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HomeMy WebLinkAboutSEOPW-CRA-2000-03-13-Discussion Item 03BDRAFT CITY OF MIAMI COMMUNITY REDEVELOPMENT AGENCY, A COMPONENT UNIT OF THE CITY OF MIAMI, FLORIDA General Purpose Financial Statements September 30, 1999 (With Independent Auditors' Report Thereon) sBOrw� CSA- CITY OF MIAMI COMMUNITY REDEVELOPMENT AGENCY, A COMPONENT UNIT OF THE CITY OF MIAMI, FLORIDA General Purpose Financial Statements September 30, 1999 DRAFT Table of Contents Page Independent Auditors' Report General Purpose Financial Statements: Combined Balance Sheet — Governmental Fund Types and Account Group 2 Combined Statement of Revenue, Expenditures and Changes in Fund Balances — All Governmental Fund Types 4 Combined Statement of Revenue, Expenditures and Changes in Fund Balances — Budget and Actual — General Fund, Special Revenue Funds and Debt Service Fund Notes to General Purpose Financial Statements 7 Supplementary Information: Combining Balance Sheet — Special Revenue Funds 15 Combining Statement of Revenue, Expenditures and Changes in Fund Balances — Special Revenue Funds 16 Combining Statement of Revenue, Expenditures and Changes in Fund Balances — Budget and Actual — Special Revenue Funds 17 Other Reports: Independent Auditors' Report on Compliance and on Internal Control Over Financial Reporting Based on an Audit of Financial Statements Performed in Accordance With Government Auditing Standards 19 SEGI?WICRAr7, _ - 1 DRAFT THIS PAGE INTENTIONALLY LEFT BLANK I '. sEopw��' -�. THIS PAGE INTENTIONALLY LEFT BLANK e Uopwicm CTTY of umi COMMUNTTY REDEVELOPMENT*'NENCY, A CONk . ANENT UNIT OF THE CITY OF MIAMI,1,„ ,AIDA Combined Balance Sheet Governmental Fund Types and Account Groups September 30, 1999 Assets and Other Debits Equity in pooled cash Due from other fund Due from other governments Due from primary government Note receivable Reserve for note receivable Interest receivable Restricted cash Fixed assets Amount available in debt service - special obligation bonds and loans Amount to be provided for retirement of special obligation bonds and loans Total assets and other debits Liabilities, Fund Balances and Other Credits Liabilities: Accounts payable and accrued liabilities Due to other fund Due to other governments Deposits Debt service payment payable Interest payable Total liabilities DRAFT0' Governmental Fund Types Special Debt Capital General Revenue Service Projects $ 600,043 2,223,878 - 2,161,709 _ 382,693 - - 75,000 334,612 - - 176,255 - - - _ 63,427 - - _ (63,427) - - _ 15,256 - 13,094 _ - 901,215 - $ 851,298 2,956,439 901,215 2,174,803 $ 411,201 918 - 2,097 _ - 382,693 - 445,469 - - - - 1,356 90,000 - _ - 133,662 - 411,201 446,387 606,355 3,453 Fund balances and other credits: Investment in general fixed assets - - Fund Balances: Reserved for debt service - - 294,860 - Unreserved: Designated for future capital projects - - - 2,171,350 Undesignated 440,097 2,510,052 - Total fund balance and other credits 440,097 2,510,052 294,860 2,171,350 Total liabilities, fund balances and other credits $ 851,298 2,956,439 901,215 2,174,803 See acompanying notes to financial statements. I V 2 SWPwIcRA 4 s le Account Groups General General Totals Fixed Long-term (memorandum Assets Obligations only) - - 4,985,630 - - 382,693 - - 409,612 - - 176,255 - - 63,427 - - (63,427) - - 28,350 - - 901,215 14,880,207 - 14,880,207 - 294,860 294,860 - 9,569,004 9,569,004 14,880,207 9,863,864 31,627,826 - 414,216 - - 382,693 - - 445,469 - - 1,356 - 9,863,864 9,953,864 - - 133,662 9,863,864 11,331,260 14,880,207 - 14,880,207 - - 294,860 - 2,171,350 - 2,950,149 14,880,207 - 20,296,566 14,880,207 9,863,864 31,627,826 3 '[!�, SC.N,jro'� CITY^MIAMI COMMUNITY REDEVELOPMENT /'O"NNCY, A Ct., .'ONENT UNIT OF THE CITY OF MIANII, F.,.,DA Combined Statement of Revenue, Expenditures and DRAFT Changes in Fund Balances All Governmental Fund Types For the fiscal year ended September 30, 1999 Governmental Fund Types Totals Special Debt Capital (memorandum General Revenue Service Projects only) Revenue: Tax increment $ - 1,474,393 - - 1,474,393 State of Florida Revenue Sharing - 300,000 - - 300,000 Parking lease 139,392 - - - 139,392 Rental - 6,400 - - 6,400 Interest - 93,980 1,879 73,452 169,311 Total revenue 139,392 1,874,773 1,879 73,452 2,089,496 Expenditures: Current: General government 571,188 730,130 - - 1,301,318 Debt service: Principal - - 90,000 - 90,000 Interest - - 707,742 - 707,742 Capital outlay - - - 4,479 4,479 Total expenditures 571,188 730,130 797,742 4,479 2,103,539 Excess (deficiency) of revenue over (under) re. expenditures (431,796) 1,144,643 (795,863) 68,973 (14,043) Other financing sources (uses): Operating transfers in - 214,430 1,265,121 - 1,479,551 Operating transfers out - (1,479,551) - - (1,479,551) Operating transfers from primary government 871,893 - - - 871,893 Total other financing sources (uses) 871,893 (1,265,121) 1,265,121 - 871,893 Excess (deficiency )of revenue and other financing sources over (under) expenditures and other financing uses 440,097 (120,478) 469,258 68,973 857,850 Fund balances (deficit), beginning of year - 2,630,530 (174,398) 2,102,377 4,558,509 Fund balances, end of year $ 440,097 2,510.052 294,860 2,171,350 5,416,359 See accompanying notes to financial statements. ��',G�sSroi SEOPWIC" 4 0 THIS PAGE INTENTIONALLY LEFT BLANK SWPW/CR k '� CITY OF P001K MI COMMUNITY REDEVELOPMEGENCY, A COMPbnNT UNIT OF THE CITY OF MIAM ,ORIDA Combined Statement of Revenue, Expenditures and Changes in Fund Balances - Budget and Actual General Fund, Special Revenue Funds and Debt Service Fund For the fiscal year ended September 30, 1999 Revenues: Tax increment State of Florida Revenue Sharing Parking lease Rental Interest Total revenue Expenditures: Current: General government Debt Service: Principal Interest Total expenditures Excess (deficiency) of revenue over (under) expenditures Other financing sources (uses): Operating transfers in Operating transfers out Operating transfers from primary government Total other financing sources (uses) Excess (deficiency ) of revenue and other financing sources over (under) expenditures and other financing uses Fund balances (deficit), beginning of year Fund balances, end of year See accompanying notes to financial statements. sWPW/CRA 5 General Fund IMILPI2.1 Variance Favorable Budget Actual (Unfavorable) 330,000 139,392 (190,608) 330,000 139,392 (190,608) 623,250 571,188 52,062 52,062 571,188 623,250 (293,250) (431,796) (138,546) 178,034 - (178,034) 550,651 871,893 321,242 728,685 871,893 143,208 $ 435,435 440,097 875,532 $ 440,097 m Special Revenue Funds Debt Service Fund Variance Variance Favorable Favorable Budget Actual (Unfavorable) Budget Actual (Unfavorable) 890,168 1,474,393 584,225 - - - 300,000 300,000 - 65,502 6,400 (59,102) - - - - 93,980 93,980 - 1,879 1,879 1,255,670 1,874,773 619,103 - 1,879 1,879 730,130 (730,130) - 90,000 90,000 - - 707,742 707,742 730,130 (730,130) 797,742 797,742 1,255,670 1,144,643 (111,027) (797,742) (795,863) 1,879 214,430 214,430 797,742 1,265,121 467,379 (535,359) (1,479,551) (944,192) - - - (535,359) (1,265,121) (729,762) 797,742 1,265,121 467,379 720,311 (120,478) (840,789) - 2,630,530 2,510,052 469,258 469,258 (174,398) 294,860 Ce SEOPWIaA- CITY OF MI.0'-I COMMUNITY REDEVELOPME'""N AGENCY, A COMPOl1% _AT UNIT OF THE CITY OF MIA1Vi,, LORIDA Notes to General Purpose Financial Statements September 30, 1999 (1) General Description DRAFT The City of Miami Community Redevelopment Agency (the "Agency") was established in March 1983 by the City of Miami, Florida (the "City") under the provisions of Florida Statute, Section 163.387. The Agency's stated purpose is to spur the development and redevelopment of prime real estate for new residential and commercial activity in the blighted areas of the Omni and Southeast Overtown/Park West Redevelopment Districts (the "Districts"). The Board of Directors of the Agency is comprised of the five members of the City Commission and is separate, distinct and independent from the governing body of the City. On May 18, 1995, the City adopted Resolution 95-418 authorizing the City to enter into an interlocal cooperation agreement with Miami -Dade County, Florida (the "County") whereby tax increment revenue assessed by the parties would be paid to the Agency and used in accordance with the approved budgets and for the benefit of the respective Districts. The Agency meets the criteria for inclusion in the City's reporting entity as a component unit, and therefore, has been reported in the general purpose financial statements of the City. (2) Summary of Significant Accounting Policies (a) Basis of Accounting The accounts of the Agency are organized on the basis of funds and an account group, each of which is considered a separate accounting entity. The operations of each fund are accounted for in a separate set of self -balancing accounts that is comprised of its assets, liabilities, fund equity, revenue and expenditures, as appropriate. Governmental resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled. The Agency has the following fund -type and account group: 0) Governmental Funds Governmental funds are accounted for on a financial -flow measurement basis. Only current assets and current liabilities are generally included on the balance sheet. The operating statements present sources (revenue and other financial sources) and uses (expenditures and other financing uses) of available spendable resources during the period. The modified accrual basis of accounting is used for all governmental fund types. Under this method, revenue amounts are recorded when they are both measurable and available. "Measurable" means that the amount of a transaction can be determined, and "available" means that the amount of a transaction is collectible within the current 7 Q, W SEOPW/CRA CITY OF Nor vMl COMMUNITY REDEVELOPM%.4T AGENCY, A COMPONENT UNIT OF THE CITY OF MIAMI, FLORIDA Notes to General Purpose Financial Statements September 30, 1999 DRAFT period or soon enough thereafter to be used to pay liabilities of the current period. Expenditures are recorded when goods or services are received and actual liabilities are incurred. Disbursements for the purchase of capital assets providing future benefits are considered expenditures and are accounted for in the general fixed assets account group. The revenue susceptible to accrual includes property taxes and intergovernmental revenue. Governmental fund types include the following funds: The General Fund is the general operating fund of the Agency. All financial resources, except those required to be accounted for in another fund, are accounted for in the General Fund; Special Revenue Funds account for the proceeds of specific revenue sources (other than expendable trusts or major capital projects) that are legally restricted for specified purposes; Debt Service Fund accounts for the accumulation of resources for, and the payment of, general long-term debt principal, interest and related costs; and Capital Projects Funds account for financial resources to be used for the acquisition or construction of major capital facilities. (ii) Account Groups General Fixed Assets is used to provide accounting control and accountability for all of the Agency's fixed assets. General Long -Term Obligations is used to account for all long-term obligations of the Agency. (b) General Fixed Assets The general fixed assets account group provides physical and dollar value accountability. The costs of purchasing or constructing by the governmental funds are recorded as expenditures in those funds. The expenditures are capitalized in the general fixed assets account group at historical cost, except for donated fixed assets, which are recorded at fair value at the date of donation. Fixed assets consisting of certain improvements other than buildings, including roads, curbs, gutters, streets and sidewalks, drainage systems and lighting systems are generally not reported in the general fixed assets account group. No depreciation has been provided on general fixed assets. Sc.•�SSc�a/ 8 SEOFW/C" n • Im CITY OF MI ^-I COMMUNITY REDEVELOPMF "k AGENCY, A COMPORT UNIT OF THE CITY OF MIAN144LORIDA LE Notes to General Purpose Financial Statements September 30, 1999 (c) Cash The Agency's cash is pooled together with the City's cash. All such cash is reflected as equity in pooled cash on the Agency's balance sheet. Certain cash is set aside for the repayment of the special obligation bonds and loans and is therefore classified as restricted cash. (d) Budgets As set forth in the City's charter, the Agency adopts an annual budget for the General fund, Special Revenue funds and Debt Service Fund. Capital Projects funds are budgeted on a total project basis for which annual budgets are not available. The budgets are adopted on a basis consistent with generally accepted accounting principles. The statement of revenue, expenditures and changes in fund balances, budget and actual is presented for funds which have annual budgets. Budgetary control is maintained at the fund level. No later than thirty days prior to the date the City Commission establishes the millage rate for the City, the Agency's Director shall prepare, for the approval of the Board, the budget for the operations of the Agency for the ensuing fiscal year. The budget shall be prepared in the same manner as required of all departments of the City. When approved by the Board, the budget shall not require approval of any officer or body of the City. (e) Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from management's estimates. (f) Total Columns on Combined Statements Total columns on the accompanying combined statements are captioned "memorandum only" to indicated that they are presented only to facilitate financial analysis. Data in these columns do not present financial position or results of operations in conformity with generally accepted accounting principles, nor is such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation of this data. ft ;� SEOPW/C" - 9 CITY OF MI l COMMUNITY REDEVELOPMk4 AGENCY, A COMPONENT UNIT OF THE CITY OF MIAMI, FLORIDA Notes to General Purpose Financial Statements September 30, 1999 (g) Fund Balance Fund balance represents amounts that have been distributed or are not yet distributable to the ultimate recipient. The recipient is the Agency and, as such, these funds are not available to the City for its own disposition. Effective October 1, 1998, the Southeast Overtown Park/West Redevelopment District's fund balance was restated to reflect project expenditures that were accounted for by the City in another fund. The project was subsequently determined to be related to the Agency's operations. Accordingly, the effect on the Southeast Overtown Park/West Redevelopment District's fund balance follows: Fund balance, October 1, 1998 as previously reported $ 2,153,816 Project expenditures related to the Agency (419,392) Fund balance, October 1, 1998 as restated $ 1,734,424 (h) Excess of Expenditures Over Appropriations During fiscal year 1999, expenditures exceeded appropriations by $725,747 in the Omni Redevelopment District as a result of unanticipated tax increment revenue funds that were required to be remitted back to the County. During fiscal year 1999, expenditures exceeded appropriations by $1,091,330 in the Southeast Overtown/Park West Redevelopment District as a result of unanticipated expenditures that were not budgeted for. The variances mentioned above will be funded by current available fund balance. (3) Cash The Agency's cash as of September 30, 1999 is summarized as follows: Cash: Equity in pooled cash $ 5,368,323 Restricted cash 518,522 Total $ 5,886,845 In addition to insurance provided by the Federal Depository Insurance Corporation, all time and demand deposits are held in banking institutions approved by the State Treasurer of the State of Florida to hold public funds. Under the Florida Statutes, Chapter 280, Florida Security for Z�ckd 10 �, SEOI'yV/c CITY OF MI ^I COMMUNITY REDEVELOPMF*% AGENCY, A COMPORT UNIT OF THE CITY OF MIAM LORIDA Notes to General Purpose Financial Statements September 30, 1999 DRAFT (9) Parking Lease Revenue On February 23, 1988, the City and the Department of Off -Street Parking ("DOSP"), a discretely presented component unit of the City, entered into an agreement whereby DOSP leased certain lots surrounding the Miami Arena. The term of the lease agreement was for a period of five years, which commenced on June 1, 1988 and expired on June 1, 1993. DOSP paid the City $500,000 upon signing the lease agreement and agreed to pay annually as rent eighty-five percent (85%) of gross revenue earned net of operating expenses incurred on the operations of the leased lots for each respective lease year. On October 20, 1993, the City and DOSP entered into an agreement to extend the lease term of the original agreement to expire on June 1, 2000. All of the lots leased to DOSP are within the limits of the Southeast Overtown/Park West District, therefore, the City allocates all moneys received from DOSP to the Agency. 17��n SEOPWICRA _ _ ej 14 CITY OF MIA" COMMUNITY REDEVELOPMENT404 -ENCY, A COMPONENT UNIT OF THE CITY OF MIAMI, FLORIDA Combining Balance Sheet Special Revenue Funds September 30, 1999 mK Assets Equity in pooled cash Due from other funds Due from other governments Note receivable Reserve for note receivable Interest receivable Total assets and other debits Liabilities and Fund Balances Liabilities: Accounts payable and accrued liabilities Due to other governments Total liabilities Southeast Overtown/ Omni Park West Redevelopment Redevelopment District District Totals $ 1,683,529 540,349 2,223,878 - 382,693 382,693 268,306 66,306 334,612 - 63,427 63,427 - (63,427) (63,427) 10,058 5,198 15,256 $ 1,961,893 994,546 2,956,439 445,469 445,469 918 918 445,469 918 446,387 Fund balances: Unreserved 1,516,424 993,628 2,510,052 Total liabilities and fund balances $ 1,961,893 994,546 2,956,439 �D; 5c�►SS-a/ 15 SE0PW/QA'�� �"'� CITY OF MIA,COMMUNITY REDEVELOPMEN'�'"�GENCY, A COMPON UNIT OF THE CITY OF MIAMI, `1 o6RIDA Combining Statement of Revenue, Expenditures and Changes in Fund Balances Special Revenue FundsIN For the fiscal year ended September 30, 1999 Revenue: Tax increment State of Florida Revenue Sharing Rental Interest Total revenue Expenditures: General government Total expenditures Excess of revenue over expenditures Other financing sources (uses): Operating transfers in Operating transfers out Total other financing uses Excess (deficiency) of revenue over (under) expenditures and other financing uses Fund balances, beginning of year Fund balances, end of year SBpPW 1 CRA, , Southeast Overtown/ Omni Park West Redevelopment Redevelopment District District Totals $ 1,298,000 176,393 1,474,393 - 300,000 300,000 - 6,400 6,400 48,065 45,915 93,980 1,346,065 528,708 1,874,773 725,747 41383 730,130 725,747 4,383 730,130 620,318 524,325 1,144,643 214,430 214,430 (1,479,551) (1,479,551) (1,265,121) (1,265,121) 620,318 (740,796) (120,478) 896,106 1,734,424 2,630,530 $ 1,516,424 993,628 2,510,052 16 J DRAFT THIS PAGE INTENTIONALLY LEFT BLANK J c,..,3 S•a/ S]3OPW/C A CITY OF MLOwkI COMMUNITY REDEVELOPMEN00%:GENCY9 ' A COMPOANT UNIT OF THE CITY OF MIAMI;`tORIDA Combining Statement of Revenue, Expenditures and Changes in Fund Balances - Budget and Actual Special Revenue Funds DRAFT For the fiscal year ended September 30, 1999 Revenue: Tax increment State of Florida Revenue Sharing Rental Interest Total revenue Expenditures: General government Total expenditures Excess (deficiency) of revenue over (under) expenditures Other financing sources (uses): Operating transfers in Operating transfers out Total other financing uses Excess (deficiency) of revenue over (under) expenditures and other financing uses Fund balances, beginning of year Fund balances, end of year S ,OpW 1 CRA Omni Redevelopment District Variance Favorable Budget Actual (Unfavorable) $ 713,775 1,298,000 584,225 - 48,065 48,065 713,775 1,346,065 632,290 - 725,747 (725,747) - 725,747 (725,747) 713,775 620,318 (93,457) 17 (142,755) - 142,755 (142,755) - 142,755 $ 571,020 620,318 49,298 896,106 $ 1,516,424 DRAFT Southeast Overtown/Park West Redevelopment District Totals Variance Variance Favorable Favorable Budget Actual (Unfavorable) Budget Actual (Unfavorable) 176,393 176,393 - 890,168 1,474,393 584,225 300,000 65,502 300,000 6,400 - (59,102) 300,000 65,502 300,000 6,400 - (59,102) - 45,915 45,915 - 93,980 93,980 541,895 528,708 (13,187) 1,255,670 1,874,773 619,103 _ 4,383 (4,383) - 730,130 (730,130) _ 41383 (4,383) - 730,130 730,130 541,895 (111,027) 1,1447643 1,255,670 (17,570) 524,325 _ (392,604) 214,430 (1,479,551) 214,430 (1,086,947) - (535,359) 214,430 (1,479,551) 214,430 (944,192) (392,604) (1,265,121) (872,517) (535,359) (1,265,121) (729,762) 149,291 (740,796) (591,505) 720,311 (120,478) (840,789) 1,734,424 2,630,530 993,628 2,510,052 18 SEOPW / CRAB .: r DRAFT CITY OF MIAMI COMMUNITY REDEVELOPMENT AGENCY, A COMPONENT UNIT OF THE CITY OF MIAMI, FLORIDA General Purpose Financial Statements September 30, 1999 (With Independent Auditors' Report Thereon) '0; --- -r� Oda ,_, -'- �- CITY OF MIAMI COMMUNITY REDEVELOPMENT AGENCY, A COMPONENT UNIT OF THE CITY OF MIAMI, FLORIDA General Purpose Financial Statements September 30, 1999 DRAFT Table of Contents Independent Auditors' Report Page General Purpose Financial Statements: Combined Balance Sheet — Governmental Fund Types and Account Group 2 Combined Statement of Revenue, Expenditures and Changes in Fund Balances — All Governmental Fund Types 4 Combined Statement of Revenue, Expenditures and Changes in Fund Balances — Budget and Actual — General Fund, Special Revenue Funds and Debt Service Fund 5 Notes to General Purpose Financial Statements Supplementary Information: Combining Balance Sheet — Special Revenue Funds 7 15 Combining Statement of Revenue, Expenditures and Changes in Fund Balances — Special Revenue Funds 16 Combining Statement of Revenue, Expenditures and Changes in Fund Balances — Budget and Actual — Special Revenue Funds 17 Other Reports: Independent Auditors' Report on Compliance and on Internal Control Over Financial Reporting Based on an Audit of Financial Statements Performed in Accordance With Government Auditing Standards 19 CI1 W MA, DRAFT w THIS PAGE INTENTIONALLY LEFT BLANK w m N -D',-scxx e i THIS PAGE INTENTIONALLY LEFT BLANK 01vINI/C A,., J CITY O'A"NIAMI COMMUNITY REDEVELOPMENTENCY, A COTS jNENT UNIT OF THE CII'Y OF MIAMI,1 ,�RIDA Combined Balance Sheet Governmental Fund Types and Account Groups Assets and Other Debits Equity in pooled cash Due from other fund Due from other governments Due from primary government Note receivable Reserve for note receivable Interest receivable Restricted cash Fixed assets Amount available in debt service - special obligation bonds and loans Amount to be provided for retirement of special obligation bonds and loans Total assets and other debits Liabilities, Fund Balances and Other Credits Liabilities: Accounts payable and accrued liabilities Due to other fund Due to other governments Deposits Debt service payment payable Interest payable Total liabilities September 30, 1999 DRAFT Governmental Fund Types Special Debt Capital General Revenue Service Projects $ 600,043 2,223,878 - 2,161,709 _ 382,693 - - 75,000 334,612 - - 176,255 - - _ 63,427 - - _ (63,427) - - _ 15,256 - 13,094 _ - 901,215 - $ 851,298 2,956,439 901,215 2,174,803 $ 411,201 918 - 2,097 - - 382,693 - 445,469 - - - 1,356 90,000 - - - 133,662 - 411,201 446,387 606,355 3,453 Fund balances and other credits: - Investment in general fixed assets - Fund Balances: _ 294,860 - Reserved for debt service Unreserved: - _ 2,171,350 Designated for future capital projects - Undesignated 440,097 2,510,052 - Total fund balance and other credits 440,097 2,510,052 294,860 2,171,350 Total liabilities, fund balances and other credits $ 851,298 2,956,439 901,215 2,174,803 See acompanying notes to financial statements. ®rIII�ICRA, 2 Account Groups General General Totals Fixed Long-term (memorandum Assets Obligations only) - - 4,985,630 - - 382,693 - - 409,612 - - 176,255 - - 63,427 - - (63,427) - - 28,350 - - 901,215 14,880,207 - 14,880,207 - 294,860 294,860 - 9,569,004 9,569,004 14,880,207 9,863,864 31,627,826 - 414,216 - - 382,693 - - 445,469 - - 1,356 - 9,863,864 9,953,864 - 133,662 9,863,864 11,331,260 14,880,207 - 14,880,207 - - 294,860 - 2,171,350 - - 2,950,149 14,880,207 - 20,296,566 14,880,207 9,863,864 31,627,826 n 3 ®IC, T IL• CIWO-NMIAMI COMMUNITY REDEVELOPMENT NCY, A C IONENT UNIT OF THE CITY OF MIAMI, F, ,,4MA Combined Statement of Revenue, Expenditures and DRAFT Changes in Fund Balances All Governmental Fund Types For the fiscal year ended September 30, 1999 Governmental Fund Types Totals Special Debt Capital (memorandum General Revenue Service Projects only) Revenue: $ - 1,474,393 - - 474393 1,300,000 Tax increment State of Florida Revenue Sharing - 300,000 - - Parking lease 139,392 - - - 139,392 6,400 Rental _ 6,400 93,980 - 1,879 73,452 ,00 169,311 Interest Total revenue 139,392 1,874,773 1,879 73,452 2,089,496 Expenditures: Current: General government 571,188 730,130 - - 1,301,318 Debt service: _ 90,000 90,000 Principal - _ 707,742 - 707,742 Interest - 4,479 4,479 Capital outlay C Total expenditures 571,188 730,130 797,742 4,479 2,103,539 Excess (deficiency) of revenue over (under) expenditures (431,796) 1,144,643 (795,863) 68,973 (14,043) Other financing sources (uses): Operating transfers in Operating transfers out Operating transfers from primary government Total other financing sources (uses) Excess (deficiency )of revenue and other financing sources over (under) expenditures and other financing uses Fund balances (deficit), beginning of year Fund balances, end of year See accompanying notes to financial statements. _ 214,430 1,265,121 - (1,479,551) - 871,893 - - 871,893 (1,265,121) 1,265,121 M 1,479,551 (1,479,551) _ 871,893 871,893 .r 440,097 (120,478) 469,258 68,973 857,850 _ 2,630,530 (174,398) 2,102,377 4,558,509 $ 440,097 2,510,052 294,860 2,171,350 5,416,359 on m r THIS PAGE INTENTIONALLY LEFT BLANK o 1v E CITY OF � MI COMMUNITY REDEVELOPME- GENCY, A COMI ENT UNIT OF THE CITY OF MIAMf,-FLORIDA Combined Statement of Revenue, Expenditures and Changes in Fund Balances - Budget and Actual DRAFT General Fund, Special Revenue Funds and Debt Service Fund For the fiscal year ended September 30, 1999 Revenues: Tax increment State of Florida Revenue Sharing Parking lease Rental Interest Total revenue Expenditures: Current: General government Debt Service: Principal Interest Total expenditures Excess (deficiency) of revenue over (under) expenditures Other financing sources (uses): Operating transfers in Operating transfers out Operating transfers from primary government Total other financing sources (uses) Excess (deficiency ) of revenue and other financing sources over (under) expenditures and other financing uses Fund balances (deficit), beginning of year Fund balances, end of year See accompanying notes to financial statements. t'p' ®wulc m"6 5 General Fund Variance Favorable Budget Actual (Unfavorable) 330,000 139,392 (190,608) 330,000 139,392 (190,608) 623,250 571,188 52,062 52,062 571,188 623,250 (293,250) (431,796) (138,546) 178,034 - (178,034) 550,651 871,893 321,242 728,685 871,893 143,208 $ 435,435 440,097 875,532 $ 440,097 gm DRAFT Special Revenue Funds Debt Service Fund Variance Variance Favorable Favorable Budget Actual (Unfavorable) Budget Actual (Unfavorable) 890,168 1,474,393 584,225 300,000 300,000 - 65,502 6,400 (59,102) - _ _ - 93,980 93,980 - 1,879 17879 1,255,670 1,874,773 619,103 - 1,879 1,879 730,130 (730,130) 90,000 90,000 - - - 707,742 707,742 - - 730,130 (730,130) 797,742 797,742 - 1,255,670 1,144,643 (111,027) (797,742) (795,863) 1,879 214,430 214,430 797,742 1,265,121 467,379 (535,359) (1,479,551) (944,192) - _ _ (535,359) (1,265,121) (729,762) 797,742 1,265,121 467,379 720,311 (120,478) (840,789) - 469,258 469,258 2,6302530 (174,398) 2,510,052 294,860 J CITY OF MI0"' ll COMMUNITY REDEVELOPMP^'N AGENCY, A COMPOK..NT UNIT OF THE CITY OF MIANkgffLORIDA Notes to General Purpose Financial Statements September 30, 1999 DRAFT (1) General Description ' The City of Miami Community Redevelopment Agency (the "Agency") was established in March 1983 by the City of Miami, Florida (the "City") under the provisions of Florida Statute, Section 163.387. The Agency's stated purpose is to spur the development and redevelopment �. of prime real estate for new residential and commercial activity in the blighted areas of the Omni and Southeast Overtown/Park West Redevelopment Districts (the "Districts"). The Board of Directors of the Agency is comprised of the five members of the City Commission and is separate, distinct and independent from the governing body of the City. On May 18, 1995, the City adopted Resolution 95-418 authorizing the City to enter into an , interlocal cooperation agreement with Miami -Dade County, Florida (the "County") whereby tax increment revenue assessed by the parties would be paid to the Agency and used in accordance with the approved budgets and for the benefit of the respective Districts. The Agency meets the criteria for inclusion in the City's reporting entity as a component unit, and therefore, has been reported in the general purpose financial statements of the City. .� (2) Summary of Significant Accounting Policies (a) Basis of Accounting The accounts of the Agency are organized on the basis of funds and an account group, each of which is considered a separate accounting entity. The operations of each fund are accounted for in a separate set of self -balancing accounts that is comprised of its assets, liabilities, fund equity, revenue and expenditures, as appropriate. Governmental resources •� are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled. The Agency has the following fund -type and account group: (i) Governmental Funds Governmental funds are accounted for on a financial -flow measurement basis. Only current assets and current liabilities are generally included on the balance sheet. The operating statements present sources (revenue and other financial sources) and uses (expenditures and other financing uses) of available spendable resources during the period. The modified accrual basis of accounting is used for all governmental fund types. Under this method, revenue amounts are recorded when they are both measurable and available. "Measurable" means that the amount of a transaction can be determined, and "available" means that the amount of a transaction is collectible within the current OMNI;� cRA, _ y' 7 CITY OF Mluwql COMMUNITY REDEVELOPMs,T AGENCY, A COMPONENT UNIT OF THE CITY OF MIAMI, FLORIDA Notes to General Purpose Financial Statements September 30, 1999 DRAFT period or soon enough thereafter to be used to pay liabilities of the current period. Expenditures are recorded when goods or services are received and actual liabilities are incurred. Disbursements for the purchase of capital assets providing future benefits are considered expenditures and are accounted for in the general fixed assets account group. The revenue susceptible to accrual includes property taxes and intergovernmental revenue. Governmental fund types include the following funds: The General Fund is the general operating fund of the Agency. All financial resources, except those required to be accounted for in another fund, are accounted for in the General Fund; Special Revenue Funds account for the proceeds of specific revenue sources (other than expendable trusts or major capital projects) that are legally restricted for specified purposes; Debt Service Fund accounts for the accumulation of resources for, and the payment of, general long-term debt principal, interest and related costs; and Capital Projects Funds account for financial resources to be used for the acquisition or construction of major capital facilities. (d) Account Groups General Fixed Assets is used to provide accounting control and accountability for all of the Agency's fixed assets. General Long -Term Obligations is used to account for all long-term obligations of the Agency. (b) General Fixed Assets g The general fixed assets account group provides physical and dollar value accountability. The costs of purchasing or constructing by the governmental funds are recorded as expenditures in those funds. The expenditures are capitalized in the general fixed assets account group at historical cost, except for donated fixed assets, which are recorded at fair value at the date of donation. Fixed assets consisting of certain improvements other than buildings, including roads, curbs, gutters, streets and sidewalks, drainage systems and lighting systems are generally not reported in the general fixed assets account group. No depreciation has been provided on general fixed assets. OMW/CRA q CITY OF MI #' I COMMUNITY REDEVELOPMF''" N AGENCY, A COMPO*,,dT UNIT OF THE CITY OF MIAMsoOPLORIDA Notes to General Purpose Financial Statements September 30, 1999 (c) Cash The Agency's cash is pooled together with the City's cash. All such cash is reflected as equity in pooled cash on the Agency's balance sheet. Certain cash is set aside for the repayment of the special obligation bonds and loans and is therefore classified as restricted cash. (d) Budgets As set forth in the City's charter, the Agency adopts an annual budget for the General fund, Special Revenue funds and Debt Service Fund. Capital Projects funds are budgeted on a total project basis for which annual budgets are not available. The budgets are adopted on a basis consistent with generally accepted accounting principles. The statement of revenue, expenditures and changes in fund balances, budget and actual is presented for funds which have annual budgets. Budgetary control is maintained at the fund level. No later than thirty days prior to the date the City Commission establishes the millage rate for the City, the Agency's Director shall prepare, for the approval of the Board, the budget for the operations of the Agency for the ensuing fiscal year. The budget shall be prepared in the same manner as required of all departments of the City. When approved by the Board, the budget shall not require approval of any officer or body of the City. (e) Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from management's estimates. (f) Total Columns on Combined Statements Total columns on the accompanying combined statements are captioned "memorandum only" to indicated that they are presented only to facilitate financial analysis. Data in these columns do not present financial position or results of operations in conformity with generally accepted accounting principles, nor is such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation of this data. IP CITY OF MI)11 COMMUNITY REDEVELOPMI AGENCY, A COMPONENT UNIT OF THE CITY OF MIAMI, FLORIDA Notes to General Purpose Financial Statements September 30, 1999 (g) Fund Balance Fund balance represents amounts that have been distributed or are not yet distributable to the ultimate recipient. The recipient is the Agency and, as such, these funds are not available to the City for its own disposition. Effective October 1, 1998, the Southeast Overtown Park/West Redevelopment District's fund balance was restated to reflect project expenditures that were accounted for by the City in another fund. The project was subsequently determined to be related to the Agency's operations. Accordingly, the effect on the Southeast Overtown Park/West Redevelopment District's fund balance follows: 4 Fund balance, October 1, 1998 as previously reported $ 2,153,816 Project expenditures related to the Agency (419,392) Fund balance, October 1, 1998 as restated $ 1,734,424 (h) Excess of Expenditures Over Appropriations During fiscal year 1999, expenditures exceeded appropriations by $725,747 in the Omni Redevelopment District as a result of unanticipated tax increment revenue funds that were required to be remitted back to the County. During fiscal year 1999, expenditures exceeded appropriations by $1,091,330 in the Southeast Overtown/Park West Redevelopment District as a result of unanticipated expenditures that were not budgeted for. The variances mentioned above will be funded by current available fund balance. (3) Cash The Agency's cash as of September 30, 1999 is summarized as follows: Cash: Equity in pooled cash $ 5,368,323 Restricted cash 518,522 Total $ 5,886,845 In addition to insurance provided by the Federal Depository Insurance Corporation, all time and demand deposits are held in banking institutions approved by the State Treasurer of the State of Florida to hold public funds. Under the Florida Statutes, Chapter 280, F Security for M, ::)M �-• o/ 10 l -- CITY OF MI"I COMMUNITY REDEVELOPME'AGENCY, A COMPOP ,.,AT UNIT OF THE CITY OF MIAMI-"WLORIDA Notes to General Purpose Financial Statements September 30, 1999 (9) Parking Lease Revenue On February 23, 1988, the City and the Department of Off -Street Parking ("DOSP"), a discretely presented component unit of the City, entered into an agreement whereby DOSP leased certain lots surrounding the Miami Arena. The term of the lease agreement was for a period of five years, which commenced on June 1, 1988 and expired on June 1, 1993. DOSP paid the City $500,000 upon signing the lease agreement and agreed to pay annually as rent eighty-five percent (85%) of gross revenue earned net of operating expenses incurred on the operations of the leased lots for each respective lease year. On October 20, 1993, the City and DOSP entered into an agreement to extend the lease term of the original agreement to expire on June 1, 2000. All of the lots leased to DOSP are within the limits of the Southeast Overtown/Park West District, therefore, the City allocates all moneys received from DOSP to the Agency. (e R QwalCRC, 14 ID Y CITY OF MIA*COMMUNITY REDEVELOPMENI*o&ENCY, A COMPONENT UNIT OF THE CITY OF MIAMI, FLORIDA Combining Balance Sheet Special Revenue Funds Assets Equity in pooled cash Due from other funds Due from other governments Note receivable Reserve for note receivable Interest receivable Total assets and other debits Liabilities and Fund Balances Liabilities: Accounts payable and accrued liabilities Due to other governments Total liabilities Fund balances: Unreserved Total liabilities and fund balances September 30, 1999 Omni Redevelopment District Southeast Overtown/ Park West Redevelopment District Totals $ 1,683,529 540,349 2,223,878 - 382,693 382,693 268,306 66,306 334,612 - 63,427 63,427 - (63,427) (63,427) 10,058 5,198 15,256 $ 1,961,893 994,546 2,956,439 $ - 918 918 445,469 - 445,469 445,469 918 446,387 1,516,424 993,628 2,510,052 $ 1,961,893 994,546 2,956,439 15 � lm `.,cam CITY OF MIA COMMUNITY REDEVELOPMEN- AGENCY, A COMPOA wIP UNIT OF THE CITY OF MIAMI, IMtORIDA Combining Statement of Revenue, Expenditures and Changes in Fund Balances Special Revenue Funds For the fiscal year ended September 30, 1999 Revenue: Tax increment State of Florida Revenue Sharing Rental Interest Total revenue Expenditures: General government Total expenditures Excess of revenue over expenditures Other financing sources (uses): Operating transfers in Operating transfers out Total other financing uses Excess (deficiency) of revenue over (under) expenditures and other financing uses Fund balances, beginning of year Fund balances, end of year ommirm - Southeast Overtown/ Omni Park West Redevelopment Redevelopment District District Totals $ 1,298,000 176,393 1,474,393 - 300,000 300,000 - 6,400 6,400 48,065 45,915 93,980 1,346,065 528,708 1,874,773 725,747 4,383 730,130 725,747 4,383 730,130 620,318 524,325 1,144,643 214,430 214,430 (1,479,551) (1,479,551) (1,265,121) (1,265,121) 620,318 (740,796) (120,478) 896,106 1,734,424 2,630,530 $ 1,516,424 993,628 2,510,052 16 0 THIS PAGE INTENTIONALLY LEFT BLANK O/C, - • eIN CITY OF MIw I COMMUNITY REDEVELOPMEP NIGENCY, A COMPON TT UNIT OF THE CITY OF MIAMI,-KORIDA Combining Statement of Revenue, Expenditures and Changes in Fund Balances - Budget and Actual Special Revenue Funds[")RAFT For the fiscal year ended September 30, 1999 Revenue: Tax increment State of Florida Revenue Sharing Rental Interest Total revenue Expenditures: General government Total expenditures Excess (deficiency) of revenue over (under) expenditures Other financing sources (uses): Operating transfers in Operating transfers out Total other financing uses Excess (deficiency) of revenue over (under) expenditures and other financing uses Fund balances, beginning of year Fund balances, end of year Omni Redevelopment District Variance Favorable Budget Actual (Unfavorable) $ 713,775 1,298,000 584,225 - 48,065 48,065 713,775 1,346,065 632,290 - 725,747 (725,747) - 725,747 (725,747) 713.775 620,318 (93,457) 17 (142,755) - 142,755 (142,755) - 142,755 $ 571,020 620,318 49,298 896,106 $ 1,516,424 Southeast Overtown/Park West Redevelopment District Variance Favorable Budget Actual (Unfavorable) 176,393 176,393 - 300,000 300,000 - 65,502 6,400 (59,102) - 45,915 45,915 541,895 528,708 (13,187) 4,383 (4,383) 4,383 (4,383) 541,895 524,325 (17,570) 214,430 214,430 (392,604) (1,479,551) (1,086,947) (392,604) (1,265,121) (872,517) Totals Variance Favorable Budget Actual (Unfavorable) 890,168 1,474,393 584,225 300,000 300,000 - 65,502 6,400 (59,102) - 93,980 93,980 1,255,670 1,874,773 619,103 730,130 (730,130) 730,130 (730,130) 1,255,670 1,144,643 (111,027) 214,430 214,430 (535,359) (1,479,551) (944,192) (535,359) (1,265,121) (729,762) 149,291 (740,796) (591,509 720,311 1,734,424 993,628 (120,478) (840,789) 2,630,530 2,510,052 18 ®MI/C"I