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Home My WebLink AboutOMNI-CRA-M-04-0005CRA Board of Directors Meeting January 26, 2004 • is • ITEM 2 OFFICIAL REPORT Harvey, Branker & Associates, P.A., CPA Consulting Firm CRA Financial Summary Month End December 31, 2003 SEOPW/CRA OMM/CIA • The City o iiami, Florida Community Redevelopment Agency Monthly Financial Consolidated Revenue/Expenditures - Project As of January 9, 2004 • SOUTHEAST OVERTOWN PARK WEST OMNI GENERAL OPERATING CRA TOTALS FY 2004 FY 2004 FY 2004 FY 2004 FY-2004 FY 2004 FY 2004 FY 2004 REVISED AS 9th REMAINING REVISED AS 9th REMAINING REVISED AS 9th REMAINING REVISED AS 9th REMAINING& BUDGET OFJANUARY BALANCE BUDGET OFJANUARY BALANCE BUDGET OFJANUARY BALANCE BUDGET OFJANUARY BALANCE SUMMARY REVENUES TAX INCREMENT REVENUES 1,730,332 1,730,332 2,195,715 2,195,715 3,926,047 3,926,047 CONTRIBUTION GOUTS -COUNTY 1,008,564 - (1,008,564) 1,774,495 - (1,774.495) - - 2,783,059 (2,783,059) OTHER REVENUES 5,012,642 (9,215) (4,244,195) 787,123 (3,680) (790,803) 1,696,240 1,792 269,957 7,496,005 (11,103) (4,765,041) TOTAL REVENUES 7,761,538 1,721,117 (5,252,759) 4,757,333 2,192,035 (2,565,298) 1,896,240 1,792 269,957 14,205,111 3,914,944 (7,648,100) EXPENDITURES PERSONNEL SERVICES - - - - - 1.084,959 128,138 927,972 1,084,959 128,138. 927,972 OPERATING EXPENSES 2,347,951 216,844 1,549,219 1,726,127 80,674 1,160,453 550,028 81,978 379,446 4,624,106 379,496 3,089,118 CAPITAL PROJECTS 3,611,376 917,140 1,973,111 63,000 3,000 50,000 10,000 - (2,200) 3.674,376 920,140 2,020.911 GRANTS AND AIDS 1,065,813 7,931 1,057,882 593,434 12,000 578,934 - - - 1,659,247 19,931 1.636,816 NON OPERATING - - (543,172) 2,384,772 1,904,848 51,253 5,233 46,020 2,436,025 5,233 1,407,696 TOTAL EXPENDITURES 7,025,140 1,141,916 4,037,040 4,757,333 95,674 3,694,236 1,696,240 215,349 1,351,238 13,478,713 1,452,938 9,082,513 REVENUE LESS EXPENDITURES 579,202 cz) 2,098,361 (213,557) 2,462,006 11 Community Redevelopment Agency South East Overbown Park Monthly Financial - Budget vs. Actual Revenue/Expenditures - Project As of January 9, 2004 FY 2004 REVISED FY 2004 AS 9th , REMAINING BUDGET OF January BALANCE SEOPW - Ord 10039 Revenues 01 TAXES 100 CURRENT AD VALOREM TAXES 001 TAXES REAL CURRENT 1,730,332 1,730,332 03 INTERGOVERNMENTAL REVENUE 377 ECONOMIC ENVIRONMENT 310 CONTR FROM OTHER GOVTS-COUNTY 1,008,564 _ (1,008,584) 383 OTHER PAYMENTS FROM LOCAL UNIT 235 OFF-STREET PARKING 30,000 (30,000) 04 CHARGES FOR SERVICES 438 HOUSING 264 PROPERTY SALE 06 MISCELLANEOUS REVENUE 601 INTEREST INCLUDING PROFIT ON 1 094 INTEREST ON INVESTMENT 80,000 11,595 (68,405) 244 CARRYOVER FUND BALANCE 4,899,238 - (4,899,238) 379 INTEREST INCOME -OTHER - 452 749 GAIN/LOSS INVESTMENTS 3,404 (21,262) (24,666) 607 RENT AND ROYALTIES 070 RENTAL PROPERTIES - 08 NON -REVENUES 801 INTERFUND TRANSFER 140 TRANSFER FROM COMMUNITY DEVELO 807 OTHER NON -REVENUES 990 OTHER NON -OPERATING _ TOTAL REVENUES 7,751,538 1,721,117 (6,030,873) Expenditures 10 PERSONNEL SERVICES 100 SALARIES & WAGES -FIXED 010 SALARIES - UNCLASSIFIED 200 FRINGE BENEFITS -FIXED 100 SOCIAL SECURTrY CONTRIB 30 OPERATING EXPENSES 300 OPERATING EXPENSES -FIXED _ 280 PROFESSIONAL SERVICES - ACCTG 60,000 60,000 W2 INTEREST EXPENSE 67,000 67,000 400 OPERATING EXPENSES -VARIABLE 220 PROFESSIONAL SERVICES - APPRAI 100,000 - 100,000 250 PROFESSIONAL SERVICES - LEGAL 150,002 17,487 132,515 270 PROFESSIONAL SERVICES - OTHER 1,799,649 183,914 1,616,635 340 OTHER CONTRACTUAL SERVICES - O 171,000 15,443 155,557 760 BOOKS PUBLICATIONS MEMBERSHIPS 400 - 400 80 CAPITAL OUTLAY 500 CAPITAL OUTLAY -VARIABLE 810 LAND - _ 860 CONSTRUCTION IN PROGRESS 3,611,376 917,140 2,694,236 80 GRANTS AND AIDS 600 GRANTS IN AID 940 OTHER GRANTS AND AIDS 1,085,813 7,931 1,057,882 90 NON -OPERATING 600 TRANSFERS TO OTHER FUNDS 950 CONTRIBUTION TO GRAL FUND 346,066 346,066 951 CONTRI/TRANSFER TO DEBT SERVIC 350,000 350,000 956 CONTRIBU7ION TO SPECIAL REVENU - _ 960 CONTRIBUTION TO TRUST & AGENCY 9W BUDGET RESERVE 30,332 - 30,332 TOTAL EXPENDITURES 7,751,5W 1,141,915 6,609,623 REVENUE LESS EXPENDITURES 579,202 S PWJC, OAM/CI-A �`" 0 5 0 • Community Redevelopment Agency Omni Tax increment Fund Interlocal Monthly Financial - Budget vs. Actual Revenue/ExpendHures - Project As of January 9, 2004 OMNI TAX INCREMENT FUND FY 2004 FY 2004 REVISED AS 9th REMAINING BUDGET OF January BALANCE Revenues 01 TAXES 100 CURRENT AD VALOREM TAXES 001 TAXES REAL CURRENT 2,195,715 2,195,715 03 INTERGOVERNMENTAL REVENUE 377 ECONOMIC ENVIRONMENT 310 CONTR FROM OTHER GOVTS-COUNTY 1,774,495 - (1,774,495) 04 CHARGES FOR SERVICES 311 MAJOR DESC. NOT FOUND 754 CRA FUND T/OUT SEOPW - _ 06 MISCELLANEOUS REVENUE 601 INTEREST INCLUDING PROFIT ON 1 094 INTEREST ON INVESTMENT 48,000 8,239 (39,761) 244 Carryover Fund Balance 726,283 (726,283) 749 GAIN/LOSS INVESTMENTS 12,840 (11,919) (24,759) TOTAL REVENUES 4,767,333 2,192,035 (2,565,298) Expenditures 10 PERSONNEL SERVICES 100 SALARIES E WAGES -FIXED 010 SALARIES -UNCLASSIFIED - 200 FRINGE BENEFITS -FIXED 100 SOCIAL SECURITY CONTRIB _ 30 OPERATING EXPENSES 300 OPERATING EXPENSES -FIXED 280 PROFESSIONAL SERVICES - ACCTG 109,000 109,000 287 ADVERTISING 10,000 - 10,000 470 ENTERTAINMENT _ 400 OPERATING EXPENSES -VARIABLE _ 230 PROFESSIONAL SERVICES - ARCHIT 250 PROFESSIONAL SERVICES - LEGAL 150,002 400 149,602 270 PROFESSIONAL SERVICES - OTHER 1,421,625 45,274 1,376,351 340 OTHER CONTRACTUAL SERVICES - O - _ 680 PRINTING/BINDING - OUTSIDE - 690 PROMOTIONAL ACTIVITIES 35,000 35,000 760 BOOKS PUBLICATIONS MEMBERSHIPS 500 - 500 60 CAPITAL OUTLAY 5W CAPITAL OUTLAY -VARIABLE SW CONSTRUCTION IN PROGRESS 53,000 3,000 50,000 80 GRANTS AND AIDS 600 GRANTS IN AID 940 OTHER GRANTS AND AIDS 593,434 12,000 581,434 90 NON -OPERATING 600 TRANSFERS TO OTHER FUNDS 951 CONTRUTRANSFER TO DEBT SERVIC _ 952 CONTRIBUTION TO CAP PROJECTS 439,143 439,143 996 BUDGET RESERVE 515,629 - 515,629 700 PRIOR YEAR'S APPROPRIATION 905 INTERGOVERNMENTAL CHARGES 1,430,000 - 1,430,0D0 TOTAL EXPENDITURES 4,767,333 95,674 4,661,659 REVENUE LESS EXPENDITURES 2,096,g6y SE®PW/CRA ®MNi/CRA J4)4- 05 Community Redevelopment Agency . General Operating Monthly Financial - Budget vs. Actual Revenue/Expenditures - Project As of January 9, 2004 OGENERAL OPERATING 0 FY 2004 FY 2004 REVISED AS 8th REMAINING BUDGET OF January BALANCE Revenues 06 MISCELLANEOUS REVENUE 601 INTEREST INCLUDING PROFIT ON 1 094 INTEREST ON INVESTMENT 8,500 - 8,500 139 Reimb. Pr. Yr. Expend. 1,795 (1,795)' 244 Carryover Fund Balance 7,143 7,143 749 GAIN/LOSS INVESTMENTS - (3) 3 607 RENT AND ROYALTIES 070 RENTAL PROPERTIES 08 NON -REVENUES 801 INTERFUND TRANSFER 140 TRANSFER FROM COMMUNITY DEVELO 236,000 236,000 736 CONTR. FRM. OFFSTR. PARKING - 905 MAJOR DESC. NOT FOUND 193 CONTRIBUTION FROM GN.FD. 659,388 659,388 09 INTERNAL SERVICE FUNDS 905 CONTRIBUTION FROM OTHER FUNDS - 356 CONTRIBUTION FROM TRUST AND AG 785,209 785,209 TOTAL REVENUES 1,N6,240 1,792 1,694,448 Expenditures 10 PERSONNEL SERVICES 100 SALARIES & WAGES -FIXED 001 SALARIES - CLASS. PERM_ FT 133,062 8,067 124,995 006 EARNED TIME PAYOFF - _ 010 SALARIES -UNCLASSIFIED 707,922 101,872 606,050 013 SALARIES -TEMPORARY 50,000 50,000 200 FRINGE BENEFITS -FIXED 080 EXPENSE ALLOWANCE 20,000 810 19,190 083 CAR ALLOWANCE 10,800 2,308 8,492 100 SOCIAL SECURITY CONTRIB 65,000 6,745 58,255 110 RETIREMENT CONTRIB. 40,000 - 40,000 130 GROUP INSURANCE CONTRIB. 40,000 8,336 31,664 150 WORKER'S COMPENSATION 3,700 - 3,700 160 UNEMPLOYMENT COMPENSATION 6,300 6,300 170 SEVERANCE PAY 4,175 4,175 180 TUITION REIMBURSEMENT 4,000 4,000 30 OPERATING EXPENSES 300 OPERATING EXPENSES -FIXED 280 PROFESSIONAL SERVICES - ACCTG - _ 287 ADVERTISING 25,000 3,133 21,867 410 TRAVEL AND PER DIEM - TRAINING 50,000 50,000 420 TRAVEL AND PER DIEM - OTHER 14,000 4,218 9,782 470 ENTERTAINMENT 1,600 - 1,600 495 PARKING EXPENSE 20,000 - 20,000 533 POSTAGE 500 20 480 540 UTILITY SERVICES 3,000 1,396 1,604 560 UTILITY SERVICES - WATER 5,000 5,000 610 RENT OF EQUIPMENT - OUTSIDE 35,000 3,511 31,489 620 RENT BUILDINGS 166,000 46,734 119,266 635 RENT OTHERS _ 710 FOOD 5,000 794 4,206 715 MOTOR FUEL 400 - 400 400 OPERATING EXPENSES -VARIABLE 230 PROFESSIONAL SERVICES - ARCHIT SE®PW/C.RA OMW/CRA of 0g 9.4 -- 05 n LJ • s • Community Redevelopment Agency General Operating Monthly Financial - Budget vs. Actual Revenue/Expenditures - Project As of January 9, 2004 250 PROFESSIONAL SERVICES - LEGAL 270 PROFESSIONAL SERVICES - OTHER 289 SPECIAL SERVICES - MISCELLANEO 330 TAXES 340 OTHER CONTRACTUAL SERVICES - O 510 COMMUNICATIONS SERV. TELEPH. O 534 DELIVERY SERVICES 650 INSURANCE - LIABILITY 670 REPAIR/MAINTENANCE - OUTSIDE 680 PRINTING/BINDING - OUTSIDE 690 PROMOTIONAL ACTIVITIES 700 OFFICE SUPPLIES 722 MISCELLANEOUS SUPPLIES 760 BOOKS PUBLICATIONS MEMBERSHIPS 60 CAPITAL OUTLAY 500 CAPITAL OUTLAY -VARIABLE 810 LAND 840 EQUIPMENT -NEW 841 OFFICE FURNITURE - NEW 843 EQUIPMENT LEASE -PURCHASED 860 CONSTRUCTION IN PROGRESS 880 CAPITAL LEASES 80 GRANTS AND AIDS 600 GRANTS IN AID 940 OTHER GRANTS AND AIDS 946 REHABILITATION GRANT AWARDS 90 NON -OPERATING 600 TRANSFERS TO OTHER FUNDS 950 CONTRIBUTION TO GRAL FUND 956 CONTRIBUTION TO SPECIAL REVENU 700 PRIOR YEAR'S APPROPRIATION 901 PERSONAL SERVICES 903 MATERIALS AND SUPPLIES 996 BUDGET RESERVE TOTAL EXPENDITURES REVENUE LESS EXPENDITURES FY 2004 FY 2004 REVISED AS 91th REMAINING BUDGET OF January BALANCE 30,028 1,029 28,999 49,000 3,900 45,100 40,000 1,726 38,274 41,000 1,201 39,799 2,000 - 2,000 25,000 9,844 15,156 10,000 513 9,487 6,000 (15) 6,015 8,500 1,617. 6,883 1,000 116 884 12,000 2,241 9,759 10,000 10,000 51,253 5,233 46,020 1,696,240 216,349 1,480,891 (213,657) ®1V1iV1l Ci�,ty J4-. 4 AKTHChatIh irmani I �o�,...�y,•�a`/ SEOPW and Omni CRAs' n External Audit Findings and Other Observations Status Report as of 1/26/04 FRANX K. KOLLASONI Exerulivc, Director • Item Year Reportable Other Subject Condition Found Corrective Action Projected Date no. Condition Observation Resolution Resolved (Severe) (Less Severe) Date 1 2002-1 X Grants Management Inadequate records to allow readily available Agencies' CPA (HB&A) to develop policy Feb. '04 and Accounting information with respect to the names of and procedure to document all grants on organizations funded along with the amounts an individual basis allowing for selective grants, purpose, and status of the grant auditing on a grant by grant basis. Draft policy to be reviewed by Executive Director. 2 2002-2 X Contract Agreements Several third -party contractors paid for services As of 3ro quarter of FY '03, all V party Feb. '04 in FY '02 with no agreement between the contractor invoices are matched to contractor and the Agency found to be executed approved resolutions, executed nor approved by the Board. contracts, PO's, and/or work orders. Agencies' CPA (HB&A) to formalize into policy and procedure. Draft policy to be reviewed by Executive Director. 3 2002-3 X Improper Use of Tax The Margaret Pace Park project, within the Omni Currently, multiple signatory financial April 2003 Increment Funds Area was paid from tax increment funds (TIF) approval form in place to authorize all collected by and earmarked for SEOPW area funding sources. CRA has requested journal entry to restore funds to SEOPW; in process with City Finance & Budget. 4 2002-4 X Loan Administration Inadequate records on the status of outstanding CRA has entered into agreement with Sept. '03 loans to include complete inventory of all loans NDC for Grow Miami Fund to administer all future loans. t SEOPW and Omni CRAB' External Audit Findings and Other Observations 0 Item Year Reportable Other Subject Condition Found Corrective Action Projected Date no. Condition Observation Resolution Resolr, Dd (Severe) (Less Severe) Date 5 2001-1 X Level of Staff within Agencies' Finance Department is short qualified Agencies' CPA (HB&A) to evaluate Feb. '04 the (CRA) Finance staff thus delaying financial reporting; most, if all current and total financial operations and Department of analysis and reconciliation of general ledger submit written report of findings and accounts are not performed on a timely basis recommended action plan —to be coupled with findings from internal audit. To be further reviewed by Oversight Committee. • 6 2001-3 X Encumbrance Agencies do not use a purchase order system to CRA plans to partner with City of Miami Jan. '041 Accounting encumber the purchase of goods and services and implement GEMS procurement and encumbrance computerized system. GEMS on hold for CRA while software problems are resolved. CRA has implemented a comprehensive accounting software package. 7 2001-4 X Payroll File Documentation supporting staff salaries and pay Agencies' staff has updated all employee Aug. '03 Maintenance rates lacking in employee personnel files personnel files to include payroll information. 8 2001-5 X Project Cost Agencies lack formal system to account for CRA plans to partner with City of Miami Dec. '03 Jan. '04 Accounting ongoing capital projects and implement GEMS procurement and encumbrance computerized tracking system. GEMS on hold for CRA while software problems are resolved. CRA has implemented a comprehensive accounting software package. 9 2000-1 X Establishing Controls Agencies rely only on the general ledger reports Agencies' CPA (HB&A) to develop policy Feb. '04 over General Ledger prepared by City Finance Department and do not and procedures for in-house perform independent reconciliation of account reconciliation of all accounting balances and activity, including cash balances transactions to include pool -cash maintained by the City of Miami. Draft policy to be reviewed by Executive Director. 10 2000-2 X Timely Preparation of Agencies do not have formalized year-end Agencies' CPA (HB&A) to develop policy Dec. '03 Financial Statements financial reporting process to facilitate the and procedure for formalized year-end preparation of their financial statements financial reporting process. Audit binder for FY '03 was prepared by 12/1/03 and presented to External Auditor (SKJ) on 1/12/04. Draft policy to be reviewed by Executive Director. COD a tZ t� ®, b OPW C endings and Omni CRAs' External Audit and Other Observations Item Year Reportable Other Subject Condition Found Corrective Action Projected Date no. Condition Observation Resolution Resolved (Severe) (Less Severe) Date 11 2001-6 X Operational Review Present organizational structure does not Board appointed permanent Exec. Jan. '04 support the demands on staff to maintain an Director on 11/25/02. New Exec. Director efficient and effective operation hired an Agenda Coordinator on 5/6103 and a Financial Officer on 11/24/03. Board selected a new external auditing firm on December 8, 2003. To be further reviewed by CRA Oversight Committee. 12 2001-8 X Budgetary Accounting Agencies prepare their annual budget on a FY '04 Budget was prepared and Dec. '03 Sep. '03 combined entity -wide basis, as opposed to a approved by CRA area and general fund basis operating fund tagged to each agency's current accounting structure which will facilitate proper external financial reporting and auditing. 13 1999-1 X Leased Properties Agencies do not have a system that allows for Agencies' CPA (HB&A) to develop policy Feb. '04 the identification of all properties held for lease. and procedure for formalized leased Agencies unable to determine if some properties properties system to include real property are leased and nature of lease agreements. inventory and records search. Draft policy to be reviewed by Executive Director. 9 SEOPW and Omni CRAs' External Audit Findings and Other Observations