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Home My WebLink AboutSEOPW-CRA-M-04-0041C • CRA Board of Directors Meeting June 28, 2004 ITEM.1 OFFICIAL REPORT CRA Financial Officer:, CRA Financial Summary through Month End May 31, 2004 41 omw/OtA 134- 27 . 0 The City of Miami, Florida Community Redevelopment Agency Monthly Financial Consolidated Revenue/Expenditures - Project As of May 31, 2004 • BOUTN TOVERTOWN ARIL WEST OMNI GENERAL OPERATING CRATOTALS FY 2004 FY 2004 FY 2004 FY 20H FY 2004 FT 20H FY 2004 FY 2004 FY 2004 FV 2004 FY 2004 FY 2004 REVISED AG END %ot REVISED AS END %of REVISED AS END %o1 REVISED AS END %of BUDGET OF MAY Budget vwtw os BUDGET OF MAY Budget Verho" BUDGET OF MAY i;;W vwtw s BUDGET OF MAY Su"d Vo IN SUMMARY REVENUEe ACREW0,1T REVENUES TAX 1,730,332 1,73D= 100.0% 2.195,715 2,195,715 f00.o% 3,926,047 3,926.047 100% CONTRIBUTION GOVTS-COUNTY 1.008,564 943558 93.6% 65,006 1.774,495 4046,392 115.3% 271 A97 2.763,059 2.M.950 107% 336.903 OTHER REVENUES 5,072,642 56,909 1.1% 4,965,733 787,123 27.513 3.5% 759,610 1.696,240 388.427 22.8% 1.686240 7.496,005 470.849 6% 7.411,583 TOTAL REVENUES 7.751AM 2,730,799 352% SJ100,738 4,757v= 11169,420 89.7% IM.507 1,888,240 380,427 228% IAW,7A0 14XS,I11 7,98 AU 52% 7,74SAW PENDITURES k I I - PERSONNEL SERVICES - - - - 1.081,959ffl=.�972 696.434 IAS1,959 485,625 45% 596.434 OPERATING EXPENSES 2.347.951 536,640 22.9% 1.811.311 1.728.127 313,835 782% 1,412202 52t,WS 313A56 4,596.006 1.058,447 23% 31S37,550 CAPITAL PROJECTS 3.61I,= 1,120.629 31.0% 2,490.747 - 63,000 19, 37.0% 72,635 107009,637 3,674,376 1,101,358 30% 2,573,020 GRANTS AND AIDS 1,055.813 90.408 8.5% 075.405 575JI34 52,794 92% 523,140 450 1.641,747 142.752 9% 1,498A95 NON OPERATING 726,386 0.0% 726,988 2,402.272 1,447,500 603% . 954,772 82.353 75.834 3211,023 1,4S4,019 45% 1.757.004TOTAL EXPENDITURES 7,71n,0.18 7,747,877 21S% JN81 7'67 1 784,481 27.7% 2,983,838 1,888,210 988,311 14A03,11/ 0,242,100 30% 9,083,011 REVENUE LESS EXPENDITURES 983,122 1 1 1 3.144,746 • • File: Report Submitted on June Agende.xls 6/14/2004 Community Redevelopment Agency • Omni Tax Increment Fund Interlocal Monthly Financial - Budget vs. Actual Revenue/Expenditures - Project As of May 31, 2004 OMNI TAX INCREMENT FUND • FY 2004 FY 2004 REVISED AS END %of BUDGET Enc OF MAY Budget 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 2,046,392 115.3% 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 59,306 123.6% (11,306) 244 CARRYOVER FUND BALANCE 726,283 726,283 749 GAINILOSS INVESTMENTS 12,840 (31,793) 44,633 TOTAL REVENUES 4,757,333 - 4,269,620 89.7% 1,031,507 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 -FIXED 280 PROFESSIONAL SERVICES - ACCTG 109,000 18,794 17.20% 90,206 287 ADVERTISING 10,000 10,000 470 ENTERTAINMENT 400 OPERATING EXPENSES -VARIABLE 230 PROFESSIONAL SERVICES - ARCHIT. 250 PROFESSIONAL SERVICES - LEGAL 150,002 1,150 0.8% 148,852 270 PROFESSIONAL SERVICES - OTHER 1,421,625 620,901 258,691 18.2% 542,033 340 OTHER CONTRACTUAL SERVICES - O - - - - 680 PRINTING/BINDING - OUTSIDE - 690 PROMOTIONAL ACTIVITIES 35,000 35,000 100.0% - 760 BOOKS PUBLICATIONS MEMBERSHIPS 500 200 40.09/6 300 60 CAPITAL OUTLAY - 500 CAPITAL OUTLAY -VARIABLE 860 CONSTRUCTION IN PROGRESS 53,000 (19,635) -37.0% 72,635 80 GRANTS AND AIDS 600 GRANTS IN AID 940 OTHER GRANTS AND AIDS 575,934 38,934 52,794 9.2% 484,206 90 NON -OPERATING 600 TRANSFERS TO OTHER FUNDS . 951 CONTRI/TRANSFER TO DEBT SERVIC 952 CONTRIBUTION TO CAP PROJECTS 439,143 439,143 996 BUDGET RESERVE 515,629 - - 515,629 956 CONTRIBUTION TO SPECIAL 17,500 17,500 - 700 PRIOR YEAR'S APPROPRIATION 905 INTERGOVERNMENTAL CHARGES 1,430,000 - 1,430,000 3.7% - TOTAL EXPENDITURES 4,757,333 659,835 1,794,494 37.7% 2,303,004 REVENUE LESS EXPENDITURES 2,475,126 ®TV�M/CRA SB® W/CRA 04- 41 04- .27 Community Redevelopment Agency South East Overtown Park Morghly Financial - Budget vs. Actual Revenue/Expenditures - Project As of May 31, 2004 FY REVISED FY2004 END AS END %of BUDGET Enc OF MAY Budget Variance SEOPW - Ord 10039 Revenues 01 TAXES 100 CURRENT AD VALOREM TAXES 001 TAXES REAL CURRENT 1,730,332 1,730.332 100.0% 03 INTERGOVERNMENTAL REVENUE 377 ECONOMIC ENVIRONMENT 310 CONTR FROM OTHER GOVTS-COUNTY 1,008,564 943,558 93.6% 65,006 383 OTHER PAYMENTS FROM LOCAL UNIT 235 OFF-STREET PARKING 30,000 17,637 12,363 04 CHARGES FOR SERVICES 438 HOUSING 264 PROPERTY SALE 06 MISCELLANEOUS REVENUE 601 INTEREST INCLUDING PROFIT ON 1 094 INTEREST ON INVESTMENT 80,000 42,960 53.7% 37,040 379 INTEREST INCOME -OTHER 905 (603) 749 GAIN/LOSS INVESTMENTS 3,404 (4,592) 7.996 607 RENT AND ROYALTIES 070 RENTAL PROPERTIES 08 NON -REVENUES 801 INTERFUND TRANSFER 140 TRANSFER FROM COMMUNITY DEVELO 244 CARRYOVER FUND BALANCE 4,899,238 4.899,238 807 OTHER NON -REVENUES 990 OTHER NON -OPERATING TOTALREVENUES 7,751ASS 2,730,799 35.2% 5,021,040 .� 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 -FIXED 280 PROFESSIONAL SERVICES - ACCTG 60,000 45,119 14,881 602 INTEREST EXPENSE 67,000 - 67,000 400 OPERATING EXPENSES -VARIABLE 220 PROFESSIONAL SERVICES • APPRAI 100.000 4,450 4.5% 95,550 250 PROFESSIONAL SERVICES - LEGAL 150.002 29.830 .54,630 36.4% 65,542 270 PROFESSIONAL SERVICES - OTHER 1.799.549 221.451 406.720 22.6% 1,171,378 340 OTHER CONTRACTUAL SERVICES • O 171.000 9,420 25,521 14.9% 136,059 760 BOOKS PUBLICATIONS MEMBERSHIPS 400 - 200 50.0% 200 60 CAPITAL OUTLAY 500 CAPITAL OUTLAY -VARIABLE 810 LAND 0.0% 860 CONSTRUCTION IN PROGRESS 3,611,376 41.607 1,120,629 31.0°/6 2,449,141 80 GRANTS AND AIDS 600 GRANTS IN AID 940 OTHER GRANTS AND AIDS 1,065,813 16,000, 90.408 8.5% 959,405 90 NON -OPERATING 600 TRANSFERS TO OTHER FUNDS 951 CONTRVTRANSFER 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 7,751,538 318,307 1,747,877 22.6% 5,685,554 REVENUE LESS EXPENDITURES 983,122 L� � �. T 7 Community Redevelopment Agency General Operating Monthly Financial - Budget vs. Actual Revenue/Expenditures - Project As of May 31, 2004 FY 2004 FY 2004 REVISED AS END %of BUDGET Enc OF MAY Budget Variance GENERAL OPERATING Revenues 06 MISCELLANEOUS REVENUE 601 INTEREST INCLUDING PROFIT ON I 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 236,000 236,000 143 MISCELLANEOUS REVENUE 7 (7) 736 CONTR. FRM. OFFSTR. PARKING - 905 MAJOR DESC. NOT FOUND - 193 CONTRIBUTION FROM GN.FD. 659,388 384,628 58.3% 274,760 09 INTERNAL SERVICE FUNDS 905 CONTRIBUTION FROM OTHER FUNDS 356 CONTRIBUTION FROM TRUST AND AG 785,209 - 785,209 TOTAL REVENUES 1,696,240 - 386,427 22.8% 1,309,813 Expenditures 10 PERSONNEL SERVICES 100 SALARIES & WAGES -FIXED 001 SALARIES -CLASS. PERM. FT 133,062 21,499 .16.2% 111,563 006 EARNED TIME PAYOFF - 010 SALARIES -UNCLASSIFIED 707,922 398,838 56.3% 309,084 013 SALARIES -TEMPORARY 50,000 - - 50,000 200 FRINGE BENEFITS -FIXED 080 EXPENSE ALLOWANCE 20,000 2,592 13.0% 17AN 083 CAR ALLOWANCE 10,800 7,846 72.6°k 2,954 100 SOCIAL SECURITY CONTRIB 65,000 30,076 46.3% 34,924 110 RETIREMENT CONTRIB. 37,000 - - 37,000 130 GROUP INSURANCE CONTRIB. 40,000 . 9,009 22,289 55.7% 8,702 150 WORKER'S COMPENSATION 3,700 - 637 02 3,063 160 UNEMPLOYMENT COMPENSATION 9.300 - - 6,300 170 SEVERANCE PAY 4,175 - - 4,175 180 TUITION REIMBURSEMENT 4,000 1,749 0.4 2,251 30 OPERATING EXPENSES 300 OPERATING EXPENSES -FIXED 280 PROFESSIONAL SERVICES - ACCTG - 287 ADVERTISING 25,000 7,310 29.2% 17,690 410 TRAVEL AND PER DIEM -TRAINING 50,000 634 49,366 ' 420 TRAVEL AND PER DIEM - OTHER 14,000 4.648 33.2% 9,352 470 ENTERTAINMENT 1,600 - - 1,600 495 PARKING EXPENSE 20,000 20,000 533 POSTAGE 500 132 26.4% 368 540 UTILITY SERVICES 3,000 2,897 96.6% 103 560 UTILITY SERVICES -WATER 5,000 5,000 610 RENT OF EQUIPMENT - OUTSIDE 35,000 5,521 26,709 76.3% 2,770 620 RENT BUILDINGS 166,000 52,685 115,072 69.3% (1,757) 635 RENT OTHERS 710 FOOD 8,000 432 _ 3,818 47.7% 3,750 715 MOTOR FUEL 400 - 136 0.3 264 400 OPERATING EXPENSES -VARIABLE 230 PROFESSIONAL SERVICES - ARCHIT 250 PROFESSIONAL SERVICES -LEGAL WOM/O to Ol0 M/CRA �J4-' 41 4 27 Community Redevelopment Agency General Operating Monthly Financial - Budget vs. Actual Revenue/Expenditures - Project �) As of May 31, 2004 FY 2004 FY 2004 REVISED AS END %of BUDGET Enc OF MAY Budget Variance 270 PROFESSIONAL SERVICES - OTHER 30,028 3,816 12.7% 26,212 289 SPECIAL SERVICES - MISCELLANEO 17,900 3,900 21.8% 14,000 330 TAXES 340 OTHER CONTRACTUAL. SERVICES - O 40,000 2,897 4,198 10.5% 32,906 510 COMMUNICATIONS SERV. TELEPH. O 41,000 2,766 4,155 10.1% 34,079 534 DELIVERY SERVICES 2,000 16 229 11.5% 1,754 650 INSURANCE - LIABILITY 25,000 - 20,879 83.5% 4,121 670 REPAIR/MAINTENANCE - OUTSIDE 10,000 1,311 13.1% 8,689 680 PRINTINGBINDING - OUTSIDE 6,000 (15) -0.3% • 6,015 690 PROMOTIONAL ACTIVITIES 700 OFFICE SUPPLIES 8,500 2,252 4,832 56.8% 1,416 722 MISCELLANEOUS SUPPLIES 1,000 132 13.2% 868 760 BOOKS PUBLICATIONS MEMBERSHIPS 12,000 3,179 26.5% 8,821 60 CAPITAL OUTLAY 500 CAPITAL OUTLAY -VARIABLE 810 LAND - - 840 EQUIPMENT - NEW 10,000 363 9,637 841 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 (450) 450 946 REHABILITATION GRANT AWARDS 90 NON -OPERATING - 600 TRANSFERS TO OTHER FUNDS - 950 CONTRIBUTION TO GRAL FUND - 956 CONTRIBUTION TO SPECIAL REVENU 31,000 31,000 700 PRIOR YEAR'S APPROPRIATION 901 PERSONAL SERVICES 100 100 903 MATERIALS AND SUPPLIES 51,253 - 6,519 12.7% 44,734 TOTAL EXPENDITURES 1,696,240 75,579 699,929 412% 920,732 REVENUE LESS EXPENDITURES (313,502) • ��•V nr 0� . ARTHUR: r.. TEELE,.Jr. Chalrrnan - �8• o Community Redevelopment Agency- SEOPW and Omni CRAs' External Audit Findings and Other Observations Status Report as of 6/28/04 PRANK K.-ROLLA$ON E.-tive Director Item No. Year Reportable Condition (Severe) Other Observation (Less Subject Condition Found Corrective Action Projected Resolution Date Date Resolved Updating the capital assets listing A procedure has been instituted (i.e. updating additions and whereby all capital purchases in disposals) is not performed the amount of $1,000 or more go Capital Assets. throughout the year, but instead is through the office of the 1 2003-1 x Additions and performed at the end of the year Agencies' Financial Officer to be March '04 Disposals through a search of invoices paid. added to the capital assets listing 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 For example, we noted: (1) A Miami's GEMS system and in the forgivable .loan (grant) incorrect) Agencies' inhouse computerized recorded in the Membership Dues accounting system. On a Line Item expenditure line item account; (2) A monthly basis, the Agencies' 2 2003-2 x Expenditure forgivable loan (grant) incorrectly system will be reconciled against March '04 Classifications recorded in the Promotional the City of Miami's financial Activities line item account; (3) system to capture an Construction In -Progress (services inconsistencies and allow for a performed by HJ Ross Associates) more accurate recording of all incorrectly recorded in the expenditures in the proper line Professional .Services line item item classification. account. • • Page 1 of 5 Ll Cap Reportable u1ner Observation Projected Date Item No. Year Condition (Less Subject Condition Found Corrective Action Resolution Resolved (Severe) Date The Agencies' Finance Department The Agencies' Financial Officer in does not maintain any government concert with the Agencies' Maintaining accounting literature for reference external CPA consultant will 3 2003-3 x Authoritative and guidance. establish an in-house library of Jun. '04 Accounting appropriate accounting literature, Literature either through printed material or available computerized subscription. Inadequeate records to allow -readily Agencies' external CPA (HB&A) available information with respect to to develop policy and procedures Grants the names of organizations funded to document all grants on an Management along with the amounts grants, individual basis allowing for 4 2002-1 x and purpose, and status of the grant. selective auditing on a grant b Jul '04 Accounting grant basis. Draft policy reviewed by the Executive Director on 5/10/04-- Amendments underway. Several third -party contractors were As of the FY '03 third quarter, all paid for services in FY '02 with no 3rd party invoices are matched agreement between the with approved resolutions, contractor(s) and the Agency found executed contracts, PO's and/or Contract to be executed nor approved by the work orders. Agencies' external 5 2002-2 x Ageements CRA Board of Directors. CPA (HB&A) to formalize into Jul'04 Policy and Procedures. Draft Policy reviewed by the CRA Executive Director on 5/10/04-- Amendments Underway. The Margaret Pace Park Project, Currently, multiple signatory Improper Use within'the Omni Area was paid from financial approval of all funding of Tax Tax Increment Funds (TIF) collected sources. CRA has requested 6 2002-3 x Increment by and earmarked for the SEOPW journal entries to SEOPW CRA; Apr. '03 Funds CRA area. in process with the City of Miami's Finance & Budget. CJ 0 Page 2 of 5 Reportable er Observation Projected Date Item No. Year Condition (Less Subject Condition Found Corrective Action ,Resolution Resolved (Severe) Date Inadequate records on the status of CRA has entered into an 7 2002-4 x Loan outstanding loans to include agreement with NDC for the '03 Administration complete inventory of all loans. Grow Miami Fund to administerSept. all future loans. Agencies' Finance Department is Agencies' enternal CPA (HB&A) short of qualified staff, thus delaying to evaluate current and total financial reporting; most, if not all of financial operations and submit Level of Staff analysis and reconciliation of written report of findings and 8 2001-1 x within the General Ledger accounts are not recommended action plan —to be Jan.'05 (CRA) Finance performed on a timely basis. coupled with findings from Department internal audit. To be further reviewed by CRA Oversight Committee. Agencies' do not use a Purchase CRA plans to partner with the Order system to encumber the City of Miami and implement the purchase of goods and services. GEMS procurement and encumbrance computerized 9 2001-3 x Encumbrance system. GEMS Training has Jan. '04 Accounting taken place for appropriate CRA Staff. - CRA will be on-line b March 1, 2004. CRA has implemented a comprehensive accounting software package. Documentation supporting staff Agencies' staff has updated all Payroll File salaries and pay rates lacking in employee personnel files to 10 2001-4 x Maintenance employee personnel files. include payroll information. Aug. '03 u • Page 3 of 5 • C-1 � 1 ,9 � Reportable Observation Projected Date Item No. Year Condition (Less Subject Condition Found Corrective Action Resolution Resolved (Severe) Date Agencies' lack formal system to CRA plans to partner with the account for ongoing capital projects. City of Miami and implement GEMS procurement and encumbrance computerized tracking system. GEMS on hold 11 2001-5 x Project Cost for CRA while software problems Jan. , 04 Accounting are. resolved. CRA has implemented a comprehensive accounting software package. Agencies' rely only on the General Agencies' CPA (HB&A) to Ledger reports prepared by the City develop policy and procedures for of Miami Finance Department and in-house reconciliation of all Establish do not perform independent accounting transactions to 12 2000-1 x Controls over reconciliation of account balances include pool -cash maintained by Jul '04 General and activity, . including cash the City :of Miami. Draft policy Ledger balances. reviewed by Executive Director on 5/10/04-- amendments underway. Agencies' do not have formalized Agencies' external CPA (HB&A) year-end financial reporting process to develop policy and procedure to facilitate the preparation of their for formalized year-end financial Timely financial statements. reporting process. Audit binder Preparation of for FY '03 was prepared b 13 2000-2 x Financial 12/1/03 and presented to newJul'04 Statements External Auditor (SKJ) on 1/12/04. Draft policy reviewed b Executive Director on 5/10/04-- amendments underway. • • Page 4 of 5 4, Reportable P Other Observation Projected Date Item No. Year Condition (Less Subject Condition Found Corrective Action Resolution Resolved (Severe) Date Present organizational structure CRA Board of Directors does riot support the demands on appointed permanent Executive staff to maintain an efficient and Director on 11/25/02.. New effective operation. Executive . Director hired an Agenda Coordinator on 5/6/03 14 2001-6 x Operational and a Financial Officer on Jan. '04 Review 11 /24/03. CRA Board of Directors selected a new external auditing firm on December 8, 2003. To be further reviewed b CRA Oversight Committee. 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 15 2001-8 x Budgetary each Agencies's current Sept. '03 Accounting accounting structure which will facilitate proper external financial reporting and auditing. Agencies' . does not have a system Agencies' CPA (HB&A) to ' that allows for the identification of all develop 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. 16 1999-1 x Leased lease agreements. Draft policy reviewed b '04 Properties Executive Director on 5/10/04--Jul Amendments Underway. City's IT Dept. to 'run comparative land ownership against the universe of all land in both CRA areas. n • Page 5 of 5