ST. AUGUSTINE- ST. JOHNS COUNTY AIRPORT AUTHORITY

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1 ST. AUGUSTINE- ST. JOHNS COUNTY AIRPORT AUTHORITY AUDIT REPORT SEPTEMBER 30, 2011 AND 2010 TABLE OF CONTENTS Page INDEPENDENT AUDITORS REPORT 1 MANAGEMENT S DISCUSSION AND ANALYSIS 3 BASIC FINANCIAL STATEMENTS: Statements of Net Assets 6 Statements of Revenue, Expenses and Changes in Net Assets 7 Statements of Cash Flows 8 Notes to Financial Statements 9 ADDITIONAL ELEMENTS REQUIRED BY THE RULES OF THE AUDITOR GENERAL: Management Letter 15 Report on Internal Control Over Financial Reporting and on Compliance and Other Matters 17 Schedule of Expenditures of Federal Awards and State Financial Assistance 19 Report on Compliance With Requirements That Could Have a Direct and Material Effect on Each Major Federal Awards Program and State Financial Assistance Project and on Internal Control Over Compliance 20 Schedule of Findings and Questioned Costs 22 Management s Reports: Summary Schedule of Prior Audit Findings --

2 Independent Auditors Report To the Members of the Governing Board St. Augustine-St. Johns County Airport Authority We have audited the accompanying basic financial statements of the St. Augustine-St. Johns County Airport Authority (the Authority ) as of and for the years ended September 30, 2011 and These financial statements are the responsibility of the Authority s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Authority as of September 30, 2011 and 2010, and the changes in its financial position and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America. In accordance with Government Auditing Standards, we have also issued our report dated December 7, 2011 on our consideration of the Authority s internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts, 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 and should be considered in assessing the results of our audit. Management s Discussion and Analysis is not a required part of the basic financial statements, but is supplementary information required by the Governmental Accounting Standards Board. We have applied certain limited -1-

3 To the Members of the Governing Board St. Augustine-St. Johns County Airport Authority Page 2 procedures, which consisted principally of inquiries of management regarding the methods of measurement and presentation of the required supplementary information. However, we did not audit the information and express no opinion on it. Our audit was conducted for the purpose of forming an opinion on the Authority s basic financial statements. The Schedule of Expenditures of Federal Awards and State Financial Assistance, which is required by U.S. Office of Management and Budget Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations, and Chapter , Rules of the Auditor General, is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. December 7, 2011 St. Augustine, Florida -2-

4 MANAGEMENT S DISCUSSION AND ANALYSIS

5 St. Augustine St. Johns County Airport Authority Management s Discussion and Analysis September 30, 2011 This Discussion and Analysis of the St. Augustine St. Johns County Airport Authority s financial performance provides an overview and cursory look at the financial activities of the Authority for Fiscal Year The reader is encouraged to read this section in conjunction with the Airport Authority s financial statements contained elsewhere in this document. Highlights of Fiscal Year include: Total Net Assets have increased by approximately 8.9% or $7,000,000. Capital Grant proceeds for the period totaled approximately $10,000,000 and were up approximately $3,777,000 (60%) from the prior year. OVERVIEW OF THE BASIC FINANCIAL STATEMENTS Statement of Net Assets This financial statement includes all of the Airport Authority s assets and liabilities. This information is developed and presented using the accrual basis of accounting. Accrual accounting is similar to that used in most private sector businesses wherein all current year revenues and expenses are recorded without regard to when cash is received or paid. The difference between assets and liabilities can be used to measure the Airport Authority s financial position. Statement of Revenue, Expenses and Changes in Net Assets The second financial statement, which again uses an accrual accounting basis, reflects the increases and decreases realized in net assets for the period. Over significant periods of time this information (increases and decreases) can be useful in assessing the overall financial health of the Airport Authority. All available revenue sources were on-line and performing to expectations throughout the fiscal year. Statement of Cash Flow The last financial statement reflects the current cash position of the Airport Authority. Management continually monitors the status of cash-on-hand. The Authority s ability to minimize the need to borrow capital development funds continues to have significant positive implications with regard to long-term cash flow and overall debt obligations. -3-

6 St. Augustine St. Johns County Airport Authority Management s Discussion and Analysis September 30, 2011 Net Assets Current and Other Assets $ 3,527,026 $ 4,717,610 $ 4,780,870 Capital Assets 83,367,767 76,172,003 68,272,325 Total Assets 86,894,793 80,889,613 73,053,195 Long Term Liabilities 40,350 34,701 27,849 Other Liabilities 1,046,668 2,131,587 1,348,766 Total Liabilities 1,087,018 2,166,288 1,376,615 Net Assets: Invested in Capital Assets, Net of Related Debt 83,367,767 76,172,003 68,272,325 Unrestricted 2,440,008 2,551,322 3,404,255 Total Net Assets $ 85,807,775 $ 78,723,325 $ 71,676,580 Changes in Net Assets Revenues: Operating Revenues $ 3,253,109 $ 2,905,224 $ 2,779,767 Nonoperating Revenue 10,045,015 9,419,959 6,882,209 Total Revenues 13,298,124 12,325,183 9,661,976 Expenses: Operating Expenses 5,823,537 5,278,438 4,694,550 Nonoperating Expenses 390,137-4,485 Total Expenses 6,213,674 5,278,438 4,699,035 Change in Net Assets 7,084,450 7,046,745 4,962,941 Net Assets, Beginning of Year 78,723,325 71,676,580 66,713,639 Net Assets, End of Year $ 85,807,775 $ 78,723,325 $ 71,676,580-4-

7 St. Augustine St. Johns County Airport Authority Management s Discussion and Analysis September 30, 2011 OVERALL FINANCIAL POSITION AND RESULTS OF OPERATIONS As portrayed in the financial statements, the overall financial position of the Airport Authority is sound and perhaps best reflected in the net asset increase for the year of $7,084,450 (8.9%). Strong asset performance is a direct reflection of the Airport Authority s emphasis on development of revenue enhancement capital assets such as corporate and t-hangar facilities. CAPITAL ASSETS AND DEBT ADMINISTRATION Capital Assets There were significant additions to the Authority s capital assets during the year. More details regarding the asset and depreciation position of the Airport Authority is provided in the Notes to Financial Statements section of this document. Debt Administration The Authority has no long-term debt. SIGNIFICANT ECONOMIC FACTORS OR CONDITIONS The single significant influence on the 2011 Fiscal Year is marked with a milestone for the St. Augustine-St. Johns County Airport Authority. For the first time since its creation by the Florida Legislature in the early 1960s, the Authority has completed a year without the need for ad valorem (property) tax revenues. This first step into self-sustenance was made possible by a direct result of long-term visioning by most previous Boards and prudent planning and execution by Staff. Notwithstanding the current general economic downturn, the airport continues to show strong, albeit at a slower pace than previous periods. Adjustments made during the previous year to liabilities associated with personnel now limit the Authority s long-term exposure. Current business planning efforts are exploring additional opportunities at diversification of opportunities aimed at minimizing the impact of macro-economic trends in the general and aviation economies. -5-

8 St. Augustine-St. Johns County Airport Authority Statements of Net Assets September 30, 2011 and CURRENT ASSETS Cash $ 409,753 $ 875,462 Investments 1,433,165 1,689,764 Grants Receivable 1,388,906 1,998,927 Other Current Assets 295, ,457 TOTAL CURRENT ASSETS 3,527,026 4,717,610 NONCURRENT ASSETS Capital Assets: Nondepreciable 22,199,084 25,613,103 Depreciable, Net 61,168,683 50,558,900 TOTAL NONCURRENT ASSETS 83,367,767 76,172,003 TOTAL ASSETS 86,894,793 80,889,613 CURRENT LIABILITIES Accounts Payable 871,631 1,984,863 Accrued Liabilities 41,967 39,741 Unearned Rent Revenue 98,504 45,292 Current Portion of Compensated Absences 34,566 61,691 TOTAL CURRENT LIABILITIES 1,046,668 2,131,587 NONCURRENT LIABILITIES Compensated Absences 40,350 34,701 TOTAL LIABILITIES 1,087,018 2,166,288 NET ASSETS Invested in Capital Assets 83,367,767 76,172,003 Unrestricted 2,440,008 2,551,322 TOTAL NET ASSETS $ 85,807,775 $ 78,723,325 The accompanying "Notes to Financial Statements" form an integral part of these statements. -6-

9 St. Augustine-St. Johns County Airport Authority Statements of Revenue, Expenses and Changes in Net Assets For the Years Ended September 30, 2011 and OPERATING REVENUE Lease Revenue $ 2,370,889 $ 2,151,250 Self Fuel Sales, Flowage Fees and Surcharges 853, ,672 Parking and Concession Fees 28,812 43,302 TOTAL OPERATING REVENUE 3,253,109 2,905,224 OPERATING EXPENSES Cost of Fuel Sold 686, ,553 General and Administrative 1,064,581 1,178,606 Salaries and Fringe Benefits 804, ,182 Maintenance and Other 544, ,413 TOTAL OPERATING EXPENSES, EXCLUDING DEPRECIATION 3,099,794 2,787,754 OPERATING INCOME BEFORE DEPRECIATION EXPENSE 153, ,470 Depreciation Expense 2,723,743 2,490,684 OPERATING LOSS (2,570,428) (2,373,214) NONOPERATING REVENUE (EXPENSES) Property Taxes 6,399 3,150,143 Capital Grants 10,033,681 6,256,594 Interest Income 4,935 11,052 Gain (Loss) on Disposal of Assets (390,137) 2,170 TOTAL NONOPERATING REVENUE (EXPENSES) 9,654,878 9,419,959 CHANGE IN NET ASSETS 7,084,450 7,046,745 NET ASSETS, Beginning of Year 78,723,325 71,676,580 NET ASSETS, End of Year $ 85,807,775 $ 78,723,325 The accompanying "Notes to Financial Statements" form an integral part of these statements. -7-

10 St. Augustine-St. Johns County Airport Authority Statements of Cash Flows For the Years Ended September 30, 2011 and OPERATING ACTIVITIES Cash Received From Tenants $ 2,448,982 $ 1,870,867 Cash Received From Fuel Sales 856, ,331 Cash Paid for Fuel (692,609) (564,801) Cash Paid to Employees (822,967) (816,125) Cash Paid for Maintenance (544,458) (235,413) Cash Paid for Administrative and Other Services (1,285,204) (1,100,778) NET CASH USED BY OPERATING ACTIVITIES (39,899) (135,919) NONCAPITAL FINANCING ACTIVITIES Property Taxes Received 6,399 3,150,143 CAPITAL AND RELATED FINANCING ACTIVITIES Capital Expenditures (11,337,445) (9,416,059) Proceeds From Sale of Capital Assets - 4,904 Capital Grants Received 10,643,702 4,776,831 NET CASH USED BY CAPITAL AND RELATED FINANCING ACTIVITIES (693,743) (4,634,324) INVESTING ACTIVITIES Interest Income Received 4,935 11,052 Purchase of Investments (9,635,167) (5,378,792) Proceeds From Sale of Investments 9,891,766 7,792,676 NET CASH PROVIDED BY INVESTING ACTIVITIES 261,534 2,424,936 NET INCREASE (DECREASE) IN CASH (465,709) 804,836 CASH, Beginning of Year 875,462 70,626 CASH, End of Year $ 409,753 $ 875,462 RECONCILIATION OF OPERATING LOSS TO NET CASH USED BY OPERATING ACTIVITIES Operating Loss $ (2,570,428) $ (2,373,214) Depreciation 2,723,743 2,490,684 Change In: Other Current Assets (141,745) (20,733) Accounts Payable (85,431) 85,431 Accrued Liabilities 2,226 (4,618) Compensated Absences (21,476) 18,346 Unearned Rent Revenue 53,212 (331,815) NET CASH USED BY OPERATING ACTIVITIES $ (39,899) $ (135,919) NONCASH INVESTING, CAPITAL AND FINANCING ACTIVITIES Accounts Payable for Construction in Progress $ (1,027,801) $ 1,245,377 The accompanying "Notes to Financial Statements" form an integral part of these statements. -8-

11 St. Augustine-St. Johns County Airport Authority Notes to Financial Statements September 30, 2011 and 2010 NOTE 1 REPORTING ENTITY The St. Augustine-St. Johns County Airport Authority (the "Authority") is an independent district which was created by Chapter , Laws of Florida, in June 1963 for the purpose of owning and operating airport facilities in St. Johns County, Florida. The Authority is governed by an independent body consisting of five members (the Board ), all of which are elected by the citizens of St. Johns County, Florida. The Authority uses the criteria established in GASB Statement No. 14 to define the reporting entity and identify component units. Component units are entities for which the Authority is considered to be financially accountable. There are no other entities to include as a component unit within the Authority s reporting entity. NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The financial statements have been prepared in conformity with U.S. Generally Accepted Accounting Principles ( GAAP ) as applied to governmental units. The Governmental Accounting Standards Board ( GASB ) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles. The Authority applies all applicable GASB pronouncements as well as Financial Accounting Standards Board ( FASB ) pronouncements and Accounting Principles Board opinions issued on or before November 30, 1989, unless those pronouncements conflict with or contradict GASB pronouncements. Basis of Presentation The transactions of the Authority are reported as an enterprise fund. Enterprise funds, a proprietary fund type, are used to account for activities in a manner similar to private-sector business enterprises. The Authority s operating revenues result from exchange transactions. Exchange transactions are those in which each party receives and gives up essentially equal values. Nonoperating revenues, such as grants and investment earnings, result from nonexchange transactions or ancillary activities. Measurement Focus The Authority uses the economic resources measurement focus. Basis of Accounting The financial statements have been prepared on the accrual basis of accounting. Revenues are recognized when earned and expenses are recognized when liabilities are incurred, regardless of the timing of the related cash flows. Cash For purposes of the statement of cash flows, cash consists of cash on hand and accounts held in financial institutions. Investments The Authority invests temporarily idle resources pursuant to the provisions of Section , Florida Statues. As of September 30, 2011, the Authority s investments consisted of amounts in the Local Government Investment Pool ( State Pool ) and in money market funds held in qualified public depositories. The State Pool is administered by the Florida State Board of Administration ( SBA ), who provides regulatory oversight. Previously, the SBA reported that the State Pool was exposed to potential risks due to indirect exposure in the sub-prime mortgage financial market. Consequently, the SBA placed some restrictions on how participants could access portions of their surplus funds and ultimately restructured the State Pool into two separate pools ( Florida PRIME and Fund B ). -9-

12 St. Augustine-St. Johns County Airport Authority Notes to Financial Statements September 30, 2011 and 2010 NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Florida PRIME has adopted operating procedures consistent with the requirements for a 2a-7 like fund. The Authority 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 Fund B is reported at fair value, determined by the fair value per share of the pool s underlying portfolio. Capital Assets The airport facilities of the City of St. Augustine, Florida, were transferred to the Authority in 1964 at values based on their estimated fair value at the date of transfer. Capital assets acquired after the transfer date are stated at cost if purchased and at estimated fair value if contributed. The Authority uses a capitalization threshold of $2,500 for all classes of capital assets. Upon sale or retirement of depreciable assets, the related cost and accumulated depreciation are removed from the accounts and any gain or loss is included in nonoperating revenue (expense). Depreciation is computed using the straight-line method over the estimated useful lives of the related assets which are summarized as follows: Airport improvements Buildings Furniture and equipment years 5-50 years 5-25 years Risk Management The Authority maintains insurance coverage on all types of insurable risks. Settled claims resulting from these risks have not exceeded insurance coverage in any of the past three years. Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make various estimates. Actual results could differ from those estimates. NOTE 3 CASH AND INVESTMENTS The Authority s deposits are held in financial institutions that qualify as public depositories and, accordingly, are entirely insured or collateralized under Chapter 280 of the Florida Statutes. The Authority s investments consisted of: Florida PRIME $ 1,098,716 $ 1,348,480 Fund B 26,041 32,876 Money Markets 308, ,408 Total $ 1,433,165 $ 1,689,

13 St. Augustine-St. Johns County Airport Authority Notes to Financial Statements September 30, 2011 and 2010 NOTE 3 CASH AND INVESTMENTS The Authority s investment in the State Pool exposes it to credit risk and, for Fund B, interest rate risk. The Authority does not have a formal investment policy relating to these risks, which are hereafter described. 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, 2011 of AAAm. The Fund B is not rated by a nationally recognized statistical rating agency. Interest Rate Risk The risk that changes in interest rates will adversely affect the fair value of an investment. The weighted average life (WAL) of Fund B at September 30, 2011 was 4.82 years. A portfolio s WAL is the dollar weighted average length of time until securities held reach maturity. Since Fund B consists of restructured or defaulted securities, there is considerable uncertainty regarding the WAL. NOTE 4 LEASING OPERATIONS/CONCENTRATION A significant portion of the Authority's buildings and related land are leased to tenants under operating leases. The approximate cost of leased assets was $39,701,000 and $34,300,000 at September 30, 2011 and 2010, respectively, with accumulated depreciation of approximately $11,638,000 and $11,100,000 at September 30, 2011 and 2010, respectively. These leases are generally for a term of twenty years and allow the lessees to renew for varying periods. The leases generally provide for annual rent increases that are based on changes in the consumer price index. Minimum future lease income under operating leases based on the rentals in effect at September 30, 2011, without regard to the exercise of renewal options, is as follows: Years Ended September 30, 2012 $ 1,975, ,783, ,718, ,668, , ,990, ,752, , , , ,985 Total $ 15,530,

14 St. Augustine-St. Johns County Airport Authority Notes to Financial Statements September 30, 2011 and 2010 NOTE 4 LEASING OPERATIONS/CONCENTRATION For the years ended September 30, 2011 and 2010, one tenant accounted for approximately 22% and 26%, respectively, of total lease revenues. NOTE 5 CAPITAL ASSETS AND DEPRECIATION Capital asset activity for the year ended September 30, 2011 follows: BALANCE BALANCE 2010 INCREASES DECREASES 2011 Capital Assets Not Being Depreciated: Land $ 14,631,095 $ 691,032 $ - $ 15,322,127 Construction in Progress 10,982,008 10,401,043 14,506,094 6,876,957 Total Capital Assets Not Being Depreciated 25,613,103 11,092,075 14,506,094 22,199,084 Capital Assets Being Depreciated: Furniture and Equipment 2,697,751 29, ,518 2,614,026 Buildings 43,963,217 4,852,504 50,514 48,765,207 Airport Improvements 30,810,558 8,567,649 3,301,847 36,076,360 Total Capital Assets Being Depreciated 77,471,526 13,449,946 3,465,879 87,455,593 Less Accumulated Depreciation For: Furniture and Equipment 1,107, , ,518 1,178,853 Buildings 11,595,915 1,342,804 23,086 12,915,633 Airport Improvements 14,208,732 1,196,547 3,212,855 12,192,424 Total Accumulated Depreciation 26,912,626 2,723,743 3,349,459 26,286,910 Total Capital Assets Being Depreciated, Net 50,558,900 10,726, ,420 61,168,683 Net Capital Assets $ 76,172,003 $ 21,818,278 $ 14,622,514 $ 83,367,

15 St. Augustine-St. Johns County Airport Authority Notes to Financial Statements September 30, 2011 and 2010 NOTE 5 CAPITAL ASSETS AND DEPRECIATION Capital asset activity for the year ended September 30, 2010 follows: BALANCE BALANCE 2009 INCREASES DECREASES 2010 Capital Assets Not Being Depreciated: Land $ 14,631,095 $ - $ - $ 14,631,095 Construction in Progress 3,837,735 10,151,396 3,007,123 10,982,008 Total Capital Assets Not Being Depreciated 18,468,830 10,151,396 3,007,123 25,613,103 Capital Assets Being Depreciated: Furniture and Equipment 2,403, ,296 25,739 2,697,751 Buildings 43,923,279 39,938-43,963,217 Airport Improvements 27,924,703 2,888,589 2,734 30,810,558 Total Capital Assets Being Depreciated 74,251,176 3,248,823 28,473 77,471,526 Less Accumulated Depreciation For: Furniture and Equipment 957, ,238 25,739 1,107,979 Buildings 10,385,482 1,210,433-11,595,915 Airport Improvements 13,104,719 1,104,013-14,208,732 Total Accumulated Depreciation 24,447,681 2,490,684 25,739 26,912,626 Total Capital Assets Being Depreciated, Net 49,803, ,139 2,734 50,558,900 Net Capital Assets $ 68,272,325 $ 10,909,535 $ 3,009,857 $ 76,172,003 NOTE 6 LONG-TERM LIABILITIES Long-term liability activity for the year ended September 30, 2011 follows: BEGINNING ENDING DUE WITHIN BALANCE ADDITIONS REDUCTIONS BALANCE ONE YEAR Compensated Absences $ 96,392 $ 24,833 $ 46,309 $ 74,916 $ 34,

16 St. Augustine-St. Johns County Airport Authority Notes to Financial Statements September 30, 2011 and 2010 NOTE 6 LONG-TERM LIABILITIES Long-term liability activity for the year ended September 30, 2010 follows: BEGINNING ENDING DUE WITHIN BALANCE ADDITIONS REDUCTIONS BALANCE ONE YEAR Compensated Absences $ 78,046 $ 52,038 $ 33,692 $ 96,392 $ 61,691 NOTE 7 EMPLOYEE RETIREMENT PLAN Plan Description. The Authority contributes to the Florida Retirement System (the "System"), a cost-sharing multiple-employer defined benefit pension plan administered by the State of Florida, Department of Management Services, Division of Retirement. The System provides 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 System issues a publicly available financial report that includes financial statements and required supplementary information for the System. That report may be obtained by writing to the Florida Retirement System, PO Box 9000, Tallahassee, Florida 32315, or by calling (850) Funding Policy. The System was employee noncontributory through June 30, For the period July 1, 2011 through September 30, 2011 the employee contribution rate was 3.00%. The Authority is required to contribute at an actuarially determined rate. The employer contribution rates at September 30, 2011 were as follows: Regular Employees 4.91%; Special Risk Employees 14.10%; Senior Management 6.27%; Elected Officials 11.14%.The contribution requirements of plan members and the Authority are established and may be amended by the Florida Legislature. The Authority's contributions to the System for the years ended September 30, 2011, 2010 and 2009 were $58,985, $61,789 and $59,126, respectively, equal to the required contributions for each year. -14-

17 ADDITIONAL ELEMENTS REQUIRED BY THE RULES OF THE AUDITOR GENERAL

18 Management Letter Members of the Governing Board of St. Augustine-St. Johns County Airport Authority We have audited the financial statements of the St. Augustine-St. Johns County Airport Authority (the Authority ) as of and for the fiscal year ended September 30, 2011, and have issued our report thereon dated December 7, 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 , 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 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 , 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 (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 (7). 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

19 Members of the Governing Board of St. Augustine-St. Johns County Airport Authority Page 2 Annual Financial Report The annual financial report for the fiscal year ended September 30, 2011, required by Section , Florida Statutes, is in substantial agreement with our audit report. Investment of Public Funds As required by the Rules of the Auditor General, the scope of our audit included a review of the provisions of Section , Florida Statutes, regarding the investment of public funds. Our audit did not reveal any noncompliance with the provisions of Section , Florida Statutes. Other Matters Our audit did not reveal any other matters that we are required to include in this management letter. This management letter is intended solely for the information and use of the members of the governing board and management, and oversight agencies 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. December 7, 2011 St. Augustine, Florida -16-

20 Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Members of the Governing Board of St. Augustine-St. Johns County Airport Authority We have audited the financial statements of the St. Augustine-St. Johns County Airport Authority (the Authority ) as of and for the year ended September 30, 2011, and have issued our report thereon dated December 7, 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. Internal Control Over Financial Reporting In planning and performing our audit, we considered the Authority s internal control over financial reporting as a basis for designing our auditing procedures for the purpose of expressing an opinion on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the Authority s internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the Authority s internal control over financial reporting. 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. Our consideration of internal control over financial reporting 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 financial reporting that might be deficiencies, significant deficiencies or material weaknesses. We did not identify any deficiencies in internal control over financial reporting that we consider to be material weaknesses, as defined above. Compliance and Other Matters 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 -17-

21 Members of the Governing Board of St. Augustine-St. Johns County Airport Authority Page 2 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. This report is intended solely for the information and use of the members of the governing board and management, and oversight agencies and is not intended to be and should not be used by anyone other than these specified parties. December 7, 2011 St. Augustine, Florida -18-

22 St. Augustine-St. Johns County Airport Authority Schedule of Expenditures of Federal Awards and State Financial Assistance For the Year Ended September 30, 2011 CFDA/CSFA Contract Federal Awards Number Number Expenditures Federal Aviation Administration: Airport Improvement Program: Airport Sustainability Study $ 129,738 Rehab R/W 13/ ,161,817 Wildlife Hazard Assessment ,672 Construct ARFF Building ,443 Improve R/W 13/31 R/W Safety Area ,329,457 Improve R/W 13/31-RSA Phase II ,351 Total Expenditures of Federal Awards $ 8,875,478 State Financial Assistance Florida Department of Transportation: Aviation Development Grants: Fuel Farm Construction AOX62 $ 307,850 Runway 13/31 Design and Overlay APC39 93,759 Land Acquisition APA14 259,375 Commercial Hangars APA ,000 Total Expenditures of State Financial Assistance $ 1,160,984 Note 1 - Basis of Presentation The schedule is presented in accordance with generally accepted accounting principles as applicable to a governmental entity, using the accrual basis of accounting. Note 2 - Subrecipients The Authority did not provide awards to subrecipients. -19-

23 Report on Compliance With Requirements That Could Have a Direct and Material Effect on Each Major Federal Awards Program and State Financial Assistance Project and on Internal Control Over Compliance Members of the Governing Board of St. Augustine-St. Johns County Airport Authority Compliance We have audited the compliance of the St. Augustine-St. Johns County Airport Authority (the Authority ) with the types of compliance requirements described in the U.S. Office of Management and Budget (OMB) Circular A-133 Compliance Supplement and the requirements described in the State Projects Compliance Supplement that could have a direct and material effect on its major federal program and major state financial assistance project for the year ended September 30, The Authority's major federal program and major state financial assistance project are identified in the summary of auditors results section of the accompanying Schedule of Findings and Questioned Costs. Compliance with the requirements of laws, regulations, contracts and grants applicable to its major federal program and major state financial assistance project is the responsibility of the Authority's management. Our responsibility is to express an opinion on the Authority's compliance based on our audit. 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 , Rules of the Auditor General. Those standards, OMB Circular A-133, and Chapter 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 major state financial assistance project occurred. An audit includes 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 audit provides a reasonable basis for our opinion. Our audit does not provide a legal determination on the Authority's compliance with those requirements. In our opinion, the Authority complied, in all material respects, with the compliance requirements referred to above that could have a direct and material effect on its major federal program and major state financial assistance project for the year ended September 30,

24 Members of the Governing Board of St. Augustine-St. Johns County Airport Authority Page 2 Internal Control Over Compliance The management of the Authority is responsible for establishing and maintaining effective internal control over compliance with requirements of laws, regulations, contracts and grants applicable to federal programs and state financial assistance projects. In planning and performing our audit, we considered the Authority's internal control over compliance with requirements that could have a direct and material effect on a major federal program or a major state financial assistance project in order to determine our auditing procedures for the purpose of expressing our opinion on compliance and to test and report on internal control over compliance in accordance with OMB Circular A-133 and Chapter , 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 Authority 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. 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 deficiencies, significant deficiencies or material weaknesses. We did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses, as defined above. This report is intended solely for the information and use of the members of the governing board and management, and oversight agencies and is not intended to be and should not be used by anyone other than these specified parties. December 7, 2011 St. Augustine, Florida -21-

25 St. Augustine-St. Johns County Airport Authority Schedule of Findings and Questioned Costs For the Year Ended September 30, 2011 SECTION I SUMMARY OF AUDITORS RESULTS (i) (ii) (iii) (iv) (v) (vi) (vii) The independent auditors report on the financial statements expressed an unqualified opinion. The audit did not disclose material weaknesses in internal control over financial reporting. No significant deficiencies were reported. The audit did not disclose any noncompliance considered material to the financial statements. The audit did not disclose material weaknesses in internal control over compliance applicable to the major federal program or state project. No significant deficiencies were reported. The auditors report on compliance with requirements applicable to the major federal program and major state project expressed an unqualified opinion. The audit disclosed no findings relative to the major federal program or major state project that are required to be reported. The program/project tested as major are as follows: CFDA/CSFA Number Federal Program Airport Improvement Program State Project Aviation Development Grants (viii) (ix) A threshold of $300,000 was used to distinguish between Type A and Type B programs/projects for federal programs and for state projects. The Authority qualified as a low-risk auditee as that term is defined in OMB Circular A-133. SECTION II FINANCIAL STATEMENT FINDINGS No matters are reportable. SECTION III FINDINGS AND QUESTIONED COSTS FEDERAL PROGRAMS No matters are reportable. SECTION IV FINDINGS AND QUESTIONED COSTS STATE PROJECTS No matters are reportable. Additionally, no management letter comments are required pursuant to the Rules of the Auditor General. -22-

26 There were no prior year audit findings. St. Augustine-St. Johns County Airport Authority Summary Schedule of Prior Audit Findings For the Year Ended September 30, 2011

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