WEST COAST INLAND NAVIGATION DISTRICT FINANCIAL STATEMENTS SEPTEMBER 30, 2015

WEST COAST INLAND NAVIGATION DISTRICT FINANCIAL STATEMENTS SEPTEMBER 30, 2015 WEST COAST INLAND NAVIGATION DISTRICT FINANCIAL STATEMENTS SEPTEMBER 3...
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WEST COAST INLAND NAVIGATION DISTRICT FINANCIAL STATEMENTS SEPTEMBER 30, 2015

WEST COAST INLAND NAVIGATION DISTRICT FINANCIAL STATEMENTS SEPTEMBER 30, 2015

TABLE OF CONTENTS PAGE INDEPENDENT AUDITOR’S REPORT

1-2

MANAGEMENT’S DISCUSSION AND ANALYSIS

3-8

BASIC FINANCIAL STATEMENTS GOVERNMENT-WIDE FINANCIAL STATEMENTS: STATEMENT OF NET POSITION STATEMENT OF ACTIVITIES

9 10

FUND FINANCIAL STATEMENTS: BALANCE SHEET – GOVERNMENTAL FUND

11

RECONCILIATION OF THE BALANCE SHEET – GOVERNMENTAL FUND TO THE STATEMENT OF NET POSITION

12

STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES – GOVERNMENTAL FUND

13

RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE OF THE GOVERNMENTAL FUND TO THE STATEMENT OF ACTIVITIES

14

NOTES TO FINANCIAL STATEMENTS

15 - 29

REQUIRED SUPPLEMENTAL INFORMATION: SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE – GENERAL FUND – BUDGET AND ACTUAL – NON-GAAP BUDGET BASIS

30

SCHEDULE OF THE DISTRICT’S PROPORTIONATE SHARE OF THE NET PENSION LIABILITY – FRS

31

SCHEDULE OF THE DISTRICT’S PROPORTIONATE SHARE OF THE NET PENSION LIABILITY – HIS

32

SCHEDULE OF THE DISTRICT’S CONTRIBUTIONS – FRS

33

SCHEDULE OF THE DISTRICT’S CONTRIBUTIONS – HIS

34

WEST COAST INLAND NAVIGATION DISTRICT FINANCIAL STATEMENTS SEPTEMBER 30, 2015

TABLE OF CONTENTS - CONTINUED NOTES TO REQUIRED SUPPLEMENTARY INFORMATION

PAGE 35

OTHER SUPPLEMENTAL INFORMATION SCHEDULE OF EXPENDITURES OF STATE FINANCIAL ASSISTANCE

36

NOTES TO SCHEDULE OF EXPENDITURES OF STATE FINANCIAL ASSISTANCE

37

SUPPLEMENTAL SCHEDULE OF TAX REVENUES - BUDGET AND ACTUAL

38

SUPPLEMENTAL SCHEDULES OF CAPITAL PROJECTS EXPENDITURES - BUDGET AND ACTUAL - WATERWAY DEVELOPMENT PROGRAM CURRENT YEAR PROJECTS CARRYOVER PROJECTS - BUDGET AND ACTUAL - COOPERATIVE ASSISTANCE PROGRAM SUPPLEMENTAL SCHEDULE OF EXPENDITURES – BUDGET BASIS – ADMINISTRATIVE, MAINTENANCE AND OTHER EXPENDITURES

39 - 40 41 - 42 43 44

OTHER AUDITOR’S REPORTS 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

45 – 46

INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE FOR EACH MAJOR STATE PROJECT AND ON INTERNAL CONTROL OVER COMPLIANCE REQUIRED BY CHAPTER 10.550 RULES OF THE AUDITOR GENERAL

47 – 48

SCHEDULE OF FINDINGS AND QUESTIONED COSTS

49 - 50

MANAGEMENT LETTER

51 – 52

INDEPENDENT ACCOUNTANT’S REPORT ON INVESTMENT COMPLIANCE

53

MANAGEMENT’S DISCUSSION AND ANALYSIS

As management of West Coast Inland Navigation District (the District), we offer readers of the District’s financial statements this narrative overview and analysis of the financial activities of the District for the fiscal year ended September 30, 2015. Readers should consider the information presented here in conjunction with the basic financial statements. Financial Highlights •

The assets of the District exceeded its liabilities at the close of the most recent fiscal year by $17,505,595 (net position).



The District’s total net position decreased by $173,167 principally due to capital project expenditures during the year.



As of the close of the current fiscal year, the District’s governmental fund reported total ending fund balance of $16,763,933, a decrease of $429,123 in comparison with the prior year. Of the total amount, $7,502,468 is committed for encumbered capital projects. $5,941,026 of the fund balance has been assigned for specific county or regional uses. $3,320,439 is unassigned fund balance.



The District’s total long-term liabilities were $182,258, which increased by $154,258 during the current fiscal year, including the initial adoption of GASB Statement No. 68, Accounting and Financial Reporting for Pensions – an Amendment of GASB Statement No. 27 related to the District’s participation in the Florida Retirement system.

Overview of the Financial Statements This discussion and analysis is intended to serve as an introduction to West Coast Inland Navigation District’s basic financial statements. The District’s basic financial statements comprise three components: 1) government-wide financial statements, 2) fund financial statements, and 3) notes to the financial statements. This report also contains other supplementary information in addition to the basic financial statements themselves. West Coast Inland Navigation District Board of County Commissioners Commissioner John Chappie – Manatee County Commissioner Charles Hines – Sarasota County Commissioner Larry Kiker – Lee County Commissioner Stephen R. Deutsch – Charlotte County 200 E. Miami Avenue, Venice, FL 34285 Ph: (941) 485-9402; Fax (941) 485-8394 www.wcind.net

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Government-wide financial statements. The government-wide financial statements are designed to provide readers with a broad overview of the District’s finances, in a manner similar to a private-sector business. The statement of net position presents information on all of the District’s assets and liabilities, with the difference between the two reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the District is improving or deteriorating. The statement of activities presents information showing how the District’s net position changed during the most recent fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods (e.g., uncollected revenues and earned but unused vacation and sick leave). Both of the government-wide financial statements distinguish functions of the District that are principally supported by advalorem taxes (governmental activities) from other functions that are intended to recover all or a significant portion of their costs through user fees and charges (business-type activities). The District is engaged in only governmental activities. The government-wide financial statements can be found on pages 9 and 10 of this report. Fund financial statements. A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The District, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. The District utilizes a governmental fund. Governmental funds. Governmental funds focus on near-term inflows and outflows of spendable resources, as well as on balances of spendable resources available at the end of the fiscal year. These funds are reported using the modified accrual method of accounting and the current financial resources focus. As a result long-term assets and liabilities are not included. The District uses a General Fund. The General Fund is the general operating fund. All general tax revenues are accounted for in this fund. From this fund all general operating expenditures, capital expenditures and debt service expenditures are paid. A reconciliation to facilitate the comparison between the governmental fund financial statements and the government-wide financial statements is presented on pages 12 and 14. The District adopts an annual budget for its general fund. A budgetary comparison statement has been provided to demonstrate compliance with this budget on page 30. The basic governmental fund financial statements can be found on pages 11 and 13 of this report. Notes to the financial statements. The notes provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements. The notes to the financial statements can be found starting on page 15 of this report.

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Government-Wide Financial Analysis As noted earlier, net position may serve over time as a useful indicator of a government’s financial position. In the case of the West Coast Inland Navigation District, assets exceeded liabilities by $17,505,595 at the close of the most recent fiscal year. A portion of the District’s net position equal to $622,734 reflects its investment in capital assets (e.g., land, buildings, machinery, and equipment); less any related debt used to acquire those assets that is still outstanding. The District uses these capital assets to provide waterway development projects, waterway maintenance and education within the boundaries of the District; consequently, these assets are not available for future spending. Although the District’s investment in its capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities. The District did not have any related debt as of September 30, 2015. The District also had significant assets in cash and investments at year-end. Cash and investments are held in Qualified Public Depositories, U.S. Government obligations, or the Florida Local Government Surplus Trust Fund, as allowed by Florida Statutes and the District’s investment policy. Due to the District’s participation in the Florida Retirement System (FRS), the District adopted new accounting guidance, GASB Statement No. 68, Accounting and Financial Reporting for Pensions – an Amendment of GASB Statement No. 27 during the year ended September 30, 2015. The adoption of this guidance required the District to recognize its proportionate share of the FRS net pension liability ($151,258), deferred outflows of resources ($76,946) and deferred inflows of resources ($51,278). In addition, beginning net position on the Statement of Net Position was restated for the cumulative effect in the amount of $114,944. The following table presents a condensed statement of net position as of September 30, 2015, with comparative totals for September 30, 2014. Change in Net Position

Current and other assets Capital assets Total assets Deferred outflows Long-term liabilities outstanding Other liabilities Total liabilities Deferred inflows Net position: Net Investment in Capital Assets Unrestricted Total net position

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Governmental Activities 2015 $ 17,760,637 622,734 18,383,371

Governmental Activities 2014 $ 18,173,115 628,650 18,801,765

76,946

-0-

182,258 721,186 903,444

28,000 980,059 1, 008,059

51,278

-0-

622,734 16,882,861 $ 17,505,595

628,650 17,165,056 $ 17,793,706

$7,502,468 of unrestricted net position represents funds encumbered for specific County and Regional projects. Another portion of the District’s net position, $5,941,026 represents resources from prior years that have been assigned for future appropriation by specific Counties of the District, and also for ACOE Section 1135 Corps of Engineers Projects. The District’s net position decreased by $173,167 during the current fiscal year. The implementation of GASB No. 68 had a negative impact on net position of $114,944 at September 30, 2014. The following table provides a summary of the District’s operations for the year ended September 30, 2015 with comparative totals for the year ended September 30, 2014. Changes in Net Position Governmental Activities 2015 Revenues: Program revenues Operating grants and contributions

$

706,145

Governmental Activities 2014

$

-0-

General revenues: Ad valorem taxes Investment income Miscellaneous Total revenues

5,407,122 246,074 34,595 6,393,936

5,073,597 305,377 34,593 5,413,567

Expenses: Capital projects Administration Maintenance Operating expenses Depreciation Total Expenses

5,689,940 508,255 173,938 171,479 23,491 6,567,103

5,241,788 408,150 243,715 163,828 24,277 6,081,758

(Decrease) increase in net position Net position – Beginning of year Implementation of GASB No. 68 Net position – End of year •

(173,167) 17,793,706 (114,944) $ 17,505,595

(668,191) 18,461,897 -0$ 17,793,706

Ad valorem taxes increased by $333,525 during the year due to increases in assessed value and investment income decreased by $59,303 due to investment performance.

Financial Analysis of the District’s Funds The District utilizes only one governmental fund: the General Fund. Governmental fund. The focus of the District’s governmental fund is to provide information on nearterm inflows, outflows, and balances of spendable resources. Such information is useful in assessing the District’s financing requirements. In particular, unassigned fund balance may serve as a useful measure of a government’s net resources available for spending at the end of the fiscal year.

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As of the end of the current fiscal year, the District’s governmental fund reported an ending fund balance of $16,763,933, a decrease of $429,123 in comparison with the prior year. Of this total $3,320,439 is unassigned fund balance, which is available for spending at the District’s discretion. $7,502,468 of the fund balance is committed for capital projects in progress. $5,941,026 of fund balance is assigned for future specific County and other projects. The general fund is the operating fund of the District. At the end of the current fiscal year, unassigned fund balance of the general fund was $3,320,439. As a measure of the general fund’s liquidity, it may be useful to compare unassigned fund balance to total fund expenditures. Unassigned fund balance represents 51% of total general fund expenditures. The fund balance of the District’s general fund decreased by $429,123 during the current fiscal year. The significant reason for the decrease was capital projects expenditures.

General Fund Budgetary Highlights Budgeted expenditures changed during the year to reflect various transfers between county projects and their assigned County Navigation Improvement Fund (CNIF) balances. Budgeted revenues did not change and were $5,647,768. The final expenditures on the budget basis were $14,469,838. For the current fiscal year, actual revenues exceeded budgeted revenues by $551,782. Actual expenditures on the budget basis were less than budgeted expenditures by $7,922,297. Of this amount, $7,502,468 is committed for specific capital projects. The General Fund budget is presented as required supplementary information on page 30.

Capital Assets The District’s investment in capital assets for the year ended September 30, 2015 amounts to $622,734 (net of accumulated depreciation). This investment in capital assets includes land, buildings and improvements, and machinery and equipment. The District’s investment in capital assets for the current fiscal year decreased by $5,916; this was comprised of $17,575 of capital additions and $23,491 of depreciation expense and asset removals. Capital Assets Governmental Activities 2015 $ 560,584 15,578 46,572 $ 622,734

Land Building and improvements (net of depreciation) Machinery and equipment (net of depreciation) Total (net of depreciation)

Governmental Activities 2014 $ 560,584 17,525 50,541 $ 628,650

See Note C on page 23 of this report for additional information on the District’s capital assets.

Long-Term Liabilities At the end of the current fiscal year, the District had total long-term liabilities outstanding of $182,258, which is composed of $31,000 of long-term compensated absences and the District’s proportionate share of the FRS and HIS net pension liability. At September 30, 2015, the net pension liability recognized by -7-

the District was $151,258. The District’s total long-term liabilities increased to $182,258 during the current fiscal year, attributed to increases in compensated absences and recognition of net pension liability. Additional information on the District’s long-term debt can be found in Note F to the financial statements on page 28.

Economic Factors and Next Year’s Budgets and Rates The millage rate for 2015-2016 has been adopted at the rate of .0394, which is the same the previous fiscal year. The District is analyzing the potential effect of state mandated budget restrictions on future ad valorem revenues and project expenditures. The District’s 2015-2016 budget includes funding for a Dredged Materials Management Plan, and project assistance to Counties with more focus on management of dredging projects. The Charlotte County Regional Waterway Management System (RWMS) will be completed and implementation will begin per County request. The District has also succeeded in obtaining additional federal funding for Operation and Maintenance activities, for the GIWW and USACOE. The District has also pursued and received authorization to improve GIWW conditions for boating safety.

Requests for Information This financial report is designed to provide a general overview of the West Coast Inland Navigation District’s finances for all those with an interest in the District’s finances. Questions concerning any of the information provided in this report or requests for additional financial information should be addressed to the District at, West Coast Inland Navigation District, 200 E. Miami Avenue, Venice, Florida 34284.

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WEST COAST INLAND NAVIGATION DISTRICT STATEMENT OF NET POSITION SEPTEMBER 30, 2015

GOVERNMENTAL ACTIVITIES ASSETS Cash and cash equivalents Investments Other receivables Capital assets Land Other capital assets, net of depreciation Total Assets

$

545,603 16,461,415 753,619 560,584 62,150 18,383,371

DEFERRED OUTFLOWS OF RESOURCES - Pension

76,946

LIABILITIES Accounts payable and other current liabilities

721,186

Noncurrent liabilities: Due in more than one year Total Liabilities

182,258 903,444

DEFERRED INFLOWS OF RESOURCES - Pension

51,278

NET POSITION Net investment in capital assets Unrestricted

622,734 16,882,861

TOTAL NET POSITION

$

The accompanying notes are an integral part of these financial statements. -9-

17,505,595

WEST COAST INLAND NAVIGATION DISTRICT STATEMENT OF ACTIVITIES FOR THE YEAR ENDED SEPTEMBER 30, 2015

GOVERNMENTAL ACTIVITIES Physical Environment Capital projects Administration Maintenance Tax collectors / appraisers Depreciation and asset disposals Total Program Expenses

$

5,689,940 508,255 173,938 171,479 23,491 6,567,103

Program revenues Operating grants and contributions Net Program Expense

706,145 5,860,958

General Revenues: Ad valorem taxes Investment earnings Miscellaneous Total General Revenues

5,407,121 246,074 34,596 5,687,791

Decrease in Net Position

(173,167)

Net Position - Beginning as previously reported Implementation of GASB No. 68 Net Position - Beginning as restated Net Position - Ending

17,793,706 (114,944) 17,678,762 $

17,505,595

The accompanying notes are an integral part of these financial statements. - 10 -

WEST COAST INLAND NAVIGATION DISTRICT BALANCE SHEET GOVERNMENTAL FUND SEPTEMBER 30, 2015

GOVERNMENTAL FUND TYPE GENERAL ASSETS Cash State investment pool Investments Due from other governmental units TOTAL ASSETS LIABILITIES AND FUND BALANCE Liabilities: Accounts payable TOTAL LIABILITIES

$

545,603 1,396,948 15,064,467 753,619

$

17,760,637

$

721,186 721,186

DEFERRED INFLOWS OF RESOURCES Unearned revenues

275,518

Fund Balances: Spendable: Committed Assigned Unassigned TOTAL FUND BALANCE

7,502,468 5,941,026 3,320,439 16,763,933

TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES AND FUND BALANCE

$

The accompanying notes are an integral part of these financial statements. - 11 -

17,760,637

WEST COAST INLAND NAVIGATION DISTRICT RECONCILIATION OF THE BALANCE SHEET - GOVERNMENTAL FUND TO THE STATEMENT OF NET POSITION SEPTEMBER 30, 2015

Amounts reported for governmental activities in the statement of net position are different because: Fund Balance - Governmental Fund

$

Capital assets used in governmental activities are not financial resources and, therefore, are not reported in the funds.

16,763,933 622,734

Deferred outflows of resources related to the pension plan do not utilize current financial resources and, therefore are not reported in the funds.

76,946

Deferred inflows of resources related to the pension plan are not available current financial resources and, therefore are not reported in the funds.

(51,278)

Transactions recorded as revenues in the statement of activities, but did not meet the availability criteria under the modified accrual basis of accounting, and therefore are considered to be unearned revenue until available in the fund statements.

275,518

Long-term liabilities are not due and payable in the current period and therefore are not reported in the funds: Net pension liability Compensated absences

(151,258) (31,000)

NET POSITION OF GOVERNMENTAL ACTIVITIES

(182,258) $

The accompanying notes are an integral part of these financial statements. - 12 -

17,505,595

WEST COAST INLAND NAVIGATION DISTRICT STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES GOVERNMENTAL FUND FOR THE YEAR ENDED SEPTEMBER 30, 2015

GENERAL FUND REVENUES Taxes Investment income Grant income Miscellaneous

$

5,407,121 246,074 430,627 34,596

TOTAL REVENUES

6,118,418

EXPENDITURES Capital project expenditures Maintenance Administration: Personal services Operating Capital outlay Tax collectors / appraisers

5,689,940 191,513 297,135 179,899 17,575 171,479

TOTAL EXPENDITURES

6,547,541

NET CHANGE IN FUND BALANCE

(429,123)

FUND BALANCE, October 1, 2014

17,193,056

FUND BALANCE, September 30, 2015

$

16,763,933

The accompanying notes are an integral part of these financial statements. - 13 -

WEST COAST INLAND NAVIGATION DISTRICT RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE OF THE GOVERNMENTAL FUND TO THE STATEMENT OF ACTIVITIES FOR THE YEAR ENDED SEPTEMBER 30, 2015

Amounts reported for governmental activities in the statement of activities are different because: Net change in fund balance - governmental fund

$

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. This is the amount by which depreciation expense exceeds capital outlay in the current period.

(429,123)

(5,916)

The effects of long term accounts and pension resources do not provide current financial resources and as such, are not recorded in the funds.

40,094

Revenues in the statement of activities that do not provide current financial resources as they do not meet the availability criteria and are not reported as revenues in the funds. This amount represents the change in unearned revenue.

275,518

Some expenses reported in the statement of activities do not require the use of current financial resources and, therefore, are not reported as expenditures in governmental funds. This represents current year change in: Increase in net pension liability Increase in compensated absences CHANGE IN NET POSITION OF GOVERNMENTAL ACTIVITIES

(50,740) (3,000)

(53,740) $

The accompanying notes are an integral part of these financial statements. - 14 -

(173,167)

WEST COAST INLAND NAVIGATION DISTRICT NOTES TO FINANCIAL STATEMENTS – CONTINUED SEPTEMBER 30, 2015

NOTE A -

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The following is a summary of the significant accounting policies followed by the West Coast Inland Navigation District: (1) Reporting Entity - West Coast Inland Navigation District, also referred to as WCIND, was created by special act of the Florida Legislature in 1947. In 1998, all special acts relating to WCIND were codified into a single, comprehensive special act charter for the District pursuant to Chapter 98-526, Laws of Florida (1998). WCIND is an independent, multi-county special taxing district composed of the Counties of Manatee, Sarasota, Charlotte, and Lee. The District’s governing board is comprised of four members, each of whom is an elected County Commissioner in the County he or she represents. WCIND was created to implement the requirements and conditions imposed upon “local interests”, by the Congress of the United States of America, in its River and Harbor Act approved March 2, 1945. Part 211 of Title 33 – Navigation and Navigable Waters, of the Code of Federal Regulations, contains current regulations of the Corps of Engineers, Department of the Army, governing the Corps’ activities in connection with Federal civil works projects like the Intracoastal Waterway. These Federal regulations provide that no land shall be acquired on account of the United States except under a law authorizing such acquisition. (The Federal law authorizing the project is the River and Harbor Act approved by the Congress of the United States of America, on March 2, 1945.) The Federal regulations require local cooperation for civil works projects, meaning that local (non-Federal) interests are required to provide without cost to the United States, all lands, easements and rights-of-way for the construction of the projects. WCIND was created by The Florida Legislature in 1947 to provide the requisite local cooperation for the construction and maintenance of the waterway. WCIND is authorized to obtain by donation, purchase or condemnation and convey without cost to the United States, the necessary rights of way for said project together with suitable areas for the deposit of spoil material in connection with the work and its subsequent maintenance, all as contemplated and required by the Congress of the United States, and those acting by its authority. WCIND is also responsible for undertaking programs intended to alleviate problems associated with its waterway, and is empowered and authorized to carry out waterway development projects specified in Sections 374.975 and 374.976, Florida Statutes. (2) Basis of Presentation –The District’s basic financial statements include Governmentwide (which reports the District as a whole) and Fund financial statements (which report only on the General Fund). The Basic Financial Statements present only governmental activities, as the District conducts no business type activities. There are no other potential component units.

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WEST COAST INLAND NAVIGATION DISTRICT NOTES TO FINANCIAL STATEMENTS – CONTINUED SEPTEMBER 30, 2015

NOTE A -

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – CONTINUED Basis of Accounting: Basic Financial Statements – Government Wide Statements- The Government-Wide Financial Statements (Statement of Net position and Statement of Activities) are prepared using the economic resources measurement focus and the accrual basis of accounting. The District’s net position is reported in three parts (as applicable): Net Investment in Capital Assets; restricted net position, and unrestricted net position. The statement of activities reports direct program expenses offset by program revenues. Program revenues include contributions for projects from member counties and operating grants. General revenues include taxes and other items not properly included as program revenue. Basic Financial Statements – Fund Financial Statements – The District’s accounts are organized on the basis of funds, which are self-balancing set of accounts that comprise its assets, liabilities, reserves, fund balances, revenues and expenditures. The District utilizes a governmental fund, which follows the modified accrual basis of accounting. Under this method, revenues are recorded when they become 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. The District considers revenues to be available if they are collected within 60 days of the end of the current fiscal period. Expenditures are generally recorded when a fund liability is incurred. The District reports the following governmental fund, which is a major fund: Governmental Fund: General Fund – The General Fund is the general operating fund of the District. All general tax and other revenues are accounted for in this fund. From the fund are paid the general operating expenditures, capital expenditures and debt service expenditures. (3) Use of Estimates - The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. (4) Budgets and Budgetary Accounting – The following are the procedures followed by the West Coast Inland Navigation District in establishing the budget for the District. The Executive Director submits to the Board a proposed operating budget for the fiscal year commencing the following October 1. The operating budget includes proposed expenditures and the means of financing them. A public hearing is conducted and the budget is legally adopted by the passage of a resolution prior to September 30. Expenditures cannot legally exceed appropriations. Appropriations lapse at year-end except for capital projects, which are carried over to the next year.

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WEST COAST INLAND NAVIGATION DISTRICT NOTES TO FINANCIAL STATEMENTS – CONTINUED SEPTEMBER 30, 2015

NOTE A -

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – CONTINUED (5) Capital Assets – Capital assets, which include property, plant and equipment are reported in the government-wide financial statements. Capital assets are defined by the District as assets with an initial, individual cost of more than $500 and an estimated useful life of longer than one year. Capital assets are recorded at historical cost if purchased or constructed. Donated capital assets are recorded at estimated fair market value at the date of donation. The costs of normal repair and maintenance that do not add to the value of the asset or extend the useful life of the asset are expensed as incurred. The District does not have infrastructure assets. Property, plant and equipment of the District are depreciated on a straight-line basis over the following estimated useful lives: Asset Building and improvements Vehicles Furniture, fixtures and equipment Computer equipment and software

Years 40 5 5-10 3

(6) Property Taxes – Property taxes are based on appraisals by the various Counties’ Property Appraisers, as of January 1, preceding the fiscal year. The total taxable values are certified by the Property Appraisers on or about July 1, preceding the fiscal year. Through a series of public hearings and actions the District finalizes a millage levy to become effective with the fiscal year beginning October 1. The millage levy is collected by the various County Tax Collectors and becomes delinquent on April 1. The property tax calendar was as follows: July 1 September 30 October 1

Assessment roll validated Millage resolution approved Beginning of fiscal year for which tax is to be levied Tax bills rendered and due Property taxes due with various discount rates Taxes delinquent Tax certificates sold by County

November 1 November 1 – March 31 April 1 May 31

Property taxes are recognized as revenue in the fiscal year for which the taxes have been levied to the extent they result in current receivables. Under the system outlined above, no material amount of taxes is receivable after the end of the fiscal year. (7) Rights-of-Way Easements - The cost of rights-of-way and easements purchased by the District and conveyed to the Corps of Engineers have been expensed in the year incurred. - 17 –

WEST COAST INLAND NAVIGATION DISTRICT NOTES TO FINANCIAL STATEMENTS – CONTINUED SEPTEMBER 30, 2015

NOTE A -

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – CONTINUED (8) Long-Term Obligations - In the government-wide financial statements, long-term debt and other long-term obligations are reported as liabilities. In the fund financial statements, no long-term obligations are reported as they are not due to be paid from current financial resources. (9) Fund Balance - The District follows Government Accounting Standards Board statement (GASB) 54. This statement establishes fund balance classifications that comprise a hierarchy based primarily on the extent to which a government is bound to observe constraints imposed upon the use of the resources reported in governmental funds. Fund balance classifications, under GASB 54, are Non-spendable and Spendable. Spendable is then further classified as Restricted, Committed, Assigned, and Unassigned. These classifications reflect not only the nature of funds, but also provide clarity to the level of restriction placed upon fund balance. Fund Balance can have different levels of restraint, such as external versus internal compliance requirements. Unassigned fund balance is a residual classification within the General Fund. The General Fund should be the only fund that reports a positive unassigned balance. In accordance with GASB Statement 54, the District classified governmental fund balances as follows: Non-spendable – includes fund balance amounts that cannot be spent either because it is not in spendable form or because of legal or contractual requirements. Spendable Fund Balance: • Restricted – includes amounts that can be spent only for specific purposes because of State or Federal laws or enabling legislation, or which are externally restricted by providers, such as creditors or grantors. •

Committed – includes amounts that can be spent only for specific purposes that are approved by a formal action of the Board of Commissioners through a resolution or the budget process.



Assigned – includes amounts designated for a specific purpose by the Board of Commissioners through a resolution or the budget process, or by the Executive Director, which are neither restricted nor committed.



Unassigned – includes residual positive fund balance within the General Fund which has not been classified within the other above mentioned categories.

The District uses restricted amounts first when both restricted and unrestricted fund balance is available, unless there are legal documents/contracts that prohibit doing this, such as in grant agreements requiring dollar for dollar spending. Additionally, the District would first use committed, then assigned, and lastly unassigned amounts of unrestricted fund balance when expenditures are made. The District does not have a formal minimum fund balance policy. - 18 –

WEST COAST INLAND NAVIGATION DISTRICT NOTES TO FINANCIAL STATEMENTS – CONTINUED SEPTEMBER 30, 2015

NOTE A -

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – CONTINUED County Navigation Improvement Fund (CNIF) funds are balances earmarked for specific Counties for navigation improvements. Use of these funds is subject to Board approval of the individual project requests or can be used to fund capital projects during the annual budget process. Spendable: Committed to: Capital Projects in Progress: Charlotte Lee Manatee Sarasota Cooperative Assistance Program (CAP) Regional Dredged Materials Plan Assigned to: ACOE Section 1135 Project County Navigation Improvement Funds (CNIF): Charlotte Lee Manatee Sarasota Unassigned: Unassigned Total Fund Balances

General Fund

$

274,554 2,633,473 1,600,493 2,021,469 955,191 17,288 7,502,468 325,351 256,300 3,086,805 1,498,002 774,568 5,941,026

3,320,439 $ 16,763,933

Pension 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 (FRS) and additions to/deletions from FRS’s fiduciary net position have been determined on the same basis as they are reported by FRS. For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with the benefit terms. Investments in the Cost-Sharing Multi-Employer Plan are reported at fair value (Note D). Change in Accounting Principle During 2015, the District implemented GASB Statement No. 68, Accounting and Financial Reporting for Pension Plans – An Amendment of GASB Statement No. 27, which was issued to establish financial reporting requirements for most governments that provide employees with pension coverage. - 19 –

WEST COAST INLAND NAVIGATION DISTRICT NOTES TO FINANCIAL STATEMENTS – CONTINUED SEPTEMBER 30, 2015

NOTE A -

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - CONTINUED Change in Accounting Principle - Continued Additionally, the statement established standards for measuring and recognizing liabilities, deferred outflows of resources, deferred inflows of resources, and expense/expenditures related to the District’s participation in the Florida Retirement System (FRS). The District also implemented GASB Statement No. 71, Pension Transition

for Contributions Made Subsequent to the Measurement Date: An Amendment of GASB 68. The implementation of this standard reduced the beginning net position at

September 30, 2014 as reported in the Statement of Activities by $114,944 which is the recognition of the District’s proportionate share of the defined benefit pension plan net pension liability at September 30, 2014. Deferred Outflows/Inflows of Resources In addition to assets, the statement of net position includes a separate section for deferred outflows of resources. This represents a consumption of net position that applies to a future period(s) and so will not be recognized as an outflow of resources (expense/expenditure) until then. One item qualifies for reporting in this category. A deferred outflow of pension resources is reflected in the government-wide statement of net position. In addition to liabilities, the statement of net position includes a separate section for deferred inflows of resources. This separate financial statement element, deferred inflows of resources, represents an acquisition of net position or fund balance that applies to a future period(s) and so will not be recognized as an inflow of resources (revenue) until that time. The District has one item that qualifies for reporting in this category. A deferred inflow of pension earnings is reported in the government-wide statement of net position. In addition to liabilities, the governmental funds balance sheet includes a separate section for deferred inflows of resources. This separate financial statement element, deferred inflows of resources, represents an acquisition of net position or fund balance that applies to a future period(s) and so will not be recognized as an inflow of resources (revenue) until that time. The District has one item that qualifies for reporting in this category. Unavailable revenue for those revenues not received and not meeting the criteria for revenue recognition for government funds are classified as deferred inflows of resources. NOTE B -

CASH AND INVESTMENTS Deposits At September 30, 2015, the carrying amount of the District’s deposits was $545,502 and the bank balance was $1,142,161, with the difference resulting from outstanding checks recorded as expenditures on the District records. The deposits are either - 20 –

WEST COAST INLAND NAVIGATION DISTRICT NOTES TO FINANCIAL STATEMENTS – CONTINUED SEPTEMBER 30, 2015

NOTE B -

CASH AND INVESTMENTS - CONTINUED insured by the FDIC or are considered insured by the multiple financial institution collateral pool created by the Florida Security for Public Deposits Act (Chapter 280 F.S.). This pool insures there will be no loss of public funds due to the default of a member since it has the power to make additional assessments against its members to protect any losses, as necessary. Investments In accordance with Florida Statute Section 218.415, the District adopted an investment policy limiting District investments to those enumerated in Subsection 16 of the statute. Authorized investments are as follows: (a) The Local Government Surplus Funds Trust Fund or any intergovernmental investment pool authorized through the Florida Interlocal Cooperation Act as provided in Section 163.01, Florida Statutes. (b) Securities and Exchange Commission registered Money Market Funds with the highest credit quality rating from a nationally recognized rating agency. (c) Interest bearing time deposits or savings accounts in state-certified Qualified Public Depositories as defined in Section 280.02, Florida Statutes. (d) Direct obligations of the U.S. Treasury. (e) Obligations of Federal agencies and instrumentalities. (f) Securities of, or other interests in, any open-end or closed-end managementtype investment company or investment trust registered under the investment Company Act of 1940, 15 U.S.C. §80a-1 et seq., as amended from time to time, provided that the portfolio of such investment company or investment trust is limited to obligations of the United States Government or any agency or instrumentality thereof and to repurchase agreements fully collateralized by such United States government obligations, and provided that such investment company or investment trust takes delivery of such collateral either directly or through an authorized custodian. (g) Certificates of deposit selected by the District and purchased through a qualified public depository acting as custodian as defined by section 280.02, Florida Statutes. The full amount of principal and accrued interest of each certificate of deposit is insured by the Federal Deposit Insurance Corporation. District bank accounts are with banking institutions that post collateral as required by state statutes (Qualified Public Depositories). The District’s policy minimizes credit risk by limiting investments to the safest types. The District’s policy minimizes interest rate risk by structuring investments to meet cash requirements for ongoing operations and investing operating funds in shorter term investments. - 21 –

WEST COAST INLAND NAVIGATION DISTRICT NOTES TO FINANCIAL STATEMENTS – CONTINUED SEPTEMBER 30, 2015

NOTE B -

CASH AND INVESTMENTS - CONTINUED Local Government Surplus Trust Funds Investment Pool The District has investments with the State Board of Administration Florida PRIME Fund (Florida PRIME), which are administered by the Florida State Board of Administration. The District’s investments in the Pools are through shares owned in the funds and not the underlying investments. The Florida PRIME is considered a 2a-7 like pool. The account balance in the Florida PRIME approximates its fair value. The Florida PRIME investments are subject to overnight withdrawal. There is a risk of loss of interest on the investments if there are changes in the underlying indexed base. Interest Rate Risks The District primarily invests in shorter term securities, government money market mutual funds and similar investment pools as a means of managing fair value losses arising from increasing interest rates. The Florida PRIME has weighted average days to maturity of 29 days. Credit Risks Credit risk is the possibility that an issuer of a fixed income security held by the Florida PRIME will default on the security by failing to pay interest or principal when due. If an issuer defaults, the Florida PRIME will lose money. Florida PRIME invests in top-tier, money market assets of the highest quality and has a Standard and Poors rating of AAAm. At September 30, 2015, the District had investments in the Florida PRIME with a fair value of $1,396,948. For further information regarding the Local Government Surplus Trust Funds Investment Pool, readers should refer to the financial statements and disclosures of the Florida State Board of Administration Local Government Surplus Funds Trust Fund Investment Pool. Investments The District’s investments held with investment companies are comprised of the following at September 30, 2015: U.S. Government Mutual Funds

NOTE C -

$ 15,064,467

GENERAL FIXED ASSETS The District, in connection with its obligation to obtain necessary lands for the waterway’s construction and subsequent maintenance, has purchased several parcels of - 22 –

WEST COAST INLAND NAVIGATION DISTRICT NOTES TO FINANCIAL STATEMENTS – CONTINUED SEPTEMBER 30, 2015

NOTE C -

GENERAL FIXED ASSETS - CONTINUED land. A breakdown of land recorded at cost, owned fee simple in each county as of September 30, 2015 appears below: COUNTY Charlotte Manatee Pinellas Sarasota

AMOUNT $ 289,131 6,575 7,144 207,734 510,584 50,000 $ 560,584

Land office

Governmental Activities Capital assets, not being depreciated: Land Total capital assets, not being depreciated Capital assets being depreciated: Building and improvements Equipment Total capital assets being depreciated Less accumulated depreciation for: Buildings and improvements Equipment Total accumulated depreciation Total capital assets, being depreciated, net Governmental activities capital assets, net

NOTE D -

Beginning Balance $ 560,584

Increases

Decreases

$

$

-

Ending Balance

-

$ 560,584

560,584

-

-

560,584

72,357 341,945

17,575

-

72,357 359,520

414,302

17,575

-

431,877

54,832 291,404 346,236

1,947 21,544 23,491

-

56,779 312,948 369,727

-

62,150

-

$ 622,734

68,066

(5,916)

$ 628,650

$ (5,916)

$

RETIREMENT PLAN Plan Description All part-time and full-time employees of the District are provided with pensions through the Florida Retirement System which is administered by the Florida Department of Management Services, Division of Retirement. The State of Florida issues a publicly available comprehensive annual financial report that can be obtained at http://www.myfloridacfo.com/Division/AA/Reports/default.htm.

- 23 –

WEST COAST INLAND NAVIGATION DISTRICT NOTES TO FINANCIAL STATEMENTS – CONTINUED SEPTEMBER 30, 2015

NOTE D -

RETIREMENT PLAN - CONTINUED Under this system, there are two defined benefit pension plans: The Florida Retirement System Pension Plan and the Retiree Health Insurance Subsidy Program: • The Florida Retirement System (FRS) Pension Plan is a cost-sharing, multipleemployer qualified 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. • The Retiree Health Insurance Subsidy Program (HIS) is a cost-sharing, multipleemployer defined benefit pension plan established and administered in accordance with section 112.363, Florida Statutes. Benefits Provided The FRS provides retirees a lifetime pension benefit with joint and survivor payment options. Benefits under the FRS 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 after July 1, 2011, the average final compensation is the average of 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. Under the HIS Plan, the benefit is a monthly payment to assist retirees in paying their health insurance costs. 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. To be eligible to receive a HIS benefit, a retiree must provide proof of eligible health insurance coverage, which can include Medicare. Contributions Per Chapter 121, Florida Statues, contribution requirements of the active employees and the participating employers are established and may be amended by the Florida Department of Management Services, Division of Retirement. Effective July 1, 2011, both employee and employers of the FRS are required to make contributions to establish service credit for work performed in a regularly established position. Effective July 2, 2002, the Florida Legislature established a uniform contribution rate system for the FRS. The uniform rates are based on the class of employee is placed into which require employees to contribute 3% and employers to contribute based on class from 7.26% to 7.37%. The District’s contractually required contribution rate for the year ended September 30, 2015, ranged between 7.26% to 7.37% of annual payroll, actuarially determined as an amount that, when combined with employee - 24 -

WEST COAST INLAND NAVIGATION DISTRICT NOTES TO FINANCIAL STATEMENTS – CONTINUED SEPTEMBER 30, 2015

NOTE D -

RETIREMENT PLAN – CONTINUED contributions, is expected to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. Contributions to the pension plan from the District were $17,317 for the year ended September 30, 2015. The HIS Program is funded by required contributions ranging from 1.11% to 1.20% and is included in the contribution rates noted above. Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions At September 30, 2015, the District reported a liability of $151,258 for its proportionate share of the net pension liability which includes both FRS and HIS. The net pension liability was measured as of June 30, 2015, and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of July 1, 2015. The District’s proportion of the net pension liability was based on a projection of the District’s long-term share of contributions to the pension plan relative to the projected contributions of all participating employers, actuarially determined. At June 30, 2015, the District’s proportion was 0.0006% for FRS and 0.0007% for HIS was consistent with its proportion measured as of June 30, 2014. For the year ended September 30, 2015, the District recognized pension expense of $10,646. At September 30, 2015, the District reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources:

Difference between expected and actual experience Changes in assumptions Net difference between projected and actual earnings on pension plan investments Changes in proportion and differences between contributions and proportionate share of contributions District contributions subsequent to the June 30, 2015 measurement date

FRS Deferred Outflows of Resources $ 8,129 5,111

$

Deferred Inflows of Resources $ 1,826 -0-

HIS Deferred Deferred Outflows of Inflows of Resources Resources $ -0- $ -05,842 -0-

27,121

45,507

40

-0-

19,405

3,945

6,111

-0-

3,958 63,724

-0$ 51,278

$

1,229 13,222

$

-0-0-

Total deferred outflows were $76,946 and total deferred inflows were $51,278. $3,958 (FRS) and $1,229 (HIS) reported as deferred outflows of resources related to pensions resulting from District contributions subsequent to the measurement date will be recognized as a reduction of the net pension liability in the year ended September 30, 2016. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension expense as follows: - 25 –

WEST COAST INLAND NAVIGATION DISTRICT NOTES TO FINANCIAL STATEMENTS – CONTINUED SEPTEMBER 30, 2015

NOTE D -

RETIREMENT PLAN – CONTINUED Year ending September 30: 2016 2017 2018 2019 2020 Thereafter

$

$

FRS

588 588 588 588 587 5,549 8,488

HIS 1,668 1,668 1,668 1,668 1,668 3,653 $ 11,993

$

Actuarial Assumptions The total pension liability in the July 1, 2015 actuarial valuation (June 30, 2015 measurement date) was determined using the following actuarial assumptions, applied to all periods included in the measurement: Inflation

2.6 percent

Salary increases

3.25 percent, including inflation

Investment rate of return

7.65 percent, including inflation at 2.60%

Mortality rates were based on the generational RP-2000 with Projection Scale BB tables. The actuarial assumptions used in the June 30, 2015 FRS valuation were based on the results of an actuarial experience study performed in 2014 for the period July 1, 2008 – June 30, 2013. Because the HIS is funded on a pay-as-you-go basis, no experience study has been completed for that Plan, but were based on certain results of the most recent experience study for the FRS Plan. The long-term expected rate of return on pension plan investments was determined in October 2015 at the FRS Actuarial Assumptions conference based on a review of long-term assumptions developed both by Milliman’s capital market assumptions team and by a capital market assumptions team from Aon Hewitt Investment Consulting, which consults with the Florida State Board of Administration. The table below shows Milliman’s assumptions for each of the asset classes in which the plan was invested at that time based on the long-term target asset allocation. The allocation policy’s description of each asset class was used to map the target allocation to the asset classes shown below. Each asset class assumption is based on a consistent set of underlying assumptions, and includes an adjustment for the inflation assumption, (2.60%). These assumptions are not based on historical returns, but instead are based on a forward-looking capital market economic model. The target allocation and best estimates of arithmetic real rates of return for each major asset class are summarized in the following table:

- 26 –

WEST COAST INLAND NAVIGATION DISTRICT NOTES TO FINANCIAL STATEMENTS – CONTINUED SEPTEMBER 30, 2015

NOTE D -

RETIREMENT PLAN – CONTINUED Target Allocation 1% 18% 53% 10% 6% 12%

Asset Class Cash Fixed income Global equity Real estate (property) Private equity Strategic investments

Annual Arithmetic Return 3.2% 4.8% 8.5% 6.8% 11.9% 6.7%

Discount Rate The discount rate used to measure the total FRS pension liability was 7.65%, and the HIS pension liability was 3.80%. The HIS rate decreased from 4.29% to 3.80% in the most recent actuarial study. The HIS rate is based on the Bond Buyer General Obligation 20-Bond Municipal Bond Index. The projection of cash flows used to determine the discount rate assumed that employee contributions will be made at the current contribution rate and that contributions from employers will be made at contractually required rates, actuarially determined. Based on those assumptions, the pension plan’s fiduciary net position was projected to be available to make all projected future benefit payments of current active and inactive employees. Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the total pension liability.

Sensitivity of the District’s Proportionate Share of the Net Pension Liability to Changes in the Discount Rate The following presents the District’s proportionate share of the FRS net pension liability calculated using the discount rate of 7.65%, as well as what the District’s proportionate share of the net pension liability would be if it were calculated using a discount rate that is 1-percentage-point lower (6.65 percent) or 1-percentage-point higher (8.65 percent) than the current rate:

District’s proportionate share of the FRS net pension liability

1% Decrease (6.65%)

Discount Rate (7.65%)

1% Increase (8.65%)

$

$

$ (24,960)

199,519

76,998

The following presents the District’s proportionate share of the HIS net pension liability calculated using the discount rate of 3.80%, as well as what the District’s proportionate share of the net pension liability would be if it were calculated using a discount rate that is 1-percent-point lower (2.80%) or 1-percentage-point higher (4.80%) than the current rate:

- 27 -

WEST COAST INLAND NAVIGATION DISTRICT NOTES TO FINANCIAL STATEMENTS – CONTINUED SEPTEMBER 30, 2015

NOTE D -

RETIREMENT PLAN - CONTINUED District’s proportionate share of the HIS net pension liability

1% Decrease (2.80%)

Discount Rate (3.80%)

1% Increase (4.80%)

$

$

$

84,615

74,260

65,624

Pension Plan Fiduciary Net Position Detailed information about the pension plan’s fiduciary net position is available in the separately issued State of Florida comprehensive annual financial report. NOTE E -

ANNUAL AND SICK LEAVE COMMITMENTS The District grants annual and sick leave benefits to substantially all employees. Upon retirement, employees can receive payment for accumulated annual leave and a portion of accumulated sick leave. Accumulated sick leave is not payable until an employee reaches 10 years of service and is payable one hour for every four hours accumulated to a maximum of 480 hours. Accrued vested sick leave of $21,000 is recorded with accrued annual leave of $10,000 in the government wide financial statements.

NOTE F -

LONG-TERM LIABILITIES Beginning Balance

Governmental Activities Compensated absences $ 28,000 Net Pension Liability * 100,518 $128,518

Additions $ 29,221 106,982 $136,203

Reductions $ 26,221 56,242 $ 82,463

Ending Balance $ 31,000 151,258 $182,258

Due Within One Year $ $

-0-0-0-

*See note A for change in accounting principle.

NOTE G -

RECONCILIATION OF GOVERNMENT – WIDE AND FUND FINANCIAL STATEMENTS Explanation of certain differences between the governmental fund statements of revenues, expenditures, and changes in fund balances and the government-wide statement of activities. The reconciliation between the net changes in fund balances – total governmental funds as reported in the statement of revenues, expenditures and changes in fund balances, and the changes in net position as reported in the statement of activities is included on page 14 of the basic financial statements. One line in that reconciliation explains that “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 expenses.”

- 28 –

WEST COAST INLAND NAVIGATION DISTRICT NOTES TO FINANCIAL STATEMENTS – CONTINUED SEPTEMBER 30, 2015

NOTE G -

RECONCILIATION OF GOVERNMENT – WIDE AND FUND FINANCIAL STATEMENTS CONTINUED The details of the difference is shown below: Capitalized Expenditures Depreciation Expense

NOTE H -

$ 17,575 (23,491) $ (5,916)

RISK MANAGEMENT The District is exposed to various risks of loss related to torts: theft of, damage to, and destruction of assets; errors and omissions; and natural disasters. The District has obtained commercial insurance from independent third parties to mitigate the costs of these risks; coverage may not extend to all situations. There has been no significant reduction in coverage from the prior year. Settled claims from these risks have not exceeded commercial insurance coverage over the past three years.

- 29 –

REQUIRED SUPPLEMENTAL INFORMATION

WEST COAST INLAND NAVIGATION DISTRICT SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE GENERAL FUND-BUDGET AND ACTUAL NON-GAAP BUDGET BASIS FOR THE YEAR ENDED SEPTEMBER 30, 2015

Budget Amounts Fund balances brought forward Capital project funds brought forward County CNIF Funds-9-30-14 ACOE 1135 Carryforward Undesignated

Original $

REVENUES Taxes Investment income Grants and county funds Miscellaneous TOTAL REVENUES AND BALANCES EXPENDITURES Capital projects current Waterway Development Program-counties Cooperative Assistance Program-regional Capital project carryover projects Waterway Development Program-counties Cooperative Assistance Program-regional

$

$

Final -

$

7,201,148 6,825,045 279,163 2,887,700 17,193,056

$

Variance

7,201,148 6,825,045 279,163 2,887,700 17,193,056

-

5,271,500 350,000 26,268 5,647,768 22,840,824

5,407,121 327,206 430,627 34,596 6,199,550 23,392,606

5,263,408 380,000 5,643,408

1,527,157 100,000 1,627,157

6,790,565 480,000 7,270,565

1,781,188 54,585 1,835,773

5,009,377 425,415 5,434,792

5,174,245 1,072,949 6,247,194 467,079 285,000 200,000 14,469,838

3,653,633 200,534 3,854,167 477,034 209,088 171,479 6,547,541

1,520,612 872,415 2,393,027 (9,955) 75,912 28,521 7,922,297

8,765,026

(1,233,117) (1,233,117) 394,040 $

(394,040)

$

8,370,986

RECONCILIATION OF DIFFERENCES BETWEEN NON-GAAP BUDGETARY BASIS AND GAAP (MODIFIED ACCRUAL) BASIS Revenue budgeted does not include adjustments to market value of investments. Actual on

Investment income Total Revenue

Actual

5,271,500 350,000 26,268 5,647,768 22,840,824

6,407,362 1,072,949 7,480,311 467,079 285,000 200,000 14,075,798

Administration Maintenance Tax collectors/appraisers TOTAL EXPENDITURES FUND BALANCE, SEPTEMBER 30, 2015

7,201,148 6,825,045 279,163 2,887,700 17,193,056

Changes

the GAAP Basis $ 246,074 $ 6,118,418

Adjustment

To Budget Basis $ 81,132 $ 81,132

- 30 -

Actual on

$ $

Budget Basis 327,206 6,199,550

$

16,845,065

$

135,621 (22,794) 430,627 8,328 551,782 551,782

$ 8,474,079

WEST COAST INLAND NAVIGATION DISTRICT SCHEDULE OF THE DISTRICT'S PROPORTIONATE SHARE OF THE NET PENSION LIABILITY SEPTEMBER 30, 2015 FLORIDA RETIREMENT SYSTEM (FRS) Last Three Fiscal Years *

District's proportion of the net pension liability

2014 0.000626186%

2015 0.000596127%

District's proportionate share of the net pension liability

$

38,207

$

76,998

District's covered-employee payroll

$

203,922

$

207,479

District's proportionate share of the net pension liability as a percentage of its covered-employee payroll Plan fiduciary net position as a percentage of total pension liability

19%

37%

96.09%

92.00%

* - GASB No. 68 was adopted in fiscal year 2015. Ultimately, this schedule will contain information for the last ten years.

- 31 -

WEST COAST INLAND NAVIGATION DISTRICT SCHEDULE OF THE DISTRICT'S PROPORTIONATE SHARE OF THE NET PENSION LIABILITY SEPTEMBER 30, 2015 RETIREE HEALTH INSURANCE SUBSIDY PROGRAM (HIS) Last Three Fiscal Years *

District's proportion of the net pension liability

2014 0.000666414%

2015 0.000728147%

District's proportionate share of the net pension liability

$

62,311

$

74,260

District's covered-employee payroll

$

203,922

$

207,479

District's proportionate share of the net pension liability as a percentage of its covered-employee payroll Plan fiduciary net position as a percentage of total pension liability

31%

36%

0.99%

0.50%

* - GASB No. 68 was adopted in fiscal year 2015. Ultimately, this schedule will contain information for the last ten years.

- 32 -

WEST COAST INLAND NAVIGATION DISTRICT SCHEDULE OF THE DISTRICT'S CONTRIBUTIONS SEPTEMBER 30, 2015

FLORIDA RETIREMENT SYSTEM (FRS) Last Three Fiscal Years *

Contractually required contribution **

$

Contributions in relation to the contractually required contribution

$

2015 14,534

13,716

Contribution deficiency (excess)

$

Disrict's covered-employee payroll

$

Contributions as a percentage of covered-employee payroll

2014 13,716

203,922

14,534 $ $

207,479

6.73%

* - GASB No. 68 was adopted in fiscal year 2015. Ultimately, this schedule will contain information for the last ten years. ** - contributions noted per this schedule are pursuant to the measurement date of the actuarial report.

- 33 -

7.01%

WEST COAST INLAND NAVIGATION DISTRICT SCHEDULE OF THE DISTRICT'S CONTRIBUTIONS SEPTEMBER 30, 2015

RETIREE HEALTH INSURANCE SUBSIDY PROGRAM (HIS) Last Three Fiscal Years *

Contractually required contribution **

$

Contributions in relation to the contractually required contribution

$

2015 2,783

2,283

Contribution deficiency (excess)

$

Disrict's covered-employee payroll

$

Contributions as a percentage of covered-employee payroll

2014 2,283

203,922

2,783 $ $

207,479

1.12%

* - GASB No. 68 was adopted in fiscal year 2015. Ultimately, this schedule will contain information for the last ten years. ** - contributions noted per this schedule are pursuant to the measurement date of the actuarial report.

- 34 -

1.34%

WEST COAST INLAND NAVIGATION DISTRICT NOTES TO REQUIRED SUPPLEMENTARY INFORMATION SEPTEMBER 30, 2015

ACTUARIAL METHODS AND ASSUMPTIONS Actuarial assumptions for both defined benefit plans (FRS and HIS) are reviewed annually by the Florida Retirement System Actuarial Assumptions Conference. The FRS Pension Plan has a valuation performed annually. This HIS Program has a valuation performed biennially that is updated for GASB reporting in the year a valuation is not performed. The most recent experience study for the FRS Pension Plan was completed in 2014 for the period July 1, 2008 through June 30, 2013. Because the HIS Program is funded on a pay-as-you-go basis, no experience study has been completed for this program. The total pension liability for the FRS plan was determined by an actuarial valuation as of July 1, 2015, and for the HIS plan as of July 1, 2014 and updated procedures were used to determine liabilities as of July 1, 2015. Both plans used the entry age normal actuarial cost method. Inflation increases for both plans is assumed at 2.60%. Payroll growth for both plans is assumed at 3.25%. Both the discount rate and the long-term expected rate of return used for FRS Pension Plan investments is 7.65%. The plan’s fiduciary net position was projected to be available to make all projected future benefit payments of current active and inactive employees. Therefore, the discount rate for calculating the total pension liability is equal to the long-term expected rate of return. Because the HIS Program uses a pay-as-you-go funding structure, a municipal bond rate of 3.80% was used to determine the total pension liability for the program. Mortality assumptions for both plans were based on the Generational RP-2000 with Projection Scale BB tables The following changes in actuarial assumptions occurred in 2015: •

FRS: There were no changes in actuarial assumptions. The inflation rate remained at 2.60%, the real payroll growth assumption remained at 0.65%, and the overall payroll growth rate assumption remained at 3.25%. The long-term expected rate of return remained at 7.65%.



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

- 35 -

OTHER SUPPLEMENTAL INFORMATION

WEST COAST INLAND NAVIGATION DISTRICT SCHEDULE OF EXPENDITURES OF STATE FINANCIAL ASSISTANCE FOR THE YEAR ENDED SEPTEMBER 30, 2015

State Agency/Pass-Through Grantor State Project

CSFA Number

Identifying Number

37.003

08ME1

Expenditures

Florida Department of Environmental Protection Beach Management Funding Assistance Program Total State Financial Assistance

- 36 -

$

706,145

$

706,145

WEST COAST INLAND NAVIGATION DISTRICT NOTES TO SCHEDULE OF EXPENDITURES OF STATE FINANCIAL ASSISTANCE FOR THE YEAR ENDED SEPTEMBER 30, 2015

NOTE A -

BASIS OF PRESENTATION The accompanying schedule of expenditures of state financial assistance includes the state grant activity of the District and is presented on the accrual basis of accounting for all expenditures. The information in this schedule is presented in accordance with the requirements of the Florida State Single Audit Act and Rules of the Auditor General of the State of Florida, Chapter 10.550. Some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.

- 37 -

WEST COAST INLAND NAVIGATION DISTRICT

SUPPLEMENTAL SCHEDULE OF TAX REVENUES-BUDGET AND ACTUAL FOR THE YEAR ENDED SEPTEMBER 30, 2015

ORIGINAL AND

VARIANCE

FINAL

BUDGET Charlotte Lee

$

Manatee

Sarasota

469,658

2,200,537

ACTUAL $

973,239

$

1,628,066 5,271,500

480,761

2,251,026

FAVORABLE

(UNFAVORABLE) $

997,484

$

- 38 -

1,677,850 5,407,121

11,103

50,489

24,245

$

49,784 135,621

WEST COAST INLAND NAVIGATION DISTRICT SUPPLEMENTAL SCHEDULE OF CAPITAL PROJECTS EXPENDITURES - BUDGET AND ACTUAL WATERWAY DEVELOPMENT PROGRAM-CURRENT YEAR PROJECTS FOR THE YEAR ENDED SEPTEMBER 30, 2015

Charlotte County

C-181 C-182 C-183 C-184 C-185 C-186 C-187 C-188 C-189

Stump Pass Dredging/Renourishment Maintenance & Aids to Navigation CCSO-23' Key West Flats Boat Acc Maintenance & Aids to Navigation New Markers USCG Aux Flortilla 98-Punta Gorda Charlotte Harbor Environ Ctr Peace River Sail & Pwr Squadron Char Harbor Reef Assoc & DonBall City of Punta Gorda Ponce Inlet Dredging Total Charlotte County

Lee County

L-408 L-409 L-410 L-411 L-412 L-413 L-414 L-415 L-416 L-417 L-418 L-419 L-420 L-421 L-422 L-423 L-424 L-425 L-426 L-427 L-429

Countywide Navig Improv FY14/15 Navigational Resource Enforcmnt Derelict Vessel Removal FY14/15 Pine Island Comm Marina Improvements Marine Law Enforcmnt CC FY14/15 Marine Law Enforc LCSO FY 14/15 Marine Law Enforc FMPD FY 14/15 Marine Law Enforc SPD FY 14/15 Marine Law Enforc BSPD FY 14/15 Marine Law Enforc TFMB FY 14/15 BocaGrande Fire Cntrl Dst-C T&F Sanibel Fire & Resc Distrct M171 Estero Fire Rescue - Radio Chart Plotter Upgrade City of Cape Coral Fire Dept - Port Marine Fire Pumps Iona McGregor Fire District - Firefighting Foam BS Fire Ctrl&Rsce Dst-Fire Pump Lee County Sheriff's Office Marine Unit Boat Safety Edison Sailing Center FY 14/15 Island Coast High School - Sustainability Action Nailey-Matthew's Shell Museum New Pass Maintence Dredge Total Lee County

Manatee County

M-313 M-314 M-315 M-316 M-317 M-318 M-319 M-320 M-321 M-322 M-323 M-324 M-325 M-326 M-327 M-328 M-329 M-330 M-331

Marine Law Enforc-MCSO Patrols Marine Law Enforc BradBoatMotor DV Removal - City of Brad Beach City of Anna Maria - Lake LaVista Dredge MC Parks/Natural Resources -Vessel Cover MC Parks/Natural Resources -CoastalVolChlg Sarasota Scientific Instruments - What's in Your Water USCG Auxiliary 81 Classes USCG Auxiliary 84 Equipment Civil Air Patrol - Patrols West Manatee Fire District - Boat MC Parks/Natural Resources - Robinson Canoe/Kayak MC Parks/Natural Resources - Ft Hamer Boat Ramp MC Parks/Natural Resources - Coquina South MC Prk/Nat Res Warner Bayou PL Boater Safety / Swim Zone Buoys AV Removal Aids to Navigation Lake LaVista Survey & Engineering Total Manatee County

Sarasota County

S-258 City of Sarasota - 10th St Boat Ramp and Basin Dredge S-259 City of Sarasota - Island Park Seawall

Original $

150,000 40,000 39,500 10,000 1,000 57,883 2,000 2,000 150,000 452,383 150,000 90,000 50,000 520,546 159,000 129,000 73,665 50,000 32,000 27,000 6,035 5,389 4,930 19,484 2,875 2,323 7,230 18,039 172,000 45,000 1,564,516 71,722 50,741 25,000 149,500 2,500 2,700 12,125 3,000 3,000 10,500 197,599 200,000 237,500 300,000 500,000 1,765,887 300,000 50,000

- 39 -

Budget Amounts Changes $

10,000 (50) 9,950 1,500,000 1,500,000 (149,500) (2,500) (285) (300,000) 5,799 25,000 20,000 149,500 (251,986) -

Final $

150,000 40,000 49,500 10,000 1,000 57,883 1,950 2,000 150,000 462,333

Project Balance

Actual $

40,000 47,589 769 57,883 1,950 2,000 150,000 300,191

$

150,000 1,911 10,000 231 162,142

150,000 90,000 50,000 520,546 159,000 129,000 73,665 50,000 32,000 27,000 6,035 5,389 4,930 19,484 2,875 2,323 7,230 18,039 172,000 45,000 1,500,000 3,064,516

69,331 50,301 41,653 159,000 84,673 10,394 50,000 32,000 27,000 6,035 5,389 2,323 9,814 22,750 9,287 579,950

80,669 39,699 8,347 520,546 44,327 63,271 4,930 19,484 2,875 7,230 8,225 172,000 22,250 1,490,713 2,484,566

71,722 50,741 25,000 2,415 12,125 3,000 3,000 10,500 197,599 200,000 237,500 500,000 5,799 25,000 20,000 149,500 1,513,901

71,722 50,741 8,000

254,405 5,799 25,000 3,879 427,940

17,000 12,125 2,872 3,000 4,649 197,599 200,000 237,500 245,595 16,121 149,500 1,085,961

300,000 50,000

-

300,000 50,000

2,415 128 5,851

WEST COAST INLAND NAVIGATION DISTRICT SUPPLEMENTAL SCHEDULE OF CAPITAL PROJECTS EXPENDITURES - BUDGET AND ACTUAL - CONTINUED WATERWAY DEVELOPMENT PROGRAM-CURRENT YEAR PROJECTS FOR THE YEAR ENDED SEPTEMBER 30, 2015

S-260 S-261 S-262 S-263 S-264 S-265 S-266 S-267 S-268 S-269 S-270 S-271 S-272 S-273 S-274 S-275 S-276 S-277 S-278 S-279 S-280 S-281 S-282 S-283 S-307

City of Sarasota - Van Wezel Shoreline City of Sarasota - Centennial Park Boat Ramps DV Removal City of Sarasota PD City of Venice FD - Marine Rescue Equipment Mote Marine Labs-Manatee Research Mote Marine-Strandng Invest Prg SailFuture Inc - Capri Sailboats SC Parks and Recreation-Manasota Bch Boat Ramp Parkin SC Parks and Rec - Ted Sperling Pk BW & Obs Decks Repl SC Navigation Improvements Sar Youth Sailing Prog-Coach Boat Twn of LK FD-Emerg Resp Boat USCG Auxiliary 82 - Educational Materials USCG Auxiliary 84 - Educational Materials USCG Auxiliary 08-06-Educational Materials USCG Auxiliary 87 - Educational Materials USCG Auxiliary 92 - Educational Materials Venice Youth Boatg-Safety Equipment Marine Law Enforce SPD FY14/15 Marine Law Enforce VPD FY14/15 Marine Law Enforce LKPD FY14/15 Marine Law Enforce SCCO FY14/15 City of Sarasota Mooring Fields City of Sarasota - Kayak Trl Blueway Proj Total Sarasota County

Waterway Development Program-Current Year Projects

Original 50,000 25,000 20,000 17,500 16,549 48,011 5,000 350,000 105,000 50,000 16,500 10,000 6,540 3,000 6,365 6,997 4,500 20,000 87,262 32,696 47,669 202,033 1,480,622 $ 5,263,408

- 40 -

Budget Amounts Changes (1) 80,052 85,142 104,000 269,193 $ 1,527,157

Final 50,000 25,000 20,000 17,500 16,549 48,011 5,000 350,000 105,000 50,000 16,500 10,000 6,540 3,000 6,365 6,997 4,500 19,999 87,262 32,696 47,669 202,033 80,052 85,142 104,000 1,749,815

Actual 19,344 1,403 4,301 3,569 12,283 16,500 7,240 6,540 6,365 5,268 2,439 19,999 87,262 14,729 47,669 53,003 80,051 85,142 473,107

Project Balance 30,656 25,000 18,597 17,500 12,248 44,442 5,000 350,000 105,000 37,717 2,760 3,000 1,729 2,061 17,967 149,030 1 104,000 1,276,708

$ 6,790,565

$ 1,781,188

$ 5,009,377

WEST COAST INLAND NAVIGATION DISTRICT SUPPLEMENTAL SCHEDULE OF CAPITAL PROJECTS EXPENDITURES - BUDGET AND ACTUAL WATERWAY DEVELOPMENT PROGRAM-CARRYOVER PROJECTS FOR THE YEAR ENDED SEPTEMBER 30, 2015

C-104 C-139 C-148 C-149 C-150 C-151 C-156 C-159 C-160 C-162 C-168 C-170 C-172 C-174 C-175 C-178 C-179

Regional Waterway Management System Countywide Waterway Debris Remo Coral Creek Blueway Trailing Markers Maintenance and Aids to Navigation Cattle Dock Boat Ramp Harborwalk Project Phase 1 Abandoned Vessel Removal Program Abandoned Vessel Removal Program Blueway Trail Marking - Phase 2 Maintenance and Aids to Navigation Boca Grande Fire/Rescue Boat Instrum. Upg AV Removal Program Maintenance and Aids to Navigation Maintenance and Aids to Navigation US Coast Guard Auxiliary Flotilla 99 Rotonda West USCG Auxilliary Flotilla 98 USCG Auxilliary Flotilla 98 Total Charlotte County

L-299 L-325 L-338 L-340 L-344 L-345 L-348 L-351 L-354 L-364 L-372 L-376 L-378 L-379 L-380 L-381 L-382 L-384 L-385 L-388 L-391 L-392 L-394 L-396 L-397 L-399 L-400 L-402 L-403 L-404 L-406 L-428

Shark Ecology Education Project Navigation Improvement Coordinatio J.N. "Ding" Darling-Spoil Island Exotic R Matanzas Harbor Mooring FIeld System Repl Parks/Rec-Caloosahatchee River Educationa Imag. Group-Calossahatchee Conn Calusa Nat. Cnt-Bldg for Future USCGC Mohawk Vet Mem Reef Navigation Improvement Coordination Estero Fire Res Night Vision Ca Boca Grande Chamber of Comm-World's Riche Imaginarium Grp-The Caloosahatchee Experi Edison Sailing Center - Portable Marine/L Countywide Navigation Improvements FY14 Navigational Resource Enforcement Lee County Navigation Improvement Coordination Derelict Vessel Removal FY14 Marine Law Enforcement LCSO FY14 Marine Law Enforcement Ft. Myers PD FY14 Marine Law Enforcement Town of Ft. Myers Beach FY14 Iona McGregor FD - Purchase of 31' Metal Shark Vessel USCG Auxiliary 09-08 0 Communication Upgrade USCG Auxiliary 09-10 - Base Radio Upgrade Imaginarium Group - Science Education Aquariums Ding Darling - Sea Turtle Exhibit SCCF - Water Quality Education Kiosk Lee Reefs - Mobile Educational Display City of Sanibel - Public Ramp Dock/Dredging Work Cape Coral Rowing Club - Rowing Shells Countywide Nav Imp Supplemental Mound Key Documentary Big Carlos Pass Total Lee County

M-232 M-236 M-239 M-240 M-242 M-244 M-245 M-260 M-263 M-264

City of Holmes Beach Bathymetric 11 City of Holmes Beach/Bimini Bay 11 Brad Beach I/C Access Channel Bathymetric Survey City of Anna Maria Waterway Dredging Manatee Co. NRD-Lost and Abandoned Vessel Manatee Co. NRD-Aids to Navigation Public Safety-Boater Safe/Swim HB-1 Channel Maint Dredging Trailer Estates East Dredging Manatee Shores Dredging

Original $ 4,776 4,059 7,500 258 50,000 68,658 82,934 100,000 24,000 66 286 28,405 35,200 33,044 125 565 89 439,965

Budget Amounts Changes $ - $ (7,500) (258) (50,000) (82,934) (100,000) (66) (125) (565) (89) (241,537)

42,777 758 25,000 18,400 700 11,089 41,543 101,802 7,344 669 7,750 27,308 19,952 105,208 40,794 18,000 41,316 14,144 66,159 27,000 158,239 2,500 600 225,000 28,010 14,864 4,500 20,375 8,197 8,991 30,000 110,254 1,229,243

(758) (25,000) (18,400) (700) (11,089) (41,543) (101,926) (695) (669) (7,750) (76) (2,500) (600) (3,020) (2,051) (216,777)

18,086 10,572 4,180 109,309 30,074 24,461 7,905 30,000 27,923 82

(18,086) (10,572) (30,074) (24,461) (7,905) (30,000) 25,000 (82)

- 41 -

Final 4,776 4,059 68,658 24,000 286 28,405 35,200 33,044 198,428 42,777 (124) 6,649 27,308 19,952 105,208 40,718 18,000 41,316 14,144 66,159 27,000 158,239 225,000 24,990 12,813 4,500 20,375 8,197 8,991 30,000 110,254 1,012,466 4,180 109,309 52,923 -

$

Actual

4,750 24,090 35,200 21,976 86,016

(124) 6,649 27,308 19,952 105,208 40,718 2,502 41,316 14,144 66,125 27,000 158,239 150,000 24,990 12,813 4,500 4,777 8,197 8,991 30,000 110,254 863,559 4,180 29,434 52,923 -

Project Balance $ 4,776 4,059 68,658 19,250 286 4,315 11,068 112,412 42,777 15,498 34 75,000 15,598 148,907 79,875 -

WEST COAST INLAND NAVIGATION DISTRICT SUPPLEMENTAL SCHEDULE OF CAPITAL PROJECTS EXPENDITURES - BUDGET AND ACTUAL - CONTINUED WATERWAY DEVELOPMENT PROGRAM-CARRYOVER PROJECTS FOR THE YEAR ENDED SEPTEMBER 30, 2015 Budget Amounts Changes (150,000) (2,787) (251,547) (1,890) 499 (499) (502,404)

M-274 M-275 M-279 M-284 M-285 M-287 M-288 M-289 M-292 M-295 M-296 M-303 M-304 M-305 M-307 M-308 M-309 M-310 M-311

City of Brad Beach Der Ves Rem Manat Co NRD Boaters Guide Red USCG Flotilla #84 Saf Pat Ed/Ve Manatee Co. NRD - Kingfish Boat Ramp Wate Palmetto - Riverside Boat Ramp Redevelopm Town of LBK-Linley St. Ramp Flamingo Cay Channel Dredging Manatee River Dredge Civil Air Patorl AKA Florida Wing Manatee County Natural Resources-Explorer's Backpack Manatee County Natural Resources-Stow It Don't Throw It City of Bradenton Beach PD City of Bradenton Beach DV Removal City of Anna Maria - Lake LaVista Inlet Maintenance US Coast Guard Auxiliary Flotilla #85 US Coast Guard Auxiliary Flotilla #81 US Coast Guard Auxiliary Flotilla #84 US Coast Guard Auxiliary Flotilla #83 Fort Hammer Improvements Total Manatee County

S-190 S-192 S-194 S-197 S-199 S-200 S-207 S-211 S-212 S-214 S-216 S-221 S-224 S-225 S-227 S-228 S-229 S-230 S-232 S-235 S-240 S-241 S-242 S-243 S-245 S-246 S-247 S-248 S-249 S-250 S-251 S-253 S-254 S-255 S-256 S-257

Mote Marine Mammal/Sea Turtle South Creek Dredging Big Pass/New Pass IMP Monitor LBK Marine Fire Rescue-Emer Resp Boat Ope Parks and Recreation-Blind Pass Park Parks and Recreation-Blackburn Point Park Co Guard Aux Flot 92-R A Radio City of Sarasota - Indian Beach Shoreline City of Venice Fire Dept - Fire and Rescu Coast Guard Aux Flotilla 84-Boating Safet City of Sarasota - 10th Street Seawall Re Coast Guard Aux. Flotilla 84 - Equipment Mote Marine Lab Marine Anim Str Mote Marine Laboratory - Manatee Aerial S Sarasota Co. Coastal Resources - Nav. Imp Sarasota Co. Parks & Rec.-Osprey Fishing Sarasota Co Parks & Rec -Nokomis Beach Bo Sarasota Co Parks & Rec - Snook Haven Wat Sarasota Co. Water Resources - Venice Pi Town of LBK Marine Fire Res Equ City of Sarasota #1 Morring Field Phase III City of Sarasota #2 10th Street Boat Ramp City of Venice Marine Fire Department Boat Lift City of Venice Hatchett Creek Dredging Coast Guard Auxiliary Flotilla 8-4 Coast Guard Auxiliary Flotilla 8-6 Coast Guard Auxiliary Flotilla 9-2 Longboat Key Fire Rescue Mote Marine Laboratory Animal Stranding Response Mote Marine Laboratory Aerial Surveys Sarasota Police Marine Patrol DV Removal Venice Youth Boating Association City of Sarasota MLE City of Venice MLE Longboat Key MLE Sarasota County Sheriff MLE Total Sarasota County

1,157 104,000 121,222 83 200,000 500,000 408 3,418 2,315 4,000 300,000 3 289 211 42,366 360,000 180,000 125,000 5,000 4,289 211,000 200,000 20,000 234,658 3,000 287 708 12,500 47,169 16,435 20,000 17,171 20 19,133 5,133 91,082 2,852,057

(1,157) (104,000) (121,222) (83) (408) (3,418) (2,315) (3) (35,230) (4,289) (274) (272,399)

200,000 500,000 4,000 300,000 289 211 42,366 360,000 144,770 125,000 5,000 210,726 200,000 20,000 234,658 3,000 287 708 12,500 47,169 16,435 20,000 17,171 20 19,133 5,133 91,082 2,579,658

200,000 500,000 289 211 42,366 270,061 144,770 210,726 234,658 3,000 287 12,500 47,169 16,435 19,906 17,171 19,133 5,133 91,082 1,834,897

4,000 300,000 89,939 125,000 5,000 200,000 20,000 708 94 20 744,761

$ 6,407,362

$ (1,233,117)

$ 5,174,245

$ 3,653,633

$ 1,520,612

Waterway Development Program-Carry Over Projects

- 42 -

Final 7,256 9,802 1,298 350,000 40,000 356,428 7,940 487 980 25,000 144,738 3,108 1,999 3,000 245 265,000 1,383,693

Actual 7,256 9,802 1,298 350,000 40,000 356,428 7,940 487 980 2,744 1,720 724 3,000 245 869,161

Project Balance

Original 7,256 9,802 1,298 150,000 350,000 2,787 40,000 607,975 7,940 487 980 1,890 25,000 144,738 3,108 1,500 3,000 744 265,000 1,886,097

22,256 144,738 1,388 1,275 265,000 514,532

WEST COAST INLAND NAVIGATION DISTRICT SUPPLEMENTAL SCHEDULE OF CAPITAL PROJECTS EXPENDITURES - BUDGET AND ACTUAL COOPERATIVE ASSISTANCE PROGRAM FOR THE YEAR ENDED SEPTEMBER 30, 2015

CAP-70 Florida Sea Grant 070 CAP-72 Coastal Inlet Navigation Fund CAP-74 Florida Gulf Coast University CAP-75 Florida Sea Grants CAP-76 Bay Scallops Restoration CAP-78 Coastal Inlet Navigation Fund CAP-80 Florida Gulfcoast University CAP-81 Florida Sea Grant CAP-82 Coastal Inlet Navigation Fund CAP-84 Florida Gulfcoast University CAP-85 Florida Sea Grant CAP-86 Snake Island Restoration CAP-87 Longboat Emergency Beach Fill CAP-88 Coastal Inlet Navigation Fund CAP-89 Venice Marine/Special Enforcement CAP-90 Florida Gulfcoast University CAP-91 Florida Sea Grant CAP-92 Anita's Sandcastle CAP-523 Venice Inlet Mgmt.(Year 6) CAP-524 Longboat Pass Inlet Management (Year CAP-525 Venice Inlet Mgmt.(Year 7) CAP-527 Longboat Pass Inlet Management (Year CAP-528 Venice Inlet Management (Year 8) CAP-529 Longboat Pass Inlet Management (Year CAP-530 Venice Inlet Management (Year 9) CAP-531 Longboat Pass Inlet Management (Year CAP-532 Venice Inlet Management (Year 10) Total Cooperative Assistance Program

$

6) 7) 8) 9)

OTHER PROJECTS ACOE Section 1135 ACOE Contributed Funds Agreement Regional Dredged Materials Plan Total Other Projects

Original 1,896 988 11,000 20,000 1,000 173 25,000 20,000 148,057 25,000 20,000 12,883 (15,731) 150,000 35,000 25,000 20,000 71,116 60,116 75,000 75,000 75,000 75,000 75,000 75,000 75,000 1,156,498

Budget Amounts Changes $ 50,000 50,000

279,163 17,288 296,451

$

50,000 50,000

Final 1,896 988 11,000 20,000 1,000 173 25,000 20,000 148,057 25,000 20,000 12,883 (15,731) 150,000 35,000 25,000 20,000 50,000 71,116 60,116 75,000 75,000 75,000 75,000 75,000 75,000 75,000 1,206,498

$

279,163 50,000 17,288 346,451

Actual

988 20,000 173 1,450 150,000 12,883 19,585 35,000 1,590 9,638 251,307

$

3,812 3,812

Project Balance 1,896 11,000 1,000 25,000 18,550 (1,943) 25,000 20,000 (15,731) 130,415 25,000 20,000 50,000 69,526 50,478 75,000 75,000 75,000 75,000 75,000 75,000 75,000 955,191 275,351 50,000 17,288 342,639

TOTAL CAP AND OTHER

$

1,452,949

$

100,000

$

1,552,949

$

255,119

$

1,297,830

Current year projects Carryover projects

$

380,000 1,072,949

$

100,000 -

$

480,000 1,072,949

$

54,585 200,534

$

425,415 872,415

Total Cooperative Assistance Program

$

1,452,949

$

100,000

$

1,552,949

$

255,119

$

1,297,830

Total All Counties Expense

$

13,123,719

$

394,040

$ 13,517,759

$

5,689,940

$

7,827,819

- 43 -

WEST COAST INLAND NAVIGATION DISTRICT SUPPLEMENTAL SCHEDULE OF EXPENDITURES - BUDGET BASIS ADMINISTRATIVE, MAINTENANCE AND OTHER EXPENDITURES FOR THE YEAR ENDED SEPTEMBER 30, 2015

ORIGINAL AND FINAL BUDGET ADMINISTRATION Executive director - salary Project and administration - salaries Group insurance State retirement Social security Advertising Audit and accounting Board travel Staff travel Utilities Telephone Insurance - commercial Office supplies and expense Postage Dues and subscriptions Office and grounds Financial fees Accounting services Contingency Total Administration Expense MAINTENANCE Spoil area Engineering Legislative Legal and litigation Total Maintenance Expense OTHER Commissions appraisers / tax collectors Tax refunds Total Other Expense

$

$ $

$ $ $

- 44 -

ACTUAL

102,000 108,001 49,478 21,000 16,000 5,000 22,000 800 5,000 4,500 3,700 20,000 3,000 1,500 1,000 5,500 1,300 15,000 82,300 467,079

$

160,000 5,000 60,000 60,000 285,000

$

200,000 200,000

$

$

$

$

VARIANCE FAVORABLE (UNFAVORABLE)

102,000 105,480 49,740 21,245 18,671 5,057 22,075 1,026 5,304 2,604 4,332 18,137 2,945 953 1,546 7,425 567 24,000 83,927 477,034

$

85,178 925 60,200 62,785 209,088

$

167,627 3,852 171,479

$

$

$

$

2,521 (262) (245) (2,671) (57) (75) (226) (304) 1,896 (632) 1,863 55 547 (546) (1,925) 733 (9,000) (1,627) (9,955) 74,822 4,075 (200) (2,785) 75,912 32,373 (3,852) 28,521

OTHER AUDITOR’S REPORTS

WEST COAST INLAND NAVIGATION DISTRICT SCHEDULE OF FINDINGS AND QUESTIONED COSTS FOR THE YEAR ENDED SEPTEMBER 30, 2015

Section I – Summary of Auditors’ Results Financial Statements Type of Auditor’s report issued:

Unqualified Opinion

Internal Control over financial reporting: Material Weakness(es) identified?

yes

Significant deficiency(s) identified not considered to be material weakness(es)?

yes

Noncompliance material to basic financial statements noted?

x

no

x none reported

yes

x

no

Material weakness(es) identified?

yes

x

no

Significant deficiency(s) identified not considered to be material weakness(es)?

yes

State Financial Assistance Internal Control over major projects:

Type of auditor’s report issued on compliance for major projects: Any audit findings disclosed that are required to be reported in accordance with Rules of the Auditor General Chapter 10.557 Identification of Major State Projects:

x none reported

Unqualified Opinion yes

x

CSFA Number

Beach Management Funding Assistance Program Dollar threshold used to distinguish between Type A and Type B programs:

- 49 –

37.003 $211,844

no

WEST COAST INLAND NAVIGATION DISTRICT SCHEDULE OF FINDINGS AND QUESTIONED COSTS FOR THE YEAR ENDED SEPTEMBER 30, 2015

Section II - Financial Statement Findings

See the Management Letter for this information.

PRIOR YEAR FINDINGS

See the Management Letter for this information.

Section III – State Project Award Findings and Questioned Costs No matters were reported.

PRIOR YEAR FINDINGS N/A – No single audit in prior year.

- 50–

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