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Home My WebLink AboutR-94-0574U-94-618 7/18/94 ig RESOLUTION NO. 9 4- 574 A RESOLUTION, WITH ATTACHMENT(S), ACCEPTING THE CITY OF MIAMI, FLORIDA, COMPREHENSIVE ANNUAL FINANCIAL REPORT FOR FISCAL YEAR ENDED SEPTEMBER 30, 1993, (ATTACHED HERETO AS EXHIBIT NO. 1 AND INCORPORATED HEREIN). WHEREAS, the Rules of the Auditor General of the State of Florida - Local Governmental Entity Audits, Chapter 10.558, require the submission of the audit reports to the local government entity at a regular meeting of its governing body, and are to be retained by the entity as a public record; and WHEREAS, the external auditors of the City of Miami, Florida, Deloitte and Touohe, in association with Sharpton, Brunson & Co., P.A.; Verdeja, Iriondo & Gravier; and Watson & Company, P.A., have completed their audit of the City of Miami, Florida, as set forth in the City of Miami, Florida, Comprehensive Annual Financial Report for Fiscal Year ended September 30, 1993, (attached hereto as Exhibit No. 1 and incorporated herein); and WHEREAS, said auditors have developed recommendations concerning certain matters related to the internal control structure and certain administrative and operating matters which are reported in the Management Letter (attached hereto as Composite Exhibit No. 2 and incorporated herein); ' Ll { CITY C07,1MISSION VIEFMQTG OF J111_ n rj 1994 hosolution No. 94- 574 NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. The recitals and findings contained in the Preamble to this Resolution are hereby adopted by reference thereto and incorporated herein as if fully set forth in this Section. Section 2. The City of Miami,, Florida, Comprehensive Annual Financial Report for Fiscal Year Ended September 30, 1993, (attached hereto as Exhibit No. 1 and incorporated herein) is hereby accepted. Section 3. This Resolution shall become effective immediately upon its adoption. PASSED AND ADOPTED this 26th day of July 1994. S EPHEN P. LARK, MAYOR ATTES MA TY HIRAI CITY CLERK PREPARED AND APPROVED BY: RAFAtL a. DIAZ DEPUTY CITY ATTORNEY APPROVED AS TO FORM AND CORRECTNESS: A. I-ARNEY NE' III I CIT BSS:M4494 94- 574 Oil o fib, m TME l i :t 5y c' x �S: 7% y COMPREHENSIVE �r AimimuAL { F� L r UK%EP& T° r CITY OF MI MI, FLORIDA FOR THE FISCAL YEAR ENDED EPTEMBER 30 1993 a, FINANCE DEPARTMENT CARLGS E. GARCIA, CPA DIRECTOR OF FINANCE Cl I r PHILLIP E. LUNEY ( ASSISTANT DIRECTORICONTROLLER GARY M. HOUCK, CPA {{ 4 ASSISTANT DIRECTOR/TREASURER E 94 574 ti 1. f 'i OF t 4i jorfAiami ELECTED OFFICIALS CITY COMMISSION Stephen P. Clark Mayor j Miller J. Dawkins Vice -Mayor Wifredo "Willy" Dort Commissioner Victor De Yurre Commissioner r, J. L. Plummer, Jr. Commissioner APPOINTED OFFICIALS 7 Cesar H. Odio City Manager A. Quinn Jones, III City Attorney � IMatty Hirai City Clerk F CERTIFIED PUBLIC ACCOUNTANTS DELOITTE & TOUCHE I In Association With SHARPTON BRUNSON & COMPANY P.A. VERDEJA, IRIONDO, & GRAVIER WATSON & COMPANY P.A. 11 9 . 4 574 k i f I 1 i ! l CITY OF MIAMI, FLORIDA ; COMPREHENSIVE ANNUAL FINANCIAL REPORT I For the Fiscal Year Ender! September 30, 1993 i TABLE OF CONTENTS Exhibit/ INTRODUCTORY SECTION Schedule Page Letter of Transmittal............................................................ 5-9 Certificate of Achievement...................................................... 11 Organizational Chart ............................................................ 12 �f 1 FINANCIAL SECTION Independent Auditors' Report ............................... ...... ............ 15 i General Purpose Financial Statements Combined Balance Sheet —All Fund Types and Account Groups ................................................... 1 20-21 Combined Statement of Revenues, i -� Expenditures and Changes in Fund Balances —All Governmental Fund f Types and Expendable Trust Funds ............................................. 11 23 Combined Statement of Revenues, Expenditures and Changes in Fund Balances —Budget and Actual —General Fund, Special Revenue Funds j and Debt Service Funds . 111 24-25 Combined Statement of Revenues, Expenses and Changes in Fund j Equity —All Proprietary Fund Types } 1! and Pension Trust Funds ... ... ... IV 26 Combined Statement of Cash Flows —All Proprietary Fund Types ................... V 27-28 Notes to Financial Statements ................................................... 29-56 r Combining, Individual Fund and Account Group Statements avid Schedules j General Fund: I: Comparative Balance Sheets........... ..................................... A-1 61 i Schedule of Revenues, Expenditures and Changes in Fund Balance —Budget and Actual —Budgetary Basis ........................... A-2 62-63' Special Revenue Funds: j Combining Balance Sheet ..................................................... B-1 68-69 f Combining Statement of Revenues, Expenditures and I 1 Changes in Fund Balances ................................................... B-2 7D-71 Combining Statement of Revenues, Expenditures and Changes in Fund Balances —Budget and r Actual —Budgetary Basis —Miami Sports and Exhibition Authority, Downtown Development Authority, Rescue Services, Community Development, Law Enforcement Fund, i Metro Dade Tourist Tax, Storm Sewer Water Fund, ` and Public Service Tax Special Revenue Funds ................................. B-3 72-75 Debt Service Funds: Combining Balance Sheet ..................................................... C-1 79 f Combining Statement of Revenues, Expenditures and Changes in Fund Balances ................................................... C-2 81 Combining Statement of Revenues, Expenditures and Changes in Fund Balances --Budget and Actual —General Obligation Bonds, and Other Special Obligation Bonds Debt Service Funds .................................. C-3 82-83 Capital Projects Funds: Combining Balance Sheet D-1 87 J Combining Statement of Revenues, Expenditures and Changes in Fund Balances ................................................... D•2 88 94- 574 1 Enterprise Funds: Combining Balance Sheet ..................................................... Combining Statement of Revenues, Expenses and Changes in Fund Equity ............. Combining Statement of Cash Flows ........................................... Schedules of Operations —Budget and Actual .................................... Internal Service Funds: Combining Balance Sheet ..................................................... Combining Statement of Revenues, Expenses and Changes in Fund Equity ..................................................... Combining Statement of Cash Flows .......................................... . Schedules of Operations —Budget and Actual .................................... Trust and Agency Funds: Combining Balance Sheet ..................................................... Combining Statement of Revenues, Expenditures and Changes in Fund Balances —Expendable Trust Funds ....................... Combining Statement of Revenues, Expenses and Changes in Fund Balances —Pension Trust Funds .......................... Statement of Changes in Assets and Liabilities —Agency Funds ................................................ General Fixed Assets Account Group: Comparative Schedules of General Fixed Assets —By Source ...................... Schedule of General Fixed Assets —By Function and Activity ...................... Schedule of Changes in General Fixed Assets —By Function and Activity ........... Other Supplemental Information: Revenue and Special Obligation Bonds, Notes and Loans Principal and Interest Requirements.............................................................. General Obligation Bonded Indebtedness Principal and Interest Requirements....... STATISTICAL SECTION (Unaudited) General Fund Expenditures and Other Financing Uses by Function ................. Percent of Total General Fund Expenditures and Other Financing Uses by Function ................................... General Fund Revenues and Other Financing Sources ............................ Percent of Total General Fund Revenues and Other Financing Sources .................................................... Property Tax Levies and Collections .......................................... Assessed Value of All Taxable Property ......................................... Property Tax Rates and Tax Levies ............................................. Special Assessments Collections and Receivables .................... Ratio of Net General Bonded Debt to Net Assessed Value and Net Bonded Debt per Capita .................. .... .. . Ratio of Annual Debt Service Expenditures for General Bonded Debt to Total General Fund Expenditures and Other Financing Uses ....................................... Schedule of Direct and Overlapping General Obligation Debt ................... Schedule of Legal Debt Margin ................................................ Current Debt Ratios........................................................... Schedule of Revenue Bond Coverage Enterprise Funds with Outstanding Revenue Bonds ............................ Ten Largest Tax Assessments .................................................. Bank Deposits...................................................... . ...... Building Permits.............................................................. Demographic Statistics —City of Miami and Metropolitan Dade County Population ..................................... General Statistical Data ............................................ ........ . Growth Factors............................................................... 2 Exhibit/ Schedule E-1 E-2 E-3 E-4 F-1 F-2 F-3 F-4 G-1 G-2 G-3 G-4 H-1 H-2 H-3 Page 92-93 94 96-97 98-102 105 106 107 108-109 113 114 115 116 119 120 121 126-127 128 131 131 132 132 133 134 134 135 135 136 136 136 137 138 139 139 140 94- 574 94-- 574 I I _ March 30, 1994 _I Cqt#u lrf Aialnit The Honorable Mayor and Members of the City of Miami Commission City of Miami, Florida The comprehensive annual financial report of the City of Miami for the fiscal year ended September 30, 1993, is hereby submitted. Responsibility for both the accuracy of the data, and the completeness and fairness of the presentation, including all disclosures, rests with the City of Miami. To the best of our knowledge and belief, the enclosed data is accurate in all material respects and is reported in a manner designed to present fairly the financial position and results of operations of the various funds and account groups of the City. All disclosures necessary to enable the reader to gain an understanding of -the City's financial activities have been included. The comprehensive annual financial report is presented in three sections: introductory, financial, and statistical. The introductory section includes this transmittal letter, the 1992 Certificate of Achievement for Excellence in Financial Reporting, and the City's organizational chart. The financial section includes the general purpose financial statements, the supplemental combining and individual fund and account group financial statements and schedules, and other supplemental information, as well as the independent auditors' report on the general purpose financial statements. The statistical section includes selected financial and demographic information, generally presented on a multiyear basis. REPORTING ENTTTY AND ITS SERVICES This report includes all of the funds and account groups of the City. The City provides a full range of municipal services. These include public safety (police and fire), solid waste collection, public works, parks and public facilities, planning and zoning, development, housing and community development. The Department of Off -Street Parking ("DOSP") is an agency and instrumentality of the City whose board members are appointed by the City of Miami Commission. The Gusman Center for the Performing Arts and the Olympia Building ("G&O") are also operated by DOSP. DOSP and G&O are included as enterprise funds in this report. 5 The Downtown Development Authority ("DDA"), a dependent special district of the City, is governed by a board appointed by the City Commission. The City Commission must approve the millage levied on the special taxing district established to fund DDA. DDA has been included in this report as a special revenue fund. The Miami Sports and Exhibition Authority ("MSEA") is an independent and autonomous agency and instrumentality of the City whose voting members are appointed by the City Commission. MSEA is disclosed within the various funds and account groups in this report. The City of Miami, Florida, Health Facilities Authority ("HFA"), a public instrumentality created under the Florida Health Facilities Authority Law, Chapter 154, Part III, Florida Statutes, is an agency established to issue revenue bonds for the benefit of non-profit hospitals responsible for the repayment of such debt. Administrative costs for issuing the bonds are included in the Other Special Revenue Funds. Debt obligations issued under the purview of the HFA do not constitute an indebtedness, liability or pledge of the faith or credit of the HFA or the City. Accordingly, such debt obligations are not included in the accompanying financial statements. The City of Miami Fire Fighters' and Police Officers' Retirement Trust ("FIPO"), and the City of Miami General Employees' and Sanitation Employees' Retirement Trust ("GESE") are essentially single -employer retirement plans under the administration and management of separate boards of trustees. FIFO and GESE are included as pension trust funds in this report. The City has determined that its degree of oversight and financial responsibility over the Miami Capital Development, Inc., the Miami Police Relief and Pension Fund, and the Miami Firefighters Relief and Pension Fund is so remote so as to exclude them from the City's reporting entity. ECONOMIC CONDITION AND OUTLOOK The City situated at the mouth of the Miami River on the western shores of Biscayne Bay, is a main port of entry in Florida and the county seat of Metropolitan Dade County which encompasses 2,000 square miles of Florida's 1 southeastern region. The City comprises 34.3 square miles of land and 19.5 square miles of water. The City is almost completely urbanized with downtown boundaries consisting of approximately 2 square miles. Downtown Miami experienced unprecedented growth during the 1980's particularly in the development of commercial office space. Completed projects represented an estimated investment of public and private funds in excess of $2.5 billion. The U. S. Bureau of Census population count for the City was 358,458 as of April 1, 1990. This count is being challenged by the City. According to City estimates its population was 383,550 in 1993, and is expected to increase to 400,000 by the year 2000. The City's diversified economic base is comprised of light manufacturing, trade, commerce, wholesale and retail trade, and tourism. While the City's tourist trade remains an important economic force, the great gains the City has made in the areas of international banking and business, real estate and transshipment have fortified the economic base. Located in the center of the hemispheric market of more than 700 million people, and easily accessible to Europe and Africa, Miami's strategic location and international commerce infrastructure make it the ideal location for international trade. As a result of expanding economies in several Latin American countries, international trade has been growing at double digit rates in the Miami area. Miami International Airport became in 1993 the world's number one airport for handling international cargo, exceeding the 1 million ton mark, or about 20% higher than 1992. Cargo tonnage through the Port of Miami increased by 13% in 1993, reaching 5.2 million tons. MAJOR INITIATIVES For the year. A Neighborhood Enhancement Teams Program ("NET") was implemented in 1992. NET offices, located in neighborhoods throughout the City, provide citizens with quick and effective access to municipal government. Community -based teams, composed of police officers, fire fighters, code inspectors, job counselors, and other City staff, provide services based on the needs of the residents of the individual neighborhoods. Services provided by NET offices were expanded in 1993 with the implementation of a pilot program to accept payments for City licenses and other fees. The participative management approach implemented in prior years with the formation of Labor/Management Committees at departmental and citywide levels made real progress during the year. As a result of labor management cooperation, certain provisions of a 1985 pension settlement affecting the City's Fire Fighters' and Police Officers' Retirement Trust were amended and adopted into a final judgement by the Circuit Court in and for the Eleventh Judicial Circuit, Date County. These amendments included funding for a new cost -of -living program, and changes in actuarial methods and valuation of assets, which eliminated a frozen unfunded liability originally determined in 1985. As a result of these changes the City's contribution to the fund decreased by $1.3 million in 1993 and $2.7 million in fiscal year 1994. During the year the capital projects function focused on reconstructing or repairing the properties damaged by Hurricane Andrew in August, 1992. Grants from the Federal Emergency Management Agency (FEMA) and insurance reimbursements funded construction costs exceeding $7 million for Dinner Key Marina, Coconut Grove Exhibition Center, Fire College, and other damaged facilities. Several projects financed with the $22 million parks capital programs were completed during the year, including a major competition sports and recreational facility with a 4,000 seat lighted stadium, olympic track and related field facilities. For the future. The City has maintained the same operating millage since fiscal year 1987-1988. The most significant fee assessed by the City, its solid waste fee, has not been increased since 1985. More effective utilization of the City's resources, obtained by consolidating operations and other cost -savings measures, has allowed the City to maintain the level of services with limited revenue increases. The efforts of the Labor/Management Committees in implementing an inducement retirement program in 1991 resulted in downsizing the workforce and producing cost avoidance in past and future years. The City must continue to implement cost savings measures and to seek additional revenue sources to maintain the City's financial vitality. FINANCIAL INFORMATION Management of the City is responsible for establishing and maintaining an internal control structure designed to ensure that the assets of the City are protected from loss, theft or misuse and to ensure that adequate accounting data is compiled to allow for the preparation of financial statements in conformity with generally accepted accounting principles. The internal control structure is designed to provide reasonable, but not absolute, assurance that these objectives are met. The concept of reasonable assurance recognized that: (1) the cost of a control should not exceed the benefits likely to be derived; and (2) the valuation of costs and benefits requires estimates and judgments by management. Single Audit. As a recipient of federal, state and county financial assistance, the City also is responsible for ensuring that an adequate internal control structure is in place to ensure compliance with applicable laws and regulations related to those programs. This internal control structure is subject to periodic evaluation by City management. As a part of the City's single audit, tests are made to determine the adequacy of the internal control structure, including that portion related to federal financial assistance programs, as well as to determine that the City has complied with applicable laws and regulations. Budgeting Controls. The objective of the budgetary controls maintained by the City is to ensure compliance with legal provisions embodied in the annual appropriated budget 54-- 574 _J approved by the City Commission. Activities of the general fund, special revenue funds, debt service funds, enterprise funds, and internal service funds are included in the annual appropriated budget. Project -length financial plans are adopted for the capital projects funds. The level of budgetary control (that is, the level at which expenditures cannot legally exceed the appropriated amount) is established at the fund level, except for the General Fund, which is at departmental level. The City also maintains an encumbrance, including pre -encumbrances, accounting system as one technique for accomplishing budgetary control. Open encumbrances for the general and capital projects funds are reported on a GAAP basis as reservations of fund balance at September 30, 1993, As demonstrated by the statements and schedules included in the financial section of this report, the City continues to meet its responsibility for sound financial management. As with the financial section, all amounts scheduled in the remainder of this letter are expressed in thousands. General Fund Functions. The following schedule presents a summary of General Fund revenues and other financing sources for the fiscal year ended September 30, 1993, and the amount and percentage of increases and decreases in relation to prior year amounts. Increase Percent (Decrease) Percent of Revenues and Other Amount of From 1992 Increase Financing Souress (00os) Total (0000) (Decre+ae) Taxes .................... $118,440 55.8% $ 1,409 1.2 % Licenses and permits ....... 4,741 2.2 44 .9 Intergovernmental .......... 30,456 14.3 (1,454) (4.6) Intragovemmental .......... 2,517 1.2 (950) (27.4) Charges for services ........ 4,726 2.2 610 14.8 Interest .................. 2,057 1.0 112 5.8 Other revenues ............ 4,611 2.2 (41) 1.911 Operating transfers in ....... 39,680 18.7 3,809 10.6 Proceeds from FEMA loan ... 5,100 2.4 5,100 - Total ..................... $212,328 100.0% $ 8,639 The preceding operating transfers in category reflects increased collection of public service taxes originally recorded in a special revenue fund and subsequently transferred to the General Fund. The City also received during the year a Community Disaster Loan from FEMA in the amount of $5.1 million with the purpose of meeting expenses related to the 1992 Hurricane Andrew and revenue losses also associated with the disaster. Community Disaster Loan regulations allow for cancellation of the loan and interest upon determination by FEMA that funds were used for intended purposes. The following schedule presents a summary of General Fund expenditures and other financing uses for the fiscal year ended September 30, 1993, and the percentage of increases and decreases in relation to prior year amounts. Increase Percent (Decrease) Percent of ditum and Amount of Over 1992 Increase OtMr Financing Uses (eees) Total (000s) (Daaossel General government ........ $ 16,125 7.6% $(1,489) (8.5)% Public safety .............. 136,916 64.6 1,786 1.3 Public improvements........ 12,350 5.8 (1,472) (10.6) Culture and recreation ....... 10,534 5.0 488 4.9 Interest and fiscal charges ... 1,598 .8 (219) 02.1) Other expenditures ......... 11,494 5.4 859 8.1 Operating transfer out ....... 22,767 10.8 6,968 44.1 Total ................... $211,784 100.0% $ 6,921 The operating transfers out classification reflects increased contributions to other funds, including an additional $3.2 million to the Self Insurance Fund, and an increase in the subsidy to the Solid Waste Enterprise Fund of $1.2 million. General Fund Balance. The fund balance of the General Fund was $4.5 million on a GAAP basis as of the end of the fiscal year, compared to $3.9 million for the previous fiscal year. Enterprise Operations. The City's enterprise operations are comprised of off-street parking facilities, a convention center, marinas, stadiums, an exhibition hall, golf courses, the Maurice Gusman Cultural Center and Olympia Building, a community center, the Solid Waste Department and the building and zoning operations of the Planning, Building and Zoning Department. Combined results of enterprise operations for the fiscal years 1993 and 1992 are summarized below: 1993 1992 (00os) (0003) Operating revenues .............. $ 41,737 $ 41,143 Operating expenses ............. (72,186) (54,576) Depreciation expense ............ (4,755) (4,762) Non -operating revenues (expenses) -net ............... 12,118 (1,857) Operating transfers in -net ....... 18,042 16,095 Extraordinary item -Loss on defeased bonds ............... (1,536) - Net Loss ................... $ 6,580 $ 3,957 Enterprise fund costs associated with recovery and reconstruction resulting from the effects of Hurricane Andrew increased operating expenses for the year by $18.1 million and their reimbursement increased other non - operating revenues by $15.7 million. Debt refinanced by the Department of Off Street Parking Authority created a loss on defeased bonds of $1.5 million. The economic gain realized by the Department as a result of this transaction approximates $1.7 million. Fiscal year 1993 losses before operating transfers in for the solid waste and convention center operations amounted to $16.0 million and $5.1 million, respectively, requiring operating transfers of $13.3 million to the Solid Waste Enterprise Fund and $5.4 million to the Convention Center Enterprise Fund. Additional cash subsidies for these funds are projected for future years requiring support from the General Fund or the Public Service Tax Fund. Risk Management Operations. Claims payable for the non -health portion of the Self Insurance fund increased $10.6 million during the year to $79.1 million, including reserves for claims incurred but not reported ("IBNR") of $30.5 million. Historically the City has been accounting for its risk management operations within the Self Insurance Expendable Trust Fund. The long-term portion of claims payable, including IBNR reserves, is included in the General Long Term Debt Account Group. In November 1989, as a result of a lengthy research project, the Governmental Accounting Standards Board ("GASB") issued Statement No. 10 of the GASB- Accounting and Financial Reporting for Risk Financing and Related Insurance Issues. The statement among other things, will require accounting for the City's risk management activities within the General Fund or an internal service fund. The City expects to conform to the provisions of the statement when required. Pension Trust Funds Operations. The book value of investments of the City -sponsored pension plans, the General Employees' and Sanitation Employees' Retirement Trust (GESE) and the Fire Fighters' and Police Officers' Retirement Trust (FIPO), increased from $705.0 million at September 30, 1992, to $773.3 million as of September 30, 1993. The percentages of pension benefit obligation funded were 102% for FIFO and 73% for GESE, as of the end of the fiscal year. Debt Administration. As of the end of the fiscal year, the City's net general obligation bonded debt was $182.7 million or 1.74% of taxable assessed value, well below the 15% limit of assessed value, or $1.6 billion, imposed by its charter. Net direct general debt per capita was $476.35 as of year end. The City maintained its 1992 bond rating of A+ by Standard and Poor's Corporation and A by Moody's Investors Service. During 1993 each of the various principal and interest installments was paid as scheduled, including general obligation debt principal retired amounting to $11.7 million. During the fiscal year the City issued the following refunding bonds with aggregate economic gains of $5.2 million to refund bonds issued in previous years: • $70,100,000 General Obligation Refunding Bonds, Series 1992. • $15,515,000 Parking System Revenue Refunding Bonds, Series 1993A. • $31,860,000 General Obligation Refunding Bonds, Series 1993. Cash Management. The City follows the pooled cash concept, which allows greater investment flexibility, and consequently, a better investment return. Investments are competitively bid among banks and investment brokers enabling the City to obtain the highest rates available. MSEA, DDA, DOSP, G&O, GESE, FIPO and the Deferred Compensation plans manage their own funds, and are not included in the City's pooled cash system. 0 Cash temporarily idle during the year was invested in certificates of deposit, obligations of the U. S. Treasury, prime commercial paper, and municipal and corporate bonds. The pension trust funds' investment portfolio also included corporate stocks and bonds. The City's investment performance ranks favorably when compared to the composite rate, an average of the telerate (daily rate). The telerate is an index of investment return performance for the type of investments governmental units typically make. The City's average yield on pooled investments for the year ended September 30, 1993 was 4.29%, while the composite rate was 2.41 % for the same period. The City's investment policy is to minimize credit and market risks, while maintaining a competitive yield on its portfolio. Accordingly, deposits were either insured by federal depository insurance or collateralized. Collateral on investments made by the Finance Department was held either by the City, its agent or a financial institution's trust department in the City's name. In excess of $50.7 million dollars in investments held by the City at September 30, 1993, were classified in the category of lowest credit risk as defined by the Governmental Accounting Standards Board. Investments amounting to $22 million were held in the City's name either by the counterparty financial institution's trust department or an agent in the City's name. OTHER INFORMATION Independent Audit. State of Florida Statutes and the City Charter require an annual audit by independent certified public accountants. The accounting firm of Deloitte & Touche, in association with the minority -owned accounting firms of Sharpton, Brunson & Co_ P.A.; Verdeja, Iriondo & Gravier; and Watson & Company, P.A„ has audited the general purpose financial statements of the City for the year ended September 30, 1993. The independent auditors' report on the general purpose financial statements and supplemental combining and individual fund and account group statements and schedules and other supplemental information is included in the financial section of this report. Awards. The Government Finance Officers Association ("GFOA") awarded a Certificate of Achievement for Excellence in Financial Reporting to the City for its comprehensive annual financial report for the fiscal year ended September 30, 1992. This was the eleventh consecutive year that the City has received this prestigious award. In order to be awarded a Certificate of Achievement the City published an easily readable and efficiently organized comprehensive annual financial report. This report satisfied both generally accepted accounting principles and applicable legal requirements. A Certificate of Achievement is valid for a period of one year only. We believe that our current comprehensive annual financial report continues to meet the Certificate of Achievement Program's requirements and we are submitting it to the GFOA to determine its eligibility for another certificate. In addition, the City also received the GFOA's Award for Distinguished Budget Presentation for its annual budget for 94- 574 the fiscal year beginning October 1, 1992. In order to qualify Verdeja, Iriondo & Gravier; and Watson & Company, P.A., for for the Distinguished Budget Presentation Award, the City's their cooperation and assistance. 1 budget document was judged to be proficient in several Sincerely, categories including policy documentation, financial planning, and organization. I Acknowledgments. The preparation of the comprehensive annual financial report on a timely basis was made possible by the dedicated service of the entire staff of Cesar H. Odio { the Finance Department. Each member of the department City Manager has our sincere appreciation for the contributions made in the preparation of this report. The guidance and cooperation of the City Commission in planning and conducting the financial affairs of the City of Carlos E. Garcia, CPA Miami is greatly appreciated. We also wish to express our Finance Director appreciation to our Certified Public Accountants, Deloitte & Touche, in association with Sharpton, Brunson & Co., P.A.; .Y " _NI j { j i, I i I f i ,M{ �i # Certificate of i Achievement for Excellence `I in Financial I Reporting Presented to 1 City of Miami, Florida For its Comprehensive Annual Financial Report for the Fiscal Year Ended September 30, 1992 „1 A Certificate of Achievement for Excellence in Financial ' Reporting is Presented by the Government Financial Officers Association of the United States and Canada to government units and public employee retirement systems whose comprehensive annual financial reports (CAFR's) achieve the highest standards in government accounting and financial reporting. j` \��NCEOff��f TW .._1 OF 9� W U11IiFD STAFS '► d� M President Y2( Executive Director ,� 11 94- 574 CITY OF I llIAMI ORGANIZATIONAL CHART RESIDENTS OF MIAMI CITY COMMISSION C{TY CITY CIVIL CITY DdWNTUWN MIAMI SPORTS DEPARTMENT OF AITDRNEY CLERK SERVICE MANAGER'S DEVELDPMENI 6 EXHIBITION OFF-STREET BOARD OFFICE AUTHORITY AUTHORITY PARKING HEALTH FACILITIES AUTHORITY RISKMANAGEMEN FIRE POLICE NITERNAL AUDITS FINANCE AND REVIEWS ASSISTANT ASSISTANT ASSISTANT ASSISTANT ASSISTANT ASSISTANT CITY CITY CITY CITY CITY CITY MANAGER MANAGEfl MANAGER MANAGER MANAGER MANAGER I PLANNING, HOUSING GENERAL SERVICES MANAGEMENT ANAGE PUBLIC COMMUNITY BUILDING AND AND ADMINISTRATION GET WORKS DEVELOPMENT ZONING DEVELOPMENT SOLID WASTE PARKS, NEIGHBORHOOD RECREATION AND ENHANCEMENT PERSONNEL MANAGEMENT PUBLIC FACILITIES TEAMS . y. r FINANCIAL SECTION 13 Deloifte & � buche /0 Certified Public Accountants Suite 2500 100 Southeast Second Street Miami, Florida 33131-2135 Telephone: (305) 358-4141 Facsimile: (305) 358-1451 INDEPENDENT AUDITORS' REPORT The Honorable Mayor and City Commissioners City of Miami, Florida: We have audited the accompanying general purpose financial statements of City of Miami, Florida as of September 30, 1993, and for the year then ended, listed in the foregoing table of contents. These general purpose financial statements are the responsibility of the administration of City of Miami, Florida. Our responsibility is to express an opinion on these general purpose financial statements based on our audit. We did not audit the financial statements of the following component units: Percontage of Total Fund Type Component Units Assets Revenues Downtown Development Authority —Special Revenue Fund .......................... 1% 2 % Department of Off -Street Parking — Enterprise Fund ................ 18% 23% Gusman Cultural Center and Olympia Building —Enterprise Fund .......................... 1 % 2% Fire Fighters' and Police Officers' Retirement Trust —Pension Trust Fund .......... . ......... . 63% 43% Those financial statements were audited by other auditors whose reports thereon have been furnished to us, and our opinion on the general purpose financial statements, insofar as it relates to the amounts included for those entities, is based solely on the reports of the other auditors. We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the general purpose financial statements are free of material 15 Me^nbei International misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the general purpose financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit and the reports of other auditors provide a reasonable basis for our opinion. In our opinion, based upon our audit and the reports of other auditors, such general purpose financial statements present fairly, in all material respects, the financial position of City of Miami, Florida at September 30, 1993 and the results of its operations and the cash flows of its proprietary funds for the year then ended in conformity with generally accepted accounting principles. Our audit was made for the purpose of forming an opinion on the general purpose financial statements taken as a whole. The combining and individual fund and account group financial statements and schedules listed in the foregoing table of contents, which are also the responsibility of the administration of City of Miami, Florida, are presented for purposes of additional analysis and are not a required part of the general purpose financial statements of City of Miami, Florida. Such additional information has been subjected to the auditing procedures applied in our audit of the general purpose financial statements and, in our opinion, based on our audit and the reports of other auditors, is fairly presented in all material respects when considered in relation to the general purpose financial statements taken as a whole. March 30, 1994 94- 574 6 1 GE k'ERAL PURPOSE FINANCIAL STATEMMENTS �s i 17 94- 574 ,. EXHIBIT I CITY OF MIAMI, FLORIDA COMBINED BALANCE SHEET ---ALL FUND TYPES AND ACCOUNT GROUPS SEPTEMBER 30, 1993 with comparative totals for the year ended September 30, 1992 (in thousands) Proprietary Fund Fiduciary Totals Governmental Fund Types Types Fund Types Account Groups (Memorandum Only) General General Special Debt Capital Internal Trust end Fixed Long -Term General Revenue 'service Projects Enterprise Service Agency Assets Debt 1993 1992 ASSETS AND OTHER DEBITS Assets: Equity in pooled cash and investments lNotes 2(E)and 41................................ $ 1,318 $ 19 $ 4,933 $21,164 $ 71 $ 819 $ 2,397 $ - $ - $ 30,721 $ 37,934 Other cash and investments (Note 41 .................. - 9,761 - - 10,504 - 46,215 - - 66,480 48,898 Pension cash and investments, including accrued interest lNotes 2(G)and 41 ................. - - - - - - 773,386 - - 773,386 704,971 Receivables, not of allowance for doubtful accounts of $12,720: Taxes ........................................... 2,752 - 1,156 - - - - - - 3,908 3,338 Accounts ........................................ 5,903 6,034 - - 5,385 - 389 - - 17,711 17,626 I Assessment liens (Note 2(C)l . ................ . . . .. - - - 3,568 - - - - - 3,568 4,562 I Proceeds from securities sold .................... . . - - - - - - 7,452 - - 7,452 7,851 N Pension members' contributions ................. . .. - - - - - - 1,322 - - 1,322 58 p Due from other funds (Note 51 ....................... 1,000 2,659 - 21,133 2,337 - 25 - - 27,154 21,819 Due from other governments ........................ 6,080 3,358 - 50 12,584 542 17 - - 22,631 20,852 Inventoriesi Note 20)) ............................... - - - - - 812 - - - 812 852 Other assets. .. .............. 43 - - - 2,041 87 3 - - 2,174 2,478 Restricted cash and investments, including i accrued interest (Notes 2(I) and 41 .............. . ... - 5,385 4,997 11,126 8,887 - - - - 30,395 28,490 Property, plant and equipment, net (Notes 2(M) and 71 ............................... - - - - 155,690 11,907 - 538,026 - 705,623 697,445 Bond issuance costs, net (Note 2M) .................. - - - - 1,170 - - - - 1,170 1,514 Other debits: i Amount available for debt service: General obligation bonds ..... . .................... - - - - - - - - 2,310 2,310 690 Special and subordinated obligation debt bonds ....... - - - - - - - - 2,925 2,925 2,212 Amount to be provided for retirement of ggeneral long-term debt: Generalobligation bonds .......................... - - - - - - - - 182,705 182,705 184,740 Special and subordinate obligation debt bonds ... , .... - - - - - - - - 109,804 109,804 112,545 f Accrued compensated absences .................... - - - - - - - - 18,960 18,960 17,929 Claims and other payables ... . ..................... - - - - - - - - 84,010 84,010 72,339 Total assets and other debits ..................... $17,096 $27,216 $11,086 $57,041 $198,669 $14,167 $831,206 $638,026 $400,714 $2,095,221 $1,989,163 Willa (continued) See accompanying notes to financial statements. EXHIBIT (continued Governmental Fund Types Proprietary Fund Types Fiduciary Fund Types Account Groups Totals (Memorandum Only) General General Wq General Special Revenue Debt Service Capital Prolscts Enterprise Internal Service Trust and Agency Fixed Lonp•Torm Assets Debt 1993 1992 LIABILITIES S Vouchers and accounts payable ....................... $ 1,811 $ 2,766 $ 152 $ 2,387 $ 14,985 $ 837 $ 1,199 $ - $ - $ 24,137 14,815 $ 24,526 11,019 Payable for securities purchased ...................... Accrued expenseslNote 2(C►1........................ - 5,852 - 241 _ - 163 - 2,587 - 1,212 14,815 6G - _ 18,960 29,081 28,710 * Due to other funds (Note 51...••.••••.••••...t.. ••••• - 6,689 - - 18,358 1,054 1,053 - - 27,154 3,615 21,819 1,112 Due to other governments ................ I.......... Deferred revenue 66 4,207 - 228 - - 1,750 3,367 1,733 1,043 66 - - - - - - - 8,845 9,110 ................................... Deposits ............................... 638 61 - 4 - 1,184 - 5 - 1,002 6,672 - - - 74,379 2,894 81,051 3,439 70,199 Claims payable (Notes 8 and 101 ...................... Matured bonds and interest payable ................... - - - - - 5,681 - - - - - - 5,681 4,838 Current portion of bonds and loan payable .............. - - - - - 2,608 - - - 2,608 2,061 Payyable from restricted assets: - - - - 1,528 71 - - - 1,5 1,7 A04 ccruedinterest.................................. Current portion of bonds and loans payable .... , ...... 5,503 5,503 83,125 4,721 84,988 Revenue bonds payable - net of current portion (Note 81. • • - - - - 80,379 2,746 - - - - - - 185,015 185,015 185,430 General obligation bonds payable (Note 81 .............. Special and subordinate obligation debt bonds .......... - - - - - - - - - 35,602 - - - 112,729 148,331 151,433 Deferred compensation plan Inabilities .................. - 29 - 28 - 18 - - 124 112 - 1,519 46,153 11 - - - 9,631 46,277 11,348 38,002 7,085 Other payables ..................................... Total liabilities .................................. 12,603 10,013 5,851 7,671 163,138 10,118 70,971 - 400,714 681,079 650,196 EQUITY AND OTHER CREDITS -' Contributed capital (Notes 2(P) and 91 - - - - 82,957 10,665 - - - 93,622 93,591 Investment in general fixed assets .................... - - - - - - - 538,026 - 538,026 523,237 Retained earnings (deficit): Reserved [Notes 2(P)and 91 ...................... - ' 1,682 - - 2,300 - - - - 3,982 3,921 Unreserved Notes 2(P)and 91...................... - - - - (49,726) (6,616) - - - (56,342) (50,623) Fund balances: INoto 2(P)l Reserved for: Employee retirement plan benefits ................ - - - - - - 767,202 - - 767,202 701,439 Encumbrances ................................. 356 - - 13,728 - - - - - - 14,084 5,235 17,253 4,146 Debt service ................................... Construction ................................... - - - - 5,235 - - 9,614 - - - - - - - - - 9,614 7,687 Unreserved: I(Note 2(P)l Designated for subsequent year's expenditures and 26,028 26,028 30,849 approved projects .............. Undesngnated.................................... 4,137 13,885 - -, - - (6,967) - - 11,055 7,467 Equity transfer from other funds .................... - 1,636 - - - - - - - 1,636 - Total retained earnings (deficit)/fund balances ......... 4,493 17,203 5,235 49,370 (47,426) (6,616) 760,235 - = 782,494 722,139 Total equity and other credits ....................... 4,493 17,203 5,235 49,370 35,531 4,049 760,235 538,026 1,414,142 1,338,967 Total liabilities, equity and other credits ............ $17,096 $27,216 $11,086 $57,041 $198,669 $14,167 $831,206 $538,026 $400,714 $2,095,221 $1,989,163 See accompanying notes to financial statements. hill 1 LAll 1 S THIS PAGE INTENTIONALLY LEFT BLANK 22 i 4 6_4 1 CITY OF MIAMI, FLORIDA EXHIBIT 11 COMBINED STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES ALL GOVERNMENTAL FUND TYPES AND EXPENDABLE TRUST FUNDS I FOR THE YEAR ENDED SEPTEMBER 30, 1993 with comparative totals for the year ended September 30, 1992 (in thousands) Fiduciary Totals Governmental Fund Types Fund Types (Memorandum Only) i Special Debt Ca�kaI Expendable General Revenue service ProI=, Trust 1993 1992 Revenues: Taxes [Note 3)... .............................. $118,440 $ 42,515 $ 30,962 $ - $ - $191,917 $185,640 Licenses and permits ............................. 4,741 - - - - 4,741 4,697 Intergovernmental ................................ 30,456 29,232 3,421 766 5,153 69,028 65,092 Intragovernmental................................ 2,517 - - - 35,734 38,251 40,641 I Charges for services .............................. 4,726 _ - 4,726 4,116 Contributions from employees and retirees . 4,478 4,478 4,196 Assessment lien collections ....................... 1,370 1,370 2,789 Interest .......................................... 2,057 733 927 1,486 326 5,529 7,011 Impact fees ................................ - - - 575 - 575 516 Other ...... 4,611 6,711 3,195 491 1,627 16,635 15,313 Total revenues ............................... 167,548 79,191 38,505 4,688 47,318 337,250 330,011 Expenditures: Current: General government ............................ 16,125 - - - - 16,125 17,614 i Public safety ................................... 136,916 4,406 - - - 141,322 139,023 Public improvements ............................ 12,350 - - - - 12,350 13,822 Personal services ............................... - - - - 1,729 1,729 1,633 Culture and recreation .....................:..... 10,534 - - - - 10,534 10,046 Grants and related expenditures .................. - 25,278 - - - 25,278 20,005 Contributions to pension funds [Note 12) .......... - - - - 24,490 24,490 24,892 Insurance. .. ............ ................. - - - - 1,731 1,731 2,514 } Contractual services ..........'.................. _ - _ _ 11,615 1,615 • 772 J( Economic development 1,773 1,773 1,578 Claim payments ................................ - - - - 26,064 26,064 2.2,880 Other ......................................... 11,494 3,345 189 - 1,426 16,454 16,076 Debt service: Principal retirement [Note 81 ..................... - - 13,435 - - 13,435 20,196 Interest and fiscal charges ....................... 1,598 - 18,068 - - 19,666 21,744 Bond issue costs ............................... - - 2,465 - - 2,465 1,123 Capital outlay .................................... - - - 11,489 - 11,489 42,255 Total expenditures ............................ 189,017 34,802 34,157 11,489 57,055 326,520 356,173 Excess (deficiency) of revenues over expenditures ............................... (21,469) 44,389 4,348 (6,801) (9,737) 10,730 (26,162) Other financing sources (uses): Operating transfers in ......... 39,680 3,725 10,702 6,462 5,971 66,540 103,208 Operating transfers out ............................ (22,767) (45,081) (12,459) (6,300) (250) (86,857) (119,968) Proceeds from FEMA loan ......................... 5,100 - - - - 5,100 - Proceeds from debt issuance, net .................. - - - - - - 21,760 Proceeds of refunding bonds, net .................. - - 101,960 - - 101,960 40,950 Payment to refund bond escrow agent .............. - - (99,495) - (99,495) (40,502) Other ........................................... - - - 2,319 - _ 2,319 - Total other financing sources (uses) ............. 22,013 (41,356) 708 2,481 5,721 (10,433) 5,448 Excess (deficiency) of revenues and other financing sources over expenditures and other financing uses ........................ 544 3,033 5,056 (4,320) (4,016) 297 (20,714) Fund balances at beginning of year ................... 3,949 10,983 2,902 52,519 (2,951) 67,402 88,116 Equity transfer from (to) other funds .................. - 3,187 (2,723) 1,171 - 1,635 - Fund balances at end of year ........................ $ 4,493 $ 17,203 $ 5,235 $49,370 $ (6,967) $ 69,334 $ 67,402 See accompanying notes to financial statements. I ..J 23 94- 574 CITY OF MIAMI, FLORIDA COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES -BUDGET AND ACTUAL GENERAL FUND, SPECIAL REVENUE FUNDS AND DEBT SERVICE FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 1993 (in thousands) Genaral Fund Encumbrances Beginning Actual Variance Actual of End of Budgetary Favorable (GAAP basis) Year Year Basis Budget (Unfavorable$ Revenues: Taxes lNote 3).............•.•••.•.•.•••••.•.••..•.•••••.•••••• $118,440 $ - $ - $118,440 $116,857 $ 1,583 Licenses and permits ........................................... 4,741 - - 4,741 4,463 278 Intergovernmental.............................................. 30,456 - - 30,456 30,439 17 Intragovernmental.............................................. 2,517 - - 2,517 786 1,731 Charges for services ............................................ 4,726 -- - 4,726 4,730 (4) Assessment lien collections ...................................... - - - - - - Interest....................................................... 2,057 - - 2,057 2,057 - Other......................................................... 4,611 - - 4,611 7,397 (2,786) Total revenues ............................................ 167,548 - - 167,548 166,729 819 Expenditures: General government ............... I............................ 16,125 36 68 16,157 16,555 398 Public safety ................................................... 136,916 275 175 136,816 136,823 7 Public improvements ............................................ 12,350 2 3 12,351 12,822 471 Culture and recreation ........................................... 10,534 18 5 10,521 10,594 73 Grants and related expenditures .................................. - - - - - - Economic development .......................................... - - - - - - Other......................................................... 11,494 39 105 11,560 10,345 .0,215) Debt service: Principal retirement JNote 81.................................... - - - - - - Interest and fiscal charges ..................................... 1,598 - - 1,598 707 (891) Bond issue costs ............................................. - - - - - - Total expenditures ........................................ 189,017 370 356 189,003 187,846 (1,157) Excess (deficiency) of revenues over expenditures ............. (21,469) (370) (356) (21,455) (21,117) (338) Other financing sources (uses): Operating transfers in ........................................... 39,680 - - 39,680 40,156 (476) Operating transfers out .......................................... (22,767) - - (22,767) (20,601) (2,166) Proceeds of refunding bonds, net ................................................... - - - - - - Payment to refunded bond escrow agent ................................................ - - - - - - Proceeds of FEMA loan ......................................... 5,100 - - 5,100 5,100 - Total other financing sources (uses) .......................... 22,013 - - 22,013 24,655 (2,642) Excess (deficiency) of revenues and other financing sources over expenditures and other financing uses ........................... 544 $(370) $(356) $ 558 $ 3,538 $ (2,980) Fund balances at beginning of year .................................. 3,949 Equity transfer from (to) funds ...................................... Fund balances at end of year ....................................... $ 4,493 (1) Does not include funds for which budgets have not been adopted. See Note 2(d)(1). See accompanying notes to financial statements. 24 94- 574 EXHIBIT III I , Special Revenue(1) Debt Service(1) Variance Variance Favorable Favorable Budget Actual (Unfavorable) Budget Actual (Unfavorable) $38,222 $41,850 $3,628 $ 25,186 $ 25,155 $ (31) I 23,005 24,311 1,306 3,907 3,421 (486) - - - 600 - (600) 20 2 593 373 256 773 517 56 2,622 2,566 1,122 3,195 2,073 61,503 69,376 7,873 31,071 32,544 1,473 2,429 4,406 (1,977) - - - 21,318 17,252 4,066 - - - 1,333 1,773 (440) - - - 1,386 2,630 (1,244) 652 88 564 - - - 12,285 12,285 - f - - - 13,978 15,225 (1,247) 2,465 2,465 f 26,466 26,061 405 29,380 30,063 (683) 35,037 43,315 8,278 1,691 2,481 , 790 1,670 2,020 350 - 2,950 2,950 (36,632) (41,099) (4,467) (4,156) (3,885) 271 i - - - 101,960 101,960 - - - - (99,495) (99,495) - (34,962) (39,079) (4,117) (1,691) 1,530 3,221 $ 75 4,236 $ 4,161 $ - 4,011 $ 4,011 8,874 771 1,551 - $14,661 $ 4,782 .7 �I i I 25 _1-e , 94- 574 -'r EXHIBIT IV CITY OF MIAMI, FLORIDA COMBINED STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND EQUITY ALL PROPRIETARY FUND TYPES AND PENSION TRUST FUNDS FOR THE YEAR ENDED SEPTEMBER 30, 1993 with comparative totals for the year ended September 30, 1992 (in thousands) Fiduciary Totals Proprietary Fund Types Fund Types (Memorandum Only) Internal Pension Enterprise Service Trust 1993 1992 Operating revenues: V r Charges for services .................................. $ 41,737 $15,973 $ - $ 57,710 $ 56,724 Contributions from employers [Note 121................. - - 20,593 20,593 19,347 Contributions from employees and retirees .............. - - 13,841 13,841 13,337 Realized gain (loss) on sale of investments ....... . ...... - - 45,366 45,366 33,250 Interest and dividends ................................. - - 33,223 33,223 31,691 Total operating revenues ............................ 41,737 15,973 113,023 170,733 i 154,349 Operating expenses: Personal services ..................................... 28,844 9,414 2,431 40,689 41,118 Contractual services .................................. 29,398 1,553 - 30,951 17,572 Materials and supplies ................................ 425 3,445 - 3,870 3,493 Benefit payments ..................................... - - 43,341 43,341 42,800 Refunds ............................................. - - 1,944 1,944 2,651 Utilities...... .................................. 1,189 998 - 2,187 2,579 Intragovernmental charges ............................. 3,651 - -- 3,851 3,727 Other ............................................... 8,479 1,291 - 9,770 5,440 Total operating expenses ............................ 72,186 16,701 47,716 136,603 119,380 Operating income (loss) before depreciation expense ... (30,449) (728) 65,307 34,130 34,969 Depreciation expense ............... . .................. 4,755 3,099 - 7,854 7,772 Operating income (loss) ............................. (35,204) (3,827) 65,307 26,276 27,197 Nonoperating revenues (expenses): Interest income .................................. 962 65 - 1,027 1,102 Interest and fiscal charges ............................. (7,638) (234) - (7,872) (7,944) Other -(Primarily FEMA reimbursements) ............... 18,794 484 456 19,734 6,797 Net nonoperating revenue (expenses) ................. 12,118 315 456 12,889 (45) Income (loss) before operating transfers ........ ..... (23,086) (3,512) 65,763 39,165 27,152 Operating transfers in ................................... 20,488 3,083 - 23,571 19,316' Operating transfers out ............... I.................. (2,446) (808) - (3,254) (2,556) Net operating transfers .............................. 18,042 2,275 _ - 20,317 16,760 Income (loss) before extraordinary item ........... (5,044) (1,237) 65,763 59,482 43,912 Extraordinary item -loss on defeased bonds [Note BID)] .... (1,536) - - (1,536) - Net income (loss) ................................... (6,580) (1,237) 65,763 57,946 43,912 Retained earnings (deficit) at beginning of year ............ (40,846) (5,856) 701,439 654,737 610,825 Retained earnings (deficit) at end of year .................. (47,426) (7,093) 767,202 712,683 654,737 Contributed capital at beginning of year ................... 81,790 11,801 - 93,591 74,150 Contributions from other governments ................ Contributions 608 - - 608 19,099 from other funds ....................... 559 977 - 1,536 342 Equity Transfer to other funds ........................ - (1,636) - (1,636) - Contributed capital at end of year ........................ 82,957 11,142 - 94,099 93,591 Total fund equity .................................... $ 35,531 $ 4,049 $767,202 $806,782 $748,328 See accompanying notes to financial statements. 26 9 4 - 674 EXHIBIT V CITY OF MIAMI, FLORIDA COMBINED STATEMENT OF CASH FLOWS ALL PROPRIETARY FUND TYPES FOR THE YEAR ENDED SEPTEMBER 30, 1993 with comparative totals for the year ended September 30, 1992 (in thousands) Proprietary Fund Totals Types (Memorandum Only) Internal Enterprise Service 1993 1992 Reconciliation of operating income to net cash provided by operating activities: Operating income (loss) .............................................. $(35,204) $(3,827) $(39,031) $(22,833) Adjustments to reconcile operating income to net cash provided by operating activities: Loss (gain) on property, plant and equipment ......................... 4,720 281 5,001 141 Depreciation...................................................... 4,755 3,099 7,854 7,772 Amortization of bond issue costs and discounts and bond accretion ..... 89 27 116 118 Other............................................................ 18,786 484 19,270 1,545 Extraordinary item --loss on defeased bonds ........................... 1,536 — 1,536 — (Increase) decrease in assets: Accounts receivable (net) ........................................... 619 — 619 209 Inventories........................................................ — 40 40 39 Prepaid expenses and other current assets ........................... (128) — (128) 123 Deposits and other assets ................................. I ......... 12 — 12 90 Due from other funds .............................................. (1,015) — (1,015) 3,230 Due from other governments ......... I ............................. (2,649) (40) (2,689) (10,414) Increase (decrease) in liabilities: Vouchers and accounts payable ..................................... 2,753 (157) 2,596 6,991 Accrued expenses ................................................. (1,115) (337) (1,452) 26 Due to other funds .................................. ... ........ 2,104 216 2,320 5,647 Due to other governments .................. I....................... 806 66 872 233 Deferred revenue .................................................. 474 — 474 (118) Deferred compensation liability ...................................... (136) — (136) — Deposits refundable ............................................... 386 5 391 41 Advances......................................................... 460 — _ 460 — (108) Total adjustments .................................................. 32,457 3,684 36,141 15,565 Net cash provided by operating activities ............................. (2,747) (143) (2,890) (7,268) Cash flows from non -capital financing activities: Operating transfers in ................................................ 20,488 3,083 23,571 19,801 Operating transfers out ........... .................. I................. (2,446) (808) (3,254) (3,041) Net cash provided by non -capital financing activities ................... $ 18,042 $ 2,275 $ 20,317 $ 16.760 (Continued) See accompanying notes to financial statements. 27 EXHIBIT V (continued) CITY OF MIAMI, FLORIDA COMBINED STATEMENT OF CASH FLOWS ALL PROPRIETARY FUND TYPES FOR THE YEAR ENDED SEPTEMBER 30, 1993 with comparative totals for the year ended September 30, 1992 (in thousands) Proprietary Fund Totals Types (Memorandum Only) Internal Enterprise Service 1993 1992 Cash flows from capital and related financing activities: Capital expenditures ................................................. $ (2,355) $(3,518) $ (5,873) $(14,272) Contributed capital ................................................... 349 (659) (310) 729 Contributions. ........................................ 608 — 608 7,431 Interest paid on long term debt ....................................... (6,318) (183) (6,501) (7,885) Proceeds from sale of equipment ..................................... — — — 26 Proceeds from loan payable .......................................... — 2,151 2,151 536 Principal payment on debt ............................................ (5,680) (2,257) (7,937) (14,110) Bond proceeds...................................................... — — — 9,094 Borrowings under participation agreement .............................. -- — — (1,065) Other payments ..................................................... (89) — (89) (312) Net cash used for capital and related financing activities ........................................ (13,485) (4,466) (17,951) (19,828) Cash flows from investing activities: ' (Increase) decrease in amounts due from other funds .................................................. (597) — (597) 108 Interest income ..................................................... 841 65 906 6,275 Proceeds from maturity of investments ........................... I.... 20,048 — 20,048 21,495 Purchase of investments ............................................. (20,566) — (20,566) (29,893) Net cash provided from investing activities ............................. (274) 65 (209) (2,015) Net increase (decrease) in cash and cash equivalents ............................................... 1,536 (2,269) (733) (12,351) Cash and cash equivalents at beginning of year ......................... 8,948 3,088 12,036 24,387 Cash and cash equivalents at end of year .............................. $ 10,484 $ 819 $ 11,303 $ 12,036 See accompanying notes to financial statements. 28 . : �� 94- 574 w CITY OF MIAMI, FLORIDA NOTES TO FINANCIAL STATEMENTS 1, GENERAL DESCRIPTION The City of Miami, (the "City"), in the County of Dade, was incorporated in 1896, and comprises approximately 34 square miles of land and 20 square miles of water. The City operates under the Commission/City Manager form of gov- ernment and provides the following services: public safety, public works, solid waste, parks and recreation, public facili- ties, planning, zoning, housing, and community develop- ment. Metropolitan Dade County (the "County") is a sepa- rate governmental entity and its financial statements are not included in this report. The Florida Legislature, in 1955, approved and submitted to a general election, a constitutional amendment designed to give a new form of government to the County. The County is, in effect, a municipality with governmental powers effec- tive upon twenty-seven cities and unincorporated areas, in- cluding the City of Miami. It has not displaced or replaced the cities, but supplements them. The County can take over particular activities of the City's operations (1) if the services fall below minimum standards set by the County Commis- sion, or (2) with the consent of the governing body of the City. Since its inception, the Metropolitan Dade County Govern- ment has assumed responsibility on a county -wide service basis for a number of functions, including county -wide po- lice services, complementing the municipal police service; uniform system of fire protection, complementing the mu- nicipal fire protection; consolidated two-tier court system; consolidation of water and sewer services; coordination of the various surface transportation programs; installation of a central traffic control computer system; merging all public transportation systems into a county system; effecting a combined public library system; and centralization of the property appraiser and tax collector functions. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND REPORTING PRACTICES The financial statements of the City have been prepared in accordance with generally accepted accounting principles ("GAAP") as applied to governmental units. The Govern- mental Accounting Standards Board ("GASB") is the stan- dard -setting body for governmental accounting and financial reporting. The more significant of the City's accounting poli- cies are described below. A. Financial Reporting Entity For financial reporting purposes, the City includes those funds, account groups, agencies, boards, commissions and authorities that are generally controlled by or dependent on the City. Control by or dependence on the City is deter- mined on the basis of such factors as budget adoption, taxing authority, outstanding debt secured by revenues or general obligations of the City, obligation of the City to fi- nance any deficits that may occur or receipt of significant subsidies from the City, The following is a brief review of 29 each of the component units addressed in defining the re- porting entity for the City: (1) Included within the entity DOWNTOWN DEVELOPMENT AUTHORITY ("DDA") •— The DDA is governed by a board appointed by the City Commission. The Commission must approve thn millage levied on the special taxing district established to fund DDA, DDA has been included within the report- ing entity as a special revenue fund. MIAMI SPORTS AND EXHIBITION AUTHORITY ("MSEA") — The MSEA was created to promote the development of sports, convention and exhibition facili- ties within the City using the City's portion of the 3% Convention Development Tax. The City Commission must approve the MSEA's board membership and oper- ating budget. The various funds and account groups of the MSEA have been included within the reporting enti- ty. DEPARTMENT OF OFF-STREET PARKING ("DOSP") — The DOSP is an agency and instrumentality of the City, which owns and operates parking facilities within the City. The City Commission has reserved the right to confirm new members of the Off -Street Parking Board, to establish and fix rates and charges for parking ser- vices, to approve the DOSP operating budget and to authorize the issuance of revenue bonds. The DOSP is included within the reporting. entity as an enterprise fund. The City has also authorized the Off -Street Parking Board to administer the operations of the Gusman Center for the Performing Arts and the Olympia Build- ing, which are properties owned by the City. Such oper- ations are separately accounted for within the DOSP reporting entity under the title of the "G&O Enterprise Fund". In the event that operating revenues of the G&O Enterprise Fund are not sufficient to cover its operating expenses, the DOSP or the City will provide any neces- sary cash requirement subject to authorization by the City Commission. CITY OF MIAMI FIRE FIGHTERS' AND POLICE OF- FICERS' RETIREMENT TRUST ("FIPO") and CITY OF MIAMI GENERAL EMPLOYEES' AND SANITATION EMPLOYEES' RETIREMENT TRUST ("GESEI—Both FIPO and GESE are essentially singie-employer public employee retirement systems under the administration and management of separate Boards of Trustees and are included within the reporting entity as pension trust funds. HEALTH FACILITIES AUTHORITY ("HFA")—The HFA is an agency established under authority of State Statute to issue revenue bonds. Administrative costs for issu- ing the bonds are included in the Other Special Reve- nue Funds. The City Commission must approve HFA's 94- 574 City of Miami, Florida Notes to Financial Statements i board membership. Debt obligations issued under the i purview of the HFA do not constitute an indebtedness, liability or pledge of the faith or credit of the HFA or the City. Accordingly, such debt obligations are not included in the accompanying general purpose financial state- ments. 12) Excluded from the entity MIAMI CAPITAL DEVELOPMENT, INC. ("MCDI")_— MCDI is a non-profit corporation which facilitates busi- ness development within the City under a delegate agency agreement with the City by providing financial assistance to entrepreneurs and thus fosters city wide and neighborhood economic development. MCDI's scope of services is not limited solely to the City limits and the City Commission has limited ability to influence operations or the appointment of MCDI's Board of Di- rectors, representing principally the private business and financial community. MIAMI POLICE AND FIREFIGHTERS RELIEF AND PENSION FUNDS ---These money purchase benefit plans, established under Florida State Statutes Sections 175 and 185 are funded solely by certain excise taxes collected by the State of Florida. The City has no finan- cial oversight responsibility for these plans, nor are plan benefits financially integrated with those provided under the City's FIPO Trust. The respective Boards of Trustees are independent of the City Commission (See Note 12(fl). B. Basis of Presentation The financial transactions of the City are recorded in individ- ual funds and account groups. Each is accounted for by providing a separate set of self -balancing accounts that comprise its assets, liabilities, reserves, fund equity, reve- nues and expenditures or expenses and other financing sources or uses. The various funds and account groups are reported by generic classification within the financial state- ments. The following fund types and account groups are used by the City: Governmental Funds Governmental funds are those through which most govern- mental functions of the City are financed. The acquisition, use and balances of the City's expendable financial re- sources and the related current liabilities (except those ac- counted for in proprietary funds) are accounted for through governmental funds. The following are the City's govern- mental fund types: General Fund —The General Fund is the general operating fund. It is used to account for all financial resources except those required to be accounted for in another fund. 30 Special Revenue Funds —Special revenue funds are used to account for the proceeds of specific revenue sources (other than expendable trusts or major capital projects) that are legally restricted to expenditures for specified purposes. Debt Service Finds —Debt service funds are used to ac- count for the accumulation of resources for, and the pay- ment of, general long-term debt principal, interest and relat- ed costs. Capital Projects Funds --Capital projects funds are used to account for financial resources to be used for the acquisition or construction of major capital facilities (other than those financed by proprietary funds). Proprietary Funds Proprietary funds are used to account for the City's organiza- tions and activities which are similar to those often found in the private sector. This means that all assets, liabilities, equi- ties, revenues, and expenses related to the City's business activities —where net income and capital maintenance are measured —,are accounted for through proprietary funds. Enterprise Funds —Enterprise funds are used to account for operations: • that are financed and operated in a manner similar to private business enterprises —where the interest of the City is that the costs of providing goods - or ser- vices to the general public on a continuing basis be financed or recovered primarily through user charges; or • where the City has decided that periodic determina- tion of revenues earned, expenses incurred, and/or net income is appropriate for capital maintenance, public policy, management control, accountability, or other purposes. Certain enterprise funds have historically operated at a loss and have required operating subsidies from the General Fund. If future operations are not sufficient to offset these deficits, the City will continue to support these activities from the General Fund or other discretionary funds (See Note 9). Internal Service Funds —Internal service funds are used to account for the financing of goods or services provided by one department or agency to other departments or agencies of the City, on a cost -reimbursement basis. Fiduciary Funds Trust and Agency Funds —Trust and agency funds are used to account for assets held by the City in a trustee capacity or as an agent for individuals, private organizations, other gov- ernments, and/or other funds. These include expendable trust, pension trusts, and agency funds. The City's expenda- ble trust funds (Self -Insurance and Pension Administration) are accounted for in essentially the same manner as govern- mental funds. Pension trust funds (FIPO and GESE) are J City of Miami, Florida Notes to Financial Statements accounted for in essentially the same manner as proprietary funds since capital maintenance is critical. The City's agency funds are custodial in nature (assets equal liabilities) and used to account for deposits held under issuance of a cable T.V. license and assets held under three deferred compen- sation plans for certain employees. Account Groups Account groups are used to establish accounting control and accountability for the City's general fixed assets and the unmatured principal of its general long-term obligations. The two account groups are not funds. They do not reflect avail- able financial resources and related liabilities --but are ac- counting records of the general fixed assets and general long-term obligations. General Fixed Assets —This account group is used to ac- count for all fixed assets of the City, other than those ac- counted for in the enterprise and internal service funds. General Long -Term Debt —This account group is used to account for the long-term portion of claims payable, accrued compensated absences, lease purchase obligations and out- standing principal balances of long-term debt, other than revenue and special obligation bonds payable and other long-term liabilities recorded in the enterprise funds and internal service funds. Totals (Memorandum Only) Amounts in the "Totals (Memorandum Only)" columns in the combined financial statements represent a summation of the combined financial statement line items of the fund types and account groups and are presented for analytical purposes only. The summation includes the City's various fund types and account groups that use different bases of accounting, includes interfund transactions that have not been eliminated and the caption "Amounts to be provided," which is not an asset in the usual sense. Consequently, amounts shown in the "Totals (Memorandum Only)" col- umns are not comparable to a consolidation and do not represent the total resources available or total revenues and expenditures/expenses of the City. C. Basis of Accounting The accounting and financial reporting treatment applied to a fund is determined by its measurement focus. All govern- mental funds and expendable trust funds are accounted for using a current financial resources measurement focus. With this measurement focus, only current assets and cur- rent liabilities generally are included on the balance sheet. Operating statements of these funds present increases (i.e., revenues and other financing sources) and decreases (i.e., expenditures and other financing uses) in net current as- sets. All proprietary funds and pension trust funds are accounted for on a flow of economic resources measurement focus. 31 With this measurement focus, all assets and all liabilities associated with the operation of these funds are included on the balance sheet. Fund equity (i.e., net total assets) is segregated into contributed capital and retained earnings components. Proprietary fund -type operating statements present increases (e.g., revenues) and decreases (e.g., ex- penses) in net total assets. (1) Modified Accrual All governmental funds and expendable trust funds are accounted for using the modified accrual basis of ac- counting. Their revenues are recognized in the period in which they become susceptible to accrual i.e., when they become measurable and available to pay liabilities of the current period. Ad valorem taxes, utility service taxes, charges for service, investment earnings, fines and forfeitures, franchise taxes, are susceptible to ac- crual when collected in the current year or within 60 days subsequent to September 30th. A one year availa- bility period is used for revenue recognition for all other governmental fund revenues. Occupational license rev- enues collected in advance of periods to which they relate are recorded as deferred revenues. Where grants revenue is dependent upon expenditures by the City, revenue is accrued as such expenditures are incurred. Special assessments are recorded in the capital projects fund as receivables and deferred revenue when levied and recognized as revenue when due, pro- vided they are collected in the current year or within 60 days subsequent to September 30th. The City does not issue special assessment bonds. Special assessment projects are financed primarily with general obligation bonds. Expenditures under the modified accrual basis of ac- counting are generally recognized when the related fund liability is incurred and expected to be liquidated with available resources. Exceptions to this general rule include principal and interest on general long-term debt which are recognized when due or when debt service funds resources have been provided during the current year for payment of principal and interest due early in the following year. The agency funds are custodial in nature and do not involve measurement of results of operations. They are accounted for under the modified accrual basis of ac- counting. (2) Accrual All proprietary and pension trust funds use the accrual basis of accounting. Under this method, revenues are recorded when earned, and expenses are recorded when incurred. .f'.'' 94- 574 i City of Miami, Florida Notes to Financial Statements D. Budgetary Policy • Certain non -operating expenditures for capital outlays are not budgeted. (1) Budget Policy The City Commission annually adopts a budget ordi- (2) Budget —Legal Compliance nance for all governmental funds of the City, except for The City follows these procedures in establishing the . the following funds: budgetary data reflected in the general purpose finan- • Other Special Revenue Funds cial statements: • MSEA Special Obligation Refunding Bonds Debt Ser- • Prior to August 31 st, the City Manager submits to vice Fund the City Commission a proposed operating budget • All Cap'Ital Projects Funds for the fiscal year commencing the upcoming Octo- ber 1st. The operating budget includes proposed ex - Annual operating budgets are adopted on a basis sub- penditures and the means of financing them. stantially consistent with generally accepted accounting principles (GAAP) except that budgetary comparisons • Public hearings are conducted to obtain taxpayer for the General Fund include encumbrances as expendi- comments. tures. Adjustments necessary to compare the results of oper- •Prior to October 1st, the budget is legally enacted through passage of an ordinance and adoption of the ations in the special revenue and debt service funds as budget report. presented in the Combined Statement of Revenues, Expenditures and Changes in Fund Balances (Exhibit II) • Changes to the adopted budget must be approved by to that presented in the Combined Statement of Reve- a majority vote of the Commission, nues, Expenditures and Changes in Fund Balance — Budget and Actual (Exhibit 111) are as follows (in • The Commission may transfer among departments ' thousands): any part of an unencumbered balance of an appropri- Excess ation to a purpose for which an appropriation for the of Revenues and Other current year has proved insufficient. At the close of Financing each fiscal year, the unencumbered balance of each y Sources Over appropriation reverts to the fund from which it was Expenditures Fund appropriated and is subject to future appropriations. and Other Balance Financing September Special Revenue Funds Uses 30, 1993 • Budgets are monitored at varying levels of classifica- Actual —Exhibit II .......... $ 3,033 $17,203 tion detail, however, budgetary control is legally maintained at the fund level except for the General Plus (less) funds not budgeted: Fund, which is maintained at the departmental level. Other Funds............ 1,203 (3,114) Plus net effect of MSEA Budgeted amounts in the accompanying general pur- activity not budgeted .... — 572 pose financial statements are as originally adopted, or Actual —Exhibit III ......... $ 4,236 $14,661 as amended by the City Commission throughout the Debt Service Funds year. During the year, supplementary appropriations were approved totaling approximately $37 million fund - Actual —Exhibit 11 .......... $ 5,056 $ 5,235 ed by $30 million related to the sale and repayment of Plus (less) funds not budgeted: Tax Anticipation Notes, Series 1992. MSEA Special Obligation Refunding Bonds ...... (1,045) (453) (3) Encumbrances Actual —Exhibit III ......... $ 4,011 $ 4,782 Encumbrance accounting, under which purchase or - In addition, capital project funds are budgeted on a total ders, contracts, and other commitments for the expen- project basis for which annual budgets are not available. diture of monies are recorded in order to reserve that The City also adopts non -appropriated operating budg- portion of the applicable appropriation, is employed in the General and Capital Projects Funds. On the non - ets for the proprietary funds substantially on a GAAP GAAP budgetary basis, encumbrances are recorded as basis, with certain exceptions. Such exceptions include: expenditures of the current year. On a GAAP basis, • Debt principal payments are budgeted as debt ser- encumbrances outstanding at year-end are reported as vice. The portion of debt service representing princi- reservations of fund balance since they do not consti- pal payments reduces the related liability on a GAAP tute expenditures or liabilities since the commitments basis, will be honored during the subsequent year. 32 94- 574 ^( City of Miami, Florida Notes to Financial Statements :niD! (4) Excess of Expenditures Over Appropriations in Individual Funds Special Revenue Funds: Miami Sports and Exhibition Authority $ 735 Downtown Development Authority .... 440 Rescue Services ..................... 176 Law Enforcement ................... 1,801 Metro Dade Tourist Tax .............. 64 Debt Service Funds: Other Special Obligation Bonds ....... 2,604 E. Pooled Cash and Investments The City maintains an accounting system in which substan- tially all cash, investments and accrued interest are recorded and maintained in a separate group of accounts. All such cash and investments, including accrued interest, are re- flected as pooled cash and investments. Investments are stated at cost or amortized cost, which approximates mar- ket. All investments consist of U.S. governmental obliga- tions and prime commercial paper. Interest income is allo- cated based upon the approximate proportionate balances of each fund's equity in pooled cash and investments. No interest is charged to funds having deficit balances. Individual fund overdrafts (deficit pooled cash accounts) have been reported as an interfund payable in the respective fund with an offsetting interfund receivable reported, in an- other fund (See Note 5). The funds listed below maintained separate cash and investment balances and are reported as "Other cash and investments" in the accompanying general purpose financial statements. In addition, certain other City funds maintain separate restricted cash and investment ac- counts in compliance with debt requirements (See Notes 4 and 8). • Miami Sports and Exhibition Authority Special Reve- nue Fund (MSEA) • Downtown Development Authority Special Revenue Fund • Special Obligation Refunding Bonds Debt Service Fund (MSEA) • Capital Projects Fund (MSEA) • Off -Street Parking Enterprise Fund • G & O Enterprise Fund • FIPO Pension Trust Fund • GESE Pension Trust Fund • Deferred Compensation Agency Fund F. Cash Equivalents and Investments Cash equivalents consist of demand deposits with banks, investments with original maturities at time of purchase of three months or less and equity in the City's cash manage- ment pool. Investments are carried at cost plus accrued interest except for investments in the deferred compensation agency fund which are reported at market, G. Pension Investments Pension investments for the FIPO and GESE Trust Funds are carried at cost. Debt securities are adjusted for amortization of premiums and discounts. Premiums and discounts are amortized using the straight-line basis over the life of the investment. Approximate market value of investments are determined as follows: • Securities traded on a national securities exchange are valued at the last reported sales prices on the last business day of the fiscal year; • Securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the last reported bid price; • Commercial paper and money market funds are vah ued at cost which approximates market. Investment policy is determined by the respective Boards of Trustees and is implemented by outside investment advi- sors. Investment advisors use the following guidelines: FIPO: • Bonds, notes or other obligations of the United States Government and its agencies and in bank cer- tificates of deposit, • Corporate common stock, preferred stock, converti- ble debentures (subject to 5% limitation for any one entity of the equity portfolio and provided the aggre- gate investment does not exceed 1 percent of total outstanding capital stock of any one corporation), • Notes collateralized by first mortgages on real prop- erty or guaranteed by the Federal Housing Adminis- tration or the Veterans Administration, • Corporate interest bearing obligations, • Venture capital, private placements and letter stocks, • Real estate, financial institutional futures, listed op- tions and stock index futures. All of the above investments are subject to the following aggregate portfolio limitations based upon cost at time of purchase: equities (65%), fixed income (65%), real estate (15%), venture capital (5%) and all other types of invest- ments (10%)• GESE: • Unlimited investments in bonds, notes, mortgage - backed securities or other obligations of the United City of Miami, Florida Notes to Financial Statements States Government and its agencies and instrumen- talities. • Unlimited investments in repurchase agreements with United States Treasury Securities and agencies of the United States Government as collateral. • Individual investments in the following cannot ex- ceed 5% of the funds available for investments: • • Corporate common stock, preferred stock, con- vertible debentures (provided the aggregate in- vestment does not exceed 3 percent of the total outstanding capital stock of any one corporation) • • Notes collateralized by first mortgages on real property or guaranteed by the Federal Housing Administration or the Veterans Administration • • Corporate interest bearing obligations • • Commercial property mortgages collateralized by a first lien mortgage note. • Trust funds may not be specifically invested in: Pri- vate Placements, Eurodollar Securities, Foreign Cred- its or Debt to Equity Exchanges. Purchases and sales of securities are reflected on a trade date basis. Gain or loss on sales of securities is based on average cost. Interest and rental income are recognized as earned on an accrual basis and dividend income is as received. H. Inventories Inventories are only significant to and reported in proprietary funds. Inventories are valued at the lower of cost (first -in, first -out basis) or net realizable value. Inventory in the inter- nal service funds consists of expendable supplies held for consumption. 1. Restricted Assets Certain proceeds of bonds, notes and loans, as well as certain resources set aside for their repayment are classified as restricted cash and investments as their use is limited by applicable bond covenants. J. Accumulated Unpaid Vacation, Sick Pay, and Other Employee Benefit Amounts Under terms of Civil Service regulations, labor contracts and administrative policy, City employees are granted vacation and sick leave in varying amounts. Additionally, certain over- time hours can be accrued and carried forward as earned time off. Unused vacation and sick time is payable upon separation from service, subject to various limitations depending upon the employee's seniority and civil service classification. The City has significantly decreased accumulated vacation time earned in prior years by buying out such time from employ- ees, and by limiting the accumulation of current year's earned vacation time. Accumulated unpaid compensated absences are accrued when earned in the governmental and proprietary funds, with the long-term portion of governmen- tal funds' liability being recorded in the general long-term account group. K. Intragcvernmental Allocation of Administrative Expenditures The General Fund charges other funds for certain adminis- trative expenditures including accounting, legal, data processing, personnel administration, engineering and other services. A brief description of the major components of such charges are as follows: • Project Management. The Public Works Depart- ment charges major capital improvement projects of the City for design, survey and inspection services. These charges are based on direct labor charges plus an overhead factor for administrative expenditures of the engineering division, and totaled approximately $778,000 for fiscal 1993. • Indirect Cost Allocation. The General Fund charges other funds for general and administrative expendi- tures. Such charges approximated $997,000 for fiscal 1993. L. Bond Discount and Issuance Costs Discounts on revenue and special obligation bonds payable within the proprietary funds are amortized using the interest method over the life of the bonds. Bond issuance costs are capitalized and amortized on a straight-line basis over the life of the bonds. In governmental fund types bond discount and issuance costs are recognized in the current period. M. Property, Plant and Equipment Property, plant and equipment used in governmental fund type operations (general fixed assets) are accounted for in the general fixed assets account group. Public domain ("In- frastructure") general fixed assets consisting of certain im- provements other than buildings, including roads, bridges, curbs and gutters, streets and sidewalks, drainage systems, and lighting systems are capitalized together with other gen- eral fixed assets. No depreciation has been provided on general fixed assets. All property, plant and equipment are valued at historical cost or estimated historical cost. Donated property, plant and equipment are valued at their estimated fair market value on the date received. With the exception of approxi- mately $3.8 million for one of the City's marinas, the values of the City's fixed assets have not been reduced by the amount of the estimated damage from Hurricane Andrew since the City believes that the various sources of recovery will at a minimum restore all property back to predisaster condition. Depreciation of all exhaustible fixed assets used by the pro- prietary funds is charged as expense against their opera- tions. Depreciation has been provided over the estimated City of Miami, Florida Notes to Financial Statements useful lives using the straight-line method. The estimated useful lives are as follows: • Buildings and Improvements............ 30-50 years • Machinery and Equipment .............. 4-20 years • Improvements other than Buildings...... 10-20 years Interest costs associated with enterprise fund borrowings (revenue bonds) used for construction projects are capital- ized during the construction period as part of the cost of the assets, net of related interest earned on unexpended por- tions of such borrowings. During 1993, no such interest was capitalized. N. Interfund Transactions Quasi -external transactions are accounted for as fund reve- nues, expenditures or expenses (as appropriate). All in- terfund transactions except advances, quasi -external trans- actions and reimbursements are accounted for as transfers. Nonrecurring or nonroutine transfers of equity between funds are considered equity transfers. All other interfund transactions are treated as operating transfers. O. Deferred Compensation The City offers its employees three deferred compensation plans, created in accordance with Internal Revenue Code Section 457, that permit the deferral of a portion of an employee's salary until future years. The deferred compen- sation is not available to employees until termination, retire- ment, death, or unforeseeable emergency. Membership in one plan is limited to key management per- sonnel, while the other plans are open to all City employees. The plans are funded through employee payroll deductions. All contributions are paid to outside fiduciary agents. How- ever, all amounts of compensation deferred under the plans, all property and rights purchased with those amounts, and all income attributable to those amounts, property, or rights are (until paid or made available to the employee or other beneficiary) solely the property and rights of the City (with- out being restricted to the provisions of benefits under the plan), subject only to the claims of the City's general credi- tors. Participants' rights under the plan are equal to those of general creditors of the City in an amount equal to the fair market value of the deferred account for each participant. The City records its deferred compensation plans in an agency fund. Deferred compensation plan assets are carried at market value. P. Fund Equity Contributed capital is recorded in proprietary funds that have received capital grants or contributions from developers, ........... 35 customers or other funds. Reserves represent those por- tions of fund balance which are either not available for ap- propriations or are legally segregated for a specific use. Designated fund balances represent tentative plans for fu- ture use of financial resources. Q. Comparative Data Comparative total data for the prior year has been presented in the accompanying general purpose financial statements in order to provide an understanding of changes in the City's financial position and operations. However, comparative data has not been presented in all statements as their inclu- sion would make certain statements unduly complex and difficult to understand. Certain comparative total data for the prior year has been reclassified to conform to the 1993 presentation. 3. PROPERTY TAXES Property taxes are levied on January 1 st and are payable on November 1st, with discounts allowed of one to four per- cent if paid prior to March 1 st of the following calendar year. Taxpayers also have the option of paying their taxes in ad- vance in equal quarterly payments based on the prior year's tax assessment with quarterly discounts varying between 2% and 6%. All unpaid taxes on real and personal property become delinquent on April 1st and bear interest at 18% until a tax sale certificate is sold at auction. The County bills and collects all property taxes for the City, and sells tax certificates for delinquent taxes. The assessed value of property, as established by the Dade County Assessor of Property, at January 1, 1992, upon which the 1992-1993 levy was based, was approximately $10,491,713,000. The City is permitted by Article 7, Section 8 of the Florida Constitution to levy taxes up to $10 per $1,000 of assessed valuation for general governmental ser- vices other than the payment of principal and interest on general obligation long-term debt. In addition, unlimited amounts may be levied for the payment of principal and interest on general obligation long-term debt, subject to a limitation on the amount of debt outstanding. The tax rate to finance general governmental services (other than the pay- ment of principal and interest on general obligation long- term debt) for the year ended September 30, 1993, was $9.5995 per $1,000. The debt service tax rate for the same period was $2.3308 per $1,000. Property taxes receivable as of the end of the fiscal year, representing collections within 60 days subsequent to Sep- tember 30, 1993 for billings through the fiscal year then ended amounted to approximately $2,752,000 and $673,000 for the general and debt service funds, respective- ly. 94- 574 City of Miami, Florida Notes to Financial Statements 4. EQUITY IN POOLED CASH AND INVESTMENTS, RESTRICTED AND OTHER CASH AND INVESTMENTS At September 30, 1993, the City's cash and non -pension investments consisted of the following (in thousands): Equity in pooled cash ...................................... $ 30,721 Other cash and investments ................................ 66,480 Restricted cash and investments ............................ 30,395 Total cash and non -pension investments ................. $127,596 Investments .............................................. $123,515 Deposits................................................. 3,467 Accrued interest .......................................... 614 Total cash and non -pension investments ................. $127,596 Deposits The City's bank deposits at September 30, 1993 were as follows (in thousands): "! Carrying Balance Amount Per Banks Demand deposits ........................................... $1,264 $3,929 Time deposits .............................................. 2,203 2,558 Total .................................................. $3,467 $6,487 All time and demand deposits are held in banking institutions approved by the State Treasurer of the State of Florida, to hold public funds. Under the Florida Statutes Chapter 280, "Florida Security for Public Deposits Act", the State Treasurer requires all qualified public depositories to deposit with the Treasurer or another banking institution eligible collateral equal to from 50% to 125% of the average daily balance for each month of all public deposits in excess of any applicable deposit insurance held. The percentage of eligible collateral (generally, U.S. Governmental and agency securities, state or local government debt, or corporate bonds) to public deposits is dependent upon the depository's financial history and its compliance with Chapter 280. In the event of a failure of a qualified public depository, the remaining public depositories would be responsible for covering any resulting losses. Accordingly, all cash and time deposits held by banks can be classified as category one credit risk as defined in GASB Statement No. 3 (see below) which means they are fully insured or collateralized. Investments The City Code authorizes the Director of Finance to purchase and invest idle funds prudently in bonds and obligations of agencies of the United States, provided such are guaranteed by the United States or by the issuing agency; general obligations of states, municipalities, school districts, or other political subdivisions; revenue and excise tax bonds of the various municipali- ties of the State of Florida, provided none of such securities has been in default within five years prior to date of purchase; negotiable certificates of deposit; bankers acceptance drafts; and prime commercial paper. Investments are categorized to give an indication of the level of risk assumed by the entity at year-end. The three categories of risk are as follows: (1) Insured or registered, or securities held by the entity or its agent in the entity's name; (2) Uninsured and unregistered, with securities held by the counterparty's trust department or agent in the entity's name; and (3) Uninsured and unregistered, with securities held by the counterparty, or by its trust department or agent but not in the entity's name. r 36 ,94- '574 City of Miami, Florida (Votes to Financial Statements The City's non -pension investments consisted of the following at September 30, 1993 and are classified as follows (in thousands): Credit Risk Category Total Carrying Market 1 2 3 Amount Value U.S. Treasury Motes and Bills .................. $19,504 $13,810 $ - $ 33,314 $ 33,580 U.S. Agency Securities ........................ - 1,278 - 1,278 1,280 Short -Term Commercial Paper .................. 23,487 2,580 - 26,067 26,158 Revolving repurchase agreements .............. - - 4,324 4,324 4,324 Corporate Bonds ............................. 7,669 - - 7,669 7,831 Totals ............................... $50,660 $17,668 $ 4,324 72,652 73,173 Short Term Investment Pool ................... 4,710 4,710 Deferred Compensation Plan Assets............ 46,153 46,153 Totals ............................... $123,515 $124,036 Investments held by the City's pension plans consisted of the following at September 30, 1993 and are classified as follows (in thousands): Credit Risk Category Total Carrying Market 1 2 3 Amount Value U.S. Government and Agency Obligations ........................ $211,052 $15,066 $ - $226,118 $218,911 Corporate Stocks ............................ 363,533 - - 363,533 455,664 Corporate Bonds ............................ 105,162 - - 105,162 111,630 Commercial Paper ........................... 15,479 - - 15,479 15,478 Real Property ............................... 1z5 - - 125 125 Totals .............................. $695,351 $15,066 $ - 710,417 801,808 Short Term Investment Pool .................. 58,387 66,331 Accrued Interest and Other ................... 4,582 4,582 Total Pension Investments ............ $773,386 $872,721 The investments in the short-term investment pools are not categorized because they are not evidenced by securities that exist in physical or book entry form. 37 % ,r,..t o�� ;. 94- 574 City of Miami, Florida Notes to Financial Statements 5. DUE FROM/TO OTHER FUNDS Due from/to other funds are loans from one fund to another for specific purposes. At September 30, 1993, the balance in due from/to other funds consisted of the following (in thousands): Due from Due to Fund Other Funds Other Funds General Fund ................................................. $ 1,00011) $ — Special Revenue: Rescue Services ............................................ — 25 ' Community Development ..................... I .............. — 1,821 Law Enforcement ........................................... 2,6580) — Public Service Tax Fund ..................................... — 4,028 -" Other Funds ................................................ 1 815 Capital Improvement: Street Improvements ........................................ 3,2160) — Culture and Recreation ...................................... 1,430(1) Municipal Use .............................................. 8,701(1) — PublicUse ................................................. 6,7320) — Sewers.................................................... 1,054(1) — Enterprise Funds: T� Department of Off Street Parking ............................. 1,322 — G&O Enterprise Fund ....................................... — 1,322 Marinas.................................................. — 1,376 Marine Stadium . ........................... ............. 271 139 Convention Center .......................................... — 2,930t Miami Stadium ................................ . ........ 395 906 Orange Bowl Stadium ....................... ....... ..... 60 7,720 Exhibition Center ....................... ..... .. ..... 225 141 Golf Courses ............................................... 64 433 ^M Manuel Artime ............................ ... .... — 43 Building and Zoning ...................... ........ ........ — 348 Solid Waste ............................ ..... . ....... — 3,000 Internal Service Funds: Fleet Management .......................................... — 417 Property Maintenance ....................................... — 164 PrintShop ................................................. — 441 Procurement Management ................................... — 32 Trust & Agency: Ii Self -Insurance .............................................. 250 ) 1,028 Pension Administration ...................................... — 25 Total ................................................. $27,154 $27,154 (1) These amounts represent loans to cover fund deficits in the various pooled cash and investment accounts. s 38 94_ :5'74 { City of Miami, Florida !Votes to Financial Statements 6. OTHER RECEIVABUS As part of its Community Development Block Grant program, the City issues single and multi -family housing rehabilitation { loans to qualified residents. All repayments of the loans, which carry low interest rates, are to remain in the loan program. As collection of the loans is not assured, the loans are not recorded as receivables, but are maintained in the City's accounting system on a memorandum basis. As of September 30, 1993, rehabilitation loans outstanding totaled approximately $45,358,000. ~� 7. PROPERTY, PLANT AND EQUIPMENT The following is a summary of changes in general fixed assets for the year ending September 30, 1993 (in thousands): Balance, Additions Deletions Balance, October 1, and and September 30, 1992 Transfers Transfers 1993 Land ................................................. $ 85,368 $ 417 $ -- $ 85,785 Building and Improvements .............................. 75,697 53 — 75,750 Machinery and Equipment .....................' ......... 29,203 1,349 —30 30,522 Improvements Other than Buildings 219,080 36,755 255,835 Construction in Progress ................................ 113,889 13,431 37,186 90,134 Total ................................................ $523,237 $52,005 $37,216 $538,026 See Note 14 for a discussion of the construction projects currently in progress. A summary of proprietary fund type property, plant and equipment at September 30, 1993 is as follows (in thousands): Internal Enterprise Service Land ................................. $ 16,845 $ — Buildings and Improvements ........... 154,361 4,409 Machinery and Equipment ............. 10,352 37,498 Construction in Progress ............... 27,747 — Total .................. .......... 209,305 41,907 1 Less Accumulated Depreciation ........ 53,615 30,000 Net. ................................ $155,690 $11.907 } { { _1 { v.1 i 39 94- 574 r City of Miami, Florida Notes to Financial Statements 8. LONG-TERM DEBT A. Changes in Long -Term Debt The following is a summary of changes in long-term debt for the year ended September 30, 1993 (in thousands): General Long -Term Debt Proprietary Fund Debt Special Obligation special Obligation General Bonds, Obligation Note and Claims Other Compensated Revenue Bonds and Other - 9 Bonds Loans_ Payable Payables Absences Total Bonds Loan Payables Balance at October 1, 1992 .... $185,430 $114,757 $66,643 $5,696 $17,929 $390,455 $90,821 $37,782 $1,330 New bonds issued............ 101,960 - - - 101,960 15,515 - - Accretion on Capital Appreciation Bonds ..:...... - - - - - - 1,581 111 Debt defeased ............... (90,630) - - - - (90,630) (14,440) - - Increase in other payables ..... - - - 3,935 - 3,935 - - 2,151 Increase in long-term claim liabilities - - 7,736 - - 7,736 Increase in long-term accumulated unpaid compensated absences ..... - - - - 1,031 1,031 - - Principal payments (11,745) (2,028) - - - (13,773) (4,140) (981) (1,962) Balance at September 30, 1993 $185,015 $112,729 $74,379 $9,631 $18,960 $400,714 $89,337 $36,912 $1,519 B. Summary of Annual Debt Service Requirements The annual requirements for all bonds, notes, loans, certificates and, other payables outstanding as of September 30, 1993, including interest of $293,642,972 are as follows (in thousands): General Long -Tenn Debt Proprietary Fund Debt Revenue Fax. General Special Other and Special Other'' Obligation Obligation(1) Payables Obligation(l) Payables 1994 $ 19,655 $ 9,964 $ 1,127 $ 11,867 $1,877 1995 21,878 9,987 1,019 11,726 1,049 1996 21,557 10,013 1,019 25,904 529 1997 21,584 9,817 1,017 10,087 - 1998 20,057 9,862 5,166 9,002 - 1999-2003 86,187 41,398 - 39,926 - 2004-2008 52,217 50,534 1,708 52,015 - 2009-2013 21,267 47,257 - 34,504 - 2014-2018 4,628 34,403 - 6,697 - 2019-2022 - 15,667 -- - - $269,030 $238,902 $11,056 $201,728 $3,455 , (1) Excludes accretion on the Capital Appreciation Bonds. 40 j i i I 4� i City of Miami, Florida Notes to Financial Statements C. Summary of Long -Term Debt Long-term debt at September 30, 1993 was comprised of the following: General and Special Obligation Bonds, Notes and Loans -long -Tenn Debt: $39,890,000 Public Parks and Recreation Facilities Bonds; two issues, maturing through 2003; interest at rates ranging from 3.5% to 7.5%..................................... $ 9,470 $4,290,000 Special Obligation Bonds, Series 1986A; one issue, maturing through 2006; interest at rates from 4.1 % to 7.4% ........... 3,370 $6,500,000 Guaranteed Entitlement Revenue Bonds, Series 1989, maturing through 2009; interest rates ranging from 6.25% to 7% ....... 5,775 $22,605,000 General Obligation Refunding Bonds, Series 1987, maturing through 2010; interest rates ranging from 6.8% to 7.4% ...... 3,085 $3,915,800 Florida League of Cities' First Municipal Loan; maturing through 1995; interest at variable rate (3.28% average for year ended September 30, 1993)........................ 3,891 $38,355,000 General Obligation Refunding Bonds, Series 1986, maturing through 2014; interest rates ranging from 4.5% to 7.7% ...... 4,230 $16,135,000 General Obligation Refunding Bonds, Series 1991, maturing through 2013; interest rates ranging from 5.3% to 6.6% ...... 15,955 $54,705,000 Sanitary Sewer Improvement Bonds; ten issues, maturing through 2014; interest at rates ranging frorn 3% to 11% ...... 11,190 $31,060,000 Street and Highway Improvement Bonds; nine issues, maturing through 2014; interest at rates ranging from 3% to 11 % ...... 5,640 $46,765,000 Storm Sewer Improvement Bonds; twelve issues, maturing through 2014; interest at rates ranging from 2.5% to 11 % ............... 17,295 $36,645,000 Police Headquarters Improvement Bonds; eight issues, maturing through 2014; interest at rates ranging from 3% to 11 % ...... 4,920 $13,210,900 Sunshine State Governmental Financing Commission Loan, maturing through 2015; interest at variable rate (3.21 % average for year ended September 30, 1993) ............. 11,168 $48,675,000 Miami Sports and Exhibition Authority Special Obligation Refunding Bonds, Series 1992, maturing in various amounts through 2020; interest rates ranging from 2.95% to 6.63%.................................. 47,525 $30,000,000 Rental Revenue Bonds, Series 1988, maturing through 2019; with interest at 8.65%.................................... 30,000 $39,075,000 Other Issues, maturing through 2014; interest at rates ranging from 3% to 11 % 11,270 a 41 (000) $11,500,000 Community Redevelopment Revenue Bonds, Series 1990, maturing through 2015; interest rates ranging from 7.15% to 8.5% 11,000 $70,100,000 General Obligation Refunding Bonds, Series 1992, maturing through 2013; interest rates ranging from 4% to 6% ......... 70,100 $31,860,000 General Obligation Refunding Bonds, Series 1993, maturing through 2013; interest rates ranging from 3.50% to 5.20% .... 31,860 $297,744 Revenue and Special Obligation Bonds and Other Debt --Proprietary Funds: $2,000,000 Subordinated Parking System Revenue Bonds, due in 2006, interest at 6% through 1992, thereafter at 80% of the prime rate ...................................... $ 2,000 $12,084,200 Florida League of Cities' First Municipal Loan; maturing through 1995; interest at variable rate (3.28% average for year ended September 30, 1993)........................ 12,009 $12,386,658 Special Obligation Refunding Bonds, Series 1990, maturing through 2007; interest at rates ranging from 6.2% to 7.375% (The portion of the bonds issued in capital appreciation bond form had accreted value of approximately $341,000 as of September 30, 1993) .......... 11,803 $15,515,000 Parking System Revenue Refunding Bonds, Series 1993A, maturing through 2009 at varying rates of interest ranging from 2.70% to 4.60%.................................... 15,515 $65,271,325 Special Revenue Refunding Bonds, Series 1987, due in installments from approximately $630,000 to $5,490,000 through 2015; interest at rates ranging from 5.25% to 7.30% (The portion of the bonds issued in capital appreciation bond form had accreted value of approximately $7.6 million as of September 30,1993)........................ 63,842 $14,420,000 Sunshine State Governmental Financing Commission Loan, maturing through 2015; interest at variable rate (3.21 % average for year ended September 30, 1993) ............. 13,100 $4,415,000 Refunding Revenue Bonds, Series 1992, maturing through 1996; interest rates ranging from 3.50% to 5.25% ................ 3,600 $4,725,000 Parking System Revenue Bonds, Series 1992A due through 2006 at varying rates of interest from 4,5% to 7.75%............... 4,380 126,249 Less Current Portion ........................ (6,348) Less Unamortized Bond Discount ............. (1,162) $118,739 94- 574 City of Miami, Florida Notes to Financial Statements D. Summary of New Debt Issuances $70,100,000 General Obligation Refunding Bonds, Series 1992—On December 10, 1992, the City issued $70,100,000 million in General Obligation Refunding Bonds, Series 1992 to advance refund all of the City's outstanding $22,000,000 General Obligations, dated June 1, 1986, the $38,355,000 General Obligation Refunding Bonds, Series 1986, dated August 1, 1986, the $6,375,000 General Obligation Bonds, Series 1986A, dated October 1, 1986 and the $22,605,000 General Obligation Refunding Bonds, Series 1987 dated April 1, 1989. The bonds were issued at rates of interest ranging from 4.0% to 6% maturing through the year 2010. The aggregate principal amount of the Refunding Bonds outstanding at the time of refunding was $63,425,000. The net proceeds of $68,419,000 (after payment of $1,681,000 in underwriting fees, issuance and other costs) were depos- ited in an irrevocable trust with an escrow agent to provide for all future debt service payments on the old bonds. See Footnote 8(G) for outstanding portion of defeased debt. The advance refunding in effect reduced the City's aggregate debt service payments by $3,418,000 and resulted in an economic gain or present value savings of $2,151,000. $15,515,000 Parking System Revenue Refunding Bonds, Series 1993A—The bonds were issued in March 1993, for the purpose of refunding outstanding Parking System Reve- nue Bonds, Series 1986, to fund a Reserve Account, and to pay the cost of issuance of the new bonds. The bonds were issued at rates ranging from 2.70% to 5.70% maturing through 2009. As a result of the refunding of the Se- ries 1986 Bonds, the Department of Off -Street Parking rec- ognized an extraordinary loss of $1,536,138 in fiscal year 1993. The economic gain realized as a result of such trans- action is approximately $1,685,000. See Footnote 8(G) for outstanding portion of defeased debt. $31,860,000 General Obligation Refunding Bonds, Series 1993—On September 15, 1993, the City issued $31,860,000 million in General Obligation Refunding Bonds, Series 1993 to advance refund a portion of the City's out- standing $10,000,000 General Obligations, Dated August 1, 1987, the $18,400,000 General Obligation Bonds, dated No- vember 1, 1988 and the $10,000,000 General Obligation, Series 1991, dated July 1, 1991. The bonds were issued at rates of interest ranging from 3.5% to 5.2% maturing through the year 2013. The aggregate principal amount of the Refunded Bonds outstanding at the time of refunding was $27,205,000. The net proceeds of $31,076,000 (after payment of $784,000 in underwriting fees, issuance and other costs) were deposited in an irrevocable trust with an escrow agent to provide for all future debt service payments on the old bonds. See Footnote R(G) for outstanding portion of defeased debt. The advance refunding in effect reduced the City's aggregate debt service payments by $1,739,000 and resulted in an economic gain or present value savings of $1,407, 000. 42 E. Other Payables Capital Leases The City has entered into lease agreements as lessee for financing the acquisition of computer equipment and police patrol cars. These lease agreements qualify as capital leases for accounting purposes (titles transfer at the end of the lease terms) and, therefore have been recorded at the pre- sent value of the future minimum lease payments as of the date of their inception. The following is an analysis of equip- ment leased under capital leases as of September 30, 1993 (in thousands): General Internal Fixed Service Assets Fund Machinery and equipment .......... $4,208 $ 5,853 Less: accumulated depreciation ..... — (1,741) Carrying value ..................... $4,208 $ 4,112 The following is a schedule of the future minimum lease payments under these capital leases, and the net minimum lease payments at September 30, 1993: General Internal Fiscal Year Ending Long -Term Service September 30 Debt Fund 1994 ....................... $1,019 $1,877 1995 ....................... 1,019 1,049 1996 ....................... 1,019 529 1997 ....................... 1,017 — Total Minimum Lease Payment ... 4,074 3,455 Less Amount Representing Interest 626 185 Present Value of Future Minimum Lease Payments ............... 3,448 3,270 Less Current Portion ............. (799) (1,751) Long Term Portion ............... $2,649 $1,519 Other Payables At September 30, 1993, other payables accounted for in the general long-term debt account group, consists of the fol- lowing: The City entered into a loan agreement with the Gran Cen- tral Corporation (GCC) to finance fifty percent (50%) of the cost to relocate and widen Northwest First Avenue between Northwest First Street and Northwest Eighth Street. GCC is a large property owner in the adjacent area with future de- velopment plans. The loan, in the amount of $1,708,000, does not bear interest and is payable from funds deposited in the Overtown/ParkWest Tax Increment District Trust Fund on a junior and subordinate basis to the lien granted to holders of the Community Redevelopment Revenue Bonds, Series 1990. GCC is to be fully repaid by the year 2008 with annual payments to be made to the extent funds in the Trust Fund are available after required payments for the Series 1990 are made or provided for. As of September 30, 1993, no payments were made. City of Miami, Florida Notes to Financial Statements The City entered into a settlement agreement with AT&T Communications of the Southern States, Inc. (AT&T), in the amount of $1 'C5 000 payable in 36 equal monthly pay- ments of a,36,000, beginning in January of 1992, in full and complete settlement of any and all claims and demands against the City of Miami by AT&T related to an alleged overpayment of Public Service Taxes due under Chapter 55 of the City of Miami Code. The City entered into a Community Disaster Agreement (the "Agreement") with the Federal Emergency Management Agency ("FEMA"). The Agreement consists of two promis- sory notes, each for up to $5,000,000. The promissory notes were executed on June 28, 1993 and September 17, 1993 at interest rates of 5.68% and 5.47%, respectively. Principal and interest on the notes are due on June 1, 1998. As of September 30, 1993, the outstanding principal and interest balance on the promissory notes total $5,166,000. In accor- dance with Community Disaster Loan regulations, repay- ment of all or any portion of such notes shall be cancelled to the extent that revenues of the local government during the three full fiscal year period following the major disaster (See Note 15) are insufficient to meet the operating budget of the local government, including additional disaster related ex- penses of a municipal operation character. The balance in other payables at September 30, 1993 are summarized as follows: Capital leases .................................... $2,649 Gran Central Corporation loan ...................... 1,708 ATT settlement .................................. 108 FEMA loan ...................................... 5,166 Total........................................ $9,631 F. Synopsis of Bond Covenants The various bond indentures contain significant limitations and restrictions on annual debt service requirements, main- tenance of and flow of monies through various restricted accounts, minimum amounts to be maintained in various sinking funds, and minimum revenue bond coverages. A summary of major provisions and significant debt service requirements follows: General Obligation Bonds —Debt service is provided for by a tax levy on non-exempt property value. The total general obligation debt outstanding is limited by the City Charter to fifteen percent of the assessed non-exempt property value. At September 30, 1993, the statutory limitation for the City amounted to approximately $1,573,757,000 providing a debt margin of approximately $1,391,052,000 after consideration of the $185,015,000 of general obligation bonds outstanding at September 30, 1993, less approximately $2,310,000 avail- able in the related debt service fund. General obligation bonds authorized but unissued at September 30, 1993, to- taled $22,500,000. 43 $65,271,325 Special Revenue Refunding Bonds —Debt service is provided by a pledge of net revenues of the Con- vention Center/Garage, the pledged portion of the public service telecommunications tax revenues, and by a cove- nant and agreement of the City to provide, to the extent necessary, revenues of the City, other than ad valorem prop- erty tax revenues, sufficient to make up any deficiency in certain of the required restricted funds and accounts. Various funds and accounts held by the Trustee are required to be maintained under the terms of the Trust Indenture pursuant to which the bonds were issued. Those funds or accounts pertaining to these provisions include the Revenue Fund, Bond Service Account, the Redemption Account, the Reserve Account, the Construction Account, the Supple- mental Reserve Fund, the Renewal and Replacement Fund, and the Surplus Fund. The Trust Indenture provides that the gross revenues of the Convention Center/Garage will be deposited, as received, with the Trustee to the credit of the Revenue Fund. At September 30, 1993, the City had on deposit with the Trustee for these bonds approximately $5,295,000 including accrued interest receivable, in the required restricted funds and accounts. In August 1990, the City obtained a reserve account surety bond in the amount of approximately $6,125,000 to substitute the cash on deposit in the reserve accounts. $15,515,000 Parking System Revenue Refunding Bonds (DOSP)—Debt service is payable solely from the revenues of the Off -Street Parking facilities. This issue ("Series 1993") consists of serial bonds payable in installments of $810,000 to $1,305,000 from 2000 through 2009. At Sep- tember 30, 1993 the City had on deposit with the Trustee for these bonds approximately $3,811,000 including accrued in- terest receivable in various reserve accounts. These ac- counts consist of the Parking System Fund (Revenue, Reve- nue and Replacement, and General Reserve accounts), and the Bond Fund (Interest and Principal, Sinking fund, Re- serve, Redemption, and Insurance and Condemnation Award Accounts). The nature, purpose and funding require- ments of these funds and accounts are similar to those described above relative to the Convention Center. $2,000,000 Subordinated Parking System Revenue Bonds (DOSP)—In 1986, the City's Department of Off Street Parking sold $2,000,000 in Subordinated Bonds to provide financing for parking projects. Interest on bonds is computed at 6% through 1991 and a variable rate based on 80% of prime beginning in 1992. Bonds mature on October 1, 2006. $4,290,000 Special Obligation Bonds, Series 1986 A —in 1986 the City issued $4,290,000 in Special Obligation Bonds, Series 1986 A, to provide financing for construction of owner occupied residences under the Scattered Site Pro- gram in the City's Community Development Target areas. The bonds have serial retirements from 1987 through 1996 in amounts from $80,000 to $190,000 and a term payment 94- 574 City of Miami, Florida Notes to Financial Statements of $2,830,000 in 2006. Debt service on the bonds, are paya- ble solely from certain telephone and telegraph franchise fees. $27,630,900 Sunshine State Governmental Financing Commission Loans —During 1987 and 1988, the City ob- tained $27,630,900 in loans from the Sunshine State Gov- ernmental Financing Commission (the Commission). The proceeds from the loans were used to fund certain parks and marinas improvements and other capital projects. The Commission was created in November, 1985, by the Cities of Orlando and Tallahassee, Florida, through an interlocal agreement, as a pooled financing vehicle to allow for a limit- ed number of high quality local governmental units (Cities and Counties) to join together in a variable rate financing program and thereby benefit from the inherent economies of scale. The City has pledged certain non -ad valorem reve- nues to pay the debt service on these loans. $16,000,000 Florida League of Cities' First Municipal Loan —During 1989, the City obtained a loan from the Flori- da League of Cities' First Municipal Loan Council to finance the Orange Bowl renovation project and other capital projects. Interest rates are variable. The loan will be repaid with revenues from Orange Bowl operations and an annual pledge of up to $2,000,000 in guaranteed entitlement reve- nues. $30,000,000 Rental Revenue Bonds, Series 1988—During 1989, the City issued $30,000,000 Rental Revenue Bonds, Series 1988 to finance the costs of the acquisition of real estate and the construction thereon of a 250,000 square foot office building to be. leased from the City by the United States Government. The resolution establishes as trust funds with the Trustee the Construction Fund, the Revenue Fund, the Reserve Fund and the Sinking Fund. $6,500,000 Guaranteed Entitlement Revenue Bonds, Se- ries 1989—During 1989, the City issued $6,500,000 Guaran- teed Entitlement Revenue Bonds, Series 1989 to finance the cost of certain capital improvements and equipment within the City. In November 1991, the City obtained a re- serve account surety bond in the amount of approximately $612,000 to substitute the cash on deposit in the reserve accounts. $12,386,658 Special Obligation Refunding Bonds, Series 1990—In May 1990, the City sold $12,386,658 Special Obli- gation Refunding Bonds, Series 1990, with interest rates between 6.2% and 7.375% to advance refund the $13,720,000 Special Obligation Bonds dated April 1, 1985, which carry interest rates between 5.625% and 6.875%. The Series 1990 bonds are made up of $11,095,000 in cur- rent interest form and $1,291,658 in capital appreciation form. The Series 1990 bonds are collateralized by a pledge of net revenues of the Government Center Parking Garage and utilities services taxes collected by the City from the sale of water. , 44 $11,500,000 Community Redevelopment Revenue Bonds, Series 1990--On November 8, 1990, the City is- sued $11,500,000 Community Redevelopment Revenue Bonds, Series '1990, for the Southeast Overtown/Park West Redevelopment Area (the "Redevelopment Area"). The pro- ceeds of the bonds are to be used mainly to refinance the $5,958,400 Section 108 HUD Promissory Note, to reim- burse the City for monies advanced to the Redevelopment Area in an amount not to exceed $750,000, to finance the acquisition and clearing of certain real property, and the construction of infrastructure improvements in the Redevel- opment Area. The bonds were issued at rates ranging from 7.15% to 8.50%, with serial and terra bonds maturing through 2015. Debt service is payable from the Tax Incre- ment Revenues of the Redevelopment Area and a pledge of guaranteed entitlement revenues up to $300,000 annually. $40,950,000 MSEA Special Obligation Refunding Bonds, Series 1992A--On August 5, 1992, MSEA issued $40,950,000 Special Obligation Refunding Bonds, Series 1992A to advance refund the outstanding Series 1991 Bonds, carrying interest rates of 5.75% to 7.2%. The Series 1992A Bonds mature in annual increments of $650,000 be- ginning in 1993 to $2,910,000 through 2020, carrying inter- est rates from 2.95% to 6.625%. The proceeds from the 1992A Bonds together with $342,300 of the Series 1991 Bond Reserve fund monies were used to purchase U.S. Government securities. Those securities were deposited in an irrevocable trust with an escrow agent to provide for all future debt service payments on the Series 1991 Bonds. The Series 1992A Bond indenture contains provisions re- quiring the transfer or establishment of various funds and accounts including the Tax Trust Fund, Bond Interest and Principal Funds, Subordinate Obligations Fund, Reserve Ac- count, General Fund, Expense Fund, Rebate Fund and the Capital Reserve and Operating Deficit Account. Under the terms of the indenture, Convention Development Tax pro- ceeds are required to be deposited in the Tax Trust Fund and distributed to the other bond funds or accounts and to MSEA's operation up to a maximum of $669,500 annually (increasing 3% per annum). $7,725,000 MSEA Special Obligation Refunding Bonds, Series 19926—On August 5, 1992, MSEA issued $7,725,000 Special Obligation Refunding Bonds, Series 1992B to redeem in full the original $8,750,000 in Float- ing/Fixed Rate Subordinate Special Obligation Bonds, Series 1989A of which $8,030,000 was currently outstanding. The Series 1992B Bonds were issued at a premium of approxi- mately $102,300 and mature in annual increments of $500,000 beginning in 1993 to $850,000 through 2004, car- rying interest rates from 2,95% to 6.625%. Cost of issuance of approximately $192,000 were funded from available mon- ies in the refunded debt service accounts. The proceeds from the Series 1992E Bonds together with $202,700 of the i City of Miami, Florida Notes to Financial Statements i Subordinate Bond debt service accounts were used to re- obligations of the City, payable and secured only from deem the Subordinate Bonds. The Series 1992B Bond in- pledged funds as provided in Resolution No. 91-886 and denture contains provisions requiring the transfer or estab- 92-049. The pledged funds consist of Non -Ad Valorem Reve- �7 lishment of various funds and accounts including the Tax nues budgeted and appropriated by the City and deposited Trust Fund, Bond Interest and Principal Funds, Subordinate into the Debt Service Fund, and until applied in accordance Obligations Fund, Reserve Account, General Fund, Expense with the provisions of the Resolution. Fund, Rebate Fund and the Capital Reserve and Operating $4,725,000 Parking System Revenue Bands, Series 1 Deficit Account. Under the terms of the indenture, Conven- fiscal 1992 the City issued $4,725,000 Park- tion Development Tax proceeds are required to be deposit- ing System Revenue Bonds, Series 1992A. The Series 1992 ing ed in the Tax Trust Fund and distributed to the other bond bonds were issued to refinance the City's outstanding Sub - funds or accounts and to MSEA's operation up to a maxi- ordinated Parking System Revenue Bonds, Series 1990 and mum of $669,500 annually (increasing 3% per annum). the City's obligation under a participation agreement with $4,415,000 Refunding Revenue Bonds, Series 1992--On the First Municipal Loan Council Pooled Loan Program spon- i February 4, 1992, the City issued $4,415,000 Refunding sored by the Florida League of Cities. The Series 1992 Revenue Bonds, Series 1992, for the purpose of advance bonds and interest thereon will be payable solely from and refunding the outstanding Certificates of Participation, Se- secured by a pledge of DOSP parking revenues. I � ries 1986 dated August 28, 1986. The bonds are limited ' i 1 45 f 9 4- 574 I 1 City of Miami, Florida Notes to Financial Statements I G. Defeasances of Long -Term Debt i The City has defeased certain outstanding general obligation, special obligation and revenue bonds by placing the proceeds of the refunding bonds in an irrevocable trust to provide for all future debt service payments on the old bonds. Accordingly, the trust accounts and the defeased bonds are not included in the City's general purpose financial statements. At September 30, 1993, the following outstanding bonds are considered defeased (in thousands): Current Year Defeased Debt: $70,100,000 General Obligation Refunding Bonds, Series '1992: --� Police Headquarters Improvements, Series 1986 ............................. $ 8,370 Storm Sewer Improvements, Series 1986................................... 4,005 Sanitary Sewer Improvements, Series 1986.................................. 2,150 Street and Highway Improvements, Series 1986 ............................. 1,430 a General Obligation Refund, Series 1986..................................... 25,065 General Obligation Refund, Series 1987..................................... 19,180 Pollution Control Facility, Series 1986....................................... 21110 Street and Highway Improvements, Series 1986 ............................. 1,115 $31,860,000 General Obligation Refunding Bonds, Series 1993: Police Headquarters Improvements, Series 1987 ............................. 1,040 Storm Sewer Improvements, Series 1987................................... 810 Sanitary Sewer Improvements, Series 1987.................................. 1,780 Street and Highway Improvements, Series 1987 ............................. 3,560 Police Headquarters Improvements, Series 1988 ............................. 1,025 t Storm Sewer Improvements, Series 1988................................... 3,995 Sanitary Sewer Improvements, Series 1988.................................. 3,500 Street and Highway Improvements, Series 1988 ............................. 2,730 Firefighting, Fire Prevention and Rescue Facilities, Series 1988 ................ 2,105 u i Sanitary Sewer Improvements, Series 1991.................................. 4,670 Firefighting, Fire Prevention and Rescue Facilities, Series 1991 ................ 1,990 ram, $15,515,000 Parking System Revenue Refunding Bonds, Series 1993A: Parking System Revenue Bonds, Series 1986................................ 14,025 a ! Prior Year Defeased Debt: Parking Facilities Revenue Bonds: ' SeriesB .............................................................. $ 250 SeriesC................................................................. 2,875 Series1980.............................................................. 335 Parking System Revenue Bonds: Series1983.............................................................. 11,710 �. General Obligation Bonds: Sanitary Sewer System, Series 1983........................................ 2,051 Firefighting, Fire Prevention and Rescue Facilities, Series 1983 ................ 3,077 Housing Bonds, Series 1983...................................... ...... ... 615 Storm Sewer Improvement, Series 1983.................................... 1,743 Street and Highway Improvement, Series 1983 .............................. 2,769 Firefighting, Series 1984................................................... 1,100 Housing, Series 1984...................................................... 16,260 Storm Sewer Improvement, Series 1984.................................... 2,375 Street and Highway, Series 1984........................................... 5,895 Police Headquarters Improvements, Series 1985 ............................. 2,855 Storm Sewer Improvements, Series 1985................................... 6,735 Sanitary Sewer Improvements, Series 1985.................................. 3,795 Street and Highway Improvement, Series 1985 .............................. 3,215 Firefighting, Fire Prevention and Rescue Facilities, Series 1985 ................ 2,925 Special Obligation Bonds: �. Series1985.............................................................. 12,505 Special Obligation Refunding Bonds (MSFA): , Series 1991.............................................................. 37,553 46 9 4 - 5' 4 i i City of Miami, Florida Notes to Financial Statements Subordinate Bond debt service accounts were used to re- obligations of the City, payable and secured only from deem the Subordinate Bonds. The Series 1992E Bond in- pledged funds as provided in Resolution No. 91-886 and denture contains provisions requiring the transfer or estab- 92-049. The pledged funds consist of Non -Ad Valorem Reve- _ ^i lishment of various funds and accounts including the Tax Hues budgeted and appropriated by the City and deposited Trust Fund, Bond Interest and Principal Funds, Subordinate into the Debt Service Fund, and until applied in accordance Obligations Fund, Reserve Account, General Fund, Expense with the provisions of the Resolution. Fund, Rebate Fund and the Capital Reserve and Operating $4,725,000 Parking System Revenue Bonds, Series Deficit Account. Under the terms of the indenture, Conven- 1992A—During fiscal 1992 the City issued $4,725,000 Park- j tion Development Tax proceeds are required to be deposit- ed in the Tax Trust Fund and distributed to the other bond Sub - bonds were issued to refinance the City's outstanding Sub - funds or accounts and to MSEA's operation up to a maxi- ordinated Parking System Revenue Bonds, Series 1990 and mum of $669,500 annually (increasing 34o per annuml. the City's obligation under a participation agreement with $4,415,000 Refunding Revenue Bonds, Series 1992—On the First Municipal Loan Council Pooled Loan Program spon- February 4, 1992, the City issued $4,415,000 Refunding sored by the Florida League of Cities. The Series 1992 Revenue Bonds, Series 1992, for the purpose of advance bonds and interest thereon will be payable solely from and refunding the outstanding Certificates of Participation, Se- secured by a pledge of DOSP parking revenues. I � t ries 1986 dated August 28, 1986. The bonds are limited ' I f I I t _j 45 I 574 City of Miami, Florida Notes to Financial Statements 9. FUND EQUITY The following schedule lists the equity components of all City proprietary funds as of September 30, 1993 (in thousands): Retained Earnings (Deficit) Reserved Total Fund for Debt Contributed Equity Enterprise Funds: Service Unreserved Total Capital (Deficit) Off -Street Parking ........................... $2,300 $ 7,353 $ 9,653 $ — $ 9,653 G&O Enterprise Fund ........................ — (2,642) (2,642) 3,136 494 Marine Stadium ............................. — (182) (182) 699 517 Miami Stadium .............................. — (974) (974) 1,654 680 Orange Bowl Stadium ........................ — (2,093) (2,093) 12,052 9,959 Convention Center ........................... — (31,530) (3i,b30) 46,256 14,726 Marinas .................................... — 225 225 2,787 3,012 Exhibition Center ............................ — (2,645) (2,645) 10,929 8,284 Golf Courses ................................ — (116) (116) 405 289 Warehouse Property ......................... — 172 172 22 194 Parking Garage .............................. — (5,419) (5,419) 634 (4,785) Building and Zoning .......................... — (1,440) (1,440) 270 (1,170) Solid Waste ................................. — (10,386) (10,386) 4,113 (6,273) Manuel Artime Center ....................... — (49) (49) — (49) $2,300 $(49,726) $(47,426) $82,957 $35,531 Internal Service Funds: Fleet Management .......................... $ — $ (5,767) $ (5,767) $ 8,336 $ 2,569 Property Maintenance ........................ — (525) (525) 273 (252) Print Shop .................................. — (588) (588) 178 (410) Procurement Management ................... — (43) (43) 23 (20) Communications Services .................... — 307 307 1,855 2,162 $ — $ (6,616) $ (6,616) $10,665 $ 4,049 See Note 11 for segment information regarding the enterprise funds. City of Miami, Florida Notes to Financial Statements 10. SELF-INSURANCE The City maintains a self-insurance expendable trust fund to administer insurance activities relating to certain property and liability risk, group accident and health and workers' compensation. Charges to participating operating departments are based upon amounts determined by management to be necessary to meet the required annual payouts during the fiscal year. The estimated liability for insurance claims includes estimated future liability on a case -by -case basis for all pending claims and an actuarially determined amount for claims incurred but not reported. The fund had a deficit fund balance amounting to $6,967,000 as of September 30, 1993, mostly related to the accrual of the current portion of the estimated liability amounting to $6,672,000 The long-term portion of the total estimated liability, which is expected to be funded from future operations, is reflected in the General Long -Tenn Debt account group and amounted to approximately $74,379 as of September 30, 1993 as follows (in thousands): Estimated Claims Payable A. Workers Compensation All workers compensation costs are paid from the self-insurance fund, with all departments of the City assessed a charge based upon annual cash requirements. As claims are reported, they are investigated by claims personnel, and an estimate of liability on a case -by -case basis is established. The estimated liabilities are periodically reviewed and revised as claims develop. Most liabilities in this area will be payable over a period of several years. B. General Coverage Departments of the City are assessed for property and casualty coverage, including police professional liability and public official's liability, based upon the cash requirements of the Self - Insurance fund and their relative share of the total risk. The City has continued to purchase certain casualty insurance for which the premium is small in relation to the coverage provided. The City is insured, subject to a $100,000 deductible, for all property loss exposure, except for wind peril, which is limited to $25 million. As the casualty claims are reported, they are investigated by the claims personnel and an estimate of liability is established on a case -by - case basis. C. Group Accident and Health Certain employees and retirees of the City contribute, through payroll deductions or deductions from pension payments, to the cost of group benefits. The remainder of the funds necessary are contributed by the City based upon the number of participants in the plan. As of September 30, 1993, the plan covered approximately 935 active employees, 1,051 retirees and 1,111 employee -retiree dependent units. Costs of the plan for the year then ended were approximately $12.8 million. Total Less: current portion, which represents payments made by the City in October and November 1993 on claims incurred on or before September 30, 1993. Long-term claims payable 48 City of Miami, Florida Notes to Financial Statements 11. SEGMENT INFORMATION -ENTERPRISE FUNDS G&O Man" ON -Street Enterprise Stadiums convention ExhR*Ion Goll Perking Building 6 Solid Artime Parking Fund (11 Center Marinas Center Course• Groge Zoning Waste Center Total Current assets .......................... $10,632 $ 1,207 $ 8,496 $ 1,132 $ 1,648 $ 343 $ 199 $ 70 $ 7 $ 6,373 $ 8 $ 30,115 Current liabilities ........................ 4,591 875 9,643 3,168 2,548 306 %8 90 1,244 15,568 71 38,692 Net working capital .... . ................. $ 6,041 $ 332 $ 0,147) $ (2,036) $ (900) $ 37 $ (389) $ (20) $0,237) $ (9,195) $ (63) $ (8,577) Restricted assets ........................ $ 3,812 $ - $ - $ 4,941 $ - $ - $ - $ 134 $ - $ - $ - $ 8,887 Current liabilities payable from restricted assets ...................... 1,596 - 262 3,901 355 62 - 855 - - - 7,031 Net restricted assets ..................... $ 2,216 $ - $ (262) $ 1,040 $ (355) $ (62) $ - $ (721) $ - $ - $ - $ 1,856 Property, plant and equipment ............. $18,877 $ 1,484 $24,524 $ 74,994 $15,228 $10,D65 $ 678 $ 6,847 $ 67 $ 2.922 $ 14 $155,690 Total assets ............................ $36,439 $ 2,691 $33,039 $ 81,687 $16,876 $10,408 $ 877 $ 7,261 $ 74 $ 9,295 $ 22 $198,669 Bonds payable, long-term debt (net) ......... $20,487 $ - $11,784 $ 59,892 $10,961 $ 1,756 $ - $11,101 $ - $ - $ - $115,981 Contributed capital ....................... $ - $3,136 $14,427 $46,256 $ 2,787 $10,929 $ 405 $ 634 $ 270 $ 4,113 $ - $ 82,957 Total retained earnings (deficit) ............. 9,653 (2,642) (3,077) (31,530) 225 (2,645) (116) (5,419) (1,440) (10,386) (49) (47,426) Total fund equity (deficit) .................. $ 9,653 $ 494 $11,350 $ 14,726 $ 3,012 $ 8,284 $ 289 $ (4,785) $0,170) $ (6,273) $ (49) $ 35,531 Operating revenues ...................... $ 9,744 $ 788 $ 2.623 $ 4,890 $ 1,594 $ 550 $1,072 $ 396 $ 5,646 $ 14,294 $ 140 $ 41,737 Depre6ation expense .................... $ 0,099) $ (355) $ (494) $ (1,807) $ (356) $ (157) $ (34) $ (159) $ (13) $ (279) $ (2) $ (4,755) Operating income (loss) before non -operating revenues (expenses) ................... $ 1,682 $ (650) $ (620) $ 0.153) $ 0.493) $ (82) $ (485) $ (122) $ 360 $(30,242) $ (399) $ (35,204) Non -operating revenues Iexpenses): Interest income ....................... $ 768 $ - $ - $ 99 $ - $ - $ - $ 3 $ - $ 92 $ - $ 962 Interest and fiscal charges ............... (1,379) - (428) (4,607) (320) (66) - (836) - - - (7,638) Other ............................... 8 68 2,738 600 495 346 391 - 35 14,110 3 18,794 Total non -operating revenues (expenses) ..... $ (603) $ 68 $ 2,310 $ (3,908) $ 175 $ 280 $ 391 $ (835) $ 35 $ 14,202 $ 3 $ 12,118 Net transfers from (to) other funds.......... $ - $ - $ (1,9721 $ 5,405 $ - $ - $ 57 $ 1,279 $ (371) $ 13,288 $ 356 $ 18,042 Income (loss) before extraordinary item ...... $ 1,079 $ (582) $ (282) $ 3" $ (3,318) $ 198 $ (37) $ 322 $ 24 $ 12,752) $ (40) $ (5,044) Extraordinary item ---loss on defeased bonds ... $ (1,536) $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 0,536) Net income (loss) ....................... $ (457) $ (502) $ (282) $ 344 $ 0,318) $ 198 $ (37) $ 322 $ 24 $ (2,752) $ (40) $ (6,580) Additions (deductions) to property, plant and equipment, net ........................ $ 353 $ 209 $ (290) $ 55 $ 0,502) $ 74 $ 10 $ - $ 8 $ 567 $ 9 $ (3,507) Additions of contributed capital ............. $ - $ 108 $ 500 $ - $ - $ - $ - $ - $ - $ 559 $ - $ 1,167 Increase (decrease) in working capital ....... $ 414 $ 268 $ 1,035 $ 805 $ (111) $ 221 $ (13) $ 317 $ 30 $ (2,481) $ (46) $ 435 (1) Includes operations of the Orange Bowl Warehouse Property, the Miami Stadium, the Marine Stadium and the Orange Bowl Stadium. 49 94- 574 City of Miami, Florida Notes to Financial Statements 12. PENSION PLANS A. Plan Description The City sponsors two separate defined benefit contributory pension plans under the administration and management of separate Boards of Trustees: The City of Miami Fire Fight- ers' and Police Officers' Retirement Trust ("FIPO") and the City of Miami General Employees and Sanitation Employ- ees' Retirement Trust ("GESE"). The plans cover substan- tially all City employees who contribute a percentage of their base salary or wage on a bi-weekly basis. The payroll for employees covered by FIPO and GESE for the year ended September 30, 1993 was $72.0 million and $58.0 million, respectively; the City's total payroll was $158 million. At October 1, 1993, the date of the most recent actuarial valuation, membership in the FIPO and GESE consisted of the following: HPO GESE Retirees and beneficiaries currently receiving benefits and terminated employees entitled to benefits but not yet receiving them .............. 1,157 1,725 Current employees: Vested .......................... 1,008 834 Nonvested ....................... 677 823 Totals ........................... 2,842 3,382 Retirement benefits are based upon a percentage (2.75% for FIPO, 2.25% for GESE effective October 4, 1991) for each service year of the average compensation earned over the highest two years of membership service. Provision for additional benefits for longevity are available. Early retire- ment after twenty years of service is available. Benefits for disability and death are also provided under the plans. City employees are required to contribute 8.5% of their salary to FIPO and 8% to GESE. Contributions from employ- ees are recorded in the period the City makes payroll deduc- tions from participants. The City is annually required to con- tribute such arnounts as necessary on an actuarial basis to provide FIPO and GESE with assets sufficient to meet the benefits to be paid. Contributions to FIPO and GESE are authorized pursuant to City of Miami Code Sections 40.205 and 40.230, respectively. The City was involved in long-standing litigation, principally related to funding of the two plans, which was settled under an agreement approved by the City Commission on June 13, 1985 ("the Gates Settlement"). Key terms of the Gates Settlement are as follows: • Each of the two Boards of Trustees (Boards), in its discretion, may have its own employees, administra- tor, attorneys, accountants, money managers, and other professionals. 50 U • The City's total annual contributions to FIPO and GESE beginning with fiscal year 1984/85 are required to consist of: • • Non -investment expenses • • Actuarial contributions for normal cost using the entry age method; a mechanism has been agreed upon to resolve possible disagreement on annual contributions by a third party. • • Annual unfunded liability contributions based on a total unfunded liability, including the effect of certain plan improvements, of approximately $104,500,000 for FIPO as of January 1, 1983 and $109,000,000 for GESE as of October 1, 1982. • A Cost -of -Living Adjustment Fund (COLA Fund) was created with a designated amount of savings gener- ated by the tax qualification of FIPO and GESE, repre- senting employee contributions of 2% of salary. On April 6, 1993, the Fraternal Order of Police (FOP), the International Association of Fire Fighters (IAFF), and the City of Miami entered into an agreement to modify certain provi- sions of the Gates Settlement as related to FIPO through a Memorandum of Understanding. The major terms of the agreement are as follows: • The valuation of the FIPO Trust's assets has been changed to initiate a new moving market asset value averaged over three years from actuarial asset value at cost effective after September 30, 1992. This re- definition will immediately increase the value of the Trust's assets to the market value of $492 million from $477 million. • The aggregate actuarial cost method will be applied for costs as of October 1, 1993, and each October 1 st thereafter, based on demographic and asset data as of the previous September 30th; adjusted for in- terest from that date to reflect payment timing. Therefore, all liabilities will be amortized over the average future working lifetime of the group which is approximately nine years, • The cost -of -living adjustments will be funded by a percentage of the Trust's annual investment return in excess of the assumed investment return. Excess investment return shall be utilized to fund a minimum annual payment of $2.5 million; increasing by 4% compounded annually. To the extent necessary, the City shall fund that portion of the minimum annual payment not funded by annual excess investment return. • The schedule of future payments to reduce the un- funded liability which increases at the rate of 5% per year is eliminated as well as the associated Gates unfunded liability. • Employee contributions are set at 10% of their salary effective January 9, 1994. ` 6714 City of Miami, Florida Notes to Financial Statements This agreement was ratified by the union membership, the City Commission, and the FIPO Board of Trustees. It received approval by the Florida State Division of Retirement as to legal requirements for funding, and it was incorporated into an amended final judgment ordered by the Circuit Court in and for the Eleventh Judicial Circuit, Dade County on December 28, 1993. S. Funding Status and Progress The following amounts shown as the "pension benefit obligation" represent the standardized disclosure measure of the present value of pension benefits, adjusted for the effects of projected salary increases and step -rate benefits, estimated to be payable in the future as a result of employee service to date. The measure is intended to help users assess the funding status of FIPO and GESE on a going -concern basis, assess progress made in accumulating sufficient assets to pay benefits when due, and make comparisons among employers. The measure is the actuarial present value of credited projected benefits, and is independent of the funding method used to determine contributions to FIPO and GESE. The pension benefit obligation and the estimated actuarially determined employer contribution provided by the City were calculated by consulting actuaries based on actuarial valuations for FIPO and GESE. The more significant assumptions underlying the actuarial valuations are as follows: FIPO Assumed rate of return on investments .................. 7.75% per annum, compounded annually Salary Scale ......... .................................. Projected salary increases of 4.75% compounded annually, attributable to inflation, and additional projected salary increase up to 5.1 % per year attributable to seniority/ merit. Retirement ............................................ Probabilities of retiring ranging from 1 % at age 40, 3.5% at age 45, 50% at age 50, to 100% at age 55. GESE Assumed rate of return on investments .................. 8.0% per annum, compounded annually Salary Scale ........................................... 6.5% per annum, compounded annually Retirement Annual Rate of Age Retirement 55 .200 60 .100 65 .200 70 1,000 Following is the calculation of the overfunded (unfunded) pension benefit obligations (in thousands): FIPO GESE Total Valuation Date .............................................. . ....... Oct. 1, 1993 Oct. 1, 1993 Pension benefit obligation: Retirees receiving benefits and terminated members ............... $ 235,900 $ 191,000 $ 426,900 Current employees: Accumulated member contributions .......................... 67,400 53,300 120,700 Employer —financed vested .................................. 87,000 81,900 168,900 Employer —financed non -vested .............................. 96,700 10,200 106,900 Total .................................................. 487,000 336,400 823,400 Net assets available for benefits, at cost (market value is $561,200 for FIPO, $299,200 for GESE) .......... 498,400 245,100 743,500 Overfunded (Unfunded) pension benefit obligation ............. $ 11,400 $ (91,300) $ (79,900) 51 94- 574 City of Miami, Florida Notes to Financial Statements C. Actuarially Determined Contribution Requirements and Contributions Made The funding policy for FIPO and GESE provides for periodic employer contributions at actuarially determined rates that, expressed as percentages of annual covered payroll, are sufficient to maintain the actuarial soundness of the plans and to accumulate sufficient assets to pay benefits when due. Significant actuarial assumptions used to compute the con- tribution requirements are the same as those used to com- pute the pension benefit obligations as described in B above. FIPO Contributions are determined using the entry age normal cost method with frozen unfunded actuarial accrued liability. Contributions toward the unfunded actuarial accrued liability are based on a level percentage amortization approach, with increasing scheduled payments through the year 2011. For the year ended September 30, 1993 the recommended contribution rate was 24.4% of participating payroll, or $16,026,243 (15.9% or $10,442,881 employer and 8.5%, exclusive of 2% contribution to the COLA Account, or $5,583,362 estimated for employees), based upon an actua- rial valuation for the fiscal year beginning October 1, 1992. The contribution requirement consists of $6,608,495 for the normal cost and $9,417,748 for the amortization of the un- funded actuarial accrued liability. Contributions (excluding contributions to the COLA Account) made to FIPO pertain- ing to the year ended September 30, 1993 were approxi- mately $16,899,000. M* GESE contributions are determined using the entry age nor- mal cost method with frozen actuarial accrued liability. Con- tributions toward the unfunded actuarial accrued liability are based on a series of increasing scheduled amortization pay- ments through the year 2007. For the year ended September 30, 1993, contributions total- ing $14,893,458 ($10,149,429-employer and $4,744,029- employee) were accrued in accordance with actuarially de- termined contribution requirements, based on an actuarial valuation performed as of October 1, 1991. These contribu- tions consisted of $4,059,290 for the normal cost and $10,834,168 for the amortization of the unfunded actuarial accrued liability. Contributions represented 24.5% of the covered payroll (employer-16.5%; employees 8%, exclu- sive of 2% for COLA). D. Trend Information Following is a schedule of analysis of funding progress (dollars in millions): (1) Net Assets Available for (2) (3) Benefrts, at Pension Percentage Fiscal Year Ended Cost (Excludes Benefit Funded September 30 COLA Account) Obligation 11)/12) FIPO 1993 $498.4 $487.0 102 % 1992 455.9 458.1 99% 1991 419.4 402.6 104% 1990 375.6 409.3 92 % 1989 339.4 385.9 88% 1988 304.4 357.9 85 % 1987 283.6 335.7 84% GESE 1993 $245.1 $336.4 73% 1992 224.5 338.8 66% 1991 213.1 327.0 65% 1990 201.2 311.3 65% 1989 188.0 302.2 62% 1988 172.5 302.6 57% 1987 165.8 286.0 58% 52 (41 (Overfunded) Unfunded Pension Benefit Obligation (2►-0) $ (11.4) 2.2 (16.8) 33.7 46.5 53.5 52.1 $ 91.3 114.3 113.9 110.1 114.2 130.1 120.2 (5) Annual Covered Payroll $72.0 67.0 71.4 71.1 71.6 65.4 63.3 $58.0 56.4 61.5 62.5 59.9 59.3 60.2 (Overfunded) Unfunded Pension Benefit Obligation as a Percentage of Covered Payroll (4)/(5) (16)% 3 % (24) % 47 % 65% 82 % 82 % 157 % 203 % 185 % 176 % 191 % 219 % 200 % :-9 _ 5 74 Employer Contributions as a Percentage of Covered Payroll 15% 15% 13% 13% 16% 17% 22% 17% 17% 16% 21% 19% 21% 23% In addition to coverage under the FIPO Pension Plan, City of Miami fire fighters and police officers are members of sepa- rate non-contributory money purchase benefit plans estab- lished under the provisions of Florida Statutes, Chapters 175 and 185, respectively, These two plans are funded solely from the proceeds of certain excise taxes levied by the City imposed upon property and casualty insurance coverage within the City limits. This tax, which is collected from insur- ers by the State of Florida, is remitted directly by the City to the plans' Boards of Trustees. As long as the minimum benefit provisions of Statute Chapters 175/185 are met by FIPO, the City is entitled to levy such excise taxes solely for the use of the money purchase benefit plans. The City is currently under no obligation to make further contributions to the plans. The total of such excise taxes received from the State of Florida and remitted to the plans was approxi- mately $4,966,000 for the year ended September 30, 1993. Benefits are allocated to the participants based upon their service during the year and the level of funding received during said year. Participants are fully vested after nine years of service. On termination of service, a participant may elect one of three options: to receive a lump sum payment, or five substantially equal payments, or not less than 10% the first year and the remainder any way over the next four years. The total must be paid out within five years. G. Post -Employment Health Care Benefits In addition to providing pension benefits, the City offers to its retirees comprehensive medical coverage and life bene- fits through the City's self insured plan. This plan was estab- lished in accordance with Florida State Statute Section 112.0801 "Group Insurance; Participation by Retired Em- ployees". Substantially all of the City's general employees and firefighters may become eligible for those benefits when they reacts normal retirement age while working for the City. As indicated in Note 10(C), 1,051 of the 3,097 covered participants are retirees. The City's cost of the post - employment health benefits, funded on a pay as you go basis, approximated $2.6 million for the year September 30, 1994. City of Miami, Florida !Votes to Financial Statements The City maintains a Pension Administration trust fund (ex- pendable trust fund), which charges each department of the City and other governmental contributors their respective share of estimated pension plan contributions. Substantially all amounts charged were to the General Fund, and the remainder to various other funds, principally enterprise and internal service. The Pension Administration Trust Fund then disburses the actuarially determined required contributions to the pension trust funds. E. Department of off -Street Parking The Department of Off -Street Parking (the "Department") Enterprise Fund is the sponsor of a single employer defined benefit pension plan which covers all of the Department's eligible full-time employees including employees within the facilities managed by the Department. As of September 30, 1993, the Department's pension benefit obligation totaled approximately $2,320,471. The net assets available for plan benefits totaled approximately $2,393,989 as of September 30, 1993. For the year ended September 30, 1993, actuarial- ly determined employer contributions and overall contribu- tion requirements were met under the plan. Refer to the Department's pension plan financial statements for addition- al information. F. Special Benefit Plans In addition to the deferred compensation plan described in Note 2(0), certain executive employees of the City are al- lowed to join the ICMA Retirement Trust's 401(a) plan. This defined contribution deferred compensation plan, which covers governmental employees throughout the country, is governed by a Board of Directors responsible for carrying out the overall management of the organization, including investment administration and regulatory compliance. Mem- bership for City of Miami employees is limited by the City Code to specific members of the City Clerk, City Manager, and City Attorney's offices; Department Directors, Assistant Directors; and other executives. To participate in the plan a written trust agreement must be executed, which requires the City to contribute 8% of the individual's earnable com- pensation, and the employee to contribute 10% of their salary. Participants may withdraw funds at retirement or upon separation based on a variety of payout options. The following information relates to the City of Miami participa- tion in this plan (in thousands): Total current year payroll for all employees ........ $ 157,750 Current year payroll for employees covered in the plan ....................................... 2,952 Current year employer contributions at an 8% rate 236 City of Miami, Florida (Votes to Financial Statements 13. INTERFUND TRANSFERS A summary of interfund transfers by fund type for the fiscal year ending September 30, 1993, is as follows (in thousands): Transfers In Special Debt Capital Internal Expendable General Revenue Service Projects Enterprise Service Trust Total Transfers Out General .................. $ - $1,873 $ - $ - $13,644 $1,279 $5,971 $22,767 Special revenue .......... 31,389 - - 5,204 6,684 1,804 - 45,081 Debt service ............. 3,845 301 7,145 1,168 - - - 12,459 Capital projects ........... 2,000 743 3,557 - - - - 6,300 Enterprise ............... 2,446 - - - - - - 2,446 Internal service ........... - 808 - - - - - 808 Expendable trust ......... - - - 90 160 - - 250 $39,680 $3,725 $10,702 $6,462 $20,488 $3,083 $5,971 $90,111 14. COMMITMENTS AND CONTINGENCIES Capital Improvement Program The City's capital improvement ordinance identified ongoing Proposed Sources of Funding Amount and future projects totaling $300 million. Major emphasis is City placed on maintaining and expanding the City's infrastruc- Bonds $201,754 ture. The greater effort is directed to public facilities, street .................................. Capital Improvement Funds ............... 60,889 improvement, park facilities, storm sewers, and sanitary 262,643 sewers. The community redevelopment projects are de- signed to assist in neighborhood revitalization and the ex- Non -City pansion of the City's economic base. A functional distribu- Federal Grants .......................... 26,448 tion of the capital improvement ordinance and funding State Grants ............................ 7,827 sources, excluding projects financed by DOSP and MSEA Other Revenue Sources .................. 2,609 follows.(in thousands): 36,884 Total Funding ............................ $299,527 Functional Category Amount Parks ..................................... $ 41,884 General Government ....................... 61,242 Sanitary Sewers ........................... 9,049 Street Improvements ...................... 13,701 Parking Facilities ........................... 50 Community Development .................. 22,223 Marinas .................................. 22,943 Housing .................................. 20,697 Storm Sewers ............................. 34,497 r j ! Stadiums ................................. 20,205 Fire ...................................... 12,899 ; Police.................................... 15,579 Exhibition Centers ......................... 8,506 Economic Development .................... 5,616 Solid Waste ............................... 4,257 Mass Transit .............................. 6,179 Total Capital Improvement Program ........ $299,527 City of Miami, Florida Notes to Financial Statements During fiscal year 1993, the City's Department of Public Works was engaged in the design and construction of 132 individual projects with budgets totaling $58 million. The most significant projects were the following: • Hurricane Andrew Recovery —These projects are co- ordinated through the City's Hurricane Andrew Re- covery Team and are funded by insurance and FEMA reimbursements. Major projects included restoration of the Dinner Key Marina, Coconut Grove Convention Center, Fire College, Miamarina, and Bayfront Park, with a total cost exceeding $7 million. • Neighborhood and Bayfront Parks --The most signifi- cant park project was the redevelopment of Curtis Park into a major competition sports and recreational facility. These improvements included a 4,000 seat lighted stadium, a 400 meter olympic tract with relat- ed field event facilities, football/soccer playfield, and support facilities. In Bayfront Park, a new perform- ance area with a stage and seating is under construc- tion. Park improvements also included several new or renovated recreational buildings, and new ballfields with sports lighting. Southeast Odertown/Park West The Southeast Overtown/Park West redevelopment pro- gram entails the redevelopment of 240 acres of prime real estate, adjacent to the central business district, for new residential and commercial activity. The general redevelop- ment concept for the project area is the provision of a wide range of housing opportunities with supporting commercial uses to serve the area's future population. By the end of the century the project area is envisioned to have the capacity to support over 9,000 residential units and over one million square feet of office and commercial space. The City has been delegated limited redevelopment powers for the im- plementation of the redevelopment plan. Public sector in- volvement will focus on land acquisition, resident relocation, demolition, project marketing, infrastructure improvements and construction and, in some instances, the provision of "gap" financing. It is estimated that private investment will exceed $1.0 billion during the next 20 years. Phase I devel- opment started in the fall of 1988 with an initial 860 units. Public infrastructure, including utilities, is being constructed simultaneously with private development. Total public in- vestment in Phase I exceeds $58 million of which approxi- mately $21.1 million is included in the City's capital improve- ment ordinance. New private construction in the amount of $200 million is planned over the next ten years for a total of 1,100 residential units and 250,000 square feet of office and commercial space. G & O Enterprise Fund The Maurice Gusman Cultural Center and the Olympia Build- ing, whose operations are accounted for under the G & 0 Enterprise Fund, incurred operating losses before deprecia- tion for fiscal years 1993 and 1992 of $295,234 and $448,485, respectively. The City has in prior years funded the operating losses net of interest earnings. During recent years decreasing Olym- pia Building rental income has resulted in increasing operat- ing losses. The viability of this enterprise fund is dependent upon increased public support for the Gusman Cultural Center, a reduction in operating losses for the Olympia Building and continued limited financial support by the City. The DOSP, the managing entity of the G&O Enterprise Fund, has advanced working capital to the G&O fund in an amount equal to the operating losses incurred by such fund during fiscal year 1993. The City has agreed to reimburse DOSP for G&O's accumulated operating deficits by ex- tending DOSP's lease on certain parking lots owned by the City. If at the termination of such lease agreement a balance remains unpaid in the accumulated deficit account the City would fund the balance at that time. Litigation There are a number of claims and lawsuits outstanding against the City, arising principally from personal injuries incurred on City property, for which liability of $79,135,000, including an actuarially determined portion for claims in- curred but not reported, was recorded in General Long -Term Debt as of September 30, 1993, as described in Note 10. Miami Marine Exposition, Inc. filed suit in the United States District Court claiming unlawful rejection of its request for proposal relating to development of Watson Island and is requesting damages. The ultimate outcome of this claim cannot presently be determined. However, in the opinion of City's counsel the claim is not meritorious. 15. HURRICANE ANDREW On August 24, 1992, Hurricane Andrew struck Dade County causing substantial damage. As a result of the disaster, Dade County was declared a Federal Disaster Area with the Federal Government providing 100% reimbursement for qualifying expenditures. The City's estimate of total cost related to the disaster approximates $68 million and will substantially be reimbursed by the Federal Emergency Man- agement Agency (FEMA), Community Development Block Grant Program —Disaster -Related Appropriations (CDBG), State of Florida's Hurricane Recovery and Rebuilding Trust Fund, insurance recovery and other grants pending approval as follows (in thousands): t .s_ri, t yr 55 94— 574 City of Miami, Florida (Votes to Financial Statements Anticipated Source of Received as 16. SUBSEQUENT EVENTS Funds of 9130/93 On October 12, 1993, the City issued $30,000,000 in Tax FEMA Grant .................. $46.4(1) $24.6 Anticipation Notes, Series 1993, to pay for appropriations FEMA Loan ................... 5.1 5.1 made by the City for the fiscal year ending September 30, State of Florida ................ 6.6 3.4 1994, in anticipation of the receipts of ad valorem taxes to CDBG ........................ 2.8 — be collected during the fiscal year. The notes were issued at Insurance Recovery ............ 7.1 4.6 the rate of 3.25%. General Fund ad valorem taxes are being Total ..................... $68.0 $37.7 transferred in the new fiscal year to a "Note Fund" until - balance of the "Note Fund" equals the principal and interest (1) Of this amount, $34.7 million represent cumulative ex- due on the notes at maturity on September 28, 1994. penditures by the City through September 30, 1993 ($13.4 million in fiscal 1992 and $21.3 million in fiscal 1993). t t ,5 is IG y , Ft lS! ly INDIVIDUAL FUI"D AND Ck b}4(, i;j A C C 0 U141T U P, S TAT EIV Epic ?gin I AND SCHEDULES } 57 94- 574 ' t GENERAL FUND fs �: Y . i }} GENERAL FUND —to account for resources traditionally associated with , government which are not required legally or by sound financial management to be accounted for in another fund. t 1 59 94-- 574 f SCHEDULE A-1 CITY OF MIAMI, FLORIDA GENERAL FUND COMPARATIVE BALANCE SHEET SEPTEMBER 30, 1993 AND 1992 —� (in thousands) i 1993 1992 .� ASSETS Equity in pooled cash and investments......................................................... $ 1,318 $ 970 Receivables: Taxes................................................................ ................ 2,752 2,088 Accounts............................................................... ............. 5,903 6,917 q Due from other funds........................................................................ 1,000 — 4 Due from other governments................................................................. 6,080 8,586 ! Other assets................................................................................ 43 132 Total assets.......................................................... .............. $17,096 $18,693 LIABILITIES AND FUND BALANCES Liabilities: -� ........................... Vouchers and accounts payable ............................. $ 1,811 $ 3,525 Accrued expenses .................................................... ................ 5,852 5,248 Due to other governments ................ I ...... I........................................ 66 — Deferredrevenue ................................................. ................. 4,207 5,245 lDeposits ......................................... ...... ....... ................. 638 726 Accruedinterest ..................................... ... .......... .......I........ 29 — Totalliabilities................................... .................. ........... 12,603 14,744 Fund balances: Reserved for encumbrances .......................... 356 370 Unreserved and undesignated............................................................. 4,137 3,579' Totalfund balances ....................................... ........................... 4,493 3,949 Total liabilities and fund balances........................................................ $17,096 $18,693 J J' _I61 94- 574 i SCHEDULE A-2 CITY OF MIAMI, FLORIDA GENERAL FUND SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE -BUDGET AND ACTUAL --BUDGETARY BASIS FOR THE YEAR ENDED SEPTEMBER 30, 1993 with comparative actual amounts for year ended September 30, 1992 (in thousands) 1993 Favorable Actual Budget Actual (Unfavorable) 1992 Revenues: Taxes: Property tax collections including penalties and interest.......... $ 98,982 $100,091 $ 1,109 $ 99,635 Business and excise taxes .................................... 17,875 18,349 474 17,396 116,857 118,440 1,583 117,031 Licenses and permits: Business licenses and permits ................................ 4,287 4,646 359 4,539 Construction permits ......................................... 176 ! 95 (81) 158 4,463 4,741 278 4,697 Intergovernmental: State revenue sharing ........................................ 3,540 3,540 - 3,272 Sales taxes ................................................. 17,615 17,619 4 14,260 Court fines .................................................. 2,876 2,893 17 3,015 Other ...................................................... 6,408 6,404 (4) 11,363 30,439 30,456 17 31,910 Intragovernmental: Engineering services and other ................................ 786 2,517 1,731 3,467 Charges for services: Public safety ................................................. 3,792 3,805 13 3,309 Recreation .................................................. 537 536 (1) 622 Other ...................................................... 401 385 (16) 185 4,730 4,726 (4) 4,116 Interest ...................................... .... ......... 2,057 2,057 - 1,945 Otherrevenues............................................... 7,397 4,611 (2,786) 4,652 Total revenues .......................................... $166,729 $167,548 $ 819 $167,818 Continued 62 I. - i SCHEDULE A-1 CITY OF MIAMI, FLORIDA GENERAL FUND COMPARATIVE BALANCE SHEET SEPTEMBER 30, 1993 AND 1992 -� (in thousands) j 1993 1992 ASSETS Equity in pooled cash and investments......................................................... $ 1,318 $ 970 Receivables: Taxes............................................................ .......... ........ 2,752 2,088 Accounts....................................................... .......... ....... 5,903 6,917 Due from other funds ....................................................... ............... 1,000 — Due from other governments................................................................. 6,080 8,586 Otherassets................................................................................ 43 132 y Total assets......................................................................... $17,096 $18,693 LIABILITIES AND FUND BALANCES Liabilities: --I Vouchers and accounts payable ......... .............................. ............... $ 1,811 $ 3,525 Accruedexpenses.......................................................... ........... 5,852 5,248 Dueto other governments ................................................. ............ 66 — Deferredrevenue......................................................... ............. 4,207 5,245 Deposits........................................................... 638 726 11 Accrued interest ................................................. .............. 29 Total liabilities .............................................. ............... 12,603 14,744 Fund balances: Reserved for encumbrances .............................................................. 356 370 Unreserved and undesignated.............................................................. 4,137 3,579' fTotal fund balances ...................................... 4,493 3,949 .�J Total liabilities and fund balances ....................... ... .... ................... $17,096 $18,693 i I raj 61 94- 574 SCHEDULE A-2 (continued) 1993 Variance Favorable 1 Budget Actual (Unfavorable) f Expenditures: General government: Mayor and commission ...................................... $ 1,025 $ 993 $ 32 Citymanager ................................................ Cityclerk 993 992 1 ................................ .... ........... Budget ................................. .... ........... 819 1,185 775 1,155 44 30 Finance ..................................................... 2,944 2,972 (28) Legal.. .............................. .. ............ 2,664 2,541 123 Civil service . ................. .. .. 257 246 11 Personnel management ......................... ........... 1,891 1,862 29 JInternal audit ................................................ 872 867 5 Computers .................................................. 3,905 3,754 151 16,555 16,157 398 Public safety: Police ...................................................... 90,952 91,032 (80) Fire ................................. ..... ............ 45,871 45,784 87 136,823 136,816 7 Public improvements: } works Public . ................ ..... .......... 11,477 11,033 444 Planning and zoning boards ................................... 1.345 1,318 27 j 12,822 12,351 471 J( Culture and recreation ........................ . ........... 10,594 10,521 73 Other: Employee benefits 1, 1,2 (3) Special programs . .....•... ...... 1,138 138 1,45452 (31414) Intragovernmental charges ....•........•..•... •...... 2,077 1,916 161 Miscellaneous ............................................... 5,930 6,650 (720) 10,345 11,560 (1,215) Debt service:................................... Interest and fiscal charges . 707 1,598 (891) 707 1,598 (891) Total expenditures ....................................... 187,846 189,003 (1,157) Deficiency of revenues over expenditures .......................... (21,117) (21,455) (338) Other financing sources and (uses): Operating transfers in ........................................ 40,156 39,680 (476) Operating transfers out ....................................... (20,601) (22,767) (2,166) Proceeds from FEMA loan . 5,100 5,100 Total other financing sources (uses) ........................ 24,655 22,013 (2,642) - Excess (deficiency) of revenues and other financing sources over expenditures and other financing uses .............. Fund balance at beginning of year ............................... $ 3,538 558 3,579 $(2,980) Fund balance at end of year --budgetary basis .................... 4,137 Reconciliation to GAAP basis: Encumbrances .............................................. 356 Fund balance at end of year-GAAP basis . $ 4,493 J63 94- 574 } Actual 1992 $ 1,007 1,089 1,007 1,270 2,908 2,889 242 1,877 961 4,295 17,545 90,049 45,267 135,316 12,363 1,461 13,824 10,049 842 1,106 2,908 5,632 10,488 1,817 1,817 189,039 (21, 221) 35,871 (15,799) 20,072 (1,149) 4,726 3,579 370 $ 3,949 rrz wx ii `Y 1 r_ SPECIAL REVENUE FUNDS �z ��°� r; Special revenue funds are used to account for specific revenues that are lam° t legally restricted to expenditure for particular purposes. i' MIAMI SPORTS AND EXHIBITION AUTHORITY —to account for the administrative operations of the Authority which was established to develop ` and promote sports and exhibition facilities and activities in the City. The Authority's operations are principally financed by proceeds from a convention jti h development tax. DOWNTOWN DEVELOPMENT AUTHORITY —to account for the general k operations of the Authority which was established to develop and revitalize the } (:, downtown area. The Authority's operations are principally financed by a special r ad valorem tax levy. RESCUE SERVICES —to account for the proceeds of an excise tax that are (s restricted to expenditures which supplement the City's emergency fire rescue operations. COMMUNITY DEVELOPMENT —to account for the proceeds from the federal xt government under the Community Development Block and Urban Development Action Grant Programs. i LAW ENFORCEMENT FUND —to account for confiscated monies awarded to i the City for law enforcement related expenditures as stipulated by State Statutes. ' METRO-DADE TOURIST TAX —to account for the proceeds of a resort tax that are restricted to expenditures related to the tourism industry. STORM WATER SEWER FUND —to account for all fees and charges collected for the operation and maintenance of the stormwater management system and the funding of pollution abatement devices of said system. PUBLIC SERVICE TAX FUND —to account for the utility service tax levied on purchases of public utility services. OTHER FUNDS —to account for miscellaneous revenues from federal and state governments and other sources that are restricted to expenditure for specific current operating purposes. 4 I 65 94- 574 +�3kbf`&r k, S rt` k THIS PAGE INTENTIONALL LEFT BLANK 66 1 r u rho CITY OF MIAMI, FLORIDA SPECIAL REVENUE FUNDS COMBINING BALANCE SHEET - SEPTEMBER 30, 1993 i with comparative totals for September 30, 1992 (in thousands) Miami Sports & Downtown Exhibition Development Rescue Community Authority Authority Services Development ASSETS Equity in pooled cash and investments ............................ $ — $— $_ $ Other cash and investments .................................... 9,630 131 Accounts receivable ............................................ 619 — 125 601 Due from other funds ........................................... — — — — Due from other governments .................................... — 92 — 2,443 Other assets ................................................... — — — — Prepaid expenses ............................................... _ Restricted cash and investments, including accrued interest......... 1,682 — — — Total assets .............................................. $11,931 $223 $125 $3,044 LIABILITIES AND FUND BALANCES Liabilities: Vouchers and accounts payable ................................ $ 1,051 $106 $ 6 $ 904 Accrued expenses ............................................ — 2 55 108 Due to other funds ........................................... — — 25 1,821 Deferred revenue ............................................. — — — 211 Deposit refundable ........................................... — — _ — Claims and other payables ..................................... — — — — Total liabilities ...............................:............ 1,051 108 86 3,044 Fund balances: Reserved..................................................... 1,682 — — — Unreserved: Designatedfor approved projects ............................. — — — -- Undesignated.............................................. 9,198 115 39 Total fund balances ....................................... 10,880 115 39 — Total liabilities and fund balances ........................... $11,931 $223 $125 $3,044 i SCHEDULE B-1 i i f Law Enforcement Metro -Dade Storm Water Public Service Other Totals Fund Tourist Tax Sewer Fund Tax Fund Funds 1993 1992 $ - $ 4 $ 15 $ - $ - $ 19 $ 666 - - - - -- 9,761 2,453 - - 515 4,031 143 6,034 4,839 2,658 - - - 1 2,659 3,720 - - - - 823 3,358 1,492 1 .- - - - 3,703 5,385 5,193 $2,658 $ 4 $530 $4,031 $4,670 $27,216 $18,375 $ 120 - $ 12 - $ 567 $ 2,766 $ 2,198 ' I 8 - - - 68 241 221 - - - 4,028 815 6,689 4,467 17 228 30 f - - - - 61 61 476 - - - - 28 28 - 128 - 12 4,028 1,556 10,013 7,392 -.- - - - - 1,682 1,244 - - - - - - 2,900 2, 530 4 518 3 3,114 15,521 6,839 2,530 4 518 3 3,114 17,203 10,983 t $2,658 $ 4 $530 $4,031 $4,670 $27,216 $18,375 i I 69 _J :`, F� 94- 574 i CITY OF MIAMI, FLORIDA SPECIAL REVENUE FUNDS I COMBINING STATEMENT OF REVENUES, EXPENDITURES — AND CHANGES IN FUND BALANCES i FOR THE YEAR ENDED SEPTEMBER 30, 1993 with comparative totals for year ended September 30, 1992 ( (in thousands) Miami Sports & Downtown Exhibition Development Rescue Community Authority Authority Services Development Revenues: Property taxes ............................................... $ — $1,490 $ — $ — Business and excise taxes ..................................... — — 1,578 76 Intergovernmental ............................................ 6,000 — 138 15,400 Interest...................................................... 388 1 3 98 1 Other ....................................................... 211 379 20 1,993 Total revenues ........................................... 6,599 1,870 1,739 17,567 Expenditures: Public safety ................................................. — — 2,390 — Grants and related expenditures ................................ — — — 17,252 Economic development ....................................... — 1,773 — — Other....................................................... 1,896 — — 445 Total expenditures ........................................ 1,896 1,773 2,390 17,697 Excess (deficiency) of revenues over expenditures ...................................... 4,703 97 (651) (130) Other financing sources (uses): Operating transfers in ......................................... 1,109 — 758 153 Operating transfers out ............................. I.......... (720) — — (23) Total other financing sources (uses) ......................... 389 — 758 130 Excess (deficiency) of revenues and other financing sources over expenditures and other financing uses ............... 5,092 97 107 — Fund balances (deficits) at beginning of year ....................... 4,237 18 (68) — Equity transfers from other funds ................................ 1,551 — — — Fund balances at end of year .................................... $10,880 $ 115 $ 39 $ — 1 70 94 - " i-7. 4 SCHEDULE B-2 1 Law Enforcement Metro -Dade Storm Water Public Service Other Totals Fund Tourist Tax Sewer Fund Tax Fund Funds 1993 1992 $ - $ - $ - $ - $ 665 $ 2,155 $ 2,123 -- - 6,146 32,560 - 40,360 36,125 ^� 925 1,848 - - 4,921 29,232 21,747 71 - - 32 140 733 1,011 x�II 19 - - - 4,089 6,711 5,391 1,015 1,848 6,146 32,592 9,815 79,191 66,397 2,016 - - 4,406 3,893 f - - i 8,026 25,278 20,005 -- - - - - 1,773 1,578 - 264 25 - 715 3,345 3,675 f 2,016 264 25 - 8,741 34,802 29,151 (1,001) 1,584 6,121 32,592 1,074 44,389 37,246 -- - - - 1,705 3,725 1,757 (1,580) (6,179) (32,597) (3,982) (45,081) (40,180) i - (1,580) (6,179) (32,597) (2,277) (41,356) (38,423) l (1,001) 4 (58) (5) (1,203) 3,033 (1,177) 3,531 - 576 8 2,681 10,983 12,160 I - -- - - 1,636 3,187 - $ 2,530 $ 4 $ 518 $ 3 $ 3,114 $ 17,203 $ 10,983 ,J j J 4 z L a .i l'{ .ti • o 71 9 574 4 Y I i 1 i CITY OF MIAMI, FLORIDA MIAMI SPORTS AND EXHIBITION AUTHORITY, i DOWNTOWN DEVELOPMENT AUTHORITY, RESCUE SERVICES, COMMUNITY DEVELOPMENT, LAW ENFORCEMENT FUND, METRO DADE TOURIST TAX, STORM WATER SEWER FUND, AND PUBLIC SERVICE TAX SPECIAL REVENUE FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES -BUDGET AND ACTUAL -BUDGETARY BASIS FOR THE YEAR ENDED SEPTEMBER 30, 1993 with comparative actual amounts for year ended September 30, 1992 (in thousands) Miami Sports and Exhibition Authority Downtown Development Authority Variance Variance Favorable 1992 Favorable 1992 Budget Actual (Unfavorable) Actual Budget Actual (Unfavorable) Actual Revenues: Property taxes ................................... $ - $ - $ - $ - $1,344 $1,490 $ 146 $1,343 Business and excise taxes ............. . ........... - - - - - - - - Intergovernmental ................................ - 6,000 6,000 - - - - - Interest ......................................... 212 388 176 128 8 1 (7) 4 Other ........................................... - 211 211 230 56 379 323 30 Total revenues ............... ............... 212 6,599 6,387 358 1,408 1,870 462 1,377 Expenditures: Public safety ..................................... - - - - - - - - Grants and related expenditures .................... - - - - - - - - Economic development ............................ - - - - 1,333 1,773 (440) 1,578 Other ........................................... 1,161 1,896 (735) 1,412 - _ - - - Total expenditures ............................ 1,161 1,896 (735) 1,412 1,333 1,773 (440) 1,578 - Excess (deficiency) of revenues over expenditures ....... .......... :.......... ... (949) 4,703 5,652 (1,054) 75 97 22 (201) Other financing sources (uses): Operating transfers in ............................. 949 1,109 160 755 - - - - Operating transfers out ............. . ............ . . - (720) (720) - - - - -- Total other financing sources (uses) .............................. 949 389 (560) 755 - - - - Excess (deficiency) of revenues and other financing sources over expenditures and other financing uses ............................ $ - 5,092 $5,092 (299) $ 75 97 $ 22 (201) Fund balances (deficits) at beginning of year............ 4,809 5,108 18 219 Equity transfer to other fund ......................... 1,551 - - - Fund balances (deficits) at end year ................... $11,452 $ 4,809 $ 115 $ 18 72 94- 574 , SCHEDULE B-3 r Rescue Services Community Development Law Enforcement Fund Variance Variance Variance Favorable 1992 Favorable 1992 Favorable 1922 Budget Actual (Unfavorable) Actual Budget Actual (Unfavorable) Actual Budget Actual (Unfavorable) Actual "j $- $- $- $- $ _ $ - $ - $ $ $ $' $� 1,481 1,578 97 1,313 76 76 = _ _ 12 138 126 81 21,318 15,400 (5,918) 12,091 215 925 710 3,145 - 3 3 13 - 98 98 401 - 71 71 84 - 20 20 4 1,993 1,993 2,314 - 19 19 - 1,493 1,739 246 1,411 21,318 17,567 (3,751) 14,806 215 1,015 800 3,229 2,214 2,390 (176) 2.150 - - - - 215 2,016 (1,801) 1,743 - - - - 21,318 17,252 4,066 14,439 - - - - - - - - - 445 _(445) - - - - - 2,214 2,390 (176) 2,150 21,318 17,697 3,621 14,439 215 2,016 (1,801) 1,743 (721) (651) 70 (739) - (130) (130) 367 - (1,001) (1,001) 1,486 721 758 37 652 1 i --- (23 (23) (2323) (367) - - - - 721 758 37 652 - 130 130 (367) - - - - $ - 107 $ 107 (87) $ - - $ - - $ - (11001) $0,001) 1,486 (68) 19 - - 3,531 2,045 $ 39 $ (68) $ - $ - $ 2,530 $3,531 J «cyl Continued �J .t. 73 94- 574 1 IIJ I • � r f I CITY OF MIAMI, FLORIDA MIAMI SPORTS AND EXHIBITION AUTHORITY, -- DOWNTOWN DEVELOPMENT AUTHORITY, RESCUE SERVICES, COMMUNITY DEVELOPMENT, LAIR/ ENFORCEMENT FUND, l' METRO DADE TOURIST TAX, STORM WATER SEWER FUND, AND PUBLIC SERVICE TAX SPECIAL REVENUE FUNDS ' COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES —BUDGET AND ACTUAL ---BUDGETARY BASIS FOR THE YEAR ENDED SEPTEMBER 30, 1993 with comparative actual amounts for year ended September 30, 1992 (in thousands) Metro Dade Tourist Tax Storm Water Sawer Fund Variance Variance Favorable 1992 Favorable 1992 Budget Actual (Unfavorable) Actual Budget Actual (Unfavorable) Actual Revenues: Property taxes ................................. $ — $ — $ — $ — $ — $ — $ — $ — Business and excise taxes ....................... — — — — 6,100 6,146 46 5,695 Intergovernmental .............................. 1,460 1,848 388 1,621 — — — — Interest ....................................... — — — — — — — — Other......................................... — — — — — — — — Total revenues ............................. 1,460 1,848 388 1,621 6,100 6,146 46 5,695 Expenditures: Public safety ................................... — — — — — — — — Grants and related expenditures .................. — — — — — — — — Economic development ................ I......... - - - - - - - - Other ......................................... 200 264 (64) 337 25 25 — 25 j Total expenditures ............. :............ 200 264 (64) 337 25 25 — 25 Excess (deficiency) of revenues over expenditures ............................. 1,260 1,584 324 1,284 6,075 6,121 46 5,670 Other financing sources (uses): Operating transfers in ........................... — — — — — — — — Operating transfers out .......................... (1,260) (1,580) (320) (1,298) (6,075) (6,179) (104) (5,495) Total other financing sources (uses) ............................ (1,260) (1,580) (320) (1,298) (6,075) (6,179) (104) (5,495) Excess (deficiency) of revenues and other financing sources over expenditures and other financing uses .......................... $ — 4 $ 4 (14) $ — (58) $ (58) 175 Fund balances (deficits) at beginning of year .......... — 14 576 401 Equity transfer to other fund ....................... — — Fund balances (deficits) at end of year ............... $ 4 $ — $ 518 i I $ 576 74 94- 574 SCHEDULE 8-3 1 (continued) a Public Service Tax Fund Total Variance Varian" Favorable 1992 Favorable 1992 Budget Actual (Unfavorable) Actual Budget Actual (Unfavorable) Actual $ - $ - $ - $ - $ 1,344 $ 1,490 $ 146 $ 1,343 29,297 32,560 3,263 29,117 36,878 40,360 3,482 36,125 - - - - 23,005 24,311 1,306 16,938 - 32 32 - 220 593 373 630 - - - - 56 2,622 2,566 2,578 29,297 32,592 3,295 29,117 61,503 69,376 7,873 57,614 i - - 2,429 4,406 (1,977) 3,893 - - 21,318 17,252 4,066 14,439 - - - - 1,333 1,773 (440) 1,578 - - - 80 1,386 2,630 (1,244) 1,854 - - - 80 26,466 26,061 405 21,764 29,297 32,592 3,295 29,037 35,037 43,315 8,278 35,850 f 1,670 2,020 350 1,407 (29,297) (32,597) (3,300) (29,035) (36,632) (41,099) (4,467) (36,195) (29,297) (32,597) (3,300) (29,035) (34,962) (39,079) (4,117) (34,788) $ - (5) $ (5) 2 $ 75 4,236 $ 4,161 1,062 s. 8 6 8,874 7,812 1,551 $ 3 $ 8 $14,661 $ 8,874 y i 94- 574 75- � r t 5. E5, t - 1 DEBT SERVICE FUNDS ia�ra�w� a��r�. Ai�+srae ru��rrrrra f F i 1 I i. The debt service funds are used to account for the accumulation of resources _ and payment of general obligation bond principal and interest from governmental resources and special obligation bond principal and interest from I =, pledged revenues when the government is obligated in some manner for the �1 payment. j GENERAL OBLIGATION BONDS —to account for monies for payment of principal, interest, and other costs related to various issues of long-term general obligation bonds. Debt service is financed primarily by an ad valorem tax. MSEA SPECIAL OBLIGATION REFUNDING BONDS —to account for the payment of principal, interest and other costs .related to the MSEA Special Obligation Refunding Bonds, Series 1992A and 1992B. Debt service is financed through proceeds from the convention development tax. r� OTHER SPECIAL OBLIGATION BONDS --to account for monies for payment of principal, interest and other costs related to the Spacial Obligation Bonds, , Series 1986A, Guaranteed Entitlement Revenue Bonds, Series 1989, Community Redevelopment Revenue Bonds, Series 1990 and Rental Revenue Bonds, Series 1988. 7 77 94— 574 a x 1 1 SCHEDULE C-1 CITY OF MIAMI, FLORIDA DEBT SERVICE FUNDS COMBINING BALANCE SHEET SEPTEMBER 30, 1993 with comparative totals for September 30, 1992 (in thousand) MSiJ1 Special Other General Obligation Special Totals Obligation Refunding Obligation Bonds Bonds Bonds 1993 1992 ASSETS . Equity in pooled cash and investments ..................... $4,041 $ - $ 892 $ 4,933 $3,600 T Receivables: Taxes ................................................ 673 420 63 1,156 1,250 Restricted cash and investments ........................................... 224 2,604 2,169 4,997 3,628 Total assets ......................................... $4,938 $3,024 $3,124 $11,086 $8,478 LIABILITIES AND FUND BALANCES Liabilities: Vouchers and accounts payable .. , , ..... • , • ... • . • ....... , $ 152 $ - $ - $ 152 $ --- Due to other funds ...................................... - - - - 720 Matured bonds and interest payable .... Other payables . : ::::: : :::: : :::::: 2,458 18 2,571 652 5,681 18 4,838 18 Total liabilities ....................................... 2,628 2,571 652 5,851 5,576 { Fund balances: Reserved for debt service . 2,310 453 2,472 5,235 2,902 1) Total fund balances .................................. 2.310 453 2,472 5,235 2,902 Total liabilities and fund balances ...................... $4,938 $3,024 $3,124 $11,086 $8,478 5 79 i i 94- 574 1 1J e SCHEDULE C-2 CITY OF MIAMI, FLORIDA DEBT SERVICE FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES FOR THE YEAR ENDED SEPTEMBER 30, 1993 with comparative totals for year ended September 30, 1992 (in thousands) MSEA Special Other ") General Obligation Special Totals Obligation Refunding Obligation 1` Bonds Bonds Bonds 1993 1992 Revenues: 'j Taxes .................... $ 24,366 $ 5,807 $ 789 $ 30,962 $ 30,361 ........ Assessment lien collections ................. 29 Intergovernmental ..................................... - - 3,421 3,421 3,721 Interest ............................................... 149 154 624 927 837 Other ................................................ 157 - 3,038 3,195 2,286 Total revenues .................................... 24,672 5,661 7,872 38,505 37,234 Expenditures: Debt service: Principal retirement ............. I.................... 11,745 1,150 540 13,435 20,196 Interest and fiscal charges ............................ 11,026 2,843 4,199 18,068 19,418 Bond issue costs ...................................... 2,465 - - 2,465 1,123 Other ................................................ 79 101 9 189 608 Total expenditures ................................. 25,315 4,094 4,748 34,157 41,345 Excess (deficiency) of f revenues over............ ........................ expenditures (643) 1,867 3,124 4,348 (4,111) Other financing sources (uses): Operating transfers in .................................. - 7,752 2,950 10,702 53,695 Operating transfers out.. ............ .......... (202) (8,574) (3,683) (12,459) (57,157) =t Proceeds from debt issuance ............................................ - - - - 7,807 Proceeds of refunding.... bonds •.......................•... 101,960 - - 101,960 40,950 Payment to refunding bond escrow agent ....................................... (99,495) - - (99,495) (40,502) Total other financing sources (uses) .................. 2,263 (822) (733) 708 4,793 u Excess (deficiency) of revenues and other financing sources over expenditures and other financing uses ......................... 1,620 1,045 2,391 5,056 682 Fund balances at beginning of year ........................ 690 2,131 81 2,902 22,220 Equity transfer to other fund . (2,723) - (2,723) Fund balances at end of year ............................. $ 2,310 $ 453 $ 2,472 $ 5,235 $ 2,902 i J a, 94- 574 � 1 i CITY OF MIAMI, FLORIDA GENERAL OBLIGATION BONDS AND OTHER SPECIAL OBLIGATION BONDS DEBT SERVICE FUNDS j COMBINING STATEMENT OF REVENUES, EXPENDITURES i AND CHANGES IN FUND BALANCES BUDGET AND ACTUAL FOR THE YEAR ENDED SEPTEMBER 30, 1993 with comparative totals for year ended September 30, 1992 (in thousands) General Obligation Bonds Variance Favorable 1992 Budget Actual (Unfavorable) Actual Revenues: Taxes.......................................................... $ 24,400 $ 24,366 $ (34) $24,514 Assessment lien collections ...................................... 600 — (600) 29 Intergovernmental............................................... — — — — Interest......................................................... 250 149 (101) 565 Other.......................................................... — 157 157 8 Total revenues .............................................. 25,250 24,672 (578) 25,116 Expenditures: Debt service: Principal retirement ............................................ 11,745 11,745 — 11,375 Interest and fiscal charges ...................................... 12,374 11,026 1,348 12,620 Bond issue costs ................................................ 2,465 2,465 — — Other.......................................................... 652 79 573 238 . Total expenditures ........................................... 27,236 25,315 1,921 24,233 Excess (deficiency) of revenues over expenditures .............. (1,986) (643) 1,343 883 Other financing sources (uses): Operating transfers in ............................................ — — — — Operating transfers out ........................................... (479) (202) 277 (557) Proceeds of refunding bonds ........................................................ 101,960 101,960 — — Payment to refunding bond escrow agent ................................................. (99,495) (99,495) — — Totalotherfinancing sources (uses) ............................ 1,986 2,263 277 (557) Excess (deficiency) of revenues and other financing sources over expenditures and other financing uses ........................... $ — 1,620 $1,620 326 Fund balances (deficit) at beginning of year ........................... 690 364 Equity transfer to other fund ........................................ — — Fund balances at end of year ....................................... $ 2,310 $ 690 l� x t SCHEDULE C-3 1 Other Special Obligation Bonds Total J Variance Variance Favorable 1992 Favorable 1992 Budget Actual (Unfavorable) Actual Budget Actual (Unfavorable) Actual $ 786 $ 769 $ 3 $ 657 $25,186 $25,155 $ (31) $25,171 - - - - 600 - (600) 29 j 3,907 3,421 (486) 3,721 3,907 3,421 (486) 3,721 6 624 618 111 256 773 517 676 1,122 3,038 1,916 2,278 1,122 3,195 2,073 2,286 5,821 7,872 2,051 6,767 31,071 32,544 1,473 31,883 -� 540 540 - 791 12,285 12,285 - 12,166 1,604 4,199 (2,595) 3,955 13,978 15,225 (1,247) 16,575 2,465 2,465 - a ta) 4U 652 88 5ti4/tt 2,144 4,748 (2,604) 4,786 29,380 30,063 (683) 29,019 • 3,677 3,124 (553) 1,981 1,691 2,481 790 2,864 ' # - 2,950 2,950 2,279 - 2,950 2,950 2,279 (3,677) (3,683) (6) (4,094) (4,156) (3,885) 271 (4,651) k 101,960 101,960 { - - - - (99,495) (99,495) - - (3,677) (733) 2,944 (1,815) (1,691) 1,530 3,221 (2,372) u1 $ - 2,391 $ 2,391 166 $ - _ 4,011 $ 4,011 492 (85) 771 279 1 f -81 t $ 2,472 $ 81 $ 4,782 $ 771 f .11 I i 4 1 f.' f t f 94- 574 4 , Capital projects funds are used to account for the acquisition and construction of major capital facilities other than those financed by proprietary funds and trust funds. STREET IMPROVEMENTS --to account for expenditures made for street improvements and other traffic -related projects. CULTURE AND RECREATION —to account for the acquisition or construction of major capital facilities for cultural and recreational activities such as parks and parks facilities. MUNICIPAL USE —to account for the acquisition or construction of major { capital facilities that support the City's police, fire, computers, communications, and general governmental operations. PUBLIC USE —to account for the acquisition of construction of major capital facilities for public use such as housing and community redevelopment. 1 SEWERS —to account for expenditures for the construction of sanitary and storm sewers. i MIAMI SPORTS AND EXHIBITION AUTHORITY (MSEA)—to account for the construction of a 15,600 seat multi -purpose arena in Downtown Miami and, the expansion of the City of Miami/University of Miami James L. Knight Convention Center and the Coconut Grove Exhibition Center. 85 t 1 -� SCHEDULE D-1 CITY OF MIAMI, FLORIDA CAPITAL PROJECTS FUNDS _.� COMBINING BALANCE SHEET ? SEPTEMBER 30, 1993 with comparative totals for September 30, 1992 (in thousands) Sum Culture and Municipal Public Totals Improvements Recreation Us* Use 'Sewers MSEA 1993 1992 - -, ASSETS Equity in pooled cash and investments ............................... $3,030 $4,706 $ 4,101 $ 3,349 $5,978 $ $21,164 $27,567 Assessment liens receivable ............... 3,562 6 3,568 4,582 Due from other funds ......................... 3,216 1,430 8,701 6,732 1,054 - 21,133 17,237 Due from other - 50 - _ - - 50 325 ! governments .............................. Restricted cash and investments ............................... - 1,508 4 - - 9,614 11,126 10,620 Total assets .......................... $6,246 $7,694 $16,368 $10,087 $7,032 $9,614 $57,041 $60,331 LIABILITIES AND FUND BALANCES Liabilities: i { Vouchers and accounts.,..•.• .............. payable .. $ 57 $ 252 $ 1,587 $ 190 $ 301 $ - $ 2,387 $ 3,732 Accrued expenses ....................... - 159 4 - - - 163 6 1 Deferred revenue assessments ............................. - - 3,367 - - - 3,367 3,154 Due to other governments ................... 460 642 649 9 - - 1,750 879 Other payables ............................. - - - - - -- - 41 Deposits.................................. - - 4 - - - 4 - Total liabilities ......... . .............. 507 1,053 5,611 199 301 - 7,671 7,812 Fund balances: Reserved for: Encumbrances ........................... 671 1,863 8,714 2,325 155 - 13,728 16,883 Construction ............................. 9,614 9,614 7,687 j Unreserved -designated for approved projects ......................... 5,068 4,778 2,043 7,563 6,576 - 26,028 27,949 Total fund balances .................... 5,739 6,641 10,757 9,888 6,731 9,614 49,370 52,519 Total liabilities and fund balances ...................... $6,246 $7,694 $16,368 $10,087 $7,032 $9,614 $57,041 $60,331 1 l { f I i a tS 87 9.4- 574 I SCHEDULE D-2 CITY OF MIAMI, FLORIDA CAPITAL PROJECTS FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES FOR THE YEAR ENDED SEPTEMBER 30, 1993 with comparative totals for September 30, 1992 1 (in thousands) Street Culture and Municipal Public Totals Improvements Recreation Use Use Sewers MSEA 1993 1992 Revenues: Intergovernmental ......................... $ - $ - $ - $ - $ 766 $ - $ 766 $ 2,370 Assessment lien collections .............................. - - 1,370 - - - 1,370 2,760 Interest .................................. 175 126 :501 265 119 300 1,486 2,881 Impact fees .............................. - - - 575 - - 575 516 Other .................................... 48 18 53 323 - 49 491 1,626 Total revenues ....................... 223 144 1,924 1,163 885 349 4,688 10,153 Expenditures: Capital outlay ............................. 482 2,009 4,809 1,417 2,745 27 11,489 42,255 Interest.................................. - - - - - - - 509 Total expenditures ................... 482 2,009 4,809 1,417 _ 2,745 27 11,489 42,764 Excess (deficiency) of revenues over expenditures ...................... (259) (1,865) (2,885) (254) (1,860) 322 (6,801) (32,611) Other financing sources -- (uses): Operating transfers in ...................... 446 1,797 468 802 2,515 434 6,462 9,896 Operating transfers out ..................... (1) (2,110) (1,176) (1,351) (1,662) - (6,300) (6,832) I Proceeds from debt issuance, net ........................... - - - - - - 13,953 I Other. ................................ - 1,762 545 12 - 2,319 Total other financing sources (uses) ..................... 445 1,449 (163) (537) 853 434 2,481 17,017 Excess (deficiency) of revenues and other financing sources over expenditures and other financing uses ..................... 186 (416) (3,048) (791) (1,007) 756 (4,320) (15,594) Fund balances, at beginning of year .......................... 5,553 7,057 13.805 10,679 7,738 7,687 52,519 68,113 Equity transfer from other funds .................................... - - - - - 1,171 1,171 - Fund balances at end of year ..................................... $5,739 $ 6,641 $10,757 $ 9,888 $ 6,731 $9,614 $49,370 $ 52,519 IUTC12001ec C"Filne 4.0 Enterprise funds are used to account for operations that are financed and operated in a manner similar to private business enterprises —where the intent is that the costs of providing goods or services to the general public on a continuing basis be financed or recovered primarily through user charges; or where periodic determination of net income is appropriate for accountability purposes. OFF-STREET PARKING --to account for the operations of the Department of r Off -Street Parking which operates various parking facilities throughout the City. rt' G & 0 ENTERPRISE FUND —to account for the operations of the Gusman ' i Center for the Performing Arts and the Olympia Building as managed by the Department of Off -Street Parking. 7 i MARINE STADIUM —to account for the operations of the Marine Stadium on t Virginia Key. MIAMI STADIUM —to account for the operations of the Bobby Maduro Miami jyt } r Baseball Stadium. ORANGE BOWL STADIUM —to account for the operations of the Orange Bowl Stadium. 'y FsF CONVENTION CENTER —to account for the operations of the City of Miami/University of Miami James L. Knight International Center and Parking x; Garage. MARINAS —to account for the operations of the Dinner Key Marina and other K marinas. r� rs EXHIBITION CENTER ---to account for the operations of the Coconut Grove Exhibition Center. GOLF COURSES —to account for the operations of the Mel Reese Golf Course l and the Miami Springs Golf Course. I WAREHOUSE PROPERTY ---to account for the operations of a warehouse facility leased to the Orange Fowl Committee. r .. PARKING GARAGE —to account for the operations of the Government Center i : ( Parking Garage. i - BUILDING AND ZONING —to account for inspection and zoning activities that r are funded via service fees. SOLID WASTE —to account for solid waste collection costs and billings. is MANUEL ARTIME CENTER —to account for the operations of the Manuel { Artime Center, which promotes educational and cultural programs and provides special community services to citizens of Miami. 89 a i 94- 574 n;a "Nil i 5 r t l i 1 X , THIS PAGE INTENTIONALLY LEFT BLANK ' 90 5 SCHEDULE E-1 CITY OF MIAMI, FLORIDA ENTERPRISE FUNDS COMBINING BALANCE SHEET SEPTEMBER 30, 1993 with comparative totals for September 30, 1992 (in thousands) Off -Street G&O Enterprise Morino Ormppe Miami Bowi Convention Exhibition Goff Warehouse Parking Building and Solid Manuel Artlme Totals Parking Fund Stadium Stadium Stadium Center Marinas Canter Course& Property Garage Zoning Waste Center 1999 1992 ASSETS Current assets: Equity in pooled cash and investments ......... $ - $ - $ - $ - $ - $ - $ - $ - $- $ 1 $ 70 $ - $ - $- $ 71 $ 33 Other cash and investments .. . .............. 10,068 436 - - - - - - - - - - - - 10,504 8,327 Accounts receivable (net), where applicable of allowances for uncollectibles of $1,814 .......... . . . ... . .. 63 216 - - 249 1,132 - - - - - - 3,717 8 5.385 5,870 Due from other funds ...................... - - 271 395 60 - - 225 64 - - - - - 1,015 137 Due from other governments .... . ........... - 500 15 5 7,500 - 1,648 118 135 - - 7 2,656 - 12,584 9,935 Prepaid expenses ......................... . 501 55 - - _ - _- - - - - - - - - 556 426 Total current assets ...................... 10,632 1,207 286 400 7,809 1,132 1,648 343 199 1 70 7 6,373 8 30,115 24,728 Restricted cash, investments and accrued interest including cash with fiscal agents ....... 3,812 - - - - 4,941 - - - - 134 - - - 8,887 9,049 Property, plant and equipment ................. 32,754 3,432 2,313 2,654 32,661 92,285 15,822 12,540 1,620 519 8,468 150 4,167 20 209,305 212,745 N Less: Accumulated depreciation ..................... . ........ 113,877) (1,948) (1,754) (1,448) 19,995) (17,301) (594) (2,475) (942) (326) (1,621) (83) (1,245) (6) (53,615) (50,305) Property, plant and equipment, net ... , ...... 18,877 1,484 559 1,206 22,566 74,984 15,228 10,065 678 193 6,847 67 2,922 14 155,690 162,440 Other assets: Due from other funds --long term ............. 1,322 - - - - - - - - - - - - - 1,322 726 Deposits and other assets ............ . ...... 1,485 - - - - - - - - - - - - - 1,485 1,342 Bond issuance costs, net ................... . 311 - - - 19 630 - - - - 210 - - - 1,170 1,400 Total other assets ............. . . .. . . ..... 3,118 - - - 19 630 - - -_ 210 - - - 3,977 3,467 Total assets ............................. $36,439 $ 2,691 $ 845 $1,606 $30,394 $81,687 $16,876 $10,408 $ 877 $ 194 $ 7,261 $ 74 $ 9,295 $ 22 $198,669 $199,684 (Continued) + I 40 +'5 ) SCHEDULE E-1 (continued) CITY OF MIAMI, FLORIDA ENTERPRISE FUNDS COMBINING BALANCE SHEET SEPTEMBER 30, 1993 with comparative totals for September 30, 1992 fin thousands) Off•Streat G&O Enta�prisa Marina Oranps Miami Bowl Convention Exhibition Golf Warehouse Parking Building and Solid Manual Arum• Totals Parking Fund Stadium Stadium Stadium Center Marinas Center Courses Property Garage Zoning Waste Center 1993 1992 LIABILITIES AND -' '- FUND EQUITY Current liabilities (payable from current assets): Vouchers and accounts payable ........... $ 2,389 $ 179 $ 23 $ 1 $ 449 $ 148 $ 679 $ 31 $ 92 $ - $ 90 $ 49 $10,845 $ 10 $ 14,985 $ 13,064 Accrued expenses (principally salaries) ............................ - - 10 19 73 75 149 16 61 - - 444 1,723 17 2,587 3,702 Due to other funds ........... . ........ - - 139 906 7,720 2,930 1,376 141 433 - - 348 3,000 43 17,036 15,069 Due to other governments .............. 1,074 500 - - 39 15 105 - - - - - - - 1,733 233 Deferred revenue ...................... 660 2 155 - 107 - - 118 - - - - - 1 1,043 681 Deferred compensation liability ........... 124 124 Deposits refundable .................... 344 194 1 - 1 - 239 - 2 - - 403 - - 1,164 765 Total current liabilities (payable from current assets) ................ 4,591 875 328 926 8,389 3,168 2,548 306 688 - 90 1,244 15,568 71 38,692 33,534 Current liabilities (payable from _ restricted assets): Accrued interest ....................... 446 - - - 37 741 29 5 - - 270 - - - 1,628 1,684 WCurrent portion of revenue bonds payable ............................ 1,150 - - - 225 3,160 326 57 - - 585 - - - 5,503 4,721 Total current liabilities (payable from restricted assets) .............. 1,596 - - - 262 3,901 355 62 - - 855 - - - 7,031 6,405 Long-term liabilities: -'- Revenue bonds payable -not ............ 20,487 - - - - 59,892 - - - - - - - - 80,379 81,400 Special obligation bonds and loans payable -net ........................ - - - - 11,784 - 10,961 1,756 - - 11,101 - - - 35,602 36,676 Due to other funds .................... - 1,322 - - - - - - - - - - - - 1,322 725 Otherpayabies ........................ 112 - - - - - - - - - - - - - 112 - Total long-term liabilities ....... . .. . .... 20,599 1,322 - - 11,784 59,892 1,756 - - 11,101 -- 117,415 118,801 Total liabilities ....................... 26,786 2,197 328 _10,961 926 20,435 66,961 13,864 2,124 588 - 12,046 1,244 _-_ 15,568 71 163,138 158,740 Fund equity: -- '- Contributed capital ..................... - 3,136 699 1,654 12,052 46,256 2.787 10,929 405 22 634 270 4,113 - 82,957 81,790 Retained earnings (deficit): Reserved for debt service ............... 2,300 - - - - - - - - - - - - 2,300 3,921 Unreserved ........................... 7,353 (2,642) (182) (974) (2,093) (31,530) 225 (2,645) (116) 172 (5,419) (1,440) (10,386) (49) (49,726) (44,767) Total retained earnings (deficit) ..... , ... 9,653 12,642) (182) (974) 12,093) (31,530) 225 (2,645) (116) 172 (5,419) (1,440) (10,386) (49) (47,426) (40,846) Total fund equity (deficit) .............. 9,653 494 517 680 9,959 14,726 7012 8,284 289 194 (4,785) (1,170) (6,273) (49) 35,531 40,944 Total liabilities and fund equity .......... $36,439 $2,691 $ 845 $1,606 $30,394 $81,687 $16,876 $10,408 $ 877 $ 194 $ 7,261 $ 74 $ 9,295 $ 22 $198,669 $199,684 i I SCHEDULE E-2 CITY OF MIAMI, FLORIDA ENTERPRISE FUNDS COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND EQUITY FOR THE YEAR ENDED SEPTEMBER 30, 1993 with comparative totals for the year ended September 30, 1992 i (in thousands) i Gb0 Onnga Building Manuel Totals Off -Street Enterprise Mar no Miami Bowl Convention Exhibition Golf Warehouse Parking and Solid Artimo Parking Fund Stadium Stadium Stadium Center Marinas Center Courses Property Garage Zoning W Ste Center 1993 1992 Operating revenues: Charges for services .................... $ 9,744 $ 788 $ 114 $ 31 $ 2,478 $ 4,890 $1,594 $ 550 $1,072 $- $ 396 $ 5,646 $14,294 $ 140 $ 41,737 $ 41,143 Operating expenses: Personal services ...................... 3,463 435 33 35 942 774 947 226 819 - - 4,295 16,572 303 28,844 29,405 Contractual services .................... 1,754 44 - 1 278 3,156 108 3 194 -- 359 217 23,246 38 29,396 16,414 Materials and supplies .................. 103 - 1 - 54 7 20 10 113 - - 21 85 11 425 443 Utilities .............................. 286 178 27 33 210 9 110 131 78 - - 13 47 67 1,189 1,297 Intragovernmental charges ............... - - 53 48 288 7 49 98 168 - - 250 2,799 91 3,851 3,727 Other .......... . ................ . ... 1,357 426 40 20 686 283 3,497 7 151 - -- - 477 1,508 27 8,479 3,290 Total .............................. 6,963 1,083 154 i 137 2,458 4,236 4,731 475 1,523 359 5,273 44,257 537 72,186 54,576 Operating income (loss) before depreciation expense ..................... 2,781 (295) (40) (106) 20 654 (3,137) 75 (451) - 37 373 (29,9631 (397) (30,4491 (13,433) Depreciation expense ...................... 1,099 355 35 67 379 1,807 356 157 34 13 159 13 279 2 4,755 4,762 Operating income (loss) ........... . ... 1,682 (650) (75) (173) (359) (1,J53) (3,493) (82) (485) (13) (122) 360 130,242) (399) (35,204) (18,195) Nonoperating revenues (expenses): Interest income ..... . ................. 768 - - - - 99 - - - - 3 - 92 - 962 841 Interest and fiscal charges ........... . ... (1,379) - - - (428) (4,607) (320) (66) - - (838) - - - (7,638) (7,866) Other ............................... 8 68 269 442 2,027 600 495 346 391 - - 35 14,110 3 18,794 5,168 � Net nonoperating revenues i (expenses) ........................ (603) 68 269 442 1.599 (3,908) 175 280 391 - (835) 35 14,202 3 12,118 (1,857) Income (loss) before operating transfers ......................... 1,079 (582) 194 269 1,240 (5,061) (3,318) 198 (94) (13) (957) 395 (16,040) (3961 (23,086) (20,0621 Operating transfers in ...................... - - 7 - 96 5,405 - - 57 - 1,279 - 13,288 356 20,488 18,651 Operating transfers out ..................... - - - - (2,075) - - - - - - (371) - - (2,446) (2,5561 I Income (loss) before extraordinary item .................. 1,079 (582) 201 269 (739) 344 (3,318) 198 (371 (13) 322 24 (2,752) (40) 15,044) (3,957) Extraordinary item -Loss on defeasod bonds ......................... (1,536) - - - - - - _- - - - - - - (1,536) Net income (loss) .................... (457) (582) 201 269 (739) 344 (3,318) 198 (37) (13) 322 24 (2,752) (40) (6,580) (3,957) Retained earnings (deficit) at beginning of year.................................1 10,110 (2,060) (383) (1,243) (1,354) (31,874) 3,543 (2,843) (791 185 (5,741) (1,464) 17,6341 (9) (40,846) (36,889) Retained earnings (deficit) at end of year .......................... 9,653 (2,642) (182) (974) (2,0931 (31,530) 225 12,645) (116) 172 (5,419) (i,440) (10,386) (49) (47,426) (40,846) Contributed capital at beginning of year .................. . . . . - 3,028 699 1,654 11,552 46,256 2,787 10,929 405 22 634 270 3,554 - 81,790 74,150 Contributions from other governments ......... - 108 - - 500 - - - - - - - - - 608 7,395 Contributions from other funds ............... - - - - - - - - - - - 559 - 559 245 Contributed capital at end of year ............. _- - 3,136 699 i,654 12,052 46,256 2,787 10,929 405 22 634 270 4,113 �_ 82,957 81,790 Total fund equity (deficit) .............. $ 9,653 $ 494 $ 5 77 $ 680 $ 9,959 $14,726 $3,012 $ 8,284 $ 289 $ 194 $(4,785) $0,1701 $ (6,273) $ (49) $ 35,531 $ 40,944 F� SCHEDULE E-3 ' CITY OF MIAMI, FLORIDA ENTERPRISE FUNDS COMBINING STATEMENT OF CASH FLOWS FOR THE YEAR ENDED SEPTE(MBER 30, 1993 with comparative totals for the year ended September 30, 1992 (in thousands) Off•Str"t G&O Enterprise Msrins Orange Miami Bowl Convention Exhibition Golf Warehouse Parking Building and Solid Manuel ArtJme Totals Parking Fund Stadium Stadium Stadium Center Marinas Center Courses Property Garage Zoning West* Canter 1993 1992 Reconciliation of operating income to net cash provided by operating activities: Operating income (loss) ................... $1,682 $(650) $ (751 $(173) $ (359) $0,153) $(3,493) $ (82) $085) $ (13) $ (122) $ 360 $(30,242) $(399) $(35,204) $08,195) Adjustments to reconcile operating income to net cash provided by operating activities: Loss (gain) on property, plant and equipment ...................... 8 - - - 634 - 4,074 4 - - - - - - 4,720 115 Depreciation .......................... 1,099 355 35 67 379 1,807 356 157 34 13 159 13 279 2 4,755 4,762 Amortization of bond issue costs and discounts and bond accretion ........... - - - - 9 65 - - - - 15 - - - 89 35 Other .. Extraordinary item -loss on defeased bonds 1,536 68 - 269 - 442 2,027 600 495 - - - - 346 391 - - 35 14,110 3 18,786 - (Increase) decrease in assets: - - - - - - - 1,536 - Accounts receivable (net) ................ 334 (170) 7 3 (249) (1,062) 32. 49 27 - - 7 1,642 (1) 619 233 Prepaid expanses and other current assets ..................... . . (197) (8) - - - - - - - - 75 2 - - (128) 123 Deposits and other assets ............... 12 - - - - - - - - - - - - - 12 90 Due from other funds ................... - - (271) (395) (60) - - (225) (64) - - - - - (1,015) 580 M Due from other governments . . ..... . ..... - (500) (10) - (483) 35 (1,563) (49) (79) - - 95 (96) 1 (2,649) (9,935) Increase (decrease) in liabilities: Vouchers and accounts payable ........... 917 77 (5) (21) (1,878) (17) 535 (88) 53 - 30 (8) 3,174 (16) 2,753 6,668 Accrued expenses ............... . ..... - - (3) (4) (44) (36) (6) (10) (31) - - (168) (801) (12) (1,115) 22 Due to other funds ............... . ..... - - (54) 81 2,167 402 1,094 25 107 - (51) (262) (1,438) 43 2,104 5,306 Due to other governments .......... . .... 380 500 - 39 (127) 105 - - - (91) - - - 806 233 Deferred revenue ...................... 253 2 100 - 44 - - 76 - - - - - (1) 474 (118) Deferred compensation liability .... , ...... (136) - - - - - - - - - - - - - (136) - Deposits refundable .............. . ..... - 158 - - - - (77) - - - - 305 - - 386 41 Advances ............................ - 460 - - - - - - - - - - - - 460 (108) Total adjustments ................. . .... 4,206 942 68 173 2,585 1,667 5,035 285 438 13 137 19 16,870 19 32,457 8,047 Net cash provided by operating activities ..... 5,888 292 (7) - 2,226 514 1,542 203 (47) 15 379 03,372) (380) (2,747) (10,148) Cash flows from non -capital financing activities: Operating transfers in .................... Operating transfers out - - 7 - 96 5,405 - - 57 - 1,279 - 13,288 356 20,488 19,136 ................. . . - - - - (2,075) - - - - - - (371) - - (2,446) (3,041) Net cash provided by non -capital ( financing activities .................... $ - $- $ 7 $- $0,979) $ 5,405 $ - $- $ 57 $- $1,279 $(371) $ 13,288 $ 356 $ 18,042 $ 16,095 (Continued) � Y( I _ CITY OF MIAMI, FLORIDA ENTERPRISE FUNDS COMBINING STATEMENT OF CASH FLOWS G FOR THE YEAR ENDED SEPTEMBER 30, 1993 with comparative totals for the year ended September 30, 1992 (in, thousands) G&O Ora na• Oft-Streat Enterprise Merin*Miami Bowl Convention Exhibition Gott Warehouse Perking Building Manuel and Solid Artims Totals *,y Parking Fund Stedlum Stedlum Stedlum Center Marinas Center Courses Property Geraps 2oninp Waste Center 1993 1992 .., Cash flows from capital and related ` financing activities: Capital expenditures ................... . ... . . $ (4231 $— $— $— $ (241) $ (98) $ (912) $ (88) S (10) $— $ — $ (8) $(567) $ (8) $ (2,355)$02,344) Contributed capital .. . ....................... — (210) — — — — — — — — — — 559 — 349 632 Contributions from other governments ..... I ... , — 108 — — 500 — — — — — — — — — 608 7,431 Interest paid on long term debt ................ — — — — (4311 (4,652) (3231 (61) — — (851) — — — (6,318) (7,799) Principal payments on debt ... . ............. . . (3,435) — — — (75) (1,383) (307) (54) — — (426) — — — (5,680) (8,870) Bond proceeds ............................. — — — — — — — — — — — — — — — 4,691 Borrowings under participation agreement ....... — — — — — — — — — — — — — — -- (1,066) Other payments .......................... . . (6% — — — — — — — i — — — — — — (89) (312) Net cash used for capital and related financing activities ................................ (3,947) (102) — — (247) (6,133) (1,542) (203) (10) — (1,277) (8) (8) (8) (13,485) (17,636) Cash flows from investing activities: (Increase) decrease in amounts due from other funds ................................... (597) — -- — — — — — — — — — — — (597) 108 Interest income ............................ 647 — — — — 99 — — — — 3 — 92 — 841 6,014 Proceeds from maturity of investments ......... 20,048 — — — — — — — — — — — — — 20,048 21,495 vPurchase of investments ............... I ..... (20,566) — — — — — — — — — — — — — (20,566) (29,893) -- Net cash provided from investing activities....... (468) �_ — 99 — ^_ 3 �_ 92 _ (274) (2,276) Net increase (decrease) in cash and cash equivalents .................... . ......... 1,473 190 — — — (115) — — — — 20 — — (32) 1,636 (13,965) Cash and cash equivalents at beginning of year .......................... . ...... 3,429 246 — — — 5,056 — — — 1 184 — — 32 8,948 22,913 Cash and cash equivalents at end of year ...... , . $ 4,902 $ 436 $— $— $ — $ 4,941 $ — S— S— $ 1 $ 004 $— $— $— $ 10,484 $ 8,948 I ( Ake I, t�. S CITY OF MIAMI, FLORIDA ENTERPRISE FUNDS SCHEDULES OF OPERATIONS —BUDGET AND ACTUAL _ FOR THE YEAR ENDED SEPTEMBER 30, 1993 (in thousands) Off•Streat Parking G&O Enterprise Fund Marine Stadium Variance Variance Variance Favorable Budget Actual (Unfavorable) Budget Actual Favorable (Unfavorable) Budget Actual Favorable (Unfavorable) Operating revenues: j Charges for services ................... $ 9,484 $ 9,744 $ 260 $ 747 $ 788 $ 41 — $134 $114 $ (20) Operating expenses: Personal services ...................... 3,400 3,463 (63) 454 435 19 64 33 31 Contractual services, maintenance, and other operating expenses .................. 3,283 3,500 (217) 569 648 (79) 190 121 69 Total operating expenses.......... 6,683 6,963 (280) 1,023 1,083 (60) 254 154 100 Operating income (loss) before r depreciation expense .................. 2,801 2,781 (20) (276) (295) (19) (120) (40) 80 Nonoperating revenues (expenses): Interest income ....................... 476 768 292 — — — — — — Debt service .......................... (1,504) (1,379) 125 — — — — — — I Other .............. 0................. — 8 8 -- 68 68 120 269 149 Net nonoperating revenues (expenses) ........................ (1,028) (603) 425 — 68 68 120 269 149 Income (loss) before operating transfers ............................. 1,773 2,178 405 (276) (227) 49 — 229 229 Operating transfers in .................. — — — — — — — 7 7 Operating transfers out ................. — — — — — — — — — Income (loss) budgetary basis ......... $ 1,773 2,178 $ 405 $(276) (227) $ 49 $- 236 $236 Reconciliation to GAAP-basis: r Depreciation expense .................. (1,099) (355) (35) Income (loss) before --• extraordinary items—GAAP basis ............................. $ 1,079 $ (582) $201 _.. j 98 . `9 - '5 7 4 CITY OF MIAMI, FLORIDA ENTERPRISE FUNDS "I COMBINING STATEMENT OF CASH FLOWS FOR THE YEAR ENDED SEPTEMBER 30, 1993 with comparative totals for the year ended September 30, 1992 (in. thousands) l G&O Oranp• Off -Street Enterprise Marin• Miami Bowl Convention Exhibition Gott Warehouse Parking Building Manuel and Solid Airtime Totals Parking Fund Stadium Stadium Stadium Center Marines Center Courses Property Gera g• Zoning Waste Center 1993 1992 Cash flows from capital and related financing activities: Capital expenditures ......................... $ (423) $— $— $— $ (241) $ (98) $ (912) $ (88) $ (10) $— $ — $ (8) $(567) $ (8) $ (2,355)$02,344) Contributed capital .......................... — (210) — — — — — — — — — — 559 — 349 632 Contributions from other governments ........ , . — 108 — — 500 — — — — — — — — — 608 7,431 Interest paid on long term debt .... . ......... . . — — — — (431) (4,652) (323) (61) — — (851) — — — (6,318) (7,799) Principal payments on debt ................. . . (3,435) — — — (75) (1,383) (307) (54) -- — (426) — — — (5,680) (8,870) Bond proceeds ......................... — — — — — — — — — 4,691 Borrowings under participation agreement ....... — — — — — — — — — — — — — — — (1,065) Other payments ............................ (89) — — — — — — — — — — — — — _ (89) (312) Net cash used for capital and related financing activities ................................ (3,947) (102) — — (247) (6,133) (1,542) (203) (10) — (1,277) (8) (8) (8) (13,485) (17,636) Cash flows from investing activities: (Increase) decrease in amounts due from other funds ................................... (597) — — — — — — — — — — — — — (597) 108 Interest income ..................... . ...... 647 — — — — 99 — — — — 3 — 92 — 841 6,014 Proceeds from maturity of investments ......... 20,048 — — — — — — — — — — — — — 20,048 21,495 vPurchase of investments ................... . . (20,566) _ _ _ — — — — — _ (20,566) (29,893) Net cash provided from investing activities....... (468) — — — — 99 — = — — 3 — 92 — (274) (2,276) Net increase (decrease) in cash and cash equivalents .................. ............ 1,473 190 — — — (115) — — — — 20 — — (32) 1,536 (13,965) Cash and cash equivalents at beginning of year ......................... . ....... 3,429 246 — — — 5,056 — — — 1 184 — — 32 _ 8,948 22,913 Cash and cash equivalents at end of year........ $ 4,902 $ 436 $— $— $ — $ 4,941 $ — $— $— $ 1 $ 204 $— $— $— $ 10,484 $ 8,948 i i I i i I t Miami Stadium Orange Bowl Stadium Convention Canter Mulnes Variance Variance Variance Variance Favorable Favorable Favorable Favorable Budget Actual (Unfavorable) Budget Actual (Unfavorable) Budget Actual (Unfavorable) Budget Actual IUnfavorablo) $ 140 $ 31 $009) $ 3,150 $ 2,478 $ (672) $ 6,346 $ 4,890 $(1,456) $ 2,796 $ 1,594 $0,202) 43 35 8 973 942 31 773 774 (1) 1,009 947 62 ;..w 165 102 63 1,2.57 1,516 (259) 5,386 _3,462 1,924 805 3,784 (2,979) !{ 208 137 71 2,230 2,458 (228) 6,159 4,236 1,923 1,814 4,731 (2,917) (68) (106) (38) 920 20 (900) 187 654 467 982 (3,137) (4,119) -J - - - 10 - (10) 193 99 (94) - - - - - - (855) (428) 427 (6,196) (4,607) 1,589 (1,073) (320) 753 68 442 374 2,000 2,027 27 1,670 600 (1,070) - 495 495 68 442 374 1,155 1,599 444 (4,333) (3,908) 425 (1,073) 175 1,248 336 336 2,075 1,619 (456) (4,146) (3,254) 892 (91) (2,962) (2,871) 96 96 4,146 5,405 1,259 - - - (2,075) (2,075) - - - -- - -- " $- 336 $ 336 $ - (360) $ (360) $ -- 2,151 $ 2,151 $ (91) (2,962) $(2,871) (67) (379) (1,807) (356) $ 269 $ (739) $ 344 $13,318) scre�uur�e e-� i i (Continued ti CITY OF MIAMI, FLORIDA ENTERPRISE FUNDS SCHEDULES OF OPERATIONS --BUDGET AND ACTUAL FOR THE YEAR ENDED SEPTEMBER 30, 1993 (in thousands) Exhibition Center Golf Courses Warehouse Property Variance Variance Variance Favorable Favorable Favorable Budget Actual (Unfavorable) Budget Actual (Unfavorable) Budget Actual (Unfavorable) - Operating revenues: Charges for services ..................... $ 764 $ 550 $(214) $1,287 $1,072 $(215) $-- $— Operating expenses: Personal services ........................ 213 226 (13) 846 819 27 — — — Contractual services, maintenance, and other operating expenses .................... 516 249 267 594 704 (110) — — — Total operating expenses............ 729 475 254 1,440 1,523 (83) — — — Operating income (loss) before depreciation expense .................... 35 75 40 (153) (451) (298) Nonoperating revenues lexpenses): Interest income ......................... 1 — (1) — — — — — — Debt service ............................ (173) (66) 107 — — — — — — Other .................................. 137 346 209 153 391 238 — — — Net nonoperating revenues (expenses) .... (35) 280 315 153 391 238 — — — Income (loss) before operating > transfers ............................... — 355 355 — (60) (60) — — — Operating transfers in .................... — — — — 57 57 — — — Operating transfers out .................... — — — — — — — — — Income (loss) --budgetary basis .......... $— 355 $ 355 $ —� (3) $ (3) $— — $— Reconciliation to GAAP-basis Depreciation expense .................... (157) (34) (13) Income (loss) before extraordinary items—GAAP basis ............................... $ 198 $ (37) $ (13) 100 24— 574 t SCHEDULE E-4 (continued) Parking Garsge Building and Zoning Solid Waste Variance Variance Variance —� Favorable Favorable Favorable Budget Actual (Unfavorable) Budget Actual (Unfavorable) Budget Actual (Unfavorable) S 400 $ 396 $ (4) $5,402 $5,646 $ 244 $ 18,953 $ 14,294 $(4,659) — — — 4,174 4,295 (121) 17,391 16,572 819 f ( 537 359 178 857 978 (121) 29,406 27,685 1,721 537 359 178 5,031 5,273 (242) 46,797 44,257 2,540 i (137) 37 174 371 373 2 (27,844) (29,963) (2,119) r i 1 10 3 (7) — — — 13 92 79 t (1,301) (838) 463 — — — — — — { 149 — (149) — 35 35 14,200 14,110 ' (90) ? (1,142) (835) 307 — 35 35 14,213 14,202 01) (1,279) (798) 481 371 408 37 (13,631) (15,761) (2,130) y 1_279 1,279 — — _ 133,631 13,288 (343) — (371) (371) i $ _ 481 $ 481 $ — 37 $ 37 $ — (2,473) $(2,473) . a (159) (13) (279) ' i $ 322 $ 24 S (2,752) 1 (Continued) t i I 101 V 4 574 � � t t i t SCHEDULE E4 _.._ (continued) CITY OF MIAMI, FLORIDA ENTERPRISE FUNDS -_ SCHEDULES OF OPERATIONS --BUDGET AND ACTUAL FOR THE YEAR ENDED SEPTEMBER 30, 1993 (in thousands) Manuel Artime Comm Variance Favorable Budget Actual (Unfavorable) Operating revenues: Charges for services ..................... $ 157 $ 140 $ 07) Operating expenses: Personal services ........................ 305 303 2 Contractual services, maintenance, and other - operating expenses .................... 208 234 (26) Total operating expenses ............ 513 537 (24) Operating income (loss) before depreciation expense .................... (356) (397) (41) Nonoperating revenues (expenses): Interest income ......................... — — Debt service ............................ — — Other.................................. — 3 3 { Net nonoperating revenues (expenses) .... — 3 31 Income (loss) before operating t transfers ............................... (356) (394) (38) Operating transfers in .................... 356 356 — Operating transfers out ................... — — —' Income floss) —budgetary basis .......... $— (38) $ (38) ;w i Reconciliation to GAAP-basis: Depreciation expense .................... (2) Income (loss) before extraordinary items—GAAP basis ............................... $ (40) 5y ry 1 z INTERNAL SERVICE FUNDS ,r r Internal service funds are used to account for the financing of goods or services provided by one department or agency to other departments or agencies of the government and to other governmental units, on a cost i• reimbursement basis. t FLEET MANAGEMENT-4o account for the costs and funding of providing i. motor vehicles and heavy equipment to other departments. PROPERTY MAINTENANCE —to account for the costs of providing various t building repairs, maintenance, and janitorial services. PRINT SHOP —to account for the costs of providing printing services. PROCUREMENT MANAGEMENT —to account for the costs of providing r centralized purchasing and supplies services. ,. COMMUNICATIONS SERVICES —to account for the costs of operating a communications maintenance facility, the costs of telephone services and data ' transmission lines. c i i 103 9 4 - 574 .f ... ._ J. .. ... ...i - } SCHEDULE F-1 CITY OF MIAMI, FLORIDA INTERNAL SERVICE FUNDS COMBINING BALANCE SHEET SEPTEMBER 30, 1993 with comparative totals for September 30, 1992 (in thousands) Heat Property Print Procurement Communications Totals Management Maintenance Shop Management Servicas 1993 1992 ASSETS Current assets: Equity in pooled cash and investments.......... $ - $- $- $- $ 819 $ 819 $ 3,088 Due from other governments .................. 523 19 - - - 542 503 Inventories ................................. 233 195 93 72 219 812 852 Total current assets .................... 756 214 93 72 1,038 2,173 4,443 Property, plant and equipment ................... 36,457 297 135 55 4,963 41,907 39,704 Less: Accumulated depreciation ................. (26,114) (228) (98) (36) (3,524) (30,000) (27,936) Property, plant and equipment, net ........... 10,343 69 37 19 1,439 11,907 11,768 Bond issuance costs, net ....................... 87 - - - - 87 114 Total assets ........................... $ 11,186 $ 283 $ 130 $ 91 $ 2,477 $ 14,167 $ 16,325 LIABILITIES AND FUND EQUITY Vouchers and accounts payable .................. $ 580 $ 55 $ 34 $ 3 $ 165 $ 837 $ 994 Accrued expenses ............................. 676 316 54 60 106 1,212 1,549 Due to other funds ............................ 417 164 441 32 - 1,054 838 Due to other governments ...................... - - 11 11 44 66 - Current portion of Refunding Revenue Bonds..................................... 845 - - - - 845 815 Current portion of loan payable .................. 1,763 - 1,763 1,246 Accrued interest .............................. 71 - - - - 71 20 Deposits..................................... - - - 5 - 5 - Total current liabilities ................... 4,352 535 540 111 315 5,853 5,462 Long-term liabilities Refunding Revenue Bonds -net of current portion ............................ 2,746 - - - - 2,746 3,588 Loans payable -net of current portion .......... 1,519 - - - - 1,519 1,330 Total long-term liabilities ................ 4,265 - - - - 4,265 4,918 Total liabilities ......................... 8,617 535 540 111 315 10,118 10,380 Fund equity (deficit) Contributed capital ........................... 8,336 273 178 23 1,855 10,665 11,801 Retained earnings (deficit): Unreserved ............................... (5,767) (525) (588) (43) 307 (6,616) (5,856) Total retained earnings (deficit) ........... (5,767) (525) (588) (43) 307 (6,616) (5,856) Total fund equity (deficit) ................ 2,569 (252) (410) (20) 2,162 4,049 5,945 Total liabilities and fund equity ........... $ 11,186 $ 283 $ 130 $ 91 $ 2,477 $ 14,167 $ 16,325 105 .94- 574 SCHEDULE F-2 CITY OF MIAMI, FLORIDA INTERNAL SERVICE FUNDS COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND EQUITY FOR THE YEAR ENDED SEPTEMBER 30, 1993 with comparative totals for year ended September 30, 1992 (in thousands) Fleet Property Print Procurement Communications Totals Management Maintenance Shop Management services 1993 1992 Operating revenues: Charges for services ................... . ..... $ 9,182 $3,709 $ 842 $ 215 $ 2,025 $ 15,973 $ 15,581 Operating expenses: Personal services ............................ 5,123 2,179 495 558 1,059 9,414 9,573 Contractual services ......................... 527 705 166 9 146 1,553 1,158 Materials and supplies .... . .................. 2,674 366 62 202 141 3,445 3,050 Utilities .................................... 123 16 2 9 848 998 1,282 Other ...................................... 858 296 27 47 63 1,291 2,146 Total operating expenses ................ 9,305 3,562 752 825 2,257 16,701 17,209 Operating income (loss) before depreciation expense ................. (123) 147 90 (610) (232) (728) (1,628) Depreciation expense .......................... 2,808 9 9 2 271 3,099 3,010 Operating income (loss) ................. (2,931) 138 81 (612) (503) (3,827) (4,638) Nonoperating revenues (expenses): Interest income ............................. - 11 - - 54 65 261 Interest and fiscal charges ............ . ....... (234) - - - - (234) (78) Intergovernmental revenue ................. . .. - - - - - - 1,127 Other ...................................... 435 - - 1 48 484 373 Total nonoperating revenues (expenses) .......................... 201 11 - 1 102 315 1,683 Income (loss) before operating transfers ............................ (2,730) 149 81 (611) (401) (3,512) (2,955) Operating transfers in ........................ 2,412 - - 671 - 3,083 665 Operating transfers out ....................... (420) (179) (43) (44) (122) (808) - Net operating transfers ........... . ..... 1,992 (179) (43) 627 (122) 2,275 665 Net income (loss) ............... . ...... (738) (30) 38 16 (523) 11,237) (2,290) Retained earnings (deficit) at beginning of (5,506) (495) (626) (59) 830 (5,856) (3,566) year ....................................... Retained earnings (deficit) at end of year .......... (6,244) (525) (588) (43) 307 (7,093) (5,856) Contributed capital at beginning of year ........... 7,777 _ 273 178 23 3,550 11,801 11,704 Contributions from (to) other funds ............. 1,036 - - - (59) 977 97 Equity transfer from (to) other funds............ - - - - (1,636) (1,636) - Contributed capital at end of year ................ 8,813 273 178 23 1,855 11,142 11,801 Total fund equity (deficit) . . .............. $ 2,569 $ (252) $1410) $ (20) $ 2,162 $ 4,049 $ 5,945 106 SCHEDULE F-3 CITY OF MIAMI, FLORIDA INTERNAL SERVICE FUNDS COMBINING STATEMENT OF CASH FLOWS FOR THE YEAR ENDED SEPTEMBER 30, 1993 with comparative totals for the year ended September 30, 1992 (in thousands) Fleet Property Print Procurement Communications Totals Management Maintenance Shop Management services 1993 1992 Reconciliation of operating income to net cash I provided by operating activities: Operating income (loss) ........................ $(2,931) $ 138 $ 81 $(612) $ (503) $(3,827) $(4,638) Adjustments to reconcile operating income to net cash provided by operating activities: y Loss (gain) on property, plant 58 — — — 223 281 26 J and equipment ............................ Depreciation ................................ 2,808 9 9 2 271 3,099 3,010 Amortization of bond issue costs and discounts, and bond accretion ......................... Other 27 435 — — — 1 — 27 484 83 1,545 y I ...................................... (Increase) decrease in assets: Accounts receivables — — — —48 (24) ............ ............. Inventory ................................... 16 55 (18) — (13) 40 39 Due from other funds ........................ — — — — — — 2,650 ry Due from other governments .................. (293) 230 2 21 — (40) (479) Increase (decrease) in liabilities: JI Vouchers and accounts payable ................ 35 (46) 10 (2) (154) (157) 323 Accrued expenses ........................... (200) (62) (13) (24) (38) (337) 4 Due to other funds .......................... 417 (133) (39) (29) — 216 341 Due to other governments .................... _ 11 11 66 Deposits refundable .......................... _ 5 —44 5 „.j Total adjustments .............................. 3,303 53 (38) (15) 381 3,684 7,518 Net cash provided by operating activities .......... 372 191 43 (627) (122) (143) 2;880 Cash flows from non -capital financing activities: Operating transfers in ............. 2,412 — — 671 — 3,083 665 Operating transfers out ....................... (420) (179) (43) (44) f122) (808) — Net cash provided by non -capital financing activities 1,992 (179) (43) 627 •(122) 2,275 665 Cash flows from capital and related. financing activities: Capital expenditures .. (3,310) (23) (185) (3,518) (1,928) Contributions .... ... ...... 1,036 (1,695) (659) 97 Interest paid on long term debt .................. (183) — — — — (183) (86) Proceeds from sale of equipment ................ — — — — — — 26 Proceeds from loan payable ..................... 2,151 2,151 536 Principal payments on debt ..................... (2,257) _ _ _ (2,257) (5,240) Bond proceeds ................................ 4,403 Net cash used for capital and related financing activities ..................................... (2,563) (23) — — (1,880) (4,466) (2,192) Cash flows from investing activities: Interest income ............................... 11 54 65 261 Net cash provided from investing activities .......... — 11 — — 54 65 261 Net increase (decrease) in cash and cash equivalents (199) — — — (2,070) (2,269) 1,614 Cash and cash equivalents at beginning of year .............. 199 — — — 2,889 3,088 1,474 Cash and cash equivalents at end of year ........... $ — $— $— $— $ 819 $ 819 $ 3,088 J) 107 i 94- 574 CITY OF MIAMI, FLORIDA INTERNAL SERVICE FUNDS — SCHEDULES OF OPERATIONS —BUDGET AND ACTUAL FOR THE YEAR ENDED SEPTEMBER 30, 1993 (in thousands) FIM Management Property Maintenance Variance Variance Favorable Favorable Budget Actual (Unfavorable) Budget Actual (Unfavorable) Operating revenues: Charges for services ................................... $10,795 $ 9,182 $0,613) $3,769 $3,709 $(60) Operating expenses: Personal services ...................................... 5,446 5,123 323 2,216 2,179 37 Contractual services and other operating expenses ......... 6,343 7,492 (1,149) 1,389 1,407 (18) Total operating expenses .......................... 11,789 12,615 (826) 3,605 3,586 19 Operating income (loss) ........................... (994) (3,433) (2,439) 164 123 (41) Nonoperating revenues (expenses): Interest income ....................................... — — -- 15 11 (4) Other ................................................ (998) 201 1,199 — — Total nonoperating revenues (expenses) ............. (998) 201 1,199 15 11 (4) Income (loss) before operating transfers ............. (1,992) (3,232) (1,240) 179 134 (45) Operating transfers in .................................... 2,412 2,412 — — — — Operating transfers out ............... I ................... (420) -020) — (179) Net operating transfers ........................... 1,992 1,992 — (179) (179) Net income (loss} —budgetary basis ............. $ — (1,240) $0,240) $ — (45) $ (45) Reconciliation to GAAP-basis: Capitalized expenditures ................................ 3,310 24 Depreciation expense .................................. (2,808) (9) Net income (lossb—GAAP basis .................... $ (738) $ (30) 108 l i SCHEDULE F4 I Print Shop Procurement Management Communications Services Variance Variance Variance Favorable Favorable Favorable --; Budget Actual (Unfavorable) Budget Actual (Unfavorable) Budget Actual (Unfavorable) $ 839 $842 $ 3 $ 194 $ 215 $ 21 $2,158 $2,025 $033) 491 495 (4) 548 558 (10) 1,097 1,059 38 305 257 48 275 267 8 1,366 1,383 (17) 796 752 44 823 825 (2) 2,463 2,442 21 43 90 47 (629) (610) 19 (305) (417) (112) i — — — 2 — (2) 85 54 (31) ! — — — — 1 1 220 48 (172) — — 2 1 (1) 305 102 (203) 43 90 47 (627) (609) 18 (315) (315) — 671 671 — — — -- ! (43) (43) — -- (44) (44) — -- — (122) (122) (43) (43) 627 627 — (122) (122) $— 47 $ 47 $— 18 $ 18 $ — (437) $(437) 185 (9) (2) (271) i $ 38 $ 16 $ (523) I ( r •� ! ! } i 1 j 109 I 94- 574 1 ti! k i r isn TRUST AND AGENCY FUNDS Trust funds are used to account for assets held by the City in a trustee capacity. Agency funds are used to account for assets held by the City as an agent for individuals, private organizations and/or other funds. EXPENDABLE TRUST FUNDS SELF INSURANCE —to account for the costs of insuring the City in the areas of general liability, auto liability, health, medical and workers' compensation. Participating City departments are billed to cover estimated premium costs and claims. PENSION ADMINISTRATION —to account for amounts collected for and transmitted to the City's pension trust funds. AGENCY FUNDS CABLE T.V.—to account for deposits held under issuance of a cable television license. DEFERRED COMPENSATION —to account for certain deferred compensation plans offered by the City for its employees. PENSION TRUST FUNDS GENERAL EMPLOYEES' AND SANITATION EMPLOYEES' (GESE) and FIRE FIGHTERS' AND POLICE OFFICERS' (FIPO)—Both funds are used to account for the accumulation of resources to be used for retirement benefits to City employees. Resources are contributed by employees at rates fixed by law and by the City at amounts determined by annual actuarial valuations. - _1 SCHEDULE G-1 CITY OF MIAMI, FLORIDA TRUST 3t AGENCY FUNDS COMBINING BALANCE SHEET September 30, 1993 i with comparative totals for September 30, 1992 I1 (in thousands) E W)k Trust Funds Agency Funds Pension Trust Funds Totals So" Portion came Deterred GESE RPO Insurenco Administration T.V.Certipensrtion Trust Trust 1993 1992 i ASSETS Equity in pooled cash and investments .............. $ 1,391 $- $1,006 $ - $ - $ - $ 2,397 $ 2,010 Other cash and investments ....................... - - - 46,153 25 37 46,215 38,118 Pension investments, i including accrued interest ........................ - - - - 255,694 517,692 773,386 704,971 Accounts receivable: Proceeds from securities sold .................... - - - - 479 6,973 7,452 7,851 { Pension members' contributions - - - - 7 1,315 1,322 58 if Other. . ....... ' ......... 119 50 220 389 566 Due from other funds ............................. 25 - - - - - 25 - Due from other governments ...................... 17 - - - - - 17 11 Prepaid expenses ................................ 3 - - - - - 3 - Total assets .................................. $ 1,555 $ 50 $1,006 $46,153 $256,425 $526,017 $831,206 $753,585 LIABILITIES AND FUND BALANCES Liabilities: Vouchers and accounts payable ................... $ 763 $ 5 $ 6 $ - $ 350 $ 75 $ 1,199 $ 1,013 Accrued expenses .............................. 48 18 - -- - - 66 55 Payable for securities purchased .................. ,- - - - 2,928 11,887 14,815 11,019 Due to other funds ............................. 1,028 25 - - - - 1,053 - Deposits ...................................... - 2 1,000 - - - 1,002 1,452 i Claims payable ................................. 6,672 - - - - -- 6,672 3,556 Deferred compensation plan liabilities ........... - - - 46 153 - 46 153 38 002 y Other payables................................. 11 Total liabilities . .............................. 8,522 50 1,006 46.153 3,278 11,962 70,971 55,097 Fund balance: Reserved for employee retirement plan benefits ..................................... - 253,147 514,055 767,202 701,439 Unreserved. (6,967) - - - (6,967) (2,951) Total fund balances (deficit) .................... (6,967) - - - 253,147 514,055 760,235 698,488 Total liabilities and fund balances ................ 1 $1,555 $ 50 $1,006 $46,153 $256,425 $526,017 $831,206 $753,585 i J I SCHEDULE G-2 CITY OF MIAMI, FLORIDA EXPENDABLE TRUST FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES FOR THE YEAR ENDED SEPTEMBER 30, 1993 with comparative totals for Year ended September 30, 1992 j (in thousands) SON Pension Totals Insurance Administration 1"3 1"2 Revenues: Intergovernmental............................................... $ - $ 5,153 $ 5,153 $ 5,344 Intragovernmental............................................... 14,869 20,865 35,734 37,174 Contributions from employees and retirees ......................... 4,478 - 4,478 4,196 Interest......................................................... 326 - 326 337 Other.......................................................... 1,578 _ 49 1,627 1,358 Total revenues .............................................. 21,251 26,067 47,318 48,409 Expenditures: Personal services ................................................ 1,480 249 1,729 1,633 Contractual services ............................................. 1,008 607 1,615 772 Materials and supplies ........................................... 14 - 14 21 Contribution to retirement funds 185 24,305 24,490 24,892 Insurance .................................. 1,731 1,731 2,514 Claim payments ................................................. 26,064 - 26,064 22,880 Other.......................................................... 62 1,350 1,412 11137 Total expenditures ........................................... 30,544 26,511 57,055 53,849 Deficiency of revenues over expenditures ...................... (9,293) (444) (9,737) (5,440) Other financing sources: Operating transfers in ............................................ 5,527 444 5,971 1,989 II Operating transfers out.. (250) (250) Total other financing sources .................................. 5,277 444 5,721 1,989 Deficiency of revenues and other financing sources over expenditures ......................... (4,016) - (4,016) (3,451) Fund balances (deficits) at beginning of year ............................ (2,951) - (2,951) 500 Fund deficits at end of year ........................................... $ (6,967) $ - $ (6,967) $ (2,951) r t 114 9 4- .574 I j i SCHEDULE G-3 CITY OF MIAMI, FLORIDA _ PENSION TRUST FUNDS COMBINING STATEMENT OF REVENUES, EXPENSES I AND CHANGES IN FUND BALANCES FOR THE YEAR ENDED SEPTEMBER 30, 1993 with comparative actual amounts for year ended September 30, 1992 (in thousands) - GESE FlPO Total$ Trust r Trust 1993 1"2 Operating revenues: Contributions from employers ..................................... $ 10,150 $ 10,443 $ 20,593 $ 19,347 Contributions from employees and retirees 5,892 7,949 13,841 13,337 . ' ..... ;"; . ' ............ Net realized gain on investments . 16,852 28,514 45,366 33,250 I Interest and dividends ............................................ 10,662 22,561 33,223 31,691 - Total operating revenues ..................................... 43,556 69,467 113,023 97,625 } Operating expenses: Personal services ................................................ 1,116 1,315 2,431 2,140 Benefit payments ........ 19,908 23,433 43,341 42,800 Refunds . • . , . • ........ • . . " • . •. • • . " • ....... • . 1,191 753 1,944 2,651 Other.......................................................... - - - 4 Total operating expenses ..................................... 22,215 25,501 47,716 _ 47,595 Operating income ........................................... 21,341 43,966 65,307 50,030 _..f Nonoperating revenues: Other.......................................................... 70 386 456 129 Net income.................... 21,411 44,352 65,763 50,159 Fund balances at beginning of year ...........•.•.•••...•.'..•... 231,736 469,703 701,439 651,280 Fund balances at end of year .......................................... $253,147 $514,055 $767,202 $701,439 4 i r i i �1 i r i i 115 9.4- 574 SCHEDULE G4 CITY OF MIAMI, FLORIDA AGENCY FUNDS STATEMENT OF CHANGES IN ASSETS AND LIABILITIES YEAR ENDED SEPTEMBER 30, 1993 (in thousands) Balance October 11 Balance SeMember S0, 1992 Additions DNsdons 19M CABLE T.V. ASSETS Equity in pooled cash ................................................ $ 1,006 $ — $ — $$ 1,006 LIABILITIES Vouchers and account payable ........................................ $ 6 $ — $ — $ 6 Deposits............................................................ 1,000 — — 1,000 Total liabilities ............................................... $ 1,006 $ -- $ — $ 1,006 DEFERRED COMPENSATION ASSETS Other cash and investments .......................................... $38,002 $8,151 $ — $46,153 LIABILITIES Deferred compensation plan liabilities .................................. $38,002 $8,151 $ — $46,153 J Mtn S a t 1 t i THIS PAGE INTENTIONALLY LEFT BLANK t. 118 SCHEDULE H-1 CITY OF MIAMI, FLORIDA COMPARATIVE SCHEDULES OF GENERAL FIXED ASSETS BY SOURCE SEPTEMBER 30, 1993 AND 1992 (in thousands) 1993 1992 _i General fixed assets: Land ........................................... $ 85,785 $ 85,368 --� Buildings ....................................... 75,750 75,697 Improvements other than buildings ................ 255,835 219,080 Machinery and equipment ........................ 30,522 29,203 Construction in progress ......................... 90,134 113,889 Total general fixed assets ....................... $538,026 $523,237 ' Investment in general fixed assets by source: Prior to 10/1/89--undesignated .................... $452,367 $452,367 General fund .................................... 2,979 Special revenue funds... ...2,430 2,464 1,773 { Capital project funds . . , . , , .• • .. • , ... • ...... 60,250 66,633 Total investment in general fixed assets .......... $538,026 $523,237 1 j i j i I I i 119 -I 94- 574 } i j I SCHEDULE H-2 CITY OF MIAMI, FLORIDA SCHEDULE OF GENERAL FIXED ASSETS BY FUNCTION AND ACTIVITY SEPTEMBER 30, 1993 i (in thousands) j Improvements Machinery Construction -- Other Than and In Function and Activity Land Buildings Buildings Equipment Progress Total 1 Prior to 10/1/89-undesignated............ $81,123 $73,339 $193,151 $24,101 $80,653 $452,367 1 General government. Commission - - - 21 - 21 Manager .............................. - - - 25 - 25 Attorney .............................. - - - 54 - 54 Clerk................................. - - - 42 - 42 Personnel ............................. - - - 54 - 54 Planning - - 69 69 mist tion Finance and administration 1,059 1,241 29 160 2,489 Other ...... ............. 455 186 160 801 Total general government ............. 1,514 1,427 29 585 - 3,555 Public safety: Police ................................ - - - 1,202 - 1,202 Fire .................................. - - - 462 , - 462 Total public safety ................... - - - 1,664 - 1,664 Street improvement ..................... - - 16,812 164 - 16,976 Public use .............................. 2,486 984 6,361 - - 9,831 Municipal use ........................... 407 - 15,172 3,473 - 19,052 Sanitation ............................... 4 - 4,706 339 - 5,049 Culture and recreation .................... 251 - 19,604 196 - 20,051 Construction in progress . - - - - 9,481 9,481 Total general fixed assets................. $85,785 $75,750 $255,835 $30,522 $90,134 $538,026 120 94- 574 �- i SCHEDULE H-3 l i CITY OF MIAMI, FLORIDA SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS BY FUNCTION AND ACTIVITY j FOR THE YEAR ENDED SEPTEMBER 30, 1993 (in thousands) ? General General I Fixed Fixed Assets Assets October 1, September 30, Function and Activity 1992 Additions Deductions 1993 Prior to 10/1/89-undesignated.................................. $452,367 $ - $ - $452,367 I General government: ommission................................................ 18 3 21 Manager........................................................................ 19 6 _ 25 Attorney . 23 31 54 lerk....................................................... 16 26 - 42 Personnel ................................................... 34 20 - 54 Planning .................................. ............... 33 36 _ 69 Finance and administration ................................... 2,445 44 2,489 ! Other ...................................................... 560 245 4 801 M� Total general government ................... I............... 3,148 411 4 3,555 Public safety: ! Police ...................................................... 592 622 12 1,202 Fire ............................... .................... 211 265 14 462 Total public safety ......................................... 803 887 26 1,664 Street improvement ....................... .. ........ 12,488 4,488 - 16,976 Public use .................................................... 3,105 6,726 - 9,831 Municipal use .................:............................... 11,547 7,505 - 19,052 Sanitation..................................................... 1,766 3,283 - 5,049 Culture and recreation .......................................... 4,777 15,274 - 20,051 Construction in progress ............... I ....................... 33,236 13,431 37,186 9,481 aTotal general fixed assets ....................................... $523,237 $52,005 $37,216 $538,026 CITY OF MIAMI, FLORIDA REVENUE AND SPECIAL OBLIGATION BONDS, NOTES AND LOANS PRINCIPAL AND INTEREST REQUIREMENTS AS OF SEPTEMBER 30,1993 MSEA Fiscal Parking Special Special Rental Ob =i Year Ending System Revenue subordinated Parking System Parking System Revenue Refunding Obligation Refunding Revenue First Refunding September 30th Bonds series 1986 Revenue Bonds Revenue Bonds Series 1986 Series 1992 Bonds(l) Sodas 1987 Bonds(l) Series 1990 Bonds series 1988 Municipal Loan Bonds Series 1992A 1994 $ 935,000 $ 215,000 $ 3,160,000 $ 585,000 $ 3D0,000 $ 670,000 1995 645,000 225,000 3,355,000 625,000 500,000 695,000 1996 660,000 235,000 3,570,000 670,000 15,100,000 730,000 1997 685,000 250,000 3,805,000 720,000 760,000 1998 715,000 260,D00 4,065,000 775,000 8()0,000 1999 740,000 275,000 4,345,000 835,000 840,000 2000 775,000 290,000 4,660,000 895,000 $ 610,000 880,000 2001 810,000 310,000 4,755,000 459,821 660,000 930,000 2002 855,000 330,000 5,110,000 428,479 720,000 985,000 2003 895,000 350,000 5,490,000 403,358 780,000 1,040,000 2004 945,000 370,000 1,811,064 975,000 850,000 1,110,000 2005 990,()00 395,000 1,653,829 1,050,000 925,000 1,180,000 20D6 1,045,000 425,000 1,520,371 1,135,000 1,005,000 1,260,000 2007 1,110,000 $2,000,000 450,000 1,396,353 1,225,000 1,090,000 1,335,000 2008 1,170,000 1,280,099 680,000 1,185,000 1,420,000 2009 1,235,000 1,150,359 1,285,000 1,510,000 2010 1,305,000 1,063,229 1,395,000 1,600,000 2011 983,410 1,520,000 1,700,000 2012 865,815 1,650,000 1,805,000 2013 801,229 1,795,000 1,915,000 2014 731,160 1,950,000 2,035,000 2015 629,407 2,115,000 2,155,000 2016 2,300,000 2,290,000 2017 2,500,000 2,430,000 2018 2,715,000 2,580,000 2019 2,950,D00 2,735,000 2020 2,910,000 Total $15,515,000 $2,000,000 $4,380,000 $56,201,325 $11,461,658 $30,000,000 $15,900,000 $40,300,000 (1) Accretion on the Capital Appreciation Bonds portion of the Series 1987 Special Revenue Refunding Bonds and the Series 1990 Special Obligation Refunding Bonds are included as interest. 126 94- 574 SCHEDULE 1-1 MSEA Sunshine Special Special Dmdal State Obligation Obligaton O igation Governmental Guaranteed Community Refunding Refunding Bonds Financing Entitlement Redevelopment Revenue Bonds Series Commission Bonds Bonds Bonds Total Total Principal Series 19928 1986A Loans Series 1989 Series 1990 Series 1992 Principal Interest111 and Interest $ 510,000 $ 170,000 $ 710,400 $ 210,000 $ 190,000 $ 845,000 $ 8,500,400 $ 13,330,775 $ 21;831,175 535,000 180,000 753,400 225,000 205,000 875,000 8,818,400 12,894,772 21,713,172 555,000 190,000 799,400 240,000 22.5,000 920,000 23,894,400 12,022,462 35,916,862 585,000 200,000 949,400 255,000 240,000 960,000 9,309,400 10,594,444 19,903,844 610,000 215,000 901,400 275,000 260,000 8,876.400 9,987,359 18,863,759 640,000 230,000 956,400 290,000 280,000 9,431,400 9,887,510 19,316,910 675,000 250,000 1,015,400 310,000 305,000 10,665,400 9,326,049 19,991,449 715,000 270,000 1,077,400 330,000 330,000 10,647,221 8,657,123 19,304,344 1 755,000 290.000 1,143,400 355,000 355,000 11,326,879 11,382,902 22,709,781 795,000 310,000 1,211,400 380,000 390,000 12,044,758 11,091,695 23,136,453 850,000 330,000 1,288,400 405,000 420,000 9.354,464 10,802,109 20,156,573 355,000 1,366,400 435,000 455,000 8,805,229 10,424,930 19,230,159 i 380,000 1,450,400 465,060 495,000 9,180,771 9,976,271 19,157,042 1,537,400 500,000 535,000 11,178,753 9,691,062 20,869,815 1,632,400 530,000 585,000 8,482,499 9,390,132 17,872,631 1,730,000 570,000 635,000 8,115,359 9,101,637 17,216,996 1,836,400 685,000 7,884,629 8,540,655 16,425,284 1,948,400 745,000 6,896,810 8,263,714 15,160,524 2,066,700 810,000 7,197,515 7,888,031 15,085,546 875,000 5,386,229 7,206,831 12,593,060 950,000 5,666,160 2,310,648 7,976,808 1,030,000 5,929,407 2,016,820 7,946,227 4,590,000 1,701,340 6,291,340 4,�30,000 1,361,555 6,291,555 5,295,000 995,860 6,290,860 5,685,000 602,342 6,287,342 2,910,000 178,965 3,088,965 $7,225,000 $3,370,000 $24,274,500 $5,775,000 $11,000,000 $3,600,000 $231,002,483 $209,627,993 $440,630,476 W� l SCHEDULE 1.2 CITY OF MIAMI, FLORIDA GENERAL OBLIGATION BONDED INDEBTEDNESS PRINCIPAL AND INTEREST REQUIREMENTS AS OF SEPTEMBER 30, 1993 RWAI Year Ending Saptemiur 30 Principal Inter"t Tout 1994 ................. $ 10,180,000 $ 9,475,181 $ 19,655,1810) 1 1995 ................. 12,345,000 9,532,637 21,877,637 1996 ................. 12,805,000 8,752,140 21,557,140 1997 ................. 13,700,000 7,884,180 21,584,180 1998 ................. 12,910,000 7,146,513 20,056,513 1999 ................. 12,925,000 6,437,096 19,362,096 2000 ................. 11,435,000 5,707,649 17,142,649 2001 ................. 11,915,000 5,044,106 16,959,106 2002 ................. 11,920,000 4,559,715 16,479,715 2003 ................. 12,310,000 3,933,706 16,243,706 2004 ................. 10,465,000 3,273,836 13,738,836 2005 ................. 9,890,000 2,750,929 12,640,929 - 2006 ................. 8,120,000 2,176,766 10,296,765 2007 ................. 6,630,000 1,802,538 8,432,538 2008 ................. 5,645,000 1,463,229 7,108,229 2009 ................. 4,355,000 1,170,580 5,525,580 2010 ................. 4,530,000 937,750 5,467,750 2011 ................. 3,925,000 673,464 4,598,464 2012 ................. 2,385,000 480,738 2,865,738 2013 ................. 2,465,000 344,175 2,809,175 2014 ................. 2,030,000 205,481 2,235,481 2015 ................. 670,000 128,865 798,865 2016 ................. 710,000 88,330 798,330 2017 ................. 750,000 45,375 795,375 Total.......... $185,015,000 $84,014,979 $269,029,979 (1) Excludes October 1, 1993 installment in the amount of $2,399,671.75 recorded in the general obligation debt service fund. 128 94- 574 v 5 J 4 ) t r i ah 1 �i PART Ill r s } TION TAT■(UNAUD"ITED) x J a i x �S r r E 129 a _ F. j CITY OF MIAMI, FLORIDA GENERAL FUND EXPENDITURES AND OTHER FINANCING USES BY FUNCTION LAST TEN FISCAL YEARS (in thousands) OTHER CULTURE EXPENDITURES FISCAL POLICE SOLID PUBLIC GENERAL AND OR FINANCING YEAR AND FIRE WASTE IMPROVEMENTS GOVERNMENT RECREATION USES TOTAL 1993 $136,916 $13,288 $12,350 $16,125 $10,534 $22,571 $211,784 1992 135,130 12,012 13,822 17,614 10,046 16,239 204,863 1991 128,949 11,847 13,761 18,536 10,664 16,815 200,572 1990 125,342 10,000 9,683 19,069 10,864 23,396 198,354 { 1989 118,808 14,054 11,523 19,513 10,773 18,347 193,0180) 1988 111,869 15,609 12,521 20,205 10,321 15,812 186,337 1987 111,884 16,031(2) 13,795(3) 19,338 9,867 16,785 187,700 1986 103,893 24,902 20,339(4) 16,328 8,439 �l 15,522 189,423 1985 99,681 22,802 14,973 17,699 8,651 17,999 181,805 j 1984 93,641 22,576 13,401 16,135 8,378 12,549 166,880 (1) A capital lease for the purchase of computer equipment, net present value $5,769,800, has been excluded from this schedule in order to provide a comparison consistent with prior years. (2) Beginning in FY 1987, solid waste activities have been accounted for in a separate Solid Waste enterprise fund. Effective in 1987, amounts reflect the general fund's operating subsidy for that enterprise fund. (3) Beginning in FY 1987, building and zoning activities have been accounted for in a separate Building and Zoning enterprise fund. Effective in 1987, amounts under Public Improvements do not reflect the general fund operating subsidy which is reflected under Other Expenditures. I (4) The Departments of Development and Community Development, which had expenditures totaling $2.108 million in FY 85 formerly + classified under general government are, beginning in FY 86, classified under Public Improvements. I I I CITY OF MIAMI- FLORIDA CITY OF MIAMI, FLORIDA GENERAL FUND REVENUES AND OTHER FINANCING SOURCES LAST TEN FISCAL YEARS (in thousands) CITY BUSINESS INTER- LICENSES CHARGES OTHER REVENUE FISCAL PROPERTY & EXCISE GOVERN- AND FOR AND FINANCING YEAR TAXES TAXI►) MENTAL PERMITS SERVICES SOURCES(►) TOTAL 1993 $100,091 $43,545 $30,456 $4,741 $ 4,726 $23,669 $207,228 1992 99,635 42,013 31,910 4,697 4,116 21,318 203,689 1991 99,966 41,205 25,361 4,773 4,830 24,414 200,549 1990 98,366 39,414 25,037(2) 6,003 3,856 25,716(2) 198,392 1989 94,001 39,624 29,738 6,330 3,297 18,353 191,343(3) 1988 89,396 42,743 30,225 6,399 1,648 11,283 181,694 1987 90,886 40,822 27,865(4) 6,082 1,974(5) 16,633 184,262 1986 88,138 36,511 33,094 6,016 18,410 6,934 189,103 1985 84,209 33,636 38,191 6,041 17,634 7,169 186,880 1984 78,968 27,186 35,514 5,853 14,834 5,610 167,965 (1) Transfers from other funds representing public utilities service taxes are presented in this schedule as business and excise tax revenues, rather than as other financing sources, to more clearly depict sources of revenues. (2) A change in accounting of the $5.7 million Guaranteed Entitlement revenues pledged for debt repayment decreased the Intergovernmental category and increased the Other Revenue and Financing Sources. (3) A capital lease for the purchase of computer equipment, net present value $5,769,000, has been excluded from this schedule in order to provide a comparison consistent with prior years. (4) Reflects loss of federal revenue sharing funds, which amounted to $7.1 million in 1986. (5) Beginning in FY 1987 Charges for Services do not include revenues pertaining to solid waste collection fees and Building and Zoning permits and fees, as these revenues are being recorded within their respective enterprise fund. CITY OF MIAMI, FLORIDA PERCENT OF TOTAL GENERAL FUND REVENUES Property AND OTHER FINANCING SOURCES Tax 48.30 / 48.92 49.85 21.01 /�J 20.63 Business & Excise Taxes 20.55 14.70 15.67 Intergovernmental 12.65 2.29 'i 2.30 License & Permits 2.38 2.28 2.022 Charges for Service .40 11.42 10.46 All Other Sources 12.17 0% I 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% E 92-93 Actual ® 91-92 Actual 90-91 Actual 132 i CITY OF MIAMI, FLORIDA I PROPERTY TAX LEVIES AND COLLECTIONS LAST TEN FISCAL YEARS (in thousands) TOTAL COLLECTION PERCENT OF COLLECTION FISCAL TAX OF CURRENT LEVY OF DELINQUENT YEAR LEVYM YEAR'S TAXES COLLECTED TAXES 1993 $125,169 $115,746 92.47% $ 5,631 1992 130,702 118,369 90.56 5,780 1991 128,832 119,036 92,40 7,419 1990 125,743 119,363 94.93 4,592 i 1989 122,260 114,535 93.68 3,710 1988 115,935 107,908 93,08 2,356 1987 1-16,612 111,740 95.82 1,606 1986 109,938 105,457 95.92 944 ti 1985 104,135 100,976 96.97 722(3) 1984 93,340 88,982 95.33 3,036 TOTAL OUTSTANDING ' COLLECTIONS OUTSTANDING DELINQUENT FISCAL TOTAL TAX AS % OF DELINQUENT TAXES AS % OF CITY YEAR COLLECTIONS CURRENT LEVY TAXES(2) CURRENT LEVY MILLAGE(1) 1993 $121,377 96.97% $3,942 3.15% 11.9303 1992 124,149 94.98 5,077 3.68 11.9303 1991 126,455 98.16 5,059 3.93 11.9376 1990 123,955 98.58 5,162 4.11 11.9376 1989 118,245 96.72 5,746 4.70 11.9376 1988 110,264 95.11 4,621 3.99 11.8219 1987 113,346 97.20 2,894 2.48 12.2910 1986 106,401 96.78 3,318 3.02 11.9091 1985 101,698 97.66 3,970 3.81 11.9091 1964 92,018 98.58 3,367 3.61 11.1238 (1) Includes levies for general operations and debt service. 111 (2) Net of reserve of approximately 5% of total tax levy. (3) Starting in fiscal year 1985, current year's delinquent tax collections are included with collection of current year's taxes. Prior years' collection of delinquent taxes included both current year and prior years' delinquent tax collections. 94- 574 CITY OF MIAMI, FLORIDA ASSESSED VALUE OF ALL TAXABLE PROPERTY LAST TEN FISCAL YEARS (in thousands) FISCAL REAL PERSONAL HnM5:-gT1Fen YEAR PROPERTY PROPERTY TOTAL E 1993 $10,243,529 $1,253,841 $11,497,370 1992 10.660,223 1,263,567 11,923,790 1991 10, 534,602 1,243,083 11, 777,685 1990 10, 243,901 1,271,210 11, 515,111 1989 9,997, 519 1,213,466 11, 210, 985 1988 9,519,481 1,242,316 10,761,797 1987 9,210,476 1,210,435 10,420,911 1986 8,979,226 1,205, 707 10,184, 933 1985 8,538,398 1,158,212 9,696,610 1984 8,230,309 1,115, 724 9,346,033 SOURCE: Metropolitan Dade County Property Appraiser's Office CITY OF MIAMI, FLORIDA PROPERTY TAX RATES AND TAX LEVIES DIRECT AND OVERLAPPING GOVERNMENTS LAST TEN FISCAL YEARS TAX RATES(1) YEAR CITY COUNTY SCHOOLS ST 1993 11.9303 9.545 9.528 1992 11.9303 9.545 9.528 1991 11.9376 9.679 9.001 1990 11.9376 9.348 8.549 1989 11.9376 9.547 7.693 1988 11.8219 9.608 7.650 1987 12.2910 9.032 7.551 1986 11.9091 9.224 7.316 1985 11.9091 8.762 7.361 1984 11.1238 8.754 7.361 TAX LEVIES (in thousands) 1993 $125,169 $100,143 $ 99,965 $6, 1992 130,703 104,571 104,384 6, 1991 128,832 104,457 97,140 6, 1990 125,743 98,466 90,049 6, 1989 122,260 97,777 78,789 6, 1988 115,935 94,224 75,022 5, 1987 116,612 85,692 71,641 4, 1986 109,938 85,151 67,537 4, 1985 104,135 76,616 64,366 3, 1984 93,340 73,455 61,767 3, (1) Property tax rates are based on each $1,000 of net assessed value. Additional Information - Tax rates limits: Di County 10.00 mills Schools 10.00 mills State 1.00 mill Tax assessed -January 1 Taxes levied -November 1 Ta 134 968,250 985,533 981,728 969,335 954,978 933,300 953,516 952,430 954,979 NET ASSESSED VALUE $10,491,713 10,955,540 10,792,152 10,533,383 10,241,650 9,806,819 9,487,611 9,231,417 8,744,180 8,391,054 ATE 599 599 602 584 609 564 497 439 427 427 285 151 237 715 734 583 TOTAL 31.6023 31.6023 31.2196 30.4186 29.7866 2�.6439 29.3710 28.8881 28.4591 27.6658 w' $331, 562 562 346,220 497 336,926 320,409 305,063 531 290,712 278,660 053 266,679 248,851 232,145 scount allowed: November -4% December -39'0 January -29`0 February -1 % xes delinquent -April 94- 574 CITY OF MIAMI, FLORIDA SPECIAL ASSESSMENTS COLLECTIONS AND RECEIVABLES LAST TEN FISCAL YEARS CURRENT ASSESSMENTS FISCAL LIENS RECEIVABLE YEAR COLLECTIONS AT YEAR-END 1993 $2,740,024 $355,781 1992 2,295,039 394,063 1991 3,547,849 306,513 1990 2,093,195 273,590 1989 1,904,662 170,046 1988 2,402,451 193,952 1987 2,468,224 277,432 1986 3,735,080 405,894 1985 2,688,028 414,730 1984 2,743,429 302,760 NOTE: The City of Miami's Special Assessments consist of assessment liens for various capital projects such as sanitary and storm sewer improvements. The collections shown above are on a modified accrual basis and include interest, prior year delinquencies and full payoffs. The assessment liens receivables at year-end represents amounts susceptible to accrual provided that they pertain to liens assessed prior to year-end. Billings for new assessments in fiscal year 1993 approximated $2,013,856. Effective in 1991, assessment liens were accounted in the municipal use capital projects funds, previously they were recorded in the general obligation debt service fund. CITY OF MIAMI, FLORIDA RATIO OF NET GENERAL BONDED DEBT TO NET ASSESSED VALUE AND NET BONDED DEBT PER CAPITA LAST TEN FISCAL YEARS NET NET ASSESSED HOMESTEAD TAXABLE BONDED FISCAL POPULATION VALUE EXEMPTION VALUATION DEBT PER YEAR (1) 1000) tow) (000) (000) RATIO CAPITA 1993 383,550(2) $11,497,370 $1,005,657 $10,491,713 $182,705 1.74% $476.35 1992 380,700(2) 11,923,790 968,250 10,955,540 184,740 1.69 485.26 1991 383,000(2) 11,777,685 985,533 10,792,152 186,441 1.73 486.79 1990 383,000(2) 11,515,111 981.728 10,533,383 184,302 1.75 481.20 1989 371,444 11,210,985 969,335 10,241,650 195,860 1.91 527.29 1988 369,007 10,761,797 954,978 9,806,819 186,041 1.90 504.17 1987 368,210 10,420,911 933,300 9,487,611 195,578 2.06 514.70 1986 371,975 10,184,933 953,516 9,231,417 190,697 2.07 512.66 1985 380,446 9,696,610 952,430 8,744,180 170,087 1.95 447.07 1984 383,027 9,346,033 954,979 8,391,054 146,102 1.74 381.44 (1) Estimate provided by the State of Florida, Division of Population Studies, Bureau of Business and Economic Research, University of Florida, except where noted. (2) Based on City of Miami estimate. The 1990 U.S. Bureau of the Census preliminary population count of 358,548 is being challenged by the City and expected to be adjusted. 135 94- 574 i i I CITY OF MIAMI, FLORIDA i RATIO OF ANNUAL DEBT SERVICE EXPENDITURES FOR GENERAL BONDED DEBT TO TOTAL GENERAL FUND EXPENDITURES AND OTHER FINANCING USES LAST TEN FISCAL YEARS -• i (in thousands) TOTAL I GENERAL FUND -- EXPENDITURES GENERAL BONDED & OTHER j FISCAL BOND BOND DEBT SERVICE FINANCING YEAR PRINCIPAL INTEREST EXPENDITURES USES RATIO 1993 $11,745 $11,026 $22,771 $211,784 10.75% I 1992 11,375 12,620 23,995 204,863 11.71 1991 10,995 12,363 23,358 200,316 11.66 1990 11,711 13,778 25,489 198,354 12.85 1989 11,280 13,659 24,939 193,018 12.92 f 1988 12,000 14,176 26,176 186,337 14.05 ! 1987 11,400 13,609 25,009 187,700 13.32 1986 10,800 13,281 24,081 189,424 12.71 + 1985 10,010 12,540 22,550 181,805 12.40 1984 9,570 7,924 17,494 166,880 10.48 CITY OF MIAMI, FLORIDA SCHEDULE OF DIRECT AND OVERLAPPING GENERAL OBLIGATION DEBT SEPTEMBER 30, 1993 (in thousands) AMOUNT PERCENTAGE AVAILABLE APPLICABLE Cart SHARE GROSS DEBT AND RESERVES NET DEBT TO CITY OF DEBT City of Miami ......................... $ 185,015 $ 2,310 $182,705 100% $182,705 Metro -Dade County .................... 461,466 48,227 413,239 19%0) 78,515 School Board (2) ....................... 410,820 20,088 390,732 19%0) 74,239 $1,057,301 $70,625 $986,676 $335,459 (1) Based upon the percentage of the County tax roll valuation comprised of real and personal property situated in the City of Miami. CITY OF MIAMI, FLORIDA SCHEDULE OF LEGAL DEBT MARGIN SEPTEMBER 30, 1993 (in thousands) Assessed value .................................................................... $11,497,370 Less homestead exempt valuation ................................................. 1,005,657 Net taxable assessed valuation........................................................ $10,491,713 Debt limitation for bonds (15% of$10,491,713)(1)............................................................ $ 1,573,757 Present debt application to debt limitation: General obligation debt........................................................... $ 185,015 Less amount available in debt service fund ......................................... 2,310 182,705 Legal debt margin........................................................... $ 1,391,052 (1) Section 58 of the City Charter limits the general obligation bonded debt of the City to 15% of the assessed valuation of all real and personal property within the City limits as determined by the preceding assessment roll of the City. 136 94- 574 W CITY OF MIAMI, FLORIDA 1 i SPECIAL ASSESSMENTS COLLECTIONS AND RECEIVABLES i! LAST TEN FISCAL YEARS CURRENT ASSESSMENTS I RSCAL LIENS RECEIVABLE YEAR COLLECTIONS_ AT YEAR-END 1993 $2,740,024 $355,781 �! 1992 2,295,039 394,063 1991 3,547,849 306,513 1990 2,093,195 273,590 1989 1,904,662 170,046 I 1988 2,402,451 193,952 1987 2,468,224 277,432 1986 3,735,080 405,894 1985 2,688,028 414,730 1984 2,743,429 302,760 NOTE: The City of Miami's Special Assessments consist of assessment liens for various capital projects such as sanitary and storm sewer improvements. The collections shown above are on a modified accrual basis and include interest, prior year delinquencies and full payoffs. The assessment liens receivables at year-end represents amounts susceptible to accrual provided that they pertain to liens assessed prior to year-end. Billings for new assessments in fiscal year 1993 approximated $2,013,856. Effective in 1991, assessment liens were accounted in the municipal use capital projects funds, previously they were recorded in the general obligation debt service fund. CITY OF MIAMI, FLORIDA RATIO OF NET GENERAL BONDED DEBT TO NET ASSESSED VALUE AND NET BONDED DEBT PER CAPITA LAST TEN FISCAL YEARS NET NET i ASSESSED HOMESTEAD TAXABLE BONDED 1 RSCAL POPULATION VALUE EXEMPTION VALUATION DEBT PER YEAR (1) (000) 1000) (000) (000) RATIO CAPITA 1993 383,550(2) $11,497,370 $1,005,657 $10,491,713 $182,705 1.74% $476.35 1992 380,700(2) 11,923,790 968,250 10,955,540 184,740 1.69 485.26 1991 383,000(2) 11,777,685 985,533 10,792,152 186,441 1.73 486.79 1990 383,000(2) 11,515,111 981,728 10,533,383 184,302 1.75 481.20 1989 371,444 11,210,985 969,335 10,241,650 195,860 1.91 527.29 1988 369,007 10,761,797 954,978 9,806,819 186,041 1.90 504.17 1987 368,210 10,420,911 933,300 9,487,611 195,578 2.06 514,70 1986 371,975 10,184,933 953,516 9,231,417 190,697 2.07 512.66 1985 380,446 9,696,610 952,430 8,744,180 170,087 1.95 447.07 1984 383,027 9,346,033 954,979 8,391,054 146,102 1.74 381.44 (1) Estimate provided by the State of Florida, Division of Population Studies, Bureau of Business and Economic Research, University of Florida, except where noted. (2) Based on City of Miami estimate. The 1990 U.S. Bureau of the Census preliminary population count of 358,548 is being challenged by the City and expected to be adjusted. f 135 94- 5'74 1 CITY OF MIAMI, FLORIDA CURRENT DEBT RATIOS SEPTEMBER 30, 1993 i { FACTORS: Assessed value(1).......................................................... ................ $11,497,370,000 Net taxable valuation........................................................................... $10,491,713,000 City of Miami debt, net of reserve funds: General obligation............................................................ $182,705,000 Special obligation (2)...................................... ... .... ....... 230,795,000 Combined direct debt...................................................................... $ 413,500,000 Overlapping debt, net of reserve funds: (3) General obligation ............................................ ......... $152,754,000 Special obligation............................................................. 83,880,000 Combined net overlapping debt............................................................. 236,634,000 Total net direct and net overlapping debt ..................................................... $ 650,134,000 Population of Miami(4)......................................................................... 383,550 Net assessed valuation per capita............................................................... $ 29,976 Net taxable valuation per capita................................................................. $ 27,354 DEBT RATIOS: Net direct general obligation debt as a percent of taxable assessed valuation ........................ 1.74% "1 Combined net direct and overlapping general obligation debt as a percent of taxable assessed valuation.. 3.20% Net direct general obligation debt per capita ...................................................... $ 476.35 Combined net direct general and special obligation debt per capita .................................. $ 1,078.09 Combined net direct and overlapping general obligation debt per capita .............................. $ 874.62 Combined net direct and overlapping general and special obligation debt per capita ................... $ 1,695.04 (1) Assessed valuation as of the final tax roll from Metropolitan Dade County, using 100% of assessed value as mandated by Florida law. (2) Special obligation debt includes special obligation bonds as well as revenue bonds payable from revenue sources other than ad valorem taxes. (3) Based upon the percentage of the County's tax roll valuation comprised of real and personal property situated in the City of Miami. (4) Based on City of Miami estimate. The 1990 U.S. Bureau of the Census preliminary population count of 358,458 is being y challenged by the City and is expected to be adjusted. 94- 574 i i CITY OF MIAMI, FLORIDA SCHEDULE OF REVENUE BOND COVERAGE ENTERPRISE FUNDS WITH OUTSTANDING REVENUE BONDS LAST TEN FISCAL YEARS (in thousands) NET REVENUE AVAILABLE DEBT SERVICE i FISCAL GROSS OPERATING FOR DEBT YEARD) REVENUEI2) EXPENSES(3) SERVICE PRINCIPAL INTEREST(4) TOTAL COVERAGE 1993 $19,651 $19,222 $ 429 $2,590 $7,638 $10,228 .04 1992 18,175 14,656 3,519 3,549 7,866 11,415 .31 I 1991 19,363 15,345 4,018 1,102 8,265 9,367 .43 1990 22,908 15,018 7,890 5,957 8,249 14,206 .56 1989 17,667 14,889 2,778 860 8,272 9,132 31 1988 11,977 9,536 2,441 580 6,064 6,644 .37 1987 11,763 9,222 2,541 218 7,791 8,009 .32 1986 10,818 8,665 2,153 117 7,875 7,992 .27 1985 11,152 8,746 2,406 177 7,851 8,028 .30 1984 9,814 8,871 943 181 8,191 8,372 .11 T (1) This schedule incorporates operations and debt service of enterprise funds in the fiscal years indicated below: FISCAL YEAR ENTERPRISE FUND -" 1984 Off Street Parking 1984 Convention Center 1984 Parking Garage 1989 Orange Bowl Stadium 1989 Marinas 1989 Exhibition Center (2) Represents charges for services, and excludes interest revenues and transfers from other funds. (3) Represents operating expenses exclusive of depreciation. (4) Excludes accretion on Capital Appreciation Bonds portion of Series 1987 Special Revenue Refunding Bonds and the Series 1990 Special Obligation Bonds. Fit �.a 138 94- 574 CITY OF MIAMI, FLORIDA TEN LARGEST TAX ASSESSMENTS 1993 ASSESSED VALUES NATURE OF TAXPAYER ACTIVITY 1. Southern Bell Telephone Utility 2. Florida Power & Light Utility 3. City National Bank Bank/Trustee 4. Equitable Life Assurance Real Estate Investments 5. SEFC/First Union Bank Bank/Buildings 6. Inter -Continental Florida Hotel 7. Brickell Associates Office Building 8. One Biscayne Tower Office Building 9. Knight Ridder/Miami Herald Newspapers 10. Metropolitan Life Insurance Co. Real Estate Investments All others Various Total SOURCE: Metropolitan Dade County Property Appraiser's Office CITY OF MIAMI, FLORIDA BANK DEPOSITS LAST TEN YEARS ASSESSED VALUE PERCENT (000) % $ 198,952 1.9% 187,656 1.8 152,779 1.5 152,745 1.5 117,694 1.1 68,853 .6 61,370 .5 57,120 .5 52,921 .5 50,788 .5 9,390,835 89.6 $10,491,713 100.0% FINANCIAL INSTITUTIONS Dade County is second only to New York in the greatest concentration of international and Edge Act Banks in North America with 59 foreign bank agencies operating in the community. Additionally, there are 15 Edge Act Banks that are located in the Miami area. These include: American Express Bank International, Banco Santander International, Bank America International, Bank of Boston International, Bank of Tokyo Limited, Bank Von Ernst & Cie A G, Bankers Trust International, Banque Sudameris, Barclays Bank, Chase Manhattan International, Citibank International, Credit Lyonnais, Credit Suisse, Fuji Bank Limited, Korea Exchange Bank and Royal Bank of Canada. The Federal Reserve Edge Act Amendment, adopted in 1979, permits banks to open international banking subsidiaries outside their home states. The Federal Reserve System has established a branch office in Dade County to assist the Atlanta office with financial transactions in the South Florida area. The ten year summary presented below is for Metropolitan Dade County which includes the City of Miami. These figures include national and state chartered banks which are FDIC insured. Non-insured state chartered banks are excluded. NUMBER JUNE 30 OF BANKS TOTAL DEPOSIT 1993 64 $23,097,593,0000 ) 1992 62 22,581, 503, 000(1) 1991 68 22,087,323,0000) 1990 69 22, 783, 647, 000 1989 73 21,695,337, 000 1988 75 20, 070, 795,000 1987 69 25,958,000, 000 1986 73 23,042,378,000 1985 75 21,615,733,000 1984 76 21,770,028, 000 SOURCE: F.D.I.C., Atlanta, GA (1) F.D.I.C. data was not available. This data was provided by Florida Bankers Assoc. 1,,t-> _.t. }, 139 94- 574 I I t� \ j CITY OF MIAMI, FLORIDA BUILDING PERMITS LAST TEN FISCAL YEARS The dollar value of building permits issued in the City and in the unincorporated areas of Dade County since 1984 are as follows: UNINCORPORATED CITY OF MIAMI DADE COUNTY YEAR (000) (000) 1993 $247,931 $ 830,934 1992 216,266 1,186,644 1991 208,914 543,877 1990 237,039 954,962 1989 308,941 2,120,152 1988 288,771 812,853 1987 238,513 990,882 1986 192,418 866,604 i 1985 322,785 827,949 1984 345,562 801,736 SOURCE: City of Miami and Dade County Building & Zoning Departments CITY OF MIAMI, FLORIDA DEMOGRAPHIC STATISTICS CRY OF MIAMI AND METROPOLITAN DADE COUNTY POPULATION 1990 CENSUS COUNT CRY OF METRO -DADS YEARS MIAMI COUNTY 0-04 25,627 139,714 5-17 56,868 328,296 18-20 13,804 82,000 21-24 19,811 111,876 25-44 105,524 609,719 , 45-54 38,898 212,098 55-59 19,004 91,769 60-64 19,665 90,816 65-74 32,460 146,131 75-84 20,603 94,556 85 + 6,284 30,119 Total 358,548 1,937,094 SOURCE: U.S. Bureau of Census 140 �i 94- 574 CITY OF MIAMI, FLORIDA GENERAL STATISTICAL DATA The City of Miami encompasses 34 square miles of land and 20 square miles of water and is the County seat of Dade County, which encompasses 2,000 square miles of Florida's southeastern region. Miami is situated at the mouth of the Miami River on the western shore of Biscayne Bay, the main port of entry in Florida. Miami is the southernmost major city and seaport in the continental United States. The nearest foreign territory is the Bahamian Island of Bimini, 50 miles from the Miami coast. Miami's climate is sub -tropical -marine, characterized by long summers with abundant rainfall and mild, dry winters. The average temperature in the summer is 81.4 degrees fahrenheit and 69.1 degrees Fahrenheit in the winter, with an average annual temperature of 75.3 degrees. ECONOMY Tha economic base of Greater Miami has diversified in recent years, shifting from a reliance on the tourism industry to a combination of manufacturing, services industries and international trade. The area's advantages in terms of climate, geography, low taxes and skilled labor have combined to make the Miami area a prime relocation area for major manufacturing firms and international corporate headquarters. PORT OF MIAMI The Port of Miami is operated by the Seaport Department of Metropolitan Dade County. From 1984 to 1993, the number of passengers sailing from the Port increased from 2,217,065 to 3,157,130, an increase of 42%. The Port of Miami is currently the world's most active port in numbers of passengers and frequency of sailings. Cargo movement through the Port has increased by 127% in the last ten years of operation. The Port of Miami has almost doubled in size, from 325 acres to 600 acres, through a $250 million expansion program began in 1980 designed to move 16 million tons of cargo and four million cruise passengers by the year 2000. The additional space is needed to accommodate the increasing number of shippers, buyers, importers, exporters, freight forwarders, and cruise passengers who wish to conduct business through the Port. 141 A ten year summary of the growth in revenues, passengers, and cargo handled follows: Total Cargo Year Revenues Passengers Tonnage 1993 $39,745,032 3,157,130 5,198,292 1992 35,754,515 3,095,487 4,959,648 1991 32,733,262 2,928,532 3,882,284 1990 25,736,465(1) 2,734,816 3,590,937 1989 30,035,859 3,100,055 3,206,417 1988 26,489,275 2,502,411 2,602,556 1987 19,933,197 2,633,041 2,425,937 1986 17,973,522 2,520,511 2,406,084 1985 17,135,048 2,326,685 2,333,026 1984 15,943,548 2,217,065 2,287,281 SOURCE: Dade County Seaport Department (1) Previous data included internal service revenue and transfers. Actual revenue for 1990 increased 7% over prior year. MIAMI INTERNATIONAL AIRPORT Metropolitan Dade County owns and operates six airports in the Miami area. Miami International Airport ranks eighth in the nation and tenth in the world in passenger traffic through the airport. The airport ranks third in the nation and seventh in the world in tonnage of domestic and international cargo movement. In 1993 over 28 million air travelers were serviced by Miami International Airport, and over 2.4 billion pounds of cargo were handled. Miami International Airport is in the midst of a one billion dollar expansion planned to service over 45 million passengers by the year 2000. A ten year summary of the growth of both passengers served and cargo handled follows: Total Total Cargo Passengers (Thousand Year (thousands) Pounds) 1993 28,255 2,431,640 1992 26,484 2,075,198 1991 26,591 1,815, 534 1990 25,837 1,815,374 1989 25,408 1,730,850 1988 24,224 1,429,944 1987 23,801 1,374,380 1986 21,357 1,200,270 1985 19,853 1,031,700 1984 19,328 1,130,184 SOURCE: Miami International Airport 94- 574 1 I 1 CITY OF MIAMI, FLORIDA GROWTH FACTORS Data reflecting the growth of the economy of the Metropolitan Dade County (including the City of Miami), are presented in the ten year summaries below: CITY OF MIAMI, FLORIDA GROWTH FACTORS RELATIVE _ TO DADE COUNTY, FLORIDA ELECTRICITY CUSTOMERS AND SALES Commwdal Total KWH Rasldentiai Customers _ Sales Customers Average Year (0001 Average Number Number 1993 19,384,761 691,946 99,684 1992 19,101,001 720,037 98,653 - - 1991 19,837,632 713,309 97,731 19N 19,307,998 701,994 88,140 1989 19,031,695 688,981 90,556 1988 16,740,000 672,429 88,082 1987 17,500,000 655,000 88,000 1986 16,621,410 640,000 85,200 1985 15,479,000 623,000 81,100 1984 15,092,653 620,000 80,100 WATER CUSTOMERS AND SALES Consumption Number (Billions Of Year water Meters Gallon) 1993 328.828 101.897 1992 331,701 99,127 1991 330,356 95,118 1990 323,622 90,989 1989 316,202 101,294 1988 307,959 96,592 1987 300,117 94,698 1986 290,806 90,249 1985 282,552 87,032 1984 274,805 99,415 MOTOR VEHICLE REGISTRATION AND SALES TAX COLLECTION Sales Tax Motor Whido collection$ Year Registration (000) 1993 2,567,455 $1,381,434 a,e 1992 2,272,812 1,095,339 1991 1,978,169 1,104, 537 `f 1990 1,804,221 1,096,703 1989 1,753,322 1,081,422 1988 1,758,674 1,040,079 1987 1,714,684 787,674 1986 1,608,982 742,533 1985 1,589,173 686,399 1984 1,470,024 654,014 SOURCE: Appropriate utility or responsible government agency. 142 94- 574 Deloift & Touche Certified Public Accountants Suite 2500 100 Southeast Second Street Miami, Florida 33131-2135 Telephone: (305) 358-4141 Facsimile: (305) 358-1451 4 MANAGEMENT LETTER To the Honorable Mayor and City Commissioners of the City of Miami, Florida: In planning and performing our audit of the general purpose financial statements of the City of Miami (the "City"), as of and for the year ended September 30, 1993, (on which we have issued our report dated March 30, 1994), we considered its internal control structure in order to determine our auditing procedures for the purpose of expressing an opinion on the general purpose financial statements and not to provide assurance on the internal control structure. In connection therewith, we have issued our reports on the internal control structure and compliance with laws and regulations dated March 30, 1994. We did note other matters related to the City's internal control structure and other administrative, operating, and compliance matters. The recommendations concerning these matters resulted from our observations made in connection with our audit of the general purpose financial statements for the year ended September 30, 1993. Our comments and recommendations, including the status of prior year comments and recommendations, and the reporting requirements of the Auditor General, State of Florida are presented under the following main captions: . Status of Prior Year Comments . Current Year Comments . State Reporting Requirements This report is intended for the information of the Honorable Mayor and City Commissioners, the Audit Advisory Committee, management, the cognizant federal audit agency, and other federal and state agencies, and the Auditor General of the State of Florida. However, this report is a matter of public record and its distribution is not limited. We will be pleased to discuss our recommendations with you further and to assist you in their implementation. March 30, 1994 Oeloittebuche 9 4- 574 Tohmatsu International STATUS OF PRIOR YEAR COMMENTS Prior year comments that continue to apply for which some or no corrective measures have been taken are included below in current year comments and are indicated by an asterisk (*). Prior year comments which no longer apply because recommendations have been substantially implemented are not included herein. L CURRENT YEAR COMMENTS Observation The City does not reconcile on a periodic basis the assessment lien receivables per the FAMIS general ledger system to the MOORE accounts receivable subsidiary system. Manual reports detailing assessment lien receivables at fiscal year end were not printed. Background During the course of performing our audit procedures, we noted the assessment lien receivables within the capital project fund per FAMIS did not agree to the MOORE subsidiary system. Per management inquiries made concerning the reconciliation of such, noted that none was performed as of September 30, 1993. As a result of the aforementioned, post closing audit adjustments were required. Recommendation The City should perform periodic reconciliations of the accounts receivable subsidiary system to the general ledger system in order to promptly investigate and resolve differences. Periodic (at least at fiscal year end) manual detailed reports of assessment liens should be printed. Management Response We agree with this recgmmendation and have initiated procedures to perform the recommendation not only at year end, but periodically during the year. Grant Monitoring ( 1 Observation The City's system for monitoring the grants it has received, the preparation and filing of periodic grant reports, and the grant reimbursement requests filed with the granting agencies is decentralized. Such activities are performed by the respective departments responsible for administering the grants. This condition makes it difficult and inefficient to identify all grants received by the City. As a result, noncompliance with laws and regulations governing federal and state financial assistance may occur and not be detected. -- •.��n,�•,�nhllllRt�i�� ___._ 94- 574 Recommendation The City should dedicate resources and establish a system within the Finance Department which will centralize the accounting for grants as it is the department responsible for the annual financial statements and reports filed with the City's cognizant federal audit agency. These actions will minimize the possibility of the occurrence of the City's noncompliance with laws and regulations governing federal and state financial assistance. Management Response L The Department of Finance recognizes the need for centralization of grant accounting to help monitor compliance with federal reporting requirements. The Department of Finance will continue to provide supportive financial services and reviews and will increase monitoring activities as manpower allocation permits. The Accounting System t+ Observation The City's general ledger package is outdated given the City's growth and the new complexities in financial reporting. Background The City's financial and accounting operations are maintained on FAMIS, a budget -driven general ledger software system developed and implemented in the 1970's. In addition to the general ledger system, the City's accounts payable function is also maintained using the FAMIS software. Explosive advances in the computer industry have resulted in substantial improvements in system reporting capabilities, data use flexibility and general software capabilities. Significant advances have been made not only in accounting systems but also in financial reporting as well. With the creation in 1984 of the Governmental Accounting Standards Board, the body recognized as the primary source of governmental accounting standards, greater accounting and financial reporting requirements have evolved. While FAMIS is a functional system, the City's needs have outgrown the systein's capabilities. The ability of the system to meet these substantial requirements should be of major concern and a top priority to City management. Recommendation The City should replace the FAMIS general ledger system and implement a state-of-the-art fund accounting software system, including a fixed asset module which will interface with the general ledger system. In the selection of such a system, the City should determine its informational needs and reporting requirements (both internal and external) and make sure the new system is responsive, efficient, effective, and user friendly. Management Response The City has completed a study that included representatives from all major user departments. Based on the study, a system was selected for implementation after the Payroll, Personnel, and Receivable Systems were implemented. The system selected was specifically developed for governmental users and appeared to include most of the advances made in the computer industry as mentioned in the auditor's recommendation. 94- 574 i The City has been waiting for an upgraded version of the system to be debugged as it was recently installed in the Denver, Colorado Public School System. Since the debugging process in this system took much longer than anticipated, the City, committed to replacing PAMIS, reviewed other state of the art fund accounting systems. Three such systems have been identified and the final evaluation process is currently ta}cing place. It is anticipated that a vendor will be selected and submitted for commission approval prior to the close of this fiscal year. Self-insurance (} Observation The City's liability for self-insurance continues to escalate, increasing from $54.6 million in 1991 to $68.6 million in 1992 and $74.4 million in 1993. Recommendation In order to properly analyze the City's negative trend of its liability for self-insurance claims, management should have a claims audit performed of the City's self-insurance programs. A claims audit will enable management to identify claims which have a negative impact on the City's financial results. A claims audit will also provide the City with the necessary assurance that its internal personnel are properly adjusting, reserving, and settling cases and will also identify the weaknesses and strengths in the current claims handling practices. Management Response The City agrees with this recommendation and will begin making the preparations necessary for such an audit within the constraints of current budget parameters. IS Steering Committee/Strategic Information Systems Planning Observation The City has not established a formal Information Systems (IS) Steering Committee. In addition, the strategic information system plan initiated by the Division of Computers needs to be inoorporated into the City's strategic plan. This may result in hardware and system software acquisitions, development projects, and human resource requirements which do not adequately meet the fixture needs of the City. Recommendation Management should establish a formal IS Steering Committee. The IS Steering Committee should establish long-range systems projects, hardware and system software acquisitions, and human resource requirements based on the strategic direction of the City. In addition, the plan should be periodically reviewed to ensure consistency with the City's overall strategic direction. Management Response The City's Computer Division agrees with this recommendation and will initiate a program of implementation. 94- 574 System Development Methodology !*) Observation The City has not implemented a formal system development methodology. As a result, related activities may not be performed in an efficient and cost-effective manner. Background Management isi considering the implementation of a formal methodology within the scope of its strategic planning agenda: Recommendation Management should implement a formal system development methodology. This is in recognition of the City's increasing dependence on computerized systems which are becoming larger and more complex. The process by which these systems are developed can be made more efficient and effective through the use of a formal system development methodology. Some of the benefits of using such a methodology include: • Improved communication between data processing and user personnel by following prescribed approaches that detail the responsibilities of all those involved • More realistic planning through the use of standard work plans and estimating guidelines Better utilization of data processing personnel by providing detailed descriptions of the work to be performed. This allows the use of less experienced personnel while allowing the more experienced individuals to concentrate on the more demanding tasks The establishment of a standard systems development methodology will improve programmer productivity, reduce development time, and facilitate more efficient and effective training activities. Management Response The Computer Division agrees with this recommendation and requested the City's external auditors to present a cost proposal to develop such a methodology. Implementation will take place when budget parameters permit. Key Individual Reliance { * } Observation The Division of Computers does not have backup programmers for many of the City's strategic systems, including FAMIS, pubic safety (comprising over 40 applications) and accounts receivable. As a result, excessive reliance is placed upon the continued employment and availability of the primary programmers for these application systems. _S_ Background The senior programmer responsible for maintaining FAMIS has been employed by the City for many years and is very familiar with FAMIS. Although FAMIS is vendor -supplied and the documentation is generally adequate, significant in-house modifications have been made to the system by the senior programmer. Once the senior programmer's "knowledge base" is removed from the Division of Computers, the City may experience delays in obtaining enhancements to FAMIS. Recommendation t Management should ensure that adequate programming support is available for the City's strategic systems. In order to accomplish this, management should consider hiring additional programmers to ensure that the City's strategic systems are adequately supported. Management Response The City's Computer Division agrees with this recommendation and will implement when budget parameters permit. Contingency Planning for Computers Introduction Computer system contingency plans are a collection of procedures, arrangements and information which are completed and held in readiness for use in the event that a disaster occurs. Contingency planning is a multi -function process including data center plans, end user plans, business site plans, and emergency procedures. The absence of any part of the contingency planning process could result in the delay of essential business functions. Observation The City's Computer Division has not developed written contingency plans for use in the event a disaster renders the computer room inoperable or unusable. As a result, the City may experience substantial operating delays in the event of a disaster. Recommendation The Computer Division should develop appropriate emergency data processing contingency plans. The completed contingency plans should be distributed to appropriate personnel and tested at least on an annual basis. Management Response The City's Computer Division has been working on contingency plans with other municipalities with compatible equipment. It was determined that the City's tape drives were not compatible with sites contacted. The City is in the process of installing new tape drives and converting the tape library to new tapes. With compatible tapes, the City will then be able to develop and execute contingency planning in more detail. _ ........ - 94- 574 6 I 1 i 1 STATE REPORTING REQUIREMENTS The Rules of the Auditor General, State of Florida, require that this report be filed with the Auditor General together with.audited financial statements. In connection with our audit of the financial stateme nts nts of the City pursuant to Chapter 10.555, Rules of the Auditor General, State of Florida - Local Governmental Entity Audits, we report the following: I 1. Recommendations made in the preceding management letter have been adopted, except as noted in Cthe Current Year Comments Section of this report which are denoted by an asterisk (*); I 2. Nothing came to our attention to cause us to believe that the City is, or during the fiscal year ended September 30, 1993 was, in a state of financial emergency (as defined) due to the occurrence of any of the conditions described in Section 218.503(1), Florida Statutes; 3. The financial report of the City filed with the Department of Banking and Finance, State of Florida, pursuant to Section 218.32, Florida Statues, is in agreement with the general purpose ` financial statements for the year ended September 30, 1993, and 4. The City of Miami, in the County of Dade, was incorporated in 1896, and comprises i approximately 34 square miles of land and 20 square miles of water. The City operates under the Commission/City Manager form of government and provides the following services: public safety, public works, solid waste, parks and recreation, public facilities, planning, zoning, housing, and community development. This report is intended for the information of the Honorable Mayor and City Commissioners, the Audit Advisory Committee, management, the cognizant federal audit agency and other federal and state agencies, and the Auditor General of the State of Florida. However, this report is a matter of public record and its distribution is not limited. We are grateful for the cooperation and assistance extended by the City's management and employees, particularly that of its Finance Department. We will be pleased to discuss these comments with you and, if desired, to assist you in implementing any of the suggestions. { 94- 574 -7- 0 CITY OF MIAMI, FLORIDA INTER -OFFICE MEMORANDUM 36 TO : DATE � J IpDr FILE Honorable Mayor and Members of the City Commission SUBJECT Agenda item - Comprehensive Annual Financial Report FROM : REFERENCES Cesar o CityVer ENCLOSURES: RECOMMENDATION• It is respectfully recommended that the attached resolution, with attachment(s), be adopted accepting the City of Miami, Florida, Comprehensive Annual Financial Report, as attached hereto, for fiscal year ended September 30, 1993. BACKGROUND.• The Comprehensive Annual. Financial Report for the Fiscal Year ended 1993 and related management letter and management responses are presented herewith as required by State Law for your acceptance. The annual report prepared by the Finance Department presents the City's financial position as of September 30, 1993 and the results of its operations for the year then ended, as audited by the City's external auditors, Deloitte and Touche, in association with Sharpton, Brunson & Co., P.A.; Verdeja, Iriondo & Gravier; and Watson & Company, P.A. The management letter contains the external auditors recommendations concerning certain matters related to the internal control structure and certain administrative and operating matters. The management responses address the recommendations of the management letter.