974 650,899 546,338

Due to other governments 1,294,167 312,679 Unearned revenue 178,944

TOTAL LIABILITIES 5,501,202 1,188,699 1,964,773

FUND BALANCES

Nonspendable 2,883,189 Restricted 279,954 Unassigned 47,570,801

TOTAL FUND BALANCES 50,733,944 - -

TOTAL LIABILITIES AND FUND BALANCES 56,235,146$ 1,188,699$ 1,964,773$ (continued)

- 107 -


SupervisorTax Property of

Collector Appraiser Elections

ASSETS

Equity in pooled cash and cash equivalentsInvestmentsAccounts receivableInterest receivableNote receivableAd f th f d

Collector Appraiser ElectionsSub-fund Sub-fund Sub-fund

3,581,677$ 432,603$

Advance from other funds

Due from other fundsDue from other county agencies Net due from other funds

Due from other governmentsOther assets

TOTAL ASSETS

126,490 26 35 81,903$

126,516 35 81,903

37

3,708,230$ 432,638$ 81,903$

LIABILITIES

Accounts payable and accrued liabilitiesCustomer deposits

Due to other fundsDue to other county agencies

Net due to other funds

, , , ,

154,236$ 171,524$ 77,032$

3,178,258 261,114 4,871 3 178 258 261 114 4 871 Net due to other funds

Due to other governmentsUnearned revenue

TOTAL LIABILITIES

FUND BALANCES

Nonspendable

3,178,258 261,114 4,871

364,882

3,697,376 432,638 81,903

RestrictedUnassigned

TOTAL FUND BALANCES

TOTAL LIABILITIES AND FUND BALANCES

10,854

10,854 - -

3,708,230$ 432,638$ 81,903$ (continued)

- 108 -


InterfundEliminations &

ASSETS

Equity in pooled cash and cash equivalentsInvestmentsAccounts receivableInterest receivableNote receivableAd f th f d

Eliminations &Subtotals Consolidations Total

25,113,116$ 451,540$ 25,564,656$ 25,357,773 25,357,773 1,105,035 1,105,035

60,773 60,773 448,450 448,450

2 434 739 2 434 739Advance from other funds

Due from other fundsDue from other county agencies Net due from other funds

Due from other governmentsOther assets

TOTAL ASSETS

2,434,739 2,434,739

2,370,210 (374,566) 1,995,644 4,500,940 (4,494,461) 6,479 6,871,150 (4,869,027) 2,002,123

1,959,864 1,959,864 260,489 260,489

63,611,389$ (4,417,487)$ 59,193,902$

LIABILITIES

Accounts payable and accrued liabilitiesCustomer deposits

Due to other fundsDue to other county agencies

Net due to other funds

, , ( , , ) , ,

5,278,481$ 5,278,481$ 409,984 409,984

250,750 (142,504) 108,246 4,776,704 (4,274,983)$ 501,721 5 027 454 (4 417 487) 609 967 Net due to other funds

Due to other governmentsUnearned revenue

TOTAL LIABILITIES

FUND BALANCES

Nonspendable

5,027,454 (4,417,487) 609,967

1,971,728 1,971,728 178,944 178,944

12,866,591 (4,417,487) 8,449,104

2,883,189 2,883,189 RestrictedUnassigned

TOTAL FUND BALANCES

TOTAL LIABILITIES AND FUND BALANCES

290,808 290,808 47,570,801 47,570,801

50,744,798 - 50,744,798

63,611,389$ (4,417,487)$ 59,193,902$ (concluded)

- 109 -

ST. JOHNS COUNTY, FLORIDACOMBINING SHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES-BUDGET AND ACTUAL- BOARD AND OFFICER GENERAL FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 2015

Board of County Commissioners Clerk of the Circuit CourtSub-fund Sub-fund

Original Final Original FinalBudget Budget Actual Budget Budget Actual

REVENUES: Taxes 101,636,650$ 101,636,650$ 98,125,430$ Licenses and permits 275,000 275,000 282,726 Intergovernmental 19,192,976 19,249,292 19,345,043 509,667$ 399,221$ 268,815$ Charges for services 7,863,505 7,870,976 9,163,355 2,340,050 2,287,420 2,431,552 Fines and forfeitures 581,452 581,452 834,247 2,511,500 2,511,500 2,687,018 Contributions 145,000 175,446 143,511 Investment income 641,047 641,047 1,433,534 100 100 12,739 Miscellaneous revenue 659,911 891,665 925,867 3,350 3,350 6,307 FS 129 statutory reduction (6,277,730) (6,277,730) -

TOTAL REVENUES 124,717,811 125,043,798 130,253,713 5,364,667 5,201,591 5,406,431

EXPENDITURES: Current: General government 23,495,234 23,768,251 21,760,914 3,492,200 3,492,200 3,122,315 Public safety 17,172,901 17,282,782 15,405,692 Physical environment 889,854 889,877 781,698 Transportation - - - Economic environment 2,341,121 3,069,565 2,910,567 Human services 6,817,025 6,991,296 6,459,439 Culture and recreation 15,042,636 15,479,084 13,742,509 Court related 3,096,587 3,096,587 2,924,264 3,923,967 3,760,891 3,723,936 Debt service: Principal retirement Interest and fiscal charges

TOTAL EXPENDITURES 68,855,358 70,577,442 63,985,083 7,416,167 7,253,091 6,846,251

EXCESS OF REVENUES OVER (UNDER) EXPENDITURES 55,862,453 54,466,356 66,268,630 (2,051,500) (2,051,500) (1,439,820)

OTHER FINANCING SOURCES (USES): Transfers in 1,866,661 1,877,322 1,723,708 673 Transfers in - from Officers 3,970,000 3,970,000 4,447,721 T f i f B d 2 051 500 2 051 500 2 051 500 Transfers in - from Board - - - 2,051,500 2,051,500 2,051,500

Net transfers in 5,836,661 5,847,322 6,171,429 2,051,500 2,051,500 2,052,173

Transfers out (6,182,106) (8,473,981) (7,977,778) Transfers out - to Officers (66,498,970) (66,924,833) (66,924,832) Transfers out - to Board - - - (612,353)

Net transfers out (72,681,076) (75,398,814) (74,902,610) - - (612,353)

Long-term debt issued Premium on long-term debt issued Capital lease Sale of capital assets 70,000 70,000 315,277

TOTAL OTHER FINANCING SOURCES (USES) (66,774,415) (69,481,492) (68,415,904) 2,051,500 2,051,500 1,439,820

NET CHANGE IN FUND BALANCE (10,911,962) (15,015,136) (2,147,274) - - - FUND BALANCES, BEGINNING OF YEAR 47,997,618 47,997,618 52,881,218 - FUND BALANCES, END OF YEAR 37,085,656$ 32,982,482$ 50,733,944$ -$ -$ -$

(continued)

- 110 -


REVENUES: Taxes Licenses and permits Intergovernmental Charges for services Fines and forfeitures Contributions Investment income Miscellaneous revenue FS 129 statutory reduction

TOTAL REVENUES

EXPENDITURES: Current: General government Public safety Physical environment Transportation Economic environment Human services Culture and recreation Court related Debt service: Principal retirement Interest and fiscal charges

TOTAL EXPENDITURES

EXCESS OF REVENUES OVER (UNDER) EXPENDITURES

OTHER FINANCING SOURCES (USES): Transfers in Transfers in - from OfficersT f i f B d

Sheriff Tax CollectorSub-fund Sub-fund


1,389,382$ 1,389,382$ 1,080,654 1,080,654 8,281,842$ 8,281,842$ 8,463,278

25,094 25,094 21,439 648,722 648,722 5,001

- 3,118,758 3,118,758 8,306,936 8,306,936 8,489,718

5,467,573 5,467,573 5,369,563 56,110,261 61,413,094 61,397,009

1,814,622 1,814,622 1,593,840

1,219,379 1,233,061 1,229,282 56,710 31,808 31,995

59,200,972 64,492,585 64,252,126 5,467,573 5,467,573 5,369,563

(59,200,972) (61,373,827) (61,133,368) 2,839,363 2,839,363 3,120,155

10,655

59 200 972 59 873 918 59 668 528 Transfers in - from BoardNet transfers in

Transfers out Transfers out - to Officers Transfers out - to Board

Net transfers out

Long-term debt issued Premium on long-term debt issued Capital lease Sale of capital assets

TOTAL OTHER FINANCING SOURCES (USES)

NET CHANGE IN FUND BALANCE FUND BALANCES, BEGINNING OF YEAR FUND BALANCES, END OF YEAR

59,200,972 59,873,918 59,668,528 59,200,972 59,873,918 59,679,183 - - -

(45,724) (2,839,363) (2,839,363) (3,115,901) - - (45,724) (2,839,363) (2,839,363) (3,115,901)

1,499,909 1,499,909

59,200,972 61,373,827 61,133,368 (2,839,363) (2,839,363) (3,115,901)

- - - - - 4,254

- - - - - 6,600

-$ -$ -$ -$ -$ 10,854$

(continued)

- 111 -



TOTAL REVENUES


TOTAL EXPENDITURES



Property Appraiser Supervisor of ElectionsSub-fund Sub-fund


348,291$ 756,569$ 756,569$ 761,995$ 10,000$ 10,000$ 7,690

458

756,569 756,569 762,453 10,000 10,000 355,981

5,157,806 5,192,153 4,980,556 2,035,886 2,447,781 2,337,468

5,157,806 5,192,153 4,980,556 2,035,886 2,447,781 2,337,468

(4,401,237) (4,435,584) (4,218,103) (2,025,886) (2,437,781) (1,981,487)

4 435 584 4 435 584 4 435 552 2 025 886 2 437 781 2 437 781 Transfers in - from BoardNet transfers in


Net transfers out




4,435,584 4,435,584 4,435,552 2,025,886 2,437,781 2,437,781 4,435,584 4,435,584 4,435,552 2,025,886 2,437,781 2,437,781

(217,449) (456,294) - - (217,449) - - (456,294)

4,435,584 4,435,584 4,218,103 2,025,886 2,437,781 1,981,487

34,347 - - - - -

- - - - - -

34,347$ -$ -$ -$ -$ -$

(continued)

- 112 -



TOTAL REVENUES


TOTAL EXPENDITURES



Subtotals Eliminations and Consolidations


101,636,650$ 101,636,650$ 98,125,430$ 275,000 275,000 282,726

19,702,643 21,037,895 21,351,531 19,251,966 20,287,461 21,908,524 (5,040,950)$ (5,040,950)$ (4,797,395)$

3,092,952 3,092,952 3,521,265 145,000 175,446 143,511 666,241 666,241 1,468,170 663,261 1,543,737 1,585,897

(6,277,730) (6,277,730) -

139,155,983 142,437,652 148,387,054 (5,040,950) (5,040,950) (4,797,395)

39,648,699 40,367,958 37,570,816 (5,040,950) (5,040,950) (4,797,395) 73,283,162 78,695,876 76,802,701

889,854 889,877 781,698 - - -

2,341,121 3,069,565 2,910,567 6,817,025 6,991,296 6,459,439

15,042,636 15,479,084 13,742,509 8,835,176 8,672,100 8,242,040

1,219,379 1,233,061 1,229,282 56,710 31,808 31,995

148,133,762 155,430,625 147,771,047 (5,040,950) (5,040,950) (4,797,395)

(8,977,779) (12,992,973) 616,007 - - -

1,866,661 1,877,322 1,735,036 3,970,000 3,970,000 4,447,721 (3,970,000) (3,970,000) (4,447,721)

67 713 942 68 798 783 68 593 361 (66 798 970) (66 924 833) (66 924 832)

Interfund

Transfers in - from BoardNet transfers in


Net transfers out




67,713,942 68,798,783 68,593,361 (66,798,970) (66,924,833) (66,924,832) 73,550,603 74,646,105 74,776,118 (70,768,970) (70,894,833) (71,372,553)

(6,182,106) (8,473,981) (7,977,778) (66,498,970) (66,924,833) (66,924,832) 66,498,970 66,924,833 66,924,832

(2,839,363) (2,839,363) (4,447,721) 2,839,363 2,839,363 4,447,721 (75,520,439) (78,238,177) (79,350,331) 69,338,333 69,764,196 71,372,553

- - - - - - - 1,499,909 1,499,909

70,000 70,000 315,277

(1,899,836) (2,022,163) (2,759,027) (1,430,637) (1,130,637) -

(10,877,615) (15,015,136) (2,143,020) (1,430,637) (1,130,637) -

47,997,618 47,997,618 52,887,818

37,120,003$ 32,982,482$ 50,744,798$ (1,430,637)$ (1,130,637)$ -$

(continued)

- 113 -



TOTAL REVENUES


TOTAL EXPENDITURES



Totals

Original FinalBudget Budget Actual

101,636,650$ 101,636,650$ 98,125,430$ 275,000 275,000 282,726

19,702,643 21,037,895 21,351,531 14,211,016 15,246,511 17,111,129

3,092,952 3,092,952 3,521,265 145,000 175,446 143,511 666,241 666,241 1,468,170 663,261 1,543,737 1,585,897

(6,277,730) (6,277,730) -

134,115,033 137,396,702 143,589,659

34,607,749 35,327,008 32,773,421 73,283,162 78,695,876 76,802,701

889,854 889,877 781,698 - - -

2,341,121 3,069,565 2,910,567 6,817,025 6,991,296 6,459,439

15,042,636 15,479,084 13,742,509 8,835,176 8,672,100 8,242,040

1,219,379 1,233,061 1,229,282 56,710 31,808 31,995

143,092,812 150,389,675 142,973,652

(8,977,779) (12,992,973) 616,007

1,866,661 1,877,322 1,735,036 - - -

914 972 1 873 950 1 668 529 Transfers in - from BoardNet transfers in


Net transfers out




914,972 1,873,950 1,668,529 2,781,633 3,751,272 3,403,565

(6,182,106) (8,473,981) (7,977,778) - - - - - -

(6,182,106) (8,473,981) (7,977,778)

- - - - - - - 1,499,909 1,499,909

70,000 70,000 315,277

(3,330,473) (3,152,800) (2,759,027)

(12,308,252) (16,145,773) (2,143,020)

47,997,618 47,997,618 52,887,818

35,689,366$ 31,851,845$ 50,744,798$

(concluded)

- 114 -

-115 -

NON-MAJOR GOVERNMENTAL FUNDS

SPECIAL REVENUE FUNDS DESCRIPTIONS

Special Revenue Funds are used to account for the proceeds of specific revenue sources (other than major capital projects) that are legally restricted to expenditures for specified purposes. The County maintains the following Special Revenue Funds: County Health Department – To account for revenues and expenditures of the County Health Department. Building Services – To account for revenues and expenditures of the Building Services Department. Court Facilities – To account for the additional applicable civil and probate surcharges levied by the Circuit and County Court for the purpose of providing capital improvements for the Court system. Law Enforcement Trust – To account for revenues received from the sale of confiscated property and law enforcement expenditures. State Housing Initiatives Program – To account for funding of the Local Housing Assistance Program whose purpose is to increase the availability of affordable housing units in St. Johns County. Community Based Care – To account for State and Federally provided resources expended for foster child care and foster child adoptions. Court Technology Fund – To account for revenues from an additional recording fee imposed to fund existing multi-agency criminal justice information systems. Crime Prevention Fund – To account for revenues imposed in certain felony cases and other offenses to fund a portion of the operating expenses relating to crime prevention programs administered by the county sheriff. Beach – To account for beach access fees collected and disbursed for law enforcement, lifesaving, and ramp and general maintenance of the County’s beaches. Pier – To account for all revenues and expenditures for the County fishing pier at St. Augustine Beach. Tourist Development Tax – To account for collection and disbursement of the local option three cent bed tax. Tree Bank – To account for revenues and expenditures related to replacement and mitigation efforts required by County Ordinance. Communications Surcharge – To account for a surcharge collected on traffic fines to be used for improving the Sheriff’s communications equipment. County Cultural Center – (Formerly Known As the Amphitheater) To improve, operate and maintain the St. Augustine Amphitheater and County Fairgrounds for the development of the arts in St. Johns County.

-116 -

SPECIAL REVENUE FUNDS DESCRIPTIONS (continued) County Golf Course – To account for the administration and operations of the County Golf Course. The cost of providing this service to the general public is recovered primarily through user charges. Alcohol and Drug Abuse – To account for County funds, authorized by F.S. 893.165, for use in local substance abuse programs. Boating Improvement – To account for revenues received from motorboat registration fees to be used for recreational channel marking, public launching facilities and other boating related activities. Impact Fees Building – To account for revenues and expenditures from impact fees for capital improvements relating to public buildings, improvements and equipment directly attributed to growth. These fees are collected countywide. Impact Fees Police – To account for revenues and expenditures from impact fees for capital public safety improvements and equipment directly attributed to growth. These fees are collected countywide. Impact Fees Fire/EMS – To account for revenues and expenditures from impact fees for fire and ambulance service public safety capital improvements and equipment directly attributed to growth. These fees are collected countywide. Impact Fees Roads – To account for revenues and expenditures from impact fees for transportation infrastructure improvements and equipment directly attributed to growth. These fees are collected and expended within four delineated zones within the county. The four zones are accounted for in four separate sub-funds within this one fund. Impact Fees Parks – To account for revenues and expenditures from impact fees for park land acquisition improvements and equipment directly attributed to growth. These fees are collected and expended within four delineated zones within the county. The four zones are accounted for in four separate sub-funds within this one fund. E911 Communications – To account for revenues and expenditures related to the Emergency Response System. Fire District – To account for revenues and expenditures for the operation of the County’s sixteen volunteer fire stations. Vilano Street Lighting – To account for revenues to provide street lighting to certain unincorporated areas. St. Augustine South Street Lighting - To account for revenues to provide street lighting to certain unincorporated areas. Elkton Drainage – To account for tax revenues to maintain the Parker Canal drainage ditch system in Elkton. Private Roads M.S.B.U. – To account for non-ad valorem revenues to provide private road paving and drainage improvements to assessed areas.

-117 -

SPECIAL REVENUE FUNDS DESCRIPTIONS (concluded) Treasure Beach MSBU – To account for the financial activities related to the canal improvements made within the Treasure Beach Municipal Services Benefit Unit. St. Johns County Transit System – To account for federal financial assistance and the Board’s matching funds for the development and operation of the local bus transportation system for St. Johns County. Northwest Recreation – To account for communication tower rentals that are expended for recreational needs in the Northwest quadrant of the County. Driver’s Education Safety Fund – To account for revenues and expenditures related to driver education and safety programs. Summerhaven MSTU – To account for revenues and expenditures from special assessments collected within the MSTU area to determine the feasibility and design options for a durable solution to beach erosion. Court Modernization – To account for revenues from an additional recording fee imposed to fund existing multi-agency criminal justice information systems within the Clerk of Courts office. Records Modernization – To account for revenues and expenditures for equipment upgrades and modernization of the maintenance of all official records of the County. Teen Court – To account for the operation of Teen Court. Title IVD Fund – To account for Title IVD federal grant revenues and expenditures. Equitable Sharing Proceeds Fund – To account for the revenues and expenditures from the proceeds of federal forfeitures. HIDTA Fund – To account for revenues and expenditures of the High Intensity Drug Trafficking Area Grant. Canteen Fund – To account for the Canteen operated within the County jail. Revenues are provided by sales of products, such as candy, cigarettes, etc., to the inmates. The profits can only be spent for the benefit of the inmates. NET Fund – To account for the operations of a multi-jurisdictional law enforcement task force. Alarm Fund – To account for revenues relating to the permitting of alarm systems within the County and the related expenditures.

DEBT SERVICE FUNDS DESCRIPTIONS Debt Service Funds are used to account for the accumulation of resources for, and the payment of general long-term debt principal and interest. The County maintains the following Debt Service Funds: Transportation Improvement Revenue Bonds, Series 2003 – The bonds account for the debt service requirements to retire the debt issued during fiscal year 2003. These bonds are payable solely from and secured by a lien upon and a pledge of the County’s Local Option Gas tax.

-118 -

DEBT SERVICE FUNDS DESCRIPTIONS (continued) Transportation Improvement Revenue Bonds, Series 2006 – The bonds account for the debt service requirements to retire the debt issued during fiscal year 2007. These bonds are payable solely from and secured by a lien upon and a pledge of the County’s Local Option Gas tax. Transportation Improvement Revenue Refunding Bonds, Series 2012 – The bonds account for the debt service requirements to retire the debt issued during fiscal year 2012. These bonds are payable solely from and secured by a lien upon and a pledge of the County’s Local Option Gas tax. Transportation Improvement Revenue Refunding Bonds, Series 2015 – The bonds account for the debt service requirements to retire the debt issued during fiscal year 2015. These bonds are payable solely from and secured by a lien upon and a pledge of the County’s Local Option Gas tax. Sales Tax Revenue Refunding Bonds, Series 2006 – To account for debt service requirements to retire the debt issued during fiscal year 2007. These bonds are payable solely from and secured by a lien upon and pledge of sales tax revenue allocated to the County from the State’s Local Government Half-Cent Sales Tax Clearing Trust Fund. Sales Tax Revenue Refunding Bonds, Series 2009 – To account for debt service requirements to retire the debt issued during fiscal year 2009. These bonds are payable solely from and secured by a lien upon and pledge of sales tax revenue allocated to the County from the State’s Local Government Half-Cent Sales Tax Clearing Trust Fund. Sales Tax Revenue Refunding Bonds, Series 2009A – To account for debt service requirements to retire the debt issued during fiscal year 2009. These bonds are payable solely from and secured by a lien upon and pledge of sales tax revenue allocated to the County from the State’s Local Government Half-Cent Sales Tax Clearing Trust Fund. Sales Tax Revenue Refunding Bonds, Series 2012 – To account for debt service requirements to retire the debt issued during fiscal year 2013. These bonds are payable solely from and secured by a lien upon and pledge of sales tax revenue allocated to the County from the State’s Local Government Half-Cent Sales Tax Clearing Trust Fund. Sales Tax Revenue Refunding Bonds, Series 2015 – To account for debt service requirements to partially retire the debt issued during fiscal year 2015. These bonds are payable solely from and secured by a lien upon and pledge of sales tax revenue allocated to the County from the State’s Local Government Half-Cent Sales Tax Clearing Trust Fund. Ponte Vedra MSD State Revolving Loan – To account for debt service requirements to retire the principal balance of a note issued by the Florida Department of Environmental Protection on behalf of St. Johns County. This program is payable solely from the board’s covenant to budget and appropriate necessary funds to cover the annual debt service requirement and the special assessments levied within the boundaries of the Municipal Service District. Pooled Commercial Paper Loan Program – To account for debt service requirements to retire the principal balance of several notes issued by the Florida Local Government Finance Commission. Each loan is issued on behalf of St. Johns County. This program is payable solely from the board’s covenant to budget and appropriate necessary funds to cover the annual debt service requirement. St. Johns County Community Redevelopment Agency Notes – The note accounts for the debt service requirements to retire the annual principal requirements during this fiscal year. This note is payable from and secured by the Board’s promise to budget and appropriate sufficient funds to meet the annual debt service requirements.

-119 -

DEBT SERVICE FUNDS DESCRIPTIONS (concluded) GE Capital Note – The note accounts for the debt service requirements to retire the annual principal requirements during this fiscal year. This note is payable from and secured by a pledge from Florida Power and Light (“FPL”) that the net present value savings from the higher efficiency electrical equipment installation will meet the annual debt service requirements over the life of the debt. SunTrust Capital Lease Agreement – The note accounts for the debt service requirements to retire the annual principal requirements during this fiscal year. This note is payable from and secured by a pledge from Trane U.S.A., Inc. that the net present value savings from the higher efficiency electrical equipment installation will meet the annual debt service requirements over the life of the debt. Chase Capital Improvement Revenue Bond, Series 2012 – To account for the debt service requirements to retire the annual principal requirements during this fiscal year. This note is payable from and secured by the Board’s promise to budget and appropriate sufficient funds to meet the annual debt service requirements. TD Bank Capital Improvement Revenue Bonds, Series 2014 – To account for the debt service requirements to retire the annual principal requirements during this fiscal year. This note is payable from and secured by the Board’s promise to budget and appropriate sufficient funds to meet the annual debt service requirements. State Revenue Sharing Revenue Bonds, Series 2005 - To account for the debt service requirements to retire annual bonds. These bonds are payable solely from and secured by a lien upon and pledge of approximately 50% of the State Revenue Sharing Funds allocated to the County from the State’s Revenue Sharing Trust Fund. State Revenue Sharing Revenue Bonds, Series 2014 - To account for debt service requirements to retire the debt issued during fiscal year 2015. These bonds are payable solely from and secured by a lien upon and pledge of approximately 50% of the State Revenue Sharing Funds allocated to the County from the State’s Revenue Sharing Trust Fund.

CAPITAL PROJECTS FUNDS DESCRIPTIONS Capital Projects Funds are used to account for financial resources to be used for the acquisition or construction of major capital facilities or improvements (other than those financed by the Proprietary Funds). The County maintains the following Capital Projects Funds: Transportation Revenue Bond Projects, Series 2006 – To account for bond proceeds used for engineering, right of way acquisition and the construction of numerous county infrastructure projects relating to the County’s transportation improvement plan. Beach Re-nourishment Project – To account for resources to be used to replenish the sand along approximately 2.5 miles of beach that has been eroded due to storm damage. This project is being done through the joint cooperation of the U.S. Army Corp of Engineers and the Florida Department of Environmental Protection. SR207 Corridor Improvement Group Development Project – (Formerly Known As the SR207 Fair Share Capital Program) To account for developer contributions for transportation infrastructure improvements along the SR207 Corridor under the terms of the development order.

-120 -

CAPITAL PROJECTS FUNDS DESCRIPTIONS (concluded) Interoperable Radio System – To account for bond proceeds used in the construction of the county’s 800Mhz communication system. Trane Guaranteed Energy Performance Capital Improvements - To account for note and grant proceeds used for numerous county building and facility high efficiency energy improvements. Health & Human Services Facility – To account for the design and construction of the County Health & Human Services building. Sales Tax Revenue Refunding Bonds, Series 2015 – To account for bond proceeds used for the construction of several projects relating to the County’s capital improvement plan.

ST. JOHNS COUNTY, FLORIDACOMBINING BALANCE SHEET- NONMAJOR GOVERNMENTAL FUNDSSeptember 30, 2015

Special Revenue Funds

County LawHealth Building Court Enforcement

Department Services Facilities Trust

ASSETS

Equity in pooled cash and cash equivalents 5,085$ 4,152,719$ 342,904$ 34,616$ Investments 7,107,823 Accounts receivable 1,436 Notes receivableInterest receivable 23,340 Due from other funds 43,118 Due from other governmentsInventoryOther assets 4,566

TOTAL ASSETS 5,085$ 11,289,884$ 342,904$ 77,734$


LIABILITIES:Accounts payable and accrued liabilities 163,841$ 4,520$ Customer depositsAdvances from other fundsDue to other funds 22,769 Due to other governments 66,894 Unearned revenue TOTAL LIABILITIES -$ 253,504 4,520$ -$

FUND BALANCES (DEFICITS)NonspendableRestricted 10,860,752 337,702 77,734 CommittedAssigned 5,085 175,628 682 Unassigned TOTAL FUND BALANCES (DEFICIT) 5,085 11,036,380 338,384 77,734

TOTAL LIABILITIES AND FUND BALANCES (DEFICIT) 5,085$ 11,289,884$ 342,904$ 77,734$ (continued)

- 121 -


ASSETS

Equity in pooled cash and cash equivalentsInvestmentsAccounts receivableNotes receivableInterest receivableDue from other fundsDue from other governmentsInventoryOther assets

TOTAL ASSETS


LIABILITIES:Accounts payable and accrued liabilitiesCustomer depositsAdvances from other fundsDue to other fundsDue to other governmentsUnearned revenue TOTAL LIABILITIES

FUND BALANCES (DEFICITS)NonspendableRestrictedCommittedAssignedUnassigned TOTAL FUND BALANCES (DEFICIT)

TOTAL LIABILITIES AND FUND BALANCES (DEFICIT)

Special Revenue Funds (continued)

StateHousing Community Court CrimeInitiatives Based Technology PreventionProgram Care Fund Fund

808,952$ 418,563$ 1,655,062$ 41,036$ 2,999,167

7,092 300,000

8,045

1,108,952$ 425,655$ 4,662,274$ 41,036$

15,430$ 372,760$ 43,569$

67,442 16,288 525 25,868$ 1,410

82,872 390,458 44,094 25,868

1,021,279 35,197 4,527,647 15,168

4,801 90,533

1,026,080 35,197 4,618,180 15,168

1,108,952$ 425,655$ 4,662,274$ 41,036$ (continued)

- 122 -


ASSETS


TOTAL ASSETS






TouristDevelopment Tree

Beach Pier Tax Bank

227,612$ 80,007$ 3,781,679$ 1,039,067$ 1,682,508

134 4 652,983

4,449

945 742

228,691$ 80,753$ 4,434,662$ 2,726,024$

91,232$ 10,885$ 443,483$ 46,199$

2,151 619 1,381 65 2

93,448 11,506 444,864 46,199

3,940,573 2,648,611

135,243 69,247 49,225 31,214

135,243 69,247 3,989,798 2,679,825

228,691$ 80,753$ 4,434,662$ 2,726,024$ (continued)

- 123 -


ASSETS


TOTAL ASSETS






County County AlcoholCommunications Cultural Golf and Drug

Surcharge Center Course Abuse

98,199$ 79,263$ 646,339$ 10,283$ 306,003 665,548

76,932 2,835

569 65

47,659 7,111 2,675

404,771$ 828,919$ 699,508$ 10,283$

35$ 198,502$ 64,324$ 5,131

39,657 2,708 4,839 2,615

618,411 35 866,540 69,647 -$

47,659 393,918 10,254

10,818 582,202 29 (37,621)

404,736 (37,621) 629,861 10,283

404,771$ 828,919$ 699,508$ 10,283$ (continued)

- 124 -


ASSETS


TOTAL ASSETS






Impact Impact ImpactBoating Fees Fees Fees

Improvement Buildings Police Fire/EMS

312,745$ 1,344,204$ 281,738$ 167,628$ 249,336 901,254

471 2,933

820 57 2,068

312,745$ 1,594,831$ 281,795$ 1,073,883$

26,340$ 712$ 103$ 911$

26,340$ 712 103 911

284,719 1,586,802 276,099 1,050,577

1,686 7,317 5,593 22,395

286,405 1,594,119 281,692 1,072,972

312,745$ 1,594,831$ 281,795$ 1,073,883$ (continued)

- 125 -


ASSETS


TOTAL ASSETS






Impact Impact E-911Fees Fees Communi- Fire

Roads Parks cations District

4,756,579$ 604,806$ 967,666$ 58,468$ 7,712,595 13,558,341

20,728

20,078 42,489

6,543 1,049 36,041

31,023

12,495,795$ 605,855$ 1,003,707$ 13,711,049$

241,056$ 216$ 1,011,131$

75,697$ 1,541,554 276

241,056 216 75,697 2,552,961

10,900,244 495,102 928,010 7,953,821

1,354,495 110,537 3,204,267

12,254,739 605,639 928,010 11,158,088

12,495,795$ 605,855$ 1,003,707$ 13,711,049$ (continued)

- 126 -


ASSETS


TOTAL ASSETS






St. AugustineVilano South PrivateStreet Street Elkton Roads

Lighting Lighting Drainage M.S.B.U.

7,972$ 13,062$ 1,148$ 19,581$

7,972$ 13,062$ 1,148$ 19,581$

623$ 3,023$

69,156$ 17,978

623 3,023 -$ 87,134

7,215 9,734 1,077

134 305 71 (67,553)

7,349 10,039 1,148 (67,553)

7,972$ 13,062$ 1,148$ 19,581$ (continued)

- 127 -


ASSETS


TOTAL ASSETS






St. Johns Driver'sCounty Education

Treasure Beach Transit Northwest SafetyMSBU System Recreation Fund

220,966$ 545,914$ 243,091$ 99,869$ 249,336

471 3,451

140,857

470,773$ 690,222$ 243,091$ 99,869$

14,679$ 609,683$ 49,500$

2,415,164 456,094 529

2,885,937$ 610,212 -$ 49,500

80,010 241,359 49,717

1,732 652 (2,415,164) (2,415,164) 80,010 243,091 50,369

470,773$ 690,222$ 243,091$ 99,869$ (continued)

- 128 -


ASSETS


TOTAL ASSETS






Summerhaven Court Records TeenMSTU Modernization Modernization Court

104,996$ 642,925$ 991,140$ 79,005$

104,996$ 642,925$ 991,140$ 79,005$

11,227$ 810$ 2,209$

1,373 367 19,160$

19,160 12,600 810 2,576

83,946 630,325 990,330 76,429

1,890

85,836 630,325 990,330 76,429

104,996$ 642,925$ 991,140$ 79,005$ (continued)

- 129 -


ASSETS


TOTAL ASSETS






EquitableTitle SharingIV D Proceeds HIDTA CanteenFund Fund Fund Fund

269,844$ 218,982$

41,171

3,363$ 96,232$

3,363$ 269,844$ 96,232$ 260,153$

2,507$ 96,232$ 27,722$

856

3,363 -$ 96,232 27,722

269,844 225,361

7,070

- 269,844 - 232,431

3,363$ 269,844$ 96,232$ 260,153$ (continued)

- 130 -


ASSETS


TOTAL ASSETS





Special Revenue Funds (concluded)Debt Service Funds

TransportationTotal Improvement

NET Alarm Special Revenue Bonds, RFund Fund Revenue Series 2006

44,691$ 2,748$ 25,421,154$ 144,799$ 35,431,911

1,422 804,737 300,000 102,910 46,569

287,030 47,659 47,062

44,691$ 4,170$ 62,489,032$ 144,799$

4,170$ 3,557,634$ 5,131

2,484,320 2,273,856

95,261 44,691$ 663,102 44,691 4,170 9,079,304 -$

47,659 49,784,195

225,361 5,872,851 144,799

(2,520,338) - - 53,409,728 144,799

44,691$ 4,170$ 62,489,032$ 144,799$ (continued)

- 131 -


ASSETS


TOTAL ASSETS





Debt Service Funds (continued)

Transportation Transportation Sales Tax Sales TaxImprovement Improvement Revenue Revenue

Revenue Revenue Refunding RefundingRefunding Bonds, Refunding Bonds, Bonds, Bonds,

Series 2012 Series 2015 Series 2006 Series 2009

2,294$ 16,680$ 4,394$ 30,468$ 1,894,957

3,582

2,294$ 16,680$ 4,394$ 1,929,007$

212$

-$ -$ -$ 212

2,294 16,680 4,394 1,928,795

2,294 16,680 4,394 1,928,795

2,294$ 16,680$ 4,394$ 1,929,007$ (continued)

- 132 -


ASSETS


TOTAL ASSETS






Sales Tax Sales Tax Sales TaxRevenue Revenue Revenue Ponte Vedra

Refunding Refunding Refunding MSD StateBonds, Bonds, Bonds, Revolving

Series 2009A Series 2012 Series 2015 Loan

2,727$ 1,699$ 11,519$ 1,282,410$

2,727$ 1,699$ 11,519$ 1,282,410$

5,200$

-$ -$ 5,200.00$ -$

1,270,048

2,727 1,699 6,319 12,362

2,727 1,699 6,319 1,282,410

2,727$ 1,699$ 11,519$ 1,282,410$ (continued)

- 133 -


ASSETS


TOTAL ASSETS






$45M FLGFC St. Johns CountyPooled Community Chase Capital

Commercial Redevelopment SunTrust Capital ImprovementPaper Loan Agency Refunding Lease Revenue Bond

Program Notes Agreement Series 2012

11,042$ 397$ 86,398$ 70,470$

11,042$ 397$ 86,398$ 70,470$

-$ -$ -$ -$

11,042 397 86,398 70,470

11,042 397 86,398 70,470

11,042$ 397$ 86,398$ 70,470$ (continued)

- 134 -


ASSETS


TOTAL ASSETS





Debt Service Funds (concluded)Capital Project Funds

State RevenueTD Bank Capital Sharing

Improvement Revenue Total Beach Revenue Bond Bonds, Debt Re-nourishment

Series 2014 Series 2014 Service Project

21,996$ 409,690$ 2,096,983$ 180,764$ 1,894,957

- -

3,582 - - - -

21,996$ 409,690$ 3,995,522$ 180,764$

5,412$ 3,794$ - -

19,330$ 19,330 - -

19,330$ -$ 24,742 3,794

- 10,781 1,280,829

- 2,666 398,909 2,689,951 176,970

- 2,666 409,690 3,970,780 176,970

21,996$ 409,690$ 3,995,522$ 180,764$ (continued)

- 135 -


ASSETS


TOTAL ASSETS





Capital Project Funds (concluded)

SR207 Sales TaxCorridor Revenue

Improvement Health & Human Refunding TotalGroup Development Services Bonds, Capital

Project Facility Series 2015 Projects

154,230$ 2,858,556$ 3,193,550$ 13,580,468 13,580,468

- -

21,418 21,418 19,330$ 19,330

- - -

154,230$ 19,330$ 16,460,442$ 16,814,766$

19,330$ 185,019$ 208,143$ - - - - -

-$ 19,330 185,019 208,143

- 142,741 16,275,423 16,418,164

- 11,489 - 188,459

- 154,230 - 16,275,423 16,606,623

154,230$ 19,330$ 16,460,442$ 16,814,766$ (continued)

- 136 -


ASSETS


TOTAL ASSETS





TotalOther

GovernmentalFunds

30,711,687$ 50,907,336

804,737 300,000 127,910 65,899

287,030 47,659 47,062

83,299,320$

3,771,189$ 5,131

2,484,320 2,293,186

95,261 663,102

9,312,189

47,659 67,483,188

225,361 8,751,261

(2,520,338) 73,987,131

83,299,320$ (concluded)

- 137 -

ST. JOHNS COUNTY, FLORIDACOMBINING STATEMENT OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCESNONMAJOR GOVERNMENTAL FUNDSFOR THE YEAR ENDED SEPTEMBER 30, 2015


LawCounty Health Building Court EnforcementDepartment Services Facilities Trust

REVENUES: Taxes 306,812$ Special assessments Licenses and permits 6,673,642$ Intergovernmental Charges for services Fines and forfeitures 550,158$ 10,000$ Contributions Investment income 254 89,900 468 114 Miscellaneous revenue

TOTAL REVENUES 307,066 6,763,542 550,626 10,114

EXPENDITURES:Current:

General governmentPublic safety 3,955,943 Physical environmentTransportationEconomic environmentHuman services 314,443 Culture and recreationCourt Related 38,984

Capital Outlay:Debt service:

Principal retirementInterest and fiscal chargesIssuance costs

TOTAL EXPENDITURES 314,443 3,955,943 38,984 -

EXCESS OF REVENUES OVER (UNDER) EXPENDITURES (7,377) 2,807,599 511,642 10,114

OTHER FINANCING SOURCES (USES): Transfers in 4,000 Transfers out (413,936) (73,000) Long-term debt issued Refunding debt issued Premium on refunding debt issued Payment to escrow agent Sale of capital assets 52,414

TOTAL OTHER FINANCING SOURCES (USES) 4,000 - (413,936) (20,586)

NET CHANGE IN FUND BALANCES (3,377) 2,807,599 97,706 (10,472)

FUND BALANCES (DEFICITS), BEGINNING OF YEAR, AS RESTATED 8,462 8,228,781 240,678 88,206

FUND BALANCES (DEFICITS), END OF YEAR 5,085$ 11,036,380$ 338,384$ 77,734$ (continued)

- 138 -


REVENUES: Taxes Special assessments Licenses and permits Intergovernmental Charges for services Fines and forfeitures Contributions Investment income Miscellaneous revenue

TOTAL REVENUES


General governmentPublic safetyPhysical environmentTransportationEconomic environmentHuman servicesCulture and recreationCourt Related



TOTAL EXPENDITURES


OTHER FINANCING SOURCES (USES): Transfers in Transfers out Long-term debt issued Refunding debt issued Premium on refunding debt issued Payment to escrow agent Sale of capital assets


NET CHANGE IN FUND BALANCES

FUND BALANCES (DEFICITS), BEGINNING OF YEAR, AS RESTATED

FUND BALANCES (DEFICITS), END OF YEAR


State Housing Community Court CrimeInitiatives Based Technology PreventionProgram Care Fund Fund

548,932$ 5,083,284$ 76,667

554,670$ 72,730$

2,487 226 44,442

628,086 5,083,510 599,112 72,730

612,460 5,510,881

479,113

612,460 5,510,881 479,113 -

15,626 (427,371) 119,999 72,730

97,891 (72,730)

- 97,891 - (72,730)

15,626 (329,480) 119,999 -

1,010,454 364,677 4,498,181 15,168

1,026,080$ 35,197$ 4,618,180$ 15,168$ (continued)

- 139 -



TOTAL REVENUES





TOTAL EXPENDITURES








TouristDevelopment Tree

Beach Pier Tax Bank

9,161,380$

854,874$ 262,320$ 248,250$

42,601 1,156 247 3,566 22,190

898,631 262,567 9,164,946 270,440

5,145,036 531,124

228,791

750,076 294,122 2,203,954

1,281,200 294,122 7,348,990 228,791

(382,569) (31,555) 1,815,956 41,649

915,827 59,345 (407,216) (1,184,574)

508,611 59,345 (1,184,574) -

126,042 27,790 631,382 41,649

9,201 41,457 3,358,416 2,638,176

135,243$ 69,247$ 3,989,798$ 2,679,825$ (continued)

- 140 -



TOTAL REVENUES





TOTAL EXPENDITURES








Communi- County Countycations Cultural Golf Alcohol &

Surcharge Center Course Drug Abuse

7,737,862$ 1,196,198$ 162,897$ 8,007$

943 4,535 1,610 15 59,819

163,840 7,742,397 1,257,627 8,022

81,535

5,073 7,977,462 1,555,065

103,347 18,829

81,535 7,977,462 1,677,241 5,073

82,305 (235,065) (419,614) 2,949

211,532 2,476,551 (120,000)

(1,281,637) 5,938

(120,000) 211,532 1,200,852 -

(37,695) (23,533) 781,238 2,949

442,431 (14,088) (151,377) 7,334

404,736$ (37,621)$ 629,861$ 10,283$ (continued)

- 141 -



TOTAL REVENUES





TOTAL EXPENDITURES








Boating Impact Fees Impact Fees Impact FeesImprovement Buildings Police Fire/EMS

1,657,887$ 245,184$ 1,356,501$

84,257$

555 3,335 310 11,188

84,812 1,661,222 245,494 1,367,689

18,246 3,374 2,314,639

29,213

29,213 18,246 3,374 2,314,639

55,599 1,642,976 242,120 (946,950)

(1,199,796) (624,644)

- (1,199,796) - (624,644)

55,599 443,180 242,120 (1,571,594)

230,806 1,150,939 39,572 2,644,566

286,405$ 1,594,119$ 281,692$ 1,072,972$ (continued)

- 142 -



TOTAL REVENUES





TOTAL EXPENDITURES








E-911Impact Fees Impact Fees Communi- Fire

Roads Parks cations District

23,530,431$ 3,905,838$ 568,085$

1,081,790$ 139,658 281,473 396,677

110,433 1,056 2,130 200,157 97,441

4,297,744 569,141 1,083,920 24,364,364

24,475,515

5,397,238

114,141

5,397,238 114,141 - 24,475,515

(1,099,494) 455,000 1,083,920 (111,151)

184,341 (1,500,000) (363,446) (995,583) (947,618)

(1,315,659) (363,446) (995,583) (947,618)

(2,415,153) 91,554 88,337 (1,058,769)

14,669,892 514,085 839,673 12,216,857

12,254,739$ 605,639$ 928,010$ 11,158,088$ (continued)

- 143 -



TOTAL REVENUES





TOTAL EXPENDITURES








St. AugustineVilano Street South Street Elkton Private Roads

Lighting Lighting Drainage MSBU

8,877$ 36,809$ 30,932$ 22,268$

24 69 4 37

8,901 36,878 30,936 22,305

7,990 38,212 30,656 2,724

4,956

7,990 38,212 30,656 7,680

911 (1,334) 280 14,625

24

- - - 24

911 (1,334) 280 14,649

6,438 11,373 868 (82,202)

7,349$ 10,039$ 1,148$ (67,553)$ (continued)

- 144 -



TOTAL REVENUES





TOTAL EXPENDITURES








Driver'sTreasure Education

Beach St. Johns County Northwest SafetyMSBU Transit System Recreation Fund

461,082$

1,196,200$ 75,000 42,905$

90,338$

1,181 35 459 158

462,263 1,271,235 43,364 90,496

99,000

1,305,354 1,469,585

2,000

150,301

1,455,655 1,469,585 2,000 99,000

(993,392) (198,350) 41,364 (8,504)

276,489 (4,318)

3,450

(4,318) 279,939 - -

(997,710) 81,589 41,364 (8,504)

(1,417,454) (1,579) 201,727 58,873

(2,415,164)$ 80,010$ 243,091$ 50,369$ (continued)

- 145 -



TOTAL REVENUES





TOTAL EXPENDITURES








Summerhaven Court Records TeenMSTU Modernization Modernization Court

67,162$

526,953$ 171,756$ 58,557$ 130,036

260 10 2,662 979

67,422 526,963 304,454 59,536

144,275

122,908

484,868 15,149 83,236

122,908 484,868 159,424 83,236

(55,486) 42,095 145,030 (23,700)

(673)

- - (673) -

(55,486) 42,095 144,357 (23,700)

141,322 588,230 845,973 100,129

85,836$ 630,325$ 990,330$ 76,429$ (continued)

- 146 -



TOTAL REVENUES





TOTAL EXPENDITURES








EquitableTitle SharingIV D Proceeds HIDTA CanteenFund Fund Fund Fund

85,381$ 88,601$ 4,072,435$ 269,740$

294 97

85,381 88,895 4,072,435 269,837

4,072,435 318,041

85,381

85,381 - 4,072,435 318,041

- 88,895 - (48,204)

- - - -

- 88,895 - (48,204)

- 180,949 - 280,635

-$ 269,844$ -$ 232,431$ (continued)

- 147 -



TOTAL REVENUES





TOTAL EXPENDITURES







Special Revenue Funds (concluded) Debt Service Funds

TransportationImprovement

Total RevenueNET Alarm Special Refunding Bonds,Fund Fund Revenue Series 2003

33,142,403$ 8,216,845

160,849$ 6,834,491 141,057$ 12,521,595

12,199,232 1,578,836

42,601 507,586 1$ 157,260

141,057 160,849 75,200,849 1

5,307,557 141,057 150,194 36,142,857

228,791 8,374,667

612,460 5,830,397

12,926,033 1,186,731

-

103,347 174,086

-

141,057 150,194 70,886,926 -

- 10,655 4,313,923 1

4,226,000 (10,655) (7,918,189) (628)

- - -

(1,281,637) 61,802

- (10,655) (4,912,024) (628)

- - (598,101) (627)

- - 54,007,829 627

-$ -$ 53,409,728$ -$ (continued)

- 148 -



TOTAL REVENUES





TOTAL EXPENDITURES








Transportation Transportation Sales TaxTransportation Improvement Improvement RevenueImprovement Revenue Revenue Refunding

Revenue Bonds, Refunding Bonds, Refunding Bonds, Bonds,Series 2006 Series 2012 Series 2015 Series 2006

959,102$ 1,390,700$

1,954,489$

1,442 2,138 419$ 2,201

960,544 1,392,838 419 1,956,690

550,000 960,000 955,000 664,675 1,056,175 477,030 1,069,750

288,247

1,214,675 2,016,175 765,277 2,024,750

(254,131) (623,337) (764,858) (68,060)

437,500 625,628 477,030 520,793 (39,531) (450,000)

24,755,000 2,021,258

(26,471,750)

397,969 625,628 781,538 70,793

143,838 2,291 16,680 2,733

961 3 - 1,661

144,799$ 2,294$ 16,680$ 4,394$ (continued)

- 149 -



TOTAL REVENUES





TOTAL EXPENDITURES








Sales Tax Sales Tax Sales Tax Sales TaxRevenue Revenue Revenue Revenue

Refunding Refunding Refunding RefundingBonds, Bonds, Bonds, Bonds,

Series 2009 Series 2009A Series 2012 Series 2015

974,563$ 1,568,220$ 1,532,523$

9,066 2,137 1,705 917$

983,629 1,570,357 1,534,228 917

965,000 1,300,000 220,000 944,607 268,769 1,695,969 1,129,001

582,103

1,909,607 1,568,769 1,915,969 1,711,104

(925,978) 1,588 (381,741) (1,710,187)

935,044 363,446 1,129,003

34,815,000 7,311,611

(41,539,108)

935,044 - 363,446 1,716,506

9,066 1,588 (18,295) 6,319

1,919,729 1,139 19,994 -

1,928,795$ 2,727$ 1,699$ 6,319$ (continued)

- 150 -



TOTAL REVENUES





TOTAL EXPENDITURES








St. Johns CountyPonte Vedra MSD Community

State Pooled RedevelopmentRevolving Commercial Paper Agency Refunding GE Capital

Loan Loan Program Notes Note

345,361$

2,873 271$ 495$ 1$

348,234 271 495 1

17,157

250,009 766,000 450,000 31,284 97,545 9,896 59,976 175

364,711 775,896 509,976 31,459

(16,477) (775,625) (509,481) (31,458)

781,032 509,878 31,435

- 781,032 509,878 31,435

(16,477) 5,407 397 (23)

1,298,887 5,635 - 23

1,282,410$ 11,042$ 397$ -$ (continued)

- 151 -



TOTAL REVENUES





TOTAL EXPENDITURES








Chase Capital TD Bank Capital State RevenueSunTrust Capital Improvement Improvement Sharing

Lease Revenue Bond Revenue Bond Revenue Bonds,Agreement Series 2012 Series 2014 Series 2005

1,226,964$

145$ 1,451$ 441$ 168

145 1,451 441 1,227,132

176,912 1,071,000 240,000 64,648 208,890 173,964

241,560 1,279,890 413,964 -

(241,415) (1,278,439) (413,523) 1,227,132

327,638 1,347,106 365,000 (398,102)

(829,231)

327,638 1,347,106 365,000 (1,227,333)

86,223 68,667 (48,523) (201)

175 1,803 51,189 201

86,398$ 70,470$ 2,666$ -$ (continued)

- 152 -



TOTAL REVENUES





TOTAL EXPENDITURES







Debt Service Funds (concluded) Capital Project Funds

State Revenue TransportationSharing Total Revenue Bond Beach I

Revenue Bonds, Debt Projects, Re-nourishmentSeries 2014 Service Series 2006 Project

2,349,802$ 345,361

- 339,400$ 7,596,159 424,399$ 122,047$

- - -

807 26,678 197 393 -

340,207 10,318,000 424,596 122,440

- -

17,157 - - - - - - 870,608 591,659

7,935,205 339,337 8,260,407 196,044 1,066,394

535,381 17,279,163 870,608 591,659

(195,174) (6,961,163) (446,012) (469,219)

398,102 8,248,635 514,432 (888,261)

- 15,300,000 74,870,000

989,258 10,322,127 (16,082,496) (84,922,585)

-

604,864 7,629,916 - 514,432

409,690 668,753 (446,012) 45,213

- 3,302,027 446,012 131,757

409,690$ 3,970,780$ -$ 176,970$ (continued)

- 153 -



TOTAL REVENUES





TOTAL EXPENDITURES







Capital Project Funds (continued)

SR207Corridor Trane Guaranteed

mprovement Group Interoperable Energy Performance Health & HumanDevelopment Radio Capital Services

Project System Improvements Facility

320$ 130$ 164$ 4,562$

320 130 164 4,562

4,986,652

- - - 4,986,652

320 130 164 (4,982,090)

1,102,100 (68,597) (86,247) (2,121)

402,868

- (68,597) (86,247) 1,502,847

320 (68,467) (86,083) (3,479,243)

153,910 68,467 86,083 3,479,243

154,230$ -$ -$ -$ (continued)

- 154 -



TOTAL REVENUES





TOTAL EXPENDITURES








Sales TaxRevenue Total

Refunding Total OtherBonds, Capital Governmental

Series 2015 Projects Funds

-$ 35,492,205$ - 8,562,206 - 6,834,491

546,446 20,664,200 - 12,199,232 - 1,578,836 - 42,601

23,939$ 29,705 563,969 - 157,260

23,939 576,151 86,095,000

- 5,307,557 - 36,142,857 - 245,948 - 8,374,667 - 612,460 - 5,830,397 - 12,926,033 - 1,186,731

1,248,516 7,697,435 7,697,435

- 8,038,552 - 8,434,493 - 1,066,394

1,248,516 7,697,435 95,863,524

(1,224,577) (7,121,284) (9,768,524)

1,616,532 14,091,167 (156,965) (8,963,415)

17,500,000 17,500,000 17,500,000 - 74,870,000 - 10,322,127 - (86,204,222)

402,868 464,670

17,500,000 19,362,435 22,080,327

16,275,423 12,241,151 12,311,803

- 4,365,472 61,675,328

16,275,423$ 16,606,623$ 73,987,131$ (concluded)

- 155 -

ST. JOHNS COUNTY, FLORIDASCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES-BUDGET AND ACTUAL- NONMAJOR GOVERNMENTAL FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 2015


Beginning Ending Beginning EndingBudget Budget Actual Budget Budget Actual

REVENUES: Taxes 318,118$ 318,118$ 306,812$ Special assessments Licenses and permits 6,154,265$ 6,154,265$ 6,673,642$ Intergovernmental Charges for services Fines and forfeitures Contributions Investment income 155 155 254 55,072 55,072 89,900 Miscellaneous revenue FS 129 statutory reduction (15,914) (15,914) (310,467) (310,467)

TOTAL REVENUES 302,359 302,359 307,066 5,898,870 5,898,870 6,763,542

EXPENDITURES: Current: General government Public safety 4,844,457 4,844,457 3,955,943 Physical environment Transportation Economic environment Human services 314,680 314,680 314,443 Culture and recreation Court related Capital outlay: Debt service: Principal retirement Interest and fiscal charges Arbitrage rebate Issuance costs

TOTAL EXPENDITURES 314,680 314,680 314,443 4,844,457 4,844,457 3,955,943

EXCESS OF REVENUES OVER (UNDER) EXPENDITURES (12,321) (12,321) (7,377) 1,054,413 1,054,413 2,807,599

OTHER FINANCING SOURCES (USES): Transfers in 4,000 4,000 4,000 Transfers out Long-term debt issued Refunding debt issued Premium on refunding debt issued Payment to escrow agent Sale of capital assets

TOTAL OTHER FINANCING SOURCES (USES) 4,000 4,000 4,000 - - -

NET CHANGE IN FUND BALANCES (8,321) (8,321) (3,377) 1,054,413 1,054,413 2,807,599

FUND BALANCES (DEFICITS), BEGINNING OF YEAR, AS 8,321 8,321 8,462 7,766,666 7,766,666 8,228,781

FUND BALANCES (DEFICITS), END OF YEAR -$ -$ 5,085$ 8,821,079$ 8,821,079$ 11,036,380$ (continued)

County Health Department Building Services

- 156 -


REVENUES: Taxes Special assessments Licenses and permits Intergovernmental Charges for services Fines and forfeitures Contributions Investment income Miscellaneous revenue FS 129 statutory reduction

TOTAL REVENUES

EXPENDITURES: Current: General government Public safety Physical environment Transportation Economic environment Human services Culture and recreation Court related Capital outlay: Debt service: Principal retirement Interest and fiscal charges Arbitrage rebate Issuance costs

TOTAL EXPENDITURES





FUND BALANCES (DEFICITS), BEGINNING OF YEAR, AS




486,130$ 486,130$ 550,158$ 10,000$

100 100 468 114

(24,312) (24,312)

461,918 461,918 550,626 -$ -$ 10,114

115,000 115,000 38,984

115,000 115,000 38,984 - - -

346,918 346,918 511,642 - - 10,114

(413,936) (413,936) (413,936) (73,000) (73,000)

52,414

(413,936) (413,936) (413,936) - (73,000) (20,586)

(67,018) (67,018) 97,706 - (73,000) (10,472)

201,977 201,977 240,678 88,183 88,183 88,206

134,959$ 134,959$ 338,384$ 88,183$ 15,183$ 77,734$ (continued)

Court Facilities Law Enforcement Trust

- 157 -



TOTAL REVENUES


TOTAL EXPENDITURES









490,130$ 490,130$ 548,932$ 5,190,704$ 5,299,418$ 5,083,284$ 76,667

800 800 2,487 226

(40) (40)

490,890 490,890 628,086 5,190,704 5,299,418 5,083,510

1,342,667 1,342,667 612,460 5,920,031 6,028,745 5,510,881

1,342,667 1,342,667 612,460 5,920,031 6,028,745 5,510,881

(851,777) (851,777) 15,626 (729,327) (729,327) (427,371)

97,891 97,891 97,891

- - - 97,891 97,891 97,891

(851,777) (851,777) 15,626 (631,436) (631,436) (329,480)

851,777 851,777 1,010,454 631,436 631,436 364,677

-$ -$ 1,026,080$ -$ -$ 35,197$ (continued)

State HousingInitiatives Program Community Based Care

- 158 -



TOTAL REVENUES


TOTAL EXPENDITURES









471,615$ 471,615$ 554,670$ 62,000$ 62,000$ 72,730$

16,300 16,300 44,442

(24,396) (24,396) (3,100) (3,100)

463,519 463,519 599,112 58,900 58,900 72,730

583,193 583,193 479,113

583,193 583,193 479,113 - - -

(119,674) (119,674) 119,999 58,900 58,900 72,730

(79,644) (79,644) (72,730)

- - - (79,644) (79,644) (72,730)

(119,674) (119,674) 119,999 (20,744) (20,744) -

4,518,866 4,518,866 4,498,181 20,744 20,744 15,168

4,399,192$ 4,399,192$ 4,618,180$ -$ -$ 15,168$ (continued)

Court Technology Fund Crime Prevention Fund

- 159 -



TOTAL REVENUES


TOTAL EXPENDITURES









877,400$ 877,400$ 854,874$ 228,236$ 228,236$ 262,320$

47,083 47,083 42,601 300 300 1,156 50 50 247

(46,239) (46,239) (10,164) (10,164)

878,544 878,544 898,631 218,122 218,122 262,567

607,205 619,846 531,124

839,136 769,279 750,076 300,127 300,127 294,122

1,446,341 1,389,125 1,281,200 300,127 300,127 294,122

(567,797) (510,581) (382,569) (82,005) (82,005) (31,555)

915,827 915,827 915,827 59,345 59,345 59,345 (350,000) (407,216) (407,216)

565,827 508,611 508,611 59,345 59,345 59,345

(1,970) (1,970) 126,042 (22,660) (22,660) 27,790

1,970 1,970 9,201 25,180 25,180 41,457

-$ -$ 135,243$ 2,520$ 2,520$ 69,247$ (continued)

PierBeach

- 160 -



TOTAL REVENUES


TOTAL EXPENDITURES









8,430,941$ 8,430,941$ 9,161,380$

321,245$ 321,245$ 248,250$

50,000 50,000 2,340 2,340 3,566 5,000 5,000 22,190

(424,164) (424,164) (250) (250)

8,059,117 8,059,117 9,164,946 325,995 325,995 270,440

5,829,898 5,829,898 5,145,036

2,114,301 2,277,352 228,791

2,924,003 2,906,455 2,203,954

8,753,901 8,736,353 7,348,990 2,114,301 2,277,352 228,791

(694,784) (677,236) 1,815,956 (1,788,306) (1,951,357) 41,649

(1,184,848) (1,184,848) (1,184,574)

(1,184,848) (1,184,848) (1,184,574) - - -

(1,879,632) (1,862,084) 631,382 (1,788,306) (1,951,357) 41,649

2,607,346 2,607,346 3,358,416 2,536,203 2,536,203 2,638,176

727,714$ 745,262$ 3,989,798$ 747,897$ 584,846$ 2,679,825$ (continued)

Tourist Development Tax Tree Bank

- 161 -



TOTAL REVENUES


TOTAL EXPENDITURES









8,219,860$ 8,219,860$ 7,737,862$ 147,500$ 147,500$ 162,897$

700 700 943 1,000 1,000 4,535 20,000 20,000

(7,410) (7,410) (412,043) (412,043)

140,790 140,790 163,840 7,828,817 7,828,817 7,742,397

146,829 146,829 81,535

8,115,537 8,115,537 7,977,462

146,829 146,829 81,535 8,115,537 8,115,537 7,977,462

(6,039) (6,039) 82,305 (286,720) (286,720) (235,065)

211,532 211,532 211,532 (120,000) (120,000)

- (120,000) (120,000) 211,532 211,532 211,532

(6,039) (126,039) (37,695) (75,188) (75,188) (23,533)

463,322 463,322 442,431 255,128 255,128 (14,088)

457,283$ 337,283$ 404,736$ 179,940$ 179,940$ (37,621)$ (continued)

Communications Surcharge County Cultural Center

- 162 -



TOTAL REVENUES


TOTAL EXPENDITURES









1,296,488$ 1,296,488$ 1,196,198$ 6,500$ 6,500$ 8,007$

150 150 1,610 15 85,224 85,224 59,819

(325) (325)

1,381,862 1,381,862 1,257,627 6,175 6,175 8,022

5,073 5,073 5,073 2,305,288 2,305,288 1,555,065

143,869 111,712 103,347 84,884 83,289 18,829

2,534,041 2,500,289 1,677,241 5,073 5,073 5,073

(1,152,179) (1,118,427) (419,614) 1,102 1,102 2,949

686,551 2,476,551 2,476,551

(1,281,637) (1,281,637) 5,938

686,551 1,194,914 1,200,852 - - -

(465,628) 76,487 781,238 1,102 1,102 2,949

465,628 465,628 (151,377) 6,519 6,519 7,334

-$ 542,115$ 629,861$ 7,621$ 7,621$ 10,283$ (continued)

County Golf Course Alcohol & Drug Abuse

- 163 -



TOTAL REVENUES


TOTAL EXPENDITURES









1,439,519$ 1,439,519$ 1,657,887$

73,000$ 73,000$ 84,257$

150 150 555 500 500 3,335

(3,658) (3,658) (73,488) (73,488)

69,492 69,492 84,812 1,366,531 1,366,531 1,661,222

29,000 29,000 18,246

54,245 54,245 29,213

54,245 54,245 29,213 29,000 29,000 18,246

15,247 15,247 55,599 1,337,531 1,337,531 1,642,976

(1,041,586) (1,199,796) (1,199,796)

- - - (1,041,586) (1,199,796) (1,199,796)

15,247 15,247 55,599 295,945 137,735 443,180

189,579 189,579 230,806 1,108,913 1,108,913 1,150,939

204,826$ 204,826$ 286,405$ 1,404,858$ 1,246,648$ 1,594,119$ (continued)

Boating Improvement Impact Fees Building

- 164 -



TOTAL REVENUES


TOTAL EXPENDITURES









231,590$ 231,590$ 245,184$ 1,466,411$ 1,466,411$ 1,356,501$

300 300 310 13,700 13,700 11,188

(11,821) (11,821) (75,502) (75,502)

220,069 220,069 245,494 1,404,609 1,404,609 1,367,689

5,670 5,670 3,374 2,805,925 2,805,925 2,314,639

5,670 5,670 3,374 2,805,925 2,805,925 2,314,639

214,399 214,399 242,120 (1,401,316) (1,401,316) (946,950)

(624,644) (624,644) (624,644)

- - - (624,644) (624,644) (624,644)

214,399 214,399 242,120 (2,025,960) (2,025,960) (1,571,594)

45,209 45,209 39,572 3,056,928 3,056,928 2,644,566

259,608$ 259,608$ 281,692$ 1,030,968$ 1,030,968$ 1,072,972$ (continued)

Impact Fees Fire/EMSImpact Fees Police

- 165 -



TOTAL REVENUES


TOTAL EXPENDITURES









3,217,213$ 3,217,213$ 3,905,838$ 470,746$ 470,746$ 568,085$

340,797 340,797281,473

27,753 27,753 110,433 110 110 1,056

(165,531) (165,531) (24,029) (24,029)

3,420,232 3,420,232 4,297,744 446,827 446,827 569,141

13,336,062 12,346,166 5,397,238

247,320 247,320 114,141

13,336,062 12,346,166 5,397,238 247,320 247,320 114,141

(9,915,830) (8,925,934) (1,099,494) 199,507 199,507 455,000

184,341 184,341 184,341(1,500,000) (1,500,000) (1,500,000) (382,888) (363,446) (363,446)

(1,315,659) (1,315,659) (1,315,659) (382,888) (363,446) (363,446)

(11,231,489) (10,241,593) (2,415,153) (183,381) (163,939) 91,554

14,790,934 14,790,934 14,669,892 436,490 436,490 514,085

3,559,445$ 4,549,341$ 12,254,739$ 253,109$ 272,551$ 605,639$ (continued)

Impact Fees ParksImpact Fees Roads

- 166 -



TOTAL REVENUES


TOTAL EXPENDITURES








Beginning Ending Original FinalBudget Budget Actual Budget Budget Actual

24,424,096$ 24,424,096$ 23,530,431$

964,244$ 964,244$ 1,081,790$ 1,671,925 1,671,925 139,658 286,412 286,412 396,677

1,000 1,000 2,130 87,537 87,537 200,157 97,441

(48,262) (48,262) (1,239,902) (1,239,902)

916,982 916,982 1,083,920 25,230,068 25,230,068 24,364,364

26,574,956 27,574,956 24,475,515

- - - 26,574,956 27,574,956 24,475,515

916,982 916,982 1,083,920 (1,344,888) (2,344,888) (111,151)

450,000 (1,200,973) (1,200,973) (995,583) (947,618) (947,618) (947,618)

(1,200,973) (1,200,973) (995,583) (947,618) (497,618) (947,618)

(283,991) (283,991) 88,337 (2,292,506) (2,842,506) (1,058,769)

806,935 806,935 839,673 12,057,399 12,057,399 12,216,857

522,944$ 522,944$ 928,010$ 9,764,893$ 9,214,893$ 11,158,088$ (continued)

E-911 Communications Fire District

- 167 -



TOTAL REVENUES


TOTAL EXPENDITURES









9,239$ 9,239$ 8,877$ 38,197$ 38,197$ 36,809$

10 10 24 27 27 69

(462) (462) (1,911) (1,911)

8,787 8,787 8,901 36,313 36,313 36,878

10,851 10,851 7,990 40,769 40,769 38,212

10,851 10,851 7,990 40,769 40,769 38,212

(2,064) (2,064) 911 (4,456) (4,456) (1,334)

- - - - - -

(2,064) (2,064) 911 (4,456) (4,456) (1,334)

5,165 5,165 6,438 11,386 11,386 11,373

3,101$ 3,101$ 7,349$ 6,930$ 6,930$ 10,039$ (continued)

St. Augustine South Vilano Street Lighting Street Lighting

- 168 -



TOTAL REVENUES


TOTAL EXPENDITURES









32,000$ 32,000$ 30,932$ 23,076$ 23,076$ 22,268$

5 5 4 600 600 37

(1,600) (1,600) (1,185) (1,185)

30,405 30,405 30,936 22,491 22,491 22,305

30,667 30,667 30,656 7,891 7,891 2,724

5,215 5,215 4,956

30,667 30,667 30,656 13,106 13,106 7,680

(262) (262) 280 9,385 9,385 14,625

24 (9,385) (9,385)

- - - (9,385) (9,385) 24

(262) (262) 280 - - 14,649

3,544 3,544 868 - - (82,202)

3,282$ 3,282$ 1,148$ -$ -$ (67,553)$ (continued)

PrivateElkton Drainage Roads MSBU

- 169 -



Transit System


REVENUES: Taxes Special assessments 313,600$ 313,600$ 461,082$ Licenses and permits Intergovernmental 2,585,581$ 2,585,581$ 1,196,200$ Charges for services 75,000 Fines and forfeitures Contributions Investment income 7,059 7,059 1,181 35 Miscellaneous revenue FS129 statutory reduction (16,033) (16,033)

TOTAL REVENUES 304,626 304,626 462,263 2,585,581$ 2,585,581$ 1,271,235

EXPENDITURES: Current: General government Public safety Physical environment Transportation 2,114,539 1,450,820 1,305,354 2,862,070 2,615,315 1,469,585 Economic environment Human services Culture and recreation Court related Capital outlay: Debt service: Principal retirement Interest and fiscal charges 151,239 151,239 150,301 Arbitrage rebate Issuance costs

TOTAL EXPENDITURES 2,265,778 1,602,059 1,455,655 2,862,070 2,615,315 1,469,585

EXCESS OF REVENUES OVER (UNDER) EXPENDITURES (1,961,152) (1,297,433) (993,392) (276,489) (29,734) (198,350)

OTHER FINANCING SOURCES (USES): Transfers in 276,489 276,489 276,489 Transfers out (150,785) (155,103) (4,318) Long-term debt issued Refunding debt issued Premium on refunding debt issued Payment to escrow agent Sale of capital assets 3,450

TOTAL OTHER FINANCING SOURCES (USES) (150,785) (155,103) (4,318) 276,489 276,489 279,939

NET CHANGE IN FUND BALANCES (2,111,937) (1,452,536) (997,710) - 246,755 81,589

FUND BALANCES (DEFICITS), BEGINNING OF YEAR, AS 2,111,937 2,111,937 (1,417,454) 2,957 2,957 (1,579)

FUND BALANCES (DEFICITS), END OF YEAR -$ 659,401$ (2,415,164)$ 2,957$ 249,712$ 80,010$ (continued)

Treasure Beach MSBUSt. Johns County

- 170 -


REVENUES: Taxes Special assessments Licenses and permits Intergovernmental Charges for services Fines and forfeitures Contributions Investment income Miscellaneous revenue FS129 statutory reduction

TOTAL REVENUES


TOTAL EXPENDITURES









39,000$ 39,000$ 42,905$ 85,000$ 85,000$ 90,338$

200 200 459 50 50 158

(1,960) (1,960) (4,253) (4,253)

37,240 37,240 43,364 80,797 80,797 90,496

99,000 99,000 99,000

2,000 60,700 2,000

2,000 60,700 2,000 99,000 99,000 99,000

35,240 (23,460) 41,364 (18,203) (18,203) (8,504)

- - - - - -

35,240 (23,460) 41,364 (18,203) (18,203) (8,504)

199,904 199,904 201,727 46,528 46,528 58,873

235,144$ 176,444$ 243,091$ 28,325$ 28,325$ 50,369$ (continued)

Driver's Education Safety FundNorthwestRecreation

- 171 -



TOTAL REVENUES


TOTAL EXPENDITURES









68,456$ 68,456$ 67,162$

430,000$ 430,000$ 526,953$

200 200 260 100 100 10

(3,433) (3,433)

65,223 65,223 67,422 430,100 430,100 526,963

188,152 188,152 122,908

413,600 528,500 484,868

188,152 188,152 122,908 413,600 528,500 484,868

(122,929) (122,929) (55,486) 16,500 (98,400) 42,095

- - - - - -

(122,929) (122,929) (55,486) 16,500 (98,400) 42,095

123,120 123,120 141,322 588,230 588,230 588,230

191$ 191$ 85,836$ 604,730$ 489,830$ 630,325$ (continued)

Summerhaven MSTU Court Modernization

- 172 -



TOTAL REVENUES


TOTAL EXPENDITURES









150,000$ 150,000$ 171,756$ 57,300$ 57,300$ 58,557$ 130,000 130,000 130,036

100 100 2,662 100 100 979

280,100 280,100 304,454 57,400 57,400 59,536

161,000 171,000 144,275

18,800 21,900 15,149 85,670 85,710 83,237

179,800 192,900 159,424 85,670 85,710 83,237

100,300 87,200 145,030 (28,270) (28,310) (23,701)

(133,000) (133,000) (673)

(133,000) (133,000) (673) - - -

(32,700) (45,800) 144,357 (28,270) (28,310) (23,701)

845,973 845,973 845,973 100,129 100,129 100,129

813,273$ 800,173$ 990,330$ 71,859$ 71,819$ 76,428$ (continued)

Teen CourtRecords Modernization

- 173 -



TOTAL REVENUES


TOTAL EXPENDITURES









97,050$ 97,050$ 85,381$ 88,601$ 88,601$

294 294

97,050 97,050 85,381 -$ 88,895 88,895

88,895

97,050 97,050 85,381

97,050 97,050 85,381 - 88,895 -

- - - - - 88,895

- - - - - -

- - - - - 88,895

- - - - - 180,949

-$ -$ -$ -$ -$ 269,844$ (continued)

Title IV D Fund Equitable Sharing Proceeds Fund

- 174 -



TOTAL REVENUES


TOTAL EXPENDITURES









4,072,435$ 4,072,435$ 313,000$ 313,000$ 269,740$

97 5,000 5,000

-$ 4,072,435 4,072,435 318,000 318,000 269,837

4,072,435 4,072,435 586,231 586,231 318,041

- 4,072,435 4,072,435 586,231 586,231 318,041

- - - (268,231) (268,231) (48,204)

- - - - - -

- - - (268,231) (268,231) (48,204)

- - - 268,231 268,231 280,635

-$ -$ -$ -$ -$ 232,431$ (continued)

HIDTA Fund Canteen Fund

- 175 -



TOTAL REVENUES


TOTAL EXPENDITURES







Special Revenue Funds (concluded)


160,850$ 160,849$ 141,057$ 141,057$

-$ 141,057 141,057 -$ 160,850 160,849

141,057 141,057 160,850 150,194

- 141,057 141,057 - 160,850 150,194

- - - - - 10,655

(10,655)

- - - - - (10,655)

- - - - - -

- - - - - -

-$ -$ -$ -$ -$ -$ (continued)

NET Fund Alarm Fund

- 176 -



TOTAL REVENUES


TOTAL EXPENDITURES







Debt Service Funds


959,102$ 959,102$ 959,102$

1$ 100 100 1,442

(5) (5)

-$ -$ 1 959,197 959,197 960,544

550,000 550,000 550,000 1,284,550 1,682,519 664,675

- - - 1,834,550 2,232,519 1,214,675

- - 1 (875,353) (1,273,322) (254,131)

388 875,000 437,500 437,500 (388) (628) (39,531) (39,531)

- - (628) 875,000 397,969 397,969

- - (627) (353) (875,353) 143,838

241 241 627 353 353 961

241$ 241$ -$ -$ (875,000)$ 144,799$ (continued)

Series 2006Revenue Refunding Bonds,

Series 2003

Transportation Improvement Transportation ImprovementRevenue Bonds,

- 177 -



TOTAL REVENUES


TOTAL EXPENDITURES









1,390,700$ 1,390,700$ 1,390,700$

500 500 2,138 419$

(25) (25)

1,391,175$ 1,391,175 1,392,838 -$ -$ 419

960,000 960,000 960,000 1,056,175 1,056,175 1,056,175 477,031 477,030

304,507 288,247

2,016,175 2,016,175 2,016,175 - 781,538 765,277

(625,000) (625,000) (623,337) - (781,538) (764,858)

625,000 625,000 625,628 477,031 477,030

24,755,000 24,755,000 2,021,258 2,021,258

(26,471,751) (26,471,750)

625,000 625,000 625,628 - 781,538 781,538

- - 2,291 - - 16,680

- - 3 - - -

-$ -$ 2,294$ -$ -$ 16,680$ (continued)

Series 2012

Transportation ImprovementRevenue Refunding Bonds,

Transportation ImprovementRevenue Refunding Bonds,

Series 2015

- 178 -



TOTAL REVENUES


TOTAL EXPENDITURES









1,954,489$ 1,954,489$ 1,954,489$ 974,563$ 974,563$ 974,563$

175 175 2,201 2,000 2,000 9,066

(9) (9) (100) (100)

1,954,655 1,954,655 1,956,690 976,463 976,463 983,629

955,000 955,000 955,000 965,000 965,000 965,000 2,042,000 1,071,207 1,069,750 944,607 944,607 944,607

2,997,000 2,026,207 2,024,750 1,909,607 1,909,607 1,909,607

(1,042,345) (71,552) (68,060) (933,144) (933,144) (925,978)

1,041,586 520,793 520,793 935,044 935,044 935,044 (450,000) (450,000)

1,041,586 70,793 70,793 935,044 935,044 935,044

(759) (759) 2,733 1,900 1,900 9,066

759 759 1,661 1,910,011 1,910,011 1,919,729

-$ -$ 4,394$ 1,911,911$ 1,911,911$ 1,928,795$ (continued)

Series 2006Sales Tax Revenue Refunding Bonds, Sales Tax Revenue Refunding Bonds,

Series 2009

- 179 -



TOTAL REVENUES


TOTAL EXPENDITURES









1,568,220$ 1,568,220$ 1,568,220$ 1,513,081$ 1,532,523$ 1,532,523$

250 250 2,137 500 500 1,705

(13) (13) (25) (25)

1,568,457 1,568,457 1,570,357 1,513,556 1,532,998 1,534,228

1,300,000 1,300,000 1,300,000 220,000 220,000 220,000 268,769 268,769 268,769 1,695,969 1,695,969 1,695,969

1,568,769 1,568,769 1,568,769 1,915,969 1,915,969 1,915,969

(312) (312) 1,588 (402,413) (382,971) (381,741)

382,888 363,446 363,446

- - - 382,888 363,446 363,446

(312) (312) 1,588 (19,525) (19,525) (18,295)

312 312 1,139 19,525 19,525 19,994

-$ -$ 2,727$ -$ -$ 1,699$ (continued)

Sales Tax Revenue Refunding Bonds,Series 2009A

Sales Tax Revenue Refunding Bonds,Series 2012

- 180 -



TOTAL REVENUES


TOTAL EXPENDITURES









356,750$ 356,750$ 345,361$

917$ 525 525 2,873

(17,864) (17,864)

-$ -$ 917 339,411 339,411 348,234

17,135 17,158 17,157

250,009 250,009 250,009 1,129,002 1,129,001 97,546 97,546 97,545

587,504 582,103

- 1,716,506 1,711,104 364,690 364,713 364,711

- (1,716,506) (1,710,187) (25,279) (25,302) (16,477)

1,129,003 1,129,003

34,815,000 34,815,000 7,311,611 7,311,611

(41,539,108) (41,539,108)

- 1,716,506 1,716,506 - - -

- - 6,319 (25,279) (25,302) (16,477)

- - - 1,295,325 1,295,325 1,298,887

-$ -$ 6,319$ 1,270,046$ 1,270,023$ 1,282,410$ (continued)

Ponte Vedra MSDState Revolving Loan

Sales Tax Revenue Refunding Bonds,Series 2015

- 181 -



TOTAL REVENUES


TOTAL EXPENDITURES









271$ 100$ 100$ 495$

(5) (5)

-$ -$ 271 95 95 495

766,000 766,000 766,000 450,000 450,000 450,000 15,033 15,033 9,896 59,976 59,976 59,976

781,033 781,033 775,896 509,976 509,976 509,976

(781,033) (781,033) (775,625) (509,881) (509,881) (509,481)

781,032 781,032 781,032 509,878 509,878 509,878

781,032 781,032 781,032 509,878 509,878 509,878

(1) (1) 5,407 (3) (3) 397

4,830 4,830 5,635 3 3 0

4,829$ 4,829$ 11,042$ -$ -$ 397$ (continued)

Agency Refunding NotesSt. Johns County Community Redevelopment

Pooled Commercial Paper Loan Program

- 182 -



TOTAL REVENUES


TOTAL EXPENDITURES









50$ 50$ 1$ 145$

(3) (3)

47 47 1 -$ -$ 145

31,285 31,285 31,284 176,912 176,912 176,912 176 176 175 64,649 64,649 64,648

31,461 31,461 31,459 241,561 241,561 241,560

(31,414) (31,414) (31,458) (241,561) (241,561) (241,415)

31,379 31,435 31,435 241,391 241,391 327,638

31,379 31,435 31,435 241,391 241,391 327,638

(35) 21 (23) (170) (170) 86,223

35 35 23 170 170 175

-$ 56$ -$ -$ -$ 86,398$ (continued)

NoteSunTrust Capital Lease

AgreementGE Capital

- 183 -



TOTAL REVENUES


TOTAL EXPENDITURES









1,451$ 441$

-$ -$ 1,451 -$ -$ 441

1,071,000 1,071,000 1,071,000 240,000 240,000 240,000 208,890 208,890 208,890 173,964 173,964 173,964

1,279,890 1,279,890 1,279,890 413,964 413,964 413,964

(1,279,890) (1,279,890) (1,278,439) (413,964) (413,964) (413,523)

1,278,509 1,278,509 1,347,106 362,879 362,879 365,000

1,278,509 1,278,509 1,347,106 362,879 362,879 365,000

(1,381) (1,381) 68,667 (51,085) (51,085) (48,523)

1,381 1,381 1,803 51,085 51,085 51,189

-$ -$ 70,470$ -$ -$ 2,666$ (continued)

Chase Capital Improvement Revenue BondSeries 2012

TD Bank Capital Improvement Revenue Bonds,Series 2014

- 184 -



TOTAL REVENUES


TOTAL EXPENDITURES







Debt Service Funds (concluded)


1,227,038$ 1,227,038$ 1,226,964$ 339,400$ 339,400$

100 100 168 807

(5) (5)

1,227,133 1,227,133 1,227,132 -$ 339,400 340,207

525,000 398,165 702,225 339,337 339,337

206,763 196,044

1,227,225 - - - 944,265 535,381

(92) 1,227,133 1,227,132 - (604,865) (195,174)

109 398,102 398,102 (398,102) (398,102)

15,300,000 15,300,000 989,259 989,258

(829,232) (829,231) (16,082,496) (16,082,496)

- (1,227,225) (1,227,333) - 604,865 604,864

(92) (92) (201) - - 409,690

92 92 201 - - -

-$ -$ -$ -$ -$ 409,690$ (continued)

Series 2005State Revenue Sharing Revenue Bonds, State Revenue Sharing Revenue Bonds,

Series 2014

- 185 -



TOTAL REVENUES


TOTAL EXPENDITURES







Capital Project Funds


1,487,796$ 1,487,796$ 424,399$ 122,047$

197 800$ 800$ 393

(40) (40)

1,487,796 1,487,796 424,596 760 760 122,440

1,355,704 1,355,704 870,608 600,000 631,724 591,659

132,092 132,092

1,487,796 1,487,796 870,608 600,000 631,724 591,659

- - (446,012) (599,240) (630,964) (469,219)

514,432 514,432 514,432

- - - 514,432 514,432 514,432

- - (446,012) (84,808) (116,532) 45,213

- - 446,012 169,189 169,189 131,757

-$ -$ -$ 84,381$ 52,657$ 176,970$ (continued)

ProjectBeach Re-nourishmentTransportation Revenue Bond Projects,

Series 2006

- 186 -




REVENUES: Taxes Special assessments Licenses and permits Intergovernmental Charges for services Fines and forfeitures Contributions Investment income 200$ 200$ 320$ 130$ Miscellaneous revenue FS 129 statutory reduction (10) (10)

TOTAL REVENUES 190 190 320 -$ -$ 130

EXPENDITURES: Current: General government Public safety Physical environment Transportation Economic environment Human services Culture and recreation Court related Capital outlay: 154,077 Debt service: Principal retirement Interest and fiscal charges Arbitrage rebate Issuance costs

TOTAL EXPENDITURES - 154,077 - - - -

EXCESS OF REVENUES OVER (UNDER) EXPENDITURES 190 (153,887) 320 - - 130

OTHER FINANCING SOURCES (USES): Transfers in Transfers out (68,597) Long-term debt issued Refunding debt issued Premium on refunding debt issued Payment to escrow agent Sale of capital assets

TOTAL OTHER FINANCING SOURCES (USES) - - - - - (68,597)

NET CHANGE IN FUND BALANCES 190 (153,887) 320 - - (68,467)

FUND BALANCES (DEFICITS), BEGINNING OF YEAR, AS 153,887 153,887 153,910 14,996 14,996 68,467

FUND BALANCES (DEFICITS), END OF YEAR 154,077$ -$ 154,230$ 14,996$ 14,996$ -$ (continued)

SR207 Corridor Improvement Group Development Interoperable RadioSystemProject

- 187 -



TOTAL REVENUES


TOTAL EXPENDITURES









110$ 110$ 164$ 1,500$ 1,500$ 4,562$

(75) (75)

110$ 110$ 164 1,425 1,425 4,562

7,515,682 4,967,326 4,986,652

- - - 7,515,682 4,967,326 4,986,652

110 110 164 (7,514,257) (4,965,901) (4,982,090)

1,072,100 1,102,100 1,102,100 (86,247) (21,452) (2,121)

402,868 402,868 402,868

- - (86,247) 1,474,968 1,483,516 1,502,847

110 110 (86,083) (6,039,289) (3,482,385) (3,479,243)

86,058 86,058 86,083 6,039,289 6,039,289 3,479,243

86,168$ 86,168$ -$ -$ 2,556,904$ -$ (continued)

Trane Guaranteed Energy PerformanceCapital Improvements

Health & Human ServicesFacility

- 188 -



TOTAL REVENUES


TOTAL EXPENDITURES








Beginning EndingBudget Budget Actual

71,000$ 23,939$

-$ 71,000 23,939

3,302,239 1,248,516

- 3,302,239 1,248,516

- (3,231,239) (1,224,577)

(38,581) 17,500,000 17,500,000

- 17,461,419 17,500,000

- 14,230,180 16,275,423

- - -

-$ 14,230,180$ 16,275,423$ (concluded)

Sales Tax Revenue Bond Projects,Series 2015

- 189 -

- 190 -

GOVERNMENTAL ACTIVITIES

INTERNAL SERVICE FUNDS DESCRIPTIONS

Internal Service Funds are used to account for the financing of goods or services provided by one department to other departments of the government and to other government units, on a cost reimbursement basis. The County maintains the following Internal Service Funds: Workers Compensation Insurance – This fund is used to account for the costs of workers’ compensation insurance to other departments of the Board of County Commissioners and constitutional officers of St. Johns County. Health Insurance – This fund is used to account for the costs of health and accidental death and dismemberment insurance to other departments of the Board of County Commissioners and constitutional officers of St. Johns County.

ST. JOHNS COUNTY, FLORIDACOMBINING STATEMENT OF NET POSITION - INTERNAL SERVICE FUNDSSEPTEMBER 30, 2015

Worker'sCompensation Health

Insurance Insurance Totals

ASSETS

Equity in pooled cash and cash equivalents 406,295$ 1,887,176$ 2,293,471$ Investments 870,472 5,729,176 6,599,648 Interest receivable 1,910 13,972 15,882 Accounts receivable, net 829,656 829,656 Due from other funds 28,766 870,922 899,688 Due from other governments 66,707 66,707

TOTAL ASSETS 1,307,443 9,397,609 10,705,052

LIABILITIES Accounts payable and accrued liabilities 9,270 15,201 24,471 Estimated liability for self insured losses 2,344,446 2,344,446 Due to other funds 1,452 3,774 5,226

TOTAL LIABILITIES 10,722 2,363,421 2,374,143

NET POSITION

Unrestricted 1,296,721 7,034,188 8,330,909

TOTAL NET POSITION 1,296,721$ 7,034,188$ 8,330,909$

- 191 -

ST. JOHNS COUNTY, FLORIDACOMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET POSITION - INTERNAL SERVICE FUNDSFOR THE YEAR ENDED SEPTEMBER 30, 2015

Worker'sCompensation Health


OPERATING REVENUES: Charges for services 584,148$ 20,267,495$ 20,851,643$ Retiree charges for services 2,268,580 2,268,580 Donation 50,000 50,000 Other operating revenue 35,791 1,046,316 1,082,107

Total operating revenues 619,939 23,632,391 24,252,330

OPERATING EXPENSES: Salaries and benefits 210,026 112,122 322,148 Contractual services 997,611 24,176,899 25,174,510 Operating and maintenance expenses 4,347 279,109 283,456

Total operating expenses 1,211,984 24,568,130 25,780,114

OPERATING INCOME (LOSS) (592,045) (935,739) (1,527,784)

NON-OPERATING REVENUES: Investment income 14,359 109,672 124,031

INCREASE (DECREASE) IN NET POSITION (577,686) (826,067) (1,403,753)

NET POSITION, BEGINNING OF YEAR 1,874,407 7,860,255 9,734,662

NET POSITION, END OF YEAR 1,296,721$ 7,034,188$ 8,330,909$

- 192 -

ST. JOHNS COUNTY, FLORIDACOMBINING STATEMENT OF CASH FLOWS - INTERNAL SERVICE FUNDSFOR THE YEAR ENDED SEPTEMBER 30, 2015

Worker's Compensation Health


CASH FLOWS FROM OPERATING ACTIVITIES:Receipts from customers 616,038$ 22,749,952$ 23,365,990$ Payments to suppliers (1,000,810) (24,341,759) (25,342,569) Payments to employees (210,026) (112,122) (322,148)

Net cash provided by (used in) operating activities (594,798) (1,703,929) (2,298,727)

INVESTING ACTIVITIES: Investment purchases (26,972) (994,110) (1,021,082) Proceeds from sales of investments 291,712 1,066,013 1,357,725 Investment income received 14,753 107,671 122,424

Net cash provided by (used in) investing activities 279,493 179,574 459,067

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (315,305) (1,524,355) (1,839,660)

CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 721,600 3,411,531 4,133,131

CASH AND CASH EQUIVALENTS, END OF YEAR 406,295$ 1,887,176$ 2,293,471$

Reconciliation of operating income to net cash provided by operating activities: Operating income (loss) (592,045)$ (935,739)$ (1,527,784)$ Adjustments to reconcile operating income to net cash provided by (used in) operating activities: Change in accounts receivable (805,832) (805,832) Change in due from other funds (3,901) (9,900) (13,801) Change in due from other governments (66,707) (66,707) Change in accounts payable and accrued liabilities 1,036 9,704 10,740 Change in due to other funds 112 3,013 3,125 Change in estimated liability for self insured losses 101,532 101,532

Net cash provided by (used in) operating activities (594,798)$ (1,703,929)$ (2,298,727)$

- 193 -

- 194 -

FIDUCIARY FUNDS DESCRIPTIONS

Agency Funds – Agency Funds are custodial in nature and do not involve measurement of results of operations. The County maintains the following Agency Funds: Board of County Commissioners:

Pass Through Grants – To account for the collection and disbursement of grant funds to the constitutional officers.

Employee Flexible Spending Accounts – To account for the collection and disbursement of employee pre-tax funds collected for family medical and day-care expenses.

Clerk of Courts:

Agency Fund – To account for the receipt and disbursement of funds used for the judicial law library, fines and service charges, bond funds, fees and related court costs for small claims court, litigants in court cases, juror and witnesses, and court-ordered alimony and child support.

Sheriff:

Levy Account – To account for the collection and disbursement of fees and costs related to enforcement of civil levy action. Restitution – To account for prisoner restitution of funds collected and disbursed pursuant to a court order. Civil Services – To account for process services charged in civil cases and enforceable writ executions. Inmate Trust – To account for the receipt of personal funds from the fund disbursements to inmates.

Tax Collector:

Taxes and Tags – To account for the collection and disbursement of ad valorem taxes, tourist development taxes, non ad valorem assessments, vehicle tags and titles.

ST. JOHNS COUNTY, FLORIDACOMBINING STATEMENT OF FIDUCIARY NET

POSITION - AGENCY FUNDSSeptember 30, 2015

Board of Clerk ofCounty Circuit Sheriff Agency

Commissioners Court Funds

EmployeeFlexible Spending Agency Levy

Accounts Fund Account

ASSETS

Equity in pooled cash and cash equivalents 153,923$ 5,286,832$ 11,513$ Accounts receivable 6,977

TOTAL ASSETS 153,923$ 5,293,809$ 11,513

LIABILITIES

Assets held for others 153,923$ 5,293,809 11,513$

TOTAL LIABILITIES 153,923 5,293,809 11,513

NET POSITION -$ -$ -$

- 195 -

ST. JOHNS COUNTY, FLORIDACOMBINING STATEMENT OF FIDUCIARY NET

POSITION - AGENCY FUNDSSeptember 30, 2015

ASSETS

Equity in pooled cash and cash equivalents Accounts receivable

TOTAL ASSETS

LIABILITIES

Assets held for others

TOTAL LIABILITIES

NET POSITION

Tax CollectorAgency

Inmate Taxes andTrust Tags Total

24,545$ 5,321,403$ 10,798,216$ 22,203 29,180

24,545$ 5,343,606$ 10,827,396$

24,545$ 5,343,606$ 10,827,396

24,545 5,343,606 10,827,396

-$ -$ -$ (concluded)

- 196 -

ST. JOHNS COUNTY, FLORIDACOMBINING STATEMENT OF CHANGES IN ASSETS AND LIABILITIES- AGENCY FUNDSFOR THE YEAR ENDED SEPTEMBER 30, 2015

Balance BalanceOctober 1, September 30,

2014 Additions Deductions 2015

BOARD OF COUNTY COMMISSIONERS

PASS-THROUGH GRANTS

ASSETS

Cash and cash equivalents -$ 63,131$ 63,131$ -$

LIABILITIES

Due to other county agencies -$ 63,131$ 63,131$ -$

EMPLOYEE FLEXIBLE SPENDING ACCOUNTS

ASSETS

Cash and cash equivalents 87,655$ 767,839$ 701,571$ 153,923$

LIABILITIES

Assets held for others 87,655$ 767,839$ 701,571$ 153,923$

CLERK OF COURTS

AGENCY FUND

ASSETS

Cash and cash equivalents 7,452,427$ 83,726,145$ 85,891,740$ 5,286,832$ Accounts receivable 10,171 7,680 10,874 6,977 Due from other funds - 460 460 -

7,462,598$ 83,733,825$ 85,902,614$ 5,293,809$

LIABILITIES

Assets held for others 7,462,598$ 81,884,233$ 84,053,022$ 5,293,809$ Due to other county agencies - 1,849,592 1,849,592 -

7,462,598$ 83,733,825$ 85,902,614$ 5,293,809$

SHERIFF

LEVY TRUST

ASSETS


LIABILITIES

Assets held for others 2,168$ 234,949$ 225,604$ 11,513$ Due to other county agencies - 19,964 19,964 -

2,168$ 254,913$ 245,568$ 11,513$ (continued)

- 197 -




INMATE TRUST

ASSETS


LIABILITIES

Assets held for others 22,571$ 585,592$ 583,618$ 24,545$ Due to other funds - 178,567 178,567 - Due to other county agencies - 46,565 46,565 -

22,571$ 810,724$ 808,750$ 24,545$

CIVIL SERVICES

ASSETS


LIABILITIES


RESTITUTION

ASSETS


LIABILITIES


TAX COLLECTOR

TAXES, TAGS and DELINQUENCIES

ASSETS

Cash and cash equivalents 4,825,139$ 654,521,877$ 654,025,613$ 5,321,403$ Accounts receivable 23,329 31,918 33,044 22,203 Due from other funds - -

4,848,468$ 654,553,795$ 654,058,657$ $5,343,606

LIABILITIES

Assets held for others 4,848,468$ 586,740,026$ 586,244,888$ 5,343,606$ Due to other funds - 19,276,110 19,276,110 - Due to other county agencies - 48,537,659 48,537,659 -

4,848,468$ 654,553,795$ 654,058,657$ 5,343,606$ (continued)

- 198 -




TOTAL - ALL AGENCY FUNDS

ASSETS

Cash and cash equivalents 12,389,960$ 740,243,142$ 741,834,886$ 10,798,216$ Accounts receivable 33,500 39,598 43,918 29,180

12,423,460$ 740,282,740$ 741,878,804$ 10,827,396$

LIABILITIES

Assets held for others 12,423,460$ 670,275,770$ 671,871,834$ 10,827,396$ Due to other funds - 19,454,677 19,454,677 - Due to other county agencies - 50,552,293 50,552,293 -

12,423,460$ 740,282,740$ 741,878,804$ 10,827,396$ (concluded)

- 199 -

ST. JOHNS COUNTY, FLORIDABOARD OF COUNTY COMMISSIONERSSCHEDULE OF EXPENDITURES BY DEPARTMENT - BUDGET AND ACTUALFOR THE YEAR ENDED SEPTEMBER 30, 2015


GENERAL FUND

General Government

Board of County Commissioners 1,065,525$ 1,109,272$ 1,070,864$ Clerk of Courts 3,492,200 3,492,200 3,122,315 Tax Collector 5,467,573 5,467,573 5,369,563 Property Appraiser 5,157,806 5,192,153 4,980,556 Supervisor of Elections 2,035,886 2,447,781 2,337,468 County Administrator 1,339,660 1,339,660 1,323,779 Construction Services 432,935 432,935 401,702 Management and Budget 982,670 982,680 846,117 Risk Management 108,178 108,178 98,534 Management Information Systems 3,282,829 3,282,829 2,818,103 Purchasing 598,202 598,202 477,997 Personnel 837,533 837,533 619,303 County Attorney 1,221,960 1,221,960 1,127,681 Growth Management Services 4,399,705 4,399,705 4,209,149 Regional Planning Council 111,754 111,754 111,753 Ponte Vedra Zoning Board 15,047 15,047 14,863 Building Maintenance Services 3,394,978 3,624,238 3,231,693 Courthouse, Annex Maintenance 663,308 663,308 611,981

Total General Government 34,607,749 35,327,008 32,773,421

Public Safety

Sheriff 56,110,261 61,413,094 61,397,009Juvenile Justice Detention Facility 281,008 281,008 237,519 Public Safety Communications 1,127,491 1,127,491 1,089,279 Detention Facility Subsidy 939,750 939,750 897,662 Codes Compliance 728,853 728,853 648,959 Emergency Management 771,332 831,300 787,205 Emergency Medical Service 8,589,978 8,639,978 7,963,658 Medical Examiner 386,824 386,824 369,407 Sheriff Complex Maintenance 3,477,782 3,477,695 2,609,258 Interoperable Radio Systems (E911) 869,883 869,883 802,745

Total Public Safety 73,283,162 78,695,876 76,802,701

Physical Environment

Agriculture and Home Economics 731,431 731,431 623,301 Hastings Agricultural Research Center 94,026 94,026 93,985 St. Johns Soil and Water Conservation 54,351 54,374 54,371 St. Johns River Project 10,046 10,046 10,041

Total Physical Environment 889,854 889,877 781,698 (continued)

- 200 -



Economic Environment

Economic Development 392,988 423,358 399,688 State Tax Incentive Refunding 107,123 107,123 79,575 Veterans Services 269,525 269,525 262,928 St. Johns Housing Partnership 78,292 83,323 83,323 Housing 1,236,649 1,928,599 1,827,416 City of St. Augustine Historic CRA 208,993 209,079 209,079 City of St. Augustine Lincolnville CRA 47,551 48,558 48,558

Total Economic Environment 2,341,121 3,069,565 2,910,567

Human Services

Hospitals 348,565 348,565 343,859 St. Johns Welfare Federation 105,064 105,064 105,064 Family Medical and Dental Center 4,535 4,535 3,565 Animal Control 1,280,406 1,287,906 1,231,249 Social Services 1,087,727 1,140,021 948,209 Early Learning Coalition 134,400 133,884 133,884 Medicaid Participation 1,313,167 1,313,167 1,276,633 Council on Aging 132,455 134,489 130,924 Betty Griffin House 186,308 199,654 199,653 Learn to Read Program 13,595 3,399 3,398 EPIC 495,182 490,870 439,814 Our House Adult Day Care 35,278 35,278 35,278 Human Services Support 731,314 842,927 742,737 Health & Human Services Complex 329,029 331,537 245,172 Health Care Clinic 620,000 620,000 620,000

Total Human Services 6,817,025 6,991,296 6,459,439

Culture and RecreationLibraries 5,705,862 5,810,954 5,544,203 Recreation Programs 2,303,240 2,303,240 2,122,192 Recreation and Parks 6,525,672 6,899,528 5,744,121 Aquatics Program 507,862 465,362 331,993

Total Culture and Recreation 15,042,636 15,479,084 13,742,509

Court relatedClerk of Courts 3,923,967 3,760,891 3,723,936 Sheriff 1,814,622 1,814,622 1,593,840 Courthouse Maintenance 2,423,617 2,423,617 2,280,497 FS939 Additional Court Costs 499,827 499,827 496,743 States Attorney 74,070 74,070 64,402 Public Defender 1,700 1,700 513 Circuit Court 17,792 17,792 10,180 Guardian Ad Litem 67,058 67,058 65,926 County Court 10,368 10,368 4,436 Court Reporting 2,155 2,155 1,567

Total Court related 8,835,176 8,672,100 8,242,040

Debt ServiceSheriff 1,276,089 1,264,869 1,261,277

Total Debt Service 1,276,089 1,264,869 1,261,277

Total Expenditures 143,092,812$ 150,389,675$ 142,973,652$ (continued)

- 201 -



COUNTY TRANSPORTATION TRUST FUND

Transportation

Road and Sidewalk Construction 12,469,250$ 20,598,473$ 9,854,060$ Road and Bridge Maintenance 9,710,057 9,849,996 8,968,699 Fleet Services 6,350,322 6,360,322 4,282,022 Traffic and Transportation 1,723,352 1,873,352 1,523,329 Engineering 3,106,073 3,104,323 2,875,835 Land Management Systems 2,203,182 2,203,182 2,108,227

Total Expenditures 35,562,236$ 43,989,648$ 29,612,172$

BEACH FUND

Public Safety

St. Johns County Sheriff's Office 5,148 5,148 City of St. Augustine Beach Patrol 33,430 40,923 40,923 Life Saving Corps 573,775 573,775 485,053

Total Public Safety 607,205 619,846 531,124

Culture and Recreation

Beach Services 552,003 517,314 499,339 Beach Toll Collection 287,133 251,965 250,737

Total Culture and Recreation 839,136 769,279 750,076

Total Expenditures 1,446,341$ 1,389,125$ 1,281,200$

TOURIST DEVELOPMENT TAX FUND

General Government

Category I 4,317,121 4,317,121 3,907,618 Category IV 1,512,777 1,512,777 1,237,418

Total General Government 5,829,898 5,829,898 5,145,036

Culture and Recreation

Category II 2,075,838 2,075,838 1,609,456 Category III 848,165 830,617 594,498

Total Culture and Recreation 2,924,003 2,906,455 2,203,954

Total Expenditures 8,753,901$ 8,736,353$ 7,348,990$ (concluded)

- 202 -

- 203 -

STATISTICAL SECTION

(Unaudited)

Included in the Statistical Section are financial presentations which are intended to provide a broader and more complete understanding of the government and its financial health than is possible from the basic financial schedules included in the Financial Section, Notes and Supplementary Information. Contents Page Financial Trends – These schedules contain trend information to help the reader understand how St. Johns County’s financial performance and well-being have changed over time. -204- Revenue Capacity – These schedules contain information to help the reader assess the County’s most significant revenue resource; property taxes. -214- Debt Capacity – These schedules present information to help the reader assess the affordability of the current levels of outstanding debt and the County’s ability to issue additional debt in the future. -219- Demographic and Economic Information – These schedules offer demographic and economic indicators to help the reader in understanding the environment which St. Johns County operates in. -227- Operating Information – These schedules contain service and infrastructure data to assist the reader in understanding the County’s financial report and how it relates to county services and activities. -229- Sources: Unless otherwise noted, the information in these schedules is derived from the comprehensive annual financial reports for the relevant year.

SCHEDULE 1ST. JOHNS COUNTY, FLORIDANET POSITION BY COMPONENT,LAST TEN FISCAL YEARS

2006 2007 2008 2009 2010

Governmental activitiesNet investment in capital assets 511,041,001$ 690,372,028$ 900,859,557$ 951,132,013$ 946,351,822$ Restricted 90,490,091 179,573,763 127,602,227 83,312,356 89,185,740 Unrestricted 14,125,807 (41,584,456) (7,198,199) 40,205,062 49,835,748

Total governmental activities net position 615,656,899$ 828,361,335$ 1,021,263,585$ 1,074,649,431$ 1,085,373,310$

Business-type activitiesNet investment in capital assets $186,793,872 $186,401,183 $201,669,070 $207,715,274 235,043,091$ Restricted 44,788,814 31,776,231 24,731,549 4,409,631 4,465,667 Unrestricted 28,515,100 52,074,473 62,821,688 87,927,808 62,447,123

Total business-type activities net position 260,097,786$ 270,251,887$ 289,222,307$ 300,052,713$ 301,955,881$

Primary governmentNet investment in capital assets 697,834,873$ 876,773,211$ 1,102,528,627$ 1,158,847,287$ 1,181,394,913$ Restricted 135,278,905 211,349,994 152,333,776 87,721,987 93,651,407 Unrestricted 42,640,907 10,490,017 55,623,489 128,132,870 112,282,871

Total primary government net position 875,754,685$ 1,098,613,222$ 1,310,485,892$ 1,374,702,144$ 1,387,329,191$

(continued)

Fiscal Year

- 204 -

SCHEDULE 1ST. JOHNS COUNTY, FLORIDANET POSITION BY COMPONENT,LAST TEN FISCAL YEARS

2011 2012 2013 2014 2015

Governmental activitiesNet investment in capital assets 965,815,168$ 966,725,562$ 972,172,160$ 971,829,736$ 1,002,480,829$ Restricted 81,761,316 82,516,411 80,168,118 83,161,247 106,542,807 Unrestricted 50,768,768 69,041,631 73,802,167 67,978,785 (5,557,719)

Total governmental activities net position 1,098,345,252$ 1,118,283,604$ 1,126,142,445$ 1,122,969,768$ 1,103,465,917$

Business-type activitiesNet investment in capital assets 241,598,831$ 250,625,455$ 237,378,440$ 244,655,555$ 248,866,248$ Restricted 6,130,207 6,224,724 11,921,216 11,726,589 13,115,398 Unrestricted 57,236,592 58,495,197 68,156,500 65,582,576 65,842,399

Total business-type activities net position 304,965,630$ 315,345,376$ 317,456,156$ 321,964,720$ 327,824,045$

Primary governmentNet investment in capital assets 1,207,413,999$ 1,217,351,017$ 1,209,550,600$ 1,216,485,291$ 1,251,347,077$ Restricted 87,891,523 88,741,135 92,089,334 94,887,836 119,658,205 Unrestricted 108,005,360 127,536,828 141,958,667 133,561,361 60,284,680

Total primary government net position 1,403,310,882$ 1,433,628,980$ 1,443,598,601$ 1,444,934,488$ 1,431,289,962$

(concluded)

Fiscal Year

- 205 -

SCHEDULE 2ST. JOHNS COUNTY, FLORIDACHANGES IN NET POSITION,LAST TEN FISCAL YEARS

2006 2007 2008 2009 2010

ExpensesGovernmental activities:

General government 26,302,534$ 34,536,755$ 35,069,159$ 46,670,205$ 35,289,534$ Public safety 90,158,505 94,693,805 101,588,282 95,645,417 98,205,670 Physical environment 1,642,262 1,711,452 1,924,153 1,912,769 1,865,889 Transportation 33,949,803 31,502,249 42,310,909 36,435,671 39,751,781 Economic environment 4,755,380 7,943,819 11,664,766 4,921,367 5,539,862 Human services 16,002,888 16,812,140 16,017,548 14,704,430 14,130,968 Culture and recreation 18,728,903 17,117,605 18,921,558 19,758,387 19,431,292 Court related 7,509,955 8,235,429 9,791,960 7,611,005 6,540,545 Interest on long term debt 5,465,764 10,278,364 9,406,478 10,128,683 9,681,831

Total governmental activities expenses 204,515,994 222,831,618 246,694,813 237,787,934 230,437,372

Business-type activities:Utilities 21,960,945 31,354,946 36,662,776 39,109,744 37,885,417 Solid waste 13,487,693 14,099,480 15,973,577 16,647,606 16,708,777 Golf course 1,955,749 2,109,415 1,956,160 1,892,427 1,754,951 Convention center 1,172,893 1,148,986 1,122,634 1,093,156 1,062,332 Amphitheater 89,999

Total business-type activities 38,667,279 48,712,827 55,715,147 58,742,933 57,411,477

Total primary government expenses 243,183,273$ 271,544,445$ 302,409,960$ 296,530,867$ 287,848,849$

Program RevenuesGovernmental activities:Charges for services

General government 18,574,662$ 19,659,105$ 21,867,384$ 22,387,754$ 30,794,053$ Public safety 6,615,056 5,697,638 6,493,397 7,981,180 5,417,220 Physical environment 726,000 721,825 803,100 1,514,193 495,493 Transportation 2,657,922 3,593,500 3,563,005 11,368,441 9,215,915 Economic environment 350,000 Human services 451,936 441,703 495,335 580,562 464,655 Culture and recreation 1,174,274 1,267,361 1,307,858 2,863,131 6,975,079 Court related 2,523,385 2,366,708 Interest on long term debt

32,723,235 33,747,840 34,530,079 47,045,261 53,362,415

Operating Grants and Contributions:General government 11,074,141 33,509 38,912 Public safety 1,428,252 2,310,014 2,838,461 2,785,030 3,942,778 Physical environment 413,720 1,285,325 Transportation 4,560 1,007,504 6,419,506 1,047,293 939,527 Economic environment 1,497,218 1,462,356 784,932 1,128,772 1,614,404 Human services 6,303,298 5,993,633 6,371,829 6,497,205 7,084,782 Culture and recreation 535,585 543,864 5,649,428 625,265 1,448,166 Court relatedInterest on long term debt

9,768,913 11,317,371 33,552,017 12,117,074 16,353,894

Capital Grants and Contributions:General government 1,178,786 2,082,816 2,503,840 2,000 Public safety 1,298,446 2,972,502 2,340,253 1,053,985 1,648,752 Physical environment 1,489,732 918,428 356,748 Transportation 85,667,405 146,385,837 172,089,591 180,724,401 48,539,562 Economic environment 87,111 490,225 1,155,586 118,400 132,337 Human services

Culture and recreation 7,597,025 2,899,769 5,380,690 11,199,068 1,408,752

Court related

Interest on long term debt97,318,505 155,749,577 183,826,708 193,095,854 51,731,403

Total governmental activities program revenues 139,810,653$ 200,814,788$ 251,908,804$ 252,258,189$ 121,447,712$

(continued)

Fiscal Year

- 206 -


ExpensesGovernmental activities:

General governmentPublic safetyPhysical environmentTransportationEconomic environmentHuman servicesCulture and recreationCourt relatedInterest on long term debt

Total governmental activities expenses

Business-type activities:UtilitiesSolid wasteGolf courseConvention centerAmphitheater

Total business-type activities

Total primary government expenses

Program RevenuesGovernmental activities:Charges for services

General governmentPublic safetyPhysical environmentTransportationEconomic environmentHuman servicesCulture and recreationCourt relatedInterest on long term debt

Operating Grants and Contributions:General governmentPublic safetyPhysical environmentTransportationEconomic environmentHuman servicesCulture and recreationCourt relatedInterest on long term debt

Capital Grants and Contributions:General governmentPublic safetyPhysical environmentTransportationEconomic environmentHuman services

Culture and recreation

Court related

Interest on long term debt

Total governmental activities program revenues

2011 2012 2013 2014 2015

35,398,410$ 37,358,794$ 38,407,779$ 36,167,538$ 36,898,626$ 100,967,774 95,408,235 100,359,092 109,468,681 108,407,083

1,740,020 1,830,696 1,769,398 1,772,521 1,056,702 39,238,447 43,205,110 42,912,026 37,875,723 35,216,690 12,452,779 3,460,640 3,485,426 3,144,006 3,612,741 14,609,953 11,673,858 11,110,019 17,232,483 8,007,106 20,410,983 24,350,472 23,193,398 26,520,443 26,559,815 6,516,848 6,259,222 6,613,985 9,108,822 9,152,214 9,450,717 8,779,335 9,092,281 8,532,606 8,980,193

240,785,931 232,326,362$ 236,943,404$ 249,822,823$ 237,891,170$

38,431,844 37,742,045 39,091,110 41,169,304 42,930,636 17,478,399 17,848,696 18,832,837 19,950,180 18,384,333 1,630,202 1,349,516 1,341,333 1,476,604 1,254,316 994,046 916,101 872,668 1,010,914

58,794,761 57,934,303 60,181,381 63,468,756 62,325,883

299,580,692$ 290,260,665$ 297,124,785$ 313,291,579$ 300,217,053$

25,417,964$ 30,642,728$ 42,463,335$ 41,118,744$ 41,886,268$ 5,392,253 5,739,971 6,985,775 10,659,040 11,554,996

425,748 349,205 368,516 577,514 593,611 13,161,177 19,090,117 10,146,889 14,163,016 18,780,325

69,396 339,359 134,720 53,137 - 605,417 519,507 116,424 103,762 93,388

6,111,695 4,777,473 7,463,023 9,153,321 10,662,244 1,763,068

51,183,650 61,458,360 67,678,682 75,828,534 85,333,900

57,556 25,146 25,615 348,291 3,921,024 4,107,114 4,660,409 6,032,975 5,890,650 4,424,156 1,722,059 1,950,187 1,485,455 1,693,900 2,879,015 1,270,550 661,730 1,155,260 925,255

324,392 751,214 43,043 457,589 625,599 6,126,758 6,274,867 4,900,509 5,099,458 5,164,632

543,341 687,317 1,591,842 614,974 591,886 268,815

18,276,242 14,813,121 13,832,866 14,871,326 15,509,028

938,744 21,084 2,795 139,912 394,000

9,338,592 29,703,235 16,090,602 7,823,469 38,607,976 198,172 158,400

4,451 7,125

3,140,796 8,917 252,380 6,242,016

9,536,764 33,945,626 16,521,728 8,078,644 44,989,904 78,996,656$ 110,217,107$ 98,033,276$ 98,778,504$ 145,832,832$

(continued)

Fiscal Year

- 207 -


2006 2007 2008 2009 2010

Program RevenuesBusiness-type activities:Fines and Charges for Services

Utilities 23,154,314$ 27,649,510$ 29,292,560$ 31,362,910$ 32,972,230$ Solid waste 13,078,681 14,203,688 15,205,909 17,722,263 18,052,785 Golf course 1,871,746 1,972,117 1,940,553 1,729,287 1,418,671 Convention center 613,731 1,326,378 1,241,022 1,293,694 1,339,537 Amphitheater 13,032

38,731,504 45,151,693 47,680,044 52,108,154 53,783,223 Operating Grants and Contributions:

Utilities 66,088 Solid waste 241,514 45,338 60,974 Golf courseConvention centerAmphitheater

241,514 - - 111,426 60,974 Capital Grants and Contributions:

Utilities 76,742,352 15,086,845 17,640,265 9,359,365 414,336 Solid wasteGolf course 16,289 58,000 Convention centerAmphitheater

76,742,352 15,086,845 17,656,554 9,359,365 472,336 Total business-type activities program revenues 115,715,370$ 60,238,538$ 65,336,598$ 61,578,945$ 54,316,533$

Net (Expenses) RevenuesGovernmental activities (3,701,206)$ 29,077,186$ 5,563,376$ (116,340,222)$ (151,440,716)$ Business-type activities 77,048,091 11,525,711 9,621,451 2,836,012 (3,094,944) Total primary government net (expense) revenues 73,346,885$ 40,602,897$ 15,184,827$ (113,504,210)$ (154,535,660)

General Revenues and Other Changes in Net PositionGovernmental activities:

Taxes:Property taxes 117,113,194$ 149,487,750$ 142,256,850$ 137,273,978$ 134,150,326$ Communication services tax 2,089,447 2,089,447 2,091,135 2,298,019 2,290,571 Tourist development tax 5,173,763 5,173,763 5,241,193 4,475,364 4,543,544 Utility regulation tax 146,342 146,342 32,369 875

Shared revenues - intergovernmental unrestricted 37,642,922 9,733,994 25,728,024 20,940,535 17,800,184 Unrestricted earnings on investments 9,855,362 14,904,102 10,070,408 3,981,653 2,378,012 Miscellaneous 1,528,256 525,782 2,295,630 996,781 1,490,246 Transfers (227,500) (374,961) (376,735) (241,137) (488,288)

Special Items:Sale of utility franchise area

Total governmental activities 173,321,786 181,686,219 187,338,874 169,726,068 162,164,595

Business-type activities:Franchise taxes 573,477 529,039 Unrestricted earnings on investments 3,967,265 6,384,561 5,488,309 4,509,085 2,211,696 Miscellaneous 11,025,357 12,074,995 3,483,925 2,670,695 1,769,089 Transfers 227,500 374,961 376,735 241,137 488,288

Total business-type activities 15,220,122 18,834,517 9,348,969 7,994,394 4,998,112 Total primary government 188,541,908$ 200,520,736$ 196,687,843$ 177,720,462$ 167,162,707$

Changes in Net PositionGovernmental activities 169,620,580$ 210,763,405$ 192,902,250$ 53,385,846$ 10,723,879$ Business-type activities 92,268,213 30,360,228 18,970,420 10,830,406 1,903,168 Total primary government 261,888,793$ 241,123,633$ 211,872,670$ 64,216,252$ 12,627,047$

(continued)

Fiscal Year

- 208 -


Program RevenuesBusiness-type activities:Fines and Charges for Services

UtilitiesSolid wasteGolf courseConvention centerAmphitheater

Operating Grants and Contributions:UtilitiesSolid wasteGolf courseConvention centerAmphitheater

Capital Grants and Contributions:UtilitiesSolid wasteGolf courseConvention centerAmphitheater

Total business-type activities program revenues

Net (Expenses) RevenuesGovernmental activitiesBusiness-type activitiesTotal primary government net (expense) revenues

General Revenues and Other Changes in Net PositionGovernmental activities:

Taxes:Property taxesCommunication services taxTourist development taxUtility regulation tax

Shared revenues - intergovernmental unrestrictedUnrestricted earnings on investmentsMiscellaneousTransfers

Special Items:Sale of utility franchise area

Total governmental activities

Business-type activities:Franchise taxesUnrestricted earnings on investmentsMiscellaneousTransfers

Total business-type activitiesTotal primary government

Changes in Net PositionGovernmental activitiesBusiness-type activitiesTotal primary government

2011 2012 2013 2014 2015

35,290,571$ 35,419,561$ 36,176,480$ 37,103,770$ 40,619,291$ 17,901,073 18,766,111 18,690,559 19,297,954 20,168,857 1,317,368 1,110,816 1,087,990 1,044,964 1,345,802 1,388,673 1,366,779 1,360,726 1,371,417

55,854,814 56,685,161 57,321,808 58,807,414 62,159,565

209,801 89,724 25,55642,987

- - 252,788 89,724 25,556

2,461,636 7,101,161 2,078,350 3,250,573 13,315,023

25,951

2,461,636 7,101,161 2,104,301 3,250,573 13,315,023 58,316,450$ 63,786,322$ 59,678,897$ 62,147,711$ 75,500,144$

(130,568,824)$ (134,293,086)$ (144,122,558)$ (151,044,319)$ (92,058,338)$ (478,311) 5,852,019 (502,484) (1,321,045) 13,174,267

(131,047,135) (128,441,067) (144,625,042) (152,365,364) (78,884,071)

120,149,274$ 129,505,048$ 125,829,724$ 128,922,091$ 136,704,969$ 2,183,255 2,098,637 2,088,801 2,284,924 2,295,948 4,840,567 6,930,989 7,344,606 8,220,259 9,161,380

14,157,742 12,984,921 9,333,363 6,785,968 7,596,158 1,210,296 1,394,471 469,285 904,859 2,471,508 1,362,740 1,936,663 8,750,755 1,859,954 1,851,297 (363,108) (619,291) (384,492) (1,106,413) (292,773)

143,540,766 154,231,438 153,432,042 147,871,642 159,788,487

472,157 843,240 593,635 659,238 288,370 1,015,039 534,602 187,169 488,658 1,172,579 1,637,756 2,530,594 3,600,679 3,575,300

363,108 619,291 384,492 1,106,413 292,773 3,488,060 4,527,727 4,765,975 5,829,609 1,753,722

147,028,826$ 158,759,165$ 158,198,017$ 153,701,251$ 161,542,209$

12,971,942$ 19,938,352$ 9,309,484$ (3,172,677)$ 67,730,149$ 3,009,749 10,379,746 4,263,491 4,508,564 14,927,989

15,981,691$ 30,318,098$ 13,572,975$ 1,335,887$ 82,658,138$

(concluded)

Fiscal Year

- 209 -

SCHEDULE 3ST. JOHNS COUNTY, FLORIDAFUND BALANCES, GOVERNMENTAL FUNDS,LAST TEN FISCAL YEARS

2006 2007 2008 2009 2010

General Fund

NonspendableRestrictedAssignedUnassigned

Reserved 189,880$ 110,805$ Unreserved

Undesignated 34,202,089$ 40,259,973$ 34,173,058$ 32,758,485 38,566,895

Total General Fund 34,202,089$ 40,259,973$ 34,173,058$ 32,948,365$ 38,677,700$

All Other Governmental Funds

NonspendableRestrictedCommittedAssignedUnassigned

Reserved 47,207,545$ 86,602,639$ 51,080,069$ 42,795,840$ 22,427,823$ Unreserved

UndesignatedSpecial revenue funds 69,512,732 92,971,122 76,522,158 76,905,797 83,071,544

Total all other governmental funds 116,720,277$ 179,573,761$ 127,602,227$ 119,701,637$ 105,499,367$

(continued)

Fiscal Year

Fiscal years 2006 through 2010 reflects fund balance classifications used prior to the implementation of GASB 54.

- 210 -

SCHEDULE 3ST. JOHNS COUNTY, FLORIDAFUND BALANCES, GOVERNMENTAL FUNDS,LAST TEN FISCAL YEARS

General Fund

NonspendableRestrictedAssignedUnassigned

ReservedUnreserved

Undesignated

Total General Fund

All Other Governmental Funds

NonspendableRestrictedCommittedAssignedUnassigned

ReservedUnreserved

UndesignatedSpecial revenue funds

Total all other governmental funds

2011 2012 2013 2014 2015

12,100$ 574,110$ 3,748,240$ 2,883,189$ 460,264$ 426,906 255,207 283,564 290,808866,119

36,307,857 45,498,303 47,341,190 48,856,014 47,570,801

37,634,240$ 45,937,309$ 48,170,507$ 52,887,818$ 50,744,798$

580,419$ 584,463$ 607,695$ 727,113$ 622,558$ 61,927,321 60,134,592 55,248,574 53,352,464 67,196,024

338,782 252,619 274,450 225,361 29,217,103 38,727,314 40,989,272 34,638,052 41,047,447

(279,459) (149,790) (757,332) (1,515,323) (2,520,338)

91,445,384$ 99,635,361$ 96,340,828$ 87,476,756$ 106,571,052$

(concluded)

Fiscal Year

Fiscal years 2006 through 2010 reflects fund balance classifications used prior to the implementation of GASB 54.

- 211 -

Schedule 4ST. JOHNS COUNTY, FLORIDACHANGES IN FUND BALANCES,GOVERNMENTAL FUNDS,LAST TEN FISCAL YEARS

2006 2007 2008 2009 2010Revenues

Taxes 124,522,746$ 156,897,302$ 149,621,547$ 144,048,236$ 140,984,441$ Special assessments 16,895,230 16,484,846 9,539,061 7,845,236 5,019,340 Licenses and permits 3,878,014 4,210,126 3,706,650 3,167,690 3,282,375 Intergovernmental 55,560,928 50,975,995 44,628,495 53,062,881 56,627,509 Charges for services 25,607,141 25,935,977 27,382,378 27,745,669 24,247,438 Fines and forfeitures 2,366,708 2,350,708 3,640,852 2,832,645 2,299,217 Contributions 1,886,744 306,420 1,772,617 2,997,532 364,821 Investment income 9,759,137 14,680,412 9,797,628 3,906,851 2,337,859 Miscellaneous revenue 1,679,163 724,801 2,344,708 1,207,611 1,144,818

Total revenues 242,155,811 272,566,587 252,433,936 246,814,351 236,307,818

ExpendituresCurrent:

General government 35,902,692 38,582,562 41,621,996 37,200,843 34,435,253 Public safety 91,854,457 101,932,615 105,297,992 101,683,339 94,671,418 Physical environment 1,494,737 2,015,223 1,871,770 1,794,919 2,004,074 Transportation 41,360,877 36,564,440 41,916,686 33,637,223 34,021,502 Economic environment 7,811,379 12,970,518 12,391,403 7,296,275 5,537,536 Human services 16,769,662 17,756,069 16,071,694 14,351,542 13,670,440 Culture and recreation 27,547,042 20,361,796 18,214,941 21,225,702 19,139,883 Court related 7,423,148 8,258,199 9,857,963 7,605,980 6,678,086

Capital outlay 26,274,886 44,935,977 48,751,308 27,936,078 18,551,607 Debt service:

Principal retirement 4,862,675 8,478,273 10,338,425 17,141,929 8,558,418 Interest and fiscal charges 5,444,665 9,008,260 9,561,807 9,831,086 9,834,189 Arbitrage rebateIssuance costs 16,445 1,413,672 5,000 368,900 5,000

Total expenditures 266,762,665 302,277,604 315,900,985 280,073,816 247,107,406

Excess of revenues over (under)expenditures (24,606,854) (29,711,017) (63,467,049) (33,259,465) (10,799,588)

Other Financing Sources (uses):

Transfers in 15,874,896 23,063,334 20,740,481 18,975,922 18,635,374 Transfers out (16,602,396) (23,463,295) (21,117,216) (19,217,059) (19,123,662) Long-term debt issued 8,407,276 93,625,763 5,602,067 15,536,516 2,310,950 Refunding debt issued 19,280,984 Capital lease proceedsPayment to escrow agent (10,558,814) Premium (discount) on long-term debt issued 405,123 5,236,188 (126,250) Sale of capital assets 63,231 183,268 242,883 503,991

Total other financing sources (uses): 8,084,899 98,525,221 5,408,600 24,134,182 2,326,653

Net change in fund balances (16,521,955)$ 68,814,204$ (58,058,449)$ (9,125,283)$ (8,472,935)$

Debt service as a percentage of non capital expenditures 5.33% 8.15% 8.39% 11.63% 8.65%

(continued)

Fiscal Year

- 212 -

Schedule 4ST. JOHNS COUNTY, FLORIDACHANGES IN FUND BALANCES,GOVERNMENTAL FUNDS,LAST TEN FISCAL YEARS

RevenuesTaxesSpecial assessmentsLicenses and permitsIntergovernmentalCharges for servicesFines and forfeituresContributionsInvestment incomeMiscellaneous revenue

Total revenues


General governmentPublic safetyPhysical environmentTransportationEconomic environmentHuman servicesCulture and recreationCourt related

Capital outlayDebt service:

Principal retirementInterest and fiscal chargesArbitrage rebateIssuance costs

Total expenditures

Excess of revenues over (under)expenditures

Other Financing Sources (uses):

Transfers inTransfers outLong-term debt issuedRefunding debt issuedCapital lease proceedsPayment to escrow agentPremium (discount) on long-term debt issuedSale of capital assets

Total other financing sources (uses):

Net change in fund balances

Debt service as a percentage of non capital expenditures

2011 2012 2013 2014 2015

127,173,096$ 138,534,674$ 135,263,131$ 139,427,274$ 148,162,297$ 3,480,870 4,741,638 7,103,347 9,495,586 8,562,206 3,738,436 16,716,135 6,993,671 6,740,934 7,560,131

52,623,416 47,159,869 45,768,736 45,479,725 47,083,136 29,505,354 25,418,627 29,714,847 34,157,049 39,420,555 1,945,319 1,827,567 2,417,386 2,825,572 5,100,101

341,880 239,287 458,041 620,522 222,612 1,177,736 1,360,414 441,093 849,467 2,347,475 1,282,800 1,898,314 1,586,880 1,456,052 1,851,296

221,268,907 237,896,525$ 229,747,132 241,052,181 260,309,809

34,636,976 33,156,074 34,936,830 34,424,372 38,080,978 98,131,776 92,684,443 97,333,608 106,255,265 108,873,123 1,937,788 1,872,703 1,719,504 1,614,707 1,027,646

34,533,019 31,638,179 30,880,534 27,603,099 37,986,839 3,873,636 3,425,297 3,458,785 2,966,699 3,567,617

14,052,862 10,997,648 10,683,490 11,688,439 12,289,836 18,536,792 20,176,755 21,139,487 24,081,510 26,668,542 6,669,588 6,209,593 6,575,878 9,123,640 13,501,206 8,400,474 19,911,607 16,994,935 15,513,121 7,697,435

6,002,775 6,774,584 8,835,982 8,948,993 9,267,834 9,608,075 9,326,108 8,742,030 8,978,887 8,466,488

631,320 9,874 692,338 796,785 40,250 1,066,394

236,383,761 237,496,649 242,097,848 251,248,856 268,493,938

(15,114,854) 399,876 (12,350,716) (10,196,675) (8,184,129)

11,284,443 22,975,315 22,190,376 24,250,511 17,499,050 (11,647,551) (23,594,606) (22,574,868) (25,356,924) (17,791,823)

13,137,000 2,882,000 6,736,879 17,500,000 29,751,000 41,030,000 74,870,000 2,976,023 3,565,279 1,499,909

(31,079,243) (43,973,931) (86,204,222) 1,649,947 10,322,127

380,519 277,734 8,170,525 419,448 7,591,741

17,411 16,093,170 11,289,381 6,049,914 25,286,782

(15,097,443)$ 16,493,046$ (1,061,335)$ (4,146,761)$ 17,102,653$

7.26% 8.98% 8.63% 8.42% 7.71%(concluded)

Fiscal Year

- 213 -

SCHEDULE 5ST. JOHNS COUNTY, FLORIDAASSESSED VALUE AND ACTUAL VALUEOF TAXABLE PROPERTY,a.

LAST TEN FISCAL YEARS

Taxable Value Taxable Value Total

Fiscal Taxable Value Personal Centrally Total Taxable Direct

Year Real Property Property Assessed Value Tax Rate b.

2005/06 16,654,175,245 752,696,406 22,352,364 17,429,224,015 5.8500

2006/07 21,233,616,012 831,854,254 23,410,747 22,088,881,013 5.8457

2007/08 23,671,729,278 869,659,215 26,540,132 24,567,928,625 5.0037

2008/09 22,478,870,762 793,061,691 26,282,262 23,308,214,715 5.0371

2009/10 19,617,725,592 794,162,750 27,277,134 20,439,165,476 5.5471

2010/11 17,565,264,709 762,436,149 24,253,580 18,351,954,438 5.5471

2011/12 16,699,267,764 717,828,512 25,197,373 17,422,293,649 5.9371

2012/13 16,290,224,566 695,545,687 21,844,470 17,007,614,723 5.9371

2013/14 16,777,056,091 695,055,988 23,129,846 1,749,524,195 5.9371

2014/15 17,845,549,178 706,397,144 27,123,973 18,579,070,295 5.9371

Source: St. Johns County Property Appraiser

a. Property is assessed at the fair market value determined by guidelines provided by the Florida Department of Revenue.b. Per $1,000 of value.

Notes: The County assesses property annually. Property is assessed at fair market value, therefore the estimated actual value is not applicable.

- 214 -

SCHEDULE 6ST. JOHNS COUNTY, FLORIDADIRECT AND OVERLAPPINGPROPERTY TAX RATES,LAST TEN FISCAL YEARS

2005/06 2006/07 2007/08 2008/09 2009/10Board of County Commissioners

General Fund 4.9300 4.9275 4.2214 4.2900 4.8000Transportation Trust 0.9000 0.9000 0.7652 0.7300 0.7300County Health Unit 0.0200 0.0200 0.0171 0.0171 0.0171$8,190,000 Debt ServiceGeneral County 5.8500 5.8475 5.0037 5.0371 5.5471

School BoardSchool District 5.3320 5.0310 4.9320 5.1110 5.3030School Board 2.6640 2.6380 2.6290 2.3690 2.4980School Debt 1989 0.2300 0.1800 0.1600 0.1620 0.0000School Board 8.2260 7.8490 7.7210 7.6420 7.8010

Total County-wide 14.0760 13.6965 12.7247 12.6791 13.3481

MunicipalitiesCity of St. Augustine 6.6000 6.6000 6.3129 6.8232 7.5000Town of Hastings 8.0000 8.0000 7.7087 8.0000 8.0000City of St. Augustine Beach 2.0000 1.8000 1.5864 1.8011 2.2875

0.5000

Special DistrictsWater Management 0.4620 0.4620 0.4158 0.4158 0.4158Fire 1.2000 1.2000 1.0954 1.0620 1.3000Anastasia Mosquito Control 0.1550 0.1500 0.1344 0.1325 0.1325St. Augustine Airport Authority 0.2055 0.2055 0.1807 0.1697 0.1697St. Augustine Port, Waterway

and Beach District 0.0581 0.0473 0.0454 0.0454 0.0539Vilano Street Lighting 0.0690 0.0690 0.0114 0.0500 0.0500St. Augustine South Lighting 0.1430 0.1580 0.1328 0.2100 0.2100Ponte Vedra Beach MSD 0.3700 0.3700 0.3510 0.2750 0.2750

Florida Inland Navigation 0.0385 0.0385 0.0345 0.0345 0.0345Summer Haven MSTU 10.0000 10.0000 10.0000

(continued)

Source: St. Johns County Tax Collector

(per $1000 of taxable value)

- 215 -

SCHEDULE 6ST. JOHNS COUNTY, FLORIDADIRECT AND OVERLAPPINGPROPERTY TAX RATES,LAST TEN FISCAL YEARS

2010/11 2011/12 2012/13 2013/14 2014/15Board of County Commissioners

General Fund 4.9000 5.2900 5.3900 5.3900 5.3900Transportation Trust 0.6300 0.6300 0.5300 0.5300 0.5300County Health Unit 0.0171 0.0171 0.0171 0.0171 0.0171$8,190,000 Debt ServiceGeneral County 5.5471 5.9371 5.9371 5.9371 5.9371

School BoardSchool District 5.5710 5.7310 5.4350 5.2960 5.0940School Board 2.4980 2.2480 2.2480 2.2480 2.2480School Debt 1989 0.0000 0.0000 0.0000 0.0000 0.0000School Board 8.0690 7.9790 7.6830 7.5440 7.3420

Total County-wide 13.6161 13.9161 13.6201 13.4811 13.2791

MunicipalitiesCity of St. Augustine 7.5000 7.5000 7.5000 7.5000 7.5000Town of Hastings 8.0000 8.0000 9.2397 8.6000 8.6000City of St. Augustine Beach 2.3992 2.3992 2.3992 2.3992 2.3992Beach Bond 0.2000 0.0787 0.0787 0.0787 0.0800

Special DistrictsWater Management 0.4158 0.3313 0.3313 0.3313 0.3164Fire 1.2000 1.4000 1.4000 1.4000 1.4000Anastasia Mosquito Control 0.1325 0.1325 0.1325 0.1325 0.2450St. Augustine Airport Authority 0.0000 0.0000 0.0000 0.0000 0.0000St. Augustine Port, Waterway

and Beach District 0.0614 0.0614 0.0638 0.0638 0.0638Vilano Street Lighting 0.0500 0.0500 0.0500 0.0500 0.0500St. Augustine South Lighting 0.2100 0.2100 0.2100 0.2100 0.2100Ponte Vedra Beach MSD 0.2750 0.3430 0.3430 0.3750 0.3750

Florida Inland Navigation 0.0345 0.0345 0.0345 0.0345 0.0345Summer Haven MSTU 10.0000 10.0000 10.0000 8.5000 8.5000

(concluded)

(per $1000 of taxable value)

- 216 -

SCHEDULE 7ST. JOHNS COUNTY, FLORIDA

PRINCIPAL PROPERTY TAXPAYERS,

CURRENT YEAR AND TEN YEARS AGO

Fiscal Year 2015 Fiscal Year 2006Percentage Percentage

of Total County of Total CountyTaxable Taxable

Assessed Assessed Assessed AssessedTaxpayer Value Rank Value Value Rank Value

Florida Power & Light 163,648,339$ 1 0.88% 118,075,805$ 1 0.68%

CWI Sawgrass Hotel LLC 112,743,091 2 0.61%

Ponte Vedra Corp 60,645,054 3 0.33% 104,811,770 2 0.60%

BellSouth Telecommunications 42,501,519 4 0.23% 59,246,339 3 0.34%

LifeCare Pastoral Services Inc. 40,884,038 5 0.22%

St Aug-St Johns Co Airport 40,149,140 6 0.22%

Bluegreen Vacations Unlimited 35,277,382 7 0.19%

Florida East Coasy RY 30,109,010 8 0.16%

Remington FL Investors LLC 28,899,400 9 0.16%

CPG Partners LP 27,698,858 10 0.15%

Total 582,555,831$ 3.14% 282,133,914$ 1.62%


- 217 -

SCHEDULE 8ST. JOHNS COUNTY, FLORIDAPROPERTY TAX LEVIES AND COLLECTIONS,LAST TEN FISCAL YEARS

Delinquent TotalFiscal Property Current Tax Percentage Tax Total Tax Percentage ofYear Taxes Levied Collections (1) of Levy Collections Collections Levy Collected

2005/06 121,318,507 116,767,023 96.25% 35,023 116,802,046 96.28%

2006/07 153,766,695 148,588,456 96.63% 68,026 148,655,482 96.68%

2007/08 148,017,827 140,957,073 95.23% 809,001 141,766,074 95.78%

2008/09 140,648,140 134,053,243 95.31% 2,740,377 136,793,620 97.26%

2009/10 136,359,880 131,462,350 96.41% 1,308,771 132,771,127 97.37%

2010/11 122,477,111 117,834,977 96.21% 194,277 118,029,254 96.36%

2011/12 126,442,812 121,803,892 96.33% 1,065,234 122,869,126 97.17%

2012/13 123,347,554 118,930,176 96.42% 390,553 119,320,709 96.74%

2013/14 126,858,600 122,272,125 96.38% 272,640 122,544,765 96.60%

2014/15 134,742,204 129,814,700 96.34% 238,842 130,053,542 96.52%


(1) Aggregate current taxes collected as of close of fiscal year which includes statutory discounts actually taken of 4% in the first month declining one percent each month thereafter.

- 218 -

SCHEDULE 9ST. JOHNS COUNTY, FLORIDARATIOS OF GENERAL BONDEDDEBT OUTSTANDING, LAST TEN FISCAL YEARS

St. Johns County, Florida has not issued any General Obligation Bonds over the last ten fiscal years.

- 219 -

SCHEDULE 10ST. JOHNS COUNTY, FLORIDARATIOS OF OUTSTANDING DEBT BY TYPE,LAST TEN FISCAL YEARS

General Special TaxFiscal Obligation Revenue Revenue Assessment Increment Line of CapitalYear Bonds Bonds Notes Bonds Notes Credit Leases

2006 106,485,000 13,447,375 1,000,000 2,870,730

2007 179,830,000 19,188,946 6,000,000 3,931,648

2008 176,605,000 16,543,276 6,000,000 782,400 4,283,559

2009 196,900,000 6,355,553 5,645,000 2,514,253

2010 192,590,000 6,351,597 5,275,000 260,950 689,790

2011 188,115,000 5,616,224 4,890,000 543,338

2012 196,419,000 4,979,243 4,210,000 3,295,759

2013 191,220,000 4,437,456 3,773,000 4,419,583

2014 189,255,000 4,562,663 3,332,000 4,503,788

2015 195,464,000 3,546,655 2,882,000 4,811,609

(continued)

Governmental Activities

- 220 -


Convention Golf SolidFiscal Utility Center Course Waste Revenue CapitalYear Bonds Bonds Bonds Bonds Notes Leases

2006 125,026,778 1,510,000 18,055,542 7,055,324

2007 120,921,778 1,480,000 3,950,000 17,085,967 6,712,294

2008 147,241,778 1,450,000 3,735,000 16,093,926 6,636,759

2009 142,436,778 1,420,000 3,510,000 15,069,357 6,028,472

2010 137,046,778 1,390,000 1,675,000 14,012,190 5,379,398

2011 131,426,778 1,355,000 12,927,361 4,717,999

2012 127,923,772 1,320,000 15,118,863 4,630,853

2013 156,582,370 1,285,000 16,818,114 4,039,277

2014 152,520,641 1,250,000 19,866,554 3,451,811

2015 146,059,826 8,081,000 - - 12,993,264 2,184,627

(continued)

Business Type Activities

- 221 -


Total Primary Government

Total PercentageFiscal Primary of Personal PerYear Government Income Capita

2006 275,450,749 3.39% 1,666

2007 359,100,633 4.09% 2,065

2008 379,371,698 4.22% 2,094

2009 379,879,413 4.26% 2,069

2010 364,670,703 3.72% * 1,919 *

2011 349,591,700 3.51% * 1,813 *

2012 357,897,490 3.50% * 1,825 *

2013 382,574,780 3.56% * 1,898 *

2014 378,742,457 3.45% * 1,826 *

2015 376,022,981 3.31% * 1,659 *(concluded)

* Information not yet available. Amounts are based on trend estimates from Schedule 13.

- 222 -

SCHEDULE 11ST. JOHNS COUNTY, FLORIDAPLEDGED-REVENUE COVERAGE,LAST TEN FISCAL YEARS

Sales Tax Revenue Bonds Capital Improvement Bonds

FiscalYear Revenue Principal Interest Coverage Revenue Principal Interest Coverage

2006 12,334,496 905,000 2,725,667 3.40 4,091,851 360,000 772,468 1.81 a.

2007 12,442,597 925,000 4,517,739 2.29 4,104,823 430,000 891,185 1.55

2008 12,077,387 1,665,000 4,954,272 1.82 3,932,145 445,000 877,211 1.49

2009 11,168,656 2,129,167 5,578,984 1.45 3,670,757 450,000 864,393 1.40

2010 11,040,727 2,650,000 5,850,324 1.30 3,792,086 470,000 848,661 1.44

2011 11,679,611 2,755,000 5,746,324 1.37 3,977,931 490,000 832,835 1.50

2012 12,432,706 3,035,000 5,636,712 1.43 4,261,642 505,000 814,460 1.61

2013 13,354,239 3,175,000 5,002,792 1.63 4,383,038 525,000 797,033 1.66

2014 14,519,192 3,305,000 5,087,152 1.70 4,770,748 545,000 776,623 1.66

2015 15,814,098 3,440,000 5,108,096 1.85 5,458,912 - 339,337 8.04

(continued)

Notes:a. Based on 50% of total revenue distribution

Debt Service Debt Service

- 223 -


Net Revenuewith

Fiscal Unit ConnectionYear Revenue Principal Interest Coverage Fees Principal Interest Coverage

2006 5,751,549 1,055,000 1,427,155 2.32 14,416,711 3,560,000 1,573,330 2.81

2007 8,483,801 b. 1,075,000 2,530,601 2.35 17,123,318 3,700,000 3,138,416 2.50

2008 7,382,655 1,145,000 2,785,056 1.88 15,088,740 3,855,000 2,945,899 2.22

2009 7,663,772 1,180,000 2,750,129 1.95 14,886,459 4,305,000 2,792,741 2.10

2010 7,977,370 1,220,000 2,708,654 2.03 14,808,908 4,870,000 2,609,551 1.98

2011 8,043,139 1,265,000 2,668,417 2.04 14,695,600 5,080,000 2,375,436 1.97

2012 8,266,409 1,305,000 2,422,926 2.22 15,634,258 2,553,006 4,941,101 2.09

2013 8,108,438 1,405,000 2,443,875 2.11 12,891,502 2,470,296 5,477,824 1.62

2014 8,386,930 1,460,000 2,391,000 2.18 13,958,651 2,571,430 5,622,701 1.70

2015 8,719,733 1,510,000 2,197,880 2.35 16,675,972 2,641,114 5,830,186 1.97(continued)


b. The 2006 Supplemental Resolution amended the definition of "Gas Tax Revenues" to provide that Gas Tax Revenues include both the Local Option Fuel Tax and the Constitutional Fuel Tax and further provided that the amendment apply to all Parity Obligations and Additional Bonds. Revenues, prior to Fiscal Year 2007, reflect only amounts available from Local Option Fuel Taxes. Fiscal Year 2007 reflects revenuesavailable from both.

Transportation Improvement Bonds St. Johns County Water and Sewer Bonds

- 224 -


FiscalYear Net Revenue Principal Interest Coverage Net Revenue Principal Interest Coverage

2006

2007 2,864,980$ 405,000$ 1,385,175$ 1.60 1,097,772$ 205,000$ 154,015$ 3.06

2008 3,020,420 445,000 1,359,722 1.67 321,785 215,000 162,685 0.85

2009 3,320,054 500,000 2,052,659 1.30 2,600,667 225,000 153,830 6.86 c.

2010 4,358,180 520,000 2,745,587 1.33 2,607,090 230,000 144,563 6.96

2011 5,325,843 540,000 2,727,387 1.63

2012 4,748,618 950,000 2,712,813 1.30

2013 4,610,240 1,175,000 2,706,094 1.19

2014 4,942,398 1,490,000 2,658,281 1.19

2015 5,480,240 1,550,000 2,594,881 1.32

(concluded)

d. The 2004 Gulf Breeze, Florida Local Government Loan Program is not included in the above Schedules because the enabling docouments do not require any coverage calculation to provide assurance of the County's ability to meet the debt service requirements of the loan. It only requires the County's pledge to budget and appropriate sufficient resources to meets the annual obligation.


Ponte Vedra Water and Sewer Bonds Solid Waste Bonds

c. Section 5.8 of the Solid Waste Disposal Revenue Bond, Series 2006 requires that the rates provide net revenues that are at least 100% of the Debt Service Requirement. During FY 2008, this requirement was not met primarily due to the increasing fuel costs and the diesel fuel contractual adjustments paid to the contractors which were higher than anticipated.

- 225 -

SCHEDULE 12ST. JOHNS COUNTY, FLORIDALEGAL DEBT MARGIN INFORMATION,LAST TEN FISCAL YEARS

The Constitution of the State of Florida, Section 200.181 Florida Statutes, and St. Johns County,

Florida have set no legal debt limit.

- 226 -

SCHEDULE 13ST. JOHNS COUNTY, FLORIDADEMOGRAPHIC AND ECONOMIC STATISTICS,

LAST TEN FISCAL YEARS

Personal PerIncome Capita

(thousands Personal UnemploymentFiscal Year Population of dollars) Incomea Rate

2006 165,291 8,131,096 48,283 3.0%

2007 173,935 8,789,293 50,179 2.7%

2008 181,180 8,999,561 49,327 5.6%

2009 183,572 8,911,368 47,544 9.1%

2010 190,039 9,795,239 * 49,269 9.8%

2011 192,852 9,960,419 * 51,677 8.8%

2012 196,071 10,232,555 * 52,205 6.6%

2013 201,541 10,757,081 * 55,696 5.2%

2014 207,443 10,975,739 * 54,082 4.8%

2015 213,566 11,374,070 * 56,150 3.8%

* Information not yet available. Amounts are estimated based on the trend method of least squares.

Source: Bureau of Economic and Business Research

Note: a. These data were derived by dividing each type of income by the total population of the area, not just the segment of the population receiving that type of income. All per capita figures are prepared by the Bureau of Economic Analysis using Bureau of the Census population data.

- 227 -

SCHEDULE 14ST. JOHNS COUNTY, FLORIDAPRINCIPAL EMPLOYERS,CURRENT YEAR AND NINE YEARS AGO

2015 2006

Percentage Percentageof Total County of Total County

Employer Employees Rank Employment Employees Rank Employment

St. Johns County School District 4,046 1 3.43% 3,250 1 3.19%

Flagler Hospital 1,900 2 1.61% 1,674 3 1.65%

Northrop Grumman 1,200 3 1.02% 1,133 5 1.11%

St. Johns County 1,105 4 0.94% 2,013 2 1.98%

Florida School for Deaf and Blind 650 5 0.55% 750 7 0.74%

Carlisle Interconnect Technologies 650 6 0.55% -

PGA Tour/Tournament 625 7 0.53% 600 9 0.59%

St. Johns County Sheriff's Office 560 8 0.47% -

Ponte Vedra Inn & Club 550 9 0.47% 755 6 0.74%

Flagler College 525 10 0.44% -

11,811 10% 10,175 10%

Source: St Johns County Chamber of Commerce

- 228 -

SCHEDULE 15ST. JOHNS COUNTY, FLORIDAACTUAL FULL-TIME EQUIVALENT COUNTY GOVERNMENTEMPLOYEES BY FUNCTION,LAST TEN FISCAL YEARS

Function /Program 2006 2007 2008 2009 2010

General Government 423 423 464 434.5 418.5

Public Safety - Fire/Rescue 345.5 375 395 379 365Public Safety - Sheriff 545 567 595 592 575

Physical Environment 147 168 183 179 178.5

Transportation 176.5 182 140 129 150

Economic Environment 10 11 10 10 10

Human Services 134 145 118 101.5 106.5

Culture/Recreation 175.5 222 236 189.5 186

Other Uses

Court Related Expenses(continued)

Source: St. Johns County Finance Department

Actual Full-Time Equivalent Employees as of September 30,

- 229 -

SCHEDULE 15ST. JOHNS COUNTY, FLORIDAACTUAL FULL-TIME EQUIVALENT COUNTY GOVERNMENTEMPLOYEES BY FUNCTION,LAST TEN FISCAL YEARS


General Government 394.5 405 395.5 407 425.5

Public Safety - Fire/Rescue 373 375.5 379 376.5 400Public Safety - Sheriff 561 556 580 579 576

Physical Environment 174 175 172.5 171 170

Transportation 143 138 140 140 140

Economic Environment 11 10 8 8 9

Human Services 70 65.5 65.5 62 69

Culture/Recreation 182 169.5 169 167.5 199

Other Uses 2 2 2 2 2

Court Related Expenses 1 1 1 1 1

(concluded)

Actual Full-Time Equivalent Employees as of September 30, 2015

- 230 -

SCHEDULE 16ST. JOHNS COUNTY, FLORIDAOPERATING INDICATORS BY FUNCTION,LAST TEN FISCAL YEARS


Clerk of Courts Felony and Misdemeanor Cases 13,600 14,861 13,598 13,598 13,250 Civil and Probate Cases 4,020 4,841 7,268 7,730 8,700 Small Claims 2,500 2,792 2,822 3,296 2,984 Library Library Card Holders 93,600 93,000 105,369 93,656 97,382 Animal Control Number of Calls 7,044 7,500 7,500 6,800 5,988 Justice and Law Enforcement Jail Bookings 6,468 7,312 6,576 5,856 6,115 Average Daily Population 473 527 545 521 478 Fire/Rescue Fire Service Calls 15,948 20,991 15,705 21,326 19,596 EMS Rescue Responses Non-Fire 12,207 14,426 13,166 15,072 15,255 EMS Transports Non-Fire 8,973 10,105 10,245 10,562 10,810 Health Services Social Services Client Case Load 1,278 1,188 2,748 3,202 2,786 Case revisits and Re-applications 3,060 2,898 3,158 3,630 3,983 County Health Department Clients 42,144 35,122 35,529 34,000 38,383 Transportation County Streets and Roads in Miles 868 856 973 973 930 Paved Roads Maintained 829 830 958 958 915 Unpaved Roads Maintained 40 26 15 15 15 County Pier Number of Paying Sightseers 68,000 71,000 71,000 58,992 58,891 Number of Paying Fishermen 8,000 9,000 9,500 11,236 13,976 Number of Paying Visitors under 60 76,000 80,000 80,500 70,228 67,867 Golf Course Rounds of Golf 70,000 72,500 75,666 63,152 52,700 Prepaid Pass Holders 200 200 212 212 212

(continued)

Source: Various St. Johns County Departments

Fiscal Year

- 231 -

SCHEDULE 16ST. JOHNS COUNTY, FLORIDAOPERATING INDICATORS BY FUNCTION,LAST TEN FISCAL YEARS


Clerk of Courts Felony and Misdemeanor Cases 10,200 7,013 7,415 6,727 9,397 Civil and Probate Cases 5,837 8,324 5,977 6,350 5,187 Small Claims 1,622 2,479 1,452 1,905 2,058 Library Library Card Holders 104,131 99,913 101,438 101,593 102,000 Animal Control Number of Calls 4,896 4,569 4,471 6,365 8,669 Justice and Law Enforcement Jail Bookings 5,787 6,608 5,614 5,119 4,851 Average Daily Population 538 545 446 418 392 Fire/Rescue Fire Service Calls 20,785 22,126 23,325 24,220 25,933 EMS Rescue Responses Non-Fire 16,289 15,153 16,030 16,516 17,448 EMS Transports Non-Fire 11,285 11,482 11,739 11,940 12,769 Health Services Social Services Client Case Load 3,235 2,962 1,701 4,587 4,680 Case revisits and Re-applications 3,684 * * * * County Health Department Clients 29,788 31,263 49,340 50,000 51,500 Transportation County Streets and Roads in Miles 942 942 942 945 945 Paved Roads Maintained 927 927 927 930 930 Unpaved Roads Maintained 15 15 15 15 15 County Pier Number of Paying Sightseers 50,511 43,896 49,695 49,545 50,689 Number of Paying Fishermen 15,581 7,836 5,133 5,118 5,220 Number of Paying Visitors under 60 66,092 51,732 54,828 54,663 55,909 Golf Course Rounds of Golf 51,987 43,697 43,324 44,741 47,578 Prepaid Pass Holders 217 215 227 180 200

* Information no longer available (concluded)

Fiscal Year

- 232 -

SCHEDULE 17ST. JOHNS COUNTY, FLORIDACAPITAL ASSET STATISTICS BY FUNCTION,LAST TEN FISCAL YEARS


Justice and Law Enforcement Correction Facility Capacities 756 756 736 733 733

Public WorksMiles of Paved Roads 808 828.75 958 958 915Traffic Signals 91 104 109 115 115Bridges 39 42 43 44 44

Fire/Rescue Number of County Stations 15 17 18 18 18 Number of Volunteer Stations 2 2 2 2 2 Professional Firefighters 236 255 257 267 270 Emergency Medical Professionals 217 246 260 267 270 Volunteer Active Firefighters 40 17 10 10 10

Treatment Plants Water Treatment Plants 3 5 9 9 9 Sewer Treatment Plants 5 8 10 10 10 Lift Stations 195 217 228 238 243 County Laboratory 1 1 1 1 1

Family Nutrition Program Number of Participants 21,054 27,538 8,246 8,346 *

Culture/Recreation County Golf Course 1 1 1 1 1 County Fishing Piers 3 3 3 3 3 Libraries 5 5 6 6 6 Outdoor Amphitheater 1 1 1 1 1 Miles of Beach 42 42 42 42 42 Miles of Guarded Beach 12.5 12.5 12.5 12.5 12.5 Soccer/Softball/Baseball Fields 70 77 83 83 83 Basketball/Tennis Courts 59 59 59 59 59

(continued)

* Information not available

Source: Various St. Johns County Departments

Fiscal Year

- 233 -

SCHEDULE 17ST. JOHNS COUNTY, FLORIDACAPITAL ASSET STATISTICS BY FUNCTION,LAST TEN FISCAL YEARS


Justice and Law Enforcement Correction Facility Capacities 733 742 761 761 761

Public WorksMiles of Paved Roads 927 942 942 945 945Traffic Signals 118 118 118 118 118Bridges 47 47 47 47 47

Fire/Rescue Number of County Stations 19 19 18 19 19 Number of Volunteer Stations 2 2 2 2 2 Professional Firefighters 279 280 280 279 283 Emergency Medical Professionals 278 279 279 278 283 Volunteer Active Firefighters 10 10 10 12 14

Treatment Plants Water Treatment Plants 9 9 9 9 10 Sewer Treatment Plants 10 10 10 10 10 Lift Stations 237 239 317 325 323 County Laboratory 1 1 1 1 1

Family Nutrition Program Number of Participants * * * * *

Culture/Recreation County Golf Course 1 1 1 1 1 County Fishing Piers 3 3 3 3 3 Libraries 6 6 6 6 6 Outdoor Amphitheater 1 1 1 1 1 Miles of Beach 42 42 42 42 42 Miles of Guarded Beach 12.5 12.5 12.5 12.5 12.5 Soccer/Softball/Baseball Fields 83 83 83 83 83 Basketball/Tennis Courts 59 59 59 59 59

(concluded)

*Information not available

Fiscal Year

- 234 -

St. Johns County, Florida

Schedule of Expenditures of Federal Awards and State Financial AssistanceYear ended September 30, 2015

Federal CFDA Contract Program

Number Number Expenditures Totals

Department of Housing & Urban DevelopmentPassed through the Department of Community Affairs:

CDBG 14.228 13DB-OI-04-65-01-E-07 750,000$ CDBG 14.228 41,389 791,389$

Emergency Solution Grant 14.231 NPZ37 44,360

Department of the Interior, Fish, and Wild Life ServicePassed through Florida Wildlife Commission

Cooperative Endangered Species Conservation Fund 15.615 F12AP00167 126,490

Department of JusticeDirect Assistance:

Byrne Formula Grant Program 16.738 2014-DJ-BX-0942 36,408

Passed Through Florida Office of the Attorney GeneralVictims of Crime Act - VOCA 16.575 V14124 76,068

Department of TransportationDirect Assistance:

Highway Planning and Construction 20.205 433659-2-73-01 274,500 Highway Planning and Construction 20.205 432257-1-38-01 20,282 Highway Planning and Construction 20.205 411212-6-18-01 9,930 304,712

Federal Transit Formula Grants 20.507 FL-90-X830-00 368,237 Federal Transit Formula Grants 20.507 FL-90-X852-00 379,468 Federal Transit Formula Grants 20.507 FL-95-X072-00 54,638 Federal Transit Formula Grants 20.507 FL-90-X807-00 118 802,461

Election Assistance CommissionPassed through the Florida Department of State, Divisionof Elections:

Election Reform Payments 39.011 11,023

Help America Vote Act 90.401 47,985

National Endowment for the HumanitiesPassed through the State of Florida:

Promotion of the Humanities 45.129 SO-50588-14 539

Department of Health & Human ServicesPassed through the Florida Department of Revenue:

Child Support Enforcement - Title IV-D 93.563 COC55 85,381

Passed Through Florida Department of Children & Families:

Promoting Safe and Stable Families 93.556 NJ204 302,293 Temporary Assistance for Needy Families 93.558 NJ204 444,721 Chafee Educational and Training Vouchers Program 93.599 NJ204 17,138 Adoption Incentive Payments 93.603 NJ204 26,900 Child Welfare Services -- State Grants 93.645 NJ204 64,421 Foster Care-Title IV-E 93.658 NJ204 867,614 Adoption Assistance 93.659 NJ204 587,696 Social Services Block Grant 93.667 NJ204 215,005 Child Abuse and Neglect 93.669 NJ204 577 Chafee Foster Care Independence 93.674 NJ204 33,636 Medical Assistance Program 93.778 NJ204 9,200

Executive Office of The President Office of National Drug Control & Policy

Direct Assistance:High Intensity Drug Trafficking 95.001 -- 4,072,435

Federal Agency

- 235-



Federal CFDA Contract Program

Number Number Expenditures TotalsFederal Agency

Department of Homeland SecurityPassed through Florida Division of Emergency Management

Hazard Mitigation Grant 97.039 13HM-3E-04-65-01 340,270

Passed through the Department of Community Affairs:Emergency Management Performance Grant 97.042 15-FG-4D-04-65-01-122 75,613 Emergency Management Performance Grant 97.042 15-FG-5A-04-65-01-122 189 75,802

Passed through the State of FloridaCooperating Technical Partners 97.045 69,675

Homeland Security Grant Program 97.067 15-DS-P4-04-65-01-354 12,308 Homeland Security Grant Program 97.067 14-DS-L5-04-65-01-366 14,936 27,244

Total expenditures of federal awards 9,481,443$

-236-



StateCSFA Contract Program

Number Number Expenditures Totals

Executive Office of the GovernorEmergency Management Programs 31.063 16-BG-83-04-65-01-055 103,722$

Department of Environmental ProtectionWater Policy/ Ecosystem Restoration Master Tract 37.022 27440 605,756 Statewide Surface Water Restoration & Wastewater Projects 37.039 27918 9,782 Drinking Water Facility Construction 37.076 DW550110 3,144,836 Wastewater Treatment Facility Construction 37.077 WW550100 169,508

Department of StateState Aid to Libraries 45.030 15-ST-76 140,207

Florida Housing Finance CorporationState Housing Initiative Partnership Program 52.901 2014-2015 612,460

Department of TransportationPublic Transit Block Grant Program 55.010 418441-1-84-14 390,636 Transportation Regional Incentive Program 55.026 424307-1-68-01 / 424307-2-38-01 424,399

Department of Children and Families Homeless Challenge Grant 60.014 NPZ48 34,173 Out of Home Supports 60.074 NJ204 269,269 In Home Supports 60.075 NJ204 138,714

Department of Elder AffairsCommunities for a Lifetime 65.012 A9E283 4,990

Total expenditures of state financial assistance 6,048,452$

State Agency

-237-


Notes to Schedule of Expenditures of Federal Awards

and State Financial Assistance

- 238 -

NOTE 1 – BASIS OF PRESENTATION Expenditures generally represent allowable costs, determined in accordance with generally accepted accounting principles, using the modified accrual basis of accounting. NOTE 2 – SUBRECIPIENTS The County provided federal awards to subrecipients as follows:

FederalCFDA Number Amount

Federal Transit Formula Grants 20.507 543,884$

Federal Programs

The County provided state awards to subrecipients as follows:

CSFA Number Amount

State Housing Initiative Partnership Program 52.901 540,384$

State Project

NOTE 3 – USE OF ESTIMATES The preparation of financial statements in conformity with generally accepted accounting principles required management to make various estimates. Actual results could differ from those estimates.

INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE FOR EACH MAJOR FEDERAL PROGRAM AND STATE PROJECT; REPORT ON INTERNAL CONTROL OVER COMPLIANCE REQUIRED BY OMB CIRCULAR A-133 AND CHAPTER 10.550, RULES OF THE AUDITOR GENERAL; AND REPORT ON THE SCHEDULE OF FEDERAL AWARDS AND STATE FINANCIAL ASSISTANCE

- 239 -

The Honorable County Commissioners St. Johns County, Florida Report on Compliance for Each Major Federal Program and State Project

We have audited St. Johns County, Florida’s (the “County”) compliance with the types of compliance requirements described in the OMB Circular A-133 Compliance Supplement and the requirements described in the Department of Financial Services’ State Projects Compliance Supplement that could have a direct and material effect on each of its major federal programs and state projects for the year ended September 30, 2015. The County’s major federal programs and state projects are identified in the summary of auditor’s results section of the accompanying Schedule of Findings and Questioned Costs.

Management’s Responsibility

Management is responsible for compliance with the requirements of laws, regulations, contracts, and grants applicable to its federal programs and state projects.

Auditor’s Responsibility

Our responsibility is to express an opinion on compliance for each of the County’s major federal programs and state projects based on our audit of the types of compliance requirements referred to above. We conducted our audit of compliance 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; OMB Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations; and Chapter 10.550, Rules of the Auditor General. Those standards, OMB Circular A-133, and Chapter 10.550, Rules of the Auditor General, require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types of compliance requirements referred to above that could have a direct and material effect on a major federal program or state project occurred. An audit includes examining, on a test basis, evidence about the County’s compliance with those requirements and performing such other procedures as we considered necessary in the circumstances.

We believe that our audit provides a reasonable basis for our opinion on compliance for each major federal program and state project. However, our audit does not provide a legal determination of the County’s compliance.



- 240 -

Opinion on Each Major Federal Program and State Project

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 major federal programs and state projects for the year ended September 30, 2015.

Report on Internal Control Over Compliance

Management of the County is responsible for establishing and maintaining effective internal control over compliance with the types of compliance requirements referred to above. In planning and performing our audit of compliance, we considered the County’s internal control over compliance with the requirements that could have a direct and material effect on each major federal program and state project to determine the auditing procedures that are appropriate in the circumstances for the purpose of expressing our opinion on compliance for each major federal program and state project and to test and report on internal control over compliance in accordance with OMB Circular A-133 and Chapter 10.550, Rules of the Auditor General, but not for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, we do not express an opinion on the effectiveness of the County’s internal control over compliance.

A deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a federal program or state project on a timely basis. A material weakness in internal control over compliance is a deficiency, or 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. 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.

Our consideration of internal control over compliance was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control over compliance that might be material weaknesses or significant deficiencies. We did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses. However, material weaknesses may exist that were not identified.

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 OMB Circular A-133 and Chapter 10.550, Rules of the Auditor General. Accordingly, this report is not suitable for any other purpose Report on Schedule of Expenditures of Federal Awards and State Financial Assistance We have audited the financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate discretely presented component unit and remaining fund information of the County, as of and for the year ended September 30, 2015, and the related notes to the financial statements, which collectively comprise the County’s basic financial statements. We issued our report thereon dated July 27, 2016, which contained unmodified opinions on those financial

- 241 -

statements. Our audit was conducted for the purpose of forming opinions on the financial statement that collectively comprise the basic financial statements. The accompanying schedule of expenditures of federal awards and state financial assistance is presented for purposes of additional analysis as required by OMB Circular A-133 and Chapter 10.550, Rules of the Auditor General, and is not a required part of the basic financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. The information has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the schedule of expenditures of federal awards and state financial assistance is fairly stated in all material respects in relation to the basic financial statements as a whole. Gainesville, Florida July 27, 2016


Schedule of Findings and Questioned Costs

Year ended September 30, 2015

- 242 -

SECTION I – SUMMARY OF AUDITOR’S RESULTS (i) The independent auditor’s report on the financial statements expressed unmodified opinions.

(ii) The audit disclosed a significant deficiency in internal control over financial reporting that was considered to be a material weakness.

(iii) The audit did not disclose any noncompliance considered material to the financial statements.

(iv) The audit did not report significant deficiencies or disclose material weaknesses in the internal control over the major federal programs or the major state projects.

(v) The auditor’s report on compliance for the major federal award programs and major state projects expressed an unmodified opinion.

(vi) The audit disclosed no findings relative to the major federal programs or major state projects.

(vii) The County’s major federal programs and state projects were:

FederalCFDA Number

Community Development Block Grants 14.228Highway Planning and Construction 20.205Promoting Safe and Stable Families 93.556Temporary Assistance for Needy Families 93.558Foster Care-Title IV-E 93.658Hazard Mitigation Grant 97.039

CSFA Number

Drinking Water Facility Construction 37.076Public Transit Block Grant Program 55.010

Federal Programs

State Projects

(viii) A threshold of $300,000 was used to distinguish between Type A and Type B programs for

federal programs, and $300,000 was used for state projects.

(ix) The County did qualify as a low-risk auditee as that term is defined in OMB Circular A-133.


Schedule of Findings and Questioned Costs


- 243 -

SECTION II – FINANCIAL STATEMENT FINDINGS 2015-001 Condition – We were not able to reconcile records pertaining to the inventory count

taken at the end of 2015, with the balance reported as inventory in the County’s general ledger for the St. Johns Utilities Fund. Without documented reconciliations, material misstatements could occur and not be detected and corrected by County personnel in the normal course of performing their assigned functions.

Recommendation – County personnel should continue to perform an inventory count at year end for all material and supplies recorded as inventory. The results of that count should be reconciled to the inventory balance, as reported in the general ledger. Documentation related to the reconciliation should be maintained and sent to the Finance Department each year to document the balances reported as inventory in the Utilities Fund.

SECTION III – FINDINGS AND QUESTIONED COSTS – FEDERAL PROGRAMS

There were no findings relative to the major federal programs. SECTION IV – FINDINGS AND QUESTIONED COSTS – STATE PROJECTS

There were no findings relative to the major state projects.

st. Johns County Board of County CommissionersUtility Department

Ms. Sherrill F. Norman, CPAAuditor GeneralClaude Pepper Building111 West Madison StreetTallahassee, FL 32399-1450

Re: Audit Comment 2015-001

Dear Ms. Norman,

In regards to audit comment 2015-001, the Utility Department performed its annual inventorycount for Fiscal Year Ending 2015 just as it has always done in the past, with one exception; the"before adjustment" records were not saved. In an effort to save paper, staff made corrections tothe inventory after initial counts were completed, however, no report was printed out showingthe quantities and dollar amounts of inventory prior to any adjustments. Once adjustments weremade, the revised dollar amounts were written on the count sheets but no final report was printedshowing the adjusted quantities and dollar amounts.

For Fiscal Year Ending 2016 and all future inventory counts, we will retain all documents as wehave in the past, to include the initial count sheet, the pre-adjusted inventory sheet showingquantities and dollar amounts and also the post adjustment inventory sheet showing both quantityand dollar amounts.

Sincerely,

Frank: KentonAssistant Director of UtilitiesSt. Johns County Utility Dept.1205 SR 16St. Augustine, FL 32084

[email protected]

1205 State Road 16, S1.Augustine, FL 320841 P: 904.209.2700 1F: 904.209.2702 www.sjcfl.us

- 244 -

INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS

- 245 -

The Honorable County Commissioners St. Johns 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, each major fund, and the aggregate discretely presented component unit and remaining fund information of St. Johns County, Florida (the “County”), as of and for the year ended September 30, 2015, and the related notes to the financial statements, which collectively comprise the County’s basic financial statements, and have issued our report thereon dated July 27, 2016.

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) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the County’s internal control. Accordingly, we do not express an opinion on the effectiveness of the County’s internal control.

Our consideration of internal control was for the limited purpose described in the preceding paragraph 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. However, as described in the accompanying schedule of findings and questioned costs, we identified a deficiency in internal control that we consider to be a material weakness. 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. We consider the deficiency described in the accompanying schedule of findings and questioned costs as item 2015-001 to be a material weakness.



- 246 -

Compliance and Other Matters

As part of obtaining reasonable assurance about whether the County’s financial statements are free of material misstatements, 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 determination of financial statement amounts. 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 County’s Response to Findings

The County’s response to the finding identified in our audit is described in the accompanying letter of response. The County’s response was not subjected to the auditing procedures applied in the audit of the financial statements and, accordingly, we express no opinion on it.

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. Gainesville, Florida July 27, 2016

- 247 -

INDEPENDENT ACCOUNTANT’S REPORT ON COMPLIANCE WITH SECTION 218.415, FLORIDA STATUTES

The Honorable County Commissioners St. Johns County, Florida

We have examined St. Johns County, Florida’s (the “County”) compliance with the requirements of Section 218.415, Florida Statutes, Local Government Investment Policies, during the year ended September 30, 2015. Management is responsible for the County’s compliance with those requirements. Our responsibility is to express an opinion on the County’s compliance based on our examination.

Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about the County’s compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on the County’s compliance with specified requirements.

In our opinion, the County complied, in all material respects, with the aforementioned requirements for the year ended September 30, 2015.

This report is intended solely for the information and use of management and the State of Florida Auditor General and is not intended to be and should not be used by anyone other than these specified parties.

Gainesville, Florida July 27, 2016



- 248 -

INDEPENDENT ACCOUNTANT’S REPORT ON COMPLIANCE WITH SECTIONS 365.172(10) AND 365.173(2)(d), FLORIDA STATUTES

The Honorable County Commissioners St. Johns County, Florida

We have examined St. Johns County, Florida’s (the County) compliance with the requirements of Section 365.172(10), Florida Statutes, Authorized Expenditures of E911 Fee, and Section 365.173(2)(d), Florida Statutes, Distribution and Use of (E911) Funds, during the year ended September 30, 2015. Management is responsible for the County’s compliance with those requirements. Our responsibility is to express an opinion on the County’s compliance based on our examination.

Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about the County’s compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on the County’s compliance with specified requirements.

In our opinion, the County complied, in all material respects, with the aforementioned requirements for the year ended September 30, 2015.






Summary Schedule of Prior Audit Findings

(Relative to Federal Programs and State Projects) Year ended September 30, 2015

- 249 -

There were no audit findings contained in the 2014 audit report.

- 250 -


MANAGEMENT LETTER

- 251 -

The Honorable County Commissioners St. Johns County, Florida We have audited the financial statements of St. Johns County, Florida (the “County”), as of and for the fiscal year ended September 30, 2015, and have issued our report thereon dated July 27, 2016. We have also issued reports on internal control and on compliance and other matters, and single audit reports. Those reports should be considered in conjunction with this management letter.

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 U.S. Office of Management and Budget Circular A-133. Additionally, our audit was conducted in accordance with the provisions of Chapter 10.550, Rules of the Auditor General, which govern the conduct of local governmental entity audits performed in the State of Florida and require that certain items be addressed in this letter.

Prior Audit Findings The Rules of the Auditor General require that we comment as to whether or not corrective actions have been taken to address findings and recommendations made in the preceding audit. If the audit findings in the preceding audit report are uncorrected, we are required to identify those findings that were also included in the second preceding audit report. The County has no uncorrected prior audit findings that are required to be identified pursuant to the Rules of the Auditor General.

Financial Condition As required by the Rules of the Auditor General, the scope of our audit included a review of the provisions of Section 218.503, Florida Statutes, "Determination of Financial Emergency." In connection with our audit, we determined that the County has not met one or more of the conditions described in Section 218.503(1), Florida Statutes, that are indicative of a state of financial emergency.

Also, as required by the Rules of the Auditor General, we applied financial condition assessment procedures, as of the end of the fiscal year, pursuant to Rule 10.556(8). It is management’s responsibility to monitor financial condition, and our financial condition assessment was based in part on representations made by management and the review of financial information provided by management. The application of such procedures did not reveal evidence of “deteriorating financial condition” as that term is defined in Rule 10.554.



- 252 -

Annual Financial Report

As required by the Rules of the Auditor General, we determined that the annual financial report for the fiscal year ended September 30, 2015, filed with the Department of Financial Services pursuant to Section 218.32, Florida Statutes, is in substantial agreement with the audit report for the fiscal year ended September 30, 2015.

Other Matters As required by the Rules of the Auditor General, we performed separate audits of each of the County’s constitutional officers. The comments, if any, included in those separately-issued reports should be considered in conjunction with this management letter.

This management letter is intended solely for the information and use of the Board of County Commissioners and management, and the State of Florida Auditor General and is not intended to be and should not be used by anyone other than these specified parties.

We wish to take this opportunity to thank you and your staff for the cooperation and courtesies extended to us during the course of the audit. Please let us know if you have any questions or comments concerning this letter, our accompanying reports, or other matters.


concerning this letter, our accompanying reports, or oth

Gainesville Florida

St. Johns County Clerk of Courtsand Comptroller

Audit Report

September 30, 2015

St. Johns County Clerk of Courts and Comptroller Table of Contents

September 30, 2015

Page

Independent Auditor's Report 1

Special Purpose Financial Statements

Governmental Funds:

Balance Sheet 3

Statement of Revenues, Expenditures and Changes in Fund Balances 4

Fiduciary Funds:

Statement of Fiduciary Net Position 5

Notes to Financial Statements 6

Required Supplementary Information

Schedule of Revenues, Expenditures and Changes in Fund Balances – Budget and Actual – General Fund 18

Schedule of Revenues, Expenditures and Changes in Fund Balances – Budget and Actual – Court Modernization Fund 19

Schedule of Revenues, Expenditures and Changes in Fund Balances – Records Modernization Trust Fund 20




Combining Balance Sheet – Nonmajor Governmental Funds 23

Combining Statement of Revenues, Expenditures and Changes in Fund Balances – Nonmajor Governmental Funds 24

Additional Elements Required by the Rules of the Auditor General


Independent Auditor’s Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance With Government Auditing Standards 26

Independent Accountant’s Report on Compliance with Section 218.415, Florida Statutes 28

St. Johns County Clerk of Courts and Comptroller Table of Contents

September 30, 2015

Page

Independent Accountant’s Report on Compliance with Sections 28.35 and 28.36, Florida Statutes 29


Elected Official’s Response to Auditor’s Comments --

-1-

INDEPENDENT AUDITOR’S REPORT

The Honorable Hunter S. Conrad Clerk of Courts and Comptroller St. Johns County, Florida

Report on the Financial Statements We have audited the accompanying financial statements of each major fund and the aggregate remaining fund information of the office of the St. Johns County Clerk of Courts and Comptroller (the “Office”) as of and for the year ended September 30, 2015, and the related notes to the financial statements, which collectively comprise the Office’s special purpose financial statements as listed in the table of contents.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.


Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

Opinions

In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of each major fund and the aggregate remaining fund information of the Office as of September 30, 2015, and the respective changes in financial position, where applicable, thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America.`

Emphasis of Matters

We draw attention to Note 1 to the financial statements, which describes that the accompanying financial statements were prepared solely for the purpose of complying with the Rules of the Auditor General of the

Carr, Riggs & Ingram, LLC1301 Plantation Island DriveSuite 205ASt. Augustine, Florida 32080


- 2 -

State of Florida. In conformity with the Rules, the accompanying financial statements are special purpose financial statements that do not constitute a complete presentation, but otherwise constitute financial statements prepared in accordance with generally accepted accounting principles. Our opinions are not modified with respect to this matter.

We also draw attention to Note 4 to the financial statements, which indicates that the Office disclosed a net pension liability as a result of implementing GASB Statement No. 68, Accounting and Financial Reporting for Pensions and GASB Statement No. 71, Pension Transition for Contributions Made Subsequent to the Measuring Date. Our opinions are not modified with respect to this matter.

Other Matters


Accounting principles generally accepted in the United States of America require that the budgetary comparison information and pension trend information be presented to supplement the special purpose financial statements. Such information, although not a part of the special purpose financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the special purpose financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the special purpose financial statements, and other knowledge we obtained during our audit of the special purpose financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.

Other Information

Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Office’s special purpose financial statements. The supplementary information listed in the table of contents is presented for purposes of additional analysis and is not a required part of the special purpose 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 special purpose financial statements. The information has been subjected to the auditing procedures applied in the audit of the special purpose financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the special purpose financial statements or to the special purpose financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated in all material respects in relation to the special purpose financial statements as a whole.

Other Reporting Required by Government Auditing Standards

In accordance with Government Auditing Standards, we have also issued our report June 06, 2016, on our consideration of the Office’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 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 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 Office’s internal control over financial reporting and compliance.

St. Augustine, Florida June 06, 2016

St. Johns County Clerk of Courts and ComptrollerBalance Sheet - Governmental Funds

September 30, 2015

Records Other TotalGeneral Court Modernization Governmental Governmental

Fund Modernization Trust Fund Funds Funds

AssetsEquity in pooled cash and equivalents 1,175,263$ 642,925$ 991,140$ 79,005$ 2,888,333$Due from other funds 12,896 - - - 12,896Due from other county agencies 540 - - - 540Due from other governments - - - 16,259 16,259

Total assets 1,188,699$ 642,925$ 991,140$ 95,264$ 2,918,028$

Liabilities and fund balancesLiabilities:

Accounts payable and accrued liabilities 225,121$ 11,227$ 810$ 4,716$ 241,874$Due to other funds 460 - - 12,896 13,356Due to other county agencies 650,439 1,373 - 1,223 653,035Due to other governments 312,679 - - - 312,679

Total liabilities 1,188,699 12,600 810 18,835 1,220,944

Fund balances:Restricted - 630,325 990,330 76,429 1,697,084

Total liabilities and fund balances 1,188,699$ 642,925$ 991,140$ 95,264$ 2,918,028$

See accompanying notes.

- 3 -

St. Johns County Clerk of Courts and ComptrollerStatement of Revenues, Expenditures and Changes in Fund Balances

Governmental FundsYear Ended September 30, 2015

Records Other TotalGeneral Court Modernization Governmental Governmental

Fund Modernization Trust Fund Funds Funds

RevenuesIntergovernmental revenues 399,219$ -$ -$ 85,381$ 484,600$ Charges for services 2,431,552 526,953 171,756 58,557 3,188,818 Fines and forfeitures 2,687,018 - 130,036 - 2,817,054 Investment income (loss) 12,739 10 2,662 979 16,390 Miscellaneous revenue 6,307 - - - 6,307

Total revenues 5,536,835 526,963 304,454 144,917 6,513,169


General government services:Personal services 2,785,743 - - - 2,785,743 Operating expenditures 323,873 - 126,517 - 450,390 Capital outlay 12,699 - 17,758 - 30,457

Court related:Personal services 3,526,381 287,043 9,302 165,620 3,988,346 Operating expenditures 175,042 149,181 5,847 2,997 333,067 Capital outlay 22,513 48,644 - - 71,157

Total expenditures 6,846,251 484,868 159,424 168,617 7,659,160

Excess of revenues over(under) expenditures (1,309,416) 42,095 145,030 (23,700) (1,145,991)

Other financing sources (uses)Transfer to/from funds 673 - (673) - - Appropriation from Board of County

Commissioners 2,051,500 - - - 2,051,500 Reversion to Board of County

Commissioners (612,353) - - - (612,353) Reversion to Clerks of Court Trust Fund (130,404) - - - (130,404)

Total other financing sources (uses) 1,309,416 - (673) - 1,308,743

Net change in fund balances - 42,095 144,357 (23,700) 162,752

Fund balances - October 1, 2014 - 588,230 845,973 100,129 1,534,332

Fund balances - September 30, 2015 -$ 630,325$ 990,330$ 76,429$ 1,697,084$


- 4 -

St. Johns County Clerk of Courts and ComptrollerStatement of Fiduciary Net Position

September 30, 2015

AgencyFund

AssetsEquity in pooled cash and equivalents 5,416,068$ Accounts receivable 6,977 Due from other funds 460

Total assets 5,423,505

LiabilitiesAssets held for others 5,293,809 Due to other county agencies 129,696

Total liabilities 5,423,505

Net position -$


- 5 -

St. Johns County Clerk of Courts and Comptroller Notes to Financial Statements

September 30, 2015

- 6 -

NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accounting policies of the office of the St. Johns County Clerk of Courts and Comptroller (the “Office”) conform to generally accepted accounting principles as applicable to governments. The following is a summary of the more significant policies.

Reporting Entity

The Clerk of Courts is an elected constitutional officer, whose office is established by Article VIII of the Constitution of the State of Florida and is governed by various provisions of state law.

The Office is an integral part of St. Johns County (the “County”), which is the primary government for financial reporting purposes.

Basis of Presentation

The Office’s financial statements are special purpose financial statements that have been prepared solely for the purpose of complying with the Rules of the Auditor General of the State of Florida (the “Rules”). These special purpose financial statements are the fund financial statements required by generally accepted accounting principles. However, these fund financial statements do not constitute a complete presentation because, in conformity with the Rules, the Office has not presented the government-wide financial statements, the reconciliations to the government-wide financial statements or management’s discussion and analysis. Also, certain notes to the financial statements may supplement rather than duplicate the notes included in the County’s countywide financial statements.

Fund Accounting

Accounts are organized on the basis of funds, each of which is considered a separate accounting entity. The operations of each fund are accounted for with a separate set of self-balancing accounts that comprise its assets, liabilities, fund equity, revenues, and expenditures. Government resources are allocated to, and accounted for in, individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled. The focus of fund financial statements is on major funds, each displayed in a separate column. All nonmajor funds are aggregated and displayed in a single column.

The Office reports the following major governmental funds:

General Fund – The General Fund is the primary operating fund. It is used to account for and report all financial resources not accounted for and reported in another fund.

Court Modernization Fund – This fund is primarily used to account for and report additional service charges collected and associated expenditures used exclusively to fund the court-related technology needs of the Office.

Records Modernization Trust Fund – This fund is primarily used to account for and report the additional service charges required by Section 28.24, Florida Statutes, used exclusively to modernize the public records system of the Office. The fund also accounts for the 10 percent of fines retained by the Office as required by Section 28.37(2), Florida Statutes. These funds are used solely for court-related operations and program enhancements.


September 30, 2015

- 7 -

NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

The Office reports the following nonmajor funds:

Title IV D Fund – This fund is used to primarily account for and report Title IV D costs and related federal reimbursement.

Teen Court Fund – This fund is primarily used to account for and report the fines, surcharges and associated expenditures of the operations of Teen Court.

The Office also reports the following fiduciary fund:

Agency Fund - The Agency Fund is primarily used to account for and report resources held in a custodial capacity.

Measurement Focus/Basis of Accounting

All governmental funds are accounted for on a current financial resources measurement focus. This means that only current assets and current liabilities are generally included on their balance sheets. Their reported fund balance (net current assets) is considered a measure of "available spendable resources." Their operating statements present increases (revenues and other financing sources) and decreases (expenditures and other financing uses) in net current assets and, accordingly, are said to present a summary of sources and uses of "available spendable resources" during a period.

Basis of accounting refers to when revenues and expenditures are recognized in the accounts and reported in the financial statements. Basis of accounting relates to the timing of the measurements made, regardless of the measurement focus applied.

All governmental funds are accounted for using the modified accrual basis of accounting. Their revenues are recognized when they become measurable and available as net current assets. Expenditures are generally recognized under the modified accrual basis of accounting when the related fund liability is incurred. However, principal and interest on long-term debt are recognized when due.

Agency fund assets and liabilities are accounted for on the accrual basis of accounting.

Capital Assets and Long-Term Liabilities

Capital assets used by the Office are recorded and accounted for by the St. Johns County Board of County Commissioners.

Because of their spending measurement focus, expenditure recognition for governmental fund types is limited to exclude amounts represented by noncurrent liabilities. Since they do not affect net current assets, such long-term amounts are not recognized as governmental fund type expenditures or fund liabilities. They are instead reported as liabilities in the financial statements of the County.

Equity in Pooled Cash and Equivalents

The Office maintains a cash and cash equivalents pool that is available for use by all funds. Each fund’s portion of this pool is displayed on the balance sheet as “Equity in Pooled Cash and Equivalents.” If a fund overdraws its account in the pool, a liability and corresponding receivable (i.e., due to/from other funds) are reported on the balance sheet.


September 30, 2015

- 8 -


Investments in State Pool and FLGIT

The Office has adopted an investment policy pursuant to Section 218.415, Florida Statutes, which allows for surplus funds to be invested in the Local Government Investment Pool (the “State Pool”) or any intergovernmental investment pool (such as “FLGIT”); Securities and Exchange Commission registered money market funds; certificates of deposits and savings accounts in state-certified qualified public depositories; and direct obligations of the U.S. Treasury.

The Office has funds invested in the State Pool’s PRIME Fund. The State Pool is administered by the Florida State Board of Administration (“SBA”), who provides regulatory oversight. The Florida PRIME has adopted operating procedures consistent with the requirements for a 2a7-like fund. The Office’s investment in the Florida PRIME is reported at amortized cost. The fair value of the position in the pool is equal to the value of the pool shares.

The Office has funds invested in the Florida Local Government Trust’s (“FLGIT”) Day-to-Day Fund. FLGIT is administered by the Florida Clerk of Courts and Comptrollers Association and the Florida Association of Counties. The fund is managed to comply with Rule 2a7-like money-market guidelines and is reported at amortized cost.

Pensions

For purposes of measuring the net pension liability, deferred outflows of resources and deferred inflows of resources related to pensions, and pension expense, information about the fiduciary net position of the Florida Retirement System Pension Plan and Health Insurance Subsidy Program and additions to/deductions from the plans’ fiduciary net position have been determined on the same basis as they are reported by the plans. For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value.

Fund Balance

The Office follows the provisions of GASB Statement No. 54, Fund Balance Reporting and Governmental Fund Type Definitions to classify fund balances for governmental funds into specifically defined classifications. The classifications comprise a hierarchy based primarily on the extent to which the Office is bound to honor constraints on the specific purposes for which amounts in the funds can be spent.


September 30, 2015

- 9 -


Fund balance classifications are described below:

Nonspendable Fund Balance – Nonspendable fund balances are amounts that cannot be spent because they are either (a) not in spendable form or (b) legally or contractually required to be maintained intact.

Restricted Fund Balance – Restricted fund balances are restricted when constraints placed on the use of resources are either: (a) externally imposed by creditors, grantors, contributors, or laws or regulations of other governments; or (b) imposed by law through constitutional provisions or enabling legislation.

Committed Fund Balance – Committed fund balances are amounts that can only be used for specific purposes as a result of constraints imposed by formal action of the Office’s highest level of decision-making authority, which is a policy of the Office. Committed amounts cannot be used for any other purpose unless the Office removes those constraints by taking the same type of action.

Assigned Fund Balance – Assigned fund balances are amounts that are constrained by the Office’s intent to be used for specific purposes, but are neither restricted nor committed. Intent is expressed by (a) the constitutional officer or (b) a body or official to which the constitutional officer has delegated the authority to assign amounts used for specific purposes.

Unassigned Fund Balance – Unassigned fund balance is the residual classification for the General Fund and the negative residual amount in other funds.

The Office’s policy is to expend resources in the following order: restricted, committed, assigned, and unassigned.

Deferred Outflows/Inflows of Resources

A deferred outflow of resources is a consumption of net assets that is applicable to a future reporting period.

A deferred inflow of resources is an acquisition of net assets that is applicable to a future reporting period.

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make various estimates. Actual results could differ from those estimates.


September 30, 2015

- 10 -

NOTE 2 – FUND BALANCE CLASSIFICATIONS

Balances of reported fund balance at September 30, 2015 are as follows:

Modernization Modernization OtherFund Trust Fund Funds Total

Restricted for:Court operations -$ 402,772$ 76,429$ 479,201$ Court technology

modernization 630,325 - - 630,325Records modernization - 587,558 - 587,558

Total fund balances 630,325$ 990,330$ 76,429$ 1,697,084$

NOTE 3 – DEPOSITS AND INVESTMENTS

Deposits

All deposits of the Office are placed in a bank that qualifies as a public depository pursuant to the provisions of the Florida Security For Public Deposits Act. Every qualified public depository is required by this law to deposit with the Chief Financial Officer eligible collateral equal to, or in excess of, an amount to be determined by the Chief Financial Officer. The Chief Financial Officer is required to ensure that all funds are entirely collateralized throughout the fiscal year.

Investments

At year end, the Office’s investments consisted of:

Florida PRIME 160,338$

FLGIT 3,084,870

Total 3,245,208$

The Office’s investments expose it to credit risk and interest rate risks. The Office does not have a formal investment policy relating to these risks, which are hereafter described.


September 30, 2015

- 11 -

NOTE 3 – DEPOSITS AND INVESTMENTS (CONTINUED)

Credit Risk – The risk that an issuer or other counterparty to an investment will not fulfill its obligations.

The Florida PRIME and FLGIT are rated by Standard and Poors and have a rating at September 30, 2015 of AAAm.

Interest Rate Risk – The risk that changes in interest rates will adversely affect the fair value of an investment.

The weighted average maturity (WAM) of the Florida PRIME at September 30, 2015 was 28.4 days.

The weighted average maturity of FLGIT’s Day-to-Day Fund at September 30, 2015 was 40.56 days.

The following represents a summary of the Office’s Equity in Pooled Cash and Equivalents in the accompanying financial statements:

Deposits and

InvestmentsOverdraft Due To/

Due From

Equity in Pooled Cash &

EquivalentsGeneral Fund 1,188,159$ (12,896)$ 1,175,263$ Court Modernization Trust Fund 642,925 - 642,925 Records Modernization Trust Fund 991,140 - 991,140 Other Governmental Funds 66,109 12,896 79,005 Agency Fund 5,416,068 - 5,416,068 Totals 8,304,401$ -$ 8,304,401$

NOTE 4 – CHANGES IN LONG-TERM LIABILITIES

A summary of changes in long-term liabilities follows: Balance Balance

October 1, September 30, Due Within 2014 Additions Deletions 2015 One Year

Compensated absences 418,800$ 601,200$ 536,500$ 483,500$ 294,600$ Net pension liability 2,494,224 1,179,199 - 3,673,423 58,600Totals 2,913,024$ 1,780,399$ 536,500$ 4,156,923$ 353,200$

During 2015, the Office implemented GASB Statement No. 68, Accounting and Financial Reporting for Pensions and GASB Statement No. 71, Pension Transition for Contributions Made Subsequent to the Measurement Date. As a result, a net pension liability is disclosed in the tabulation of changes in long-term liabilities presented above.


September 30, 2015

- 12 -

NOTE 5 – STATE OF FLORIDA PENSION PLANS

Defined Benefit Plans

The Office participates in two defined benefit pension plans that are administered by the State of Florida, Department of Management Services, Division of Retirement. The plans provide retirement, disability or death benefits to retirees or their designated beneficiaries. Chapter 121, Florida Statutes, establishes the authority for benefit provisions. Changes to the law can only occur through an act of the Florida Legislature. The State of Florida issues a publicly available financial report that includes financial statements and required supplementary information for the plans. That report may be obtained by writing to the Division of Retirement, PO Box 9000, Tallahassee, Florida, 32315-9000.

The Florida Retirement System (FRS) Pension Plan is a cost-sharing, multiple-employer defined benefit pension plan with a Deferred Retirement Option Program (DROP) available for eligible employees. The FRS was established and is administered in accordance with Chapter 121, Florida Statutes. Retirees receive a lifetime pension benefit with joint and survivor payment options. FRS membership is compulsory for employees filling regularly established positions in a state agency, county agency, state university, state college, or district school board, unless restricted from FRS membership under Sections 121.053 and 121.122, Florida Statutes, or allowed to participate in a defined contribution plan in lieu of FRS membership. Participation by cities, municipalities, special districts, charter schools and metropolitan planning organizations is optional.

The Retiree Health Insurance Subsidy (HIS) Program is a cost-sharing, multiple-employer defined benefit pension plan established and administered in accordance with Section 112.363, Florida Statutes. The benefit is a monthly payment to assist retirees of the state-administered retirement systems in paying their health insurance costs. To be eligible to receive a HIS benefit, a retiree under a state administered retirement system must provide proof of eligible health insurance coverage, which can include Medicare.

Benefits Provided

Benefits under the FRS Pension 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 five highest fiscal years’ earnings; for members initially enrolled on or after July 1, 2011, the average final compensation is the average of the eight 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 plan and/or class to which the member belonged when the service credit was earned.

Eligible retirees and beneficiaries receive a monthly HIS payment equal to the number of years of service credited at retirement multiplied by $5. The minimum payment is $30 and the maximum payment is $150 per month, pursuant to Section 112.363, Florida Statutes.


September 30, 2015

- 13 -

NOTE 5 – STATE OF FLORIDA PENSION PLANS (CONTINUED)

Contributions

The contribution requirements of plan members and the Office are established and may be amended by the Florida Legislature. Employees are required to contribute 3.00% of their salary to the FRS. The Office’s contribution rates as of September 30, 2015, were as follows:

FRS HISRegular class 5.60% 1.66%Special risk class 20.38% 1.66%Senior management service class 19.77% 1.66%Elected officials 40.61% 1.66%DROP from FRS 11.22% 1.66%

The Office’s contributions for the year ended September 30, 2015, were $388,786 to the FRS and $65,188 to the HIS.

Pension Liabilities and Pension Expense

In its financial statements for the year ended September 30, 2015, the Office reported a liability for its proportionate shares of the net pension liabilities. The net pension liabilities were measured as of June 30, 2015, and the total pension liabilities used to calculate the net pension liability were determined by an actuarial valuation dated July 1, 2015. The Office’s proportions of the net pension liabilities were based on the Office’s share of contributions to the pension plans relative to the contributions of all participating entities, actuarially determined.

FRS HISNet pension liability 2,078,640$ 1,594,783$


Pension expense (benefit) 243,992$ 122,205$


September 30, 2015

- 14 -


Deferred Outflows/Inflows of Resources Related to Pensions

At September 30, 2015, the Office reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources:

Deferred Deferred Deferred DeferredOutflows Inflows Outflows Inflows

of Resources of Resources of Resources of ResourcesDifferences between expected and actual experience 219,443$ (49,299)$ -$ -$ Changes of assumptions 137,966 - 125,468 - Net difference between projected and actual earnings on pension plan investments 732,154 (1,228,499) 863 - Changes in proportion and differences between employer contributions and proportionate share of contributions 505,409 (117,427) 18,243 - Employer contributions subsequent to the measurement date 105,375 - 21,818 - Total 1,700,347$ (1,395,225)$ 166,392$ -$

FRS HIS

Deferred outflows of resources related to employer contributions paid subsequent to the measurement date and prior to the employer’s fiscal year end will be recognized as a reduction of the net pension liability in the reporting period ending September 30, 2016. Other pension-related amounts reported as deferred outflows of resources and deferred inflows of resources will be recognized in pension expense as follows:

Year ending September 30, FRS HIS2016 7,251$ 23,395$ 2017 7,251 23,3952018 7,251 23,3952019 7,250 23,3952020 131,337 23,179Thereafter 39,407 27,815Total 199,747$ 144,574$

Actuarial Assumptions

The total pension liability for each of the defined benefit plans, measured as of June 30, 2015, was determined by an actuarial valuation dated July 1, 2015, using the individual entry age normal actuarial cost method and the following significant actuarial assumptions:

FRS HISInflation 2.60% 2.60%Salary increases 3.25% 3.25%Investment rate of return 7.65% N/ADiscount rate 7.65% 3.80%


September 30, 2015

- 15 -


Mortality assumptions for both plans were based on the Generational RP-2000 with Projection Scale BB.

For both plans, the actuarial assumptions used in the valuation dated July 1, 2015 were based on the results of an actuarial experience study for the period July 1, 2008, through June 30, 2013.

The following changes in key actuarial assumptions occurred in 2015:

FRS: No changes in key actuarial assumptions.

HIS: The municipal bond index rate and the discount rate used to determine the total pension liability decreased from 4.29% to 3.80%.

The long-term expected investment rate of return was not based on historical returns, but instead was based on a forward-looking capital market economic model. Each asset class assumption is based on a consistent set of underlying assumptions, and includes an adjustment for the inflation assumption. For the FRS Pension Plan, the table below summarizes the target allocation and best estimates of arithmetic and geometric real rates of return for each major asset class.

CompoundAnnual Annual

Target Arithmetic (Geometric)Asset Class Allocation Return Return


100%


September 30, 2015

- 16 -


Discount Rate

The discount rate used to measure the total pension liability for the FRS Pension Plan was 7.65%. FRS’ fiduciary net position was projected to be available to make all projected future benefit payments of current active and inactive employees. Therefore, the discount rate for calculating the total pension liability is equal to the long-term expected rate of return.

Because the HIS Program is essentially funded on a pay-as-you-go basis, a municipal bond rate of 3.80% was used to determine the total pension liability for the program. The Bond Buyer General Obligation Bond 20-Bond Municipal Bond Index was used as the applicable municipal bond index.

Sensitivity Analysis

The following tables demonstrate the sensitivity of the net pension liability to changes in the discount rate. The sensitivity analysis shows the impact to the Office’s proportionate share of the net pension liability if the discount rate was 1.00% higher or 1.00% lower than the current discount rate.

1% DecreaseCurrent

Discount Rate 1% Increase 1% DecreaseCurrent

Discount Rate 1% Increase(6.65%) (7.65%) (8.65%) (2.80%) (3.80%) (4.80%)

Employer's proportionate share of the net pension liability 5,386,225$ 2,078,640$ (673,815)$ 1,817,181$ 1,594,783$ 1,409,336$

FRS HIS

Pension Plans’ Fiduciary Net Position

Detailed information about the pension plans’ fiduciary net position is available in the State’s separately issued financial reports.

Defined Contribution Plan

Pursuant to Chapter 121, Florida Statutes, the Florida Legislature created the Florida Retirement Investment Plan (“FRS Investment Plan”), a defined contribution pension plan qualified under Section 401(a) of the Internal Revenue Code. The FRS Investment Plan is an alternative available to members of the Florida Retirement System in lieu of the defined benefit plan. There is a uniform contribution rate covering both the defined benefit and defined contribution plans, depending on membership class. Required employer contributions made to the plan during the year ended September 30, 2015, totaled $65,000.


September 30, 2015

- 17 -

NOTE 6 – RISK MANAGEMENT

For health insurance and worker’s compensation, the Office participates in the risk management program established by the Board of County Commissioners to cover claims against the Board and Constitutional Officers. The risk management program is accounted for in the Board’s financial statements as an Internal Service Fund, in accordance with requirements of GASB 10.

St. Johns County Clerk of Courts and ComptrollerSchedule of Revenues, Expenditures and Changes in Fund Balances

Budget and Actual - General FundYear Ended September 30, 2015

Budgeted AmountsOriginal Final Actual

RevenuesIntergovernmental revenues 509,667$ 399,221$ 399,219$ Charges for services 2,340,050 2,287,420 2,431,552Fines and forfeitures 2,511,500 2,511,500 2,687,018Investment income (loss) 100 100 12,739 Miscellaneous revenue 3,350 3,350 6,307

Total revenues 5,364,667 5,201,591 5,536,835


General government services:Personal services 3,060,000 3,099,000 2,785,743Operating expenditures 419,800 370,300 323,873 Capital outlay 12,400 22,900 12,699

Court related:Personal services 3,688,490 3,530,429 3,526,381Operating expenditures 228,877 206,442 175,042 Capital outlay 6,600 24,020 22,513

Total expenditures 7,416,167 7,253,091 6,846,251

Excess of revenues over (under) expenditures (2,051,500) (2,051,500) (1,309,416)

Other financing sources (uses)Transfers to/from funds - - 673 Appropriation from Board of County

Commissioners 2,051,500 2,051,500 2,051,500Reversion to Board of County Commissioners - - (612,353)Reversion to Clerks of Court Trust Fund - - (130,404)

Total other financing sources (uses) 2,051,500 2,051,500 1,309,416

Net change in fund balances - - -

Fund balances - October 1, 2014 - - -

Fund balances - September 30, 2015 -$ -$ -$

Notes to Schedule:

Pursuant to Section 28.36, Florida Statutes, the budget for court-related functions of the Office issubject to the General Appropriations Act of the Florida Legislature and is prepared on a basis thatdoes not differ materially from generally accepted accounting principles. The State of Florida releasesthis appropriation on a monthly basis. The noncourt-related functions are funded by Boardappropriations and user fees. The fund is the legal level of control.

- 18 -

St. Johns County Clerk of Courts and ComptrollerSchedule of Revenues, Expenditures and Changes in Fund Balances

Budget and Actual - Court Modernization FundYear Ended September 30, 2015


RevenuesCharges for services 430,000$ 430,000$ 526,953$ Investment income (loss) 100 100 10

Total revenues 430,100 430,100 526,963


Court related:Personal services 227,100 287,080 287,043 Operating expenditures 171,500 186,420 149,181 Capital outlay 15,000 55,000 48,644

Total expenditures 413,600 528,500 484,868

Excess of revenue over (under) expenditures 16,500 (98,400) 42,095

Fund balances - October 1, 2014 588,230 588,230 588,230

Fund balances - September 30, 2015 604,730$ 489,830$ 630,325$

Notes to Schedule:The preparation, adoption, and amendment of the budgets is governed by Florida Statutes, and isprepared on a basis that does not differ materially from generally accepted accounting principles. Thefund is the legal level of control.

- 19 -

St. Johns County Clerk of Courts and ComptrollerSchedule of Revenues, Expenditures and Changes in Fund Balances - Records Modernization Trust

Year Ended September 30, 2015


RevenuesCharges for services 150,000$ 150,000$ 171,756$ Fines and forfeitures 130,000 130,000 130,036 Investment income 100 100 2,662

Total revenues 280,100 280,100 304,454


General government services:Operating expenditures 146,000 148,000 126,517 Capital outlay 15,000 23,000 17,758

Court related:Personal services 9,800 9,800 9,302 Operating expenditures 9,000 12,100 5,847


Excess of revenues over (under) expenditures 100,300 87,200 145,030

Other financing sources (uses)Transfers to/from funds (133,000) (133,000) (673)

Net change in fund balances (32,700) (45,800) 144,357

Fund balances - October 1, 2014 845,973 845,973 845,973

Fund balances - September 30, 2015 813,273$ 800,173$ 990,330$

Notes to Schedule:The preparation, adoption, and amendment of the budgets is governed by Florida Statutes, and is preparedon a basis that does not differ materially from generally accepted accounting principles. The fund is the legallevel of control.

- 20 -

St. Johns County Clerk of Courts and ComptrollerSchedules of Proportionate Share of Net Pension Liability

Last 10 Fiscal Years (1)

2015




Employer's proportionate share of the netpension liability (asset) as a percentageof its covered-employee payroll 43.81%

Plan fiduciary net position as a percentageof the total pension liability 92.00%

2015




Employer's proportionate share of the netpension liability (asset) as a percentageof its covered-employee payroll 33.62%


Notes to schedules:

(2) Covered-employee payroll includes defined benefit plan activities, investment plan members,and members in DROP.



(1) The amounts presented for each fiscal year were determined as of the measurement date,which was June 30th of the current fiscal year.

GASB Statement No. 68 was implemented in 2015. Until a full 10-year trend is compiled,information for those years for which it is available will be presented.

-21-

St. Johns County Clerk of Courts and ComptrollerSchedules of Employer Contributions

Last 10 Fiscal Years

Florida Retirement System 2015

Contractually required contribution 388,786$

Contributions in relation to thecontractually required contribution 388,786



Contributions as a percentage ofcovered-employee payroll 8.15%

Health Insurance Subsidy Program 2015





Contributions as a percentage ofcovered-employee payroll 1.37%

Notes to schedules:

GASB Statement No. 68 was implemented in 2015. Until a full 10-year trend is compiled, informationfor those years for which it is available will be presented.

(1) Covered-employee payroll includes defined benefit plan activities, investment plan members, andmembers in DROP.

-22-

St. Johns County Clerk of Courts and ComptrollerCombining Balance Sheet

Nonmajor Governmental FundsSeptember 30, 2015

TotalTitle NonmajorIV D Teen GovernmentalFund Court Funds

AssetsEquity in pooled cash and equivalents -$ 79,005$ 79,005$ Due from other governments 16,259 - 16,259

Total assets 16,259$ 79,005$ 95,264$


Accounts payable and accrued liabilities 2,507$ 2,209$ 4,716$ Due to other funds 12,896 - 12,896 Due to other county agencies 856 367 1,223

Total liabilities 16,259 2,576 18,835

Fund balances:Restricted - 76,429 76,429

Total liabilities and fund balances 16,259$ 79,005$ 95,264$

- 23 -

St. Johns County Clerk of Courts and ComptrollerCombining Statement of Revenues, Expenditures and Changes in Fund Balances

Nonmajor Governmental FundsYear Ended September 30, 2015

Title Total NonmajorIV D Teen GovernmentalFund Court Funds

RevenuesIntergovernmental 85,381$ -$ 85,381$Charges for services - 58,557 58,557Investment income - 979 979

Total revenues 85,381 59,536 144,917


Court related:Personal services 83,331 82,289 165,620Operating expenditures 2,050 947 2,997


Excess of revenues over (under) expenditures - (23,700) (23,700)

Fund balances - October 1, 2014 - 100,129 100,129

Fund balances - September 30, 2015 -$ 76,429$ 76,429$

- 24 -

-25-

MANAGEMENT LETTER

The Honorable Hunter S. ConradClerk of Courts and Comptroller St. Johns County, Florida

We have audited the financial statements of the office of the St. Johns County Clerk of Courts and Comptroller (the “Office”), as of and for the year ended September 30, 2015, and have issued our report thereon dated June 06, 2016. That report should be considered in conjunction with this management letter.

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. Additionally, our audit was conducted in accordance with the provisions of Chapter 10.550, Rules of the Auditor General, which govern the conduct of local governmental entity audits performed in the State of Florida and require that certain items be addressed in this letter.

Prior Audit Findings The Rules of the Auditor General require that we comment as to whether or not corrective actions have been taken to address findings and recommendations made in the preceding audit. If the audit findings in the preceding audit are uncorrected, we are required to identify those findings that were also included in the second preceding audit report. The Office has no uncorrected prior audit findings that are required to be identified pursuant to the Rules of the Auditor General.

Other Matters

Our audit did not reveal any other matters that we are required to include in this management letter.

The purpose of this management letter is solely to comply with the requirements of Chapter 10.550, Rules of the Auditor General. Accordingly, this communication is not suitable for any other purpose.





-26-



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 office of the St. Johns County Clerk of Courts and Comptroller (the “Office”), as of and for the year ended September 30, 2015, and the related notes to the financial statements, which collectively comprise the Office’s special purpose financial statements, and have issued our report thereon dated June 06, 2016.

Internal Control Over Financial Reporting In planning and performing our audit of the financial statements, we considered the Office’s internal control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the Office’s internal control. Accordingly, we do not express an opinion on the effectiveness of the Office’s internal control.

A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control such that there is a reasonable possibility that a material misstatement of the entity’s financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance.

Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified.



-27-

Compliance and Other Matters As part of obtaining reasonable assurance about whether the Office’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 determination of financial statement amounts. 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.


-28-



We have examined the office of the St. Johns County Clerk of Courts and Comptroller’s (the “Office”) compliance with the requirements of Section 218.415, Florida Statutes, LocalGovernment Investment Policies, during the year ended September 30, 2015. Management is responsible for the Office’s compliance with those requirements. Our responsibility is to express an opinion on the Office’s compliance based on our examination.

Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about the Office’s compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on the Office’s compliance with specified requirements.

In our opinion, the Office complied, in all material respects, with the aforementioned requirements for the year ended September 30, 2015.





-29-

INDEPENDENT ACCOUNTANT’S REPORT ON COMPLIANCE WITH SECTIONS 28.35 AND 28.36, FLORIDA STATUTES


We have examined the office of the St. Johns County Clerk of Courts and Comptroller’s (the “Office”) compliance with the requirements of Section 28.35, Florida Statutes, Florida Clerks of Court Operations Corporation, and Section 28.36, Florida Statutes, Budget Procedure, during the year ended September 30, 2015. Management is responsible for the Office’s compliance with those requirements. Our responsibility is to express an opinion on the Office’s compliance based on our examination.







-30-



We have examined the office of the St. Johns County Clerk of Courts and Comptroller’s (the “Office”) compliance with the requirements of Section 61.181, Florida Statutes, Depository for Alimony Transactions, Support, Maintenance, and Support Payments; Fees, during the year ended September 30, 2015. Management is responsible for the Office’s compliance with those requirements. Our responsibility is to express an opinion on the Office’s compliance based on our examination.




St. Augustine Florida June 06, 2016



St. Johns CountyProperty Appraiser

Audit Report

September 30, 2015

St. Johns County Property Appraiser

Table of ContentsSeptember 30, 2015

REPORTIndependent Auditor's Report 1

SPECIAL PURPOSE FINANCIAL STATEMENTSGovernmental Funds:

Balance Sheet 3

Statement of Revenues, Expenditures and Changes in Fund Balance 4


REQUIRED SUPPLEMENTARY INFORMATIONSchedule of Revenues, Expenditures and Changes in Fund Balances – Budget

and Actual – General Fund 15



ADDITIONAL ELEMENTS REQUIRED BY THE RULES OF THE AUDITORGENERAL


Independent Auditor’s Report on Internal Control Over Financial Reporting andon Compliance and Other Matters Based on an Audit of Financial StatementsPerformed in Accordance with Government Auditing Standards 19

Independent Accountant’s Report on Compliance with Section 218.415, FloridaStatutes 21

Elected Official's Response to Auditor's Comments


1

The Honorable Sharon P. OutlandProperty AppraiserSt. Johns County, Florida

Report on the Financial Statements

We have audited the accompanying financial statements of the office of the St. Johns County PropertyAppraiser (the “Office”) as of and for the year ended September 30, 2015, and the related notes to thefinancial statements, which collectively comprise the Office’s special purpose financial statements aslisted in the table of contents.


Management is responsible for the preparation and fair presentation of these financial statements inaccordance with accounting principles generally accepted in the United States of America; this includesthe design, implementation, and maintenance of internal control relevant to the preparation and fairpresentation of financial statements that are free from material misstatement, whether due to fraud orerror.


Our responsibility is to express an opinion on these financial statements based on our audit. Weconducted our audit in accordance with auditing standards generally accepted in the United States ofAmerica and the standards applicable to financial audits contained in Government Auditing Standards,issued by the Comptroller General of the United States. Those standards require that we plan andperform the audit to obtain reasonable assurance about whether the financial statements are free frommaterial misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures inthe financial statements. The procedures selected depend on the auditor’s judgment, including theassessment of the risks of material misstatement of the financial statements, whether due to fraud orerror. In making those risk assessments, the auditor considers internal control relevant to the entity’spreparation and fair presentation of the financial statements in order to design audit procedures thatare appropriate in the circumstances, but not for the purpose of expressing an opinion on theeffectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonableness ofsignificant accounting estimates made by management, as well as evaluating the overall presentation ofthe financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis forour audit opinion.



2

Opinion

In our opinion, the financial statements referred to above present fairly, in all material respects, thefinancial position of the Office as of September 30, 2015, and the changes in its financial position for theyear then ended in accordance with accounting principles generally accepted in the United States ofAmerica.

Emphasis of Matters

We draw attention to Note 1 to the financial statements, which describes that the accompanyingfinancial statements were prepared solely for the purpose of complying with the Rules of the AuditorGeneral of the State of Florida. In conformity with the Rules, the accompanying financial statements arespecial purpose financial statements that do not constitute a complete presentation, but otherwiseconstitute financial statements prepared in accordance with generally accepted accounting principles.Our opinion is not modified with respect to this matter.

We also draw attention to Note 2 to the financial statements, which indicates that the Office disclosed anet pension liability as a result of implementing GASB Statement No. 68, Accounting and FinancialReporting for Pensions and GASB Statement No. 71, Pension Transition for Contributions MadeSubsequent to the Measurement Date. Our opinion is not modified with respect to this matter.

Other Matters


Accounting principles generally accepted in the United States of America require that the budgetarycomparison information and pension trend information be presented to supplement the special purposefinancial statements. Such information, although not a part of the special purpose financial statements,is required by the Governmental Accounting Standards Board, who considers it to be an essential part offinancial reporting for placing the special purpose financial statements in an appropriate operational,economic, or historical context. We have applied certain limited procedures to the requiredsupplementary information in accordance with auditing standards generally accepted in the UnitedStates of America, which consisted of inquiries of management about the methods of preparing theinformation and comparing the information for consistency with management’s responses to ourinquiries, the special purpose financial statements, and other knowledge we obtained during our auditof the special purpose financial statements. We do not express an opinion or provide any assurance onthe information because the limited procedures do not provide us with sufficient evidence to express anopinion or provide any assurance.


In accordance with Government Auditing Standards, we have also issued our report dated May 11, 2016,on our consideration of the Office’s internal control over financial reporting and on our tests of itscompliance with certain provisions of laws, regulations, contracts, and grant agreements and othermatters. The purpose of that report is to describe the scope of our testing of internal control overfinancial reporting and compliance and the results of that testing, and not to provide an opinion oninternal control over financial reporting or on compliance. That report is an integral part of an auditperformed in accordance with Government Auditing Standards in considering the Office’s internalcontrol over financial reporting and compliance.

St. Augustine, FloridaMay 11, 2016


Balance Sheet – Governmental FundsAs of September 30, 2015

GeneralFund

AssetsCash 432,603$Due from other county agencies 35

Total assets 432,638$

Liabilities and fund balanceLiabilities:

Accounts payable and accrued liabilities 171,524$Due to other county agencies 261,114

Total liabilities 432,638

Fund balance

Total liabilities and fund balance 432,638$

The accompanying "Notes to Financial Statements"form an integral part of this statement.

3


Statement of Revenues, Expenditures and Changes in Fund BalanceGovernmental Funds


GeneralFund

RevenuesCharges for services 761,995$Investment income 458

Total revenues 762,453


General government:Personal services 4,041,943Operating expenditures 846,484Capital outlay 92,129

Total expenditures 4,980,556

Excess of revenues under expenditures (4,218,103)

Other financing sources (uses)Appropriation from board of county commissioners 4,435,552Reversion to board of county commissioners (217,449)

Total other financing sources (uses) 4,218,103

Net change in fund balance

Fund balance October 1, 2014

Fund balance September 30, 2015 $

The accompanying "Notes to Financial Statements"form an integral part of this statement.

4


Notes to Financial Statements

5

NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESThe accounting policies of the office of the St. Johns County Property Appraiser (the “Office”) conformto generally accepted accounting principles as applicable to governments. The following is a summary ofthe more significant policies.

Reporting Entity

The Property Appraiser is an elected constitutional officer, whose office is established by Article VIII ofthe Constitution of the State of Florida and is governed by various provisions of state law.

The Office is an integral part of St. Johns County, which is the primary government for financial reportingpurposes.


The Office’s financial statements are special purpose financial statements that have been preparedsolely for the purpose of complying with the Rules of the Auditor General of the State of Florida (the“Rules”). These special purpose financial statements are the fund financial statements required bygenerally accepted accounting principles. However, these fund financial statements do not constitute acomplete presentation because, in conformity with the Rules, the Office has not presentedreconciliations to the government wide financial statements, the government wide financialstatements, or management’s discussion and analysis. Also, certain notes to the financial statementsmay supplement rather than duplicate the notes included in the County’s countywide financialstatements.

Fund Accounting

Accounts are organized on the basis of funds, each of which is considered a separate accounting entity.The operations of each fund are accounted for with a separate set of self balancing accounts thatcomprise its assets, liabilities, fund equity, revenues, and expenditures. Government resources areallocated to, and accounted for in, individual funds based upon the purposes for which they are to bespent and the means by which spending activities are controlled. The focus of fund financial statementsis on major funds, each displayed in a separate column. All nonmajor funds are aggregated anddisplayed in a single column.

The Office reports the following major governmental fund:

General Fund the General Fund is the primary operating fund. It is used to account for and reportall financial resources not accounted for and reported in another fund.

The Office follows the provisions of GASB Statement No. 54, Fund Balance Reporting and GovernmentalFund Type Definitions to classify fund balances for governmental funds into specifically definedclassifications. The classifications comprise a hierarchy based primarily on the extent to which the Officeis bound to honor constraints on the specific purposes for which amounts in the funds can be spent.



6


The fund balance classifications specified in GASB Statement No. 54 are as follows:

Nonspendable Fund Balance – Nonspendable fund balances are amounts that cannot be spentbecause they are either (a) not in spendable form or (b) legally or contractually required to bemaintained intact.

Restricted Fund Balance – Restricted fund balances are restricted when constraints placed on theuse of resources are either: (a) externally imposed by creditors, grantors, contributors, or laws orregulations of other governments; or (b) imposed by law through constitutional provisions orenabling legislation.

Committed Fund Balance – Committed fund balances are amounts that can only be used for specificpurposes as a result of constraints imposed by formal action of the Office’s highest level ofdecision making authority, which is a policy of the Office. Committed amounts cannot be used forany other purpose unless the Office removes those constraints by taking the same type of action.

Assigned Fund Balance – Assigned fund balances are amounts that are constrained by the Office’sintent to be used for specific purposes, but are neither restricted nor committed. Intent is expressedby (a) the constitutional officer or (b) a body or official to which the constitutional officer hasdelegated the authority to assign amounts to be used for specific purposes.

Unassigned Fund Balance – Unassigned fund balance is the residual classification for the GeneralFund.

The Office’s policy is to expend resources in the following order: restricted, committed, assigned, andunassigned.


All governmental funds are accounted for on a current financial resources measurement focus. Thismeans that only current assets and current liabilities are generally included on their balance sheets.Their reported fund balance (net current assets) is considered a measure of "available spendableresources." Their operating statements present increases (revenues and other financing sources) anddecreases (expenditures and other financing uses) in net current assets and, accordingly, are said topresent a summary of sources and uses of "available spendable resources" during a period.

Basis of accounting refers to when revenues and expenditures are recognized in the accounts andreported in the financial statements. Basis of accounting relates to the timing of the measurementsmade, regardless of the measurement focus applied.

All governmental funds are accounted for using the modified accrual basis of accounting. Their revenuesare recognized when they become measurable and available as net current assets. Expenditures aregenerally recognized under the modified accrual basis of accounting when the related fund liability isincurred. However, principal and interest on long term debt are recognized when due.



7


Capital Assets and Long Term Liabilities

Capital assets used by the Office are recorded and accounted for by the St. Johns County Board ofCounty Commissioners.

Because of their spending measurement focus, expenditure recognition for governmental fund types islimited to exclude amounts represented by noncurrent liabilities. Since they do not affect net currentassets, such long term amounts are not recognized as governmental fund type expenditures or fundliabilities. They are instead reported as liabilities in the financial statements of the County.

Cash

Cash is placed in a bank that qualifies as a public depository pursuant to the provisions of the FloridaSecurity For Public Deposits Act. Every qualified public depository is required by this law to deposit withthe Chief Financial Officer eligible collateral equal to, or in excess of, an amount to be determined by theChief Financial Officer. The Chief Financial Officer is required to ensure that all funds are entirelycollateralized throughout the fiscal year.

Pensions

For purposes of measuring the net pension liability, deferred outflows of resources and deferred inflowsof resources related to pensions, and pension expense, information about the fiduciary net position ofthe Florida Retirement System Pension Plan and Health Insurance Subsidy Program and additionsto/deductions from the plans’ fiduciary net position have been determined on the same basis as theyare reported by the plans. For this purpose, benefit payments (including refunds of employeecontributions) are recognized when due and payable in accordance with the benefit terms. Investmentsare reported at fair value.

Deferred Outflow/Inflows of Resources

A deferred outflow of resources is a consumption of net assets that is applicable to a future reportingperiod.

A deferred inflow of resources is an acquisition of net assets that is applicable to a future reportingperiod.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted inthe United States requires management to make various estimates. Actual results could differ fromthose estimates.



8

NOTE 2 – CHANGES IN LONG TERM LIABILITIES

A summary of changes in long term liabilities follows:

Balance BalanceOctober 1, September 30, Due Within

2014 Additions Deductions 2015 One Year

Compensated absences 210,000$ 289,000$ 261,000$ 238,000$ 67,000$Net pension liability 1,589,677 921,559 2,511,236 35,900Total 1,799,677$ 1,210,559$ 261,000$ 2,749,236$ 102,900$

During 2015, the Office implemented GASB Statement No. 68, Accounting and Financial Reporting forPensions and GASB Statement No. 71, Pension Transition for Contributions Made Subsequent to theMeasurement Date. As a result, a net pension liability is disclosed in the tabulation of changes in longterm liabilities presented above.



The Office participates in two defined benefit pension plans that are administered by the State ofFlorida, Department of Management Services, Division of Retirement. The plans provide retirement,disability or death benefits to retirees or their designated beneficiaries. Chapter 121, Florida Statutes,establishes the authority for benefit provisions. Changes to the law can only occur through an act of theFlorida Legislature. The State of Florida issues a publicly available financial report that includes financialstatements and required supplementary information for the plans. That report may be obtained bywriting to the Division of Retirement, PO Box 9000, Tallahassee, Florida, 32315 9000 or by calling (844)377 1888.

The Florida Retirement System (FRS) Pension Plan is a cost sharing, multiple employer defined benefitpension plan with a Deferred Retirement Option Program (DROP) available for eligible employees. TheFRS was established and is administered in accordance with Chapter 121, Florida Statutes. Retireesreceive a lifetime pension benefit with joint and survivor payment options. FRS membership iscompulsory for employees filling regularly established positions in a state agency, county agency, stateuniversity, state college, or district school board, unless restricted from FRS membership under Sections121.053 or 121.122, Florida Statutes, or allowed to participate in a defined contribution plan in lieu of



9


FRS membership. Participation by cities, municipalities, special districts, charter schools andmetropolitan planning organizations is optional.

The Retiree Health Insurance Subsidy (HIS) Program is a cost sharing, multiple employer defined benefitpension plan established and administered in accordance with Section 112.363, Florida Statutes. Thebenefit is a monthly payment to assist retirees of the state administered retirement systems in payingtheir health insurance costs. To be eligible to receive a HIS benefit, a retiree under a state administeredretirement system must provide proof of eligible health insurance coverage, which can includeMedicare.

Benefits Provided

Benefits under the FRS Pension Plan are computed on the basis of age and/or years of service, averagefinal compensation, and service credit. Credit for each year of service is expressed as a percentage of theaverage final compensation. For members initially enrolled before July 1, 2011, the average finalcompensation is the average of the five highest fiscal years’ earnings; for members initially enrolled onor after July 1, 2011, the average final compensation is the average of the eight highest fiscal years’earnings. The total percentage value of the benefit received is determined by calculating the total valueof all service, which is based on the retirement plan and/or class to which the member belonged whenthe service credit was earned.

Eligible retirees and beneficiaries receive a monthly HIS payment equal to the number of years of servicecredited at retirement multiplied by $5. The minimum payment is $30 and the maximum payment is$150 per month, pursuant to Section 112.363, Florida Statutes.

Contributions

The contribution requirements of pSJC PAlan members and the Office are established and may beamended by the Florida Legislature. Employees are required to contribute 3.00% of their salary to theFRS. The Office’s contribution rates as of September 30, 2015, were as follows:


The Office’s contributions for the year ended September 30, 2015, were $287,546 to the FRS and$39,549 to the HIS.



10



In its financial statements for the year ended September 30, 2015, the Office reported a liability for itsproportionate shares of the net pension liabilities. The net pension liabilities were measured as of June30, 2015, and the total pension liabilities used to calculate the net pension liability were determined byan actuarial valuation dated July 1, 2015. The Office’s proportions of the net pension liabilities werebased on the Office’s share of contributions to the pension plans relative to the contributions of allparticipating entities, actuarially determined.

FRS HISNet pension liability 1,532,768$ 978,468$




At September 30, 2015, the Office reported deferred outflows of resources and deferred inflows ofresources related to pensions from the following sources:


of Resources of Resources of Resources of ResourcesDifferences between expected and actual experience 161,815$ 36,353$ $ $Changes of assumptions 101,735 76,980Net difference between projected and actual earnings

on pension plan investments 539,883 905,882 530Changes in proportion and differences between employer

contributions and proportionate share of contributions 446,482 20,337Employer contributions subsequent to themeasurement date 64,843 11,244

Total 1,314,758$ 942,235$ 109,091$ $

FRS HIS



11


Deferred outflows of resources related to employer contributions paid subsequent to the measurementdate and prior to the employer’s fiscal year end will be recognized as a reduction of the net pensionliability in the reporting period ending September 30, 2016. Other pension related amounts reported asdeferred outflows of resources and deferred inflows of resources will be recognized in pension expenseas follows:

Year ending September 30, FRS HIS2016 35,609$ 15,828$2017 35,609 15,8282018 35,609 15,8282019 35,610 15,8282020 127,109 15,698Thereafter 38,134 18,837Total 307,680$ 97,847$


The total pension liability for each of the defined benefit plans, measured as of June 30, 2015, wasdetermined by an actuarial valuation dated July 1, 2015, using the individual entry age normal actuarialcost method and the following significant actuarial assumptions:


Mortality assumptions for both plans were based on the Generational RP 2000 with Projection Scale BB.

For both plans, the actuarial assumptions used in the valuation dated July 1, 2015 were based on theresults of an actuarial experience study for the period July 1, 2008, through June 30, 2013.



12




HIS: The municipal bond index rate and the discount rate used to determine the total pensionliability decreased from 4.29% to 3.80%.

The long term expected investment rate of return was not based on historical returns, but instead wasbased on a forward looking capital market economic model. Each asset class assumption is based on aconsistent set of underlying assumptions, and includes an adjustment for the inflation assumption. Forthe FRS Pension Plan, the table below summarizes the target allocation and best estimates of arithmeticand geometric real rates of return for each major asset class.




100%



13


Discount Rate

The discount rate used to measure the total pension liability for the FRS Pension Plan was 7.65%. FRS’fiduciary net position was projected to be available to make all projected future benefit payments ofcurrent active and inactive employees. Therefore, the discount rate for calculating the total pensionliability is equal to the long term expected rate of return.

Because the HIS Program is essentially funded on a pay as you go basis, a municipal bond rate of 3.80%was used to determine the total pension liability for the program. The Bond Buyer General ObligationBond 20 Bond Municipal Bond Index was used as the applicable municipal bond index.


The following tables demonstrate the sensitivity of the net pension liability to changes in the discountrate. The sensitivity analysis shows the impact to the Office’s proportionate share of the net pensionliability if the discount rate was 1.00% higher or 1.00% lower than the current discount rate.

1% Decrease

CurrentDiscountRate 1% Increase 1% Decrease

CurrentDiscountRate 1% Increase

(6.65%) (7.65%) (8.65%) (2.80%) (3.80%) (4.80%)


of the net pens ion l iabi l i ty 3,971,747$ 1,532,768$ (496,864)$ 1,114,919$ 978,468$ 864,689$

FRS HIS


Detailed information about the pension plans’ fiduciary net position is available in the State’s separatelyissued financial reports.



14



Pursuant to Chapter 121, Florida Statutes, the Florida Legislature created the Florida RetirementInvestment Plan (“FRS Investment Plan”), a defined contribution pension plan qualified under Section401(a) of the Internal Revenue Code. The FRS Investment Plan is an alternative available to members ofthe Florida Retirement System in lieu of the defined benefit plan. There is a uniform contribution ratecovering both the defined benefit and defined contribution plans, depending on membership class.Required employer contributions made to the plan during the year ended September 30, 2015, totaled$38,293.


For health insurance and worker’s compensation, the Office participates in the risk managementprogram established by the Board of County Commissioners to cover claims against the Board andConstitutional Officers. The risk management program is accounted for in the Board’s financialstatements as an Internal Service Fund, in accordance with requirements of GASB 10.

NOTE 5 – CONTINGENCIES

The Office is, during the course of normal operations, involved in various claims regarding theassessments of real and tangible personal property. It is the opinion of management that any uninsuredclaims would not be material in relation to the Office’s financial condition.


Schedule of Revenues, Expenditures and Changes in Fund BalancesBudget and Actual – General FundYear ended September 30, 2015


RevenuesCharges for services 756,569$ 756,569$ 761,995$Investment income 458

Total revenues 756,569 756,569 762,453


General government:Personal services 4,156,934 4,156,934 4,041,943Operating expenditures 957,672 940,951 846,484Capital outlay 43,200 94,268 92,129Reserve for contingency 34,347


Excess of revenues under expenditures (4,435,584) (4,435,584) (4,218,103)

Other financing sources (uses)Appropriation from board of county commissioners 4,435,584 4,435,584 4,435,552Reversion to board of county commissioners (217,449)



Fund balances October 1, 2014

Fund balances September 30, 2015 $ $ $

Notes to schedule:

The budget is prepared on a basis that does not differ materially from generally accepted accountingprinciples. Its preparation, adoption, and amendment is governed by Florida Statutes. The fund is the legallevel of control.

15


Schedules of Proportionate Share of Net Pension LiabilityLast 10 Fiscal Years (1)

Florida Retirement System 2015Employer's proportion of the net pension

liability (asset) 0.0119%

Employer's proportionate share of the netpension liability (asset) 1,532,768$

Employer's covered employee payroll (2) 2,910,082$

Employer's proportionate share of the netpension liability (asset) as a percentageof its covered employee payroll 52.67%


Health Insurance Subsidy Program 2015Employer's proportion of the net pension


Employer's proportionate share of the netpension liability (asset) 978,468$




Notes to schedules:

(2) Covered employee payroll includes defined benefit plan actives, investment plan members, and members in DROP.

GASB Statement No. 68 was implemented in 2015. Until a full 10 year trend is compiled, information for those years forwhich it is available will be presented.

(1) The amounts presented for each fiscal year were determined as of the measurement date, which was June 30th of thecurrent fiscal year.

16


Schedules of Employer ContributionsLast 10 Fiscal Years




Contribution deficiency (excess) $


Contributions as a percentage ofcovered employee payroll 9.84%







Notes to schedules:(1) Covered employee payroll includes defined benefit plan actives, investment plan members, andmembers in DROP.

GASB Statement No. 68 was implemented in 2015. Until a full 10 year trend is compiled, information forthose years for which it is available will be presented.

17

Additional Elements Required by theRules of the Auditor General

MANAGEMENT LETTER

18


We have audited the financial statements of the office of the St. Johns County Property Appraiser (the“Office”), as of and for the year ended September 30, 2015, and have issued our report thereon datedMay 11, 2016. That report should be considered in conjunction with this management letter.

We conducted our audit in accordance with auditing standards generally accepted in the United Statesof America and the standards applicable to financial audits contained in Government AuditingStandards, issued by the Comptroller General of the United States. Additionally, our audit wasconducted in accordance with the provisions of Chapter 10.550, Rules of the Auditor General, whichgovern the conduct of local governmental entity audits performed in the State of Florida and requirethat certain items be addressed in this letter.

Prior Audit Findings

The Rules of the Auditor General require that we comment as to whether or not corrective actions havebeen taken to address findings and recommendations made in the preceding audit. If the audit findingsin the preceding audit are uncorrected, we are required to identify those findings that were alsoincluded in the second preceding audit report. The Office has no uncorrected prior audit findings thatare required to be identified pursuant to the Rules of the Auditor General.

Other Matters


The purpose of this management letter is solely to comply with the requirements of Chapter 10.550,Rules of the Auditor General. Accordingly, this communication is not suitable for any other purpose.

We wish to take this opportunity to thank you and your staff for the cooperation and courtesiesextended to us during the course of the audit. Please let us know if you have any questions or commentsconcerning this letter, our accompanying reports, or other matters.




19

INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ONCOMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED INACCORDANCE WITH GOVERNMENT AUDITING STANDARDS


We have audited, in accordance with the auditing standards generally accepted in the United States ofAmerica and the standards applicable to financial audits contained in Government Auditing Standardsissued by the Comptroller General of the United States, the financial statements of the office of the St.Johns County Property Appraiser (the “Office”), as of and for the year ended September 30, 2015, andthe related notes to the financial statements, which collectively comprise the Office’s special purposefinancial statements, and have issued our report thereon dated May 11, 2016.


In planning and performing our audit of the financial statements, we considered the Office’s internalcontrol over financial reporting (internal control) to determine the audit procedures that areappropriate 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 Office’s internal control.Accordingly, we do not express an opinion on the effectiveness of the Office’s internal control.

A deficiency in internal control exists when the design or operation of a control does not allowmanagement or employees, in the normal course of performing their assigned functions, to prevent, ordetect and correct, misstatements on a timely basis. A material weakness is a deficiency, or acombination of deficiencies, in internal control, such that there is a reasonable possibility that a materialmisstatement of the entity’s financial statements will not be prevented, or detected and corrected on atimely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal controlthat is less severe than a material weakness, yet important enough to merit attention by those chargedwith governance.

Our consideration of internal control was for the limited purpose described in the first paragraph of thissection and was not designed to identify all deficiencies in internal control that might be materialweaknesses or significant deficiencies. Given these limitations, during our audit we did not identify anydeficiencies in internal control that we consider to be material weaknesses. However, materialweaknesses may exist that have not been identified.



20


As part of obtaining reasonable assurance about whether the Office’s financial statements are free frommaterial misstatement, we performed tests of its compliance with certain provisions of laws,regulations, contracts, and grant agreements, noncompliance with which could have a direct andmaterial effect on the determination of financial statement amounts. However, providing an opinion oncompliance with those provisions was not an objective of our audit, and accordingly, we do not expresssuch an opinion. The results of our tests disclosed no instances of noncompliance or other matters thatare required to be reported under Government Auditing Standards.


The purpose of this report is solely to describe the scope of our testing of internal control andcompliance and the results of that testing, and not to provide an opinion on the effectiveness of theentity’s internal control or on compliance. This report is an integral part of an audit performed inaccordance with Government Auditing Standards in considering the entity’s internal control andcompliance. Accordingly, this communication is not suitable for any other purpose.


21



We have examined the St. Johns County Property Appraiser’s (the “Office”) compliance with therequirements of Section 218.415, Florida Statutes, Local Government Investment Policies, during theyear ended September 30, 2015. Management is responsible for the Office’s compliance with thoserequirements. Our responsibility is to express an opinion on the Office’s compliance based on ourexamination.

Our examination was conducted in accordance with attestation standards established by the AmericanInstitute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidenceabout the Office’s compliance with those requirements and performing such other procedures as weconsidered necessary in the circumstances. We believe that our examination provides a reasonablebasis for our opinion. Our examination does not provide a legal determination on the Office’scompliance with specified requirements.

In our opinion, the Office complied, in all material respects, with the aforementioned requirements forthe year ended September 30, 2015.

This report is intended solely for the information and use of management and the State of FloridaAuditor General and is not intended to be and should not be used by anyone other than these specifiedparties.




St. Johns County Sheriff

Audit Report

September 30, 2015





Balance Sheet 3

Statement of Revenues, Expenditures and Changes in Fund Balances 4

Fiduciary Funds:





Schedule of Revenues, Expenditures and Changes in Fund Balances – Budgetand Actual – Equitable Sharing Proceeds Fund 20

Schedule of Revenues, Expenditures and Changes in Fund Balances – Budgetand Actual – HIDTA Fund 21



SUPPLEMENTARY INFORMATIONCombining Balance Sheet – Nonmajor Governmental Funds 24

Combining Statement of Revenues, Expenditures and Changes in Fund Balances– Nonmajor Governmental Funds 25

Combining Statement of Fiduciary Net Position – Agency Funds 26



Independent Auditor’s Report on Internal Control Over Financial Reporting andon Compliance and Other Matters Based on an Audit of Financial StatementsPerformed in Accordance with Government Auditing Standards 28

Independent Accountant’s Report on Compliance with Section 218.415, FloridaStatutes 30

Elected Official's Response to Auditor's Comments

1


The Honorable David B. ShoarSheriffSt. Johns County, Florida


We have audited the accompanying financial statements of each major fund and the aggregate remaining fundinformation of the office of the St. Johns County Sheriff (the “Office”) as of and for the year ended September 30,2015, and the related notes to the financial statements, which collectively comprise the Office’s special purposefinancial statements as listed in the table of contents.


Management is responsible for the preparation and fair presentation of these financial statements in accordance withaccounting 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 arefree from material misstatement, whether due to fraud or error.


Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit inaccordance with auditing standards generally accepted in the United States of America and the standards applicableto financial audits contained in Government Auditing Standards, issued by the Comptroller General of the UnitedStates. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether thefinancial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financialstatements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks ofmaterial misstatement of the financial statements, whether due to fraud or error. In making those risk assessments,the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financialstatements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose ofexpressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. Anaudit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significantaccounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our auditopinions.

Opinions

In our opinion, the financial statements referred to above present fairly, in all material respects, the respectivefinancial position of each major fund and the aggregate remaining fund information of the Office as of September 30,2015, and the respective changes in financial position, where applicable, thereof for the year then ended inaccordance with accounting principles generally accepted in the United States of America.

Emphasis of Matters

We draw attention to Note 1 to the financial statements, which describes that the accompanying financial statementswere prepared solely for the purpose of complying with the Rules of the Auditor General of the State



2

of Florida. In conformity with the Rules, the accompanying financial statements are special purpose financialstatements that do not constitute a complete presentation, but otherwise constitute financial statementsprepared in accordance with generally accepted accounting principles. Our opinions are not modified with respectto this matter.

We also draw attention to Note 4 to the financial statements, which indicates that the Office disclosed a netpension liability as a result of implementing GASB Statement No. 68, Accounting and Financial Reporting forPensions and GASB Statement No. 71, Pension Transition for Contributions Made Subsequent to the MeasurementDate. Our opinions are not modified with respect to this matter.

Other Matters


Accounting principles generally accepted in the United States of America require that the budgetary comparisonand pension trend information be presented to supplement the special purpose financial statements. Suchinformation, although not a part of the special purpose financial statements, is required by the GovernmentalAccounting Standards Board, who considers it to be an essential part of financial reporting for placing the specialpurpose financial statements in an appropriate operational, economic, or historical context. We have appliedcertain limited procedures to the required supplementary information in accordance with auditing standardsgenerally accepted in the United States of America, which consisted of inquiries of management about themethods of preparing the information and comparing the information for consistency with management’sresponses to our inquiries, the special purpose financial statements, and other knowledge we obtained during ouraudit of the special purpose financial statements. We do not express an opinion or provide any assurance on theinformation because the limited procedures do not provide us with sufficient evidence to express an opinion orprovide any assurance.

Other Information

Our audit was conducted for the purpose of forming opinions on the financial statements that collectivelycomprise the Office’s special purpose financial statements. The supplementary information listed in the table ofcontents is presented for purposes of additional analysis and is not a required part of the special purpose financialstatements. Such information is the responsibility of management and was derived from and relates directly to theunderlying accounting and other records used to prepare the special purpose financial statements. Theinformation has been subjected to the auditing procedures applied in the audit of the special purpose financialstatements and certain additional procedures, including comparing and reconciling such information directly to theunderlying accounting and other records used to prepare the special purpose financial statements or to the specialpurpose financial statements themselves, and other additional procedures in accordance with auditing standardsgenerally accepted in the United States of America. In our opinion, the information is fairly stated in all materialrespects in relation to the special purpose financial statements as a whole.


In accordance with Government Auditing Standards, we have also issued our report dated May 16, 2016, on ourconsideration of the Office’s internal control over financial reporting and on our tests of its compliance withcertain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of thatreport is to describe the scope of our testing of internal control over financial reporting and compliance and theresults of that testing, and not to provide an opinion on internal control over financial reporting or on compliance.That report is an integral part of an audit performed in accordance with Government Auditing Standards inconsidering the Office’s internal control over financial reporting and compliance.

Gainesville, FloridaMay 16, 2016


Balance Sheet – Governmental FundsSeptember 30, 2015

EquitableSharing Other Total

General Proceeds HIDTA Governmental GovernmentalFund Fund Fund Funds Funds

AssetsEquity in pooled cash and equivalents 839,173$ 269,844$ $ 58,094$ 1,167,111$Cash 519,941 214,546 734,487Due from other funds 235,180 14,311 249,491Due from other county agencies 224,892 224,892Due from other governments 39,632 306,353 345,985Receivables 105,955 42,593 148,548

Total assets 1,964,773$ 269,844$ 306,353$ 329,544$ 2,870,514$


Accounts payable andaccrued liabilities 1,418,435$ $ 96,232$ 31,892$ 1,546,559$

Due to other funds 210,121 20,530 230,651Due to other county agencies 546,338 546,338Unearned revenue 44,691 44,691

Total liabilities 1,964,773 306,353 97,113 2,368,239

Fund balances:Restricted 269,844 269,844Committed 225,361 225,361Assigned 7,070 7,070

Total fund balances 269,844 232,431 502,275

Total liabilities andfund balances 1,964,773$ 269,844$ 306,353$ 329,544$ 2,870,514$


3


Statement of Revenues, Expenditures and Changes in Fund BalancesGovernmental Funds


EquitableSharing Other Total

General Proceeds HIDTA Governmental GovernmentalFund Fund Fund Funds Funds

RevenuesLicenses and permits $ $ $ 160,849$ 160,849$Intergovernmental 1,389,382 88,601 4,072,435 141,057 5,691,475Charges for services 1,080,654 269,740 1,350,394Investment income 294 294Miscellaneous 648,722 97 648,819

Total revenues 3,118,758 88,895 4,072,435 571,743 7,851,831


Public safety:Personal services 47,458,766 787,736 240,101 48,486,603Operating expenditures 11,342,023 3,120,722 363,569 14,826,314Capital outlay 2,596,220 163,977 5,622 2,765,819

Court related:Personal services 1,514,094 1,514,094Operating expenditures 79,746 79,746

Debt service:Principal 1,229,282 1,229,282Interest 31,995 31,995

Total expenditures 64,252,126 4,072,435 609,292 68,933,853

Excess of revenues over(under) expenditures (61,133,368) 88,895 (37,549) (61,082,022)

Other financing sources(uses)Capital lease 1,499,909 1,499,909Transfers in 10,655 10,655Transfers out (10,655) (10,655)Appropriation from board of

county commissioners 59,668,528 59,668,528Reversion to board of county

commissioners (45,724) (45,724)

Total other financingsources (uses) 61,133,368 (10,655) 61,122,713

Net change in fund balances 88,895 (48,204) 40,691

Fund balancesOctober 1, 2014 180,949 280,635 461,584

Fund balancesSeptember 30, 2015 $ 269,844$ $ 232,431$ 502,275$


4


Statement of Fiduciary Net PositionSeptember 30, 2015

AgencyFunds

AssetsEquity in pooled cash and equivalents 17,150$Cash 61,730

Total assets 78,880

LiabilitiesAssets held for others 36,058Due to other funds 18,840Due to county agencies 23,982


Net position $


5



6

NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The accounting policies of the office of the St. Johns County Sheriff (the “Office”) conform to generallyaccepted accounting principles as applicable to governments. The following is a summary of the moresignificant policies.

Reporting Entity

The Sheriff is an elected constitutional officer, whose office is established by Article VIII of theConstitution of the State of Florida and is governed by various provisions of state law.




Fund Accounting


The Office reports the following major governmental funds:

General Fund – the General Fund is the primary operating fund. It is used to account for and reportall financial resources not accounted for and reported in another fund.

Equitable Sharing Proceeds Fund – This fund is used to account for the revenues and expenditures ofthe proceeds from federal forfeitures.

HIDTA Fund – This fund is used to account for revenues and expenditures of the High Intensity DrugTrafficking Area Grant.



7


The Office reports the following nonmajor governmental funds:

Canteen Fund – This fund is used to account for the operations of the St. Johns County DetentionFacility’s commissary. Revenues are provided by sale of products, through a third party provider, tothe inmates, and profits can only be spent for the benefit of the inmates.

NET Fund – This fund is used to account for the operations of a multi jurisdictional law enforcementtask force.

Alarm Ordinance Fund – This fund is used to account for the permitting of alarms and associatedexpenditures.

The Office also reports the following fiduciary fund:

Agency Funds – The Agency Funds are used to account for resources held in a custodial capacity.

Fund Balance

The Office follows the provisions of GASB Statement No. 54, Fund Balance Reporting and GovernmentalFund Type Definitions to classify fund balances for governmental funds into specifically definedclassifications. The classifications comprise a hierarchy based primarily on the extent to which the Officeis bound to honor constraints on the specific purposes for which amounts in the funds can be spent.








8










Because of the current financial resources measurement focus, the accompanying fund financialstatements do not report capital assets or long term liabilities. Such amounts are instead reported in thegovernment wide financial statements of the County.

The Office defines capital assets as assets with an initial useful life in excess of one year and a cost ofmore than $1,000. Capital assets are valued at historical cost. Donated fixed assets are valued at theirestimated fair value on the date donated. Depreciation has been provided using the straight linemethod over estimated useful lives ranging from 5 10 years.


The Office maintains a cash and equivalents pool that is available for use by all funds. Each fund’sportion of this pool is displayed on the balance sheet as “Equity in Pooled Cash and Equivalents.” If afund overdraws its account in the pool, a liability and corresponding receivable (i.e., due to/from otherfunds) are reported on the balance sheet.



9


Investments

The Office has adopted an investment policy pursuant to Section 218.415, Florida Statutes, which allowsfor surplus funds to be invested in the Local Government Surplus Funds Trust fund (the “State Pool”) orany intergovernmental investment pool; Securities and Exchange Commission registered money marketfunds; certificates of deposits and savings accounts in state certified qualified public depositories anddirect obligations of the U.S. Treasury.

The Office invests surplus funds in the State Pool. The State Pool is administered by the Florida StateBoard of Administration, who provides regulatory oversight.

The State Pool has adopted operating procedures consistent with the requirements for a 2a7 like fund.The Office’s investment in the State Pool is reported at amortized cost. The fair value of the position inthe pool is equal to the value of the pool shares.

Pensions


Deferred Outflows/Inflows of Resources

A deferred outflow of resources is a consumption of net assets that is applicable to a future reportingperiod.

A deferred inflow of resources is an acquisition of net assets that is applicable to a future reportingperiod.

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principlesrequires management to make various estimates. Actual results could differ from those estimates.


Deposits

All deposits of the Office are placed in a bank that qualifies as a public depository pursuant to theprovisions of the Florida Security for Public Deposits Act. Every qualified public depository is



10


required by this law to deposit with the Chief Financial Officer eligible collateral equal to, or in excess of,an amount to be determined by the Chief Financial Officer. The Chief Financial Officer is required toensure that all funds are entirely collateralized throughout the fiscal year.

Investment in State Pool

At year end, the Office had investments in the State Pool as summarized below:

General fund 510,389$Equitable sharing proceeds fund 269,844Other governmental funds 44,691

Total 824,924$

The Office’s investment in the State Pool exposes it to credit risk, defined as the risk that an issuer orother counterparty to an investment will not fulfill its obligations. The Office does not have a formalinvestment policy relating to that risk. The State Pool is rated by Standard and Poor’s and has a rating ofAAAm at September 30, 2015.

The following represents a reconciliation of the Office’s Equity in Pooled Cash and Equivalents in theaccompanying financial statements:

Equity inInvestments Pooled Cash

Deposits State Pool & EquivalentsGeneral fund 328,784$ 510,389$ 839,173$Equitable sharing proceeds fund 269,844 269,844Other governmental funds 13,403 44,691 58,094Agency fund 17,150 17,150

Totals 359,337$ 824,924$ 1,184,261$



11

NOTE 3 – FUND BALANCE CLASSIFICATIONS

Balances of reported fund balance at September 30, 2015 are as follows:

EquitableSharingProceeds CanteenFund Fund

Restricted for public safety grants 269,844$ $Committed for inmate benefits 225,361Assigned for inmate benefits 7,070

Total fund balances 269,844$ 232,431$



Balance BalanceOctober 1, September 30, DueWithin


Capital lease obligations 1,886,687$ 1,499,909$ 1,229,282$ 2,157,314$ 1,194,919$Compensated absences 3,810,100 4,784,582 4,778,207 3,816,475 1,895,557Net pension liabil l ity 20,442,508 14,090,631 34,533,139 407,900Total 26,139,295$ 20,375,122$ 6,007,489$ 40,506,928$ 3,498,376$


The Office entered into an agreement with a financial institution in 2015 for the acquisition of vehiclesand equipment with a fixed interest rate of 1.60% for three years. The aggregate historical cost of thepurchased vehicles and equipment is $1,379,976 and net book value as of September 30, 2015 is$1,298,686. The principal balance of the loan was $1,499,909.

In addition, the Office has an outstanding agreement with a financial institution from 2014 for theacquisition of vehicles and equipment with a fixed interest rate of 1.34% for three years. The aggregatehistorical cost of the purchased vehicles and equipment is $1,199,897 and net book value as ofSeptember 30, 2015 is $885,608. The principal balance of the loan was $1,199,897.

In addition, the Office has an outstanding agreement with a financial institution from 2013 for theacquisition of vehicles and equipment with a fixed interest rate of 1.29% for three years. The aggregate



12

NOTE 4 – CHANGES IN LONG TERM LIABILITIES (CONTINUED)

historical cost of the purchased vehicles and equipment is $1,455,360 and a net book value as ofSeptember 30, 2015 is $771,828. The principal balance of the loan was $1,750,000. The minimum leasepayments at September 30, 2015 are:

2016 1,219,982$2017 717,6542018 256,618

Total mimimum lease payments 2,194,254Less amount representing interest 36,940

Present value of minimum lease payments 2,157,314$

NOTE 5 – CHANGES IN CAPITAL ASSETS

A summary of changes in capital assets follows:


2014 Additions Deductions 2015Capital assets being depreciated:

Vehicles and equipment 27,325,401$ 2,923,572$ 1,627,747$ 28,621,226$Less accumulated depreciation:

Vehicles and equipment 17,784,659 3,818,067 1,562,494 20,040,232

Total net capital assets 9,540,742$ (894,495)$ 65,253$ 8,580,994$

Depreciation expense of $3,818,067 applies to the public safety function.






13


The Florida Retirement System (FRS) Pension Plan is a cost sharing, multiple employer defined benefitpension plan with a Deferred Retirement Option Program (DROP) available for eligible employees. TheFRS was established and is administered in accordance with Chapter 121, Florida Statutes. Retireesreceive a lifetime pension benefit with joint and survivor payment options. FRS membership iscompulsory for employees filling regularly established positions in a state agency, county agency, stateuniversity, state college, or district school board, unless restricted from FRS membership under Sections121.053 or 121.122, Florida Statutes, or allowed to participate in a defined contribution plan in lieu ofFRS membership. Participation by cities, municipalities, special districts, charter schools andmetropolitan planning organizations is optional.


Benefits Provided



Contributions

The contribution requirements of plan members and the Office are established and may be amended bythe Florida Legislature. Employees are required to contribute 3.00% of their salary to the FRS. TheOffice’s contribution rates as of September 30, 2015, were as follows:




14


The Office’s contributions for the year ended September 30, 2015, were $4,603,318 to the FRS and$460,951 to the HIS.



FRS HISNet pension liability 23,425,129$ 11,108,009$


Pension expense (benefit) 1,182,783$ 891,089$




of Resources of Resources of Resources of ResourcesDifferences between expected and actual experience 2,473,000$ 555,573$ $ $Changes of assumptions 1,554,804 873,910Net difference between projected and actual earnings

on pension plan investments 8,250,979 13,844,508 6,013Changes in proportion and differences between employer

contributions and proportionate share of contributions 902,423 2,847,665 382,343Employer contributions subsequent to the measurement date 1,343,661 153,783

Total 14,524,867$ 17,247,746$ 1,416,049$ $

FRS HIS



15



Year ending September 30, FRS HIS2016 (1,110,270)$ 204,124$2017 (1,110,270) 204,1242018 (1,110,270) 204,1242019 (1,110,271) 204,1242020 288,111 202,622Thereafter 86,430 243,148Total (4,066,540)$ 1,262,266$











16


The long term expected investment rate of return was not based on historical returns, but instead wasbased on a forward looking capital market economic model. Each asset class assumption is based on aconsistent set of underlying assumptions, and includes an adjustment for the inflation assumption. Forthe FRS Pension Plan, the table below summarizes the target allocation and best estimates of arithmeticand geometric real rates of return for each major asset class.




100%

Discount Rate





17




1% Decrease



(6.65%) (7.65%) (8.65%) (2.80%) (3.80%) (4.80%)


of the net pens ion l iabi l i ty 60,699,807$ 23,425,129$ (7,593,526)$ 12,657,060$ 11,108,009$ 9,816,334$

FRS HIS




Pursuant to Chapter 121, Florida Statutes, the Florida Legislature created the Florida RetirementInvestment Plan (“FRS Investment Plan”), a defined contribution pension plan qualified under Section401(a) of the Internal Revenue Code. The FRS Investment Plan is an alternative available to members ofthe Florida Retirement System in lieu of the defined benefit plan. There is a uniform contribution ratecovering both the defined benefit and defined contribution plans, depending on membership class.Required employer contributions made to the plan during the year ended September 30, 2015, totaled$768, 594.

NOTE 7 – 401(a) DEFINED CONTRIBUTION PLAN

The Office also offers a qualified contribution plan, 401(a) Plan, which is a discretionary contributionplan. All full time employees of the Office who have completed twelve (12) months of service areeligible to participate. The Office may make matching contributions in proportion to participant’selective deferrals to the Office’s Section 457 plan. Contributions will be made equal to a discretionarypercentage to be determined by the Office from year to year. In fiscal 2015, the Office contributedapproximately $280,000 to the plan.



18

NOTE 8 – INTERFUND BALANCES

The following interfund balances arose through the normal course of operations.

Due From Due toOther Funds Other Funds

Major funds:General fund 235,180$ $HIDTA fund 210,121

Other governmental funds:Alarm ordinance fund 10,655Canteen fund 14,311 9,875

Agency fund 18,840

Totals 249,491$ 249,491$


For health insurance, the Office participates in the risk management program established by the Boardof County Commissioners to cover claims against the Board and Constitutional Officers. The riskmanagement program is accounted for in the Board’s financial statements as an Internal Service Fund,in accordance with requirements of GASB 10.

The Office also participates in external public entity self insurance pools for risks related to professionalliability, workers’ compensation, and certain tangible property. For the past three years, there havebeen no insurance settlements significantly in excess of insurance coverage.

NOTE 10 – CONTINGENCIES

The Office is contingently liable with respect to lawsuits and other claims incidental to the ordinarycourse of its operations. In the opinion of management, based on the advice of legal counsel, theultimate disposition of these lawsuits and claims will not have a material adverse effect on the financialcondition of the Office.




RevenuesIntergovernmental $ 1,389,382$ 1,389,382$Charges for services 1,080,654 1,080,654Miscellaneous 648,722 648,722

Total revenues 3,118,758 3,118,758


Public safety:Personal services 45,274,892 47,538,240 47,458,766Operating expenditures 10,744,716 11,474,374 11,342,023Capital outlay 90,653 2,400,480 2,596,220

Court related:Personal services 1,689,368 1,689,368 1,514,094Operating expenditures 125,254 125,254 79,746

Debt service:Principal 1,219,379 1,233,061 1,229,282Interest 56,710 31,808 31,995


Excess of revenues underexpenditures (59,200,972) (61,373,827) (61,133,368)

Other financing sources (uses)Capital lease 1,499,909 1,499,909Transfers in 10,655Appropriation from Board of

County Commissioners 59,200,972 59,873,918 59,668,528Reversion to Board of County Commissioners (45,724)

Total other financingsources (uses) 59,200,972 61,373,827 61,133,368




Notes to schedule:


19


Schedule of Revenues, Expenditures and Changes in Fund BalancesBudget and Actual – Equitable Sharing Proceeds Fund



RevenuesIntergovernmental $ 88,601$ 88,601$Investment income 294 294

Total revenues 88,895 88,895

ExpendituresCapital outlay 88,895

Excess of revenues overexpenditures 88,895

Fund balances October 1, 2014 180,949

Fund balances September 30, 2015 $ $ 269,844$

Notes to schedule:

The budget is prepared on a basis that does not differ materially from generally accepted accountingprinciples. Its preparation, adoption and amendment is governed by Florida Statutes. The fund is the legallevel of control.

20


Schedule of Revenues, Expenditures and Changes in Fund BalancesBudget and Actual – HIDTA FundYear ended September 30, 2015


RevenuesIntergovernmental $ 4,072,435$ 4,072,435$


Public safety:Personal services 954,605 787,736Operating expenditures 3,117,830 3,120,722Capital outlay 163,977

Total expenditures 4,072,435 4,072,435

Excess of revenues over (under)expenditures



Notes to schedule:

The budget is prepared on a basis that does not differ materially from generally acceptedaccounting principles. Its preparation, adoption, and amendment is governed by Florida Statutes.The fund is the legal level of control.

21


Schedules of Proportionate Share of Net Pension LiabilityLast 10 Fiscal Years (1)













Notes to schedules:


GASB Statement No. 68 was implemented in 2015. Until a full 10 year trend is compiled, information for those years forwhich it is available will be presented.

(1) The amounts presented for each fiscal year were determined as of the measurement date, which was June 30th ofthe current fiscal year.

22


Schedules of Employer ContributionsLast 10 Fiscal Years



Contributions in relation to thecontractually required contribution 4,603,318












23


Combining Balance Sheet – Nonmajor Governmental FundsSeptember 30, 2015

TotalAlarm Nonmajor

NET Ordinance Canteen GovernmentalFund Fund Fund Funds

AssetsEquity in pooled cash and equivalents 44,691$ 13,403$ $ 58,094$Cash 214,546 214,546Due from other funds 14,311 14,311Receivables 1,422 41,171 42,593

Total assets 44,691$ 14,825$ 270,028$ 329,544$

LiabilitiesAccounts payable and

accrued liabilities $ 4,170$ 27,722$ 31,892$Due to other funds 10,655 9,875 20,530Unearned revenue 44,691 44,691

Total liabilities 44,691 14,825 37,597 97,113

Fund balancesCommitted 225,361 225,361Assigned 7,070 7,070

Total fund balances 232,431 232,431

Total liabilities andfund balances 44,691$ 14,825$ 270,028$ 329,544$

24


Combining Statement of Revenues, Expendituresand Changes in Fund Balances – Nonmajor Governmental Funds


TotalAlarm Nonmajor

NET Ordinance Canteen GovernmentalFund Fund Fund Funds

RevenuesLicenses and permits $ 160,849$ $ 160,849$Intergovernmental 141,057 141,057Charges for services 269,740 269,740Miscellaneous 97 97

Total revenues 141,057 160,849 269,837 571,743


Public safety:Personal services 126,646 113,455 240,101Operating expenditures 141,057 17,926 204,586 363,569Capital outlay 5,622 5,622

Total expenditures 141,057 150,194 318,041 609,292

Excess of revenues over(under) expenditures 10,655 (48,204) (37,549)

Other financing sources (uses)Transfers in (out) (10,655) (10,655)

Net change in fund balances (48,204) (48,204)

Fund balancesOctober 1, 2014 280,635 280,635

Fund balancesSeptember 30, 2015 $ $ 232,431$ 232,431$

25


Combining Statement of Fiduciary Net PositionAgency Funds

September 30, 2015

TotalLevy Inmate Agency

Account Restitution Civil Trust Funds

AssetsEquity in pooled cash and equivalents $ 2,860$ 14,290$ $ 17,150$Cash 13,971 47,759 61,730

Total assets 13,971 2,860 14,290 47,759 78,880

LiabilitiesAssets held for others 11,513 24,545 36,058Due to other funds 18,840 18,840Due to other county agencies 2,458 2,860 14,290 4,374 23,982

Total liabilities 13,971 2,860 14,290 47,759 78,880

Net position $ $ $ $ $

26

27

MANAGEMENT LETTER


We have audited the financial statements of the office of the St. Johns County Sheriff (the “Office”), asof and for the year ended September 30, 2015, and have issued our report thereon dated May 16, 2016.That report should be considered in conjunction with this management letter.



The Rules of the Auditor General require that we comment as to whether or not corrective actions havebeen taken to address findings and recommendations made in the preceding audit. If the audit findingsin the preceding audit are uncorrected, we are required to identify those findings that were alsoincluded in the second preceding audit report. The Office has no uncorrected prior audit findings thatare required to be identified pursuant to the Rules of the Auditor General.

Other Matters



We wish to take this opportunity to thank you and your staff for the cooperation and courtesiesextended to us during the course of the audit. Please let us know if you have any questions or commentsconcerning this letter, our accompanying reports, or other matters.




28



We have audited, in accordance with the auditing standards generally accepted in the United States ofAmerica and the standards applicable to financial audits contained in Government Auditing Standardsissued by the Comptroller General of the United States, the financial statements of each major fund andthe aggregate remaining fund information of the office of the St. Johns County Sheriff (the “Office”), asof and for the year ended September 30, 2015, and the related notes to the financial statements, whichcollectively comprise the Office’s special purpose financial statements, and have issued our reportthereon dated May 16, 2016.


In planning and performing our audit of the financial statements, we considered the Office’s internalcontrol over financial reporting (internal control) to determine the audit procedures that areappropriate 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 Office’s internal control.Accordingly, we do not express an opinion on the effectiveness of the Office’s internal control.

A deficiency in internal control exists when the design or operation of a control does not allowmanagement or employees, in the normal course of performing their assigned functions, to prevent, ordetect and correct, misstatements on a timely basis. A material weakness is a deficiency, or acombination of deficiencies, in internal control, such that there is a reasonable possibility that a materialmisstatement of the entity’s financial statements will not be prevented, or detected and corrected on atimely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal controlthat is less severe than a material weakness, yet important enough to merit attention by those chargedwith governance.

Our consideration of internal control was for the limited purpose described in the first paragraph of thissection and was not designed to identify all deficiencies in internal control that might be materialweaknesses or significant deficiencies. Given these limitations, during our audit we did not identify anydeficiencies in internal control that we consider to be material weaknesses. However, materialweaknesses may exist that have not been identified.



29


As part of obtaining reasonable assurance about whether the Office’s financial statements are free frommaterial misstatement, we performed tests of its compliance with certain provisions of laws,regulations, contracts, and grant agreements, noncompliance with which could have a direct andmaterial effect on the determination of financial statement amounts. However, providing an opinion oncompliance with those provisions was not an objective of our audit, and accordingly, we do not expresssuch an opinion. The results of our tests disclosed no instances of noncompliance or other matters thatare required to be reported under Government Auditing Standards.




30



We have examined the office of the St. Johns County Sheriff’s (the “Office”) compliance with therequirements of Section 218.415, Florida Statutes, Local Government Investment Policies, during theyear ended September 30, 2015. Management is responsible for the Office’s compliance with thoserequirements. Our responsibility is to express an opinion on the Office’s compliance based on ourexamination.

Our examination was conducted in accordance with attestation standards established by the AmericanInstitute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidenceabout the Office’s compliance with those requirements and performing such other procedures as weconsidered necessary in the circumstances. We believe that our examination provides a reasonable basisfor our opinion. Our examination does not provide a legal determination on the Office’s compliance withspecified requirements.

In our opinion, the Office complied, in all material respects, with the aforementioned requirements forthe year ended September 30, 2015.





St. Johns County Supervisor of Elections

Audit Report

September 30, 2015


Table of Contents

September 30, 2015

REPORT Independent Auditor's Report 1

SPECIAL PURPOSE FINANCIAL STATEMENTS Governmental Funds:

Balance Sheet 3

Statement of Revenues, Expenditures and Changes in Fund Balance 4


REQUIRED SUPPLEMENTARY INFORMATION Schedule of Revenues, Expenditures and Changes in Fund Balances – Budget


ADDITIONAL ELEMENTS REQUIRED BY THE RULES OF THE AUDITOR GENERAL


Independent Auditor’s Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards 12


Elected Official's Response to Auditor's Comments ‐‐


‐ 1 ‐

The Honorable Vicky C. Oakes Supervisor of Elections St. Johns County, Florida Report on the Financial Statements

We have audited the accompanying financial statements of the office of the St. Johns County Supervisor of Elections (the “Office”) as of and for the year ended September 30, 2015, and the related notes to the financial statements, which collectively comprise the Office’s special purpose financial statements as listed in the table of contents.




Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.


We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

mestergall

CRI Ltrhd-GNV

‐ 2 ‐

Opinion

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Office as of September 30, 2015, 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.

Emphasis of Matters

We draw attention to Note 1 to the financial statements, which describes that the accompanying financial statements were prepared solely for the purpose of complying with the Rules of the Auditor General of the State of Florida. In conformity with the Rules, the accompanying financial statements are special purpose financial statements that do not constitute a complete presentation, but otherwise constitute financial statements prepared in accordance with generally accepted accounting principles. Our opinion is not modified with respect to this matter.

Other Matters


Accounting principles generally accepted in the United States of America require that the budgetary comparison be presented to supplement the special purpose financial statements. Such information, although not a part of the special purpose financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the special purpose financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the special purpose financial statements, and other knowledge we obtained during our audit of the special purpose 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.


In accordance with Government Auditing Standards, we have also issued our report dated May 09, 2016, on our consideration of the Office’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 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 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 Office’s internal control over financial reporting and compliance.

Gainesville, Florida May 09, 2016


Balance Sheet – Governmental FundsSeptember 30, 2015

GeneralFund

AssetsDue from other county agencies 81,903$

LiabilitiesAccounts payable and accrued liabilities 77,032$ Due to other county agencies 4,871


Fund balance ‐



‐ 3 ‐


Statement of Revenues, Expenditures and Changes in Fund Balance Governmental Funds


GeneralFund

RevenuesIntergovernmental 348,291$ Charges for services 7,690

Total revenues 355,981


General government:Personal services 1,218,084 Operating expenditures 758,942 Capital outlay 360,442


Excess of revenues under expenditures (1,981,487)

Other financing sources (uses)Appropriation from board of county commissioners 2,437,781 Reversion to board of county commissioners (456,294)

Total other financing sources (uses) 1,981,487

Net change in fund balance ‐

Fund balance – October 1, 2014 ‐

Fund balance – September 30, 2015 ‐$


‐ 4 ‐



‐ 5 ‐


The accounting policies of the office of the St. Johns County Supervisor of Elections (the “Office”) conform to generally accepted accounting principles as applicable to governments. The following is a summary of the more significant policies.

Reporting Entity

The Supervisor of Elections is an elected constitutional officer, whose office is established by Article VIII of the Constitution of the State of Florida and is governed by various provisions of state law.

The Office is an integral part of St. Johns County, which is the primary government for financial reporting purposes.


The Office’s financial statements are special purpose financial statements that have been prepared solely for the purpose of complying with the Rules of the Auditor General of the State of Florida (the “Rules”). These special purpose financial statements are the fund financial statements required by generally accepted accounting principles. However, these fund financial statements do not constitute a complete presentation because, in conformity with the Rules, the Office has not presented reconciliations to the government‐wide financial statements, the government–wide financial statements, or management’s discussion and analysis. Also, certain notes to the financial statements may supplement rather than duplicate the notes included in the County’s countywide financial statements.

Fund Accounting

Accounts are organized on the basis of funds, each of which is considered a separate accounting entity. The operations of each fund are accounted for with a separate set of self‐balancing accounts that comprise its assets, liabilities, fund equity, revenues, and expenditures. Government resources are allocated to, and accounted for in, individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled. The focus of fund financial statements is on major funds, each displayed in a separate column. All nonmajor funds are aggregated and displayed in a single column. The Office has no nonmajor funds.


General Fund – The General Fund is the primary operating fund. It is used to account for and report all financial resources not accounted for and reported in another fund.

Fund Balance

The Office follows the provisions of GASB Statement No. 54, Fund Balance Reporting and Governmental Fund Type Definitions to classify fund balances for governmental funds into specifically defined classifications. The classifications comprise a hierarchy based primarily on the extent to which the Office is bound to honor constraints on the specific purposes for which amounts in the funds can be spent.



‐ 6 ‐





Committed Fund Balance – Committed fund balances are amounts that can only be used for specific purposes as a result of constraints imposed by formal action of the Office’s highest level of decision‐making authority, which is a policy of the Office. Committed amounts cannot be used for any other purpose unless the Office removes those constraints by taking the same type of action.

Assigned Fund Balance – Assigned fund balances are amounts that are constrained by the Office’s intent to be used for specific purposes, but are neither restricted nor committed. Intent is expressed by (a) the constitutional officer or (b) a body or official to which the constitutional officer has delegated the authority to assign amounts to be used for specific purposes.

Unassigned Fund Balance – Unassigned fund balance is the residual classification for the General Fund.

The Office’s policy is to expend resources in the following order: restricted, committed, assigned, and unassigned.


All governmental funds are accounted for on a current financial resources measurement focus. This means that only current assets and current liabilities are generally included on their balance sheets. Their reported fund balance (net current assets) is considered a measure of "available spendable resources." Their operating statements present increases (revenues and other financing sources) and decreases (expenditures and other financing uses) in net current assets and, accordingly, are said to present a summary of sources and uses of "available spendable resources" during a period.

Basis of accounting refers to when revenues and expenditures are recognized in the accounts and reported in the financial statements. Basis of accounting relates to the timing of the measurements made, regardless of the measurement focus applied.

All governmental funds are accounted for using the modified accrual basis of accounting. Their revenues are recognized when they become measurable and available as net current assets. Expenditures are generally recognized under the modified accrual basis of accounting when the



‐ 7 ‐


related fund liability is incurred. However, principal and interest on long‐term debt are recognized when due.

Capital Assets and Long‐Term Liabilities

Capital assets used by the Office are recorded and accounted for by the St. Johns County Board of County Commissioners.

Because of their spending measurement focus, expenditure recognition for governmental fund types is limited to exclude amounts represented by noncurrent liabilities. Since they do not affect net current assets, such long‐term amounts are not recognized as governmental fund type expenditures or fund liabilities. They are instead reported as liabilities in the financial statements of the County.

Cash

Cash is placed in a bank that qualifies as a public depository pursuant to the provisions of the Florida Security For Public Deposits Act. Every qualified public depository is required by this law to deposit with the State Treasurer eligible collateral equal to, or in excess of, an amount to be determined by the State Treasurer. The State Treasurer is required to ensure that all funds are entirely collateralized throughout the fiscal year.

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make various estimates. Actual results could differ from those estimates. NOTE 2 – CHANGES IN LONG‐TERM LIABILITIES

A summary of changes in long‐term liabilities follows:



Compensated absences 49,100$ 59,900$ 58,500$ 50,500$ ‐$



‐ 8 ‐



As part of the St. Johns County Board of County Commissioners employer, the Office participates in two defined benefit pension plans that are administered by the State of Florida, Department of Management Services, Division of Retirement. The plans provide retirement, disability or death benefits to retirees or their designated beneficiaries. Chapter 121, Florida Statutes, establishes the authority for benefit provisions. Changes to the law can only occur through an act of the Florida Legislature. The State of Florida issues a publicly available financial report that includes financial statements and required supplementary information for the plans. That report may be obtained by writing to the Division of Retirement, PO Box 9000, Tallahassee, Florida, 32315‐9000 or by calling (844) 377‐1888.

The Florida Retirement System (FRS) Pension Plan is a cost‐sharing, multiple‐employer defined benefit pension plan with a Deferred Retirement Option Program (DROP) available for eligible employees. The FRS was established and is administered in accordance with Chapter 121, Florida Statutes. Retirees receive a lifetime pension benefit with joint and survivor payment options. FRS membership is compulsory for employees filling regularly established positions in a state agency, county agency, state university, state college, or district school board, unless restricted from FRS membership under Sections 121.053 or 121.122, Florida Statutes, or allowed to participate in a defined contribution plan in lieu of FRS membership. Participation by cities, municipalities, special districts, charter schools and metropolitan planning organizations is optional.

The Retiree Health Insurance Subsidy (HIS) Program is a cost‐sharing, multiple‐employer defined benefit pension plan established and administered in accordance with Section 112.363, Florida Statutes. The benefit is a monthly payment to assist retirees of the state‐administered retirement systems in paying their health insurance costs. To be eligible to receive a HIS benefit, a retiree under a state administered retirement system must provide proof of eligible health insurance coverage, which can include Medicare.

Benefits Provided

Benefits under the FRS Pension 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 five highest fiscal years’ earnings; for members initially enrolled on or after July 1, 2011, the average final compensation is the average of the eight 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 plan and/or class to which the member belonged when the service credit was earned.

Eligible retirees and beneficiaries receive a monthly HIS payment equal to the number of years of service credited at retirement multiplied by $5. The minimum payment is $30 and the maximum payment is $150 per month, pursuant to Section 112.363, Florida Statutes.



‐ 9 ‐


For health insurance and worker’s compensation, the Office participates in the risk management program established by the Board of County Commissioners to cover claims against the Board and Constitutional Officers. The risk management program is accounted for in the Board’s financial statements as an Internal Service Fund, in accordance with requirements of GASB 10.




RevenuesIntergovernmental ‐$ ‐$ 348,291$ Charges for services 10,000 10,000 7,690

Total revenues 10,000 10,000 355,981


General government services:Personal services 1,056,376 1,267,632 1,218,084 Operating expenditures 570,993 809,820 758,942 Capital outlay 408,517 370,329 360,442


Excess of revenues under expenditures (2,025,886) (2,437,781) (1,981,487)

Other financing sources (uses)Appropriation from board of county commissioners 2,025,886 2,437,781 2,437,781 Reversion to the board of county commissioners ‐ ‐ (456,294)


Net change in fund balances ‐ ‐ ‐

Fund balances – October 1, 2014 ‐ ‐ ‐

Fund balances – September 30, 2015 ‐$ ‐$ ‐$

Notes to schedule:


‐ 10 ‐

MANAGEMENT LETTER

‐11‐

The Honorable Vicky C. Oakes Supervisor of Elections St. Johns County, Florida We have audited the financial statements of the office of the St. Johns County Supervisor of Elections (the “Office”), as of and for the year ended September 30, 2015, and have issued our report thereon dated May 09, 2016. That report should be considered in conjunction with this management letter.



The Rules of the Auditor General require that we comment as to whether or not corrective actions have been taken to address findings and recommendations made in the preceding audit. If the audit findings in the preceding audit are uncorrected, we are required to identify those findings that were also included in the second preceding audit report. The Office has no uncorrected prior audit findings that are required to be identified pursuant to the Rules of the Auditor General.

Other Matters





mestergall

CRI Ltrhd-GNV

‐ 12 ‐

INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS The Honorable Vicky C. Oakes Supervisor of Elections St. Johns 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 office of the St. Johns County Supervisor of Elections (the “Office”), as of and for the year ended September 30, 2015, and the related notes to the financial statements, which collectively comprise the Office’s special purpose financial statements, and have issued our report thereon dated May 09, 2016.


In planning and performing our audit of the financial statements, we considered the Office’s internal control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the Office’s internal control. Accordingly, we do not express an opinion on the effectiveness of the Office’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.


mestergall

CRI Ltrhd-GNV

‐ 13 ‐


As part of obtaining reasonable assurance about whether the Office’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 determination of financial statement amounts. 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 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.


‐ 14 ‐


The Honorable Vicky C. Oakes Supervisor of Elections St. Johns County, Florida

We have examined the office of the St. Johns County Supervisor of Elections’ (the “Office”) compliance with the requirements of Section 218.415, Florida Statutes, Local Government Investment Policies, during the year ended September 30, 2015. Management is responsible for the Office’s compliance with those requirements. Our responsibility is to express an opinion on the Office’s compliance based on our examination. Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about the Office’s compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on the Office’s compliance with specified requirements. In our opinion, the Office complied, in all material respects, with the aforementioned requirements for the year ended September 30, 2015. This report is intended solely for the information and use of management and the State of Florida Auditor General and is not intended to be and should not be used by anyone other than these specified parties.


mestergall

CRI Ltrhd-GNV

St. Johns County Tax Collector

Audit Report

September 30, 2015





Balance Sheet 3

Statement of Revenues, Expenditures and Changes in FundBalance 4

Fiduciary Funds:





Schedule of Proportionate Share of Net Pension Liability 17

Schedule of Employer Contributions 18

SUPPLEMENTARY INFORMATIONCombining Statement of Fiduciary Net Position – Agency Funds 19



Independent Auditor’s Report on Internal Control Over Financial Reportingand on Compliance and Other Matters Based on an Audit of FinancialStatements Performed in Accordance with Government AuditingStandards 21

Independent Accountant’s Report on Compliance with Section 218.415,Florida Statutes 23

Elected Official’s Response to Auditor’s Comments

1


The Honorable Dennis HollingsworthTax CollectorSt. Johns County, Florida


We have audited the accompanying financial statements of the major fund and the aggregate remaining fundinformation of the office of the St. Johns County Tax Collector (the “Office”) as of and for the year endedSeptember 30, 2015, and the related notes to the financial statements, which collectively comprise the Office’sspecial purpose financial statements as listed in the table of contents.


Management is responsible for the preparation and fair presentation of these financial statements in accordancewith 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 financialstatements that are free from material misstatement, whether due to fraud or error.


Our responsibility is to express opinions on these financial statements based on our audit. We conducted our auditin accordance with auditing standards generally accepted in the United States of America and the standardsapplicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General ofthe United States. Those standards require that we plan and perform the audit to obtain reasonable assuranceabout whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in thefinancial statements. The procedures selected depend on the auditor’s judgment, including the assessment of therisks of material misstatement of the financial statements, whether due to fraud or error. In making those riskassessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of thefinancial statements in order to design audit procedures that are appropriate in the circumstances, but not for thepurpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express nosuch opinion. An audit also includes evaluating the appropriateness of accounting policies used and thereasonableness of significant accounting estimates made by management, as well as evaluating the overallpresentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our auditopinions.

Opinions

In our opinion, the financial statements referred to above present fairly, in all material respects, the respectivefinancial position of the major fund and the aggregate remaining fund information of the Office as of September30, 2015, and the respective changes in financial position, where applicable, thereof for the year then ended inaccordance with accounting principles generally accepted in the United States of America.

Emphasis of Matters

We draw attention to Note 1 to the financial statements, which describes that the accompanying financialstatements were prepared solely for the purpose of complying with the Rules of the Auditor General of the State



2

of Florida. In conformity with the Rules, the accompanying financial statements are special purpose financialstatements that do not constitute a complete presentation, but otherwise constitute financial statementsprepared in accordance with generally accepted accounting principles. Our opinions are not modified with respectto this matter.

We also draw attention to Note 3 to the financial statements, which indicates that the Office disclosed a netpension liability as a result of implementing GASB Statement No. 68, Accounting and Financial Reporting forPensions and GASB Statement No. 71, Pension Transition for Contributions Made Subsequent to the MeasurementDate. Our opinions are not modified with respect to this matter.

Other Matters


Accounting principles generally accepted in the United States of America require that the budgetary comparisoninformation and pension trend information be presented to supplement the special purpose financial statements.Such information, although not a part of the special purpose financial statements, is required by the GovernmentalAccounting Standards Board, who considers it to be an essential part of financial reporting for placing the specialpurpose financial statements in an appropriate operational, economic, or historical context. We have appliedcertain limited procedures to the required supplementary information in accordance with auditing standardsgenerally accepted in the United States of America, which consisted of inquiries of management about themethods of preparing the information and comparing the information for consistency with management’sresponses to our inquiries, the special purpose financial statements, and other knowledge we obtained during ouraudit of the special purpose financial statements. We do not express an opinion or provide any assurance on theinformation because the limited procedures do not provide us with sufficient evidence to express an opinion orprovide any assurance.

Other Information

Our audit was conducted for the purpose of forming opinions on the financial statements that collectivelycomprise the Office’s special purpose financial statements. The supplementary information listed in the table ofcontents is presented for purposes of additional analysis and is not a required part of the special purpose financialstatements. Such information is the responsibility of management and was derived from and relates directly to theunderlying accounting and other records used to prepare the special purpose financial statements. Theinformation has been subjected to the auditing procedures applied in the audit of the special purpose financialstatements and certain additional procedures, including comparing and reconciling such information directly to theunderlying accounting and other records used to prepare the special purpose financial statements or to the specialpurpose financial statements themselves, and other additional procedures in accordance with auditing standardsgenerally accepted in the United States of America. In our opinion, the information is fairly stated in all materialrespects in relation to the special purpose financial statements as a whole.


In accordance with Government Auditing Standards, we have also issued our report dated May 16, 2016, on ourconsideration of the Office’s internal control over financial reporting and on our tests of its compliance withcertain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of thatreport is to describe the scope of our testing of internal control over financial reporting and compliance and theresults of that testing, and not to provide an opinion on internal control over financial reporting or on compliance.That report is an integral part of an audit performed in accordance with Government Auditing Standards inconsidering the Office’s internal control over financial reporting and compliance.



Balance Sheet – Governmental FundsAs of September 30, 2015

GeneralFund

AssetsEquity in pooled cash and equivalents 3,581,677$Due from other funds 126,490Due from other county agencies 26Due from other governments 37

Total assets 3,708,230$

Liabilities and fund balanceLiabilities:

Accounts payable and accrued liabilities 154,236$Due to other governments 364,882Due to other county agencies 3,178,258


Fund balance restricted for Project Buckle Up 10,854

Total liabilities and fund balance 3,708,230$


3


Statement of Revenues, Expenditures and Changes in Fund BalanceGovernmental Funds


GeneralFund

RevenuesCharges for services 8,463,278$Investment revenue 21,439Miscellaneous revenue 5,001

Total revenues 8,489,718


General government services:Personal services 4,294,998Operating expenditures 822,642Capital outlay 251,923


Excess of revenues over expenditures 3,120,155

Other financing usesReversion to board of county commissioners (3,115,901)

Net change in fund balance 4,254

Fund balance, October 1, 2014 6,600

Fund balance, September 30, 2015 10,854$


4


Statement of Fiduciary Net PositionAs of September 30, 2015

AgencyFund

AssetsEquity in pooled cash and equivalents 6,312,789$Accounts receivable 22,203

Total assets 6,334,992

LiabilitiesAssets held for others 5,343,606Due to other funds 126,490Due to other county agencies 864,896


Net position $


5



6


The accounting policies of the office of the St. Johns County Tax Collector (the “Office”) conform togenerally accepted accounting principles as applicable to governments. The following is a summary ofthe more significant policies.

Reporting Entity

The Tax Collector is an elected constitutional officer, whose office is established by Article VIII of theConstitution of the State of Florida and is governed by various provisions of state law.




Fund Accounting



General Fund – The General Fund is the primary operating fund. It is used to account for and reportall financial resources not accounted for and reported in another fund.

The Office also reports the following fiduciary funds:

Agency Funds – Agency Funds are used to account for assets held in a custodial capacity.

Fund Balance

The Office follows the provisions of GASB Statement No. 54, Fund Balance Reporting and GovernmentFund Type Definitions to classify fund balances for governmental funds into specifically definedclassifications. The classifications comprise a hierarchy based primarily on the specific purposes forwhich amounts in the funds can be spent.



7
















8



Capital assets used by the Office are recorded and accounted for by the St. Johns County Board ofCounty Commissioners.

Because of their spending measurement focus, expenditure recognition for governmental fund types islimited to exclude amounts represented by noncurrent liabilities. Since they do not affect net currentassets, such long term amounts are not recognized as governmental fund type expenditures or fundliabilities. They are instead reported as liabilities in the financial statements of the County.


The Office maintains a cash and equivalents pool that is available for use by all funds. Each fund’sportion of this pool is displayed on the balance sheet as “Equity in Pooled Cash and Equivalents.” If afund overdraws its account in the pool, a liability and corresponding receivable (i.e., due to/from otherfunds) are reported on the balance sheet.

Investments

The Office has adopted an investment policy pursuant to Section 218.415, Florida Statutes, which allowsfor surplus funds to be invested in the Local Government Surplus Funds Trust fund (the “State Pool”) orany intergovernmental investment pool; Securities and Exchange Commission registered money marketfunds; certificates of deposits, investment grade obligations of state, provincial and local governmentsand public authorities; investment grade commercial paper and certain repurchase agreements andother securities of registered investment companies in funds meeting specific criteria.

Pensions


Deferred Outflow/Inflows of Resources

A deferred outflow of resources is a consumption of net assets that is applicable to a future reportingperiod. A deferred inflow of resources is an acquisition of net assets that is applicable to a futurereporting period.

Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principlesrequires management to make various estimates. Actual results could differ from those estimates.



9


Deposits

All deposits of the Office are placed in banks that qualify as public depositories pursuant to theprovisions of the Florida Security for Public Deposits Act. Every qualified public depository is required bythis law to deposit with the Chief Financial Officer eligible collateral equal to, or in excess of, an amountto be determined by the Chief Financial Officer. The Chief Financial Officer is required to ensure that allfunds are entirely collateralized throughout the fiscal year.

Investment in State Pool

The Office invests surplus funds in an external investment pool, the Local Government Surplus FundsTrust Fund (the “State Pool”). The State Pool is administered by the Florida State Board ofAdministration (“SBA”), who provides regulatory oversight.

The State Pool has adopted operating procedures consistent with the requirements for a 2a7 like fund.The Office’s investment in the State Pool is reported at amortized cost. The fair value of the position inthe pool is equal to the value of the pool shares.

At year end, the Office had investments in the State Pool as summarized below:

General fund 5,953$Agency fund 42,556

Total 48,509$

The Office’s investments in the State Pool are included in Cash and Equivalents in the accompanyingfinancial statements.

The Office’s investment in the State Pool exposes it to credit risk, defined as the risk that an issuer orother counterparty to an investment will not fulfill its obligations. The Office has a formal investmentpolicy that addresses credit risk and limits investments to the safest types of securities, pre qualifying allthird party advisors and diversifying the investment portfolio to minimize potential losses on individualsecurities. The State Pool is rated by Standard and Poor’s and has a rating of AAAm at September 30,2015.

Investment in Money Market Mutual Fund

The Office also invests in the Fidelity Institutional Money Market Prime Money Market Portfolio. AtSeptember 30, 2015, the Agency Fund balance was $500,000. The weighted average maturity of thefund was 25 days.



10





Compensated absences 237,000$ 230,000$ 174,000$ 293,000$ 249,000$Net pension liability 1,480,447 769,039 2,249,486 38,000

Total 1,717,447$ 999,039$ 174,000$ 2,542,486$ 287,000$


NOTE 4 – INTERFUND BALANCES

The following interfund balances arose through the normal course of operations:

Due From Due ToOther Funds Other Funds

General fund 126,490$ $Agency funds:

Tax fund 29,419Tag fund 70,710Delinquent fund 26,361

Total 126,490$ 126,490$






11


The Florida Retirement System (FRS) Pension Plan is a cost sharing, multiple employer defined benefitpension plan with a Deferred Retirement Option Program (DROP) available for eligible employees. TheFRS was established and is administered in accordance with Chapter 121, Florida Statutes. Retireesreceive a lifetime pension benefit with joint and survivor payment options. FRS membership iscompulsory for employees filling regularly established positions in a state agency, county agency, stateuniversity, state college, or district school board, unless restricted from FRS membership under Sections121.053 or 121.122, Florida Statutes, or allowed to participate in a defined contribution plan in lieu ofFRS membership. Participation by cities, municipalities, special districts, charter schools andmetropolitan planning organizations is optional.


Benefits Provided



Contributions

The contribution requirements of plan members and the Office are established and may be amended bythe Florida Legislature. Employees are required to contribute 3.00% of their salary to the FRS. TheOffice’s contribution rates as of September 30, 2015, were as follows:




12


The Office’s contributions for the year ended September 30, 2015, were $228,607 to the FRS and$42,110 to the HIS.



FRS HISNet pension liability at September 30, 2015 1,213,642$ 1,035,844$






of Resources of Resources of Resources of ResourcesDifferences between expected and actual experience 128,125$ 28,784$ $ $Changes of assumptions 80,554 81,494Net difference between projected and actual earnings

on pension plan investments 427,478 717,276 561Changes in proportion and differences between employer

contributions and proportionate share of contributions 198,953 39,226Employer contributions subsequent to the measurement date 50,735 11,976

Total 885,845$ 746,060$ 133,257$ $

FRS HIS



13



Year ending September 30, FRS HIS2016 (969)$ 19,611$2017 (969) 19,6112018 (969) 19,6112019 (970) 19,6112020 71,480 19,472Thereafter 21,447 23,365Total 89,050$ 121,281$









The long term expected investment rate of return was not based on historical returns, but instead wasbased on a forward looking capital market economic model. Each asset class assumption is based on a



14


consistent set of underlying assumptions, and includes an adjustment for the inflation assumption. Forthe FRS Pension Plan, the table below summarizes the target allocation and best estimates of arithmeticand geometric real rates of return for each major asset class.




100%

Discount Rate





15




1% Decrease



(6.65%) (7.65%) (8.65%) (2.80%) (3.80%) (4.80%)


of the net pens ion l iabi l i ty 3,144,822$ 1,213,642$ (393,416)$ 1,180,296$ 1,035,844$ 915,392$

FRS HIS




Pursuant to Chapter 121, Florida Statutes, the Florida Legislature created the Florida RetirementInvestment Plan (“FRS Investment Plan”), a defined contribution pension plan qualified under Section401(a) of the Internal Revenue Code. The FRS Investment Plan is an alternative available to members ofthe Florida Retirement System in lieu of the defined benefit plan. There is a uniform contribution ratecovering both the defined benefit and defined contribution plans, depending on membership class.Required employer contributions made to the plan during the year ended September 30, 2015, totaled$26,111.


For health insurance and worker’s compensation, the Office participates in the risk managementprogram established by the Board of County Commissioners to cover claims against the Board andConstitutional Officers. The risk management program is accounted for in the Board’s financialstatements as an Internal Service Fund, in accordance with requirements of GASB 10.




RevenuesCharges for services 8,281,842$ 8,281,842$ 8,463,278$Investment revenue 25,094 25,094 21,439Miscellaneous revenue 5,001

Total revenues 8,306,936 8,306,936 8,489,718


General government services:Personal services 4,480,024 4,383,071 4,294,998Operating expenditures 747,901 832,574 822,642Capital outlay 239,648 251,928 251,923


Excess of revenues over expenditures 2,839,363 2,839,363 3,120,155

Other financing sources (uses)Reversion to board of county commissioners (2,839,363) (2,839,363) (3,115,901)

Net change in fund balances 4,254

Fund balances October 1, 2014 6,600

Fund balances September 30, 2015 $ $ 10,854$

Notes to schedule:

The budget is prepared on a basis that does not differ materially from U.S. generally acceptedaccounting principles. Its preparation, adoption, and amendment is governed by Florida Statutes. Thefund is the legal level of control.

16


Schedule of Proportionate Share of Net Pension LiabilityLast 10 Fiscal Years (1)













Notes to schedules:


GASB Statement No. 68 was implemented in 2015. Until a full 10 year trend is compiled, information for those years for which itis available will be presented.

(1) The amounts presented for each fiscal year were determined as of the measurement date, which was June 30th of thecurrent fiscal year.

17


Schedule of Employer ContributionsLast 10 Fiscal Years















18


Combining Statement of Fiduciary Net PositionAgency Funds

As of September 30, 2015

TotalTax Tag Delinquent AgencyFund Fund Fund Funds

AssetsEquity in pooled cash and equivalents 5,305,570$ 586,683$ 420,536$ 6,312,789$Accounts receivable 612 21,591 22,203

Total assets 5,306,182 608,274 420,536 6,334,992

LiabilitiesAssets held for others 4,490,600 536,724 316,282 5,343,606Due to other funds 29,419 70,710 26,361 126,490Due to other county agencies 786,163 840 77,893 864,896

Total liabilities 5,306,182 608,274 420,536 6,334,992

Net position $ $ $ $

19

20

MANAGEMENT LETTER


We have audited the financial statements of the office of the St. Johns County Tax Collector (the“Office”), as of and for the year ended September 30, 2015, and have issued our report thereondated May 16, 2016. That report should be considered in conjunction with this management letter.

We conducted our audit in accordance with auditing standards generally accepted in the UnitedStates of America and the standards applicable to financial audits contained in GovernmentAuditing Standards, issued by the Comptroller General of the United States. Additionally, our auditwas conducted in accordance with the provisions of Chapter 10.550, Rules of the Auditor General,which govern the conduct of local governmental entity audits performed in the State of Florida andrequire that certain items be addressed in this letter.


The Rules of the Auditor General require that we comment as to whether or not corrective actionshave been taken to address findings and recommendations made in the preceding audit. If the auditfindings in the preceding audit are uncorrected, we are required to identify those findings that werealso included in the second preceding audit report. The Office has no uncorrected prior auditfindings that are required to be identified pursuant to the Rules of the Auditor General.

Other Matters

Our audit did not reveal any other matters that we are required to include in this managementletter.

The purpose of this management letter is solely to comply with the requirements of Chapter10.550, Rules of the Auditor General. Accordingly, this communication is not suitable for any otherpurpose.

We wish to take this opportunity to thank you and your staff for the cooperation and courtesiesextended to us during the course of the audit. Please let us know if you have any questions orcomments concerning this letter, our accompanying reports, or other matters.




21

INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ONCOMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTSPERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS


We have audited, in accordance with the auditing standards generally accepted in the United Statesof America and the standards applicable to financial audits contained in Government AuditingStandards issued by the Comptroller General of the United States, the financial statements of themajor fund and the aggregate remaining fund information of the office of the St. Johns County TaxCollector (the “Office”), as of and for the year ended September 30, 2015, and the related notes tothe financial statements, which collectively comprise the Office’s special purpose financialstatements, and have issued our report thereon dated May 16, 2016.


In planning and performing our audit of the financial statements, we considered the Office’sinternal control over financial reporting (internal control) to determine the audit procedures thatare appropriate in the circumstances for the purpose of expressing our opinions on the financialstatements, but not for the purpose of expressing an opinion on the effectiveness of the Office’sinternal control. Accordingly, we do not express an opinion on the effectiveness of the Office’sinternal control.

A deficiency in internal control exists when the design or operation of a control does not allowmanagement or employees, in the normal course of performing their assigned functions, toprevent, or detect and correct, misstatements on a timely basis. A material weakness is adeficiency, or a combination of deficiencies, in internal control such that there is a reasonablepossibility 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 combinationof deficiencies, in internal control that is less severe than a material weakness, yet importantenough to merit attention by those charged with governance.

Our consideration of internal control was for the limited purpose described in the first paragraph ofthis section and was not designed to identify all deficiencies in internal control that might bematerial weaknesses or significant deficiencies and therefore, material weaknesses or significantdeficiencies may exist that were not identified. Given these limitations, during our audit we did notidentify any deficiencies in internal control that we consider to be material weaknesses. However,material weaknesses may exist that have not been identified.



22


As part of obtaining reasonable assurance about whether the Office’s financial statements are freefrom 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 andmaterial effect on the determination of financial statement amounts. However, providing anopinion on compliance with those provisions was not an objective of our audit, and accordingly, wedo not express such an opinion. The results of our tests disclosed no instances of noncompliance orother matters that are required to be reported under Government Auditing Standards.




23

INDEPENDENT ACCOUNTANT’S REPORT ON COMPLIANCE WITH SECTION 218.415, FLORIDASTATUTES


We have examined the office of the St. Johns County Tax Collector’s (the “Office”) compliance withthe requirements of Section 218.415, Florida Statutes, Local Government Investment Policies, duringthe year ended September 30, 2015. Management is responsible for the Office’s compliance withthose requirements. Our responsibility is to express an opinion on the Office’s compliance based onour examination.

Our examination was conducted in accordance with attestation standards established by theAmerican Institute of Certified Public Accountants and, accordingly, included examining, on a testbasis, evidence about the Office’s compliance with those requirements and performing such otherprocedures as we considered necessary in the circumstances. We believe that our examinationprovides a reasonable basis for our opinion. Our examination does not provide a legaldetermination on the Office’s compliance with specified requirements.

In our opinion, the Office complied, in all material respects, with the aforementioned requirementsfor the year ended September 30, 2015.

This report is intended solely for the information and use of management and the State of FloridaAuditor General and is not intended to be and should not be used by anyone other than thesespecified parties.




Housing Finance Authorityof

St. Johns County, FloridaAudit Report

September 30, 2015

Housing Finance Authority of St. Johns County, Florida



MANAGEMENT’S DISCUSSION AND ANALYSIS 3

BASIC FINANCIAL STATEMENTSStatement of Net Position and Governmental Fund Balance Sheet 7

Statement of Activities and Governmental Fund Revenues, Expendituresand Changes in Fund Balance 8


REQUIRED SUPPLEMENTARY INFORMATIONSchedule of Revenues, Expenditures and Changes in Fund Balances –

Budget and Actual – General Fund 14



Independent Auditor’s Report on Internal Control Over FinancialReporting and on Compliance and Other Matters Based on an Auditof Financial Statements Performed in Accordance with GovernmentAuditing Standards 17

Independent Accountant’s Report on Compliance with Section 218.415,Florida Statutes 19

1


To the MembersHousing Finance Authorityof St. Johns County, Florida


We have audited the accompanying financial statements of the governmental activities and the generalfund of the Housing Finance Authority of St. Johns County, Florida (the “Authority”), a component unitof St. Johns County, Florida, as of and for the year ended September 30, 2015, and the related notes tothe financial statements, which collectively comprise the Authority’s basic financial statements as listedin the table of contents.


Management is responsible for the preparation and fair presentation of these financial statements inaccordance with accounting principles generally accepted in the United States of America; this includesthe design, implementation, and maintenance of internal control relevant to the preparation and fairpresentation of financial statements that are free from material misstatement, whether due to fraud orerror.


Our responsibility is to express opinions on these financial statements based on our audit. Weconducted our audit in accordance with auditing standards generally accepted in the United States ofAmerica and the standards applicable to financial audits contained in Government Auditing Standards,issued by the Comptroller General of the United States. Those standards require that we plan andperform the audit to obtain reasonable assurance about whether the financial statements are free ofmaterial misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures inthe financial statements. The procedures selected depend on the auditor’s judgment, including theassessment of risks of material misstatement of the financial statements, whether due to fraud or error.In making those risk assessments, the auditor considers internal control relevant to the entity’spreparation and fair presentation of the financial statements in order to design audit procedures thatare appropriate in the circumstances, but not for the purpose of expressing an opinion on theeffectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonableness ofsignificant accounting estimates made by management, as well as evaluating the overall presentation ofthe financial statements.



2

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis forour audit opinions.

Opinions

In our opinion, the financial statements referred to above present fairly, in all material respects, therespective financial position of the governmental activities and the general fund of the Authority as ofSeptember 30, 2015, and the respective changes in financial position thereof for the year then ended inconformity with accounting principles generally accepted in the United States of America.

Other Matters


Accounting principles generally accepted in the United States of America require that management’sdiscussion and analysis and the budgetary comparison schedule be presented to supplement the basicfinancial statements. Such information, although not a part of the basic financial statements, is requiredby the Governmental Accounting Standards Board, who considers it to be an essential part of financialreporting for placing the basic financial statements in an appropriate operational, economic, orhistorical context. We have applied certain limited procedures to the required supplementaryinformation in accordance with auditing standards generally accepted in the United States of America,which consisted of inquiries of management about the methods of preparing the information andcomparing the information for consistency with management’s responses to our inquiries, the basicfinancial statements, and other knowledge we obtained during our audit of the basic financialstatements. We do not express an opinion or provide any assurance on the information because thelimited procedures do not provide us with sufficient evidence to express an opinion or provide anyassurance.


In accordance with Government Auditing Standards, we have also issued our report dated February 29,2016 our consideration of the Authority’s internal control over financial reporting and on our tests of itscompliance with certain provisions of laws, regulations, contracts, and grant agreements and othermatters. The purpose of that report is to describe the scope of our testing of internal control overfinancial reporting and compliance and the results of that testing, and not to provide an opinion on theinternal control over financial reporting or on compliance. That report is an integral part of an auditperformed in accordance with Government Auditing Standards in considering the Authority’s internalcontrol over financial reporting and compliance.

St. Augustine, FloridaFebruary 29, 2016


Management’s Discussion and Analysis

3

General

The Housing Finance Authority of St. Johns County, Florida (the “Authority”) is a public corporationformed in 1980 to encourage the investment of private capital and stimulate the construction ofresidential housing for low to moderate income families through the use of public financing.

The Authority reviews low income single family and multi family housing projects that are seeking publicfunding in the form of revenue bonds. Projects are reviewed to determine if they comply with theapplicable state statutes and offer a benefit to St. Johns County. Once compliance with these criteria hasbeen determined, the bond issue is recommended to the Board of County Commissioners for finalapproval.

Basic Financial Statements

The Authority is engaged in a single governmental program and administers only one fund, the GeneralFund. It has taken the option of presenting combined fund financial statements and government widestatements using a columnar format that reconciles fund financial data to government wide data in aseparate column.

The Statement of Net Position and Governmental Fund Balance Sheet reports the Authority’s financialposition as of the end of the fiscal year for both the General Fund and the governmental activities.

The Statement of Activities and Governmental Fund Revenues, Expenditures and Changes in FundBalance reports changes in financial position of the General Fund and the governmental activities, andthe degree to which the functional expenses are offset by program revenues for the governmentalactivities.


Management's Discussion and Analysis

As of September 30, 2015 2014

AssetsNon capital assets 1,072,727$ 985,169$

LiabilitiesCurrent liabilities 676,684 529,147

Net positionRestricted 684,151 602,177Unrestricted (288,108) (146,155)

Total net position 396,043$ 456,022$

Year ended September 30, 2015 2014

Program revenuesCharges for services 26,030$ 37,333$Operating grants 1,740,687 1,705,091

Total program revenues 1,766,717 1,742,424

General revenuesInvestment income 6,885 6,235

Total revenues 1,773,602 1,748,659

Program expensesEconomic environment 1,833,581 1,812,199

Change in net position (59,979) (63,540)

Beginning net position 456,022 519,562

Ending net position 396,043$ 456,022$

Change in Net Position

Net Position

4



5

Financial Information

As of September 30, 2015, the Authority had assets of $1,072,727. This represents an increase of$87,558 from the prior year. The following tabulation outlines the components of the Authority’s assetsas of September 30:

Net2015 2014 Inc/(Dec)

Cash and investments 46,384$ 55,377$ (8,993)$Interest receivable 469 (469)Due from other government 96,769 59,403 37,366Notes receivable 245,423 267,743 (22,320)Property held for sale 684,151 602,177 81,974

Total assets 1,072,727$ 985,169$ 87,558$

Notes Receivable consists of loans made to various organizations to assist with the construction andrenovation of single and multi family low income housing. Lending money is not a primary function ofthe Authority but loans are considered on a project by project basis.

Property Held for Sale is comprised of economic development properties in the amount of $684,151.

Liabilities of the General Fund at September 30, 2015 were $676,684, including $448,450 short termdebt and $152,630 of unearned revenues.

The General Fund had an unassigned fund balance at September 30, 2015 of $(490,892).

The nonspendable fund balance is comprised of long term receivables of $202,784 and restricted fundbalance is comprised of property held for sale of $684,151. Those fund balances are not a part of theexpendable assets of the Authority.

The primary sources of revenue for the Authority are operating grants, bond issuance and transfer fees,with additional revenues earned in the form of interest on cash deposits, investments and notesreceivable. For the year ended September 30, 2015, the Authority received operating grants of$1,740,687 and earned bond issue fees of $9,195. Interest earnings on investments for the year were$6. Interest earnings on outstanding notes receivable totaled $6,879.

Budgetary Information

The original budget for the Authority anticipated revenues of $1,737,780 and expenditures of$1,737,780 and an overall zero change in fund balance. Over the course of the fiscal year, budgetamendments were adopted to increase anticipated revenues by $190,916 and increase proposedexpenditures by $214,241.

On the budgetary basis, expenditures were approximately $205,000 less than the budgeted amount.



6

Economic Factors

We are not currently aware of any conditions that are expected to have a significant effect on theAuthority’s financial position or results of operations.

Requests for Information

Questions concerning this report or requests for additional information should be addressed to St. JohnsCounty Housing Finance Authority, PO Box 1533, St. Augustine, Florida 32085 1533.


Statement of Net Position and Governmental Fund Balance Sheet

General Statement ofFund Adjustments Net Position

AssetsCash 44,319$ $ 44,319$Investments 2,065 2,065Due from other governments 96,769 96,769Notes receivable:

Due within one year 42,639 42,639Due after one year 202,784 202,784

Property held for sale 684,151 684,151

Total assets 1,072,727$ 1,072,727

LiabilitiesAccounts payable and accrued liabilities 75,604$ 75,604Short term debt 448,450 448,450Unearned revenue 152,630 152,630

Total liabilities 676,684 676,684

Fund balancesNonspendable – long term receivables 202,784 (202,784)Restricted – property held for sale 684,151 (684,151)Unassigned (490,892) 490,892

Total fund balances 396,043 (396,043)

Total liabilities and fund balances 1,072,727$

Net positionRestricted 684,151 684,151Unrestricted (288,108) (288,108)


September 30, 2015


7


Statement of Activities and Governmental Fund Revenues,Expenditures and Changes in Fund Balance


General Statement ofFund Adjustments Activities

Expenditures/expensesEconomic environment:

Operations 1,833,581$ $ 1,833,581$

Program revenuesOperating grants 1,740,687 1,740,687Charges for services 26,030 26,030

Total program revenues 1,766,717 1,766,717

Net program revenues (66,864)

General revenuesInvestment income 6,885 6,885

Excess of revenues over (under)expenditures (59,979) 59,979


Fund balance / net position, beginning of year 456,022 456,022

Fund balance / net position, end of year 396,043$ $ 396,043$


8



9


Reporting Entity

The Housing Finance Authority of St. Johns County, Florida (the “Authority”) was created as a Floridapublic corporation in accordance with the Florida Housing Finance Authority Law, Part IV of Chapter 159,Florida Statutes, following the adoption of an approving ordinance (No. 80 7, dated February 26, 1980)by the Board of County Commissioners of St. Johns County, Florida (the “Board”). The purpose of theAuthority is to encourage the investment of private capital and stimulate the construction of residentialhousing for low to moderate income families through the use of public financing. The Authority isauthorized to issue bonds to fulfill its corporate purpose in principal amounts specifically authorized bythe Board.

The Board appoints the Authority Members, who serve a term of four years. The Board has the power toremove a Member of the Authority from office without cause. For financial reporting purposes theAuthority is considered a component unit of St. Johns County.

The Authority uses the criteria established in Governmental Accounting Standards Board (“GASB”)Statement No. 14, as amended, to identify component units. The Authority’s financial statements do notcontain any component units.

At September 30, 2015, the Authority had not entered into any joint ventures.

Reporting Model

As a dependent special district, the Authority accounts for its activities using the governmental financialreporting model and follows GASB Statement No. 34, Basic Financial Statements – and Management’sDiscussion and Analysis – for State and Local Governments, as amended.

The Authority is engaged in a single governmental program and administers only one fund, the GeneralFund. It has taken the option of presenting combined fund financial statements and government widestatements using a columnar format that reconciles fund financial data to government wide data in aseparate column.

The Statement of Net Position and Governmental Fund Balance Sheet reports the Authority’s financialposition as of the end of the fiscal year for both the General Fund and the governmental activities.

The Statement of Activities and Governmental Fund Revenues, Expenditures and Changes in FundBalance reports changes in financial position of the General Fund and the governmental activities, andthe degree to which the functional expenses are offset by program revenues for the governmentalactivities.



10



The General Fund’s financial statements are reported using the current financial resourcesmeasurement focus and the modified accrual basis of accounting. Revenues are recognized as soon asthey are both measurable and available. Revenues are considered to be available when they arecollectible within the current period or soon enough thereafter to pay liabilities of the current period.For this purpose, the Authority considers revenues to be available if they are collected within 60 days ofthe end of the current fiscal period. Expenditures generally are recorded when the related fund liabilityis incurred.

The government wide financial statements are reported using the economic resources measurementfocus and the accrual basis of accounting. Revenues are recorded when earned and expenses arerecorded when a liability is incurred, regardless of the timing of related cash flows.

Property Held for Sale

Property held for sale consists of economic development properties and are stated at cost. Proceedsfrom sales are restricted as to their use.

Net Position/Fund Balance

Net position represents the difference between assets and liabilities reported for the governmentalactivities. Net position is reported as restricted when there are externally imposed restrictions.Unrestricted net position is net position that does not meet the definition of the classification previouslydescribed. When both restricted and unrestricted resources are available for use, it is the Authority’spolicy to use restricted resources first, and then unrestricted resources as they are needed.

The Authority follows the provisions of GASB Statement No. 54, Fund Balance Reporting andGovernmental Fund Type Definitions to classify fund balances for governmental funds into specificallydefined classifications. The classifications comprise a hierarchy based primarily on the extent to whichthe Authority is bound to honor constraints on the specific purposes for which amounts in the funds canbe spent.



Restricted Fund Balance – Restricted fund balances are restricted when constraints placed on theuse of resources are either: (a) externally imposed by creditors, grantors, contributors, or laws or



11


regulations of other governments; or (b) imposed by law through constitutional provisions orenabling legislation.

Committed Fund Balance – Committed fund balances are amounts that can only be used for specificpurposes as a result of constraints imposed by formal action of the Authority’s highest level ofdecision making authority, which is a resolution of the Board of Directors. Committed amountscannot be used for any other purpose unless the Authority removes those constraints by taking thesame type of action.

Assigned Fund Balance – Assigned fund balances are amounts that are constrained by theAuthority’s intent to be used for specific purposes, but are neither restricted nor committed. Intentis expressed by (a) the Board of Directors or (b) a body or official to which the Board has delegatedthe authority to assign amounts to be used for specific purposes.


The Authority’s policy is to expend resources in the following order: restricted, committed, assigned,and unassigned.

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principlesrequires management to make various estimates. Actual results could differ from those estimates.


Deposits

All of the cash deposits of the Authority are placed with qualified public depositories and are entirelyinsured by Federal depository insurance and/or collateralized pursuant to Chapter 280, Florida Statutes.

Investments

Section 218.415, Florida Statutes, authorizes the Authority to invest in the Local GovernmentInvestment Pool (the “State Pool”), Security and Exchange Commission (“SEC”) registered money marketfunds with the highest credit quality rating, interest bearing time deposits or savings accounts inqualified public depositories and direct obligations of the U.S. Treasury.

The Authority invests temporarily idle resources in the State Pool. The State Pool is administered by theFlorida State Board of Administration (“SBA”), who provides regulatory oversight.



12


The Authority’s investment in the State Pool is summarized below:

Florida PRIME 2,065$

Florida PRIME has adopted operating procedures consistent with the requirements for a 2a7 like fund.The Authority’s investment in Florida PRIME is stated at amortized cost. The fair value of the position inthe pool is equal to the value of the pool shares.

The Authority’s investment in the State Pool exposes it to credit risk. The Authority does not have aformal investment policy relating to this risk, which is hereafter described.

Credit Risk The risk that an issuer or other counterparty to an investment will not fulfill its obligations.

Florida PRIME is rated by Standard and Poor’s and has a rating at September 30, 2015 of AAAm.

NOTE 3 – NOTES RECEIVABLE

The Authority has four notes receivable at September 30, 2015, each secured by a Mortgage andSecurity Agreement. The first note ($200,000), issued December 19, 2000, is receivable over 20 years inmonthly installments of $1,109 at 3% interest. This note was satisfied during the year through the saleof the building. $70,000 of the note was transferred to the new owner of the building to be paid inmonthly installments of $225 over 30 years at 1% interest beginning September 30, 2015. The secondnote ($55,000), issued May 30, 2001 and modified September 26, 2002, is receivable over 20 years inmonthly installments of $333 at 4% interest. The third note ($110,580), issued July 9, 2002, is receivablein full on or before March 27, 2026 without interest. The fourth note ($37,500), issuedDecember 8, 2005, was receivable in full on or before September 15, 2012, with 3% interest. Since theoriginal due date, the Authority has deferred payment on the loan multiple times. The latest due datewas March 15, 2014. At September 30, 2015, the Authority has not made progress in restructuring thenote. At September 30, 2015, the Authority had outstanding balances of $70,000, $27,343, $110,580,and $37,500 respectively, on these notes.



13

NOTE 4 – SHORT TERM DEBT

The Authority obtained a short term note from St. Johns County for construction costs on CommunityWorkforce Housing Innovation Pilot homes. The note requires interest at the LIBOR rate plus 150 basispoints and will be repaid with proceeds from the sale of the homes at closing.

Balance Balance10/01/14 Additions Deletions 09/30/15

Note payable 319,218$ 448,450$ 319,218$ 448,450$

NOTE 5 – CONDUIT DEBT OBLIGATIONS

From time to time, the Authority has issued bonds to provide financial assistance to private sectorentities for the acquisition and construction of housing developments deemed to be in the publicinterest. The bonds are secured by the property financed and are payable solely from paymentsreceived on the underlying mortgage loans. Upon repayment of the bonds, ownership of the acquiredfacilities transfers to the private sector entity served by the bond issuance.

Neither the Authority, the County, the State, nor any political subdivision thereof is obligated in anymanner for repayment of the bonds. Accordingly, the bonds are not reported as liabilities in theaccompanying financial statements.

As of September 30, 2015, there were two series of bonds outstanding. The aggregate principal amountpayable could not be determined; however, the aggregate original issue amount was $20,670,000. InDecember 2015, one of the bond issuances was satisfied in full through the sale of the relatedapartment complex. As of that date, the remaining original issue amount of outstanding bonds was$7,800,000.


The Authority is exposed to various risks of loss related to general liability, property damage, and workrelated injuries of independent contractors. To manage its risk, the Authority carries an umbrellainsurance policy that covers all properties owned by the Authority. The Authority also carries a separateworker’s compensation policy. The Authority pays annual premiums for its coverage. There were noclaims paid which exceeded coverage during the last three fiscal years.



14

ActualBudgeted Amounts (On Budgetary

Original Final Basis)

RevenuesIntergovernmental $ 1,700,382 $ 1,894,573 $ 1,856,206Charges for services 33,570 27,395 26,030Investment and other income 3,828 6,728 29,205

Total revenues 1,737,780 1,928,696 1,911,441

ExpendituresEconomic environment:

Operations 1,737,780 1,952,021 1,746,316

Excess of revenue over expendituresBudgetary basis $ $ (23,325) 165,125

Basis difference (225,104)GAAP basis $ (59,979)

Note to Schedule:

The budget is prepared on the cash basis of accounting which differs from U.S. generally acceptedaccounting principles. Its preparation, adoption, and amendment is governed by the AuthorityMembers pursuant to Florida Statutes. The fund is the legal level of control.

Since the budget is prepared on the cash basis of accounting, a budget to GAAP reconciliation ispresented above. Details of the basis difference are as follows:

Revenues (137,839)$Expenditures (87,265)

Basis difference (225,104)$

MANAGEMENT LETTER

15

To the MembersHousing Finance Authority

of St. Johns County, Florida

We have audited the financial statements of the Housing Finance Authority of St. Johns County,Florida’s, (the “Authority”) as of and for the fiscal year ended September 30, 2015, and have issued ourreport thereon dated February 29, 2016. That report should be considered in conjunction with themanagement letter.



The Rules of the Auditor General require that we comment as to whether corrective actions have beentaken to address findings and recommendations made in the preceding annual financial audit report. Ifthe audit findings in the preceding audit report are uncorrected, we are required to identify thosefindings that were also included in the second preceding audit report. The Authority has no uncorrectedprior audit findings that are required to be identified pursuant to the Rules of the Auditor General.

Financial Condition

As required by the Rules of the Auditor General, the scope of our audit included a review of theprovisions of Section 218.503, Florida Statutes, “Determination of Financial Emergency.” In connectionwith our audit, we determined that the Authority has not met one or more of the conditions describedin Section 218.503(1), Florida Statutes.

Also, as required by the Rules of the Auditor General, we applied financial condition assessmentprocedures, as of the end of the fiscal year, pursuant to Rule 10.556(8). It is management’s responsibilityto monitor financial condition, and our financial condition assessment was based in part onrepresentations made by management and the review of financial information provided bymanagement. The application of such procedures did not reveal evidence of “deteriorating financialcondition” as that term is defined in Rule 10.554.



16


As a dependent special district, the Authority’s activity is included in the annual financial report of St.Johns County. As required by the Rules of the Auditor General, we determined that the annual financialreport for the fiscal year ended September 30, 2015, filed with the Department of Financial Servicespursuant to Section 218.32, Florida Statutes, is in substantial agreement with the audit report for thefiscal year ended September 30, 2015.

Other Matters



Thank you for the cooperation and courtesies extended to us during the course of the audit. Please letus know if you have any questions or comments concerning this letter, our accompanying reports, orother matters.



17



We have audited, in accordance with auditing standards generally accepted in the United States ofAmerica 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 governmentalactivities and the general fund of the Housing Finance Authority of St. Johns County, Florida (the“Authority”), a component unit of St. Johns County, Florida, as of and for the year ended September 30,2015, and the related notes to the financial statements, which collectively comprise the Authority’sbasic financial statements, and have issued our report thereon dated February 29, 2016.


In planning and performing our audit of the financial statements, we considered the Authority’s internalcontrol over financial reporting (internal control) to determine the audit procedures that areappropriate 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 Authority’s internal control.Accordingly, we do not express an opinion on the effectiveness of the Authority’s internal control.

A deficiency in internal control exists when the design or operation of a control does not allowmanagement or employees, in the normal course of performing their assigned functions, to prevent, ordetect and correct misstatements on a timely basis. A material weakness is a deficiency, or acombination of deficiencies, in internal control, such that there is a reasonable possibility that a materialmisstatement of the entity’s financial statements will not be prevented, or detected and corrected on atimely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal controlthat is less severe than a material weakness, yet important enough to merit attention by those chargedwith governance.

Our consideration of internal control over financial reporting was for the limited purpose described inthe first paragraph of this section and was not designed to identify all deficiencies in internal controlthat might be material weaknesses or significant deficiencies. Given those limitations, during our auditwe did not identify any deficiencies in internal control that we consider to be material weaknesses.However, material weaknesses may exist that have not been identified.



18


As part of obtaining reasonable assurance about whether the Authority’s financial statements are freeof 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 andmaterial effect on the determination of financial statement amounts. However, providing an opinion oncompliance with those provisions was not an objective of our audit and, accordingly, we do not expresssuch an opinion. The results of our tests disclosed no instances of noncompliance or other matters thatare required to be reported under Government Auditing Standards.




19




We have examined the Housing Finance Authority of St. Johns County, Florida’s (the “Authority”)compliance with the requirements of Section 218.415, Florida Statutes, Local Government InvestmentPolicies, during the year ended September 30, 2015. Management is responsible for the Authority'scompliance with those requirements. Our responsibility is to express an opinion on the Authority'scompliance based on our examination.

Our examination was conducted in accordance with attestation standards established by the AmericanInstitute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidenceabout the Authority's compliance with those requirements and performing such other procedures as weconsidered necessary in the circumstances. We believe that our examination provides a reasonable basisfor our opinion. Our examination does not provide a legal determination on the Authority's compliancewith specified requirements.

In our opinion, the Authority complied, in all material respects, with the aforementioned requirementsfor the year ended September 30, 2015.





St. Johns County Industrial Development Authority

Audit Report

September 30, 2015


Table of Contents

September 30, 2015



BASIC FINANCIAL STATEMENTS Statement of Net Position and Governmental Funds Balance Sheet 6

Statement of Activities and Governmental Fund Revenues, Expenditures and Changes in Fund Balances 7


REQUIRED SUPPLEMENTARY INFORMATION Schedule of Revenues, Expenditures and Changes in Fund Balance –






‐ 1 ‐

INDEPENDENT AUDITOR’S REPORT To the Members St. Johns County Industrial

Development Authority Report on the Financial Statements

We have audited the accompanying financial statements of the governmental activities and the general fund of the St. Johns County Industrial Development Authority (the “Authority”), a component unit of St. Johns County, Florida, as of and for the year ended September 30, 2015, and the related notes to the financial statements, which collectively comprise the Authority’s basic financial statements as listed in the table of contents.

Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.


Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.


mestergall

CRI Ltrhd-PAL

‐ 2 ‐


Opinions

In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities and the general fund of the Authority as of September 30, 2015, and the respective changes in financial position thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America.

Other Matters


Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis and the budgetary comparison schedule be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.


In accordance with Government Auditing Standards, we have also issued our report dated March 07, 2016 on our consideration of the Authority’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 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 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 Authority’s internal control over financial reporting and compliance.

Palatka, Florida March 07, 2016



‐ 3 ‐

General

The St. Johns County Industrial Development Authority (“IDA”) is a public corporation formed in 1980 to stimulate industrial development through the use of public financing.

Proposed or existing development projects that are seeking public funding in the form of bonds are reviewed by IDA to determine if they comply with the State of Florida Industrial Development Statutes, offer a benefit to the County and the proposed project is financially responsible. Once the IDA determines that these criteria have been met, the project and the related bond issue are recommended to the Board of County Commissioners for approval.

In addition, the IDA promotes industrial and economic development in the County, as allowed by Florida State Statute, by sponsoring various activities and providing support to other development‐centered organizations such as the St. Johns County Chamber of Commerce.


The Authority is engaged in a single governmental program and administers only one fund, the General Fund. It has taken the option of presenting combined fund financial statements and government‐wide statements using a columnar format that reconciles fund financial data to government‐wide data in a separate column.

The Statement of Net Position and Governmental Funds Balance Sheet reports the Authority’s financial position as of the end of the fiscal year for both the General Fund and the governmental activities.

The Statement of Activities and Governmental Fund Revenues, Expenditures and Changes in Fund Balances reports changes in financial position of the General Fund and the governmental activities, and the degree to which the functional expenses are offset by program revenues for the governmental activities.


Management's Discussion and Analysis


AssetsNon‐capital assets 178,109$ 195,005Capital assets ‐ ‐

Total assets 178,109 195,005

LiabilitiesCurrent liabilities 325 1,213Long‐term liabilities ‐ ‐

Total liabilities 325 1,213

Net positionRestricted ‐ ‐ Unrestricted 177,784 193,792



Program revenuesCharges for services ‐$ 106,807

General revenuesInvestment earnings 140 208

Total revenues 140 107,015

Program expensesEconomic environment 16,148 45,239

Change in net position (16,008) 61,776



As of September 30, 2015, the IDA had assets of $178,109. These assets consisted of cash deposited in interest‐bearing accounts. This represents a $16,896 decrease in total assets over the prior year. Liabilities for the sameperiod totaled $325 of accounts payable. This represents a decrease of $888 in liabilities. Net position of the IDAat September 30, 2015 was $177,784. This is a decrease in net position from the prior year of $16,008.

The primary source of revenue for the IDA is bond issuance fees, with additional revenues earned from intereston cash deposits. For the year ended September 30, 2015, the IDA did not approve any bonds for issuance, andthere were no miscellaneous charges for services. During the prior year, three bonds were issued and fees of$96,807 were collected. Interest earnings for the year were $140, which represents a decrease of $68 from theprior year’s interest earned.

Net Position

Changes in Net Position

‐ 4 ‐



‐ 5 ‐


The original budget for the IDA anticipated revenues of $15,130 and expenditures of $53,075 and an overall anticipated decrease in fund balance of $37,945. Over the course of the fiscal year, budget amendments were adopted to decrease anticipated revenues by $15,000 and to decrease proposed expenditures by $34,925. These amendments were processed to reflect the non‐issuance of bonds and changes in interest rates and administrative costs.

The final budget for the fiscal year anticipated a net decrease in fund balance of $18,020. The actual operating results exhibited a decrease in fund balance of $16,008.

Economic Factors

We are not currently aware of any conditions that are expected to have a significant effect on the Authority’s financial position or results of operations.


Questions concerning any of the information provided in this report or requests for additional financial information should be addressed to 2825 Lewis Speedway, Suite 104, St. Augustine, Florida.


Statement of Net Position and Governmental Funds Balance SheetSeptember 30, 2015

General StatementFund Adjustments of Net Position

AssetsCash 177,961$ ‐$ 177,961$ Accounts receivable 148 ‐ 148

Total assets 178,109$ ‐ 178,109

LiabilitiesAccounts payable 325$ ‐ 325

Fund balanceUnassigned 177,784 (177,784) ‐


Net positionUnrestricted 177,784$ 177,784$


‐ 6 ‐


Statement of Activities and Governmental Fund Revenues,Expenditures and Changes in Fund Balance




Operations 16,148$ ‐$ 16,148$

Program revenuesCharges for services ‐ ‐ ‐

Net program revenues (16,148)

General revenuesInvestment income 140 ‐ 140

Excess of revenues over (under)expenditures (16,008) 16,008 ‐

Change in net position ‐ (16,008) (16,008)

Fund balance/net position, beginning of year 193,792 ‐ 193,792

Fund balance/net position, end of year 177,784$ ‐$ 177,784$


‐ 7 ‐



‐ 8 ‐


Reporting Entity

The St. Johns County Industrial Development Authority (the “Authority”) was created as a Florida public corporation in accordance with the Florida Authority Law, Part III of Chapter 159, Florida Statutes, following the adoption of an approving ordinance (No. 80‐9, dated January 22, 1980) by the Board of County Commissioners of St. Johns County, Florida (the “Board”). The purpose of the Authority is to stimulate industrial development through the use of public financing. The Authority is authorized to issue bonds to fulfill its corporate purpose in principal amounts specifically authorized by the Board.

The Board appoints the Authority Members, who serve a term of four years. The Board has the power to remove a Member of the Authority from office without cause. For financial reporting purposes the Authority is considered a component unit of St. Johns County.

The Authority uses the criteria established in Governmental Accounting Standards Board (“GASB”) Statement No. 14, as amended, to identify component units. The Authority’s financial statements do not contain any component units.


Reporting Model

As a dependent special district, the Authority accounts for its activities using the governmental financial reporting model and follows GASB Statement No. 34, Basic Financial Statements – and Management’s Discussion and Analysis – for State and Local Governments, as amended.


The Statement of Net Position and Governmental Funds Balance Sheet reports the Authority’s financial position as of the end of the fiscal year for both the General Fund and the governmental activities.

The Statement of Activities and Governmental Fund Revenues, Expenditures and Changes in Fund Balances reports changes in financial position of the General Fund and the governmental activities, and the degree to which the functional expenses are offset by program revenues for the governmental activities.


The General Fund’s financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are



‐ 9 ‐


collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the Authority considers revenues to be available if they are collected within 60 days of the end of the current fiscal period. Expenditures generally are recorded when the related fund liability is incurred.

The government‐wide financial statements are reported 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.

Fund Balance/Net Position

Net position represents the difference between assets and liabilities reported for the governmental activities. Net position is reported as restricted when there are externally imposed restrictions. Unrestricted net position is net position that does not meet the definition of the classification previously described. When both restricted and unrestricted resources are available for use, it is the Authority’s policy to use restricted resources first, and then unrestricted resources as they are needed. The Authority has no restricted net position.

The Authority follows the provisions of GASB Statement No. 54, Fund Balance Reporting and Governmental Fund Type Definitions to classify fund balances for governmental funds into specifically defined classifications. The classifications comprise a hierarchy based primarily on the extent to which the Authority is bound to honor constraints on the specific purposes for which amounts in the funds can be spent. Fund balance classifications are described below:



Committed Fund Balance – Committed fund balances are amounts that can only be used for specific purposes as a result of constraints imposed by formal action of the Authority’s highest level of decision‐making authority, which is a resolution of the Board of Directors. Committed amounts cannot be used for any other purpose unless the Authority removes those constraints by taking the same type of action.



‐ 10 ‐


Assigned Fund Balance – Assigned fund balances are amounts that are constrained by the Authority’s intent to be used for specific purposes, but are neither restricted nor committed. Intent is expressed by (a) the Board of Directors or (b) a body or official to which the Board has delegated the authority to assign amounts to be used for specific purposes.


The Authority’s policy is to expend resources in the following order: restricted, committed, assigned, and unassigned.

Use of Estimates



All of the cash deposits of the Authority are placed with qualified public depositories and are entirely insured by Federal depository insurance and/or collateralized pursuant to Chapter 280, Florida Statutes.

Section 218.415, Florida Statutes, authorizes the Authority to invest in the Local Government Surplus Funds Trust Fund investment pool, Security and Exchange Commission (“SEC”) registered money market funds with the highest credit quality rating, interest‐bearing time deposits or savings accounts in qualified public depositories and direct obligations of the U.S. Treasury. The Authority had no investments during the year.


From time to time, the Authority has issued bonds to provide financial assistance to private‐sector entities for the acquisition and construction of industrial and commercial facilities deemed to be in the public interest. The bonds are secured by the property financed and are payable solely from payments received on the underlying mortgage loans. Upon repayment of the bonds, ownership of the acquired facilities transfers to the private sector entity served by the bond issuance.

Neither the Authority, the County, the State, nor any political subdivision thereof is obligated in any manner for repayment of the bonds. Accordingly, the bonds are not reported as liabilities in the accompanying financial statements.

As of September 30, 2015, there were several bonds outstanding. The aggregate principal amount payable and aggregate original issue amount could not be determined.


Schedule of Revenues, Expenditures and Changes in Fund BalanceBudget and Actual – General FundYear ended September 30, 2015


RevenuesCharges for services 15,000$ ‐$ ‐$ Investment income 130 130 140

Total revenues 15,130 130 140


Operations 53,075 18,150 16,148

Excess of revenues over (under)expenditures (37,945)$ (18,020)$ (16,008)

Fund balance, beginning of year 193,792

Fund balance, end of year 177,784$

Notes to Schedule:

The budget is prepared on a basis that does not differ materially from generally acceptedaccounting principles. Its preparation, adoption, and amendment is governed by the AuthorityMembers pursuant to Florida Statutes. The fund is the legal level of control.

‐ 11 ‐

MANAGEMENT LETTER

‐ 12 ‐

To the Members St. Johns County Industrial Development Authority We have audited the financial statements of the St. Johns County Industrial Development Authority (the “Authority”), as of and for the year ended September 30, 2015, and have issued our report thereon dated March 07, 2016. That report should be considered in conjunction with this management letter.


Prior Audit Findings The Rules of the Auditor General require that we comment as to whether or not corrective actions have been taken to address findings and recommendations made in the preceding audit. If the audit findings in the preceding audit report are uncorrected, we are required to identify those findings that were also included in the second preceding audit report. The Authority has no uncorrected prior audit findings that are required to be identified pursuant to the Rules of the Auditor General.

Financial Condition As required by the Rules of the Auditor General, the scope of our audit included a review of the provisions of Section 218.503, Florida Statutes, “Determination of Financial Emergency.” In connection with our audit, we determined that the Authority has not met one or more of the conditions described in Section 218.503(1), Florida Statutes.


mestergall

CRI Ltrhd-PAL

‐ 13 ‐


As a dependent special district, the Authority’s activity is included in the annual financial report of St. John’s County. As required by the Rules of the Auditor General, we determined that the annual financial report for the fiscal year ended September 30, 2015, filed with the Department of Financial Services pursuant to Section 218.32, Florida Statutes, is in substantial agreement with the audit report for the fiscal year ended September 30, 2015.

Other Matters





‐ 14 ‐


To the Members St. Johns County Industrial Development Authority 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 St. Johns County Industrial Development Authority (the “Authority”), a component unit of St. Johns County, Florida, as of and for the year ended September 30, 2015, and the related notes to the financial statements, which collectively comprise the Authority’s basic financial statements, and have issued our report thereon dated March 07, 2016. Internal Control Over Financial Reporting

In planning and performing our audit of the financial statements, we considered the Authority’s internal control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the Authority’s internal control. Accordingly, we do not express an opinion on the effectiveness of the Authority’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.


mestergall

CRI Ltrhd-PAL

‐ 15 ‐


As part of obtaining reasonable assurance about whether the Authority’s financial statements are free of 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 determination of financial statement amounts. 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.




‐ 16 ‐

INDEPENDENT ACCOUNTANT’S REPORT ON COMPLIANCE WITH SECTION 218.415, FLORIDA STATUTES To the Members St. Johns County Industrial Development Authority We have examined the St. Johns County Industrial Development Authority’s (the “Authority”) compliance with the requirements of Section 218.415, Florida Statutes, Local Government Investment Policies, during the year ended September 30, 2015. Management is responsible for the Authority’s compliance with those requirements. Our responsibility is to express an opinion on the Authority’s compliance based on our examination. Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about the Authority’s compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on the Authority’s compliance with specified requirements. In our opinion, the Authority complied, in all material respects, with the aforementioned requirements for the year ended September 30, 2015. This report is intended solely for the information and use of management and the State of Florida Auditor General and is not intended to be and should not be used by anyone other than these specified parties.


mestergall

CRI Ltrhd-PAL

St. Johns County Educational

Facilities Authority

Audit Report

September 30, 2015

St. Johns County Educational Facilities Authority

Table of Contents

September 30, 2015



BASIC FINANCIAL STATEMENTS Statement of Net Position and Governmental Fund Balance Sheet 6

Statement of Activities and Governmental Fund Revenues, Expenditures and Changes in Fund Balance 7


REQUIRED SUPPLEMENTARY INFORMATION Schedule of Revenues, Expenditures and Changes in Fund Balances –






Schedule of Findings 18

Official’s Response to Auditor’s Comments ‐‐

INDEPENDENT AUDITOR'S REPORT

‐ 1 ‐

To the Members St. Johns County Educational

Facilities Authority Report on the Financial Statements

We have audited the accompanying financial statements of the governmental activities and the general fund of the St. Johns County Educational Facilities Authority (the “Authority”), a component unit of St. Johns County, Florida, as of and for the year ended September 30, 2015, and the related notes to the financial statements, which collectively comprise the Authority’s basic financial statements as listed in the table of contents.




Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.



mestergall

CRI Ltrhd-PAL

‐ 2 ‐

Opinions

In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities and the general fund of the Authority as of September 30, 2015, and the respective changes in financial position thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America.

Other Matters


Accounting principles generally accepted in the United States of America require that management’s discussion and analysis and the budgetary comparison schedule be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.

Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated April 11, 2016 on our consideration of the Authority’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 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 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 Authority’s internal control over financial reporting and compliance.

Palatka, Florida April 11, 2016



‐ 3 ‐

General

The St. Johns County Educational Facilities Authority (the “Authority”) is a public corporation activated in 2011 to assist institutions for higher education in the construction, financing, and refinancing of projects.

Proposed or existing higher education projects that seek public funding in the form of bonds are reviewed by the Authority to determine if they comply with the State of Florida Educational Facilities Statutes, offer a benefit to the County and that the proposed project is financially responsible. Once the Authority determines that these criteria have been met, the project and the related bond issue are recommended to the Board of County Commissioners for approval.



The Statement of Net Position and Governmental Fund Balance Sheet reports the Authority’s financial position as of the end of the fiscal year for both the General Fund and the governmental activities.

The Statement of Activities and Governmental Fund Revenues, Expenditures and Changes in Fund Balance reports changes in financial position of the General Fund and the governmental activities, and the degree to which the functional expenses are offset by program revenues for the governmental activities.



‐4‐


AssetsNon‐capital assets 4,588$ 5,375$

LiabilitiesCurrent liabilities 750 200



Program revenuesCharges for services ‐$ ‐$

Program expensesEconomic environment 1,337 1,129




Financial Information

As of September 30, 2015, the Authority had assets of $4,588. These assets consisted of cash deposited ininterest‐bearing accounts. Liabilities for the same period totaled $750 of accounts payable. The net position atSeptember 30, 2015 was $3,838.

The primary source of revenue for the Authority is generally bond issuance fees. For the year endedSeptember 30, 2015, there were no bonds issued and no related fees or other revenues.

Net Position

Change in Net Position



‐ 5 ‐


The original budget for the Authority anticipated beginning carryforward fund balance of $5,079 and expenditures of $1,625 and an overall anticipated decrease in fund balance of $1,625.

The final budget for the fiscal year anticipated a net decrease in fund balance of $1,625. The actual operating results exhibited a decrease in fund balance of $1,337.

Economic Factors and Other Conditions of Future Significance

During the fiscal year, the majority of board members resigned, and replacements have not yet been appointed. Refer to Note 1, Reporting Entity, for additional information.

We are not currently aware of any other conditions that are expected to have a significant effect on the Authority’s financial position or results of operations.


Questions concerning any of the information provided in this report or requests for additional financial information should be addressed to 2825 Lewis Speedway, Suite 104, St. Augustine, Florida.


Statement of Net Position and Governmental Fund Balance Sheet

September 30, 2015


‐6‐

General StatementFund Adjustments of Net Position

AssetsCash 4,588$ ‐$ 4,588$

LiabilitiesAccounts payable 750$ ‐ 750

Fund balancesUnassigned 3,838 (3,838) ‐

Total liabilities and fund balances 4,588$



Statement of Activities and Governmental Fund Revenues,

Expenditures and Changes in Fund Balance Year ended September 30, 2015


‐7‐



Operations 1,337$ ‐$ 1,337$

Program revenuesCharges for services ‐ ‐ ‐

Excess of revenues over (under)expenditures (1,337) 1,337 ‐

Change in net position ‐ (1,337) (1,337)

Fund balance/net position, beginning of year 5,175 ‐ 5,175

Fund balance/net position, end of year 3,838$ ‐$ 3,838$



‐ 8 ‐


Reporting Entity

The St. Johns County Educational Facilities Authority (the “Authority”) was activated as a Florida public corporation in accordance with the Florida Authority Law, Part ll of Chapter 243, Florida Statutes, following the adoption of an approving resolution (No. 2011‐94, dated April 19, 2011) by the Board of County Commissioners of St. Johns County, Florida (the “Board”). The purpose of the Authority is to assist institutions for higher education in the construction, financing, and refinancing of projects. The Authority is authorized to issue bonds to fulfill its corporate purpose in principal amounts specifically authorized by the Board.

The Board appoints the Authority Members, who serve a term ranging from one to five years. The Board has the power to remove a Member of the Authority from office without cause. For the entire 2014‐15 fiscal year and as of mid‐fiscal year 2016, there were several unfilled vacancies on the board, leaving only one acting Member. As of the date of our audit report there was only one active board member, however the county is currently advertising to fill the vacancies.

For financial reporting purposes the Authority is considered a component unit of St. Johns County.

The Authority uses the criteria established in Governmental Accounting Standards Board (“GASB”) Statement No. 14, as amended, to identify component units. The Authority’s financial statements do not contain any component units.


Reporting Model

As a dependent special district, the Authority accounts for its activities using the governmental financial reporting model, and follows GASB Statement No. 34, Basic Financial Statements – and Management’s Discussion and Analysis – for State and Local Governments, as amended.


The Statement of Net Position and Governmental Fund Balance Sheet reports the Authority’s financial position as of the end of the fiscal year for both the General Fund and the governmental activities.



‐ 9 ‐


The Statement of Activities and Governmental Fund Revenues, Expenditures and Changes in Fund Balance reports changes in financial position of the General Fund and the governmental activities, and the degree to which the functional expenses are offset by program revenues for the governmental activities.


The General Fund’s financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the Authority considers revenues to be available if they are collected within 60 days of the end of the current fiscal period. Expenditures generally are recorded when the related fund liability is incurred.

The government‐wide financial statements are reported 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.

Fund Balance/Net Position

Net position represents the difference between assets and liabilities reported for the governmental activities. Net position is reported as restricted when there are externally imposed restrictions. Unrestricted net position is net position that does not meet the definition of the classification previously described. When both restricted and unrestricted resources are available for use, it is the Authority’s policy to use restricted resources first, and then unrestricted resources as they are needed. The Authority has no restricted net position.

The Authority follows the provisions of GASB Statement No. 54, Fund Balance Reporting and Governmental Fund Type Definitions to classify fund balances for governmental funds into specifically defined classifications. The classifications comprise a hierarchy based primarily on the extent to which the Authority is bound to honor constraints on the specific purposes for which amounts in the funds can be spent.






‐ 10 ‐


Committed Fund Balance – Committed fund balances are amounts that can only be used for specific purposes as a result of constraints imposed by formal action of the Authority’s highest level of decision‐making authority, which is a resolution of the Board of Directors. Committed amounts cannot be used for any other purpose unless the Authority removes those constraints by taking the same type of action.

Assigned Fund Balance – Assigned fund balances are amounts that are constrained by the Authority’s intent to be used for specific purposes, but are neither restricted nor committed. Intent is expressed by (a) the Board of Directors or (b) a body or official to which the Board has delegated the authority to assign amounts to be used for specific purposes.


The Authority’s policy is to expend resources in the following order: restricted, committed, assigned, and unassigned.

Use of Estimates



All of the cash deposits of the Authority are placed with qualified public depositories and are entirely insured by Federal depository insurance and/or collateralized pursuant to Chapter 280, Florida Statutes.

Section 218.415, Florida Statutes, authorizes the Authority to invest in the Local Government Surplus Funds Trust Fund investment pool, Security and Exchange Commission (“SEC”) registered money market funds with the highest credit quality rating, interest‐bearing time deposits or savings accounts in qualified public depositories and direct obligations of the U.S. Treasury. The Authority had no investments during the year.


From time to time, the Authority issues bonds to private sector entities for the acquisition, construction, rehabilitation and/or equipping of various academic buildings. The bonds are secured by the property financed and are payable solely from payments received on the underlying mortgage loans. Upon repayment of the bonds, ownership of the acquired facilities transfers to the private sector entity served by the bond issuance.



‐ 11 ‐

NOTE 3 – CONDUIT DEBT OBLIGATIONS (CONTINUED)

Neither the Authority, the County, the State, nor any political subdivision thereof is obligated in any manner for repayment of the bonds. Accordingly, the bonds are not reported as liabilities in the accompanying financial statements.

As of September 30, 2015, there was one series of bonds outstanding. The aggregate principal amount payable could not be determined; however, the aggregate original issue amount was $10,000,000.


Schedule of Revenues, Expenditures and Changes in Fund Balances

Budget and Actual – General Fund Year ended September 30, 2015

‐12‐


RevenuesCharges for services ‐$ ‐$ ‐$


Operations 1,625 1,625 1,337

Excess of revenues over (under)expenditures (1,625) (1,625) (1,337)

Fund balances, beginning of year 5,079 5,079 5,175

Fund balances, end of year 3,454$ 3,454$ 3,838$

Notes to Schedule:

The budget is prepared on a basis that does not differ materially from generally accepted accountingprinciples. Its preparation, adoption, and amendment is governed by the Authority Members pursuant toFlorida Statutes. The fund is the legal level of control.

MANAGEMENT LETTER

‐ 13 ‐

To the Members St. Johns County Educational Facilities Authority We have audited the financial statements of the St. Johns County Educational Facilities Authority (the “Authority”), as of and for the year ended September 30, 2015, and have issued our report thereon dated April 11, 2016. That report should be considered in conjunction with this management letter.


Prior Audit Findings The Rules of the Auditor General require that we comment as to whether or not corrective actions have been taken to address findings and recommendations made in the preceding audit. If the audit findings in the preceding audit report are uncorrected, we are required to identify those findings that were also included in the second preceding audit report. The Authority has no uncorrected prior audit findings that are required to be identified pursuant to the Rules of the Auditor General.

Financial Condition As required by the Rules of the Auditor General, the scope of our audit included a review of the provisions of Section 218.503, Florida Statutes, “Determination of Financial Emergency.” In connection with our audit, we determined that the Authority has not met one or more of the conditions described in Section 218.503(1), Florida Statutes.


mestergall

CRI Ltrhd-PAL

‐ 14 ‐

Annual Financial Report As a dependent special district, the Authority’s activity is included in the annual financial report of St. Johns County. As required by the Rules of the Auditor General, we determined that the annual financial report for the fiscal year ended September 30, 2015, filed with the Department of Financial Services pursuant to Section 218.32, Florida Statutes, is in substantial agreement with the audit report for the fiscal year ended September 30, 2015.

Other Matters



Thank you for the cooperation and courtesies extended to us during the course of the audit. Please let us know if you have any questions or comments concerning this letter, our accompanying reports, or other matters.

Palatka, Florida April 11, 2016April 11, 2016

mestergall

Text Box

‐ 15 ‐

INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS To the Members St. Johns County Educational Facilities Authority We have audited, 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, the financial statements of the governmental activities and the general fund of the St. Johns County Educational Facilities Authority (the “Authority”), a component unit of St. Johns County, Florida, as of and for the year ended September 30, 2015, and the related notes to the financial statements, which collectively comprise the Authority’s basic financial statements, and have issued our report thereon dated April 11, 2016.


In planning and performing our audit of the financial statements, we considered the Authority’s internal control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the Authority’s internal control. Accordingly, we do not express an opinion on the effectiveness of the Authority’s internal control.

Our consideration of internal control over financial reporting was for the limited purpose described in the preceding 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. However, as described in the accompanying schedule of findings, we identified a deficiency in internal control that we consider to be a material weakness. 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. We consider the deficiency described in the accompanying schedule of findings as item 2015‐001 to be a material weakness.

mestergall

CRI Ltrhd-PAL

‐ 16 ‐


As part of obtaining reasonable assurance about whether the Authority’s financial statements are free of 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 determination of financial statement amounts. 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.




‐ 17 ‐

INDEPENDENT ACCOUNTANT’S REPORT ON COMPLIANCE WITH SECTION 218.415, FLORIDA STATUTES To the Members St. Johns County Educational Facilities Authority We have examined the St. Johns County Educational Facilities Authority’s (the “Authority”) compliance with the requirements of Section 218.415, Florida Statutes, Local Government Investment Policies, during the year ended September 30, 2015. Management is responsible for the Authority’s compliance with those requirements. Our responsibility is to express an opinion on the Authority’s compliance based on our examination. Our examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about the Authority’s compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on the Authority’s compliance with specified requirements. In our opinion, the Authority complied, in all material respects, with the aforementioned requirements for the year ended September 30, 2015. This report is intended solely for the information and use of management and the State of Florida Auditor General and is not intended to be and should not be used by anyone other than these specified parties.


mestergall

CRI Ltrhd-PAL


Schedule of Findings

‐18‐

2015‐001 Condition – During the fiscal year 2014‐15 and as of mid‐fiscal year 2015‐16, there are not enough board members for a quorum to conduct business for the Authority and provide sufficient oversight, including approving invoices, bank reconciliations and financial statements, signing checks and adopting budgets. The county’s board of county commissioners is currently advertising to fill the vacancies.

Recommendation – Appoint board members to conduct business and provide oversight for the Authority.

ST. JOHNS COUNTY, FLORIDA AUDITOR GENERAL REPORT FOR … rpts/2015 st johns county.pdf · Board of...

Documents

Transcript of ST. JOHNS COUNTY, FLORIDA AUDITOR GENERAL REPORT FOR … rpts/2015 st johns county.pdf · Board of...