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Home My WebLink AboutSEOPW CRA 2004-02-23 Discussion Item 1CRA Board of Directors Meeting February 23, 2004 • OFFICIAL REPORT Harvey, Branker & Associates, P.A., CPA Consulting Firm CRA Financial Summary Month End January 31, 2004. ITEM 1 • The City of fti, Florida Community Redevelopment Agency Monthly Financial Consolidated Revenue/Expenditures - Project As of May 31, 2003 BOUTHLUT OVERTOWN PARK WEST OMN OENBRAL OPERATING CRA TOTALS FY 2803 FY 2083 FY 2863 FY 2903 FY 2003 FY 2903 FY 2W3 FY 2993 FY 2093 FY 2983 FY 2008 FY 2093 REVISED AS ETD %of Year End RBVMW AS END %of Y*wEnd RINSED AB EtA %d Year£nd REVOW AS END %of YMOW BUDGET OF MAY Eudpet Prajectlon Veehnoe M DOUT OF MAY Budget Projedbn Verima BUDGET OF MAY Budget Projedlon VMa:e rBWOET OR MAY Buftet ProJwila4 Vaee Aan SUMMARY REVWIM TAX INCREMENT REVENUES 1,7W.332 1,730,332 10D.0% 1,730,332 - 2,105,715 SREFI SREFI SREFI SREFI - - - - 3,928,047 FREFI SREFI SREFI SREFI CONTRIBUTION G0VTS-COUHI'Y 1,W8,584 943.5% 93.6% 943,558 (65A08) 1,774AN 2,046,392 115.3% 2,048,302 271,897 _ 2,783,059 2,91111,950 107% 2,00,950 208,991 OTHER REVENUES 5,012,642 2X7 0.0% 11,075 (510001707) 7W.123 5,479 0.7% 10,476 ' Mod) 1A00,240 221,584 13A% 221.584 1,474,0178 7,406,005 229,309 3% 243,017 (4,302,738) TOTAL REVENUES 7,751,535 2,878,217 34.6% 2,6>M,785 (5,985,773) 4,757.333 SRERI am mum 0REF1 1,696,740 221,584 Ill% 221.564 1AT4,676 14,205,111 owl IR6Ft ' SREFI EXPE D1TImi8 PERSONNEL SERVICES _ - 1,084,969 203,977 18.5% 352,088 732,W1 1,084A59 203A77 19% 352,088 732,671 OPERATING EXPENSES 51 2.347,93 241,04 10.3% 1,2M,209 1,146,743 f.rA.127 90,W4 4.7% 182,358 1,563.ng 560,028 97,072 17.6% 305,420 244,809 4,82008 419,340 9% 1,888,988 2,958120 CAPITAL PROJECTS 3,811,370 1,111637 30.0% 4,265,883 (654.WT) 53,9W (19,835) .37.0% (14,835) 97,WS 10,000 18,3W (9.3W) 3,674,376 1,094A02 30% 4.209,540 (50,112) GRANTS AND AIDS 1.085,913 7,931 0.7% 138,307 929,417 50.434 12.000 2.0% SREFI SREFI - - - 1,859,247 19,9M 1% SREFI SREFI NON OPERATING 30.332 - - 30,332 2,384,772 - 0.0% 12,000 2,372,772 51,253 5,477 10.7% 15.477 35,776 2,48e,357 6,477 0% 27,477 2,438,990 TOTAL MWOMI711RE9 YANA72 1,382,982 18.3% 6603,4M 1,451,984 4.767,M 7%230 1.5% awl am 1,60%249 3N A26 16.1% 891,285 1,904,955 13,509,945 1,742AW 19% awl 6REF1 REWW" LESS EXPENDITUREB 1,313,Z56 (t,817.T2J1 ffal-I owl •��- (489'721) SREFI vim aas V Q� e : 9prir .et)ds f 1 r T • Community Redevelopment Agency db • South East OvetDown Park Monthly Financial - Budget va. Actual RevenuslE)penditures - Project As of January 31, 2004 FY 2004 FY 2004 FY 2004 REVISED AS END % of Pro omm Year End BUDGET Enc, OF JANUARY Budget Jan. -Mar. Projsedon Variance SEOPW - Ord 10039 Revenues 01 TAXES 100 CURRENT AD VALOREM TAXES 001 TAXES REAL CURRENT 1.730,332 1,730,332 100.0% 1,730,332 03INTERGOVERNMENTAL REVENUE 377 ECONOMIC ENVIRONMENT 310 CONTR FROM OTHER GOVTS-COUNTY 1.008,564 943,558 93.8% 943,6W (66-000) 383 OTHER PAYMENTS FROM LOCAL UNIT 235 OFF-STREET PARKING 30,ODO - (30,000) 04 CHARGES FOR SERVICES 438 HOUSING 284 PROPERTY SALE - 06 MISCELLANEOUS REVENUE 601 INTEREST INCLUDING PROFIT ON 1 094 INTEREST ON INVESTMENT $0,000 15,294 19.1% 10,000 25,294 (54,700) 379 INTEREST INCOME -OTHER 452 749 GAINA-OSS INVESTMENTS 3,404 (13.419) (13.419) (16,823) 807 RENT AND ROYALTIES 070 RENTAL PROPERTIES 08 NON -REVENUES 001 INTERFUND TRANSFER 140 TRANSFER FROM COMMUNITY DEVELO - 244 CARRYOVER FUND BALANCE 4,899,238 - 807 OTHER NON -REVENUES 990 OTHER NON -OPERATING TOTAL REVENUES 7,751,538 - 2,676,217 34.5% 10,000 $685,765 (1661635) Expenditures 10 _PERSONNEL SERVICES 100 SALARIES & WAGES -FIXED 010 SALARIES -UNCLASSIFIED 200 FRINGE BENEFITS -FIXED 100 SOCIAL SECURITY CONTRIS 30 OPERATING EXPENSES 300 OPERATING EXPENSES -FIXED - 280 PROFESSIONAL SERVICES - ACCrG 80,000 - - 60,000 W2 INTEREST EXPENSE 67,000 - 67,000 87,000 400 OPERATING EXPENSES -VARIABLE 220 PROFESSIONAL SERVICES - APPRAI 100,000 10,000 0.0% - 10,000 90,000 250 PROFESSIONAL SERVICES - LEGAL 150.002 32,000 22,174 14.8% 27,087 81,281 68,741 270 PROFESSIONAL SERVICES -OTHER 1,799,50 423,84E 2D3,343 11.3% 313,404 940,482 859.087 340 OTHER CONTRACTUAL SERVICES - O 171,000 52,5W 15,677 9.296 34,089 1OZ296 68,735 780 BOOKS PUBLICATIONS MEMBERSHIPS 400 200 - 200 200 60 CAPITAL OUTLAY 500 CAPITAL OUTLAY -VARIABLE 810 LAND iIDiV�O! 880 CONSTRUCTION IN PROGRESS 3,611,376 1,730,285 1,113,637 30.8% 1,421,961 4,205,883 (654,507) 80 GRANTS AND AIDS OW GRANTS IN AID 940 OTHER GRANTS AND AIDS 1,055,813 83,000 7,931 0.7% '45,406 136,397 929,417 90 NON -OPERATING 800 TRANSFERS TO OTHER FUNDS 951 CONTRIITRANSFER TO DEBT SERVIC 350,000 - 350,000 ON CONTRIBUTION TO SPECIAL REVENU 950 CONTRIBUTION TO GRAL FUND 346,080 OW CONTRIBUTION TO TRUST 8 AGENCY ON BUDGET RESERVE 30,332 30,332 TOTAL EXPENDITURES 7,751,536 Z331AN 1,36Y,962 17.6% 1'"'096 5,60.9,488 1,601,984 REVENUE LESS EXPENDITURES 9t7,728 D� bED �1,313,255 JN Community Redevelopment Agency Omni Tax Increment Fund Interlocal • Monthly Financial - Budget vs. Actual Revenue/Expenditures - Project As of January 31, 2003 FY 2004 FY 2004 FY 2004 REVISED AS END % of Projection Year End �MNI TAX INCREMENT FUND BUDGET Enc OF JANUARY Budget Jan. -Mar. Projection Variance Revenues 01 TAXES 100 CURRENT AD VALOREM TAXES 001 TAXES REAL CURRENT 2,195,715 2,195,716 - #REFI - 03 INTERGOVERNMENTAL REVENUE 377 ECONOMIC ENVIRONMENT 310 CONTR FROM OTHER GOVTS-COUNTY 1,774,495 - 2,046,392 116.3% 2,046,392 271,897 04 CHARGES FOR SERVICES 311 MAJOR DESC. NOT FOUND 754 CRA FUND TOUT SEOPW - - - - - - - O6 MISCELLANEOUS REVENUE 601 INTEREST INCLUDING PROFIT ON 1 094 INTEREST ON INVESTMENT 48,000 - 12,038 25.1 % 5,000 17,038 (30,962) 244 CARRYOVER FUND BALANCE 726,283 749 GAIN/LOSS INVESTMENTS 12,840 - (6,560) - (6,560) (19,400) TOTAL REVENUES 4,767,333 - 4,247,586 89.3% 5,000 #REFI 221,535 Expenditures 10 PERSONNEL SERVICES 100 SALARIES 8 WAGES -FIXED 010 SALARIES -UNCLASSIFIED - - - - - - 200 FRINGE BENEFITS -FIXED 100 SOCIAL SECURITY CONTRIB - - - - 30 OPERATING EXPENSES 300 OPERATING EXPENSES -FOXED 280 PROFESSIONAL SERVICES - ACCTG 109.000 - - 10,000 10,000 99,000 287 ADVERTISING 10,000 10,000 470 ENTERTAINMENT - 6,000 5,000 (61000) 400 OPERATING EXPENSES -VARIABLE 230 PROFESSIONAL SERVICES - ARCHIT - - - - - 250 PROFESSIONAL SERVICES - LEGAL 150,002 - 400 - 400 149,602 270 PROFESSIONAL SERVICES - OTHER 1,421,625 45,274 3.2% 5,659 50,933 1,370,692 340 OTHER CONTRACTUAL SERVICES - O - - - - - - 680 PRINTING/BINDING -OUTSIDE - - 100 100 (100) 690 PROMOTIONAL ACTIVITIES 35,000 50,000 35,000 100.0% 10.625 95,625 (60,625) 760 BOOKS PUBLICATIONS MEMBERSHIPS 500 - 200 40.0% 100 300 200 60 CAPITAL OUTLAY SW CAPITAL OUTLAY -VARIABLE 860 CONSTRUCTION IN PROGRESS 53,000 - (19,635) -37.0% 5,000 (14,635) 67,636 80 GRANTS AND AIDS 600 GRANTS IN AID 940 OTHER GRANTS AND AIDS 593,434 2,6W 12,000 - 10,000 #REFI - 90 NON -OPERATING 600 TRANSFERS TO OTHER FUNDS 951 CONTRVTRANSFER TO DEBT SERVIC - 9S2 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 - 0.8% - 12,000 1,418,000 TOTAL EXPENDITURES 4,767,333 62,6W 73,289 1.6% "A" #REFI 4,004,176 REVENUE LESS EXPENDITURES 0 4,174,340 DISCUop D tl Community Redevelopment Agency • • General Operating Monthy Financial - Budget Vs. Actual RevenuelErpenditures - Project As of January 31, 2003 FY 2004 FY 2004 FY 2004 REVISED AS END % of ProjecUm Year End • BUDGET Ene OF JANUARY Budget Jan.-fAw. Projeeu0n Variance GENERAL OPERATING Revenues 06 MISCELLANEOUS REVENUE 601 INTEREST INCLUDING PROFIT ON 1 094 INTEREST ON INVESTMENT 8,500 8,500 139 REIMB, PR. YR. EXPEND. 244 CARRYOVER FUND BALANCE 7,143 749 GAINILOSS INVESTMENTS (3) (3) 3 607 RENT AND ROYALTIES 070 RENTAL PROPERTIES - - - 08 NON -REVENUES 801 INTERFUND TRANSFER 140 TRANSFER FROM COMMUNITY DEVELO 236,000 - 1,795 1,795 234,205 736 CONTR. FRM. OFFSTR. PARKING - - - - 905 MAJOR DESC. NOT FOUND 193 CONTRIBUTION FROM GN.FD. 659,388 219,772 33.3% 219,772 439,616 09 INTERNAL SERVICE FUNDS 905 CONTRIBUTION FROM OTHER FUNDS 356 CONTRIBUTION FROM TRUST AND AG 785,209 - - - 785,209 TOTAL REVENUES 1,086,240 221,664 1E.1% - 221,664 1,467,63E Expenditures 10 PERSONNEL SERVICES 100 SALARIES & WAGES -FIXED 001 SALARIES -CLASS. PERM. FT 133,062 9,718 7.3% 4,859 14,577 118,485 006 EARNED TIME PAYOFF - - - - - - 010 SALARIES -UNCLASSIFIED 707,922 20,749 168,423 23.8% 94,586 283,758 424,164 013 SALARIES - TEMPORARY 50,000 - - - 200 FRINGE BENEFITS -FIXED 080 EXPENSE ALLOWANCE 20,000 - 1,810 9.1% 5,000 6,810 13.190 083 CAR ALLOWANCE 10,800 2,700 3,692 34.2% 2,000 8,392 2,408 100 SOCIAL SECURITY CONTRIB 65,000 - 11,619 17.9% 5,810 17,429 47,572 110 RETIREMENT CONTRIB. 40,000 - - - 40,000 130 GROUP INSURANCE CONTRIB. 40,000 5,400 8,615 21.5% 7,008 21,023 18,978 150 WORKERS COMPENSATION 3.700 - - - - - 3,700 160 UNEMPLOYMENT COMPENSATION 6,300 - 6,300 170 SEVERANCE PAY 4,175 - - 4,175 180 TUITION REIMBURSEMENT 4,000 100 100 3,900 30 OPERATING EXPENSES 300 OPERATING EXPENSES -FIXED 280 PROFESSIONAL SERVICES - ACCTG - 30,000 - 15,000 45,000 (45,000) 287 ADVERTISING 25,000 - 3,310 13.2% 5,000 8,310. 16,690 410 TRAVEL AND PER DIEM - TRAINING 50,000 299 - 299 49,701 420 TRAVEL AND PER DIEM - OTHER 14,000 4,218 30.1 % , 5,000 9,218 4,782 470 ENTERTAINMENT 1,600 - 1,600 495 PARKING EXPENSE 20,000 - - 10,000 10,000 10,000 533 POSTAGE 500 60 12.0% 50 110 390 540 UTILITY SERVICES 3,000 903 30.1 % 560 UTILITY SERVICES - WATER 5,000 - - 5,000 610,RENT OFEQUIPMENT -OUTSIDE 35,000 3,511 10.0% 1,756 5,267 29,734 620 RENT BUILDINGS 166,000 6,000 59,901 36.1% 32,951 98,852 67,149 635 RENT OTHERS - - - - - - 710 FOOD 5,000 1,905 38.1% 1,200 3,105 1,895 715 MOTOR FUEL 400 - - 100 100 300 400 OPERATING EXPENSES -VARIABLE . 230 PROFESSIONAL SERVICES - ARCHIT U I CUSS E y t47J:�ts/t icy rr ! 4tl`SL'i�7 ram" 02 Community Redevebpment Agency i r General Operating Monthly Financial - Budget vs. Actual Rmnue/EVent tares - Project As of January 31, 2003 FY 2004 FY 2004 PY 2004 . REVISED AS END % of Projection Year End SUDM Enc OF JANUARY Budget Jan.Aftr. Projection Variance 250 PROFESSIONAL SERVICES - LEGAL - - - - 270 PROFESSIONAL SERVICES - OTHER 30,028 50,000 1,725 5.7% 2$,863 77,588 (47,560) 289 SPECIAL SERVICES - MISCELLANEO 49,000 3,900 8.0% 1,950 5,850 43,150 330 TAXES - - 340 OTHER CONTRACTUAL SERVICES -O 40,000 10,000 1,810 4.5% 5,905 17,715 22,285 510 COMMUNICATIONS SERV. TELEPH. O 41,000 - 1,193 2.9% 597 1,790 39,211 534 DELIVERY SERVICES 2,000 - 21 1.1% 300 321 1,679 650 INSURANCE - LIABILITY 25,000 - 9,844 39.4% 4,922 14,766 10,234 670 REPAIRIMAINTENANCE-OUTSIDE 10,000 - 513 5.1% 1,000 1,513 8,487 680 PRINTINGBiNDING- OUTSIDE 6,000 (15) -0.3% 500 486 5,515 690 PROMOTIONAL ACTIVITIES - - - 700 OFFICE SUPPLIES 8,500 1,617 19.0% 809 2,426 6,075 722 MISCELLANEOUS SUPPLIES 1,000 116 11.6% . 50 166 834 760 BOOKS PUBLICATIONS MEMBERSHIPS 12,000 2,241 18.7% 300 2,541 9,459 60 CAPITAL OUTLAY 500 CAPITAL OUTLAY -VARIABLE 810 LAND - - - - 840 EQUIPMENT -NEW 10,000 12,200 6,100 18,300 (8,300) 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 51,253 - 5,477 10.7% 10,000 15,477 35,776 TOTAL EXPENDITURES 1,890,240 137,049 308,428 18.1% 248,713 89 1m 951,968 REVENUE LESS EXPENDITURES (488,721j DISCUSSED af "s sa.as=bans>tc �+e� R,ii',3.1i2!.. i`l:i:i_I', P, c halt 'Y.. '•, `3!I. yti z7 C,vi4,,.t �® SEOPW and Omni CRAs' External Audit .., Findings and Other Observations os _I Status Report as of 2/23/04 0 Ite 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. 104 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 V quarter of FY '03, all Yd party Feb. 104 in FY '02 with no agreement between the cohtractor 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. SEOPW and Omni CRAs' External Audit Findings and Other Observations. Item Year Reportable Other Subject Condition Found Corrective Action Projected Date no. Condition Observation Resolution Resolved (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. '04 Accounting encumber the purchase of goods and services. and implement GEMS procurement and encumbrance computerized system. GEMS Training has taken place for CRA Staff. CRA will be on-line by March 1, 2004. 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. 103 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'.CP,A (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. SEOPW and Omni CRAs' External Findings and Other Observations 0 rA WJ Audit Uj 0% 0 0 - 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 11/26/02. New Exec. Director efficient and effective operation hired an Agenda Coordinator on 5/6/03 and a Financial Officer on 11/24103. 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 (HBBA) to develop policy Mar. '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. City's IT Dept. to run comparative land ownership against the universe of all land in both CRA areas i J SEOPW and Omni CRAB' External Audit Findings and Other Observations