HomeMy WebLinkAboutR-03-0213J-02-822
02/20/03
03- 213
RESOLUTION NO.
A RESOLUTION OF THE MIAMI CITY COMMISSION,
WITH ATTACHMENT(S), APPROVING, THE MIAMI
SPORTS AND EXHIBITION AUTHORITY PROPOSED
OPERATING BUDGET FOR FISCAL YEAR 2002-2003,
ATTACHED AND INCORPORATED.
WHEREAS, City Code provisions require that the Miami Sports
and Exhibition Authority ("MESA") establish a fiscal year
coinciding with that of the City of Miami, and that the operating
budget be submitted for appropriate consideration by the City
Commission; and
WHEREAS, the proposed budget identifies categories for
compensation and benefits, administrative, professional and
consultant services, and capital expenditures totaling
$1,150,000; and
WHEREAS, the categories reflected in the projected budget
comply with the required mandates which were established to
facilitate the development of public facilities necessary for the
expansion and promotion of professional and international sports,
CITY COMMISSION
MEETING OF
FE E 2 7 2n03
iiesolution No.
3- 213
convention and exhibition related activities, and other events
which contribute to economic and social growth in the City of
Miami, with the appropriate portion of Convention Development Tax
receipts and authority revenues being used to satisfy the demands
of said budget; and
WHEREAS, the Fiscal Year 2002-2003 proposed administrative
budget, in the amount of $1,150,000, represents a $150,000
increase over that of the previous fiscal year;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY
OF MIAMI, FLORIDA:
Section 1. The recitals and finding contained in the
Preamble to this Resolution are adopted by reference and
incorporated as if fully set forth in this Section.
Section 2. The Miami Sports and Exhibition Authority
Proposed Operating Budget for Fiscal Year 2002-2003, attached
and incorporated, is approved.
Section 3. This Resolution shall become effective
immediately upon its adoption and signature of the Mayor.11
lj If the Mayor does not sign this Resolution, it shall become
effective at the end of ten calendar days from the date it was
passed and adopted. If the Mayor vetoes this Resolution, it
shall become effective immediately upon override of the veto by
the City Commission.
Page 2 of 3
03- 213
PASSED AND ADOPTED this 27th day of FPhriiary , 2003.
1-11;111znw
c")
, -
MANUEL A. DIAZ, zf�7—
ATTEST:
PRISCILLA A. HOM ON
CITY CLERK /?
APPROVID AS /0 FQRMI' AND CORRECTNESS I/
J4NIDRO VIL7CRELLO
ATTORNEY
6567:tr:AS:BSS
Page 3 of 3 03-
213
1
1
1
1
8 N A
Operating Budget for the Fiscal Year
Ending 2002-03
03- 213
w ,
November 5, 2002
Miami Sports and Exhibition -Authority
Jim Jenkins, Executive Director
Dear Mr. Jenkins
On behalf of the Miami Arena, i am pleased to submit our operating budget for fiscal year 2002-2003 for
your consideration and approval. The proposed budget reflects an increase of 59% in the net operating
loss over the previous year and is primarily due to the restructure of the Arena's management team.
The Revenue is projected to be 43% higher over last year's revenue because of the hiring of an In -House
Promoter. As you can see by his attached letter vve are excited to now have the ability to promote, co -
promote and produce Our own events and attractions.
The total expenditure his been reduced by 16% over last year's actual expenditure which transpired from
a combination of reducing'staff and renegotiating our serX_ice agreements and contracts.
The Cost of, Insurance i; the single most crucial f.tcu,r in this year's bud;;eted loss and xvc are working
dilig'ently to find a remedy for this huge cost.
Please see the Notes to Variable at the cnd of this packet
Sincerely,
incept Hct ul};um
Accounting Managcr
Cc: Ferey Man, finance Director
701 ARUNA 91.VD • MiAMI 1.1(IRMA'4-811 VG
VIIONV (105)510 440j • IAx (105)i10 2_'17
03- 213
OPERATING. BUDGET FOR THE
FISCAL YEAR ENDING 2002-03
Prepared by: Vincent Hethington
Report Date: October 30,2002
03- 213
REVENUES
MIAMI ARENA
OPERATING BUDGET
FOR FISCAL YEAR 2002-03
Actual FYE 2001 Budget FYE Budget FYE Variance
02 2001-02 2001-03 (unfavorable)
I Rent Revenue - Tradition
2
$
571,215
S
790,762
$
282.000
$ (289.215)
Rent Revenue - Non -Tradition- I11-1 louse Productions
Fixed Operating Expenses
$
502000
$
155,100
3 Facility Restoration Fees
$
7
Compensation &,Benefit
$
$
527,000
$ 527,000
i Box Office Revenue
705,154
204,849
S
275,964
$
438,000
S 233.151
5 Concessions & Merchandise
$
S
90,455
S
94,884
$
140,538
S 50,083
6 Advertising and Other Revenue
$
296,297
S
296,118
$
306,004
S 9,707
405,670
S
182,350
S
259,902
$
231,253
$ 48.903
TOTAL OPERA TING REVENUE
$
1,345,166
S
1,717,630
$
1,914,795
S 579,629
Operating Income(Loss) Net of Insurance Expense
EXPENSES
(652,034)
S 235,970
S 909,750
Fixed Operating Expenses
$
502000
$
155,100
$
7
Compensation &,Benefit
$
1,020,980
$
1,118,198
$
705,154
50.000
$ 315,826
8
9
General & Administrative
S
190,533
S
150,464
$
145,650
$ 44,883
10
Repair &Maintenance
Utilities
$
275,931
S
321,572
$
259,995
S 15.936
11
Marketing & Promotion
$
$
405,670
S
500,944
•40,953
S
401t080
S 4,590
12
Sccuriq Services
19,615
S
$
128,445
S (108,830)
$
56,217
$
82,433
S
48,500
$ 7,717
TOTAL OPERATING EXPENSE
S
2,018,946
S
2,369,664
S
1,688,825
S 330,121
Operating Income(Loss) Net of Insurance Expense
S (673,780) S
(652,034)
S 235,970
S 909,750
13 Insurance Expenses
S 480,347 S
851,285
$ 784,158
S (303.811)
Net
income (Loss)
S (1,503,319) S (548,188) S 605,939
Page I
Concerts ( Full House)
Rock
Latin
Religious
Urbon/Rop
Concerts ( Half House)
Rock
Latin
Religious
Urban/Rap
Club
Whim Parties
Ethnic Dances/Jams
Themed Festival (2-3 dai•s)
Family
College Basketball
Rehearsals
Commercial Shoots
Adjusted Projected Reven
Page 2
MIAMI ARENA
OPERATING BUDGET
FOR FISCAL YEAR 02-03
I &
3 Rent and Restoration Fees
In -House
"focal
No. of
Average
Total
Facility
Rent Restoration
In House
Total
Facility
Total
Combine
Events
Attendance
Attendance
Revenue Fee
Attendance
Restoration
Fee
Combine
Restoration
Attendance
Fee
4
9.000
36.000
$ 40,000 $ 72,000
3,000
$ 6,000
39,000
y 78.000
4
10.000
40.000
40,000 80,000
6,000
12,000
46,000
92.000
1
4,000
4,000
8,000 8,000
-
-
4,000
8.000
1
4.500
4.500
1000 9,000
3,000
6,000
7.500
15,000
4
4,500
18,000
32,000 36,000
3,000
6,000
21,000
42.000
4
5,500
22.000
32,000 44,000
6,000
12,000
28,000
56.000
1
2.000
2.000
4,000 4,000
-
-
2,000
4,000
1
3.000
3.000
8,000 6,000
3,000
6,000
.6.000
12.000
3
1.500
4.500
24,000 9,000
-
-
4,500
2.000
1
2.500
2,500
5,000 5,000
3,000
6,000
5,500
11.000
1
3.000
3,000
5,000 6,000
6.,000
12,000
9.000
18.000
1
1,000
3.000
5,000 6,000
3;000
6,000
6,000
12.000
4
4.500
18.000
16,000 36,000
15,000
30,000
33,000
66.000
5
1,500
7.500
25,000 15,000
-
-
7,500
15.000
6
21,000
2
7,000
43
3..907
168.000
1282,000 $ 336,000
$ 31,000
$ 102,000
219,000.00-
$ .438,000
Page 2
CATEGORI
Concerts ( Full House)
Rock
Latin
Religious
Urban/Rap
Concerts ( Half House)
Rock
Latin
Religious
Urban/Rap
Club
White Parties
Ethnic Dances/Jams
Themed Festival (2-3 dais)
Familv
4ctualNojected Revenue
MIAMI ARENA
OPERATING BUDGET
FOR FISCAL YEAR 02-03
2. In -House Shows and Productions
Average Total Arg Projected In -House
No of Events Attendance Attendance Price Revenue Production Costs
1
3.000
3.000
27
2
3.000
6.000
27
20.000
62.000
-
27
1
3.000
3.000
27
1
3.000
3.000
27
2
3.000
6.000
27
62.000
81,000
20,000
27
1
3.000
3.000
27
30,000
3.000
31.000
27
1
3.000
3.000
27
2
3.000
6.000
27
1
3.000
3.000
27
5
3.000
15.000
27
17
.33,000
51,000
510,000 S
Ner la -Muse
Artist Fees Radio Advertising Revenue
81,000
20,000
30,000
10.000
31.000
162,000
40,000
60,000
20.000
62.000
81,000
20,000
30,000
10.000
31.000
81,000
20,000
30,000
10.000
31.000
162,000
40,000
60,000
20,000
62.000
81,000
20,000
30;000
10.000
31.000
81,000
20,000
30,000
10.000
31.000
162,000
40,000
60.000
20.000
62.000
81,000
20,000
30,000
10,000
31.0011
405,000
• 100,000
150,000
50.000
1 x;.000
S 1,377,000 S
.340,000 S
510,000 S
170.000
17 t77 nnn
fame 3
Concerts ( Full House)
Rock
Latin
Religious
Urban/Rap
Concerts ( Half House)
Rock
Latin
Religious
Urbon/Rap
Club
117die Parties
Ethnic Dances/Jams
Themed Festival (2-3 days)
Familv
College Basketball
Rehearsals
Commercial Shoots
TOTAL
MIAMI ARENA
OPERATING BUDGET
FOR FISCAL YEAR 02-03
4. BOX OFFICE REVENUE
TICKETMASTER REBATE C.0 COSTS TM SVC
No of Average Total Avg ---.—.—
Events Attendance Attendance Price OUTLETS PHONES 2.45% CHARGES
_. Total Revenue
5
6
1
2
5
6
1
2
3
2
3
2
9
5
6
2
9.000
10.000
4.000
4.500
4.500
5.500
2.000
3.000
1.500
'2.100
3.000
3.000
4.500
L i00
60 4,
45.000
$ 40
$
30,375
$
60,000
$ 50
$
45,900
$
4,000
$ 15
$
1,200
$
9,000
$ 30
$
4,860
$
22.500
$ 40
$
15,188
$
33,000
$ 50
$
25,245
$
2,000
$ 15
$
600
$
6,000
$ 30
$
3,240
$
4,500
$ 10
$
650
$
5,000
$ 65
$
1,105
$
9.000
$ 10
$
3,137
5,045
6,000
$ 10
$
969
$
40.500
$ 10
$
6,541
$
7.500
$ 10
$
1,211
$
38,588
$ 22,050 S
6,750
S
40.163
32,550
36,750
9,000
32.700
1,050
735
600
915
4,253
3,308
1,350
4.455
19,294
11,025
3,375
20.081
17,903
20,213
4,950
17.985
525
368
300
458
2,835
2,205
900
2.970
2,475
551
675
1.899
1,550
2.65
4,361
1,103
1,350
5,045
1,599
735
900
933
10,793
4,961
6,075
6.298
3,690
919
-
3.983
1,464 1 1 $ 104,921 - S 36,225 S 140,538
Page 4
-NIIAN11 ARENA
OPERATING BUDGET
FOR FISCAL. YEAR 02-03
>. FOOD AND BEVERAGE CONCESSIONS
Facility
No of Total Per Sales Tax Share Per
Events .attendance Cap Cross Sales 7.89% Net Sales 32.5%, Cap
Concerts ( Full House)
Rock
$ 6.00
54.000
$ 5
S 278.100.00
$ 21.942.09
S 256,157.91
S 83,251
$1.54
Latin
8.00
64.000
4.49
287.360.00
22.672.70
264,687.30
86,023
1.34
Religious
1.00
7.500
2.96
22;200.00
1.751.58
20,448.42
6,646
0.89
Urban/Rop
3.00
22.500
2.53
56.925.00
4,491.38
52,433.62
17,041
0.76
Concerts ( Half House)
Rack
6.00
30.000
5.15
154.500.00
12.190.05
142,309.95
46,251
1.54
Latin
8.00
40.000
4.49
179,600.00
14,170.44
165,429.56
53,765
1.34
Religious
1.00
4.000
2.96
11.840.00
934.18
10,905.82
3,544
0.89
Urbon/Rop
3.00
12.000
253
30,360.00
2,395.40
27,964.60
9,088
0.76
Club
4.00
6.000
3.49
20,940.00
1,652.17
19,287.83
6,269
1.04
White Parties
2.00
5.000
5.15
25,750.00
2.031.68
23,718.33
7,708
1.54
Ethnic'Dances/Jams
Themed Festival (2-3 dans)
4.00
2.00
12.000
5.15
61.800.00
4.876.02
56,923.98
18,500
1.54
15.000
3.49
52,350.00
4,130.42
48,219.59
15,671
1.04
Family
12.00
54.000
2.4
129,600.00
10,225.44
119,374.56
38,797
0.72
College Basketball
6.00
11.100
4.65
51.615.00
4,072.42
47,542.58
15,451
1.39
Rehearsals
Commercial Shoots
TOTAL
66
337,100
S 1,362,940.00
S 107,535.97
S 1,255,40 . 4.03
S 408,006
Adjusted Projected Revenue 50 252,825 $ 1,022,205.00 $ 80,651.97 S 941,553.03 S 306,004
75%
W
Page 5
MIAMI ARENA
OPERATING BUDGET
FOR FISCAL YEAR 02-03
Budget
6. ADVERTISING REVENUE 2002-03
Bowl Signage's
$ 45,020
Sponsorships
75,000
Suite Signage's
5,004
Concourse Signage's
40,020
Total Advertising
$ 165,044
6-1. OTHER INCOME
a. Suite Income
4 Concerts (Full House)
$ 6,000
Ethnic Dances/Jams
750
4 VIP Rooms
3,000
Total Suite/VIP
S 9,750
b. Interest Income
1,800
S 21,600
c. Misc Income
TicketMaster Advertising Allow.
-S 25,000
T.V Originations
UM/Hook-up Fee/game
200
S 1,200
ATM Service Fees
8,659
Concerts (Full House)
4,223
Concerts (1/2 House)
21139
Speakers
White Parties
260
Ethnic Dance/Jams
100
Themed Festival
450
Family
1,487
TOTAL OTHER INCOME
66,209
TOTAL OTHER INCOME
231,253
Page 6
03- 213
MIAMI ARENA
OPERATING BUDGET
FOR FISCAL YEAR 2002-03
8. COMPENSATION
Departments
- W
F/T Budget FYE 2001
Emp. 02
Actual FYE 2001 F/T
02 Emp.
Budget FYE F/T
2002-03 Emp.
Variance
Accounting/Finance
Administrative
Box Office
Operation/Event Staff
Sales & Marketing
Tn1n/ Rudoof lip
2 153 202.00
3 314,285.00
1 70,567.00
10 443,409.00
2 136,735.00
c , .. o ..,., .,
H
1 12,651.59 3
187,465-96 3
' .108,158.39. 2
515,538.48. 12
97,-
.-.I- -.165.27 2
100, 362.00 3
(12,289.59)
85680.00 3
,
101 785.96
( )
50,720.00 2
(57,438.39)
343,392.00 9
(172,146.48)
125,000.00 2
27,834.73
--
-,.A V,L JV.VV .D 1)u --u y/Y.oy ll $ 705,154.00 19 $ (315,825.69)
MIAMI ARENA
OPERATING BUDGET
FOR FISCAL YEAR 2002-03
9. G & A Budget
Page 8
Actual FYE
Budget FYE
Budget FYE
2002
2002
2002-03 -
Variance
Bad Debts
6,502.31
0.00
6,000.00
(502.31)
Bank Charges
2,589.02
0.00
-
(2,589.02)
Dues & Subscriptions
1,493.45
2,497.00
2,746.70
1,253.25
Office Supplies
16,519.06
16,005.38
17,605.92
1,086.85
Payroll Processing
22,500.00
18,250.00
25,075.00
2,575.00
Pest Control .
4,340.59
.6,00.0.00....
_, .6,600.00
2,259.41
Professional Services
39,391.64
6,000.00
6,600.00
(32,791.64)
Contract Labor/ Profess. Svc.
16,746.55,
0.00
-
(16,746.55)
Accounting Services
26,027.27
28,000.00
20,800.00
(5,227.27)
Legal Services
9,934.22
9,600.00
10,560.00
625.78
Postage & Delivery
7,825.03
.7,992.00
3,791.20
(4,033.83)
Meetings, Conferences. Seminar
13,381.73
6,000.00
19,150.00
5,768.27
Equipment Rental
22,683.76
20,656.00
22,721.60
37.84
Miscellaneous G & A
598.87
8,964.00
4,000.00
3,401.13
Total G & A
190,533.50
150,464.38
145,650.42
(44,883.08)
W
t
Page 8
MIAMI ARENA
OPERATING BUDGET
FOR FISCAL YEAR 2002-03
10. REPAIRS AND MAINTENANCE
Flags/Flag Poles/Stens
.actual FYE
Budget FYE
Budget for FYE
623.50
Service Agreements
2001-02
2001-02
2003
Variance
Miscellaneous R & kl _
_ 4,394.65
5,000.00
5,000.00
605.35
Light Fixture Parts &Supplies ~__
_ 1965.22
0.00
4,000.00
2,034.78
Radio Supplies _
1,424.89
2,000.00
3,300.00
1,875.11
Paint
3,852.81
1 000.00
3,500.00
(352.81)
Tools
1.059.42
1500.00
4500.00
3,440.58
Uniforms —
12;344.48
9,400.00
5,000.00
(7,344.48)
Fasteners
374.04
500.00
2,000.00
1,625.96
L.P. Gas/piesel Fuel
1,054.07
1,000.00•,
1,200.00
145.93
Cleaning/Janitorial Supplies —
Scoreboard Pans & Supplies
_ 30_974.34
13,500.00
18,500.00
(12,474.34)
Company Truck - Maintenance
385.80
0.00
500.00
2,000.00
1,614.20
Sound System Repairs
48.98
0.00
800.00
1,800.00
1,800.00
_
Zamboni Maintenance &Repairs
0.00
0.00
1,500.00
1,451.02
Building Repairs
12,858.93
10,000.00
1,000.00
11,000.00
1,000.00
(1,858.93)
Electrical Repairs
7,392.00
2,000.00
7,500.00
108.00
Air Conditioning Repairs _
2,158.69
3,000.00
4,000.00
1,841.31
Plumbing Repairs
1,576.47
1,500.00
4,000.002
Basketball Floor Repairs
—
_ 218.96
--
0.00
1,200.00
,423.53
981.04
Equipment Repairs
2,958.30
2,500.00
2,000.00
(958.30)
Flags/Flag Poles/Stens
1,876.50
0.00
2,500.00
623.50
Service Agreements
189,012.08
267,372.04
174,495.00
(14,517.08)
Miscellaneous R & kl _
_ 4,394.65
5,000.00
5,000.00
605.35
Tota/ R R M
i
S 175,930.63
S 311,312.04
S 159,995.00
S (15,935.63)
Pave 9
MIAMI ARENA
OPERATING BUDGET
FOR FISCAL YEAR 2002-03
I I. UTILITIES
Page 10
Actual FYE
Budget FYE
Budget FYE
Variance
2001-02
2001-02
2002-03
Electricity Usage
169,607.19
232,743.00
172,999.34
3,392.14
Water Consumption
28,299.56
32,204.00
28,865.55
565.99
Chillers
147,582.98
168,753.00;
150,534.64
2,951.66
Waste Fees
28,118.37
26,570.U0; '
28,680.73
562.37
Telephone Services
32,062.00
40,674.00
20,000.00
(12,062.00)
Total Budget Items
,S 405,670.10
$ 500,944.00
$ 401,080.26
$ (4,589.84)
Page 10
MIAMI ARENA
OPERATING BUDGET
FOR FISCAL YEAR 2002-03
12. MARKETING & PROMOTIONS' I .
Actual Budget 2001 Budget 2002 Variances
2001-02 02 03
Printing, Distribution/Sales and Mktg
Collateral $9,402.55 $6,000.00 $18,000.00 $12,000.00
Print advertising for In House shows
Non Event Adverti
I i auc nub
1~-mail/Database Mgmnt
m/set up and Software
$0.00 $36,000.00 $36,000.00 Show related.
�0,4a4.Lb 112,UUum $12,000.
$0.00
$1,549.55 $22,200.00 1 $14,000.00 -$8 200 00
Miami Arena
'
Website/Development/Hosting
/Maintenance
$6,445.00
$6,445.00
Travel/Trade show
attendance/Entertainment
$537.98 $3,600.00
$20,000.00
$16,400.00
Misc/ Event Photographers
$3.210.00 $1,200.00
$12,000.00
$10,800.00
Skytrackers
Introduction of the Curtain System
$25,000.00
$10,000.00
$10,000.00 show related
Total Marketing and Advertising
5 21,184.34 S 70,000.00
$0.00
.S 128,445.00
425,000.00
.S 58,445.00
MIAMI ARENA
OPERATING BUDGET
FOR FISCAL YEAR 2002-03
14. INSURANCE
Actual FYE Budget 2001 Budget 2002
Type Of Insurance 2001-02 02 3
Worker Comp.
38,151.00
39,198.00
37,143.24
Auto & Personal Prop.
1,155.00
1,155.00
1,155.00
Property Polices
337,405.20
203,944.08
598,176.00
Gen Liability Policv
64,872.30
41,598.96
88,145.64
Fidelity - Bond
2542.50
S_M nn
unioreua roucy 35,728.98 17,568.00 53,890.00
Underground Storage "tank 492.00 420.00 563.00
96.25
49,848.00
7,345.47
423.75
4,490.83
46.92
Total Ins. Expense .S 480,347 ,S 303,884 S. 784,158 62,251.22
CD
I
Page 12
14
sports & exhibition authority
To: Honorable Mayor and
Members of the City Commission
From: James Jenkins
Executive Director
Date: July 19, 2002
Re: Miami Sports and Exhibition Authority Fiscal Year 2002-2003
Proposed Operating Budget
RECO�ATION
It's respectfully requested that the Board of Directors appr6ve the budget for Fiscal Year
2002-2003 reviewed by the Finance Committee.
BACKGROUND
The Miami Sports and Exhibition Authority Operating Budget is funded from certain
allocated proceeds of the Convention Development Tax, levied pursuant to Florida Statue
212.0305, and other Authority revenues.
Section 52.6-10 of the City of Miami Ordinance creating the Miami Sports and Exhibition
Authority requires that a) the City Commission on an annual basis approve the Miami
Sports and Exhibition Authority Operating Budget and b) that the Authority establish a
fiscal year coinciding with that of the City of Miami.
03- 213
PAGE 1
July 19, 2002
Honorable Mayor and Members
of the Board of Directors
This operating budget identifies the requirements for compensation and benefits,
administration, professional and consultant services, and capital expenditures for the
operations of the Authority.
Actual expenditures are monitored on a monthly basis pursuant to Chapter 52.6-5 of the
Authority Ordinance. The Executive Director is required to report on a monthly basis to
the Authority Board, and prepare a statement of current and year to date expenditures in
comparison to budget. In addition, a national accounting firm will be retained to provide
complete fiscal year 2002-2003 audit pursuant to section 52.6-11 of the Miami Sports and
Exhibition Authority Ordinance.
The fiscal year 2002-2003 operating budget is $1,150,000.00. The $150,000 increase is
due to the Miami Sports & Exhibition Authority's sponsorship and support of the
Downtown Holiday Village event.
Although this budget reflects the best available information regarding administrative
responsibilities and program development, a supplemental budget would be submitted by
the Miami Sports and Exhibition Authority for City Commission approval if future
administrative or operational needs required.
'- 2A2
To: Honorable Mayor and
the Board of Directors
From: James Jenkins
Executive Director
Date: July 19, 2002
Re: Mami Sports and Exhibition Authority Fiscal Year 2002-2003
Proposed Operating Budget
RECOMMENDATION
It's respectfully requested that the Board of Directors approve the budget for Fiscal Year
2002-2003.
BACKGROUND
The Miami Sports and Exhibition Authority Operating Budget is funded from certain
allocated proceeds of the Convention Development Tax, levied pursuant to Florida Statue
212.0305, and other Authority revenues.
Section 52.6-10 of the City of Miami Ordinance creating the Miami Sports and Exhibition
Authority requires that a) the City Commission on an annual basis approve the Miami
Sports and Exlnbition Authority Operating Budget and b) that the Authority establish a
fiscal year coinciding with that of the City of Miami.
03- 213
PAGE 3
July 19, 2002
Honorable Mayor and Members
of the Board of Directors
This operating budget identifies the requirements for compensation and benefits,
administration, professional and consultant services, and capital expenditures for the
operations of the Authority.
Actual expenditures are monitored on a monthly basis pursuant to Chapter 52.6-5 of the
Authority Ordinance. The Executive Director is required to report on a monthly basis to
the Authority Board, and prepare a statement of current and year to date expenditures in
comparison to budget. In addition, a national accounting firm will be retained to provide
complete fiscal year 2002-2003 audit pursuant to section 52.6-11 of the Miami Sports and
Exhibition Authority Ordinance.
The fiscal year 2002-2003 operating budget is $1,150,000.00. The $150,000 increase is
due to the Miami Sports & Exhibition Authority's sponsorship and support of the
Downtown Holiday Village event.
Although this budget reflects the best available information regarding administrative
responsibilities and program development, a supplemental budget would be submitted by
the Miami Sports and Exhibition Authority for City Commission approval if future
administrative or operational needs required.
03- 213
PAGE 4