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KEEFE, McCULLOUGH & CO., LLP CERTIFIED PUBLIC ACCOUNTANTS JOHN R. KEEFE, C.P.A. STEVEN H. WOODS, C.P.A. DAVID T. WILLIAMS. C.P.A. JOSEPH D. LEO, C.P.A. WILLIAM G. BENSON, C.P.A. KENNETH G. SMITH, C.P.A. LOUIS R. PROIETTO, C.P.A. CYNTHIA L. CALVERT, C.P.A. ISRAEL 1. GOMEZ. C.P.A. JAMES R. LARAWAY, C.P.A. JOHN E. McCULLOUGH, C.P.A. (RETIRED) THOMAS T. CARPENTER, C.P.A.(RETIRED) PAUL B. SNEIDER, C.P.A. (RETIRED) BRIAN D. PINNELL, C.P.A. (RETIRED) 6550 NORTH FEDERAL HIGHWAY SUITE 410 FORT LAUDERDALE, FLORIDA 33308 (954) 771-0896 FAX: (954) 938-9353 E-MAIL: kme@kmeepa.eom ROSS S. GOTTHOFFER, C.P.A. INDEPENDENT AUDITORS' REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS To the Honorable Mayor, City Commissioners and City Manager City of Key West, Florida We have audited the financial statements of the governmental activities, the business-type activities, each major fund and the aggregate remaining fund information of the City of Key West, Florida (the "City") as of and for the year ended September 30, 2009, which collectively comprise the City's basic financial statements and have issued our report thereon dated March 31, 2010. We did not audit the financial statements of the Pension Trust Fund for Police Officers and Firefighters. Also, we did not audit the financial statements of The Housing Authority of the City of Key West, which is the sole discretely presented component unit. Those financial statements were audited by other auditors. 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. The financial statements of the Pension Trust Fund for Police Officers and Firefighters were not audited in accordance with Government Auditing Standards. Our consideration of internal control over financial reporting and our tests of compliance with certain provision of laws, regulations, contracts and grant agreements did not include entities audited by other auditors referred to in the previous paragraph. The findings, if any, of those other auditors are not included herein. Internal Control over Financial Reporting In planning and performing our audit, we considered the City'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 City's internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the City's internal control over financial reporting. A control deficiency 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 misstatements on a timely basis. A significant deficiency is a control deficiency, or combination of control deficiencies, that adversely affects the City's ability to initiate, authorize, record, process or report financial data reliably in accordance with generally accepted accounting principles such that there is more than a remote likelihood that a misstatement of the City's financial statements that is more than inconsequential will not be prevented or detected by the City's internal control.