Okaloosa County BOCC — August 18, 2015 — Exhibit B - Proposal — reading text

PJ'-4'CV'~-'- , .I" FLEIIrT .8. MANAG€M £ NT --------------------------------------- Exhibit 7 - Financial Statement 75  Barley IMcNamara IWild CERTif iED PU8l1( A((OUNTANTS & ASSOCIATES Financial Statements and Report of Independent Certified Public Accountants Maruti Fleet & Managelnent, LLC D ecember 31 , 2013 and 2012 Maruti Fleet & M anagement, LLC Table of Contents Report of Independent Certi fied Public A ccountants ...... . ...................... 1-2 Financial Statements; Balance Sheets .. ....... 3 Statements of Income and ~1em b er's Equity .......... . ................................ 4 Statements of Cash Flows ...... ....... " ...... . ......... ............................... .............. .................. .. 5 No tes to Financial Statemems ............... .................... ... .. ........ 6- 10  Barley i McNamara IWild C£R1IFIEO PUBlI( mOUfilAN11 & AllOUAlEI REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS The Board of Directors Maruti Fleet & Management, LLC: We have audited the accompanying balance sheets o f Maru ti F leet & Manageme.nt, LLC (the "Company"), which comprise the balance sheets as o f Decembe.r 31, 2013 and 2012, and rhe related statements of income, and cas h flows for the r ears then ended, and the related notes to the financial statements. Management's Responsibility for th e Financial Statements Management is responsible for the preparation and fair presenta,tion of these fmancial statements in accordance with acco unting principles generallr accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of fmancia.l statements that are free from material misstatement, w hether due to fraud or enor. Aud ito r's Resp onsibility Our responsibility is to express an opinion on thesc fina ncial statements based on ou r audits. \Y./e conducted our audits in accordance with auditing standards generally accepted in the Un.ited States of America. T hose standards require that we plan and perform the audits to obtain reasonable assurance ab out whether the flnancial statements are free of material misstatement. An audit .involves performing procedures to obtain audit evidence about the amounts and disclosures in tbe fmancial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considcrs internal control relevant to the entity's preparation and fair presentation dE the f1l1ancial statemen ts in order to design audit procedures that are appropriate in the circtunstances, but not for the purp ose of expressing an opinion on the effectiveness of the entity's internal con u·ol. Accordingly, we express no such opinion. ~-\.n audit also includes evaluating the appropriateness o f accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the f1!1ancial statements. \Xie believe tha[ the audit evjcience we have obtained .is sufficient and appropriate to provide a basis for our audit 0p1Dlons. IA(KSOl~ VI II f • 5 1~O Sellon Rd., Suikllng 400 • 'ac k sl}nvm~, fl 3J.2~ 6 • Offic~ ; ~1I4 .69 4.IlCPA (4211) • Fin:; 90~ .694.4BMW H2(9 ) !AMPA . 1300 Nonh W,-,stshore Boulevard · Suite 205 - lampa, Fl .33607 - Ol rl'c \ · 813 . 4 1j.3-50~8 IlKl. 303 . loil free-: 3SS'; 10.2323  80 rleyI McNamara IWiId ClRTlFIlO PUBLIC A(COUIITA IITS & AIIO(IA1£I Opinion In our opinion, rhe ftnancial statements referred to above present fairly, in all material respects, the financial position of l\1aruti Fleet & Management, LLC as of December 31 , 2013 and 2012, and the results of their operations and irs cas h flows for rhe years dleo ended in accord ance with accounting principles generally accepted in the United States of Alnerica. T,mpa, Florida J une 19, 2014 MOiSONVILlE - 5150 Stlr"r! Rd., Building 400 - JilCksolwille, fL 32256 - Offi ce: ,)04,694ACPfl (4272) - Fill';, 'J04.694.4BMW (Wi9t rAM P.~ - , 100 North Wp~ l ~hor(o Bout"v.Hd - Stllte 7.05 . l.lmp.l, fl 33601 - Direr !: 8l1.4~3 - S0 ·t 8f>~ " 3D] • Toll f,l'I~: 6eS.4 10.1J73 Maruti Fleet & Management, LLC. Balance Sheets As of Decembet 31, 2013 and 2012 Assets 2013 2012 Cmrent assets Cash $ 69,38 1 104,066 Certificate of deposI t 12,009 12,009 .1.ccounts receivable 447, 106 206,225 Related party recelvable 21 ,061 Pr.epaid and other assets 109,279 83,539 T oral cunent assets 637,775 426,900 Property, plan t, & eguipme.nt 339,816 379,346 Total assets $ 977,591 806,246 Liabilities and Member's Equi!)C Current liabilities .\ ccounrs payable and acc rued expenses $ 442,584 $ 380,676 Cw:rent portion of capital lease 65,122 63,477 Current portion of notes payable 64,001 47,624 Total curren t liabilities 57 1,707 491,77 7 Long term portion of capi tal lease 64,184 129,450 Long term portion of notes payable 112,237 11 3,686 Total liabilities 748,128 734,913 Member's equity 229,463 71,333 T otalliabilities and member's egwry $ 977,591 806,246 The accom panying n otes are an integral part o f th ese financial statements p '" ~.-- 1 3 Maruti Fleet & Management, LLC. Statements of Income and Membe r' s Equity Fot the Yeats Ended December 31,2013 and 2012 2013 2012 Reve nues $ 6,788,038 $ 5,495,199 Expe nses : O perating expenses 5,689,924 4,560,504 Administrative ex.penses 623,044 42 1,225 T otal expenses 6,3 12,968 4,98 1,729 N et income 475,070 51 3,470 Membe r's equity at beginning o f year 71,333 119,03 5 Distributions (3 16,940) (561,172) Member's equity at end af year $ 229,463 $ 71,333 The accom panying no tes are an integ ral part of these financial statem ents Maru6 Fleet & Management, LLC. Statem ents of Cash F lows For the Years Ended D ecembe r 31, 2013 and 2012 2013 2012 Cash flows fro m o perating activities Net income $ 475,070 $ 513,470 .-\djusrments to reconcile net income to net cas h prov-ided by operating ac tivities: D epreciation expense 103,993 89,774 lncrease(decrease) .-\ccounts receivable (240,881) (79,2-19) Prepaid and other assets (25,740) (83,331) Related party recei'<;'ables and payables 21,061 19,139 .-\.ccrued expenses 61,908 17 5,070 ?'-Jet cash provided by operating activities 395,41 1 634,873 Cash flows fro m investing activities Purchase of eguipment (64,462) (154,362) Net cash used in investing activities (64,462) (154,362) Cash flows fro m fin ancing activities Payments on loans and capiralleases (104,438) (88,920) Proceeds from notes parable 55,744 157,563 Dis tributions (3 16,940) (561,172) Net cas h used in fmallcing activities (365,634) (492,529) Net d ecrease in cash (34,685) (12,018) Cash, beginning of year 104,066 116,084 Cash, end of year 69,381 $ 104,066 Supplem e ntal and N on-Cash D isclosures: Cas h paid fo r interest $ 29,581 32,391 Non-Cas h F inancing Activities :\cguisition of ,\7ehides with capital leases $ 74,000 The accompanying notes are an integral parr of these fin an cial statements Maruti Fleet & Management, LLC Notes to Finan cial Statem ents December 31, 2013 and 2012 Note A - Organization and Descriptio n of Business Marua Fleer & Management, LLC (the Company) is a Florida limited