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Home My WebLink AboutSEOPW-CRA-2000-05-22-Discussion Item 02R.E. F... i ..3Oba1........... CITY OF MIAMI CO 1NIUNITY REDEVELOPMENT AGENCY, A COMPONENT UNIT OF THE CITY OF MIAMI, FLORIDA General Purpose Financial Statements September 30, 1999 (With Independent Auditors' Report Thereon) S:\ti`DPPS\NN'P\C1CIT1'_NIIAiNll\I30621 RPT.DOC SE0PW%t � r•:�+ .,ems CITY OF MIAMI COMMUNITY REDENTLOPNIENT AGENCY, A COMPONENT UNIT OF THE CITY OF NHAltil, FLORIDA Table of Contents DRAFT Page Independent Auditors' Report I General Purpose Financial Statements: Combined Balance Sheet — Governmental Fund Types and Account Groups 3 Combined Statement of Revenue, Expenditures and Changes in Fund Balances — All Governmental Fund Types 5 Combined Statement of Revenue, Expenditures and Changes in Fund Balances — Budget and Actual — General Fund, Special Revenue Funds and Debt Service Fund 6 Totes to General Purpose Financial Statements 8 Supplementary Information: Combining Balance Sheet — Special Revenue Funds 16 Combining Statement of Revenue, Expenditures and Changes in Fund Balances — Special Revenue Funds 17 Combining Statement of Revenue, Expenditures and Changes in Fund Balances — Budget and Actual — Special Revenue Funds 18 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 20 SEOPWI Wf rtis,• DRAFy CITY OF NIIA:tiII CONBIUNITY REDEVELOPMENT AGENCY, A COWONENT UNIT OF THE CITY OF MIAAII, FLORIDA Combined Balance Sheet Governmental Fund Types and Account Groups September 30, 1999 Governmental Fund Types Assets and I Other Debits General Special Revenue Debt Service Capital Project Equity in pooled cash Due from other fund S 596,578 2,227,343 — 2,161,709 Due from other governments — 382,693 — — Due from primary government Note receivable — 191,255 409,612 — — — — Reserve for note receivable — 63,427 — — Interest receivable — (63,427) — — Restricted cash — 15,256 — 13,094 Fixed asscts — — 901,215 — Amount available in debt service — special — — obLgation bonds and loans Amount to be provided for retirement of _ — — special obligation bonds and loans Total assets and other debits 787,833 3,034,904 901,215 2,174,803 Liabilities, Fund Balances and Other Credits Liabilities: Accounts payable and accrued liabilities 412,119 Due to other fund —' — 2,097 Due to other governments — — 382,693 — Deposits — 445,469 — — Debt service payment payable — — 1,356 Interest payable — — 90,000 — Special obligation bonds and loans — 133,662 Total liabilities 412,119 445,469 3,453 606,355 Fund balances and other credits: -- Investment in general fixed assets Fund Balances: _ — — -- Reserved for debt service Unreserved: — — 294,860 — Designated for future capital projects Unde 375,714 2,589,435 2,171,350signated Total fund balance and other credits 375,714 2,589,435 294,860 2,171,350 Total liabilities, fund balances and other credits S 787,833 3,034,904 901,215 2,174,803 See accompanying notes to financial statements. 3 xt1 MC SW91kC 4� rw OMNI / CRA, 7 �w �� 1 Account Groups ener Fixed ner Long-term Totals (memorandum Assets Obligations 1 only) — 4,985,630 409,612 191,255 — — 63,427 — — (63,427) — — 28,350 14,880,207 _14,880,20 ,2 14,8888 0,20077 — 294,860 294,860 — 9,569,004 9,569,004 14.880,207 9,8 863, 64 31,642,826 — — 414,216 —' — 382,693 — — 445,469 — — 1,356 — — 90,000 — 133,662 — 9,863,864 9,863,864 — 9,863,864 11,331,260 14,880,207 — 14,880,207 "— — 294,860 — — 2,171,350 -__ — 2,965,149 14,880,207 — 20,311,566 14,880,207 9,863,864 31,642,826 D �1 CITY OF ATIAMI COINVVWNITY REDEVELOPMENT AGENCY, A COMPONENT UNIT OF THE CITY OF MIAAII, FLORIDA Combined Statement of Revenue, Expenditures and Changes in Fund Balances All Governmental Fund Types For the fiscal year ended September 30, 1999 Revenue: Tax increment Remittance to Miami -Dade County, Florida Net St2te of Florida Revenue Sharing Parking lease Rental interest Total rcvcnue Expenditures: Current: General government Debt service: Principal Interest Capital outlay 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 (def icicncy) of rcvcnue and other financing sources over (under) expenditures and other financing uses Fund balances (deficit), beginning of year Equity transfers in (out) Fund balances, end of year See accompanying notes to financial statements. r Governmental Fund Types Totals Special Debt Capital (memorandum General Revenue Service Project only) S - 890,168 - - 890,168 - (445,469) - - (441,469) - 444,699 - - 444,699 - 300,000 - - 300,000 - 139,392 - - 139,392 - 6,400 - - 6,400 - 93,980 1,879 73,452 169,311 - 98.4,471 1,879 73,452 1,059,802 575,571 - - - 575,571 - 90>000 - 90,000 - - 707,742 - 707,742 - - - 4,479 4,479 575,571 - 797,742 4,479 1,377,792 (575,571) 994,471 (795,863) 68,973 (317,990) 64,392 - 357,32.5 - 421,717 (421,717) - - (421,717) 886,893 - - - 886,893 95_ 1-,2285 (421,717) 357325 - 886 893 375,714 562,754 (438,538) 68,973 568,903 - 2,934,477 (174,398) 2,102,377 4,862,456 - (907.7916) 907,796 - - S 375,714 2,589,435 294,860 2,171,350 5,431,359 5 SEOPWI CITY OF MIA. II COMMU'NTTY REDEVELOPMENT AGENCY, A C011fPONENT UNIT OF THE CITY OF MIAAU, FLORIDA 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 Revenue: Tax increment Remittance to Miami -Dade County, Florida Net State of Florida Revenue Sharing Parking Lease ` Rental Interest Total revenue Expenditures: Current: General goverrunent Debt Service: Principal Interest Total expenditures Excess (deficiency) of revenue over I (under) expenditures Other financing sources (uses): Operating transfers in I 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 Equity transfers in (out) Fund balances, end of year See accompanying notes to financial statements. 6 General F and Variance Favorable Budget Actual (Unfavorable) 623,250 575,571 47,679 623,250 575,571 47,679 (623,250) (575,571) 47,679 508,034 64,392 (443,642) 550,651 886,893 336,242 1,058,685 951,285 (107,400) S 435,435 375,714 811,149 S 375,714 �c J Cam_„ L) P-"ij A' F j j Special Revenue Funds Debt Service Fund i Variance Variance Budget J ActActual Favorable (Unfavorable ) Budget g Actual Favorable (Unfavorable) 890,168 890,168 „ - (445,469) (445,469) - - - 890,168 444,699 (445,469) 300,000 300,000 I 330,000 139,392 (190,608) 65,502 6,400 (59,102) - 93,980 93,980 - 1,879 1,879 1,585,670 984,471 (601,199) - 1,879 1,879 _ - - 90,000 90,000 - j -" - 707,742 707,742 - - - 797,742 797,742 - 1,585,670 984,471 (601,199) (797,742) (795,863) 1,879 (865,359 (421,717) 443,642 797,742 - 357,325 _ (440,417) e (865,359) (421,717) 443,642 357,325 (440,417) 797,742 720,311 562,754 (157,557) - (438,538) (438,538) 2,934,477 (174,398) (907,796) 907,796 2,589,435 294,860 7 (� SE®F !I[�y�a O i i1'D A A , CITY OF M1AI`U COMMUNITY REDEVELOPMENT AGENCY, A COI%,TPONENT UNIT OF THE CITY OF NMCNII, FLORIDA General Purpose Financial Statements September 30, 1999 (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 Overtorvn/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. f On May 18, 1995, the City adopted Resolution 95-418 authorizing the City to enter into an interlocaI 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 f budgets and for the benefit of the respective Districts. The Agency meets the criteria for inclusion in the City's reporting entity as a blended component unit, and therefore, has been reported in the general purpose financial statements of the City. The financial statements presented herein only include the fund types and the account groups of the Agency, and are not intended to be a complete presentation of the financial position of the City and the results of its operations in conformity with generally accepted accounting principles. i (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 Fronds 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. 8 J� (Continued) SEOPW/CRA ; icy— ,`' WU/0RA f CITY OF NIIAMI COMMUN-I-I-Y REDEVELOPMENT AGENCY, A CONTPONENT UNIT OF THE CITY OF MIA.NJI, FLORIDA General Purpose Financial Statements n September 30, 1999 The modified accrual basis of accounting is used for all governmental fund type I this method, revenue amounts are recorded when they are both measurable and available. S. Under "Measurable" means that the amount of a transaction can be determined, and "available" means that the amount of a transaction is collectible withiu the current 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 l susceptible to accrual includes o pr perty 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 i 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 Project Fund accounts for financial resources to be used for the acquisition or construction of major capital facilities. *� 1 (ci) 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) Genera! Hied 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 x. reported in the general fixed assets account group. No depreciation has been provided on general fixed assets. SC 9 "D �•�Sp�(-�� (Continued) t CITY OF MIAIM COINBILT ITY REDEVELOPMENT AGENCY, A COMPONENT UNIT OF THE CITY OF NHA IL FLORIDA General Purpose Financial Statements, �. September 30, 1999 (c) Cash The Agency's cash is pooled together a7th 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 g enerall accepted accounting s. The statement of revenue, expenditures and changesin fund balances, budget and actual is s presented for funds which have annual budgets. Budgetary control is maintained at the fiord 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 i 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. (n 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. 10 7�) -.�SC.AuSSPCI (Continued) SEOPW i CRA � `I CITY OF MIA -MI COMMUNITY REDEVELOPMENT AGENCY, A CUMPONENT UNIT OF THE CITY OF MaAMI, FLORIDA General Purpose Financial Statements September 30, 1999 (9) Fund Balance I 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, 199S, the Southeast Overtown Park/West Redevelopment District's fund Ibalance 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 S 2,153,816 Project expenditures related to the Agency (419,392) Fund balance, October 1, 1998 as restated $ 1,734,424 (h) Equity Transfers During fiscal year 1999, the Agency had an equity transfer from the Southeast Overtown/Park West Redevelopment District Special Revenue fund to the Debt Service fund in the amount of $907,796. This was done for the purpose of closing out debt service operations in the special revenue fund and to transfer the residual balance to the debt service fund. (3) Cash The Agency's cash as of September 30, 1999 is summarized as follows: Cash: Equity in pooled cash $ 4,985,630 Restricted cash 901,215 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 Public Deposits" Act ("Chapter 280"), the State Treasurer requires all qualified public depositories to deposit with the Treasurer or another banking institution eligible collateral equal to 50 percent to 125 percent of the (Continued) SEOPWICxIA� CITY OF MIAMI COMMUNITY REDEVELOPMENT AGENCY, A COMPONENT UNIT OF THE CITY OF M1A.M1, FLORIDA General Purpose Financial Statements September 30, 1999 average daily balance for each month of all public deposits in excess of any applicable deposit insurance held. The percentage of eligible collateral (generally in the form of U.S. government and agency securities, state or local government debt, or corporate bonds) to public deposits is dependent upon the depository's financial history and it compliance with Chapter 280. In the event of a failure of a qualified public depository, the remaining public depositories would be responsible for covering any resulting loss. (4) Note Receivable On January 9, 1997, the City transferred ownership of various properties to the Agency, including the property located at 269 N.W. 8th Street, which was sold by the Agency to Bethel A.M.E. Church, Inc. (the "Church"), a Florida non-profit organization, pursuant to City Resolution 97-7. The Church paid cash of $30,000 and signed a $65,000 purchase money note and mortgage for the property. The purchase money note and mortgage has an annual interest rate of 6 percent, amortized over thirty (30) years with a balloon payment of S46,729 in the fifteenth year. (5) Fixed Assets During the fiscal year ending September 30, 1999, the Agency had no changes to its general fixed assets. General fixed assets consist of land and land improvements and had a balance of S14,880,207 at September 30, 1 M. (6) Long -Term Obligations The changes in the general long-term obligations for the year ended September 30, 1999 are summarized as follows: Special oblig2tion bonds and loans Balance, October 1, 1998 S 9,953,864 Principal retired 90,000 $ 9,863,864 12 5cj.- (Continued) SEOP`NICRA , :11.1 R 4 %,AVINI, o ¢ =. CITY OF MIANgI COMMUNITY REDEVELOPMEINT AGENCY, A COMPONENT UMT OF THE CITY OF NiIA11II, FLORIDA IGeneral Purpose Financial Statements September 30, 1999 I The principal and interest requirements on the special obligation bonds and loans are as follows: Gran Series 1990 Bonds Section 108 HUD Loans Central Principal Interest Principal Interest Principal Total 2000 $ 95,000 259,675 200,000 440,418 — 995,093 2001 105,000 251,600 200,000 425,678 — 982,278 2002 115,000 242,675 200,000 410,788 — 968,463 2003 125,000 232,900 100,000 395,818 — 853,718 20N 135,000 222,275 150,000 397,548 — 894,823 Thereafter 2,480,000 1,437,350 4,250,000 2,446,530 1,708,864 12,322,744 Total S 3,055,000 2,646,475 5,1_ 00000 4,506,7801,708,864 17,017,119 A description of each obligation is as follows: (a) On November 8, 1990, the City issued S11,500,000 aggregate principal amount of Community Redevelopment Revenue Bonds, Series 1990, maturing through 2015, with interest rates ranging from 7.15 percent to 8.5 percent. These bonds are secured by a pledge of guaranteed entitlement revenue received from the State of Florida and the tax increment revenue amounts received from the City and County on the Southeast Overtown/Park West Redevelopment District. The proceeds of the bonds were used mainly to refinance a $5,958,000 Section 108 HUD Promissory Note, to reimburse the City for moneys advanced to the Agency by the City in an amount not to exceed $750,000, and to finance the acquisition and clearing of certain real property and the construction of certain infrastructure improvements within the Southeast Overtown/Park West Redevelopment District. (b) On January 9, 1992, the City entered into a loan agreement with the Gran Central Corporation ("GCC") to finance fifty percent of the cost to relocate and widen Northwest First Avenue between Northwest First Street and Northwest Eighth Street The loan, in the amount of $1,708,864, does not bear interest and is payable from tax increment funds received from the City and County on the Southeast Overtown/Park West District on a junior and subordinate basis to the lien granted to holders of the $11,500,000 Community Redevelopment Revenue Bonds, Series 1990. GCC is to be fully repaid by the year 2008 with annual payments to be made to the extent funds in the Southeast Overtown/Park West District are available after required payments for the Series 1990 Bonds are made or provided for. As of September 30, 1999, no payments have been made. 13 "D' 5C.�04 (Continued) SEOPW/CRA (vm! CRA CITY OF ML4An CONLNILT.NTTY REDEVELOPMENT AGENCY, A COMPONENT UNIT OF THE CITY OF hUANII, FLORIDA General Purpose Financial Statements September 30, 1999 (c) In fiscal year 1995, the City obtained a Secticn 108 loan, secured by the U.S. Departnent of Housing and Urban Development in the amount of $4,800,000. The proceeds of the loan were used to assist in the retirement of $6,735,000 of the City of Miami Community Redevelopment Bonds, Series 1990. Interest is payable semiannually on February 1 and August 1, and principal is payable annually, commencing August 1, 2000. (d) In fiscal year 1995, the City obtained a Section 108 loan, secured by the U.S. Department of Housing and Urban Development in the amount of 5300,000. The proceeds of the loan were used to acquire real property at a cost of $246,837 for part of the development of the historic village located within the Southeast Overtown/Park West Redevelopment District. Interest is payable semiannually on February 1 and August 1, and principal is payable annually, commencing August 1, 2000. (7) Tax Increment Revenue The Agency's primary source of revenue is tax -increment funds. This revenue is computed by applying the operating tax rate for the City and the County, multiplied by the increased value of property in the district, over the base property value, minus 5 percent. Both the City and the County are required to fund this amount annually without regard to tax collections or other obligations. i On June 24, 1996, the Agency and the County entered into an Interlocal Cooperation Agreement (the "Agreement') whereby the Omni Redevelopment District will receive over a three year period, commencing on the date of the Agreement, a total of $1.2 million of tax increment revenue contributed by the City and County. If within the three year period the Omni District receives more than $1.2 million in tax increment revenue, the excess shall be remitted to the County for the Performance Arts Center Project. For the fiscal year September 30, 1999, the Agency is required to submit $445,469 to the County for the Performing Arts Center Project. (8) State of Florida Revenue Sharing The Florida Revenue Sharing Act of 1922, Part II, Chapter 218, Florida Statutes provides for the distribution of certain revenue by the state to units of local government, including municipalities, such as the City. The shared revenue is computed based on a formula on the sum of state cigarette tax, state road tax and state motor fuel tax ("Guaranteed Entitlement Revenue"). 14 (Continued) SEOPW'/CCRA �r-------� CITY OF MIAMI COMMUNITY REDEVELOPMENT AGENCY, I A COMPONENT UNIT OF THE CITY OF MIAMI, FLORIDA lGeneral Purpose Financial Statements t^t. r .r. ram,, 1� �L— f September 30, 1999 IThe $11,500,000 City of Miami, Florida Community Redevelopment Revenue Bonds, Series 1990 is secured by a pledge of $300,000 per year by the City from the proceeds of its Guaranteed Entitlement Revenue, in addition to the tax increment revenue received by the City and County. As a result, the I City allocates $300,000 per year of its portion of the state of Florida's shared revenue to the Agency for the payment of principal and interest on the bonds. (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 i 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 I 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. 1 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. i 15 SEOPW/ CRA OMNI / CRA h F•�.� f_ CITY OF?VIIAMI COMMUNITY REDEVELOPMENT AGENCY, A COMPONENT UNIT OF THE CITY OF MIAMI, FLORIDA Combining Balance Sheet Special Revenue Funds September 30, 1999 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: Due to other governments Total liabilities Fund balances: Unreserved Total liabilities and fund balances Southeast Overtown/ Omni Park West Redevelopment Redevelopment District District Totals S 1,683,529 543,814 2,227,343 382,693 382,693 268,306 141,306 409,612 — 63,427 63,427 — (63,427) (63,427) 10,058 5,198 15,256 $ 1,961,893 1,073,011 3,034,904 S 445,469 445,469 445,469 445,469 1,516,424 1,073,011 2,589,435 $ 1,961,893 1,073,011 3,034,904 16 SECFWf CRA., . , 9 CITY OF MIAAII COMA LNTry REDEVELOPMENT AGENCY, A COINIPON'EN-T UNIT OF THE CITY OF A1IA I, FLORIDA Combining Statement of Revenue, Expenditures and Changes in Fund Balances Special Revenue Funds For the fiscal year ended September 30, 1999 Southeast Overtown/ Omni Park West Redevelopment Redevelopment District District Revenue: Totals Tax increment S 713,775 Remittance to Miami -Dade County, Florida 176,393 (445,469) 890,168 — (445,469) INet 268,306 176,393 State of Florida Revenue Sharing 444,699 Parldng Iease — 300,000 300,000 { Rental _ 139,392 139,392 ! Interest 6,400 6,400 48,065 45,915 93,980 Total revenue 316,371 668,100 994,471 Other financing uses: Operating transfers out — other financing (421,717) Total nancing uses (421,717) — (421,717) Excess of revenue over other (421, 717) financing uses 316,371 246,383 562,754 Fund balances, beginning of year 1,200,053 1,734,424 2,934,477 Equity transfers out 1 — (907,796) (907,796) Fund balances, end of year S 1,516,424 1,073,011 1 2,589,435 17G.ls'SQ�,% SEOPW/CRA � ' _ �4 r' CITY OF b1IAMI COM1BfUNITY REDEVELOPMENT AGENCY, A CORfPONENT UNIT OF THE CITY OF MIAMI, FLORIDA Combining Statement of Revenue, Expenditures and Changes in Fund Balances - Budget and Actual Special Revenue Funds For the fiscal year ended September 30, 1999 Revenue: jTax increment State of Florida Revenue Sharing Net State of Florida Revenue Sharing Parking lease Rental Interest Total revenue Other financing uses: Operating transfers out Total other financing uses Excess (deficiency) of revenue over (under) Other financing uses Fund balances, beginning of year Equity transfers out Fund balances, end of year Omni Redevelopment District Variance Favorable Budget Actual (Unfavorable) S 713,775 713,775 _— (445,469) (445,469) 713,775 268,306 (445,469) — 48,065 48,065 713,775 316,371 (397,404) (142,755) — 142,755 (142,755) — 142,755 S 571,020 316,371 (254,649) 1,200,053 S 1,516,424 18 'D , 5c-Jzzg� SEOPW/CRA ° 1 I IJ •b ! J��` J yf f Southeast OvertowwTark West IRedevelopment District Variaace Totals Favorable Variance Budget _ Actual (Unfavorable) Budget Actual Favorable (Unfavorable) I 176,393 176,393 _ - 890168 890,168 _ 176,393 176,393 - - (445,469) (445,469) E 300,000 300 000 890,168 444,699 (4d5,469) 330,000 65,502 139,392 6,400 (190,608) 300,000 330,000 300,000 139,392 (190,608) - ------_ 45,915 (59,102) 45,915 65,502 6,400 (59,102} 871,895 668,100 (203,795) _ 1,5�0 93,980 994,471 93,980 (601,199) (72--- �,604) (4_21,717) 300,887 (865,359) (421,717 � 443,642 (722,604) (421,727) 300,887 (865,359) --� (421,717) 443,642 149,291 246,383 97,092 7_ 20_311 562,754 (157,557) 1,734,424 2,934,477 (9)7,796) (907,796) 1,073,011 2,589,435 19 •-