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<br />
<br />KEEFE, McCULLOUGH & CO., LLP
<br />CERTIFIED PUBLIC ACCOUNTANTS
<br />
<br />JOHN R. KEEFE, C.P.A.
<br />STEVEN H. WOODS, C.P.A.
<br />DAVID T. WILLIAMS, C.PA
<br />JOSEPH D. LEO, C.PA
<br />WILLIAM G. BENSON, C.P.A.
<br />KENNETH G. SMITH, C.PA
<br />LOUIS R. PROlETTO, C.P.A.
<br />
<br />CYNTHIA L. CALVERT, C.P.A.
<br />ISRAEL J. GOMEZ, C.P.A.
<br />JAMES R. LARAWAY, C.P.A.
<br />JOHN E. McCULLOUGH, C.P.A. (RETIRED)
<br />THOMAS T. CARPENTER, C.P.A.(RETIRED)
<br />PAUL B. SNEIDER, C.P.A. (RETIRED)
<br />BRIAN D. PINNELL, C.P.A. (RETIRED)
<br />
<br />6550 NORTH FEDERAL HIGHWAY
<br />SUITE 410
<br />FORT LAUDERDALE, FLORIDA 33308
<br />(954) 771-0896
<br />FAX: (954) 938-9353
<br />E-MAIL: kme@kmeepa.eom
<br />
<br />ROSS S. GOTTHOFFER. C.P.A.
<br />
<br />INDEPENDENT AUDITORS' REPORT TO CITY MANAGEMENT
<br />
<br />To the Honorable Mayor, City Commissioners and City Manager
<br />City of Key West, Florida
<br />
<br />We have audited the financial statements of the City of Key West, Florida (the "City"), as of
<br />and for the fiscal year ended September 30, 2009, and have issued our report thereon dated
<br />March 31, 2010.
<br />
<br />We conducted our audit in accordance with auditing standards generally accepted in the
<br />United States of America; the standards applicable to financial audits contained in Government
<br />Auditing Standards, issued by the Comptroller General of the United States; and OMB Circular
<br />A-133, Audits of State, Local Governments, and Non-Profit Organizations. We have issued our
<br />Independent Auditors' Report on Internal Control over Financial Reporting and on Compliance
<br />and Other Matters, Independent Auditors' Report on Compliance with Requirements Applicable
<br />to each Major Federal Program and State Project and on Internal Control over Compliance, and
<br />Schedule of Findings and Questioned Costs. Disclosures in those reports and schedule, which are
<br />dated March 31, 2010, should be considered in conjunction with this management letter.
<br />
<br />Additionally, our audit was conducted in accordance with the Chapter 10.550, Rules of the
<br />Auditor General, which governs the conduct of local governmental entity audits performed in the
<br />State of Florida. This letter includes the following information, which is not included in the
<br />aforementioned auditors' reports or schedule:
<br />
<br />Section 1O.554(1)(i) 1., Rules of the Auditor General, requires that we determine whether or
<br />not corrective actions have been taken to address findings and recommendations made in the
<br />preceding annual financial audit report. Corrective actions have been taken to address findings
<br />and recommendations made in the preceding annual financial audit report, except as noted on
<br />pages 6 through 8 under the heading Prior Year Findings and Recommendations.
<br />
<br />Section 1O.554(1)(i)2., Rules of the Auditor General, requires our audit to include a review of
<br />the provisions of Section 218.415, Florida Statutes, regarding the investment of public funds. In
<br />connection with our audit, we determined that the City of Key West, Florida complied with
<br />Section 218.415, Florida Statutes.
<br />
<br />Section 1O.554(1)(i)3., Rules of the Auditor General, requires that we address in the
<br />management letter any recommendations to improve financial management. In connection with
<br />our audit, we have the following findings and recommendations:
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