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I I I I I I I I I I I I I I I I I I I 'rr;Cfr'!.~il~d ~~~~:~~!~~ 2700 North Military Trail. Suite 350 Boca Raton, Florida 33431 (561) 994-9299' (800) 299-4728 Fax (561) 994-5823 www.Qraucpa.com MANAGEMENT LETTER IN ACCORDANCE WITH THE RULES OF THE AUDITOR GENERAL OF THE STATE OF FLORIDA XXXXXXXXXXXXXXXXXXXXXXXX XXXXXXXXXXXXXXXXXX, Florida We have audited the basic financial statements of the XXXXXXXXXXXXXXXXXX, Florida (the XXXXX) as of and for the year ended September 30, 2005, and have issued a report thereon dated December 18, 2006. We did not audit the financial statements of the XXXXXXXXXXXXXXXXXX Police Officers Retirement System or the XXXXXXXXXXXXXXXXXX Firefighters' Pension Plan, which together represents 89% of the assets and 82% of the revenues of the fiduciary fund totals, which are included in the fund financial statements. Those statements were audited by other independent auditors whose reports thereon have been furnished to us, and our opinion, insofar as it related to the amounts included for the Police Employees Pension Trust Fund and the Firefighters' Pension Plan, are based solely upon the reports of the other independent auditors. The financial statements of the XXXXXXXXXXXXXXXXXX Police Employees Pension Trust Fund and the Firefighters' Pension Plan were not audited in accordance with Government Auditing Standards. We conducted our audit in accordance with auditing standards generally accepted in the United States; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and OMB Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations; and the requirements described in the Executive Office of the Governor's State Projects Compliance Supplement, and Chapter 10.550, Rules of the Auditor General. We have issued our Report of Independent Certified Public Accountants on Compliance and Internal Control over Financial Reporting, Report of Independent Certified Public Accountants on Compliance and Internal Control over Compliance Applicable to each Major Federal Awards Program and State Financial Assistance, Summary Schedule of Prior Audit Findings and Schedule of Findings and Questioned Costs. Disclosures in those reports and schedules, which are dated December 18, 2006, should be considered in conjunction with this management letter. In connection with our audit of the basic financial statements of the XXXXX for the year ended September 30, 2005, we report the following in accordance with Chapter 10.550 Rules of the Auditor General, Local Governmental Entity Audits which requires that this report specifically address but not be limited to the matters outlined in Rule 10.554(1 )(h): 1. Unless otherwise required to be reported in the auditor's report on compliance and on internal controls, the management letter shall include, but not be limited to a statement as to whether or not corrective actions have been taken to address significant findings and recommendations made in the preceding annual financial audit report. There were no significant findings and recommendations made in the preceding annual financial audit report for the fiscal year ended September 30,2004, except as disclosed in the Schedule of findings and questioned costs. 2. The XXXXX did not comply with Section 218.415, Florida Statutes, regarding the investment of public funds. See Schedule of findings and questioned costs.