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SEOPW-CRA-M-02-0127
ITEM 5 ACCEPTING PRELIMINARY 2003 BUDGET FOR DISCUSSION SEOPW/CRA Orv,7q/C,?,A 0 2 " 127 02- 59 CRA AGENDA July 29, 2002 C% 02 Proposed Final Budget GENERAL FUND Final FY '02 (as of 6/29) FY '02 Actual Amended Revenues 055011 070 Rental Properties - 094 Interest on investments 11,059 140 Transfer from Comm. Development. - 193 Contribution from General Fund 186,326 244 Carryover Fund Balance 736 Contibution from Off -Street Pkg. 23,356 749 Gain/(loss) on investments (6,753) Total revenues 213,987 Expenditures 550011 1001 Salaries - Classfied Perm. FT 74,691 006 Earned Time Payoff 1,001 010 C Salaries- Unclassified 186,594 080 Expense Allowance 083 Car Allowance - 100 Social Security Contribution 19,693 130 Group Insurance Contrib. 15,129 150 Worker's Compensation 62 rn 160 Unenployment Compensation 549 170 Severance Pay 3,882 180 Tuition Reimbursement 375 t`7 J Page 1 of 3 15,000 488,150 279,488 1,400,000 23,356 (8,400) 2,197,594 125,742 1,001 493,210 47,426 20,000 290 5,000 2,500 230 Professional Svc. Appraisal 250 Professional Svc. -Legal 270 Professional Svc. - Other 280 Professional Svc. -Accounting 287 Advertising 289 Special Svc. - miscellaneous(City Clerk) 330 Taxes 340 Other Contractural svc. 410 Travel & Per Diem - Training 420 Travel & Per Diem - Other 495 Parking Expense 510 Communication Svc. - Telephone 533 Postage 534 Delivery Services 560 Utility Svc. -Water 610 Rent of Equipment outside 620 Rent Buildings 650 Insurance -Liability 670 Repair/Maintenance-outside ~' 680 �) 1 Printing/Binding outside 690 Promotional activities 700 �i Office Supplies 710 Food 722 Miscellaneous supplies 760 Books Publications Memberships 810 Land C r� 840 Equipment - New �841 Office Furniture - new I 843 Equipment - Lease -purchased j901 Personal Services CR '02 Proposed Final Budget GENERAL FUND FY'02 (as of6/29) Actual 148,105 392,834 4,563 63,673 190,856 485 5,178 11,100 36,769 604 5,787 5,970 16,907 70,676 (1,623) 20,003 36,621 (275) (42) 6,299 Page 2 of 3 FY '02 Amended 15,000 180,000 435,573 25,000 95,000 35,000 232,731 3,000 7,050 20,000 46,800 1,000 7,094 9,800 30,000 88,000 5,700 25,000 45,000 8,500 4,377 1,500 8,800 2,500 903 Materials and supplies 940 Other Grants & Aids xxx Allocation to City Atty. 996 Budget Reserve Total expenditures NI CR. '02 Proposed Final Budget GENERAL FUND FY '02 (as of 6/29) Actual 59,949 22,648 1,399,063 Page 3 of 3 FY '02 Amended 60,000 35,000 75,000 2,197,594 0 CRr. _ t'02 Proposed Final Budget SEOPW TIF FY '02 (as of 6/29) FY '02 Actual Amended Revenues 026006 749 Gain/Loss Investments (12,532) (16,710) 055006 001 Taxes Real current 801,316 897,741 070 Rental Properties 48,337 52,880 094 Interest on investment 61,089 81,456 264 Property Sale 2,213,500 2,213,500 310 Contribution from Other -County 548,451 548,451 749 Gain/loss on investments 9,271 12,000 990 Other -non operating - 287 Appropriated Fund Balance - 500,000 3,681,964 4,306,315 Total revenues 3,669,432 4,289,605 Expenditures 220 Professional svc. - appriasal - 5,000 230 Professional svc. - Architectual - - <140 Professional svc. -Engineering - ML50 Professional svc. - legal - - 270 Professional svc. - other 383,185 868,225 �80 Professional svc. - accounting - 40,000 Page 1 of 2 CR, . _ .'02 Proposed Final Budget SEOPW TIF FY '02 (as of 6/29) Actual FY '02 Amended 287 Advertising - 5,000 289 Special Svc. - miscellaneous - - 340 Other contractural svcs. 124,069 150,000 xxx Fannie Mae loan application fee - 6,000 xxx Fannie Mae - collateral acct (restricted cash) - - 602 Interest expense 57,675 57,675 610 Rent of equipment - outside - - 810 Land 359,067 2,420,000 840 Equipment - 1,500 860 Construction in progress 425,178 600,000 940 Other grants and aids 34,882 51,000 945 Loans - 55,000 996 Budget Reserve - 30,205 Total expenditures 1,384,055 4,289,605 It, Page 2 of 2 Revenues 059320 001 Taxes real current Contribution from gov't - County 310 Appropriated Fund Balance Index 059320 059322 094 Interest on Investments 749 Gain/Loss on investments ® 010 E 100 270 tt 470 860 905 940 996 Total revenues Expenditures 590320 Salaries unclassified Social Security Contrib. Professional svcs.-other Entertainment Construction in progress Intergovernmental charges Grants in aid Budget reserve Total exlenditures CRA FY'02 Proposed Final Budget OMNI TIF FY'02 (as of 6/29) FY'02 Actual Amended 957,997 678,663 1,636,660 1,015,786 618,663 900,000 2,534,449 17,934 23,934 (3,254) (4,339) 14,680 19,595 1,651,340 12,992 961 1,000 2,137 267,713 1,430,000 1,714,803 Page 1 of 1 2,554,044 10,000 2,450 805,856 1,430,000 80,000 225,739 2,554,045 TI HISTORY OF FINAL ASSESSMENTS FOR THE CITY OF MIAMI COMMUNITY REDEVELOPMENT AGENCY'S DISTRICTS Assessment Percentage Percentage Year Relating to CRA SEOPW Increase/(decrease) increase over increase over July 1 st Fiscal Year District Total Value Taxable Value in increment prior year base year '- 1982 1983 SEOPW - 78,305,502 - 0.00%n 0.00% 1983 1984 SEOPW - 77,869,266 (436,236) -0.56% -0.56% 1984 1985 SEOPW - 77,442,148 (863,354) -0.55% -1.10% 31985 1986 SEOPW - 86,762,119 8,456,617 12.03% 10.80% 1986 1987 SEOPW 120,849,829 91,526,422 13,220,920 5.49% 16.88% 1987 1988 SEOPW 121,572,266 98,167,995 19,862,493 7.26% 25.37% 1988 1989 SEOPW 122,637,296 94,240,692 15,935,190 -4.00% 20.35% 1989 1990 SEOPW 157,536,218 93,350,516 15,045,014 -0.94% 19.21% 1990 1991 SEOPW 189,767,325 108,175,067 29,869,565 15.88% 38.14% 1991 1992 SEOPW 203,825,417 122,612,644 44,307,142 13.35% 56.58% Q 1992 1993 SEOPW 184,687,913 109,152,644 30,847,142 -10.98% 39.39% 1993 1994 SEOPW 172,204,148 92,899,022 14,593,520 -14.89% 18.64% t 1994 1995 SEOPW 156,908,135 85,053,740 6,748,238 -8.44% 8.62% 1995 1996 SEOPW 168,090,094 93,912,017 15,606,515 10.41 % 19.93%n 1996 1997 SEOPW 153,320,348 84,552,099 6,246,597 -9.97% 7.98% t,p 1997 1998 SEOPW 167,891,248 86,359,269 8,053,767 2.14% 10.29% 1998 1999 SEOPW 171,320,498 85,913,223 7,607,721 -0.52% 9.7217v 1999 2000 SEOPW 201,804,747 113,708,156 35,402,654 32.35% 45.21% 2000 2001 SEOPW 235,334,866 132,894,470 54.588,968 16.87%, 69.71% 3 2001 2002 SEOPW 314,522,307 183,362,807 105,057,305 37.98% 134.16% d 2002 2003 SEOPW 398,872,361 264,076,698 185,771,196 44.02% 237.24% Page 1 of 3 300,000,000 250,000,000 200,000,000 150,000,000 C ® 100,000,000 C� 50,000,000 History of Taxable Values SEOPW 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 ® Series2 Assessment Year July 1 st a 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 ° 2001 A Relating to Fiscal Year CRA District HISTORY OF FINAL ASSESSNir,NTS FOR THE CITY OF MIAMI COMMUNITY REDEVELOPMENT AGENCY'S DISTRICTS Total Value Percentage SEOPW Increase/(decrease) increase over Taxable Value in increment t prior year 47,026,111 46,890,953 43,912,560 61,786,273 61,855,160 58,783,068 51,907,959 46,047,733 28,405,782 28,709,350 26,895,275 28,912,968 23,688,710 21,449,151 21,704,389 22,656,126 Q 2002 2003 Park West 67,010,670 22,935,213 rIncrement is calculated by deducting the base year assessment from the current year's assessment. V� , Base year SE Overtown 3 PW Addition ("leg") ° Preliminary Assessment 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 Park West Park West Park West Park West Park West Park West Park West Park West Park West Park West Park West Park West Park West Park West Park West Park West 55,221,756 55,086,598 53,931,536 72,510,918 72,579,805 69,507,713 60,486,324 57,913,042 53,903,973 58,481,962 56,667,887 59,270,419 60,175,987 60,965,179 63,103,323 65,915,738 "� �' Page 3 of 3 (135,158) (2,978,393) 17,873,713 68,887 (3,072,092) (6,875,109) (5,860,226) (17,64t,951) 303,568 (1,814,075) 2,017,693 (5,224,258) (2,239,559) 255,238 951,737 279,087 0.00% -0.29% -6.35% 40.70% 0.11% -4.97 % -11.70% -11.29% -38.31 % 1.07% -6.32% 7.50%n -18.07 % -9.45 % 1.19% 4.38% 1.23% Percentage increase over base year 0.00% -0.29% -6.62% 31.39% 31.53% 25.00% 10.38% -2.08 % -39.60% -38.95% -42.81 % -38.52% -49.63% -54.39% -53.85% -51.82% -51.23% 70,000,000 50,000,000 40,000,000 30,000,000 O 20,000,000 10,000,000 History of Taxable Values (Park West Addition) 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 ® Seriesl HISTORY OF FINAL ASSESSMENTS FOR THE CITY OF MIAMI COMMUNITY REDEVELOPMENT AGENCY'S DISTRICTS Assessment Year Relating to CRA SEOPW July 1 st Fiscal Year District Total Value Taxable Value 1982 1983 OMNI - 1983 1984 OMNI - 1984 1985 OMNI - 1985 1986 OMNI - 1986 1987 OMNI 277,510,225 246,898,862 1987 1988 OMNI 356,526,591 325,786,583 1988 1989 OMNI 348,752,760 319,954,847 1989 1990 OMNI 352,654,773 323,613,930 1990 1991 OMNI 354,509,939 323,774,360 1991 1992 OMNI 352,593,935 320,976,606 1992 1993 OMNI 353,286,379 319,093,486 1993 1994 OMNI 333,689,218 299,565,666 1994 1995 OMNI 326,163,641 292,733,596 1995 1996 OMNI 321,532,238 284,102,844 1996 1997 OMNI 329,669,069 289,633,596 1997 1998 OMNI 329,802,457 288,386,684 1998 1999 OMNI 335,700,633 292,794,482 © 1999 2000 OMNI 348,642,393 299,609,822 �- 2000 2001 OMNI 370,869,577 324,581,718 a 2001 2002 OMNI 430,103,965 365,770,339 a 2002 2003 OMNI 590,942,790 482,634,104 C.st Cp Page 2 of 3 Percentage Percentage Increase/(decrease) increase over increase over in increment prior -year base year - 0.00% 0.00% - 0.00% 0.00% - 0.00%n 0.00% 0.00% 0.00% - 0.00% 0.00% 78,887,721 31.95% 31.95% (5,831,736) -1.79% 29.59% 3,659,083 1.14% 31.07% 160,430 0.05% 31.14% (2,797,754) -0.86% 30.00% (1,883,120) -0.59% 29.24% (19,527,820) -6.12% 21.33% (6,832,070) -2.28% 18.56% (8,630,752) -2.95% 15.07% 5,530,752 1.95% 17.31 % (1,246,912) -0.43% 16.80% 4,407,798 1.53% 18.59% 6,815,340 2.33% 21.35% 24,971,896 8.33%n 31.46% 41,188,621 12.69% 48.15% 116,863,765 31.95% 95.48% 500,000,000 450,000,000 400,000,000 350,000,000 300,000,000 250,000,000 200,000,000 i 150,000,000 CTj Cp 100,000,000 50,000,000 ® C4 History of Taxable Values OMNI 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 ® Series2 ITEM 6 CITY OF MIAMI, FLORIDA INTER -OFFICE MEMORANDUM To: Chairman Arthur E. Teele, Jr. and Members of the CRA Board From: Annette Lewis Acting Executive Director Date: July 15, 2002 Fite: Subject: Monthly Financial Statements as of May 31 and June 30, 2002 References: Enclosures: Resolution RECOMMENDATION It is respectfully recommended that the CRA Board of Directors approve the attached resolution receiving the monthly financial statements as of May 31 and June 30, 2002 BACKGROUND As a formality, the CRA provides each Board Member with an updated monthly financial report for both the Southeast Overtown/Parkwest CRA and the Omni CRA which details the expenditures, revenues and funds balance of all accounts. General Source: N/A SEOPW/CRA Account Number: N/A OMM/CPA 0 2 -- 127 0 2 r 59 CRA AGENDA July 29, 2002 ITEM 6 RESOLUTION NO. SEOPW/CRA R- A RESOLUTION OF THE BOARD OF DIRECTORS OF THE SOUTHEAST OVERTOWN/PARK WEST (SEOPW) COMMUNITY REDEVELOPMENT AGENCY (CRA) RECEIVING THE MONTHLY FINANCIAL STATEMENTS AS OF MAY 31 AND JUNE 30, 2002, AS PRESENTED BY THE CHIEF FINANCIAL OFFICER OF THE CRA. NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE SEOPW COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF MIAMI, FLORIDA: Section 1. The recitals and findings contained in the Preamble to this Resolution are incorporated herein as if fully set forth in this Section. Section 2. The CRA Board of Directors hereby acknowledge receipt of the monthly financials statements as of May 31 and June 30, 2002 as presented by the Chief Financial Officer of the CRA. Section 3. This resolution shall be effective immediately upon its adoption. PASSED AND ADOPTED this 29`h day of July, 2002. Priscilla A. Thompson Clerk of the Board APPROVED AS TO FORM AND CORRECTNESS: Alejandro Vilarello CRA General Counsel Arthur E. Teele, Jr., Chairman Si OP Yr /CRL7. 02-- 12"7 O -I/CRA 0 2 59 CRA AGENDA July 29, 2002 ITEM 6 RESOLUTION NO. OMNUCRA R-O 2 59 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE OMNI COMMUNITY REDEVELOPMENT AGENCY (CRA) RECEIVING THE MONTHLY FINANCIAL STATEMENTS AS OF MAY 31 AND JUNE 30, 2002, AS PRESENTED BY THE CHIEF FINANCIAL OFFICER OF THE CRA. NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE OMNI COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF MIAMI, FLORIDA: Section 1. The recitals and findings contained in the Preamble to this Resolution are incorporated herein as if fully set forth in this Section. Section 2. The CRA Board of Directors hereby acknowledge receipt of the monthly financials statements as of May 31 and June 30, 2002as presented by the Chief Financial Officer of the CRA. Section 3. This resolution shall be effective immediately upon its adoption. PASSED AND ADOPTED this 29`h day of July, 2002. Priscilla A. Thompson Clerk of the Board APPROVED AS TO FORM AND CORRECTNESS: Alejandro Vilarello CRA General Counsel Arthur E. Teele, Jr., Chairman OMNI / CRA 02- 59 SEOPW/CRA 02-- 127 CRA AGENDA July 29, 2002 City of Miami Community Redevelopment Agency Unaudited Statement of Revenues, Expenditures and Changes in Fund Balance as of May 30, 2602 OMNI SEOPW OMNI-TIF SEOPW-TIF General Operating Revenues: Taxes Rentals Interest on investments Transfer in from Community Development Contribution from General Fund Offstreet parking Carryover fund balance Contribution from other governments Contribution Guaranteed Entitlement Contribution from off street parking Other Sale of leasehold interest Impact fees Total revenue Expenditures: Salaries and benefits Operating Land Plant, property and equipment Construction in progress Other Budget reserve Other financing sources (uses): Operating transfers in $ 964,997 1,349,767 - 7,455 14,380 81,178 618,663 375,125 2,213,500 1,598,040 4,027,025 Totals SEOPW only - 2,314,764 1,349,767 40,882 48,337 48,337 4,306 99,864 85,484 186,326 186,326 186,326 618,663 23,356 23,356 23,356 - 375,125 375,125 2,213,500 2,213,500 254,870 5,879,935 4,281,895 13,952 294,272 308,224 294,272 1,433,137 560,429 1,069,675 3,063,241 1,630,104 - 359,067 - 359,067 359,067 - 425,178 - 425,178 425,178 267,713 - - 267,713 - - 409,882 22,648 432,530 432,530 1,714,802 1,754,555 1,386,595 4,855,953 3,141,150 City of Miami Community Redevelopment Agency f- Unaudited Statement of Revenues, Expenditures and CAI Changes in Fund Balance U as of May 30, 2002 ® 1 W C Y2 OMNI SEOPW OMNI-TIF SEOPW-TIF General Operating Operating transfers out _ Operating transfers in from local government - Excess (deficiency) of revenue and other financing sources over (under expenditures and other financing uses Fund balance (deficit), beginning of year Equity transfers in (out) Fund balance, end of period Totals SEOPW only (116,762) 2,272,470 (1,131,726) 1,023,983 1,140,745 485,577 1,933,851 426,807 2,846,235 2,360,658 $ 368,815 4,206,321 (704,919) 3,870,218 3,501,403 920,177 514,389 1,400,795 gin ® Cq File: \\DATASERVER2_5\BLDIST\COM RDEV\030S839.REQ PGM ID: FN/SC/PO/RPT09 C I T Y O F M I A M I RUn DATE: 06/18/2002 DETAILED REVENUE AND EXPENDITURES BY PROJECT 08 FISCAL MONTH % EXPIRED 66.66 AS OF 05/31/2002 FUND 101 COMMUNITY REDEVELOPMENT AREA PROJECT 686001 OMNI TAX INCREMENT FUND INTERLOCAL AGREEMENT STATUS ACTIVE INDEX MIN ANNUAL REVENUES / EXPENDITURES CODE OBJ DESCRIPTION TOTAL BUDGET CURR MONTH CURR Y-T-D R E V E N U E S * * * * 059320 TIF APPROPRIATION OMI TRUST FD 001 TAXES REAL CURRENT 964,997 964,997.00 310 CONTR FROM OTHER GOVTS-COUNTY 616,977 618,663.00 INDEX CODE 059320 1,581,974 1,583,660.00 059322 OMNI TRUST FUND- OTHER 094 INTEREST ON INVESTMENT 45,259 1,442 17,633.92 749 GAIN/LOSS INVESTMENTS 473 3,253.86- INDEX CODE 059322 45,259 1,915 14,380.06 TOTAL REVENUES 1,627,233 1,915 1,598,040.06 E X P E N D I T U R E S 550108 S.E.O.P.W. REDEVELOPMENT - TRU 270 PROFESSIONAL SERVICES - OTHER 28,000 INDEX CODE 550108 28,000 590320 OMNI TAX INCREMENT DIST. INTLC 010 SALARIES - UNCLASSIFIED 12,990.95 100 SOCIAL SECURITY CONTRIB 961.23 270 PROFESSIONAL SERVICES - OTHER 1,050 1,000.00 470 ENTERTAINMENT 2,450 2,137.22 860 CONSTRUCTION IN PROGRESS 269,833 267,712.65 905 INTERGOVERNMENTAL CHARGES 1,338,900 1,430,000.00 996 BUDGET RESERVE 15,000 INDEX CODE 590320 1,627,233 1,714,802.05 TOTAL EXPENDITURES 1,627,233 28,000 1,714,802.05 RECAP: REVENUES LESS EXPENDITURES 26,084- 116,761.99- PAGE 09- 104 RPT RFC:REPORT 09 CNI 7 OUTSTANDING °s OF REMAINING V,I ENCUMBRANCE BUDGET BAL AVAILIABLE 100.0 100.2 1,686.00- P-q 100.1 1,686.00- ' 38.9 27,625.08 3,253.86 0 31.7 30,878.94 98.2 29,192.94 12,990.95- 961.23- 95.2 50.00 87.2 312.78 99.2 2,120.35 106.8 91,100.00- 15,000.00 105.3 87,569.05- 105.3 87,569.05- ?age : 2 - -- — — rile:\\UA'I'ASERVER2_5\BLDIST\COM_RDEV\0305839.REQ PGM ID: FN SC PO RPT09 C I T Y O F M I A M --- I ------------ PAGE 09- 105 RUN DATE: 06/18/2002 DETAILED REVENUE AND EXPENDITURES BY PROJECT RPT RFC:REPORT 09 08 FISCAL MONTH e EXPIRED 66.66 AS OF 05/31/2002 FUND 101 COMMUNITY REDEVELOPMENT AREA G� PROJECT 689001 ORD.10039-SE OVERTOWN PK WEST TAX INCREMENT FUND U rd STATUS ACTIVE a , INDEX MIN ANNUAL REVENUES / EXPENDITURES OUTSTANDING °s OF REMAINING ® '� CODE OBJ DESCRIPTION TOTAL BUDGET CURR MONTH CURR Y-T-D ENCUMBRANCE BUDGET BAL AVAILIABLE 0n O R E V E N U E S * * * * 026006 FINANCE TRUST AND AGENCY REQ. 749 GAIN/LOSS INVESTMENTS 6,431- 12,532.29- 12,532.29 INDEX CODE 026006 6,431- 12,532.29- 12,532.29 O5. S.E.O.P.W. REDEVELOPMENT - TRU an 001 TAXES REAL CURRENT 801,316 -801,316.00 100.0 070 RENTAL PROPERTIES - - 7,455.00 u 094 INTEREST ON INVESTMENT 87,953 13,439 61,089.35 69.4 7,455.00- 26,863.65 264 PROPERTY SALE 2,213,500.00 2,213,500.00-± 310 CONTR FROM OTHER GOVTS-COUNTY 508,940 —548,451.00 107.7 39,511.00- r 749 GAIN/LOSS INVESTMENTS 990 OTHER 10,305 —9,271.03 9,271.03- Q NON -OPERATING 125 125.00 125.00- INDEX CODE 055006 1,398,209 23,870 3,641,207.38 260.4 2,242,998.38- TOTAL REVENUES 1,398,209 17,439 3,628,675.09 259.5 2,230,466.09- E X P E N D I T U R E S * * * * 550108 S.E.O.P.W. REDEVELOPMENT - TRU 270 PROFESSIONAL SERVICES - OTHER 388,618 21,324 378,685.38 97.4 9,932.62 340 OTHER CONTRACTUAL SERVICES - O 125,000 124,068.63 99.2 931.37 602 INTEREST EXPENSE 57,675 57,675 57,675.00 100.0 810 LAND 360,856 254,320 359,067.05 99.5 1,788.95 860 CONSTRUCTION IN PROGRESS 425,178 50,241 —425,177.65 99.9 940 OTHER GRANTS AND AIDS 34,882 21,124 34,881.70 99.9 .35 996 BUDGET RESERVE 6,000 .30 6,000.00 INDEX CODE 550108 1,398,209 404,684 1,379,555.41 98.6 18,653.59 TOTAL EXPENDITURES 1,398,209 404,684 1,379,555.41 98.6 18,653.59 RECAP: REVENUES LESS EXPENDITURES 387,245- 2,249,119.68 age: 3 File: \\DATASERVER2 5\BLDIST\COM_RDEV\0305839.REQ PGM ID: FN/SC/PO/RPT09 C I T Y O F M I A M I RUN DATE: 06/18/2002 DETAILED REVENUE AND EXPENDITURES BY PROJECT 08 FISCAL MONTH $ EXPIRED 66.66 AS OF 05/31/2002 FUND 101 COMMUNITY REDEVELOPMENT AREA PROJECT 689004 GENERAL OPERATING -# TBD STATUS ACTIVE INDEX MIN CODE OBJ DESCRIPTION R E V E N U E S * * * * 055011 GENERAL OPERATING -#TBD 070 RENTAL PROPERTIES 094 INTEREST ON INVESTMENT 140 TRANSFER FROM COMMUNITY DEVELO 193 CONTRIBUTION FROM GN.FD. 244 CARRYOVER FUND BALANCE 736 CONTR. FRM. OFFSTR. PARKING 749 GAIN/LOSS INVESTMENTS INDEX CODE 055011 TOTAL REVENUES E X P E N D I T U R E S 550011 GENERAL OPERATING - #TBD 001 SALARIES - CLASS. PERM. FT 006 EARNED TIME PAYOFF 010 SALARIES - UNCLASSIFIED 080 EXPENSE ALLOWANCE 083 CAR ALLOWANCE 100 SOCIAL SECURITY CONTRIB 130 GROUP INSURANCE CONTRIB. 150 WORKER'S COMPENSATION 160 UNEMPLOYMENT COMPENSATION 170 SEVERANCE PAY 180 TUITION REIMBURSEMENT 250 PROFESSIONAL SERVICES - LEGAL 270 PROFESSIONAL SERVICES - OTHER 280 PROFESSIONAL SERVICES - ACCT'G 287 ADVERTISING 340 OTHER CONTRACTUAL SERVICES - 0 410 TRAVEL AND PER DIEM - TRAINING 420 TRAVEL AND PER DIEM - OTHER 495 PARKING EXPENSE 510 COMMUNICATIONS SERV. TELEPH. 0 533 POSTAGE 534 DELIVERY SERVICES 560 UTILITY SERVICES - WATER 610 RENT OF EQUIPMENT - OUTSIDE ANNUAL REVENUES / EXPENDITURES TOTAL BUDGET CURR MONTH CURR Y-T-D PAGE 09- 106 RPT RFC:REPORT 09 Q cq OUTSTANDING a OF REMAINING ENCUMBRANCE BUDGET BAL AVAILIABLE 90,155 - 40,882.25 45.3 49,272.75 21,000 11,059.04 52.6 9,940.96 m 379,900 379,900.00 279,488 23,290 186,325.60 66.6 93,162.40 900,000 900,000.00 48,000 23,355 23,355.88 48.6 24,644.12 45 J 6,753.16- 6,753.16 1,718,543 46,692 254,869.61 14.8 1,463,673.39 1,718,543 46,692 254,869.61 14.8 1,463,673.39 110,749 9,283 70,048.93 63.2 40,700.07 1,000 1,001.20 100.1 1.20- 381,872 5,054 184,066.59 48.2 197,805.41 18,000 18,000.00 16,000 16,000.00 56,505 1,072 19,157.90 33.9 37,347.10 19,533 1,531 15,128.95 77.4 4,404.05 290 62.00 21.3 228.00 548.76 548.76- 8,500 3,882.34 45.6 4,617.66 _5,000-- 375.10 7.5 4,624.90 145,100 36,146 148,105.01 102.0 3,005.01- 393,000 26,730 389,833.85 99.1 3,166.15 9,800 4,562 4,562.75 46.5 5,237.25 63,810 25,010 65,229.80 102.2 1,419.80- 66,000 152,531 183,431.39 277.9 117,431.39- 3,000 485.00 16.1 2,515.00 10,690 1,370 5,178.18 48.4 5,511.82 20,500 2,400 11,099.85 54.1 9,400.15 49,000 7,461 39,645.65 80.9 9,354.35 1,500 62 547.55 36.5 952.45 7,094 1,060 3,697.95 52.1 3,396.05 9,800 5,969.59 60.9 3,830.41 17,000 16,907.49 99.4 92.51 Page: 4 vile: \\L)A'1.'A6 KVKKL_5\13Lll1S'P\COM_RDEV\0305839.REQ PGM ID: FN/SC/PO/RPT09 C I T Y O F M I A M I RUN DATE: 06/18/2002 DETAILED REVENUE AND EXPENDITURES BY PROJECT 08 FISCAL MONTH % EXPIRED 66.66 AS OF 05/31/2002 FUND 101 COMMUNITY REDEVELOPMENT ARE, PROJECT 689004 GENERAL OPERATING -# TBD STATUS ACTIVE INDEX MIN ANNUAL REVENUES / EXPENDITURES CODE OBJ DESCRIPTION TOTAL BUDGET CURR MONTH CURR Y-T-D E X P E N D I T U R E S 550011 GENERAL OPERATING - #TBD 620 RENT BUILDINGS 88,000 19,500 76,675.51 650 INSURANCE - LIABILITY 5,700 1,623.08- 680 PRINTING/BINDING - OUTSIDE 23,600 6,669 17,266.67 690 PROMOTIONAL ACTIVITIES 36,800 36,620.53 700 OFFICE SUPPLIES 275.10- 722 MISCELLANEOUS SUPPLIES 50 41.93- 760 BOOKS PUBLICATIONS MEMBERSHIPS 6,300 6,298.65 903 MATERIALS AND SUPPLIES 60,000 9,528 60,059.70 940 OTHER GRANTS AND AIDS 14,40-0 8,500 22,648.31 996 BUDGET RESERVE 70,000 INDEX CODE 550011 1,716,543 318,527 1,386,595.09 TOTAL EXPENDITURES 1,718,543 318,527 1,386,595.09 RECAP: REVENUES LESS EXPENDITURES 271,834- 1,131,725.48- PAGE 09- 107 RPT RFC:REPORT 09 OUTSTANDING % OF REMAINING ENCUMBRANCE BUDGET BAL AVAILIABLE 87.1 28.4 73.1 99.5 99.9 100.0 157.2 80.6 80.6 11,324.49 7,323.08 6,333.33 179.47 275.10 41.93 1.35 59.70- 8,248.31- 70,000.00 331,947.91 331,947.91 W .CS? rA Page: 5 riie: \\UATASEKVEK2_5\81,DIST\C0M RDEV\0305839.REQ PGM ID: FN/SC/PO/RPT09 C I T Y O F M I A M I RUN DATE: 06/18/2002 DETAILED REVENUE AND EXPENDITURES BY PROJECT 08 FISCAL MONTH % EXPIRED 66.66 AS OF 05/31/2002 FUND 101 COMMUNITY REDEVELOPMENT AREA PROJECT 689005 COMMUNITY REDEVELOPMENT PROJECTS STATUS ACTIVE INDEX MIN ANNUAL REVENUES / EXPENDITURES CODE OBJ DESCRIPTION TOTAL BUDGET CURR MONTH CURR Y-T-D R E V E N U E S **** 055012 COMMUNITY REDEVELOPMT.PROJECTS 094 INTEREST ON INVESTMENT 3,361 26,548.18 441 PARKING RENTAL 375,000.00 749 GAIN/LOSS INVESTMENTS 1,036 3,197.82- INDEX CODE 055012 4,397 398,350.36 TOTAL REVENUES 4,397 398,350.36 E X P E N D I T U R E S 550014 T.C.O.T.A. (N.A.P) 930 AID TO PRIVATE ORGANIZATION 375,000.00 INDEX CODE 550014 375,000.00 TOTAL EXPENDITURES 375,000.00 RECAP: REVENUES LESS EXPENDITURES 4,397 23,350.36 PAGE 09- 108 RPT RFC:REPORT 09 OUTSTANDING % OF REMAINING ENCUMBRANCE BUDGET BAL AVAILIABLE 26,548.18- 375,000.00- 3,197.82 398,350.36- 398,350.36- 375,000.00- 375,000.00- 375,000.00- Page 6 - RDEV\0305839.REQ air-M.q. WF -5 an C4 Page: 7 r'ile:'�\DATASERVER2_5\BLDIST\COM_RDEV\0306001.REQ PGM ID: FN/SC/PO/RPT35 C I T Y O F M I A M I RUN DATE: 06/18/02 TRIAL BALANCE OF G/L BY FUND, SUBFUND AND PROJECT - AS OF 05/31/02 FUND 101 COMMUNITY REDEVELOPMENT AREA SUBFUND 670 COMMUNITY REDEVELOPMENT AGENCY PROJECT 670001 COMMUNITY REDEVELOPMENT AGENCY NUMBER 101 EQUITY IN POOLED CASH 301 FUND BALANCE 307 RESIDUAL EQUITY TRANSFER TOTAL THIS PROJECT TOTAL THIS SUBFUND YEAR BEGINNING BALANCE 276.45- 276.45 0.00 0.00 0.00 PAGE 35- RPT RFC:REPORT NO 35 TRANSACTIONS, CURRENT YEAR TO DATE DEBIT CREDIT 276.45 0.00 0.00 0.00 0.00 276.45- 276.45 276.45- 276.45 276.45- BALANCE END OF DAY 0.00 276.45 276.45- 0.00 0.00 60 u d Page - 3 - File: \\DATASERVER2_5\BLDIST\C0M RDEV\0306001.REQ PGM ID: FN/SC/PO/RPT35 C I T Y O F M I A M I PAGE 35- 61 RUN DATE: 06/18/02 TRIAL BALANCE OF G/L BY FUND, SUBFUND AND PROJECT RPT RFC:REPORT NO 35 - AS OF 05/31/02 �d FUND 101 COMMUNITY REDEVELOPMENT AREA SUBFUND 686 PARKS DEVELOPMENT TRUST FUND r^`Jcl PROJECT 686001 OMNI TAX INCREMENT FUND INTERLOCAL AGREE U a TRANSACTIONS, CURRENT YEAR TO DATE YEAR BALANCE cq NUMBER BEGINNING BALANCE DEBIT CREDIT END OF DAY 101 EQUITY IN POOLED CASH 502,356.89 1,602,720.57 1,743,395.73- 361,681.73 127 INTEREST RECEIVABLE INVESTMENT 6,539.42 17,633.92 19,060.57- 5,112.77 128 MARKET GAIN/LOSS INVESTMENTS 5,274.66 6,072.34 9,326.20- 2,020.80 216 ACCUM UNUSED COMPENSATED ABS 593.68- 593.68 0.00 0.00 230 ACCOUNTS PAYABLE 0.00 1,728,849.87 1,728,849.87- 0.00 235 MISCELLANEOUS PAYABLES 28,000.00- 28,000.00 0.00 0.00 3'_ FUND BALANCE 485,577.29- 0.00 0.00 485,577.29- REVENUE - REGULAR 0.00 9,326.20 1,607,366.26- 1,598,040.06- Q� EXPENDITURES -REGULAR 0.00 1,743,395.73 28,593.68- 1,714,802.05 �J TOTAL THIS PROJECT 0.00 5,136,592.31 5,136,592.31- 0.00 �y TOTAL THIS SUBFUND 0.00 5,136,592.31 5,136,592.31- 0.00 Paae: 4 VI -Le: \\L)A'1'A6E;KVFK2_5\BLDIST\COM_RDEV\0306001.REQ PGM ID: FN/SC/PO/RPT35 C I T Y O F M I A M I RUN DATE: 06/18/02 TRIAL BALANCE OF G/L BY FUND, SUBFUND AND PROJECT - AS OF 05/31/02 FUND 101 COMMUNITY REDEVELOPMENT AREA SUBFUND 689 S.E.OVERTOWN PK WEST REDEVELOP PROJECT 689001 ORD.10039-SE OVERTOWN PK WEST TAX INCREM NUMBER 101 103 126 127 128 223 230 r� 411 431 EQUITY IN POOLED CASH CASH WITH FISCAL AGENTS A/R MISCELLANEOUS SCI INTEREST RECEIVABLE INVESTMENT MARKET GAIN/LOSS INVESTMENTS PREPAID INCOME ACCOUNTS PAYABLE FUND BALANCE RETAINED EARNINGS - UNRESTRICT REVENUE - REGULAR EXPENDITURES -REGULAR TOTAL THIS PROJECT YEAR BEGINNING BALANCE 1,379,430.89 0.00 0.00 16,820.09 13,567.03 0.00 41,330.77- 1,103,999.20- 264,488.04- 0.00 0.00 0.00 PAGE 35- 62 RPT RFC:REPORT NO 35 TRANSACTIONS, CURRENT YEAR TO DATE BALANCE DEBIT CREDIT END OF DAY 6,395,523.40 4,532,014.18- ,,-3,242,940.11 395,334.75 0.00 -395,334.75 500,000.00 0.00 500,000.00 59,504.60 50,250.40- __26,074.29 24,203.31 27,464.57- --- 1-0,305.77 0.00 554,148.00- 554,148.00- 1,350,382.10 1,311,951.33- 2,900.00- 0.00 0.00 1,103,999.20- 0.00 0.00 264,488.04- 27,464.57 3,656,139.66- 3,628,675.09-� 3,599,833.41 2,220,278.00- 1,379,555.41� 12,352,246.14 12,352,246.14- 0.00 i Page: 5 t'11C \\LHIlib nICVLKL S\riL1J15'1'\LUM RDEV\0306001.REQ PGM ID: FN/SC/PO/RPT35 C I T Y O F M I A M I RUN DATE: 06/18/02 TRIAL BALANCE OF G/L BY FUND, SUBFUND AND PROJECT - AS OF 05/31/02 FUND 101 COMMUNITY REDEVELOPMENT AREA SUBFUND 689 S.E.OVERTOWN PK WEST REDEVELOP PROJECT 689004 GENERAL OPERATING -# TBD NUMBER 101 EQUITY IN POOLED CASH 127 INTEREST RECEIVABLE INVESTMENT 128 MARKET GAIN/LOSS INVESTMENTS 216 ACCUM UNUSED COMPENSATED ABS 223 PREPAID INCOME 230 ACCOUNTS PAYABLE 235 MISCELLANEOUS PAYABLES FUND BALANCE RESERVE FOR ENCUMBRANCES - CUR 411 REVENUE - REGULAR 412 REVENUES - TRANSFERS IN 431 EXPENDITURES -REGULAR 440 ENCUMBRANCES TOTAL THIS PROJECT PAGE 35- 63 RPT RFC:REPORT NO 35 TRANSACTIONS, CURRENT YEAR TO DATE YEAR BEGINNING BALANCE DEBIT CREDIT 1,409,595.22 377,042.57 2,291,468.12- 9,546.14 11,059.04 18,209.95- 7,699.87 3,616.20 10,369.36- 25,588.14- 25,588.14 0.00 554,148.00- 554,148.00 0.00 264,275.05- 1,282,826.02 1,221,981.02- 156,023.00- 156,023.00 0.00 426,807.04- 0.00 0.00 0.00 30,000.00 30,000.00- 0.00 10,369.36 78,913.37- 0.00 0.00 186,325.60- 0.00 1,676,475.12 289,880.03- 0.00 30,000.00 30,000.00- 0.00 4,157,147.45 4,157,147.45- BALANCE END OF DAY 504,830.33- 2,395.23 946.71 0.00 0.00 203,430.05- 0.00 426,807.04- 0.00 68,544.01- 186,325.60 1,386,595.09 0.00 0.00 an r1 Q Page: 6 else: \\DATASERVER2_5\BLDIST\COM_RDEV\0306001.REQ PGM ID: FN/SC/PO/RPT35 C I T Y O F M I A M I PAGE 35- 64 RUN DATE: 06/18/02 TRIAL BALANCE OF G/L BY FUND, SUBFUND AND PROJECT RPT RFC:REPORT NO 35 - AS OF 05/31/02 FUND 101 COMMUNITY REDEVELOPMENT AREA SUBFUND 689 S.E.OVERTOWN PK WEST REDEVELOP PROJECT 689005 COMMUNITY REDEVELOPMENT PROJECTS TRANSACTIONS, CURRENT YEAR TO DATE YEAR BALANCE NUMBER BEGINNING BALANCE DEBIT CREDIT END OF DAY 101 EQUITY IN POOLED CASH 1,073,548.36 26,219.00 258,312.66- 841,454.70 127 INTEREST RECEIVABLE INVESTMENT 8,090.28 26,548.18 26,219.00- 8,419.46 128 MARKET GAIN/LOSS INVESTMENTS .6,525.58 8,960.22 12,158.04- 3,327.76 301 FUND BALANCE 1,088,164.22- 0.00 0.00 1,088,164.22- 307 RESIDUAL EQUITY TRANSFER 0.00 258,312.66 0.00 258,312.66 411 REVENUE - REGULAR 0.00 12,158.04 410,508.40- 398,350.36- 431 EXPENDITURES -REGULAR 0.00 375,000.00 0.00 375,000.00 TOTAL THIS PROJECT 0.00 707,198.10 707,198.10- 0.00 Page: 7 eiie: \\lJA'1'ASLxVEX2_5\BLDIST\C0M RDEV\0306001.REQ PGM ID: FN/SC/PO/RPT35 C I T Y O F M I A M I RUN DATE: 06/18/02 TRIAL BALANCE OF G/L BY FUND, SUBFUND AND PROJECT - AS OF 05/31/02 FUND 101 COMMUNITY REDEVELOPMENT AREA SUBFUND 689 S.E.OVERTOWN PK WEST REDEVELOP PROJECT 689006 COMMUNITY PROGRAMS -#TBD NUMBER 101 EQUITY IN POOLED CASH 301 FUND BALANCE 307 RESIDUAL EQUITY TRANSFER TOTAL THIS PROJECT TOTAL THIS SUBFUND PAGE 35- 65 RPT RFC:REPORT NO 35 TRANSACTIONS, CURRENT YEAR TO DATE YEAR BEGINNING BALANCE DEBIT CREDIT 252,223.29- 252,223.29 0.00 252,223.29 0.00 0.00 0.00 0.00 252,223.29- 0.00 252,223.29 252,223.29- 0.00 17,468,814.98 17,468,814.98- BALANCE END OF DAY 0.00 252,223.29 252,223.29- 0.00 0.00 Page: 8 File:\\DATASERVER2_5\BLDIST\COM_RDEV\0306001.REQ PGM ID: FN/SC/PO/RPT35 C I T Y O F M I A M I PAGE 35- 66 RUN DATE: 06/18/02 TRIAL BALANCE OF G/L BY FUND, SUBFUND AND PROJECT RPT RFC:REPORT NO 35 - AS OF 05/31/02 FUND 101 COMMUNITY REDEVELOPMENT AREA SUBFUND 705 OVERTOWN PROJECT 705128 SOUTHEAST OVERTOWN/PARK WEST RE-DEVELOPM TRANSACTIONS, CURRENT YEAR TO DATE YEAR BALANCE NUMBER BEGINNING BALANCE DEBIT CREDIT END OF DAY 101 EQUITY IN POOLED CASH 5,812.92- 5,812.92 0.00 0.00 301 FUND BALANCE 5,812.92 0.00 0.00 5,812.92 307 RESIDUAL EQUITY TRANSFER 0.00 0.00 5,812.92- 5,812.92- TOTAL THIS PROJECT 0.00 5,812.92 5,812.92- 0.00 TOTAL THIS SUBFUND 0.00 5,812.92 5,812.92- 0.00 0.00 22,611,496.66 22,611,496.66- 0.00 an ?aqe : 9 File: \\DATASERVER2 5\BLDIST\COM_RDEV\0306001.REQ PGM ID: FN/SC/PO/RPT35 C I T Y O F M I A M I RUN DATE: 06/18/02 TRIAL BALANCE OF G/L BY FUND, SUBFUND AND PROJECT - AS OF 05/31/02 FUND 100 OTHER SPECIAL REVENUE FUNDS SUBFUND 110 SPECIAL REVENUE FUND- GRANTS PROJECT 110007 TRAFFIC STUDY REVIEW FEE FOR (M.U.S.P.) NUMBER 101 EQUITY IN POOLED CASH 230 ACCOUNTS PAYABLE 322 RESERVE FOR ENCUMBRANCES - CUR 411 REVENUE - REGULAR 431 EXPENDITURES -REGULAR 440 ENCUMBRANCES TOTAL THIS PROJECT TOTAL THIS SUBFUND YEAR BEGINNING BALANCE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 PAGE 35- RPT RFC:REPORT NO 35 TRANSACTIONS, CURRENT YEAR TO DATE DEBIT CREDIT 13,500.00 2,200.00- 2,200.00 2,200.00- 6,700.00 9,000.00- 0.00 13,500.00- 2,200.00 0.00 9,000.00 6,700.00- 33,600.00 33,600.00- 33,600.00 33,600.00- 33,600.00 33,600.00- BALANCE END OF DAY 11,300.00 0.00 2,300.00 13,500.00 2,200.00 2,300.00 0.00 0.00 0.00 59 - - •J.y n U (4 ® cq 'age 2 -- City of Miami Community Redevelopment Agency Unaudited Combined Balance Sheet PRELIMINARY as of June 30, 2002 OMNI SEOPW OMNI-TIF SEOPW-TIF General Oaeratine Totals SEOPW only Assets: Cash, cash equivalents and investments $ 361,682 4,077,157 (720,729) 3,718,109 3,356,428 Accounts receivable - 500,000 - 500,000 500,000 Allowance for accounts receivable - - 3,342 3,342 3,342 Interest receivable 7,134 48,127 - 55,261 48,127 Market gain/(loss) investments - _ Prepaid expense _ _ Restricted assets - 395,335 395,335 395,335 "Total Assets 368,815 5,020,619 (717,387) 4,672,047 4,303,232 Liabilities and Fund Balance Accounts payable _ _ _ Accrued liabilities - 554,148 - 554,148 554,148 Total liabilities - 554,148 - 554,148 554,148 Fund Balance: Reserved for encumbrances Unrestricted R/E Undesignated Total Liabilities and Fund Balances Adjustments to beginning balances Adjusted Fund Balances - 264,488 - 264,488 264,488 368,815 4,201,984 (717,387) 3,853,412 3,484,597 368,815 4,466,472 (717,387) 4,117,900 3,749,085 368,815 5,020,620 (717,387) 4,672,048 4,303,233 - (1,061,397) 1,061,397 - _ - 3,140,587 344,010 3,484,597 3,484,597 an in U O G City of Miami Community Redevelopment Agency Unaudited Statement of Revenues, Expenditures and Changes in Fund Balance as of June 30, 2002 OMNI Revenues: Taxes Rentals Interest on investments Transfer in from Community Development Contribution from General Fund Offstreet parking Carryover fund balance Contribution from other governments Contribution Guaranteed Entitlement Contribution from off street parking Other Sale of leasehold interest Impact fees Total revenue Expenditures: Salaries and benefits Operating Land Plant, property and equipment Construction in progress Other Budget reserve PRELIMINARY SEOPW OMNI-TIF SEOPW-TIF General Operating Totals SEOPW only $ 964,997 1,349,767 - 2,314,764 1,349,767 - 7,455 40,882 48,337 48,337 14,380 81,178 4,306 99,864 85,484 - - 186,326 186,326 186,326 618,663 - 618,663 - - - 23,356 23,356 23,356 - 375,288 - 375,288 375,288 - 2,213,500 2,213,500 2,213,500 1,598,040 4,027,188 254,870 5,880,098 4,282,058 13,952 - 294,272 308,224 294,272 1,433,137 564,929 1,069,675 3,067,741 1,634,604 - 359,067 - 359,067 359,067 - 425,178 - 425,178 425,178 267,713 - - 267,713 - - 409,882 22,648 432,530 432,530 1,714,802 1,759,055 1,386,595 4,860,453 3,145,650 C�? City of Miami Community Redevelopment Agency �I Unaudited Statement of Revenues, Expenditures and Changes in Fund Balance ® I as of W C'I June 30, 2002 OMNI SEOPW OMNI-TIF SEOPW-TIF General Operating Totals SEOPW only Other financing sources (uses): Operating transfers in _ _ _ - e' an Operating transfers out _ _ _ P4 Operating transfers in from local government 0 C2 O Excess (deficiency) of revenue and other financing sources over (under expenditures and other financing uses Fund balance (deficit), beginning of year Equity transfers in (out) Fund balance, end of period (116,762) 2,268,133 (1,131,726) 1,019,646 1,136,408 485,577 1,933,851 426,807 2,846,235 2,360,658 $ 368,815 4,201,984 3,865,881 3,497,066 (704,919) 920,177 514,389 1,400,795 File: \\DATASERVER2 5\BLDIST\COM_RDEV\0308205.REQ PGM ID: FN/SC/PO/RPT35 C I T Y O F M I A M I RUN DATE: 06/29/02 TRIAL BALANCE OF G/L BY FUND, SUBFUND AND PROJECT - AS OF 06/29/02 FUND 101 COMMUNITY REDEVELOPMENT AREA SUBFUND 670 COMMUNITY REDEVELOPMENT AGENCY PROJECT 670001 COMMUNITY REDEVELOPMENT AGENCY NUMBER 101 EQUITY IN POOLED CASH 301 FUND BALANCE 307 RESIDUAL EQUITY TRANSFER TOTAL THIS PROJECT TOTAL THIS SUBFUND YEAR BEGINNING BALANCE 276.45- 276.45 0.00 0.00 0.00 PAGE 35- 59 RPT RFC:REPORT NO 35 TRANSACTIONS, CURRENT YEAR TO DATE DEBIT CREDIT 276.45 0.00 0.00 0.00 0.00 276.45- 276.45 276.45- 276.45 276.45- V � BALANCE END OF DAY 0.00 276.45 276.45- 0.00 0.00 ?acre: 2 - rile:\\L)A'1'A5EKVEK2_5\BLDIST\COM_RDEV\0308205.REQ PGM ID: FN/SC/PO/RPT35 C I T Y O F M I A M I PAGE 35- 60 RUN DATE: 06/29/02 TRIAL BALANCE OF G/L BY FUND, SUBFUND AND PROJECT RPT RFC:REPORT NO 35 - AS OF 06/29/02 FUND 101 COMMUNITY REDEVELOPMENT AREA SUBFUND 686 PARKS DEVELOPMENT TRUST FUND PROJECT 686001 OMNI TAX INCREMENT FUND INTERLOCAL AGREE TRANSACTIONS, CURRENT YEAR TO DATE YEAR BALANCE NUMBER BEGINNING BALANCE DEBIT CREDIT END OF DAY 101 EQUITY IN POOLED CASH 502,356.89 1,602,720.57 1,743,395.73- 361,681.73 127 INTEREST RECEIVABLE INVESTMENT 6,539.42 17,633.92 19,060.57- 5,112.77 128 MARKET GAIN/LOSS INVESTMENTS 5,274.66 6,072.34 9,326.20- 2,020.80 216 ACCUM UNUSED COMPENSATED ABS 593.68- 593.68 0.00 0.00 230 ACCOUNTS PAYABLE 0.00 1,728,849.87 1,728,849.87- 0.00 235 MISCELLANEOUS PAYABLES 28,000.00- 28,000.00 0.00 0.00 301 FUND BALANCE 485,577.29- 0.00 0.00 485,577.29- REVENUE - REGULAR 0.00 9,326.20 1,607,366.26- 1,598,040.06- EXPENDITURES-REGULAR 0.00 1,743,395.73 28,593.68- 1,714,802.05 TOTAL THIS PROJECT 0.00 5,136,592.31 5,136,592.31- 0.00 TOTAL THIS SUBFUND 0.00 5,136,592.31 5,136,592.31- 0.00 Page: 3 \LJH ii` br1< V h NL 5\riLll15T\CUM RL)EV\0308205.REQ PGM ID: FN/SC/PO/RPT35 C I T Y O F M I A M I RUN DATE: 06/29/02 TRIAL BALANCE OF G/L BY FUND, SUBFUND AND PROJECT - AS OF 06/29/02 FUND 101 COMMUNITY REDEVELOPMENT AREA SUBFUND 689 S.E.OVERTOWN PK WEST REDEVELOP PROJECT 689001 ORD.10039-SE OVERTOWN PK WEST TAX INCREM NUMBER 101 EQUITY IN POOLED CASH 103 CASH WITH FISCAL AGENTS 126 A/R MISCELLANEOUS SCI 127 INTEREST RECEIVABLE INVESTMENT 128 MARKET GAIN/LOSS INVESTMENTS 223 PREPAID INCOME 230 ACCOUNTS PAYABLE FUND BALANCE RETAINED EARNINGS - UNRESTRICT 411 REVENUE - REGULAR 431 EXPENDITURES -REGULAR TOTAL THIS PROJECT YEAR BEGINNING BALANCE 1,379,430.89 0.00 0.00 16,820.09 13,567.03 0.00 41,330.77- 1,103,999.20- 264,488.04- 0.00 0.00 0.00 PAGE 35- 61 RPT RFC:REPORT NO 35 TRANSACTIONS, CURRENT YEAR TO DATE DEBIT CREDIT 6,395,685.65 4,539,414.18- 395,334.75 0.00 500,000.00 0.00 59,504.60 50,250.40- 24,203.31 27,464.57- 0.00 554,148.00- 1,357,782.10 1,316,451.33- 0.00 0.00 0.00 0.00 27,464.57 3,656,301.91- 3,604,333.41 2,220,278.00- 12,364,308.39 12,364,308.39 BALANCE END OF DAY 3,235,702.36 395,334.75 500,000.00 26,074.29 10,305.77 554,148.00- 0.00 1,103,999.20- 264,488.04- 3,628,837.34- 1,384,055.41 0.00 an { ® cl Page: -4 r li t':\\LJAiAJh;KvEKL_5\BLll15'1'\COM_RDEV\0308205.REQ PGM ID: FN/SC/PO/RPT35 C I T Y O F M I A M I RUN DATE: 06/29/02 TRIAL BALANCE OF G/L BY FUND, SUBFUND AND PROJECT _ AS OF 06/29/02 FUND 101 COMMUNITY REDEVELOPMENT AREA SUBFUND 689 S.E.OVERTOWN PK WEST REDEVELOP PROJECT 689005 COMMUNITY REDEVELOPMENT PROJECTS PAGE 35- 63 RPT RFC:REPORT NO 35 TRANSACTIONS, CURRENT YEAR TO DATE YEAR BALANCE NUMBER BEGINNING BALANCE DEBIT CREDIT END OF DAY 101 EQUITY IN POOLED CASH 1,073,548.36 26,219.00 258,312.66- 841,454,70 127 INTEREST RECEIVABLE INVESTMENT 8,090.28 26,548.18 26,219.00- 8,419.46 128 MARKET GAIN/LOSS INVESTMENTS 6,525.58 8,960.22 12,158.04- 3,327.76 301 FUND BALANCE 1,088,164.22- 0.00 0.00 1,088,164.22- 307 RESIDUAL EQUITY TRANSFER 0.00 258,312.66 0.00 258,312.66 411 REVENUE - REGULAR 0.00 12,158.04 410,508.40- 398,350.36- 431 EXPENDITURES -REGULAR 0.00 375,000.00 0.00 375,000.00 TOTAL THIS PROJECT 0.00 707,196.10 707,198.10- 0.00 7l Page: 6 KLr,v\UJU62U5.KEu PGM ID: FN/SC/PO/RPT35 C I T Y O F M I A M I RUN DATE: 06/29/02 TRIAL BALANCE OF G/L BY FUND, SUBFUND AND PROJECT RPT RFC:REPORT PAGE 35- 62 NO 35 AS OF 06/29/02 _ FUND 101 COMMUNITY REDEVELOPMENT AREA SUBFUND 689 S.E.OVERTOWN PK WEST REDEVELOP U PROJECT 689004 GENERAL OPERATING -4 TBD TRANSACTIONS, CURRENT YEAR TO DATE YEAR BALANCE NUMBER BEGINNING BALANCE DEBIT CREDIT END OF DAY Q 101 EQUITY IN POOLED CASH 1,409,595.22 388,264.69 2,518,589.34- 720,729.43- 127 INTEREST RECEIVABLE INVESTMENT 9,546.14 11,059.04 18,209.95- 2,395.23 128 MARKET GAIN/LOSS INVESTMENTS 7,699.87 3,616.20 10,369.36- 946.71 216 ACCUM UNUSED COMPENSATED ABS 25,588.14- 25,588.14 0.00 0.00 223 PREPAID INCOME 554,148.00- 554,148.00 0.00 0.00 230 ACCOUNTS PAYABLE 264,275.05- 1,502,241.83 1,237,966.78- 0.00 235 MISCELLANEOUS PAYABLES 156,023.00- 156,023.00 0.00 0.00 30' FUND BALANCE 426,807.04- 0.00 0.00 426,807.04- RESERVE FOR ENCUMBRANCES - CUR 0.00 30,000.00 30,000.00- 0.00 4- REVENUE - REGULAR 0.00 10,369.36 78,913.37- 68,544.01- 412 REVENUES - TRANSFERS IN 0.00 0.00 186,325.60- 186,325.60- 431 440 EXPENDITURES -REGULAR 0.00 1,700,166.29 301,102.15- 1,399,064.14 ® ENCUMBRANCES 0.00 30,000.00 30,000.00- 0.00 C TOTAL THIS PROJECT 0.00 4,411,476.55 4,411,476.55- 0.00 'age: 5 rile: \\DATASERVER2 5\BLDIST\C0M_RDEV\0308205.REQ PGM ID: FN/SC/PO/RPT35 C I T Y O F M I A M I RUN DATE: 06/29/02 TRIAL BALANCE OF G/L BY FUND, SUBFUND AND PROJECT AS OF 06/29/02 FUND 101 COMMUNITY REDEVELOPMENT AREA SUBFUND 689 S.E.OVERTOWN PK WEST REDEVELOP PROJECT 689006 COMMUNITY PROGRAMS -#TBD PAGE 35- 64 RPT RFC:REPORT NO 35 TRANSACTIONS, CURRENT YEAR TO DATE YEAR NUMBER BEGINNING BALANCE DEBIT CREDIT 101 EQUITY IN POOLED CASH 252,223.29- 252,223.29 0.00 301 FUND BALANCE 252,223.29 0.00 0.00 307 RESIDUAL EQUITY TRANSFER 0.00 0.00 252,223.29- TOTAL THIS PROJECT 0.00 252,223.29 252,223.29- TOTAL THIS SUBFUND 0.00 17,735,206.33 17,735,206.33- BALANCE END OF DAY 0.00 252,223.29 252,223.29- 0.00 0.00 Z ?age: 7 r11C:\\LJH1H.'�L'KVL'KL_5\tSLL1151'\l; Ul�l_ RL)h;V\0308205,REQ PGM ID: FN/SC/PO/RPT35 C I T Y O F M I A M I RUN DATE: 06/29/02 TRIAL BALANCE OF G/L BY FUND, SUBFUND AND PROJECT - AS OF 06/29/02 FUND 101 COMMUNITY REDEVELOPMENT AREA SUBFUND 705 OVERTOWN PROJECT 705128 SOUTHEAST OVERTOWN/PARK WEST RE-DEVELOPM NUMBER 101 EQUITY IN POOLED CASH 301 FUND BALANCE 307 RESIDUAL EQUITY TRANSFER TOTAL THIS PROJECT TOTAL THIS SUBFUND PAGE 35- 65 RPT RFC:REPORT NO 35 TRANSACTIONS, CURRENT YEAR TO DATE YEAR BALANCE BEGINNING BALANCE DEBIT CREDIT END OF DAY 5,812.92- 5,812.92 0.00 0.00 5,812.92 0.00 0.00 5,812.92 0.00 0.00 5,812.92- 5,812.92- 0.00 5,812.92 5,812.92- 0.00 0.00 5,812.92 5,812.92- 0.00 0.00 22,877,888.01 22,877,888.01- 0.00 U C O Page: 8 rlie: \\JA'1'A6EKVER2 5\BLDIST\COM RDEV\0308066.REQ PGM ID: FN/SC/PO/RPT09 C I T Y O F M I A M I RUN DATE: 06/29/2002 DETAILED REVENUE AND EXPENDITURES BY PROJECT 09 FISCAL MONTH °s EXPIRED 75.00 AS OF 06/29/2002 FUND 101 COMMUNITY REDEVELOPMENT AREA PROJECT 686001 OMNI TAX INCREMENT FUND INTERLOCAL AGREEMENT STATUS ACTIVE INDEX MIN ANNUAL REVENUES / EXPENDITURES CODE OBJ DESCRIPTION TOTAL BUDGET CURR MONTH CURR Y-T-D R E V E N U E S 059320 TIF APPROPRIATION OMI TRUST FD 001 TAXES REAL CURRENT 964,997 964,997.00 310 CONTR FROM OTHER GOVTS-COUNTY 616,977 618,663.00 INDEX CODE 059320 1,581,974 1,583,660.00 059322 OMNI TRUST FUND- OTHER 094 INTEREST ON INVESTMENT 45,259 17,633.92 749 GAIN/LOSS INVESTMENTS 3,253.86- INDEX CODE 059322 45,259 14,380.06 TOTAL REVENUES 1,627,233 1,598,040.06 E X P E N D I T U R E S 590320 OMNI TAX INCREMENT DIST. INTLC 010 SALARIES - UNCLASSIFIED 12,990.95 100 SOCIAL SECURITY CONTRIB 961.23 270 PROFESSIONAL SERVICES - OTHER 1,050 1,000.00 470 ENTERTAINMENT 2,450 2,137.22 860 CONSTRUCTION IN PROGRESS 269,833 267,712.65 905 INTERGOVERNMENTAL CHARGES 1,338,900 1,430,000.00 996 BUDGET RESERVE 15,000 INDEX CODE 590320 1,627,233 1,714,802.05 TOTAL EXPENDITURES 1,627,233 1,714,802.05 RECAP: REVENUES LESS EXPENDITURES 116,761.99- PAGE 09- 102 RPT RFC:REPORT 09 r- U t.•� ca OUTSTANDING o OF REMAINING ENCUMBRANCE BUDGET BAL AVAILIABLE 100.0 100.2 1,686.00- Q 100.1 1,686.00- 38.9 27,625.08 3,253.86 31.7 30,B78.94 98.2 29,192.94 12,990.95- 961.23- 95.2 50.00 87.2 312.78 99.2 2,120.35 106.8 91,100.00- 15,000.00 105.3 87,569.05- 105.3 87,569.05- age: 2 rile: \\DATASERVER2 5\BLDIST\C0M_RDEV\0308066.REQ PGM ID: FN/SC/PO/RPT09 C I T Y O F M I A M I RUll DATE: 06/29/2002 DETAILED REVENUE AND EXPENDITURES BY PROJECT 09 FISCAL MONTH % EXPIRED 75.00 AS OF 06/29/2002 FUND 101 COMMUNITY REDEVELOPMENT AREA PROJECT 689001 ORD.10039-SE OVERTOWN PK WEST TAX INCREMENT FUND STATUS ACTIVE INDEX MIN ANNUAL REVENUES / EXPENDITURES CODE OBJ DESCRIPTION TOTAL BUDGET CURR MONTH CURR Y-T-D R E V E N U E S * * * * 026006 FINANCE TRUST AND AGENCY REQ. 749 GAIN/LOSS INVESTMENTS 12,532.29- INDEX CODE 026006 12,532.29- 0550- S.E.O.P.W. REDEVELOPMENT - TRU i 001 TAXES REAL CURRENT 801,316 801,316.00 070 RENTAL PROPERTIES . 7,455.00 094 INTEREST ON INVESTMENT 87,953 -61,089.35 264 PROPERTY SALE 2,213,500.00 310 CONTR FROM OTHER GOVTS-COUNTY 508,940 548,451.00 749 GAIN/LOSS INVESTMENTS 9,271.03 990 OTHER NON -OPERATING 162 287.25 INDEX CODE 055006 1,398,209 162 3,641,369.63 TOTAL REVENUES 1,398,209 162 3,628,837.34 E X P E N D I T U R E S 550108 S.E.O.P.W. REDEVELOPMENT - TRU 270 PROFESSIONAL SERVICES - OTHER 388,618 4,500 383,185.38 340 OTHER CONTRACTUAL SERVICES - 0 125,000 124,068.63 602 INTEREST EXPENSE 57,675 57,675.00 ; 810 LAND 360,856 359,067.05 860 CONSTRUCTION IN PROGRESS 425,178 - 425,177.65 P40 OTHER GRANTS AND AIDS 34,882 34,881.70 996 BUDGET RESERVE 6,000 INDEX CODE 550108 1,398,209 4,500 1,384,055.41 TOTAL EXPENDITURES 1,398,209 4,500 1,384,055.41 RECAP: REVENUES LESS EXPENDITURES 4,337- 2,244,781.93 PAGE 09- 103 RPT RFC:REPORT 09 9� U rl 0 r� Q OUTSTANDING 6 OF REMAINING ENCUMBRANCE BUDGET BAL AVAILIABLE 12,532.29 12,532.29 elm A' 100.0 7,455.00- 69.4 26,863.65 2,213,500.00- 107.7 39,511.00- 9,271.03- 287.25- 260.4 2,243,160.63- 259.5 2,230,628.34- 98.6 5,432.62 99.2 931.37 100.0 99.5 1,788.95 99.9 .35 99.9 .30 6,000.00 98.9 14,153.59 98.9 14,153.59 age: 3 - - --- -- ---------- rile: \\LJH'1'F15EFVEtL2 5\BLDIST\CUM RDEV\0308066.REQ PGM ID: FN/SC/PO/RPT09 C I T Y O F M I A M I RUN -DATE: 06/29/2002 DETAILED REVENUE AND EXPENDITURES BY PROJECT 09 FISCAL MONTH % EXPIRED 75.00 AS OF 06/29/2002 FUND 101 COMMUNITY REDEVELOPMENT AREA PROJECT 689004 GENERAL OPERATING -# TBD STATUS ACTIVE INDEX MIN CODE OBJ DESCRIPTION R E V E N U E S **** 055011 GENERAL OPERATING -#TBD 070 RENTAL PROPERTIES 094 INTEREST ON INVESTMENT 140 TRANSFER FROM COMMUNITY DEVELO 193 CONTRIBUTION FROM GN.FD. 244 CARRYOVER FUND BALANCE 736 CONTR. FRM. OFFSTR. PARKING 749 GAIN/LOSS INVESTMENTS INDEX CODE 055011 TOTAL REVENUES E X P E N D I T U R E S 550011 GENERAL OPERATING - #TBD 001 SALARIES - CLASS. PERM. FT 006 EARNED TIME PAYOFF O10 SALARIES - UNCLASSIFIED 080 EXPENSE ALLOWANCE 083 CAR ALLOWANCE 100 SOCIAL SECURITY CONTRIB 130 GROUP INSURANCE CONTRIB. 150 WORKER'S COMPENSATION 160 UNEMPLOYMENT COMPENSATION 170 SEVERANCE PAY 180 TUITION REIMBURSEMENT 250 PROFESSIONAL SERVICES - LEGAL 270 PROFESSIONAL SERVICES - OTHER 280 PROFESSIONAL SERVICES - ACCT'G 287 ADVERTISING 340 OTHER CONTRACTUAL SERVICES - O 410 TRAVEL AND PER DIEM - TRAINING 420 TRAVEL AND PER DIEM - OTHER 495 PARKING EXPENSE 510 COMMUNICATIONS SERV. TELEPH. 0 533 POSTAGE 534 DELIVERY SERVICES 560 UTILITY SERVICES - WATER 610 RENT OF EQUIPMENT - OUTSIDE age: 4 ANNUAL REVENUES / EXPENDITURES TOTAL BUDGET CURR MONTH CURR Y-T-D PAGE 09- 104 RPT RFC:REPORT 09 r- u Q OUTSTANDING °s OF REMAINING ENCUMBRANCE BUDGET BAL AVAILIABLE 90,155 40,882.25 45.3 49,272.75 21,000 11,059.04 52.6 9,940.96 379,900 379,900.00 (a} 279,488 186,325.60 66.6 93,162.40 900,000 900,000.00 48,000 23,355.88 48.6 24,644.12 6,753.16- 6,753.16 1,718,543 254,869.61 14.8 1,463,673.39 1,718,543 254,869.61 14.8 1,463,673.39 110,749 4,641 74,690.91 67.4 36,058.09 1,000 1,001.20 100.1 1.20- 256,872 2,527 186,593.96 72.6 70,278.04 18,000 18,000.00 16,000 16,000.00 56,505 536 19,693.96 34.8 36,811.04 19,533 15,128.95 77.4 4,404.05 290 62.00 21.3 228.00 548.76 548.76- 8,500 3,882.34 45.6 4,617.66 5,000 375.10 7.5 4,624.90 145,100 148,105.01 102.0 3,005.01- 393,000 3,000 392,833.85 99.9 166.15 9,800 4,562.75 46.5 5,237.25 63,810 1,556- 63,673.45 99.7 136.55 191,000 7,425 190,856.39 99.9 143.61 3,000 485.00 16.1 2,515.00 10,690 5,178.18 48.4 5,511.82 20,500 11,099.85 54.1 9,400.15 49,000 2,876- 36,769.21 75.0 12,230.79 1,500 56 604.43 40.2 895.57 7,094 2,088 5,786.51 81.5 1,307.49 9,800 5,969.59 60.9 3,830.41 17,000 16,907.49 99.4 92.51 File:\\DATASERVER2_5\BLDIST\COM_RDEV\0308066.REQ ' PGM ID: FN/SC/PO/RPT09 C I T Y O F M I A M I RUN DATE: 06/29/2002 DETAILED REVENUE AND EXPENDITURES BY PROJECT 09 FISCAL MONTH o EXPIRED 75.00 AS OF 06/29/2002 FUND 101 COMMUNITY REDEVELOPMENT AREA PROJECT 689004 GENERAL OPERATING -# TBD STATUS ACTIVE INDEX MIN ANNUAL REVENUES / EXPENDITURES CODE OBJ DESCRIPTION TOTAL BUDGET CURR MONTH CURR Y-T-D E X P E N D I T U R E S * * * * 550011 GENERAL OPERATING - #TBD 620 RENT BUILDINGS 88,000 6,000- 70,675.51 650 INSURANCE - LIABILITY 5,700 1,623.08- =,680 PRINTING/BINDING - OUTSIDE 23,600 2,736 20,002.88 ,690 PROMOTIONAL ACTIVITIES 36,800 36,620.53 700 OFFICE SUPPLIES 275.10- 722 MISCELLANEOUS SUPPLIES 41.93- 760 BOOKS PUBLICATIONS MEMBERSHIPS 6,300 6,298.65 903 MATERIALS AND SUPPLIES 60,000 110- 59,949.48 940 OTHER GRANTS AND AIDS 14,400 22,648.31 996 BUDGET RESERVE 70,000 INDEX CODE 550011 1,718,543 12,469 1,399,064.14 TOTAL EXPENDITURES 1,718,543 12,469 1,399,064.14 RECAP: REVENUES LESS EXPENDITURES 12,469- 1,144,194.53- PAGE 09- 105 RPT RFC:REPORT 09 V 6� O OUTSTANDING °s OF REMAINING ENCUMBRANCE BUDGET BAL AVAILIABLE 80.3 17,324.49 28.4 7,323.08 84.7 3,597.12 99.5 179.47 275.10 41.93 99.9 1.35 99.9 50.52 157.2 8,248.31- 70,000.00 81.4 319,478.86 81.4 319,478.86 aqe: 5 JI \wivi_KllEV\0308066. REQ PGM ID: FN/SC/PO/RPT09 C I T Y O F M I A M I RUN DATE: 06/29/2002 DETAILED REVENUE AND EXPENDITURES BY PROJECT 09 FISCAL MONTH o EXPIRED 75.00 AS OF 06/29/2002 FUND 101 COMMUNITY REDEVELOPMENT AREA PROJECT 689005 COMMUNITY REDEVELOPMENT PROJECTS STATUS ACTIVE INDEX MIN CODE OBJ DESCRIPTION R E V E N U E S *** 055012 COMMUNITY REDEVELOPMT.PROJECTS 094 INTEREST ON INVESTMENT 441 PARKING RENTAL 749 GAIN/LOSS INVESTMENTS INDEX CODE 055012 TOTAL REVENUES E X P E N D I T U R E S 550014 T.C.O.T.A. (N.A.P) 930 AID TO PRIVATE ORGANIZATION INDEX CODE 550014 TOTAL EXPENDITURES RECAP: REVENUES LESS EXPENDITURES ANNUAL REVENUES / EXPENDITURES TOTAL BUDGET CURR MONTH CURR Y-T-D 26,548.18 375,000.00 3,197.82- 398,350.36 398,350.36 375,000.00 375,000.00 375,000.00 23,350.36 PAGE 09- 106 RPT RFC:REPORT 09 n-, V) Q OUTSTANDING °s OF REMAINING ENCUMBRANCE BUDGET BAL AVAILIABLE 26,548.18- 375,000.00- 3,197.82 398,350.36- 398,350.36- � 0 375,000.00- 375,000.00- 375,000.00- age: 6 viie: \\UATASERVER2 5\BLDIST\COM_RDEV\0308066.REQ age: CITY OF MIAMI, FLORIDA INTER -OFFICE MEMORANDUM To: Chairman Arthur E. Teele, Jr. and Members of the CRA Board From: Annette Lewis �,/)D ) Acting Executive D Waor ITEM 7A Date: July 15, 2002 File: Subject. Audited September 30, 2001 Financial Statements and Manager's Letter received prepared by KPMG References: Enclosures: Resolution RECOMMENDATION It is respectfully recommended that the CRA Board of Directors approve the attached resolution receiving the draft audited September 30, 2001 financial statements and Management Letter as prepared by KPMG BACKGROUND Pursuant to §163.387 F.S., each redevelopment agency " ... shall provide for an independent financial audit of the trust fund each fiscal year and a report of such audit" General Source: N/A Account Number: N/A OMNi/CRA, SEOPW/CRA Q 2 -- Jet CRA AG10Q ,ftly 291427 ITEM 7A RESOLUTION NO. SEOPW/CRA R- A RESOLUTION OF THE BOARD OF DIRECTORS OF THE SOUTHEAST OVERTOWN/PARK WEST (SEOPW) COMMUNITY REDEVELOPMENT AGENCY (CRA) RECEIVING THE DRAFT AUDITED SEPTEMBER 30, 2001 FINANCIAL STATEMENTS AND MANAGEMENT LETTER AS PREPARED BY KPMG NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE SEOPW COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF MIAMI, FLORIDA: Section 1. The recitals and findings contained in the Preamble to this Resolution are incorporated herein as if fully set forth in this Section. Section 2. The CRA Board of Directors hereby acknowledge receipt of the draft audited September 30, 2001 financial statements and Management Letter as prepared by KPMG Section 3. This resolution shall be effective immediately upon its adoption. PASSED AND ADOPTED this 29th day of July, 2002. Priscilla A. Thompson Clerk of the Board APPROVED AS TO FORM AND CORRECTNESS: Alejandro Vilarello CRA General Counsel Arthur E. Teele, Jr., Chairman SEOPW / CRA 02 - 127 CRA AGENDA July 29, 2002 OIzINI/CRA (1 "I a J DRAFT '1 A CITY OF MIAMI SOUTHEAST OVERTOWN PARK WEST REDEVELOPMENT AGENCY (A COMPONENT UNIT OF THE CITY OF MIAMI, FLORIDA) Financial Statements September 30, 2001 (With Independent Auditors' Report Thereon) Old/C'RA SEOPW/CRA 02- 59 02 - 127 0'TOai CITY OF MIAMI SOUTHEAST OVERTOWN PARK WEST REDEVELOPMENT AGENCY (A COMPONENT UNIT OF THE CITY OF MIAMI, FLORIDA) Table of Contents Page Independent Auditors' Report 1-2 Financial Statements: Combined Balance Sheet — Governmental Fund Types and Account Groups 3-4 Combined Statement of Revenue, Expenditures and Changes in Fund Balances — All Governmental Fund Types 5 Statement of Revenue, Expenditures and Changes in Fund Balances — Combined Budget and Actual — All Governmental Fund Types 6 Notes to Financial Statements 7-14 ®A/CRA SEOPW/CRA 02- 59 02- 127 1�' ON Independent Auditors' Report The Board of Directors City of Miami Southeast Overtown Park West Redevelopment Agency: We have audited the accompanying financial statements of the City of Miami Southeast Overtown Park West Redevelopment Agency (the Agency), a component unit of the City of Miami, Florida, as of and for the year ended September 30, 2001, as listed in the table of contents. These financial statements are the responsibility of the Agency' management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. As discussed in note 1, the accompanying financial statements referred to above present fairly, only the Agency and are not intended to present fairly the financial position of the City of Miami, Florida and the results of its operations in conformity with accounting principles generally accepted in the United States of America. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Agency, as of September 30, 2001, and the results of its operations for the year then ended in conformity with accounting principles generally accepted in the United States of America. As discussed in note 11 to the financial statements, the Agency has adopted the provisions of Governlnental Accounting Standards Board (GASB) Statement No. 33, Accounting and Financial Reporting for Non -Exchange Transactions. ('a."/C 'SECPW/ CRA DRAFT In accordance with Government Auditing Standards, we have also issued a report dated April 5, 2002 on our consideration of the Agency's internal control over financial reporting and our tests of their compliance with certain provisions of laws, regulations, contracts, and grants. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be read in conjunction with this report in considering the results of our audit. April 5, 2002 SEOPW / CRA 2 ®i��A 0 2 _ 127 Account Groups General General Total fixed long-term Memorandum assets obligations Only — — 6,121,383 — — 63,427 — — (63,427) — — 107,910 — — 876,226 15,034,177 — 15,034,177 — 814,026 814,026 — 3,749,838 3,749,838 15,034,177 4,563,864 26,703,560 — — 791,212 — — 554,148 — — 531,736 — — 125,800 — 4,563,864 4,563,864 — 4,563,864 6,566,760 15,034,177 — 15,034,177 — — 34,385 — — 814,026 — — 2,339,028 — — 1,915,184 15,034,177 — 20,136,800 15,034,177 "" 4,563,864 26,703,560 DRAFT C",-ff/CRA SECPW/CRA 4 02- 59 02" 12' CITY OF MIAMI SOUTHEAST OVERTOWN PARK WEST REDEVELOPMENT AGENCY (A COMPONENT UNIT OF THE CITY OF MIAMI, FLORIDA) Combined Statement of Revenue, Expenditures and Changes in Fund Balances All Governmental Fund Types For the year ended September 30, 2001 Revenue: Tax increment revenue State of Florida revenue sharing Rental Interest Total revenue Expenditures: Current: General government Community development Debt service: Principal Interest Capital outlay Total expenditures Deficiency of revenue under expenditures Other financing sources (uses): Operating transfers in Operating transfers out Operating transfers in 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, beginning of year Fund balances, end of year See accompanying notes to financial statements. DRAFT Governmental Fund Types Total Special Debt Capital Memorandum General revenue service project Only $ - 918,384 - - 918,384 - - 300,000 - 300,000 79,826 - - - 79,826 35,353 124,922 39,663 142,009 341,947 115,179 1,043,306 339,663 142,009 1,640,157 1,339,635 - - - 1,339,635 - 375,000 - - 375,000 - - 105,000 - 105,000 - - 251,600 - 251,600 276,035 1,833,812 - 342,151 2,451,998 1,615.670 2,208,812 356,600 342,151 4,523,233 (1,500,491) (1,165,506) (16,937) (200,142) (2,883,076) - 22,106 56,600 - 78,706 (22,106) (56,600) - - (78,706) 1,426,210 384,015 - 282,652 2,092,877 1,404,104 349,521 56,600 282,652 2,092,877 (96,387) (815,985) 39,663 82,510 (790,199) 1,497,182 1,357,374 774,363 2,290,903 5,919,822 $ 1,400,795 541,389 814,026 2,373,413 5,129,623 SEOPW/CRA1 5 C" iCRA 140 Q 107 02- 59 DRAFT CITY OF MIAMI SOUTHEAST OVERTOWN PARK WEST REDEVELOPMENT AGENCY (A COMPONENT UNIT OF THE CITY OF MIAMI, FLORIDA) Combined Statement of Revenue and Expenditures — Budget and Actual For the year ended September 30, 2001 Revenue: Tax increment revenue State of Florida revenue sharing Parking lease Rental Interest Impact fees Total revenue Expenditures: Current: General government Community development Debt service: Principal Interest Capital outlay Total expenditures Deficiency of revenue under expenditures Other financing sources (uses): Operating transfers in Operating transfers out Operating transfers from primary government Total other financing sources (uses) Deficiency of revenue and other financing sources under expenditures and other financing uses See accompanying notes to financial statements. Variance favorable Budget Actual (unfavorable) $ 944,862 918,384 (26,478) 300,000 300,000 — 150,000 — (150,000) 90,155 79,826 (10,329) 90,000 199,938 109,938 150,000 — (150,000) 1,725,017 1,498,148 •(226,869) 3,013,693 — 3,013,693 — 375,000 (375,000) 105,000 105,000 — 251,600 251,600 — 849,160 3,476,482 (2,627,322) 4,219,453 4,208,082 11,371 (2,494,436) (2,709,934) (215,498) 56,600 78,706 22,106 (56,600) (78,706) (22,106) 658,488 1,810,225 1,151,737 658,488 1,810,225 1,151,737 $ (1,835,948) (899,709) 936,239 0MM/C 1RA 6 02- 59 SEOPW/CRA 02- 127 DRAFT CITY OF MIAMI SOUTHEAST OVERTOWN PARK WEST REDEVELOPMENT AGENCY (A COMPONENT UNIT OF THE CITY OF MIAMI, FLORIDA) Notes to Financial Statements September 30, 2001 (1) General Description and Basis of Presentation The City of Miami Southeast Overtown Park West Redevelopment Agency (the Agency), was established in 1983, by the City of Miami, Florida (the City) under the provisions of Section 163.330, Florida Statutes. The purpose of the Agency is to eliminate blight and slum condition within the redevelopment area of the Agency pursuant to the redevelopment plans of the Agency for new residential and commercial activity in the Southeast Overtown area. The board of directors of the Agency is comprised of the five members of the City commission and are separate, distinct and independent from the governing body of the City. The City entered into Interlocal Cooperation Agreements, dated March 31, 1982 with Miami -Dade County, Florida (the County) and related ordinances of the City and County whereby tax increment revenue collected by the parties would be paid to the Agency and used in accordance with the approved budgets of the redevelopment plans and terms and conditions of the Interlocal Agreements for the benefit of the Agency. 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 is not intended to be a complete presentation of the financial position of the City and the results of its operations in conformity with accounting principles generally accepted in the United States of America. (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 groups: (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 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 7 OMM/CRA Asa 02-� 59 ) DRAFT CITY OF MIAMI SOUTHEAST OVERTOWN PARK WEST REDEVELOPMENT AGENCY (A COMPONENT UNIT OF THE CITY OF MIAMI, FLORIDA) Notes to Financial Statements September 30, 2001 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 Fund accounts for the proceeds of specific revenue sources (other than 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. (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 the outstanding balances 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. (c) Cash The Agency's cash, other than described below 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. SEOPW / CRA ONMI/C 0 2 - 127 8 0 2 - (Continued) CITY OF MIAMI SOUTHEAST OVERTOWN PARK WEST REDEVELOPMENT AGENCY (A COMPONENT UNIT OF THE CITY OF MIAMI, FLORIDA) Notes to Financial Statements September 30, 2001 (d) Budgets DRAFT As set forth in the Interlocal Cooperation Agreements between the Agency and the City, the Agency adopts an annual budget for the combined governmental operations and not on an individual fund level. Capital Project funds are budgeted on a total project basis for which annual budgets are not available. The budgets are adopted on a basis consistent with accounting principles generally accepted in the United States of America. 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 30 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 accounting principles generally accepted in the United States of America 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. (l) Totals Memorandum Only The total columns in the accompanying financial statements are captioned "Memorandum Only"to indicate that they are presented only to facilitate financial analysis. Data in these columns do not present the financial position or results of operations, in conformity with generally accepted accounting principles. Neither is such data comparable to consolidation. Interfund eliminations have not been made in the aggregation of the data. (3) Cash The Agency's cash as of September 30, 2001 is summarized as follows: Cash: Equity in pooled cash $ 6,121,383 Restricted cash 876,226 Total $ 6,997,609 SEOPW/CRA O1v NT/CRA 0 2 - 127 9 0 2- 59 (Continued) �''_M CITY OF MIAMI SOUTHEAST OVERTOWN PARK WEST REDEVELOPMENT AGENCY (A COMPONENT UNIT OF THE CITY OF MIAMI, FLORIDA) Notes to Financial Statements September 30, 2001 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% to 125% of the 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 its 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. 8`h Street, which was sold by the Southeast Overtown District to Bethel A.M.E. Church, Inc. (the Church), a Florida nonprofit organization, pursuant to City Resolution 97-7 and F.S. 163.380. 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%, amortized over thirty (30) years with a balloon payment of $46,729 in the fifteenth year. The balance of $63,427 at September 30, 2001, has been fully reserved as collection of the note receivable is doubtful. (5) Fixed Assets During the fiscal year ending September 30, 2001, the Agency's additions to its general fixed assets included the purchase of land in the amount of $79,225. The changes in general fixed assets for the year ended September 30, 2001 are summarized as follows: Fixed Assets Balance, October 1, 2000 $ 14,954,952 Additions 79,225 Balance, September 30, 2001 $ 15,034,177 01MI DTI/CRA Sa�EOPW/CRA 10 0�?— CJ:� 4— (447 ed) DRAFT CITY OF MIAMI SOUTHEAST OVERTOWN PARK WEST REDEVELOPMENT AGENCY (A COMPONENT UNIT OF THE CITY OF MIAMI, FLORIDA) Notes to Financial Statements September 30, 2001 (6) Long -Term Obligations The changes in the general long-term obligations for the year ended September 30, 2001 are summarized as follows: Special obligation bonds and loans Balance, October 1, 2000 $ 4,668,864 Principal retired (105,000) Balance, September 30, 2001 $ 4,563,864 The principal and interest requirements on the special obligation bonds and loans are as follows: Gran Series 1990 Bonds Central Principal Interest Principal Total 2002 $ 115,000 242,675 — 357,675 2003 125,000 232,900 — 357,900 2004 135,000 222,275 — 357,275 2005 145,000 210,800 — 355,800 2006 155,000 198,475 — 353,475 Thereafter 2,180,000 1,028,075 1,708,864 4,916,939 Total $ 2,855,000 2,135,200 1,708,864 6,699,064 A description of each obligation is as follows: (a) On November 8, 1990, the City issued $11,500,000 aggregate principal amount of Community Redevelopment Revenue Bonds, Series 1990, maturing through 2015, with interest rates ranging from 7.15% to 8.5%. 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 area. 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 Area defined in the Phase I Development Programs of the Agency's Interlocal Agreement and related resolutions of the City and County. SEOFW/CRA OMNI/CRA 0 2 - 127 11 0 2 - 59 (Continued) DRAFT CITY OF MIAMI SOUTHEAST OVERTOWN PARK WEST REDEVELOPMENT AGENCY (A COMPONENT UNIT OF THE CITY OF MIAMI, FLORIDA) Notes to Financial Statements September 30, 2001 (b) On January 9, 1992, the City entered into a loan agreement with the Gran Central Corporation (GCC) to finance 50% of the cost to acquire a parcel of property within the SEO/PW CRA Area and 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 within a designated Area defined in the loan documents 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 are generated by tax increment revenue within the designated Area, as defined in the loan document, is available after required payments for the Series 1990 Bonds debt service and any requirement of the reserve fund or reserve product, as defined in the Series 1990 Bond indenture. As of September 30, 2001, no payments have been made by the City. (7) Related Party Transactions During the fiscal year 2001, $554,148 was received from the City for the purpose of making payments for certain construction related expenditures. The balance due to the City at September 30, 2001 is payable in full by September 30, 2002. During the fiscal year 2001, $765,350 was received from the City of Miami Omni Community Redevelopment Agency, (the Omni), for the purpose of making payments for certain preconstruction expenditures. At September 30, 2001, the remaining balance of $531,736 is payable in full by September 30, 2002. (8) 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 located within the boundaries of the redevelopment areas of the Agency, over the base property value, minus 5%. Both the City and the County are required to fund this amount annually without regard to tax collections or other obligations. (9) 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). The $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 City deposits $300,000 per year with the trustees of the bond indenture which represents its portion of the state of Florida's shared revenue for the payment of principal and interest on the bonds. SEOPW/CRA (�?�,'�?� / C.P.A. _ 12 02 59 w (COAXI ) DRAFT CITY OF MIAMI SOUTHEAST OVERTOWN PARK WEST REDEVELOPMENT AGENCY (A COMPONENT UNIT OF THE CITY OF MIAMI, FLORIDA) Notes to Financial Statements September 30, 2001 (10) 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 which expired on June 1, 2000. Currently, the City and DOSP have extended the lease agreement to an undetermined amount of time. All of the lots leased to DOSP are within the limits of the Southeast Overtown district, therefore, the City allocates all moneys received from DOSP to the Southeast Overtown district. (11) New Accounting Pronouncement In December 1998, the Governmental Accounting Standards Board (GASB) issued GASB Statement No. 33, "Accounting and Financial Reporting for Non -Exchange Transactions" effective for periods beginning after June 15, 2000. The Statement established financial reporting standards to guide state and local governments' decisions about when (in which fiscal year) to report the results of non -exchange transactions involving cash and other financial and capital resources. The Agency has evaluated the effect of implementing this new pronouncement and has determined there is no material impact of the financial statements. (12) Commitments and Contingencies The Agency is contractually obligated for approximately $549,000 at September 30, 2001, for construction projects. The Agency incurred $74,417 in operating lease expenses for facilities and equipment during the fiscal year ending September 30, 2001. The following is a summary of operating lease payments under non - cancelable operating leases: 2002 $ 90,970 2003 94,219 Total 185,189 On September 28, 2001, the Agency by resolution SEOPW/CRA 01-74 dated June 25, 2001, agreed to advance to the State of Florida, Department of Transportation (Department) an amount not to exceed $500,000 for the Port Access Improvements Project. In addition, the Department has agreed to repay the Agency for the advance funds in lump sum amounts no longer than 90 days from July 1, 2002. The 13 OPT NYCRA SEOPW/CRA 02- 59 0 ` 127 DRAFT CITY OF MIAMI SOUTHEAST OVERTOWN PARK WEST REDEVELOPMENT AGENCY (A COMPONENT UNIT OF THE CITY OF MIAMI, FLORIDA) Notes to Financial Statements September 30, 2001 Departments performance and obligation to pay under the agreement is contingent upon an annual appropriation by the State of Florida. On May 17, 2001, the Agency awarded a grant in the amount of $750,000 to the Technology Center of the Americas, LLC. (TCOTA). The grant award shall be used for site infrastructure, road, utilities, in connection with a Network Access Point/telecom facility. As of September 30, 2001, the Agency has paid $375,000 in grant monies to TCOTA and the remaining commitment of $375,000 is to be disbursed through the fiscal year 2002. The Agency is a defendant in several legal actions. The outcome of these actions cannot be determined at this time, but management is at the opinion that liability, if any, from these actions will not have a material effect on the Agency's financial condition. 01 J- /CIRA SEOP / 2 14 02- 59 02 ITEM 7A RESOLUTION NO. OMNI/CRA R- A RESOLUTION OF THE BOARD OF DIRECTORS OF THE OMNI COMMUNITY REDEVELOPMENT AGENCY (CRA) RECEIVING THE DRAFT AUDITED SEPTEMBER 30, 2001 FINANCIAL STATEMENTS AND MANAGEMENT LETTER AS PREPARED BY KPMG NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE OMNI COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF MIAMI, FLORIDA: Section 1. The recitals and findings contained in the Preamble to this Resolution are incorporated herein as if fully set forth in this Section. Section 2. The CRA Board of Directors hereby acknowledge receipt of the draft audited September 30, 2001 financial statements and Management Letter as prepared by KPMG Section 3. This resolution shall be effective immediately upon its adoption. PASSED AND ADOPTED this 291h day of July, 2002. Priscilla A. Thompson Clerk of the Board APPROVED AS TO FORM AND CORRECTNESS: Alejandro Vilarello CRA General Counsel Arthur E. Teele, Jr., Chairman SEOPW/CRA 01%P!iq/C,RAA 0 2 - 127 0 59 CRA AGENDA July 29, 2002 F' : a CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY (A COMPONENT UNIT OF THE CITY OF MIAMI, FLORIDA) Financial Statements September 30, 2001 (With Independent Auditors' Report Thereon) SEOPW/CRA� ®Mr��/�� 0 2 - 12'� 0�- 59 CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY (A COMPONENT UNIT OF THE CITY OF MIAMI, FLORIDA) Table of Contents Independent Auditors' Report Financial Statements: Balance Sheet — Special Revenue Fund Statement of Revenue, Expenditures, and Changes in Fund Balance — Special Revenue Fund Statement of Revenue, Expenditures, and Changes in Fund Balance — Budget and Actual Notes to Financial Statements SEOPW / CRA Page 1 3 4 5 6 Independent Auditors' Report The Board of Directors City of Miami Omni Community Redevelopment Agency: We have audited the accompanying financial statements of the City of Miami Omni Community Redevelopment Agency (the Agency), a component unit of the City of Miami, Florida, as of and for the year ended September 30, 2001, as listed in the table of contents. These financial statements are the responsibility of the Agency's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. As discussed in note 1, the accompanying financial statements referred to above present fairly, only the Agency and is not intended to present fairly the financial position of the City of Miami, Florida and the results of its operations in conformity with accounting principles generally accepted in the United States of America. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Agency, as of September 30, 2001, and the results of its operations for the year then ended in conformity with accounting principles generally accepted in the United States of America. UNTICRA SEOPW/ 02- 59 02- 1P DRAFT As discussed in note 7 to the financial statements, the Agency has adopted the provisions of Governmental Accounting Standards Board (GASB) Statement No. 33, Accounting and Financial Reporting for Non - Exchange Transactions. In accordance with Government Auditing Standards, we have also issued a report dated April 5, 2002, on our consideration of the Agency's internal control over financial reporting and our tests of their compliance with certain provisions of laws, regulations, contracts, and grants. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be read in conjunction with this report in considering the results of our audit. April 5, 2002 OTv2,U/CRA SEOPW/CRA, 2 02- 59 02- f27 CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY (A COMPONENT UNIT OF THE CITY OF MIAMI, FLORIDA) Balance Sheet Special Revenue Fund September 30, 2001 Assets Assets: Equity in pooled cash Due from other government Due from primary government Interest receivable Total assets Liabilities and Fund Balance Accounts payable Fund balance — undesignated Total liabilities and fund balance See accompanying notes to financial statements. $ 502,357 531,736 150,273 11,814 $ 1,196,180 $ 276,003 920,177 $ 1,196,180 Old/C�� SEOPW/C RA 3 �� �- �� 02 �' 127 111 .11 Y' CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY (A COMPONENT UNIT OF THE CITY OF MIAMI, FLORIDA) Statement of Revenue, Expenditures, and Changes in Fund Balance Special Revenue Fund Fiscal year ended September 30, 2001 Revenue: Tax increment revenue Remittance to Miami -Dade County, Florida Net Intergovernmental revenue Interest revenue Total revenue, net Expenditures: Current: General government Capital outlay Total expenditures Deficiency of revenue under expenditures Fund balance, beginning of year Fund balance, end of year See accompanying notes to financial statements. $ 1,017,744 (1,017,744) 150,273 47,557 197,830 696 481,741 482,437 (284,607) 1,204,784 $ 920,177 SEOPW/+BRA OMNI/C 4 02- Z'9 02 127 rC: CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY (A COMPONENT UNIT OF THE CITY OF MIAMI, FLORIDA) Statement of Revenue, Expenditures, and Changes in Fund Balance — Budget and Actual Special Revenue Fund Fiscal year ended September 30, 2001 Revenue: Tax increment revenue Remittance to Miami -Dade County, Florida Net Intergovernmental revenue Interest Total revenue Expenditures: Current: General government Capital outlay Total expenditures Deficiency of revenue under expenditures Fund balance, beginning of year Fund balance, end of year See accompanying notes to financial statements. 5 Variance favorable Budget Actual (unfavorable) $ 1,027,467 1,017,744 (9,723) (1,027,467) (1,017,744) 9,723 — 150,273 150,273 25,000 47,557 22,557 25,000 197,830 172,830 68,353 106,647 175,000 $ (150,000) 696 67,657 481,741 (375,094) 482,437 (307,437) (284,607) (134,607) 1,204,784 $ 920,177 SEOPW / CRA O /CRA 0 2 - 127 02- 59 M�. CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY (A COMPONENT UNIT OF THE CITY OF MIAMI, FLORIDA) Notes to Financial Statements September 30, 2001 (1) General Description and Basis of Presentation The City of Miami Omni Community Redevelopment Agency (the Agency) was established in 1986 by the City of Miami, Florida (the City) under the provisions of Section 163.330, Florida Statutes. The purpose of the Agency is to eliminate blight and slum conditions within the redevelopment area of the Agency pursuant to the redevelopment plans of the Agency for new residential and commercial activity in the Omni area. The board of directors of the Agency are comprised of the five members of the City commission and are separate, distinct and independent from the governing body of the City. The City entered into an Interlocal Cooperation Agreement on June 24, 1996 with Miami -Dade County, Florida (the County) whereby tax increment revenue collected by the parties would be paid to the Agency and used in accordance with the approved budgets of the redevelopment plans and terms and conditions of the Interlocal Agreement for the benefit of the Agency. On March 13, 2000 the Agency entered into an Interlocal Agreement with the City. As stated on the agreement, the City has agreed to provide financial support to the CRA for the planning, development, program management, technical assistance, coordination, monitoring and other services needed for the projects. In addition, the City has agreed to provide personnel and other resources including the use of the City attorney, which shall serve as counsel and the City Clerk, which will serve as the official custodian of records. 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 type 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 accounting principles generally accepted in the United States of America. (2) Summary of Significant Accounting Policies (a) Basis of Accounting The accounts of the Agency are reported as a special revenue fund. Special revenue funds account for the proceeds of specific revenue sources that are legally restricted for specified purposes. (i) Modified Accrual Basis of Accounting The modified accrual basis of accounting is used for the special revenue fund. 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 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. The revenue susceptible to accrual includes tax increment revenue and intergovernmental revenue. SEOPWICR.A OMPvITRA p 2 .- 127 02 - 59 6 (Continued) DRAFT CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY (A COMPONENT UNIT OF THE CITY OF MIAMI, FLORIDA) Notes to Financial Statements September 30, 2001 (b) Cash The Agency's cash, other than described below is pooled together with the City's cash. All such cash is reflected as equity in pooled cash on the Agency's balance sheet. (c) Budgets As set forth in the Interlocal Cooperation Agreement between the Agency and the City, the Agency adopts an annual budget for the Special Revenue Fund. The budget is adopted on a basis consistent with accounting principles generally accepted in the United States of America. Budgetary control is maintained at the fund level. No later than 30 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. During fiscal year 2001, the Agency's expenditures exceeded its appropriations by $307,437. This occurred as a result of unanticipated expenditures that were not budgeted for. These over expenditures were funded by available fund balance. (d) Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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. (3) Cash The Agency's cash as of September 30, 2001 consisted of equity in pooled cash in the amount of $502,357. 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% to 125% of the 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 its 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. SEUpW / CF-A aily� i g 02�— 127 7 02 .. a (Continued) CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY (A COMPONENT UNIT OF THE CITY OF MIAMI, FLORIDA) Notes to Financial Statements September 30, 2001 (4) Due From Other Government During fiscal year 2000, the Agency advanced $765,350 to the City of Miami Southeast Overtown Park West Redevelopment Agency related to preconstruction expenditures incurred on behalf of the Agency. At September 30, 2001, the amount due from Southeast was $531,736. (5) Due From Primary Government During fiscal year 2001, the Agency incurred certain capital cost related to the construction of Margaret Pace Park. As a part of a development agreement entered into on February 5, 2001 between the Agency and the City, the City agreed to reimburse the Agency up to $493,385 from monies awarded to the City by the Florida Inland Navigation District Grant and the Safe Neighborhood Park Bond Funds. The total amount due from the City at September 30, 2001 was $150,273. (6) 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 located within the boundaries of the redevelopment areas of the Agency, over the base property value, minus 5%. Both the City and the Countyare required to fund this amount annually without regard to tax collections or other obligations. On June 24, 1996, the County entered into an Interlocal Cooperation Agreement (the Agreement) whereby the Agency 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 Agency receives more than $1.2 million in tax increment revenue, the excess shall be remitted to the County for the Performance Arts Center Project. Thereafter, the Agency shall remit to the County tax increment funds received up to, but no more than $1.43 million per year. The obligation to pay the $1.43 million each year shall cease at such time that the County has no Performing Arts Center bonds outstanding. For the fiscal year September 30, 2001, the Agency was required to submit $1,017,744 to the County. (7) New Accounting Pronouncement In December 1998, the Governmental Accounting Standards Board (GASB) issued GASB Statement No. 33, "Accounting and Financial Reporting for Non -Exchange Transactions" effective for periods beginning after June 15, 2000. The Statement established financial reporting standards to guide state and local governments' decisions about when (in which fiscal year) to report the results of non -exchange transactions involving cash and other financial and capital resources. The Agency has evaluated the effect of implementing this new pronouncement and has determined there is no material impact of the financial statements. (8) Commitments At September 30, 2001, the Agency has contractor commitments totaling approximately $166,000. Q�I/�, SE®PW i 02- 02` CITY OF MIAMI SOUTHEAST OVERTOWN PARKWEST REDEVELOPMENT AGENCY AND CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY (COMPONENT UNITS OF THE CITY OF MIAMI, FLORIDA) Management Letter in Accordance with the Rules of the Auditor General of the State of Florida Year ended September 30, 2001 OY,NTI/CRA. SECPW/CRA 02- 59 02-- 127 ECG Executive Summary KPMG LLP (KPMG) hereby submits this management letter to the City of Miami Southeast Overtown Parkwest Redevelopment Agency and City of Miami Omni Community Redevelopment Agency, Component Units of the City of Miami, Florida (the Agencies) for the fiscal year ending September 30, 2001. The management letter is presented in accordance with the Rules of the Auditor General of the State of Florida. In accordance with Government Auditing Standards, we are required to consider the Agencies' internal control during our planning and performing of our audit of the financial statements in order to determine our auditing procedures for the purpose of expressing our opinion on the financial statements and not to provide assurance on the internal control. In fulfilling this responsibility, estimates and judgments made by management are required to assess* the expected benefits and related costs of internal control policies and procedures. The objectives on internal control are to provide management with reasonable, but not absolute, assurance that assets are safeguarded against loss from unauthorized use or disposition, and that transactions are executed in accordance with management's authorization and recorded properly to permit the preparation of its financial statements in accordance with accounting principles generally accepted in the United States of America. The management letter is organized in the following manner: • Executive summary; • 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 • Current year's observations, recommendations, and management's responses; and • Status of prior year's observations, recommendations, and management's responses. Only comments issued in the prior years that are still relevant are included in this management letter. We would be pleased to discuss these comments with you and, if desired, to assist you and management in implementing corrective action steps. KPMG appreciates the cooperation we received from the Agencies' staff and management and is honored to serve the Agencies as its external auditors. SEOPW/CRA 0TI/C,RA 0 2- t 2 7 02- 59 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 The Board of Directors City of Miami Southeast Overtown Park West Redevelopment Agency: We have audited the financial statements of the City of Miami Southeast Overtown Park West Redevelopment Agency (the Agency), a component unit of the City of Miami, Florida, as of and for the year ended September 30, 2001, and have issued our report thereon dated April 5, 2002. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Compliance As part of obtaining reasonable assurance about whether the Agency's financial statements are free of material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts and grants, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit and, accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance that are required to be reported under Government Auditing Standards. Internal Control Over Financial Reporting In planning and performing our audit, we considered the Agency's internal control over financial reporting in order to determine our auditing procedures for the purpose of expressing our opinion on the financial statements and not to provide assurance on the internal control over financial reporting. However, we noted certain matters involving the internal control over financial reporting and its operation that we consider to be reportable conditions. Reportable conditions involve matters coming to our attention relating to significant deficiencies in the design and operation of the internal control over financial reporting that, in our judgment, could adversely affect the Agency's ability to record, process, summarize and report financial data consistent with the assertions of management in the financial statements. Reportable conditions are described in the accompanying letter as items 2001 through 2001-5 and items 2000-1, 2000- 2, 99-1, and 99-2. SEOPW/CRA OMM/CRA 0 2 " 127 02- 59 DRAFT A material weakness is a condition in which the design or operation of one or more of the internal control components does not reduce to a relatively low level the risk that misstatements in amounts that would be material in relation to the financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. Our consideration of the internal control over financial reporting would not necessarily disclose all matters in the internal control that might be reportable conditions and, accordingly, would not necessarily disclose all reportable conditions that are also considered to be material weaknesses. However, we believe that none of the reportable conditions described above is a material weakness. However, we noted other matters involving the internal control over financial reporting that we have reported to management of the Agency in a separate letter dated April 5, 2002. This report is intended solely for the information and use of the board of directors and management of the Agency, awarding agencies and pass -through entities, and is not intended to be and should not be used by anyone other than these specified parties. April 5, 2002 M!TjNTIT/CI,A SEOPW/CRA 02-- 59 02- 127 DRAFT 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 The Board of Directors City of Miami Omni Community Redevelopment Agency: We have audited the financial statements of the City of Miami Omni Community Redevelopment Agency (the Agency), a component unit of the City of Miami, Florida, as of and for the year ended September 30, 2001, and have issued our report thereon dated April 5, 2002. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Compliance As part of obtaining reasonable assurance about whether the Agency's financial statements are free of material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts and grants, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit and, accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance that are required to be reported under Government Auditing Standards. Internal Control Over Financial Reporting In planning and performing our audit, we considered the Agency's internal control over financial reporting in order to determine our auditing procedures for the purpose of expressing our opinion on the financial statements and not to provide assurance on the internal control over financial reporting. However, we noted certain -matters involving the internal control over financial reporting and its operation that we consider to be reportable conditions. Reportable conditions involve matters coming to our attention relating to significant deficiencies in the design and operation of the internal control over financial reporting that, in our judgment, could adversely affect the Agency's ability to record, process, summarize and report financial data consistent with the assertions of management in the financial statements. Reportable conditions are described in the accompanying management letter as items 2001 through 2001-5 and items 2000-1, 2000-2, 99-1, and 99-2. 3 0't::, /CRA SEOPW/CRA 02- 59 012- 127 DRAFT A material weakness is a condition in which the design or operation of one or more of the internal control components does not reduce to a relatively low level the risk that misstatements in amounts that would-be material in relation to the financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. Our consideration of the internal control over financial reporting would not necessarily disclose all matters in the internal control that might be reportable conditions and, accordingly, would not necessarily disclose all reportable conditions that are also considered to be material weaknesses. However, we believe that none of the reportable conditions described above is a material weakness. However, we noted other matters involving the internal control over financial reporting that we have reported to management of the Agency in a separate letter dated April 5, 2002. This report is intended solely for the information and use of the board of directors and management of the Agency, awarding agencies and pass -through entities, and is not intended to be and should not be used by anyone other than these specified parties. Apri15, 2002 4 02- 59 02- 127 Management Letter in Accordance with the Rules of the Auditor General of the State of Florida To the Board of Directors of the City of Miami Southeast Overtown Parkwest Redevelopment Agency and City of Miami Omni Community Redevelopment Agency, Component Units of the City of Miami, Florida We have audited the financial statements of the City of Miami Southeast Overtown Parkwest Redevelopment Agency and City of Miami Omni Community Redevelopment Agency, Component Units of the City of Miami, Florida (the Agencies), as of and for the fiscal year ended September 30, 2001, and have issued our report thereon dated April 5, 2002. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. We have issued our Independent Auditors' Report on Compliance and Internal Control over Financial Reporting. Disclosures in that report, which is dated April 5, 2002, should be considered in conjunction with this management letter. Additionally, our audit was conducted in accordance with Chapter 10.550, Rules of the Auditor General. Those rules (Section 10.554(1)(g)l.a.) require that we address in the management letter, if not already addressed in the auditors' report on compliance and internal controls, whether or not inaccuracies, shortages, defalcations, fraud, and/or violations of laws, rules, regulations, and contractual provisions reported in the preceding annual financial audit report have been corrected. We noted no inaccuracies, irregularities, shortages, defalcations, and/or violations of laws, rules, regulations, and contractual provisions disclosed in the preceding annual report. The Rules of the Auditor General (Section 10.554(1)(g)l.b.) require that we disclose in the management letter, if not already disclosed in the auditors' report on compliance and internal controls, whether or not recommendations made in the preceding annual financial audit report have been followed. The recommendations made in the preceding annual financial audit report have been corrected, except for those reported below under the heading "Status of Prior Year's observations, recommendations and management's responses." G' /CRA SEOPW/CRA 5 0 2 -- 59 0 2 -- 127 The Rules of the Auditor General (Section 10.554(1)(g)6.a.), state that a management letter shall include a statement as to whether or not a unit of local government is in a state of financial emergency as a consequence of conditions described in Section 218.503(1), Florida Statutes. Section 218.503(1) states that a local governmental entity is in a state of financial emergency when any of the following conditions occur: a. Failure, within the same fiscal year in which due, to pay short-term loans from banks or failure to make bond debt service payments when due. b. Failure to transfer at the appropriate time, due to lack of funds: (1) taxes withheld on the income of employees; or (2) employer and employee contributions for a) federal Social Security, or b) any pension, retirement or benefit plan of an employee. C. Failure for any one period to pay, due to lack of funds: (1) wages and salaries owed to employees; or (2) retirement benefits owed to former employees. d. An unreserved or total fund balance or retained earnings deficit for which sufficient resources of the local government entity are not available to cover the deficit for two successive years. e. Noncompliance of the local government retirement system with actuarial conditions provided by law. Section 218.503(2) states that local government entity shall notify the Governor and the Legislative Auditing Committee when one or more of the conditions specified in Section 218.503(1) have occurred or will occur if action is not taken to assist the local governmental entity. Nothing came to our attention that caused us to believe that the Agencies are, or during the fiscal year was in a state of financial emergency as a consequence of conditions in Section 218.503(1) Florida Statutes. Section 11.45, Florida Statutes, states that an auditor shall notify each member of the governing body of a local government entity for which deteriorating financial conditions exist which may cause a condition described in Section 218.503(1) to occur if actions are not taken to address such conditions. Management of the Agencies has determined that deteriorating financial conditions do not exist which could cause a condition described in Section 218.503(1) to occur if actions are not taken to address such conditions. The Rules of the Auditor General (Section 10.554(1)(g)2.), state that a management letter shall include a statement as to whether or not a local governmental entity complied with Section 218.415, Florida Statutes, regarding the investment of public funds. In connection with our audit, we determined that the Agencies complied with Section 218.415, Florida Statutes, relating to local governmental investment policies. The Rules of the Auditor General (Section 10.554(1)(g)4.) require disclosure in the management letter of the following matters if not already addressed in the auditors' reports on compliance and internal controls (1) violations of laws, rules, regulations, and contractual provisions that have occurred, or are likely to have occurred; (2) improper or illegal expenditures; (3) improper or inadequate accounting procedures (for example, the omission of required disclosures from the financial statements); (4) failures to properly record financial transactions; and (5) other inaccuracies, shortages, defalcations, and instances of fraud discovered by, or that come to the attention of, the auditor. No such conditions were noted during the audit. SE®PW/CRA ® /C 10 2 - 127 6 02" 9 As required by the Rules of the Auditor General (Sections 10.554(g)(6)c. and 10.556), we applied financial condition assessment procedures. It is management's responsibility to monitor the Agencies financial condition, and our financial condition assessment was based in part on representations made by management and the review of financial information provided by same. With respect to the financial report for the fiscal year 2001 required to be filed with the State of Florida Department of Banking and Finance pursuant to Section 218.32 Florida Statutes, the Agencies does not file a separate report with the State of Florida Department of Banking and Finance. The financial operations of the Agencies are included in the general purpose financial statements of the City of Miami, Florida for the year ended September 30, 2001. This management letter is intended solely for the information and use of the Board of Directors, Management of the Agencies, the State of Florida Office of the Auditor General, and federal and state awarding agencies and pass -through entities, and is not intended to be and should not be used by anyone other than these specified parties. Very truly yours, April 5, 2002 SEUPW/CR, 7 02- 59 DRAFT Appendix A CITY OF MIAMI SOUTHEAST OVERTOWN PARKWEST REDEVELOPMENT AGENCY AND CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY (COMPONENT UNITS OF THE CITY OF MIAMI, FLORIDA) Management Letter in Accordance with the Rules of the Auditor General of the State of Florida September 30, 2001 Current Year's Observations, Recommendations and Management's Responses Summary No. Current Year's Observations REPORTABLE CONDITIONS: 2001-1 Level of Staff Within the Finance Department. 2001-2 Budget Compliance 2001-3 Encumbrance Accounting 2001-4 Payroll File Maintenance 2001-5 Project Cost Accounting OTHER OBSERVATIONS: 2001-6 Operational Review 2001-7 Authorized Checking 2001-8 Budgetary Accounting 8 SEOPW/CRP: C.121K/CRA 02- 127 02.. 59 DRAFT Appendix A CITY OF MIAMI SOUTHEAST OVERTOWN PARKWEST REDEVELOPMENT AGENCY, AND CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY (COMPONENT UNITS OF THE CITY OF MIAMI, FLORIDA) Management Letter in Accordance with the Rules of the Auditor General of the State of Florida September 30, 2001 REPORTABLE CONDITIONS 2001-1 LEVEL OF STAFF WITHIN THE FINANCE DEPARTMENT Observation The Finance Department is presently short-staffed of the qualified personnel required to manage and maintain the accounting processes of the agencies. The absence of qualified staff has significantly delayed the financial reporting process, and the progress of the current year's audit, because most if not all of the analysis and reconciliation of general ledger accounts are not performed on a timely basis. Recommendation The Finance Department is responsible for maintaining the general ledger, which is the official record of the Agencies financial activities and serves as the basis for the preparation of the financial statements in accordance with accounting principles generally accepted in the United States of America. Accordingly, providing complete and accurate financial information in a timely manner is crucial, in order to effectively manage the operations of the Agencies. The Department should be staffed with a qualified person who should be responsible for the accounting and financial reporting process. The Finance Director's duties should include but not be limited to the following: 1. The design and implementation of an internal control system that provides for the processing and recording of accounting transactions; 2. the review and approval of all accounting journal entries; 3. the reconciliation of subsidiary accounts and other detail account listing to that of the general ledger; 4. the proper maintenance of the Agencies' operating budget; and 5. the preparation of monthly and annual financial reports for both internal and external presentation. Management's Response ®WIM/CRA SE0?W/ CRA 9 02-r 59 02- 127 DRAFT Appendix A CITY OF MIAMI SOUTHEAST OVERTOWN PARKWEST REDEVELOPMENT AGENCY, AND CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY (COMPONENT UNITS OF THE CITY OF MIAMI, FLORIDA) Management Letter in Accordance with the Rules of the Auditor General of the State of Florida September 30, 2001 2001-2 BUDGET COMPLIANCE Observation The Anti -Deficiency Act, as set forth in the provisions of Chapter 18 of the Code of the City of Miami, Florida, requires the Agencies to maintain a structurally balanced budget. As such,*recurring revenues shall fund current expenditures. Non -recurring revenues and budget surpluses shall replenish reserve levels, support auxiliary liabilities and pay for non -recurring expenditures. During the fiscal year 2001, the Miami OMNI Community Redevelopment Agency's actual expenditures exceeded its budgeted appropriations by approximately $307,000. By exceeding its spending limits, the Agency did not comply with the budget provisions of Chapter 18. Recommendation The budget process should design to control fiscal spending and monitor the on -going operations of the Agencies. Accordingly, actual expenditures should be compared to Board approved budget appropriations. This may be accomplished by the utilization of financial reports comparing budgeted revenues and expenditures to actual amounts, on a monthly, and year-to-date basis. Management's Response C,NEII/Cr SEOPW/CRA 10 02-- 59 02- 127 DRAFT Appendix A CITY OF MIAMI SOUTHEAST OVERTOWN PARKWEST REDEVELOPMENT AGENCY, AND CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY (COMPONENT UNITS OF THE CITY OF MIAMI, FLORIDA) Management Letter in Accordance with the Rules of the Auditor General of the State of Florida September 30, 2001 2001-3 ENCUMBRANCE ACCOUNTING Observation We noted that the Agencies do not use a "Purchase Order" system to encumber the purchase of goods and services. Recommendation We recommend that a "Purchase Order" (PO) system be implemented, whereby a PO document is created for each expenditure. The PO document should provide information which includes a description of the goods and services being purchased, the name of the authorized vendor, the balance of available budgeted amounts, and the signature of the appropriate personnel authorizing the purchase. Additionally, the Agencies should utilize an encumbrance accounting system. Under the encumbrance system, purchase order contracts and other commitments for the expenditure of monies are recorded in order to reserve that portion of the applicable appropriation. The encumbrance outstanding should be reported as reservation of fund indicating that portion of fund balance that may not be used for additional appropriations. Management's Response Cg, / CRA SEOPW / CRA 11 02- 59 02- 127 DRAFT Appendix A CITY OF MIAMI SOUTHEAST OVERTOWN PARKWEST REDEVELOPMENT AGENCY, AND CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY (COMPONENT UNITS OF THE CITY OF MIAMI, FLORIDA) Management Letter in Accordance with the Rules of the Auditor General of the State of Florida September 30, 2001 2001-5 PROJECT COST ACCOUNTING Observation The Agencies do not have a formal system to account for ongoing capital projects. As a result, there is no readily available information regarding the financial status of each capital project costs. Recommendation We recommend that the Agencies develop a project costing accounting system. Such system should be able to account for the initial estimated project cost, identify project -to -date expenditures and an estimate of expenditures remaining to complete each project. Each project should be reviewed periodically to ensure compliance with contractual terms and conditions and status/percentage of project completion. Management's Response SEOPW/CRA OWU/CRAA 0 -M 127 13 02— �g 4c • • a Appendix A CITY OF MIAMI SOUTHEAST OVERTOWN PARKWEST REDEVELOPMENT AGENCY, AND CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY (COMPONENT UNITS OF THE CITY OF MIAMI, FLORIDA) Management Letter in Accordance with the Rules of the Auditor General of the State of Florida September 30, 2001 OTHER OBSERVATIONS 2001-6 OPERATIONAL REVIEW Observation The City of Miami, Florida has experienced significant population growth and economic development over the past decade. The mission and importance of the Agencies has become increasingly important with respect to redevelopment activities pertaining to residential and commercial areas. Accordingly, the present organizational structure does not support the demands on staff to maintain an efficient and effective operation. Recommendation We recommend that a comprehensive review of the operations of the Agencies be performed. The review should focus on the organizational structure of the Agencies and provide recommendations for operational improvements. The review would include but not limited to the following: 1. Staffing Requirements — An assessment of and evaluation of staff levels including job description, qualifications and pay structure and benefits, 2. Services Provided — An assessment and evaluation of the current level of services provided by the Agencies, including the use of performance measures and benchmarking against peer groups; 3. Legal Compliance — A review of state and local laws and regulations including the various inter local and contractual agreements to ensure compliance, and a design of a system to monitor compliance with such provisions. Management's Response 0 VCRA OPW/c 02-- 59 02- 127 14 DRAFT Appendix A CITY OF MIAMI SOUTHEAST OVERTOWN PARKWEST REDEVELOPMENT AGENCY, AND CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY (COMPONENT UNITS OF THE CITY OF MIAMI, FLORIDA) Management Letter in Accordance with the Rules of the Auditor General of the State of Florida September 30, 2001 2001-7 AUTHORIZED CHECK SIGNING Observation We noted that one of the authorized signatures on the Agencies' payroll checks is no longer employed. Recommendation We recommend that the Agencies update and change its authorized check signing authorities and/or signatures to only those who are currently employed or who are officers of the Agencies. Management's Response SEOPW/CRA, ®l1VW/CR , 0 2 - 12'7 1s 02_ 49 Appendix A CITY OF MIAMI SOUTHEAST OVERTOWN PARKWEST REDEVELOPMENT AGENCY, AND CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY (COMPONENT UNITS OF THE CITY OF MIAMI, FLORIDA) Management Letter in Accordance with the Rules of the Auditor General of the State of Florida September 30, 2001 2001-8 BUDGETARY ACCOUNTING Observation The Agencies currently uses governmental fund accounting model for external financial reporting purposes, which includes a general fund, special revenue fund, debt service fund and a capital projects fund. However, the Agencies prepare their annual budget on a combined entity -wide basis, as opposed to a fund basis. Recommendation We recommend that the Agencies adopt its annual budget for the general fund, special revenue fund and the debt service fund. This will provide financial information on a more comprehensive level to aid in the evaluation of operating results. Management's Response OM,NT/CRA SEOPW/CRA 16 02-- 59 02w- 127 CITY OF MIAMI SOUTHEAST OVERTOWN PARKWEST REDEVELOPMENT AGENCY AND CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY (COMPONENT UNITS OF THE CITY OF MIAMI, FLORIDA) Management Letter in Accordance with the Rules of the Auditor General of the State of Florida September 30, 2000 Status of Prior Year's Observations, Recommendations and Management's Responses Summary No. Prior Year's Observations REPORTABLE CONDITIONS: 2000-1 Establishing Controls Over General Ledger 2000-2 - Timely Preparation of Financial Statements 99-1 Leased Properties 99-2 Fixed Assets Records OTHER OBSERVATIONS: 00-3 Timely Recording of Board Minutes Changes in the Government 00-5 Reporting Model 99-3 Department of Off -Street Parking Lease Agreement 99-4 Fund Structure 17 Comment Addressed or No Longer Relevant X 02 - 59 DRAFT Appendix B Comment is Still Relevant /;1 X X X X /94 0 SEOPw/C 0 - 127 DRAFT Appendix B CITY OF MIAMI SOUTHEAST OVERTOWN PARKWEST REDEVELOPMENT AGENCY AND CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY (COMPONENT UNITS OF THE CITY OF MIAMI, FLORIDA) Management Letter in Accordance with the Rules of the Auditor General of the State of Florida September 30, 2000 Status of Prior Year's Observations, Recommendations and Management's Responses REPORTABLE CONDITIONS 2000-1 ESTABLISHING CONTROLS OVER GENERAL LEDGER Observation The City of Miami, Florida (the City) performs certain key accounting functions on behalf of the Agencies, which includes the recording and summarization and processing of accounting transactions, including cash disbursements and cash collections. The City provides the Agencies detailed general ledger reports which summarizes the accounting transactions. The Agencies rely only on the general ledger reports prepared by the City, and do not perform an independent reconciliation of account balances and activity, including cash balances. Recommendation We recommend that the Agencies develop appropriate accounting controls to monitor and reconcile account balances reported by the City. This should include a review of the account activity and analysis of ending account balances. Such review and analysis should be performed monthly, and significant differences and exceptions should be investigated and resolved in a timely manner. The completeness and accuracy of the financial statements are the responsibility of the Agencies' management and this process will help to meet such responsibility. Management's Response As of the 2001 fiscal year the CRA is in the process of establishing separate books from the City and intends to perform a monthly reconciliation of the accounts (inclusive of cash). Current Year's Status This observation is applicable in the current year. 18 0-I-2i'di/CP-,A SEOPW/CRC 02- 59 02-- 127 DRAFT Appendix B CITY OF MIAMI SOUTHEAST OVERTOWN PARKWEST REDEVELOPMENT AGENCY AND CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY (COMPONENT UNITS OF THE CITY OF MIAMI, FLORIDA) Management Letter in Accordance with the Rules of the Auditor General of the State of Florida September 30, 2001 Status of Prior Year's Observations, Recommendations and Management's Responses 2000-2 TIMELY PREPARATION OF FINANCIAL STATEMENTS Observation The Agencies do not have a formalized year-end financial reporting process to facilitate the preparation of their financial statements. The current financial reporting system is not adequate to provide management with complete, accurate and timely information needed to prepare the financial statements in accordance with accounting principles generally accepted in the United States of America. Recommendation The Agencies' management is responsible for the preparation of its financial statements. We recommend that a financial reporting system be established which will ensure the timely compilation of the financial statements. These should include detailed closing procedures, the assignment of each area to specific personnel and timeline for the completion of each assigned task. The development and implementation of a formal financial reporting system will improve the timeliness and accuracy of financial information and thereby assist management in meeting their reporting requirements, and provide them with a reliable tool for monitoring the Agencies' progress and making informed financial decisions. Management's Response This is contemplated as indicated in Management's response to reportable condition 00-1. Monthly reconciliation of the CRA's ledgers to that of our fiduciary will become a part of the CRA's control of the balances reported by the City. Current Year's Status This comment is still applicable for the current year. This comment has been updated to include additional observation and recommendation. See comments 2001-2. Current Year's Status This observation is applicable in the current year. 19 (,�/CR SEOPW/CRA 02- 59 02- 127 DRAFT Appendix B CITY OF MIAMI SOUTHEAST OVERTOWN PARKWEST REDEVELOPMENT AGENCY - AND CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY (COMPONENT UNITS OF THE CITY OF MIAMI, FLORIDA) Management Letter in Accordance with the Rules of the Auditor General of the State of Florida September 30, 2001 Status of Prior Year's Observations, Recommendations and Management's Responses 99-1 LEASED PROPERTIES Observation The Agencies, through its operations, leases various properties to third parties. However, the Agencies does not have a system that allows for the identification of all properties held for lease. As a result, the Agencies is not in a position to properly enforce the timely collection of rental revenue from its tenants. In fact, the Agencies recently discovered, through the receipt of a payment subsequent to the Agency's year end, lease revenue that was due from a developer. The Agencies is not able to determine if other properties are leased and the nature of the lease agreements. Recommendation We recommend that the Agencies perform extensive research of all of its available records (for example, minutes, resolutions, lease agreements, development agreements, other contracts/agreements, and so on) in order to identify all properties held for leasing. In addition, the Agency should attempt to locate all agreements and contracts associated with the leased properties and establish procedures for monitoring and enforcing all the terms of the contract. Without the proper knowledge of all revenue that is due to the Agency, the Agency's revenue could be understated, thus understating fund balance. Current Year's Status This observation is still applicable in the current year. The Agency has not identified all properties leased. 20 SEOPW/CRA OIeMIUCRA � — 0`?- 59 DRAFT Appendix B CITY OF MIAMI SOUTHEAST OVERTOWN PARKWEST REDEVELOPMENT AGENCY AND CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY (COMPONENT UNITS OF THE CITY OF MIAMI, FLORIDA) Management Letter in Accordance with the Rules of the Auditor General of the State of Florida September 30, 2001 Status of Prior Year's Observations, Recommendations and Management's Responses 99-2 FIXED ASSETS RECORDS Observation We noted that the Agency does not have a current detailed listing of fixed assets or sufficient records documenting ownership of its equipment, furniture and fixtures, and land holdings. Recommendation Since the Agency is autonomous and separate from the City, we recommend the following: The Agency should research its available records, as well as immediately perform an inventory, to identify all its fixed assets, including equipment, furniture and fixtures, and land holdings, in an effort to create a current and complete listing of assets. The listing should include, at a minimum, a description of the asset, the date the asset was placed in service, and the value that was assigned to the asset; The Agency should adopt a policy whereby the fixed asset listing is updated each time there are changes to the fixed asset composition, preferably on a quarterly basis (that is, purchases and/or disposals of assets). The fixed asset listing should also be reconciled to the general ledger control account each time it is updated; and • Perform periodic inventory counts of fixed assets and compare to the detailed listing. Creation and maintenance of a current and complete listing of fixed assets and the performance of periodic inventory counts will provide for an accurate financial position and will also help to provide for proper controls over the safeguarding of those assets and help reduce the risk of misappropriation. Current Year's Status This observation is still applicable in the current year. The Agency has not updated its fixed asset listing, or performed an inventory of fixed assets. 21 O/CRA SEOPW / CRA 02- 59 0'_ 127 DRAFT Appendix B CITY OF MIAMI SOUTHEAST OVERTOWN PARKWEST REDEVELOPMENT AGENCY AND CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY (COMPONENT UNITS OF THE CITY OF MIAMI, FLORIDA) Management Letter in Accordance with the Rules of the Auditor General of the State of Florida September 30, 2001 Status of Prior Year's Observations, Recommendations and Management's Responses OTHER OBSERVATIONS 2000-3 TIMELY RECORDING OF BOARD MINUTES Observation We noted that the minutes of the board of directors' (the Board) meetings were not completely summarized in a timely manner. For example, the July 2001 minutes were not summarized and available until November 2001. Recommendation We recommend that management implement a process that helps to ensure that all minutes of board meetings are summarized timely in order to be made readily available. The minutes represents a summary of the Boards actions taken and the directives they wish management should follow. Not having the minutes timely and readily available could cause specific Board request to be ignored. Management's Response The CRA shares the City of Miami's City Clerk as indicated by our Inter -local Agreement, as of January 2002 the Clerk has hired additional personnel to respond to the CRA's overall service requirements from that office. Current Year's Status This observation is applicable in the current year. 22 0MIM/CRA SEOPW/CRA 02- 59 02- 127 DRAFT Appendix B CITY OF MIAMI SOUTHEAST OVERTOWN PARKWEST REDEVELOPMENT AGENCY AND CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY (COMPONENT UNITS OF THE CITY OF MIAMI, FLORIDA) Management Letter in Accordance with the Rules of the Auditor General of the State of Florida September 30, 2001 Status of Prior Year's Observations, Recommendations and Management's Responses 2000-5 CHANGES IN THE GOVERNMENT REPORTING MODEL Observation In June 1999, the Governmental Accounting Standards Board (GASB) issued GASB Statement No. 34, Basic Financial Statements — and Management's Discussion and Analysis — for State and Local Governments. This statement dramatically changes the presentation of government's external financial statements. In the GASB's view, the objective of the new reporting model is to enhance the clarity and usefulness of government financial statements to the citizenry, oversight bodies, investors, and creditors. It will affect the Agencies' financial data accumulation and financial statement presentation processes. Some of the key aspects of the changes are as follows: Management's Discussion and Analysis (MD&A) — A comprehensive MD&A will now be included as required supplementary information. The MD&A will introduce the financial statements by presenting an analysis of the government's financial performance for the year and its financial position at year-end. Government -wide Reporting — The Agencies will be required to report financial operations and net assets, not only at the fund perspective for governmental activities, but will also have to prepare statements at the government wide level. This level will distinguish between government and business type activities. All information at the government -wide level will be reported using the economic resources measurement focus and accrual basis of accounting, as enterprise funds do under the current model. Fiduciary activities will be excluded from the government -wide level of reporting. General government fixed assets, and long-term liabilities of the government will be included on the assets and liabilities section of the government -wide level of reporting. Statement of Activities — Governments will now be required to use a "net program cost" format for the government -wide statements instead of a traditional operating statement. This new format groups revenue and expenses by functional categories (such as, public safety, public works, and so on). The purpose of the new statement is to inform readers about the cost of specific functions and the extent to which they are financed with program revenue or general revenue of the government. Governments will have the option of reporting both direct and indirect program costs. Depreciation expenses will now generally be reflected as a cost in the statement of activities. SEOPW / CRA 23 �� ��'p�aA 0 2— 127 0 2 - 59 DRAFT Appendix B CITY OF MIAMI SOUTHEAST OVERTOWN PARKWEST REDEVELOPMENT AGENCY AND CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY (COMPONENT UNITS OF THE CITY OF MIAMI, FLORIDA) Management Letter in Accordance with the Rules of the Auditor General of the State of Florida September 30, 2001 Status of Prior Year's Observations, Recommendations and Management's Responses Fund Level Reporting — Fund level financial statements will still be required and will provide information about the Agencies' fund types, including fiduciary funds and blended component units. General capital assets and general long-term liabilities will only be reported at the government -wide level. Fund level reporting will continue to focus on fiscal accountability and reflect the flows and balances of current financial resources. The modified accrual basis of accounting will continue to be used at the fund level, except for proprietary and fiduciary funds which would continue reporting based on economic resources and the accrual method of accounting. Reconciliation between the fund and the government -wide statements will be required on the face of the fund statements. Presentation of Budgetary Information — The standard requires budgetary statements for the general fund and certain other governmental funds as required supplementary information. The original adopted budget of the Agencies as well as the final revised budget must be presented. Actual results on a budgetary basis will need to be reconciled to the GAAP (generally accepted accounting principles) basis on the face of the statements. The effective date of the new pronouncement will require implementation by the Agencies for their fiscal year ending September 30, 2002. Recommendation The magnitude of these changes and the time required to prepare for implementation should not be under- estimated. We recommend that the Agencies begin to look at its systems and processes to ensure that the required information will be available to help ensure timely implementation. Further, we recommend that the Agencies consider the cost of required changes to its systems and processes to help ensure availability of necessary funds in its upcoming budget. We also recommend that the Agencies formulate a strategic plan which should incorporate all factors to help ensure that the necessary timetables and manpower needs are properly addressed. Current Year's Status This observation is applicable in the current year. SEOPW / CRA 24 ll�+, (� l`, YNRA 02— 127 02 - 59 DRAFT Appendix B CITY OF MIAMI SOUTHEAST OVERTOWN PARKWEST REDEVELOPMENT AGENCY AND CITY OF MIAMI OMNI COMMUNITY REDEVELOPMENT AGENCY (COMPONENT UNITS OF THE CITY OF MIAMI, FLORIDA) Management Letter in Accordance with the Rules of the Auditor General of the State of Florida September 30, 2001 Status of Prior Year's Observations, Recommendations and Management's Responses 994 FUND STRUCTURE Observation In accordance with the provisions of the City's ordinance and the resolution that created the Agency and the Agency's approved budget, the Agency should be accounting for its operations using a certain defined fund structure. These funds include an Administrative fund, and a fund for each of the operations of the Southeast Overtown Parkwest District. We noted that the Agency does not maintain the appropriate fund structure as required above and as such, is unable to record and maintain accounting data that is appropriate for financial reporting. Recommendation We recommend that the Agency account for its operations using the appropriate fund structure. At a minimum, a general fund should be established to account for the administrative revenue and expenditures of the Agency; special revenue funds should be established to account for the operations of the Southeast Overtown Parkwest. We also recommend that the Agency maintain the following funds and account groups in order to properly reflect the entire operations of the Agency: • Capital projects to account for the acquisition and construction of major capital facilities; • Debt service fund to account for the accumulation of resources and payment of bond principal and interest from government resources; • General fixed -assets account group to account for the fixed assets of the Agency; and • General long-term debt account group to account for the long-term obligations of the Agency. Current Year's Status This observation is not applicable in the current year. Currently, the Agency is accounting for its operations using the appropriate fund structure. SEOPW/CRA 25 0� /C 5►9 02 127 .�