Marcum - Laserfiche WebLink

Home Browse Search

Marcum LLP n One Southeast Third Avenue n Suite 1100 n Miami, Florida 33131 n Phone 305.995.9600 n Fax 305.995.9601 n www.marcumllp.com March 26, 2021 To the Honorable Mayor, Village Council and Interim Village Manager Village of Key Biscayne, Florida We have audited the financial statements of the governmental activities, the business-type activities and each major fund of the Village of Key Biscayne, Florida (the Village) for the fiscal year ended September 30, 2020. Professional standards require that we provide you with information about our responsibilities under generally accepted auditing standards and Government Auditing Standards, OMB Uniform Guidance and Chapter 10.550 Rules of the Auditor General of the State of Florida, as well as certain information related to the planned scope and timing of our audit. We have communicated such information in our letter to you dated December 1, 2020. Professional standards also require that we communicate to you the following information related to our audit. Significant Audit Findings Qualitative Aspects of Accounting Practices Management is responsible for the selection and use of appropriate accounting policies. The significant accounting policies used by the Village are described in Note 1 to the financial statements. No new accounting policies were adopted that impacted the financial statements and the application of existing policies was not changed for the fiscal year ended September 30, 2020 with the exception of and as described in Note 1 to the financial statements, the Village adopted Governmental Accounting Standards Board (GASB) Statement No. 88, Certain Debt Disclosures including Direct Borrowings and Direct Placement which improves the information that is disclosed in notes to government financial statements related to debt, including direct borrowings and direct placements as well as the financial impact of events of default or termination clauses. There is no cumulative effect on financial statement amounts as a result of this accounting change. We noted no transactions entered into by the Village during the fiscal year for which there is a lack of authoritative guidance or consensus. All significant transactions have been recognized in the financial statements in the proper period. Accounting estimates are an integral part of the financial statements prepared by management and are based on management’s knowledge and experience about past and current events and assumptions about future events. Certain accounting estimates are particularly sensitive because of their significance to the financial statements and because of the possibility that future events affecting them may differ significantly from those expected. The most sensitive estimates affecting the Village’s financial statements were: FOR PROPOSAL PURPOSES ONLY - DO NOT DISTRIBUTE