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<br />SHORSTEIN Be SHORSTEIN, P.A.
<br />CERTIFIED PUBLIC ACCOUNTANTS
<br />8265 BAYBERRY ROAD
<br />JACKSONVILLE, FLORIDA 32256
<br />
<br />JACK F. SHORSTEIN, C.P.A.
<br />SAMUEL R. SHORSTEIN, C.P,A,
<br />MARK J. SHORSTEIN, C.P.A.
<br />MICHAEL K, PARRISH, C.P.A,
<br />BARBARA J. HOUSTON, C.P.A,
<br />O.J. YOUNG
<br />MARGARET R. CONOVER, C.P.A,
<br />JOAN B. MOELL, C.P.A.
<br />WALTER L. HUNTER, C.P.A.
<br />H. DAN HOOPER, C.P.A.
<br />
<br />TELEPHONE
<br />(904) 739-1311
<br />FACSIMILE
<br />(904) 739-2069
<br />WEBSITE
<br />WWW.SHORSTEINCPA.COM
<br />
<br />March 7, 2011
<br />
<br />Independent Auditors' Report
<br />
<br />To the Trustees of the Florida
<br />Municipal Insurance Trust:
<br />
<br />We have audited the accompanying balance sheet of the Florida Municipal Insurance Trust as of
<br />September 30, 2010, and the related statements of revenues, expenses and changes in fund
<br />equity and cash flows for the year then ended, These financial statements are the responsibility
<br />of the Trust's management. Our responsibility is to express an opinion on these financial
<br />statements based on our audit.
<br />
<br />We conducted our audit in accordance with auditing standards generally accepted in the United
<br />States of America, Those standards require that we plan and perform the audit to obtain
<br />reasonable assurance about whether the financial statements are free of material misstatement.
<br />An audit includes consideration of internal control over financial reporting as a basis for designing
<br />audit procedures that are appropriate in the circumstances, but not for the purpose of expressing
<br />an opinion on the effectiveness of the Trust's internal control over financial reporting,
<br />Accordingly, we express no such opinion, An audit also includes examining, on a test basis,
<br />evidence supporting the amounts and disclosures in the financial statements, assessing the
<br />accounting principles used and significant estimates made by management, as well as evaluating
<br />the overall financial statement presentation, We believe that our audit provides a reasonable
<br />basis for our opinion,
<br />
<br />In our opinion, the financial statements referred to above present fairly, in all material respects,
<br />the financial position of the Florida Municipal Insurance Trust as of September 30, 2010, and the
<br />results of its operations and its cash flows for the year then ended in conformity with accounting
<br />principles generally accepted in the United States of America.
<br />
<br />Accounting principles generally accepted in the United States of America require that the
<br />management's discussion and analysis on pages 3-8 and Schedules 1 and 2 on pages 20-22 be
<br />presented to supplement the basic financial statements, Such information, although not part of
<br />the basic financial statements, is required by the Governmental Accounting Standards Board,
<br />who considers it to be an essential part of financial reporting for placing the basic financial '
<br />statements in an appropriate operational, economic, or historical context.
<br />
<br />We have applied certain limited procedures to the management's discussion and analysis in
<br />accordance with auditing standards generally accepted in the United States of America, which
<br />consisted of inquiries of management about the methods of preparing the information and
<br />comparing the information for consistency with management's responses to our inquiries, the
<br />basic financial statements, and other knowledge we obtained during our audit of the basic
<br />financial statements, We do not express an opinion or provide any assurance on the information
<br />because the limited procedures do not provide us with sufficient evidence to express an opinion
<br />or provide any assurance,
<br />
<br />'-..
<br />
<br />MEMBERS: AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS. FLORIDA INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
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