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HomeMy WebLinkAboutSEOPW-CRA-2004-04-26-Discussion Item 2.&RA Board of Directors Meeting April 26, 2004 • OFFICIAL REPORT CRA Financial Officer: CRA Financial Summary through Month End March 31, 2004 • ITEM 2 • nn (Nwu . • The CIA--.,iami, Florida Community Redevelopment Agency Monthly Financial Consolidated Revenue/Expenditures - Project As of March 31, 2004 SOUTHEAST OVERTOWN PARK WES1 OMNI GENERAL OPERATING CRA TOTALS FY 2004 FY 2004 FY 2004 FY 2004 FY 2004 FY 2004 FY 2004 FY 2004 FY 2004 FY 2004 FY 2004 FY 2004 REVISED AS END MARCH REVISED AS END MARCH REVISED AS END MARCH REVISED AS END MARCH BUDGET OF MAR Variance BUDGET OF MAR Variance NU DGET OF MAR Variance BUDGET OF MAR Variance SUMMARY REVENUES TAX INCREMENT REVENUES 1,730,332 1,730,332 2,195,715 2,195,715 - 3,926,047 3,926,047 CONTRIBUTION GOVTS-COUNTY 1,008,564 943,558 65,006 1,774.495 2,046,392 271,897 2,783,059 2,989,950 336,903 OTHER REVENUES - Including Fund Balance Carried Forward From FY 2003 5,012,642 29,303 4,983,339 787,123 44,323 742,800 1,696,240 276,516 1,696,240 7,496,005 350,142 7,422,379 TOTAL REVENUES 7,751,538 2,703,193 5,048,345 4,757,333 4,286,430 1,014,697 1,696,240 276,516 1,696 240 14,205,111 7,266,139 7,759,282 EXPENDITURES PERSONNEL SERVICES OPERATING EXPENSES CAPITAL PROJECTS GRANTS AND AIDS NON OPERATING 2,347,951 3,611,376 1,065,813 726,398 - 473488 1,116,968 27,123 - - 1,874,463 2,494,408 1,038,690 726,398 1,726,127 53,000 575,934 2,402,272 107,974 19,635 27,000 1,447,500 1,618,153 72,635 548,934 954,772 1,084,959 550,028 10,000 - 51,253 332,534 145,885 218 - 5,655 752,425 404,143 9,782 - 45,598 1,084,959 4,624,106 3.674,376 1,641,747 3,179,923 332, 334 727,347 1,097,551 54,123 1,453.155 752,425 3,896,759 2,576,825 1,587,624 1,726,768 TOTAL EXPENDITURES 7,751,538 1,617,579 6,133,959 4,757,333 1,562,839 3,194,494 1,696,240 484,293 1,211,947 14,205,111 3,664,711 10,640,400 REVENUE LESS EXPENDITURES 1,085,614 2,723 591 207,777 3,601,426 Cy CD t-t 1"D b :) I I r�zi UFiFile: Report Submitted on April Agenda.xls 4/5/2004 C] • Community Redevelopment Agency Omni Tax Increment Fund Interlocal O • Monthly Financial - Budget vs. Actual Revenue/Expenditures - Project FY 2004 FY 2004 As of March 31, 2004 REVISED AS END BUDGET Enc OF MARCH OMNI TAX INCREMENT FUND Variance 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 2,046,392 271,897 04 CHARGES FOR SERVICES 311 MAJOR DESC. NOT FOUND 754 CRA FUND T/OUT SEOPW - _ 06 MISCELLANEOUS REVENUE 601 INTEREST INCLUDING PROFIT ON I 094 INTEREST ON INVESTMENT 48.000 38,824 9,176 244 CARRYOVER FUND BALANCE 726,283 749 GAIN/LOSS INVESTMENTS 12,840 5,499 7,341 TOTAL REVENUES 4,757,333 - 4,286,430 288,414 Expenditures 10 PERSONNEL SERVICES 100 SALARIES & WAGES -FIXED 010 SALARIES -UNCLASSIFIED 200 FRINGE BENEFITS -FIXED 100 SOCIAL SECURITY CONTRIB - _ 30 OPERATING EXPENSES 300 OPERATING EXPENSES -FIXED 280 PROFESSIONAL SERVICES - ACCT'G 109,000 14,519 94,481 287 ADVERTISING 10,000 10,000 470 ENTERTAINMENT 400 OPERATING EXPENSES -VARIABLE 230 PROFESSIONAL SERVICES - ARCHIT 250 PROFESSIONAL SERVICES - LEGAL 150.002 1,150 148,852 270 PROFESSIONAL SERVICES - OTHER 1,421,625 764,487 57,105 600,033 340 OTHER CONTRACTUAL SERVICES - O - - _ 680 PRINTING/BINDING - OUTSIDE 690 PROMOTIONAL ACTIVITIES 35,000 35,000 - 760 BOOKS PUBLICATIONS MEMBERSHIPS 500 200 300 60 CAPITAL OUTLAY _ 500 CAPITAL OUTLAY -VARIABLE 860 CONSTRUCTION IN PROGRESS 53,000 (19,635) 72,635 80 GRANTS AND AIDS _ 600 GRANTS IN AID _ 940 OTHER GRANTS AND AIDS 575,934 27,000 548,934 90 NON -OPERATING 600 TRANSFERS TO OTHER FUNDS 956 CONTRI TO SPECIAL 17,500 17,500 - 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 - 1430000 - TOTAL EXPENDITURES 4,757,333 764,487 1,562,839 2,430,007 REVENUE LESS EXPENDITURES • 2,723,691 DbUE® Community Redevelopment Agency • South East Overtown Park Monthly Financial - Budget vs. Actual Revenue/Expenditures - Project As of March 31, 2004 FY 2004 FY 2004 REVISED AS END BUDGET Enc OF MARCH Variance SEOPW - Ord 10039 Revenues 01 TAXES 100 CURRENT AD VALOREM TAXES 001 TAXES REAL CURRENT 1,730,332 1,730,332 - 03INTERGOVERNMENTAL REVENUE 377 ECONOMIC ENVIRONMENT 310 CONTR FROM OTHER GOVTS-COUNTY 1,008,564 943,558 65,006 383 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 33,734 46,266 379 INTEREST INCOME -OTHER - 754 (754) 749 GAIN/LOSS INVESTMENTS 3,404 (5,185) 8,589 607 RENT AND ROYALTIES 070 RENTAL PROPERTIES 08 NON -REVENUES 801 INTERFUND TRANSFER 140 TRANSFER FROM COMMUNITY DEVELO - 244 CARRYOVER FUND BALANCE 4,899,238 807 OTHER NON -REVENUES 990 OTHER NON -OPERATING _ TOTAL REVENUES 7,761,538 2,703,193 149,107 Expenditures 10 PERSONNEL SERVICES 100 SALARIES & WAGES -FIXED 010 SALARIES -UNCLASSIFIED 200 FRINGE BENEFITS -FIXED 100 SOCIAL SECURITY CONTRIB - _ 30 OPERATING EXPENSES 300 OPERATING EXPENSES -FIXED 280 PROFESSIONAL SERVICES-ACCTG 60.000 40,844 19,156 602 INTEREST EXPENSE 67,000 67,000 400 OPERATING EXPENSES -VARIABLE 220 PROFESSIONAL SERVICES - APPRAI 100,000 - 4,450 95,550 250 PROFESSIONAL SERVICES - LEGAL 150,002 24,996 40,505 84,501 270 PROFESSIONAL SERVICES - OTHER 1,799,549 122,111 367,708 1,309.731 340 OTHER CONTRACTUAL SERVICES - O 171.000 - 19,782 151,218 760 BOOKS PUBLICATIONS MEMBERSHIPS 400 200 200 60 CAPITAL OUTLAY 500 CAPITAL OUTLAY -VARIABLE 810 LAND 860 CONSTRUCTION IN PROGRESS 3.611.376 26,070 1,116,968 2,468,338 80 GRANTS AND AIDS 600 GRANTS IN AID 940 OTHER GRANTS AND AIDS 1,065.813 6,750 27,123 1,031,940 90 NON -OPERATING 600 TRANSFERS TO OTHER FUNDS 951 CONTRI]TRANSFER TO DEBT SERVIC 350,000 - - 350,000 956 CONTRIBUTION TO SPECIAL REVENU - 950 CONTRIBUTION TO GRAL FUND 346.066 346,066 960 CONTRIBUTION TO TRUST & AGENCY - 996 BUDGET RESERVE 30,332 - - 30,332 TOTAL EXPENDITURES 7,751,538 179,926 1,617,579 6,954,033 REVENUE LESS EXPENDITURES D"kIUED V �. • • • Community Redevelopment Agency O General Operating Monthly Financial - Budget vs. Actual Revenue/Expenditures - Project As of March 31, 2004 FY 2004 REVISED BUDGET Enc GENERAL OPERATING FY 2004 AS END OF MARCH Variance 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 792,352 749 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. 659,388 274,724 384,664 09 INTERNAL SERVICE FUNDS 905 CONTRIBUTION FROM OTHER FUNDS _ 356 CONTRIBUTION FROM TRUST AND AG _ TOTAL REVENUES 1,696,240 276,516 627,372 Expenditures 10 PERSONNEL SERVICES 100 SALARIES & WAGES -FIXED 001 SALARIES - CLASS. PERM. FT 133,062 15.773 117,289 006 EARNED TIME PAYOFF - _ 010 SALARIES -UNCLASSIFIED 707,922 271,084 436,838 013 SALARIES - TEMPORARY 50,000 50,000 200 FRINGE BENEFITS -FIXED 080 EXPENSE ALLOWANCE 20,000 2,222 17,778 083 CAR ALLOWANCE 10,800 - 5,538 5,262 100 SOCIAL SECURITY CONTRIB 65,000 19,897 45,103 110 RETIREMENT CONTRIB. 40,000 40.000 130 GROUP INSURANCE CONTRIB. 40,000 11,791 17,133 11,076 150 WORKER'S COMPENSATION 3,700 - 637 3,063 160 UNEMPLOYMENT COMPENSATION 6,300 6,300 170 SEVERANCE PAY 4,175 4,175 180 TUITION REIMBURSEMENT 4,000 249 3,751 30 OPERATING EXPENSES _ 300 OPERATING EXPENSES -FIXED 280 PROFESSIONAL SERVICES - ACCTG - _ 287 ADVERTISING 25,000 6,259 18,741 410 TRAVEL AND PER DIEM - TRAINING 50,000 324 49,676 420 TRAVEL AND PER DIEM - OTHER 14.000 4,229 9,771 470 ENTERTAINMENT 1,600 1.600 495 PARKING EXPENSE 20,000 20,000 533 POSTAGE 500 111 389 540 UTILITY SERVICES 3,000 538 1,788 674 560 UTILITY SERVICES -WATER 5,000 - 5,000 610 RENT OF EQUIPMENT- OUTSIDE 35,000 7,181 13,340 14.479 620 RENT BUILDINGS 166,000 65.852 87,737 12,411 635 RENT OTHERS - - 710 FOOD 5,000 438 2,679 1,883 715 MOTOR FUEL 400 - 136 264 400 OPERATING EXPENSES -VARIABLE 230 PROFESSIONAL SERVICES - ARCHIT - 250 PROFESSIONAL SERVICES - LEGAL - _ 270 PROFESSIONAL SERVICES - OTHER 30,028 2,685 27,343 Community Redevelopment Agency O General Operating Monthly Financial - Budget vs. Actual Revenue/Expenditures - Project As of March 31, 2004 FY 2004 FY 2004 REVISED AS END BUDGET Enc OF MARCH Variance 289 SPECIAL SERVICES - MISCELLANEO 49,000 3,900 45,100 330 TAXES - - _ 340 OTHER CONTRACTUAL SERVICES - O 40.000 1,269 2,471 36,260 510 COMMUNICATIONS SERV. TELEPH. O 41,000 3,223 3,375 34,402 534 DELIVERY SERVICES 2,000 - 76 1,924 650 INSURANCE - LIABILITY 25,000 10,531 14,469 670 REPAIR/MAINTENANCE - OUTSIDE 10,000 71 947 8,982 680 PRINTING/BINDING - OUTSIDE 6,000 (15) 6,015 690 PROMOTIONAL ACTIVITIES - 700 OFFICE SUPPLIES 8,500 421 2,533 5,545 722 MISCELLANEOUS SUPPLIES 1,000 - 116 884 760 BOOKS PUBLICATIONS MEMBERSHIPS 12,000 2,663 9,337 60 CAPITAL OUTLAY 500 CAPITAL OUTLAY -VARIABLE 810 LAND - 840 EQUIPMENT -NEW 10,000 218 9.782 841 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 GRAIL FUND 956 CONTRIBUTION TO SPECIAL REVENU 700 PRIOR YEAR'S APPROPRIATION 901 PERSONAL SERVICES 903 MATERIALS AND SUPPLIES 51.253 - 5,655 45,598 TOTAL EXPENDITURES 1,696,240 90,784 484,293 1,121,164 REVENUE LESS EXPENDITURES (207,777) � s ��� 01itli of ARTi-JUR E. -rEELLJR. Chair nan Community Redevelopment Agency SEOPW and Omni CRAB' External Audit Findings and Other Observations Status Report as of 4/26/04 FkANK K. ExV.CL]1iV(_' E)i1e.Ct0j' E IfemN lfy�` pyearti,;Q,�,; pp rt able �Condmom,,�"",t A:�:�, re Observation: fLd.§sVZ, ougjjt: h Resolution; uOM, 'k d Updating the capital assets listing A procedure has been instituted (i.e. updating additiona and whereby all capital purchases in disposals) is not performed the amount of $1,000.00 or more throughout the year, but instead is go through the office of the Capital Assets performed at the end of the year Agencies' Financial Officer to be 2003-1 x Additions and March'04 through a search of invoices paid. added to the capital assets listing Disposals We noted several items that were (current inventory) at the time of not included on the capital assets delivery, rather than waiting for listing at year-end. annual inventory update. On several occasions, we noted A procedure has been instituted expenditures that were recorded in whereby all expenditures are the incorrect line item classification. entered in both the City of Miami's For example, we noted: (1) A GEMS system and in the forgivable loan (grant) incorrectly Agencies' inhouse computerized recorded in the membership dues accounting system. On a monthly Line Item expenditure line item account; (2) A basis, the Agencies' system will be 2 2003-2 x Expenditure forgivable loan (grant) incorrectly reconciled against the Cityof March'04 Classifications recorded in the promotional Miami's financial system to activities line item account; (3) capture any inconsistencies and Construction in -progress (services allow for a more accurate performed by HJ Ross) incorrectly recording of all expenditures in the recorded in the professional proper line item classification. services line item account. 0 Page 1 of 5 . ble> t 'O her _ It No r.�...., a, t+• if ea`r :Re orta P. G n Obsery `"i at on �"r. r L 'Sub'ect` .j - - �,Condlh6iF" 't'v 'Date Resolvedr em ' o dit on- unr� A�i ec i e ct on 'Resolution` .:., e 'f ... . A' fY" -. :Dat e: .Sever ' The Agencies' Finance Department The Agencies' Financial Officer in does not maintain any government concert with the Agencies' external Maintaining accounting literature for reference CRA consultant will establish an in Authoritative and guidance. house libraryu of appropriate 3 2003-3 x Accounting accounting literature, either Jun. '04 Literature through printed material or available computerized subscription. Inadequeate records to alow readily Agencies' CPA (HB&A) to develop available information with respect to policy and procedure to document the names of organizations funded all grants on an individual basis Grants along with the amounts grants, allowing for selective auditing on a 4 2002-1 x Management purpose, and status of the grant. grant by grant basis. Draft policy May'04 and Accounting to be reviewed by Executive Director. Several third -party contractors were As of 3rd quarter of FY '03, all 3rd paid for services in FY '02 with no party invoices are matched to agreement between the contractor approved resolutions, executed and the Agency found to be contracts, PO's and/or work 5 2002-2 Contract executed nor approved by the Board orders. Agencies' CPA (HB&A) to '04 x Ageements of Directors. formalize into policy and May procedure. Draft policy to be reviewed by the Executive Director. The Margaret Pace Park project, Currently, multiple signatory Improper Use within the Omni Area was paid from financial approval all funding of Tax tax increment funds (TIF) collected sources. CRA has requested 6 2002-3 x Increment by and earmarked for SEOPW area. journal entry to SEOPW; in Apr. '03 Funds process with City of Miami Finance © & Budget. Page 2 of 5 0 1 J Othe ti I'd ey Inadequate records on the status of CRA has entered into agreement outstanding loans to include with NDC for the Grow Miami 7 2002-4 x Loan complete inventory of all loans. Fund to administer all future loans. Sept. '03 Administration Agencies' Finance Department is Agencies CPA (HB&A) to evaluate short qualified staff thus delaying current and total financial Level of Staff financial reporting; most, if all of operations and submit written within the analysis and reconciliation of report of findings and 8 2001-1 x (CRA) Finance general ledger accounts are not recommended action plan —to be May'04 Department performed on a timely basis. coupled with findings from internal audit. To be further reviewed by Oversight Committee. Agencies'do not use a purchase CRA plans to partner with the City order system to encumber the of Miami and implement GEMS purchase of goods and services. procurement and encumbrance computerized system. GEMS 9 2001-3 x Encumbrance Training has taken place for CRA '04 Accounting staff. The CRA will be on-line by Jan. implemented a comprehensive accounting software package. Documentation supporting staff Agencies' staff has updated all salaries and pay rates lacking in employee personnel files to 10 2001-4 x Payroll File employee personnel files. include payroll information. Aug. '03 Maintenance Page 3of5 0 r7 �. se anon e �•;:.. Pro`ecte .Da t 1 em_N o� w. •y � Y r- ea '•Con dition ;.� .- Le 'Sub' ect - 1. ,Condition' Found - _ - - 'C, rr 'V o ecti e�Action'. - t.. 'Resoluti ri o Date R '•olved• es Severe eve _ .s Date _.. .... t k a ...•�. ,:2. .., `9.i ;l. � - - Agencies' lack formal system to CRA plans to partner with City of account for ongoing capital projects. Miami and implement GEMS procurement and encumbrance computerized tracking system. 11 2001-5 Project Cost GEMS on hold for CRA while '04 x Accounting software problems are resolved. Jan. CRA has implemented a comprehensive accounting software package. Agencies' rely only on the general Agencies' CPA (HB&A) to develop ledger reports prepared by City policy and procedures for in-house Finance Department and do not reconciliation of all accounting Establish perform independent reconciliation transactions to include pool -cash 12 2000-1 x Controls over of account balances and activity, maintained by the City of Miami. May '04 General Ledger including cash balances. Draft policy to be reviewed by Executive Director. Agencies' do not have formalized Agencies' CPA (HB&A) to develop year-end financial reporting process policy and procedure for Timely to facilitate the preparation of their formalized year-end financial Preparation of financial statements. reporting process. Audit binder for 13 2000-2 x Financial FY '03 was prepared by 12/01 /03 May '04 Statements and presented to External Auditor (SKJ) on 1/12/04. Draft policy to be reviewed by Executive Director. Present organizational structure CRA Board appointed permanent does not support the demands on Executive Director on 11/25/02. staff to maintain an efficient and New Execuctive Director hired an effective operation. Agenda Coordinator on 5/06/03 14 2001-6 x Operational and a Financial Officer on Jan. '04 Review 11/24/03. CRA Board selected a new external auditing firm on 12/08/03. To be further reviewed by CRA Oversight Committee. J 0 Page 4 of 5 ilte"ter, f 6 sU I - eoo i6 Agencies prepare their annual FY'04 Budget was prepared and budget on a combined entity -wide approved by CRA area and basis, as opposed to a fund basis. general operating fund tagged to Budgetary each agency's current accounting 15 2001-8 X Accounting structure which will facilitate Sept. '03 proper external financial reporting and auditing. Agencies do not have a system that CRA's CPA (HB&A) to develop allows for the identification of all policy and procedure for properties held for lease. Agencies formalized leased properties unable to determine if some system to include real property properties are leased and nature of inventory and records search. Leased 16 1999-1 X lease agreements. Draft policy to be reviewed by May'04 Properties Executive Director. City of Miami's IT Dept. to run comparative land ownership against the universe of all land in both CRA areas. • Page 5 of 5